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DOLFIN8800 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This Product is an investment fund under Luxembourg law (Société d'Investissement à Capital Variable - SICAV), a UCITS.
## Term
The Product has an investment horizon of at least 5 years.
## Objectives
The objective of the compartment (hereinafter, the "Product") is to achieve a return and/or a long-term capital gain through the management of a portfolio composed primarily of equities of US companies, irrespective of size or industry.
The net assets of the Product will be invested primarily in equities or other securities providing access to corporate capital, in warrants, options, and in debt securities. It may invest up to 10% of net assets in UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the prospectus, the Product may make use of futures or options contracts on equities or stock market indices, either for hedging or asset exposure purposes.
For each Share Class, the Product is authorised to hedge exchange rate risk as part of its asset management approach.
The Product aims to outperform its benchmark index, specifically the MSCI USA Net Return USD Index (M1US). The Product is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Product’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The Product promotes environmental and/or social characteristics, among others, pursuant to Article 8 of the SFDR Regulation, as supplemented by the Taxonomy Regulation. For more information, shareholders are requested to consult Annex II: Pre-contractual documents for compartments falling under Article 8 or Article 9 SFDR.
The base currency for the Product is the US dollar and the trading currency for this class is the Euro. This class is hedged against currency risk.
The investor may purchase or sell units of the Product on a daily basis (full banking days in Luxembourg and the United States).
## Intended Retail Investor
The Product has an investment horizon of at least 5 years and is suitable for private investors prepared to assume a moderate risk of loss of their original capital in their investment portfolio.
## Practical Information
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
The ISIN code LU2289827250 (GHE EUR) represents the following unit: LU2289827334 (GHEX EUR)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | # Cos’è questo Prodotto?
## Tipo
Questo Prodotto è un fondo d’investimento di diritto lussemburghese Société d’Investissement à Capital Variable (SICAV), un OICVM.
## Durata
Il Prodotto ha un orizzonte di investimento di almeno 5 anni.
## Obiettivi
L’obiettivo del comparto (di seguito “il Prodotto”) consiste nell’ottenere un rendimento e/o una plusvalenza da capitale a lungo termine attraverso la gestione di un portafoglio costituito principalmente da azioni emesse da società americane, senza limitazioni in termini di dimensioni o settore di attività.
Il patrimonio netto del Prodotto sarà investito prevalentemente in azioni o altri titoli che danno accesso al capitale societario, warrant, opzioni e in titoli di credito. Potrà investire al massimo il 10% del patrimonio netto in OICVM, in particolare ETF.
Nel rispetto dei limiti d’investimento illustrati nel prospetto informativo, il Prodotto può ricorrere a contratti a termine o opzioni su azioni o indici di borsa, sia a fini di copertura che di esposizione.
Per ciascuna Classe di Azioni, il Prodotto è autorizzato a coprire i rischi di cambio nell’ambito della gestione dei propri attivi.
L’obiettivo di sovraperformance del Prodotto è rapportato al suo indice di riferimento, vale a dire MSCI USA Net Return USD Index (M1US). Il Prodotto è gestito attivamente, ossia la sua composizione rispetto all’indice di riferimento può divergere notevolmente e non sono presenti restrizioni in termini di valore di tale divergenza del portafoglio del Prodotto dall’indice. Non essendo l’universo d’investimento limitato all’indice di riferimento, il gestore può acquistare titoli o investire in settori che non ne fanno parte, per esempio allo scopo di approfittare di opportunità specifiche o di adattarsi alle condizioni di mercato.
Il Prodotto promuove, tra le altre, caratteristiche ambientali e/o sociali ai sensi della sezione 8 del Regolamento SFDR, integrato dal Regolamento sulla tassonomia. Per ulteriori informazioni, gli azionisti sono invitati a consultare l’Allegato II: Documenti precontrattuali per i comparti che rientrano nell’articolo 8 o nell’articolo 9 dell’SFDR.
La valuta di riferimento del Prodotto è il dollaro USA e la valuta di negoziazione di questa classe è l’euro. Questa classe è coperta dal rischio di cambio.
L’investitore può acquistare o vendere quote del Prodotto con una frequenza giornaliera (giorno lavorativo bancario completo in Lussemburgo e negli Stati Uniti).
## Investitori al dettaglio cui si intende commercializzare il prodotto
Il Prodotto ha un orizzonte di investimento di almeno 5 anni ed è adatto agli investitori al dettaglio disposti ad assumere un rischio medio di perdita del capitale iniziale nell’ambito del loro portafoglio d’investimento.
## Informazioni pratiche
Banca depositaria: CACEIS Bank, Luxembourg Branch
L’ultimo prospetto e gli ultimi documenti informativi periodici regolamentari, così come tutte le altre informazioni pratiche, sono disponibili gratuitamente presso CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Granducato del Lussemburgo.
Il valore patrimoniale netto è disponibile su semplice richiesta alla società di gestione e sui siti Internet: www.fundsquare.net e www.ca-indosuez-am.com.
La descrizione della politica sulle remunerazioni aggiornata comprese, in particolare, le modalità di calcolo delle remunerazioni e dei benefit, l’identità delle persone responsabili della loro attribuzione, con la composizione del comitato per le remunerazioni, qualora esso esista, è consultabile al sito Internet http://www.ca-indosuez-am.com/It/compliance ed è possibile richiederne gratuitamente una copia cartacea.
Il codice ISIN LU2289827250 (GHE EUR) rappresenta la seguente quota:
LU2289827334 (GHEX EUR)
Per le quote a capitalizzazione il dividendo viene reinvestito e per le quote a distribuzione il dividendo viene distribuito. | # What is this product?
## Type
This Product is an investment fund under Luxembourg law (Société d'Investissement à Capital Variable - SICAV), a UCITS.
## Term
The Product has an investment horizon of at least 5 years.
## Objectives
The objective of the compartment (hereinafter, the "Product") is to achieve a return and/or a long-term capital gain through the management of a portfolio composed primarily of equities of US companies, irrespective of size or industry.
The net assets of the Product will be invested primarily in equities or other securities providing access to corporate capital, in warrants, options, and in debt securities. It may invest up to 10% of net assets in UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the prospectus, the Product may make use of futures or options contracts on equities or stock market indices, either for hedging or asset exposure purposes.
For each Share Class, the Product is authorised to hedge exchange rate risk as part of its asset management approach.
The Product aims to outperform its benchmark index, specifically the MSCI USA Net Return USD Index (M1US). The Product is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Product’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The Product promotes environmental and/or social characteristics, among others, pursuant to Article 8 of the SFDR Regulation, as supplemented by the Taxonomy Regulation. For more information, shareholders are requested to consult Annex II: Pre-contractual documents for compartments falling under Article 8 or Article 9 SFDR.
The base currency for the Product is the US dollar and the trading currency for this class is the Euro. This class is hedged against currency risk.
The investor may purchase or sell units of the Product on a daily basis (full banking days in Luxembourg and the United States).
## Intended Retail Investor
The Product has an investment horizon of at least 5 years and is suitable for private investors prepared to assume a moderate risk of loss of their original capital in their investment portfolio.
## Practical Information
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
The ISIN code LU2289827250 (GHE EUR) represents the following unit: LU2289827334 (GHEX EUR)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | en | it |
DOLFIN8801 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Art. 8 Redemption of shares
Shares are cancelled on each valuation date (redemption date) and at the net asset value calculated on the valuation date per share of each corresponding share class of the UCITS, minus any redemption charge and payable duty and taxes.
Redemption requests must be received by the custodian by the closing date at the latest. If a redemption request is received after the closing date, it will be earmarked for the following valuation date (redemption date). For requests placed at sales offices in-country and abroad, earlier closing dates for submission of requests may apply to ensure timely for- warding to the custodian in Liechtenstein. These can be ascertained at the respective sales offices. | ## Art. 8 Rücknahme von Anteilen
Anteile werden an jedem Bewertungstag (Rücknahmetag) zurückgenommen, und zwar zu dem am Bewertungstag ermittelten Nettoinventarwert je Anteil der entsprechenden Anteilsklasse des OGAW, abzüglich allfälliger Rücknahmeabschläge und etwaiger Steuern und Abgaben.
Rücknahmeanträge müssen bei der Verwahrstelle bis spätestens zum Annahmeschluss eingehen. Falls ein Rücknahmeantrag nach Annahmeschluss eingeht, so wird er für den folgenden Bewertungstag (Rücknahmetag) vorgemerkt. Für bei Vertriebsstellen im In- und Ausland platzierte Anträge können zur Sicherstellung der rechtzeitigen Weiterleitung an die Verwahrstelle in Liechtenstein frühere Schlusszeiten zur Abgabe der Anträge gelten. Diese können bei den jeweiligen Vertriebsstellen in Erfahrung gebracht werden. | ## Art. 8 Redemption of shares
Shares are cancelled on each valuation date (redemption date) and at the net asset value calculated on the valuation date per share of each corresponding share class of the UCITS, minus any redemption charge and payable duty and taxes.
Redemption requests must be received by the custodian by the closing date at the latest. If a redemption request is received after the closing date, it will be earmarked for the following valuation date (redemption date). For requests placed at sales offices in-country and abroad, earlier closing dates for submission of requests may apply to ensure timely for- warding to the custodian in Liechtenstein. These can be ascertained at the respective sales offices. | en | de |
DOLFIN8802 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES O EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SD of the French Edmond de Rothschild EUROPE 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 SD of the Absorbed Sub-fund. | ## Índice de referencia: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculado con los dividendos netos reinvertidos
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES O EUR
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 SD del fondo francés Edmond de Rothschild EUROPE 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 SD del Subfondo absorbido. | ## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES O EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SD of the French Edmond de Rothschild EUROPE 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 SD of the Absorbed Sub-fund. | en | es |
DOLFIN8803 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely traded instruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | Un Fondo puede utilizar pagarés vinculados a renta variable para acceder a determinados mercados, por ejemplo mercados emergentes y menos desarrollados, en los que no sea posible invertir directamente. Este enfoque puede dar lugar a varios riesgos adicionales: la falta de un mercado secundario de esos instrumentos, la falta de liquidez de los valores subyacentes y la dificultad de vender estos instrumentos cuando estén cerrados los mercados subyacentes.
- Riesgo asociado a la inversión en valores relacionados con el seguroLos valores relacionados con el seguro pueden incurrir en pérdidas severas o totales como consecuencia de eventos contemplados en la cobertura del seguro tales como catástrofes naturales, provocadas por el hombre o de otro tipo. Las catástrofes pueden ocurrir por diversas circunstancias, entre otras, a modo enunciativo y sin carácter taxativo, huracanes, terremotos, tifones, tormentas de granizo, inundaciones, tsunamis, tornados, vendavales, temperaturas extremas, accidentes aéreos, incendios, explosiones y accidentes marítimos. La incidencia y la gravedad de tales catástrofes son intrínsecamente imprevisibles, y las pérdidas del Fondo ante tales catástrofes pueden ser sustanciales. Cualquier adversidad climática o de otro tipo que pudiera resultar en un aumento de la probabilidad y/o gravedad de tales fenómenos (por ejemplo, el calentamiento global como causa de huracanes más frecuentes y más violentos) podría tener un efecto sustancialmente adverso sobre el Fondo. Si bien la exposición de un Fondo a tales acontecimientos se diversificará de acuerdo con su objetivo de inversión, un único episodio catastrófico podría afectar varias zonas geográficas y líneas de negocio, o bien la frecuencia o gravedad de los incidentes catastróficos podría superar las expectativas, y en ambos casos podría generarse un efecto sustancialmente adverso sobre el Valor liquidativo del Fondo.
- Riesgo general asociado a las transacciones extrabursátiles (OTC)Los instrumentos negociados en mercados extrabursátiles (OTC) pueden negociarse en volúmenes reducidos y sus precios pueden ser más volátiles que los de los instrumentos que se negocian principalmente en bolsa. Asimismo, pueden ser menos líquidos que los instrumentos cuyo volumen de negociación es mayor. Además, los precios de los instrumentos negociados en mercados OTC pueden incluir una comisión del operador no comunicada que el Fondo puede pagar como parte del precio de compra. | A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely traded instruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | en | es |
DOLFIN8804 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Management Company
Pursuant to an agreement, Allspring Global Investments Luxembourg S.A. has been appointed to act as management company of the Fund. The Management Company is responsible on a day-to-day basis under the supervision of the Board of Directors, for providing administration, marketing, distribution, investment management and advisory services in respect of all the Sub-Funds and may delegate part or all of such functions to third parties.
The Management Company has delegated the administration functions to the Administrator, the Share registrar and transfer functions to the Registrar and Transfer Agent, and the investment management function to the Investment Adviser.
The Management Company was incorporated in the form of a société anonyme on 12 November 2014 for an unlimited duration. The Management Company is approved as a management company regulated by chapter 15 of the Law of 2010. The Management Company is a direct, wholly-owned subsidiary of Allspring Global Investments Holdings, LLC (Allspring Holdings), a holding company indirectly owned by certain portfolio companies of GTCR LLC and Reverence Capital Partners, L.P. The Management Company has a subscribed and paid up capital of 3,745,800 EUR at the date of this Prospectus.
The Management Company oversees compliance by the Fund with the investment restrictions and oversees the implementation of the Fund's strategies and investment policies. The Management Company reports to the Board of Directors on a periodic basis and is obligated to inform each Director without delay of any non-compliance by the Fund with the investment restrictions.
The Management Company receives periodic reports from the Investment Adviser and the Fund's other service providers to enable it to perform its monitoring and supervision duties.
Pursuant to Article 111bis of the Law of 2010, the Management Company has established remuneration policies for those categories of staff ("Identified Staff"), including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profiles of the Management Company or the Fund, that are:
- consistent with and promote sound and effective risk management and do not encourage risk- taking which is inconsistent with the risk profiles of the Fund or with its Articles of Incorporation and which do not interfere with the obligation of the Management Company to act in the best interests of the Fund;
- in line with the business strategy, objectives, values and interests of the Management Company and the UCITS that it manages and of the investors in such UCITS, and includes measures to avoid conflicts of interest;
- based on the principal that, in respect of Identified Staff, as applicable, the assessment of performance is set in a multi-year framework appropriate to the holding period recommended to the investors of the UCITS managed by the Management Company in order to ensure that the assessment process is based on the longer-term performance of the UCITS and its investment risks and that the actual payment of performance-based components of remuneration is spread over the same; and
- based on the principal that fixed and variable components of total remuneration are periodically reviewed to ensure appropriate balance and the fixed component represents an appropriate proportion of the total remuneration to allow the operation of a fully flexible policy, on variable remuneration components, including the possibility to pay no variable remuneration component. | ## Sociedad Gestora
De conformidad con el contrato, se ha designado a Allspring Global Investments Luxembourg S.A. para que actúe como Sociedad Gestora del Fondo. Bajo la supervisión del Consejo de Administración, la Sociedad Gestora es responsable de la prestación diaria de servicios de administración, comercialización, distribución, gestión de inversiones y asesoramiento de todos los Subfondos y puede delegar una parte o la totalidad de dichas funciones a terceros.
La Sociedad Gestora ha delegado las funciones relativas a la administración al Administrador, las funciones de registro y transmisión de Acciones al Registrador y Agente de Transmisiones y las funciones de gestión de inversiones al Asesor de Inversiones.
La Sociedad Gestora se constituyó como société anonyme el 12 de noviembre de 2014 por tiempo indefinido. La Sociedad Gestora está autorizada como una sociedad de gestión regulada en virtud del capítulo 15 de la Ley de 2010. La Sociedad Gestora es una filial indirecta y de propiedad íntegra de Allspring Global Investments Holdings, LLC (Allspring Holdings), un holding propiedad indirecta de algunas sociedades de cartera de GTCR LLC y de Reverence Capital Partners, L.P. La Sociedad Gestora cuenta con un capital suscrito y desembolsado de 3.745.800 EUR a la fecha del presente Folleto.
Asimismo, la Sociedad Gestora supervisa el cumplimiento del Fondo de los límites de inversión además la aplicación de las estrategias y políticas de inversión del Fondo. La Sociedad Gestora presenta informes al Consejo de Administración periódicamente y está obligada a informar a cada uno de los miembros del Consejo, sin demora alguna, sobre cualquier incumplimiento por parte del Fondo respecto de los límites de inversión.
La Sociedad Gestora recibe informes periódicos del Asesor de Inversiones y de otros proveedores de servicios del Fondo con el fin de que pueda llevar a cabo sus funciones de seguimiento y supervisión.
De conformidad con el artículo 111 bis de la Ley de 2010, la Sociedad Gestora ha establecido políticas de remuneración para esas categorías de personal (“Personal identificado”), incluyendo la administración senior, tomadores de riesgo, funciones de control y cualquier empleado que reciba una remuneración total que lo ubique en una categoría de remuneración equivalente a la administración senior y los tomadores de riesgo, cuyas actividades profesionales tienen un impacto sustancial sobre los perfiles de riesgo de la Sociedad Gestora o el Fondo, que:
- guardan coherencia con y promueven la gestión de riesgo responsable y eficaz, sin alentar la toma de riesgos que no concuerde con los perfiles de riesgo del Fondo o sus Estatutos y que no interfieran con la obligación de la Sociedad Gestora de actuar en beneficio del Fondo;
- estén en línea con la estrategia, objetivos, valores e intereses comerciales de la Sociedad Gestora y el OICVM que administra y de los inversores de dichos OICVM, e implementen medidas para evitar conflictos de interés;
- se basen en el principio que, en relación con el Personal identificado, según proceda, la evaluación del rendimiento se establezca en un marco plurianual apropiado para el periodo de tenencia recomendado a los inversores del OICVM administrado por la Sociedad Gestora a fin de garantizar que el proceso de evaluación se base en el desempeño a largo plazo del OICVM y sus riesgos de inversión, y que el pago efectivo de los componentes basados en el rendimiento que integran la remuneración se distribuyan a través del mismo; y
- estén basados en el principio que establece que los componentes fijos y variables de la remuneración total se analicen periódicamente para garantizar un equilibrio adecuado, que el componente fijo represente una proporción adecuada de la remuneración total para facilitar el funcionamiento de una política plenamente flexible, respecto de componentes variables de la remuneración, incluida la posibilidad de no pagar un componente variable. | ## Management Company
Pursuant to an agreement, Allspring Global Investments Luxembourg S.A. has been appointed to act as management company of the Fund. The Management Company is responsible on a day-to-day basis under the supervision of the Board of Directors, for providing administration, marketing, distribution, investment management and advisory services in respect of all the Sub-Funds and may delegate part or all of such functions to third parties.
The Management Company has delegated the administration functions to the Administrator, the Share registrar and transfer functions to the Registrar and Transfer Agent, and the investment management function to the Investment Adviser.
The Management Company was incorporated in the form of a société anonyme on 12 November 2014 for an unlimited duration. The Management Company is approved as a management company regulated by chapter 15 of the Law of 2010. The Management Company is a direct, wholly-owned subsidiary of Allspring Global Investments Holdings, LLC (Allspring Holdings), a holding company indirectly owned by certain portfolio companies of GTCR LLC and Reverence Capital Partners, L.P. The Management Company has a subscribed and paid up capital of 3,745,800 EUR at the date of this Prospectus.
The Management Company oversees compliance by the Fund with the investment restrictions and oversees the implementation of the Fund's strategies and investment policies. The Management Company reports to the Board of Directors on a periodic basis and is obligated to inform each Director without delay of any non-compliance by the Fund with the investment restrictions.
The Management Company receives periodic reports from the Investment Adviser and the Fund's other service providers to enable it to perform its monitoring and supervision duties.
Pursuant to Article 111bis of the Law of 2010, the Management Company has established remuneration policies for those categories of staff ("Identified Staff"), including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profiles of the Management Company or the Fund, that are:
- consistent with and promote sound and effective risk management and do not encourage risk- taking which is inconsistent with the risk profiles of the Fund or with its Articles of Incorporation and which do not interfere with the obligation of the Management Company to act in the best interests of the Fund;
- in line with the business strategy, objectives, values and interests of the Management Company and the UCITS that it manages and of the investors in such UCITS, and includes measures to avoid conflicts of interest;
- based on the principal that, in respect of Identified Staff, as applicable, the assessment of performance is set in a multi-year framework appropriate to the holding period recommended to the investors of the UCITS managed by the Management Company in order to ensure that the assessment process is based on the longer-term performance of the UCITS and its investment risks and that the actual payment of performance-based components of remuneration is spread over the same; and
- based on the principal that fixed and variable components of total remuneration are periodically reviewed to ensure appropriate balance and the fixed component represents an appropriate proportion of the total remuneration to allow the operation of a fully flexible policy, on variable remuneration components, including the possibility to pay no variable remuneration component. | en | es |
DOLFIN8805 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The overriding objective of the Depositary is to protect the interests of the unitholders, which always prevail over any commercial interests.
Conflicts of interest may arise if and when the Fund/Management Company maintains other business relationships with BNP Paribas, Luxembourg Branch in parallel with an appointment of BNP Paribas, Luxembourg Branch acting as Depositary.
Such other business relationships may cover services in relation to:
- Outsourcing/delegation of middle or back office functions (e.g. trade processing, position keeping, post trade investment compliance monitoring, collateral management, OTC valuation, fund administration inclusive of net asset value calculation, transfer agency, fund dealing services) where BNP Paribas or its affiliates act as agent of the Fund/Management Company, or
- Selection of BNP Paribas or its affiliates as counterparty or ancillary service provider for matters such as foreign exchange execution, securities lending, bridge financing. | L’obiettivo prioritario del Depositario consiste nel tutelare gli interessi dei titolari di quote, che prevalgono sempre su qualunque interesse commerciale.
Se e nella misura in cui il Fondo/la Società di gestione intrattengono altri rapporti d'affari con BNP Paribas, Luxembourg Branch parallelamente alla designazione di quest'ultima in veste di Depositario, è possibile che sorgano conflitti di interesse.
Tali altri rapporti commerciali possono coprire servizi in relazione:
- all'outsourcing/delega di funzioni di middle o back office (per esempio, trattamento delle negoziazioni, mantenimento della posizione, monitoraggio della conformità d'investimento post-negoziazione, valutazione OTC, amministrazione del fondo compreso il calcolo del valore patrimoniale netto, agenzia di trasferimento, servizi di negoziazione del fondo) qualora BNP Paribas e le sue affiliate operino come agenti del Fondo/della Società di gestione oppure
- alla selezione di BNP Paribas e/o delle sue affiliate come controparti o fornitori di servizi accessori relativamente all'esecuzione dei cambi, al prestito titoli e al finanziamento ponte. | The overriding objective of the Depositary is to protect the interests of the unitholders, which always prevail over any commercial interests.
Conflicts of interest may arise if and when the Fund/Management Company maintains other business relationships with BNP Paribas, Luxembourg Branch in parallel with an appointment of BNP Paribas, Luxembourg Branch acting as Depositary.
Such other business relationships may cover services in relation to:
- Outsourcing/delegation of middle or back office functions (e.g. trade processing, position keeping, post trade investment compliance monitoring, collateral management, OTC valuation, fund administration inclusive of net asset value calculation, transfer agency, fund dealing services) where BNP Paribas or its affiliates act as agent of the Fund/Management Company, or
- Selection of BNP Paribas or its affiliates as counterparty or ancillary service provider for matters such as foreign exchange execution, securities lending, bridge financing. | en | it |
DOLFIN8806 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
Un investisseur peut détenir son investissement pendant toute période, mais une période de 5 ans est recommandée.
La période de détention recommandée de 5 ans a été sélectionnée à des fins illustratives uniquement. Les investissements en titres à revenu fixe doivent être considérés comme des investissements à long terme, bien qu’il n’y ait pas de période de détention minimale (ni maximale) pour les actions. Les actions peuvent être vendues par des investisseurs ordinaires par le biais d’un intermédiaire (tel qu’un courtier) lors des périodes d’ouverture des marchés sur lesquels elles se négocient. L’intermédiaire est susceptible de prendre une commission sur les achats et les ventes.
La période mentionnée ci-dessus a été définie conformément aux caractéristiques du produit. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
Un inversor podrá mantener su inversión durante cualquier período de tiempo, pero se recomiendan 5 años.
El período de mantenimiento recomendado de 5 años se ha seleccionado únicamente con fines ilustrativos. Las inversiones en renta fija deben considerarse inversiones a largo plazo, aunque no existe un período de mantenimiento mínimo (o máximo) para las acciones. Las acciones podrán venderse por los inversores particulares a través de un intermediario (por ejemplo, un agente de bolsa) cuando los mercados en los que se negocian estén abiertos. Los intermediarios probablemente cobren una comisión por las compras y ventas.
Dicho período se ha definido en función de las características del producto. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
Un investisseur peut détenir son investissement pendant toute période, mais une période de 5 ans est recommandée.
La période de détention recommandée de 5 ans a été sélectionnée à des fins illustratives uniquement. Les investissements en titres à revenu fixe doivent être considérés comme des investissements à long terme, bien qu’il n’y ait pas de période de détention minimale (ni maximale) pour les actions. Les actions peuvent être vendues par des investisseurs ordinaires par le biais d’un intermédiaire (tel qu’un courtier) lors des périodes d’ouverture des marchés sur lesquels elles se négocient. L’intermédiaire est susceptible de prendre une commission sur les achats et les ventes.
La période mentionnée ci-dessus a été définie conformément aux caractéristiques du produit. | fr | es |
DOLFIN8807 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
## Risks
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
#### 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
## Performance scenarios
#### 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 4 out of 7, which is a medium risk class.
#### This rates the potential losses from future performance at a medium level, and poor market conditions could impact the capacity of Generali Investments Luxembourg S.A. to pay you.
#### Due to effects of unusual market conditions, other risks could be triggered, such as: counterparty risk and liquidity risk. Please refer to the prospectus for more detail.
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.
#### 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 over the last 11 years. Markets could develop very differently in the future.
The stress scenario shows what you might get back in extreme market circumstances. Unfavourable: this type of scenario occurred for an investment between 2021 and 2022. Moderate: this type of scenario occurred for an investment between 2012 and 2018.
#### Favourable: this type of scenario occurred for an investment between 2011 and 2017.
| Recommended holding period Example Investment | 6 years 10,000 EUR |
| --- | --- |
| Scenarios | if you exit after 1 year | if you exit after 6 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,963 EUR | 1,698 EUR |
| | Average return each year | -80.4% | -25.6% |
| Unfavourable | What you might get back after costs | 7,953 EUR | 7,646 EUR |
| | Average return each year | -20.5% | -4.4% |
| Moderate | What you might get back after costs | 9,921 EUR | 13,117 EUR |
| | Average return each year | -0.8% | 4.6% |
| Favourable | What you might get back after costs | 12,776 EUR | 17,400 EUR |
| | Average return each year | 27.8% | 9.7% | | # Quali sono i rischi e qual è il potenziale rendimento?
## Rischi
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
#### L’indicatore sintetico di rischio è una guida al livello di rischio di questo prodotto confrontato con altri prodotti. Spiega quanto è probabile che il prodotto possa subire perdite a causa dei
## Scenari di performance
#### movimenti sui mercati o perché noi non siamo in grado di pagarlo.
#### Abbiamo valutato questo prodotto con il punteggio di 4 su 7, ovvero classe di rischio media.
#### Questo punteggio valuta le perdite potenziali della performance futura come medie; le condizioni di mercato sfavorevoli forse influiscono sulla capacità di Generali Investments Luxembourg
#### S.A. di pagare l’investitore.
A causa di effetti derivanti da condizioni inusuali di mercato si potrebbero determinare altri rischi, quali il rischio di controparte e il rischio di liquidità. Fare riferimento al prospetto per maggiori dettagli.
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.
#### Il possibile rimborso dipenderà dall'andamento futuro dei mercati, che è incerto e non può essere previsto con esattezza.
Lo scenario sfavorevole, lo scenario moderato e lo scenario favorevole riportati sono illustrazioni basate sulla performance peggiore, la performance media e la performance migliore del prodotto negli ultimi 11 anni. Nel futuro i mercati potrebbero avere un andamento molto diverso.
#### Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme.
Sfavorevole: Questo tipo di scenario si è verificato per un investimento tra il 2021 e 2022. Moderato: Questo tipo di scenario si è verificato per un investimento tra il 2012 e 2018. Favorevole: Questo tipo di scenario si è verificato per un investimento tra il 2011 e 2017.
| Periodo di detenzione raccomandato Esempio di investimento | 6 anni 10.000 EUR |
| --- | --- |
| Scenari | in caso di uscita dopo 1 anno | in caso di uscita dopo 6 anni (periodo di detenzione raccomandato) |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Stress | Possibile rimborso al netto dei costi | 1.963 EUR | 1.698 EUR |
| | Rendimento medio per ciascun anno | -80,4% | -25,6% |
| Sfavorevole | Possibile rimborso al netto dei costi | 7.953 EUR | 7.646 EUR |
| | Rendimento medio per ciascun anno | -20,5% | -4,4% |
| Moderato | Possibile rimborso al netto dei costi | 9.921 EUR | 13.117 EUR |
| | Rendimento medio per ciascun anno | -0,8% | 4,6% |
| Favorevole | Possibile rimborso al netto dei costi | 12.776 EUR | 17.400 EUR |
| | Rendimento medio per ciascun anno | 27,8% | 9,7% | | # What are the risks and what could I get in return?
## Risks
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
#### 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
## Performance scenarios
#### 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 4 out of 7, which is a medium risk class.
#### This rates the potential losses from future performance at a medium level, and poor market conditions could impact the capacity of Generali Investments Luxembourg S.A. to pay you.
#### Due to effects of unusual market conditions, other risks could be triggered, such as: counterparty risk and liquidity risk. Please refer to the prospectus for more detail.
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.
#### 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 over the last 11 years. Markets could develop very differently in the future.
The stress scenario shows what you might get back in extreme market circumstances. Unfavourable: this type of scenario occurred for an investment between 2021 and 2022. Moderate: this type of scenario occurred for an investment between 2012 and 2018.
#### Favourable: this type of scenario occurred for an investment between 2011 and 2017.
| Recommended holding period Example Investment | 6 years 10,000 EUR |
| --- | --- |
| Scenarios | if you exit after 1 year | if you exit after 6 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,963 EUR | 1,698 EUR |
| | Average return each year | -80.4% | -25.6% |
| Unfavourable | What you might get back after costs | 7,953 EUR | 7,646 EUR |
| | Average return each year | -20.5% | -4.4% |
| Moderate | What you might get back after costs | 9,921 EUR | 13,117 EUR |
| | Average return each year | -0.8% | 4.6% |
| Favourable | What you might get back after costs | 12,776 EUR | 17,400 EUR |
| | Average return each year | 27.8% | 9.7% | | en | it |
DOLFIN8808 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Management Company was incorporated as a public company (société anonyme) under the laws of Luxembourg on 31 January 1994 by notarial deed published in the Mémorial on 7 March 1994. The notarial deed was deposited with the Registrar of the District Court of Luxembourg under the number RCS B 46.546. The articles of incorporation of the Management Company were last amended on 04 October 2018.
As of the date of this Prospectus, its share capital amounts to EUR 1,000,000-.
The Board of Directors of the Management Company consists of the following persons:
- Guillaume Fromont, Chairman,
- Grégory Cabanetos, Managing Director,
- Lucien Euler, Independent Director,
- Aurélien Veil, Director. | La Società di Gestione è una société anonyme di diritto lussemburghese costituita in data 31 gennaio 1994 tramite atto notarile pubblicato sul Mémorial del 7 marzo 1994. L’atto notarile è stato depositato presso l’Ufficio del Registro del Tribunale Distrettuale di Lussemburgo sotto il numero RCS B 46.546. Lo statuto della Società di Gestione è stato modificato in ultima data il 4 ottobre 2018.
Alla data del presente Prospetto, il capitale sociale ammonta a EUR 1.000.000-. Il Consiglio di Amministrazione della Società di Gestione è formato da:
- Guillaume Fromont, Presidente,
- Grégory Cabanetos, Managing Director,
- Lucien Euler, Amministratore Indipendente,
- Aurélien Veil, Amministratore. | The Management Company was incorporated as a public company (société anonyme) under the laws of Luxembourg on 31 January 1994 by notarial deed published in the Mémorial on 7 March 1994. The notarial deed was deposited with the Registrar of the District Court of Luxembourg under the number RCS B 46.546. The articles of incorporation of the Management Company were last amended on 04 October 2018.
As of the date of this Prospectus, its share capital amounts to EUR 1,000,000-.
The Board of Directors of the Management Company consists of the following persons:
- Guillaume Fromont, Chairman,
- Grégory Cabanetos, Managing Director,
- Lucien Euler, Independent Director,
- Aurélien Veil, Director. | en | it |
DOLFIN8809 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### “Exempted Irish Investor”
means:
- an Intermediary;
- a pension scheme which is an exempt approved scheme within the meaning of Section 774 of the Taxes Act or a retirement annuity contract or a trust scheme to which Section 784 or 785 of the Taxes Act applies;
- a company carrying on life business within the meaning of Section 706 of the Taxes Act;
- an investment undertaking within the meaning of Section 739B(1) of the Taxes Act;
- an investment limited partnership within the meaning of Section 739J of the Taxes Act;
- a special investment scheme within the meaning of Section 737 of the Taxes Act;
- a unit trust to which Section 731(5)(a) of the Taxes Act applies;
- a charity being a person referred to in Section 739D(6)(f)(i) of the Taxes Act;
- a qualifying management company within the meaning of Section 739D(6)(g) of the Taxes Act;
- a specified company within the meaning of Section 734(1) of the Taxes Act;
- a person who is entitled to exemption from income tax and capital gains tax under Section 784A(2) of the Taxes Act where the Shares held are assets of an approved retirement fund or an approved minimum retirement fund;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of Section 787I of the Taxes Act and the Shares are assets of a PRSA;
- a credit union within the meaning of Section 2 of the Credit Union Act, 1997;
- an Irish resident company investing in a money market fund being a person referred to in Section 739D(6)(k) of the Taxes Act;
- the National Pension Reserve Fund Commission or a Commission investment vehicle;
- the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency;
- an Irish Resident company within the charge to corporate tax in accordance with Section 110 of the Taxes Act being a person referred to in Section 739D(6)(m) of the Taxes Act;
- the National Asset Management Agency being a person referred to in Section 739D(6)(ka) of the Taxes Act;
- the Motor Insurers' Bureau of Ireland in respect of an investment made by it of moneys paid to the Motor Insurers' Insolvency Compensation Fund under the Insurance Act 1964 (amended by the Insurance (Amendment) Act 2018);or
- any other Irish Resident or Irish Ordinary Resident who may be permitted to own Shares under taxation legislation or by written practice or concession of the Irish Revenue Commissioners without giving rise to a charge to tax in the Company or jeopardising tax exemptions associated with the Company;provided that a Relevant Declaration is in place. | ##### „Steuerbegünstigter irischer Anleger“
sind folgende Personen:
- ein Finanzmittler;
- ein nach Section 774 des Steuergesetzes zugelassener steuerbegünstigter Altersvorsorgeplan bzw. ein Rentenplan oder Rentenfonds im Sinne von Section 784 bzw. 785 des Steuergesetzes;
- Unternehmen der Lebensversicherungsbranche im Sinne von Section 706 des Steuergesetzes;
- ein Anlageorganismus im Sinne von Section 739B(1) des Steuergesetzes;
- eine Investment-Kommanditgesellschaft im Sinne von Section 739J des Steuergesetzes;
- ein spezielles Anlageprogramm im Sinne von Section 737 des Steuergesetzes;
- ein Unit Trust im Sinne von Section 731(5)(a) des Steuergesetzes;
- eine gemeinnützige Einrichtung nach Section 739D(6)(f)(i) des Steuergesetzes;
- eine qualifizierte Verwaltungsgesellschaft (qualifying management company) im Sinne von Section 739D(6)(g) des Steuergesetzes;
- eine spezifische Gesellschaft (specified company) im Sinne von Section 734(1) des Steuergesetzes;
- Personen mit Anspruch auf Befreiung von der Einkommen- und Kapitalertragsteuer gemäß Section 784A(2) des Steuergesetzes, soweit es sich bei den Anteilen um Vermögenswerte eines zugelassenen Altersvorsorgefonds oder eines zugelassenen Mindestaltersvorsorgefonds handelt;
- Personen, die gemäß Section 787I des Steuergesetzes Anspruch auf Befreiung von der Einkommen- und Kapitalertragsteuer haben, und sofern die gehaltenen Anteile Bestandteil eines PRSA sind;
- ein Kreditinstitut (credit union) im Sinne von Section 2 des Credit Union Act, 1997;
- ein in Irland ansässiges Unternehmen, das in Geldmarktfonds anlegt, bei dem es sich um eine Person gemäß Section 739D(6)(k) des Steuergesetzes handelt;
- die National Pensions Reserve Fund Commission oder ein Anlageinstrument der Commission;
- die National Treasury Management Agency oder ein Fondsanlagevehikel (im Sinne von Section 37 des National Treasury Management Agency (Amendment) Act von 2014), dessen alleiniger wirtschaftlicher Eigentümer das Finanzministerium (Minister for Finance) ist, bzw. der über die National Treasury Management Agency handelnde Staat;
- ein in Irland ansässiges Unternehmen, das der Körperschaftsteuer nach Section 110 des Steuergesetzes unterliegt und bei dem es sich um eine Person gemäß Section 739D(6)(m) des Steuergesetzes handelt;
- die National Asset Management Agency, bei der es sich um eine Person gemäß Section 739D(6)(ka) des Steuergesetzes handelt;
- das Motor Insurers‘ Bureau of Ireland in Bezug auf eine von ihm getätigte Anlage von Geldern, die gemäß dem (durch den Insurance (Amendment) Act 2018 geänderten) Insurance Act von 1964 in den Motor Insurers‘ Insolvency Compensation Fund gezahlt wurden); oder
- jede sonstige in Irland ansässige Person bzw. Person mit gewöhnlichem Aufenthalt in Irland, die nach der Steuergesetzgebung oder im Rahmen der (schriftlich niedergelegten) Verwaltungspraxis oder aufgrund Genehmigung der irischen Steuerbehörde Anteile halten kann, ohne dass die Gesellschaft steuerlich belastet oder die Steuerbefreiung der Gesellschaft gefährdet wird;sofern diese Personen die erforderliche Maßgebliche Erklärung abgegeben haben. | ##### “Exempted Irish Investor”
means:
- an Intermediary;
- a pension scheme which is an exempt approved scheme within the meaning of Section 774 of the Taxes Act or a retirement annuity contract or a trust scheme to which Section 784 or 785 of the Taxes Act applies;
- a company carrying on life business within the meaning of Section 706 of the Taxes Act;
- an investment undertaking within the meaning of Section 739B(1) of the Taxes Act;
- an investment limited partnership within the meaning of Section 739J of the Taxes Act;
- a special investment scheme within the meaning of Section 737 of the Taxes Act;
- a unit trust to which Section 731(5)(a) of the Taxes Act applies;
- a charity being a person referred to in Section 739D(6)(f)(i) of the Taxes Act;
- a qualifying management company within the meaning of Section 739D(6)(g) of the Taxes Act;
- a specified company within the meaning of Section 734(1) of the Taxes Act;
- a person who is entitled to exemption from income tax and capital gains tax under Section 784A(2) of the Taxes Act where the Shares held are assets of an approved retirement fund or an approved minimum retirement fund;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of Section 787I of the Taxes Act and the Shares are assets of a PRSA;
- a credit union within the meaning of Section 2 of the Credit Union Act, 1997;
- an Irish resident company investing in a money market fund being a person referred to in Section 739D(6)(k) of the Taxes Act;
- the National Pension Reserve Fund Commission or a Commission investment vehicle;
- the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency;
- an Irish Resident company within the charge to corporate tax in accordance with Section 110 of the Taxes Act being a person referred to in Section 739D(6)(m) of the Taxes Act;
- the National Asset Management Agency being a person referred to in Section 739D(6)(ka) of the Taxes Act;
- the Motor Insurers' Bureau of Ireland in respect of an investment made by it of moneys paid to the Motor Insurers' Insolvency Compensation Fund under the Insurance Act 1964 (amended by the Insurance (Amendment) Act 2018);or
- any other Irish Resident or Irish Ordinary Resident who may be permitted to own Shares under taxation legislation or by written practice or concession of the Irish Revenue Commissioners without giving rise to a charge to tax in the Company or jeopardising tax exemptions associated with the Company;provided that a Relevant Declaration is in place. | en | de |
DOLFIN8810 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
- Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF SCA group.
- UCITS held by the Fund and managed by the management company at the Fund’s reporting date: see annual financial statements in the appendices.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management SAS to measure the overall risk to the Fund is the commitment approach.
- Environmental, social and governance criteria:The management of the Fund has incorporated ESG criteria since 19 July 2019.
- Within the framework of its risk management policy, the portfolio management company establishes, implements and maintains a risk management policy and procedures that are effective, appropriate and documented, thereby allowing risks associated with its activities, processes and systems to be identified. | A decorrere dal 1° luglio 2014, il Fondo è disciplinato dalle disposizioni dell'allegato II, punto II. B. dell'Accordo (IGA) firmato il 14 novembre 2013 tra il governo della Repubblica francese e il governo degli Stati Uniti d'America al fine di migliorare il rispetto degli obblighi fiscali su scala internazionale e di attuare la legge relativa al rispetto di tali obblighi relativi ai conti esteri (la cosiddetta legge FATCA).
La presente relazione annuale non intende riepilogare le conseguenze di natura fiscale, per ciascun investitore, derivanti dalla sottoscrizione, dal rimborso, dalla detenzione o dalla cessione di quote del Fondo. Tali conseguenze varieranno in funzione delle leggi e delle prassi in vigore nel paese di residenza, di domicilio o di costituzione dei partecipanti, nonché in funzione della loro situazione personale.
In funzione del regime fiscale applicato, del paese di residenza dell'investitore o della giurisdizione nella quale viene effettuato l'investimento, eventuali plusvalenze e proventi derivanti dal possesso di quote del Fondo possono essere soggetti al pagamento di imposte. Si consiglia di consultare un consulente fiscale in merito alle possibili conseguenze derivanti dall'acquisto, dalla detenzione, dalla vendita o dal rimborso di quote del Fondo conformemente alle leggi e ai regolamenti in vigore nel proprio paese di residenza fiscale, di residenza abituale e di domicilio.
La Società di gestione e i soggetti collocatori non si assumono alcuna responsabilità in merito alle conseguenze fiscali cui qualsiasi investitore potrebbe andare incontro in seguito all'acquisto, alla detenzione, alla vendita o al rimborso delle quote del Fondo.
- Informazioni regolamentari
- Il Fondo non detiene strumenti finanziari emessi da società collegate al gruppo Oddo BHF SCA.
- OICVM detenuti dal fondo e gestiti dalla società di gestione alla data di chiusura dei conti del Fondo: si rimanda al bilancio di esercizio allegato.
- Metodo di calcolo del rischio complessivo dell'OICVM: il metodo scelto da Oddo BHF Asset Management SAS per misurare il rischio complessivo dell'OICVM è quello basato sugli impegni (commitment approach).
- Criteri ambientali, sociali e di qualità della governance:Dal 19 luglio 2019 la gestione del fondo integra i criteri ESG.
- Nell'ambito della sua politica di gestione del rischio, la società di gestione stabilisce, realizza e mantiene operative una politica e delle procedure di gestione dei rischi efficaci, appropriate e documentate, che permettono di identificare i rischi legati alle sue attività, ai suoi processi e ai suoi sistemi. | As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
- Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF SCA group.
- UCITS held by the Fund and managed by the management company at the Fund’s reporting date: see annual financial statements in the appendices.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management SAS to measure the overall risk to the Fund is the commitment approach.
- Environmental, social and governance criteria:The management of the Fund has incorporated ESG criteria since 19 July 2019.
- Within the framework of its risk management policy, the portfolio management company establishes, implements and maintains a risk management policy and procedures that are effective, appropriate and documented, thereby allowing risks associated with its activities, processes and systems to be identified. | en | it |
DOLFIN8811 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Type: Ce Produit est une société d’investissement 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. Le Conseil d’administration de la Société d’investissement 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 compartiment en actions à gestion active sans référence à un benchmark vise à atteindre un objectif de placement durable et à obtenir le meilleur rendement possible en USD, la monnaie de référence. Dans le cadre de la sélection des placements, le gestionnaire de portefeuille tient compte des principes de la répartition des risques, de la sécurité du capital engagé et de la liquidité des actifs investis. Le compartiment promeut également les caractéristiques environnementales et sociales de contribution aux objectifs de développement durable des Nations Unies tout en ciblant spécifiquement la contribution à l’objectif de développement durable n°12 des Nations Unies – «Consommation et production durables». Le compartiment promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Au moins 75% du total des actifs nets de ce compartiment sont investis dans des actions et des titres assimilés à des actions de sociétés qui, de l’avis du gestionnaire de portefeuille, sont engagées dans la consommation ou la production durable. En outre, le compartiment peut investir jusqu’à 15% du total de ses actifs nets dans des produits structurés sur actions ou au maximum 25% dans des actifs liquides. Le compartiment peut investir dans le monde entier dans des pays développés, des pays émergents, y compris la Chine, ainsi que dans des marchés en développement. Pour atteindre son objectif, le compartiment peut avoir recours à des instruments dérivés pour se protéger contre les fluctuations des cours de change et des cours boursiers, et pour garantir une gestion efficace du portefeuille. Cette classe d'actions 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 disposant d’une connaissance et d’une expérience suffisantes dans les placements collectifs de capitaux et les produits similaires, capables de supporter une perte d’avoirs modérée 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 una sociedad de inversión clasificada 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. El Consejo de Administración de la sociedad de inversión 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 subfondo de renta variable se gestiona activamente sin referencia a un índice de referencia con el fin de lograr un objetivo de inversión sostenible y el mayor rendimiento posible en USD, la moneda de referencia. La entidad gestora tiene en cuenta los principios de diversificación del riesgo, la seguridad del capital invertido y la liquidez del patrimonio invertido en la selección de las inversiones. Al mismo tiempo, el subfondo promueve características medioambientales y sociales en favor de la consecución de los Objetivos de Desarrollo Sostenible de las Naciones Unidas, con una contribución específica al Objetivo de Desarrollo Sostenible 12: «Producción y consumo responsables». El subfondo promueve criterios medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del subfondo sobre ESG publicados en el sitio web. Al menos el 75% del patrimonio neto total de este subfondo se invierte en acciones y valores similares de empresas que, según considera la entidad gestora, están comprometidas con el consumo o la producción responsables. Además, el subfondo podrá invertir hasta el 15% de su patrimonio neto total en productos estructurados sobre renta variable o un máximo del 25% en activos líquidos. El subfondo podrá invertir globalmente en países desarrollados, países emergentes (incluida China) y mercados en desarrollo. Para lograr su objetivo, el subfondo puede hacer uso de instrumentos derivados para protegerse contra los movimientos de divisas y cotizaciones de valores, así como para una gestión eficaz de la cartera. 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 dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión media y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: Ce Produit est une société d’investissement 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. Le Conseil d’administration de la Société d’investissement 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 compartiment en actions à gestion active sans référence à un benchmark vise à atteindre un objectif de placement durable et à obtenir le meilleur rendement possible en USD, la monnaie de référence. Dans le cadre de la sélection des placements, le gestionnaire de portefeuille tient compte des principes de la répartition des risques, de la sécurité du capital engagé et de la liquidité des actifs investis. Le compartiment promeut également les caractéristiques environnementales et sociales de contribution aux objectifs de développement durable des Nations Unies tout en ciblant spécifiquement la contribution à l’objectif de développement durable n°12 des Nations Unies – «Consommation et production durables». Le compartiment promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Au moins 75% du total des actifs nets de ce compartiment sont investis dans des actions et des titres assimilés à des actions de sociétés qui, de l’avis du gestionnaire de portefeuille, sont engagées dans la consommation ou la production durable. En outre, le compartiment peut investir jusqu’à 15% du total de ses actifs nets dans des produits structurés sur actions ou au maximum 25% dans des actifs liquides. Le compartiment peut investir dans le monde entier dans des pays développés, des pays émergents, y compris la Chine, ainsi que dans des marchés en développement. Pour atteindre son objectif, le compartiment peut avoir recours à des instruments dérivés pour se protéger contre les fluctuations des cours de change et des cours boursiers, et pour garantir une gestion efficace du portefeuille. Cette classe d'actions 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 disposant d’une connaissance et d’une expérience suffisantes dans les placements collectifs de capitaux et les produits similaires, capables de supporter une perte d’avoirs modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN8812 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,08% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 208 EUR |
| Coûts de transaction | 0,57% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 57 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,51% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 51 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | Los gastos de entrada son del 5,00% (carga inicial), lo que corresponde a una deducción del 4,76% del importe de su inversión. Es el importe máximo que se puede retener de su inversión. El asesor financiero le informará sobre el valor real. | Hasta 476 EUR |
| Costes de salida | No cobramos tasa de salida por este producto. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,08% del valor de su instalación al año. Se trata de una estimación basada en los costes reales del año pasado. | 208 EUR |
| Costes de operación | 0,57% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos cuando compramos o vendemos las inversiones subyacentes del producto. El importe real depende de cuánto compremos y vendamos. | 57 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | 0,51% del valor de su inversión al año. El importe real depende del rendimiento de su inversión. La estimación anterior de los costes acumulados incluye la media de los últimos cinco años. | 51 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,08% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 208 EUR |
| Coûts de transaction | 0,57% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 57 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,51% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 51 EUR | | fr | es |
DOLFIN8813 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The performance of the G FUND - EUROPEAN CONVERTIBLE BONDS fund by share class for the year ended 28/02/2022: IC – -2.17% vs. -3.44% for the benchmark index (see note 4)
GD – -1.87% vs. -3.44% for the benchmark index (see note 4) ID – -2.18% vs. -3.44% for the benchmark index (see note 4) NC – -2.54% vs. -3.44% for the benchmark index (see note 4) R – -2.22% vs. -3.44% for the benchmark index (see note 4) NC USD – no returns recorded.
Past performance is not a reliable indicator of future performance. | La performance de G FUND - EUROPEAN CONVERTIBLE BONDS au 28/02/2022 est de : Part IC -2.17% contre -3.44% pour l’indice de référence (voir note 4)
Part GD -1.87% contre -3.44% pour l’indice de référence (voir note 4) Part ID -2.18% contre -3.44% pour l’indice de référence (voir note 4) Part NC -2.54% contre -3.44% pour l’indice de référence (voir note 4) Part R -2.22% contre -3.44% pour l’indice de référence (voir note 4) Part NC USD pas de performances notées
Les performances passées ne préjugent pas des performances futures. | The performance of the G FUND - EUROPEAN CONVERTIBLE BONDS fund by share class for the year ended 28/02/2022: IC – -2.17% vs. -3.44% for the benchmark index (see note 4)
GD – -1.87% vs. -3.44% for the benchmark index (see note 4) ID – -2.18% vs. -3.44% for the benchmark index (see note 4) NC – -2.54% vs. -3.44% for the benchmark index (see note 4) R – -2.22% vs. -3.44% for the benchmark index (see note 4) NC USD – no returns recorded.
Past performance is not a reliable indicator of future performance. | en | fr |
DOLFIN8814 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The initial issue price for Shares of each Fund shall be the amount(s) set out in the relevant Supplement.
## Issue and Repurchase Prices
The price at which Shares of each class of any Fund will be issued on a Dealing Day, after the initial issue, is calculated by ascertaining the Net Asset Value of the relevant Fund (i.e. the value of the assets of the Fund having deducted the liabilities of the Fund therefrom) as at the Valuation Point for that Fund for the relevant Dealing Day. The Net Asset Value per Share of the relevant Fund is calculated by dividing the Net Asset Value of the relevant Fund, by the total number of Shares in issue in the Fund at the relevant Valuation Point and rounding the result to four decimal places. Where applicable, the Net Asset Value per Share of each class in a Fund is calculated by determining that portion of the Net Asset Value of the Fund which is attributable to the relevant class and by dividing this sum by the total number of Shares of the relevant class in issue at the relevant Valuation Point and rounding the resulting amount to four decimal places. If a Fund has more than one class of Share, additional fees may be charged against certain classes, and details of such fees will be set forth in the relevant Supplement for the Fund. This may result in the Net Asset Value per Share of each class being different. | # El precio de emisión inicial de las Acciones de cada Subfondo será el o los importes que se indiquen en el Suplemento correspondiente.
## Precios de suscripción y reembolso
Tras la emisión inicial, el precio al que se suscribirán las Acciones de cada clase de un Subfondo en un Día de negociación se calculará estableciendo el Patrimonio neto del Subfondo pertinente (es decir, el valor de los activos del Subfondo una vez deducidos los pasivos del mismo) en el Momento de valoración de dicho Subfondo del Día de negociación en cuestión. El Valor liquidativo por Acción del Subfondo pertinente se calcula dividiendo el Patrimonio neto del Subfondo por el número total de Acciones en circulación del mismo en el Momento de valoración oportuno y redondeando el resultado a cuatro cifras decimales. Cuando corresponda, el Valor liquidativo por Acción de cada Clase de un Subfondo se determinará calculando la parte del Patrimonio neto del Subfondo atribuible a dicha Clase y dividendo dicho importe por el número total de Acciones de la Clase pertinente en circulación en el Momento de valoración oportuno y redondeando el resultado a cuatro cifras decimales. En el caso de que un Subfondo tenga más de una Clase de Acciones, se podrán cobrar comisiones adicionales a determinadas Clases, detallándose las mismas en el Suplemento del Subfondo pertinente. De ser así, es posible que el Valor liquidativo por Acción de cada Clase sea diferente. | # The initial issue price for Shares of each Fund shall be the amount(s) set out in the relevant Supplement.
## Issue and Repurchase Prices
The price at which Shares of each class of any Fund will be issued on a Dealing Day, after the initial issue, is calculated by ascertaining the Net Asset Value of the relevant Fund (i.e. the value of the assets of the Fund having deducted the liabilities of the Fund therefrom) as at the Valuation Point for that Fund for the relevant Dealing Day. The Net Asset Value per Share of the relevant Fund is calculated by dividing the Net Asset Value of the relevant Fund, by the total number of Shares in issue in the Fund at the relevant Valuation Point and rounding the result to four decimal places. Where applicable, the Net Asset Value per Share of each class in a Fund is calculated by determining that portion of the Net Asset Value of the Fund which is attributable to the relevant class and by dividing this sum by the total number of Shares of the relevant class in issue at the relevant Valuation Point and rounding the resulting amount to four decimal places. If a Fund has more than one class of Share, additional fees may be charged against certain classes, and details of such fees will be set forth in the relevant Supplement for the Fund. This may result in the Net Asset Value per Share of each class being different. | en | es |
DOLFIN8815 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Documents for inspection
Copies of the following documents may be inspected free of charge at the registered office of the Company at 10 Earlsfort Terrace, Dublin 2, Ireland during normal business hours on any Business Day:
- The material contracts referred to above;
- The Certificate of Incorporation and Memorandum and Articles of Association of the Company;
- The UCITS Regulations and the Central Bank Regulations issued by the Central Bank;
- The Companies Acts; and
- A list of the other directorships and partnerships of each of the Directors together with an indication of whether or not the individual is still a director or partner. | ## Dokumente zur Einsichtnahme
Exemplare der folgenden Dokumente können kostenlos am eingetragenen Geschäftssitz der Gesellschaft 10 Earlsfort Terrace, Dublin 2, Irland, während der üblichen Geschäftszeiten an jedem Geschäftstag eingesehen werden:
- die oben genannten bedeutenden Verträge;
- die Gründungsurkunde, der Gesellschaftsvertrag und die Satzung der Gesellschaft;
- die OGAW-Vorschriften und die von der Zentralbank ausgegebenen Richtlinien;
- die Companies Acts; und
- eine Liste der anderen Stellungen als Verwaltungsratsmitglieder und Partner eines jeden Verwaltungsratsmitglieds sowie ein Hinweis, ob der Betreffende diese Stelle noch ausübt. | ## Documents for inspection
Copies of the following documents may be inspected free of charge at the registered office of the Company at 10 Earlsfort Terrace, Dublin 2, Ireland during normal business hours on any Business Day:
- The material contracts referred to above;
- The Certificate of Incorporation and Memorandum and Articles of Association of the Company;
- The UCITS Regulations and the Central Bank Regulations issued by the Central Bank;
- The Companies Acts; and
- A list of the other directorships and partnerships of each of the Directors together with an indication of whether or not the individual is still a director or partner. | en | de |
DOLFIN8816 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The terms and conditions of such savings plans, especially with regard to fees, are based on the law of the country of distribution, and may be obtained from the local Distributors, which offer such savings plans.
A Distributor is also authorised, taking into account the applicable national laws and rules and regulations in the country of distribution, to include Shares in a fund-linked life assurance as an investment component, and to offer Shares in such indirect form to the public. The legal relationship between the Company or Management Company, the Distributor/insurance company and the investors/policyholders is governed by the life assurance policy and the applicable laws.
The Distributors and SSB-LUX must at all times comply with the provisions of the Luxembourg law on the prevention of money laundering, and in particular the law of 7 July 1989, which amends the law of 19 February 1973 on the sale of drugs and the combating of drug dependency, the law of November 12, 2004, on the combat against money laundering and terrorist financing and of the law of April 5, 1993, on the financial sector, as amended, as well as other relevant laws passed by the government of Luxembourg or by supervisory authorities.
Subscribers of Shares must inter alia prove their identity to the Distributor and/or SSB-LUX or the Company whichever accepts their subscription request. The Distributor and/or SSB-LUX or the Company must request the following identity papers from the subscribers: in the case of natural persons a certified copy of the passport/identity card (certified by the Distributor or the local government administration); in the case of companies or other legal entities a certified copy of the certificate of incorporation, a certified copy of the extract from the commercial register, a copy of the latest published annual accounts, the full name of the beneficial owner.
The Distributor must ensure that the aforementioned identification procedure is strictly applied. The Company and the Management Company may at any time require confirmation of compliance from the Distributor or SSB- LUX. SSB-LUX checks compliance with the aforementioned rules in all subscription/redemption requests which it receives from Distributors in countries with non-equivalent money-laundering regulations. In case of doubt as to the identity of the party applying for subscription or redemption because of inadequate, inaccurate or lack of identification, SSB-LUX is authorised, without involving costs, to suspend or reject subscription/redemption requests for the reasons cited above. Distributors must additionally comply with all provisions for the prevention of money laundering which are in force in their own countries.
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# Co-management | Die Bedingungen und Konditionen solcher Sparpläne, insbesondere bezüglich Gebühren richten sich nach dem Recht des Vertriebslandes und sind bei den lokalen Vertriebsstellen, die solche Sparpläne anbieten, erhältlich.
Eine Vertriebsstelle ist auch berechtigt, unter Berücksichtigung der nationalen Gesetze und Usanzen im Vertriebsland Anteile als Anlageteil in eine fondsgebundene Lebensversicherung aufzunehmen und Anteile in dieser indirekten Form dem Publikum anzubieten. Die Rechtsbeziehungen zwischen der Gesellschaft bzw. der Verwaltungsgesellschaft, der Vertriebsstelle bzw. der Versicherung und den Anlegern bzw. Versicherungsnehmern werden durch die Lebensversicherungspolice und die hierauf anwendbaren Gesetze geregelt.
Die Vertriebsstellen und die SSB-LUX müssen jederzeit die Vorschriften des luxemburgischen Gesetzes über die Verhinderung von Geldwäsche und insbesondere des Gesetzes vom 7. Juli 1989, welches das Gesetz vom 19. Februar 1973 über den Verkauf von Arzneimitteln und den Kampf gegen Drogenabhängigkeit geändert hat, des Gesetzes vom 12. November 2004 über die Bekämpfung der Geldwäsche und die Finanzierung des Terrorismus und des Gesetzes vom 5. April 1993 über den Finanzsektor, wie abgeändert, sowie sonstige einschlägige Vorschriften der luxemburgischen Regierung oder von Aufsichtsbehörden beachten.
Unter anderem müssen die Zeichner ihre Identität gegenüber der Vertriebsstelle bzw. SSB-LUX oder der Gesellschaft nachweisen, die ihre Zeichnung einzieht. Die Vertriebsstelle bzw. SSB-LUX oder die Gesellschaft müssen von den Zeichnern folgende Ausweispapiere verlangen: bei natürlichen Personen eine beglaubigte Kopie des Reisepasses/Personalausweises (beglaubigt durch die Vertriebs- oder Verkaufsstelle oder durch die lokale Verwaltungsbehörde); bei Gesellschaften oder sonstigen juristischen Personen eine beglaubigte Kopie der Gründungsurkunde, eine beglaubigte Kopie des Handelsregisterauszuges, eine Kopie des letzten veröffentlichten Jahresabschlusses, die vollständigen Namen der materiellen Rechtsinhaber (beneficial owner).
Die Vertriebsstelle hat sicherzustellen, dass das vorgenannte Ausweisverfahren strikt eingehalten wird. Die Gesellschaft und die Verwaltungsgesellschaft können jederzeit von der Vertriebsstelle bzw. SSB-LUX die Zusicherung der Einhaltung verlangen. SSB-LUX kontrolliert die Einhaltung der vorgenannten Vorschriften bei allen Zeichnungs-/Rücknahmeanträgen, die sie von Vertriebsstellen aus Ländern mit nicht-äquivalenten Geldwäschebestimmungen erhält. SSB-LUX ist ohne Kostenfolge berechtigt, bei Zweifeln über die Identität des Zeichners/Rücknahmeantragstellers aufgrund ungenügender, unkorrekter oder fehlender Ausweisung, die Zeichnungs-/Rücknahmeanträge aus den genannten Gründen zu suspendieren oder zurückzuweisen. Darüber hinaus haben die Vertriebsstellen auch alle Vorschriften zur Verhinderung von Geldwäsche zu beachten, die in ihren jeweiligen Ländern in Kraft sind.
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# Gemeinsame Verwaltung (Co-Management) | The terms and conditions of such savings plans, especially with regard to fees, are based on the law of the country of distribution, and may be obtained from the local Distributors, which offer such savings plans.
A Distributor is also authorised, taking into account the applicable national laws and rules and regulations in the country of distribution, to include Shares in a fund-linked life assurance as an investment component, and to offer Shares in such indirect form to the public. The legal relationship between the Company or Management Company, the Distributor/insurance company and the investors/policyholders is governed by the life assurance policy and the applicable laws.
The Distributors and SSB-LUX must at all times comply with the provisions of the Luxembourg law on the prevention of money laundering, and in particular the law of 7 July 1989, which amends the law of 19 February 1973 on the sale of drugs and the combating of drug dependency, the law of November 12, 2004, on the combat against money laundering and terrorist financing and of the law of April 5, 1993, on the financial sector, as amended, as well as other relevant laws passed by the government of Luxembourg or by supervisory authorities.
Subscribers of Shares must inter alia prove their identity to the Distributor and/or SSB-LUX or the Company whichever accepts their subscription request. The Distributor and/or SSB-LUX or the Company must request the following identity papers from the subscribers: in the case of natural persons a certified copy of the passport/identity card (certified by the Distributor or the local government administration); in the case of companies or other legal entities a certified copy of the certificate of incorporation, a certified copy of the extract from the commercial register, a copy of the latest published annual accounts, the full name of the beneficial owner.
The Distributor must ensure that the aforementioned identification procedure is strictly applied. The Company and the Management Company may at any time require confirmation of compliance from the Distributor or SSB- LUX. SSB-LUX checks compliance with the aforementioned rules in all subscription/redemption requests which it receives from Distributors in countries with non-equivalent money-laundering regulations. In case of doubt as to the identity of the party applying for subscription or redemption because of inadequate, inaccurate or lack of identification, SSB-LUX is authorised, without involving costs, to suspend or reject subscription/redemption requests for the reasons cited above. Distributors must additionally comply with all provisions for the prevention of money laundering which are in force in their own countries.
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# Co-management | en | de |
DOLFIN8817 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### (Potential) Material conflicts of interest
The following material conflicts of interest can have a negative impact on the economic result achievable by the investor and in particular lead to lower payouts to investors (see also the risk warnings).
In addition, other conflicts of interest can exist or occur in the future that might also have a nega- tive impact particularly on the economic result achievable by the investor, and lead to lower payouts to investors.
- Conflicts of interest at the level of the CompanyDeutsche Bank AG and the Company, as well as the persons taking actions at these companies, are all members of the Deutsche Bank Group (collec- tively “Affiliated Entities”). Some of them are also involved or active in the same or similar functions at other funds as at this fund, or will be in the future. This can give rise to conflicts of interest. | ### Conflits d’intérêts majeurs (potentiels)
Les conflits d’intérêts majeurs cités ci-après peuvent avoir des répercussions négatives sur le résultat économique réalisable par l’investisseur et peuvent notamment entraîner des versements moins importants aux investisseurs (cf. égale- ment Remarques relatives aux risques).
De plus, d’autres conflits d’intérêts peuvent apparaître ou se développer ultérieurement et avoir des répercussions négatives notamment sur le résultat économique réalisable par l’investis- seur et peuvent entraîner des versements moins importants aux investisseurs.
- Conflits d’intérêts au niveau de la Société La Deutsche Bank AG et la Société, ainsi que lespersonnes intervenant dans ces deux sociétés, font toutes partie du groupe Deutsche Bank (dénom- mées conjointement ci-après « Entreprises liées »). Elles participent également en partie à d’autres fonds dans le cadre de fonctions identiques ou similaires à celles remplies dans le cadre de ce fonds, ou le feront à l’avenir. Des conflits d’intérêts peuvent en découler. | ### (Potential) Material conflicts of interest
The following material conflicts of interest can have a negative impact on the economic result achievable by the investor and in particular lead to lower payouts to investors (see also the risk warnings).
In addition, other conflicts of interest can exist or occur in the future that might also have a nega- tive impact particularly on the economic result achievable by the investor, and lead to lower payouts to investors.
- Conflicts of interest at the level of the CompanyDeutsche Bank AG and the Company, as well as the persons taking actions at these companies, are all members of the Deutsche Bank Group (collec- tively “Affiliated Entities”). Some of them are also involved or active in the same or similar functions at other funds as at this fund, or will be in the future. This can give rise to conflicts of interest. | en | fr |
DOLFIN8818 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques à l’attention des Investisseurs
Les actionnaires recevront une communication supplémentaire [avant la Date d’entrée en vigueur] indiquant leur nouveau numéro de compte et leurs coordonnées, les procédures de négociation et les coordonnées bancaires de règlement. Si vous disposez d’un contrat de distribution ou que vous avez conclu des modalités commerciales, vous recevrez prochainement une communication supplémentaire.
Toutes les questions, demandes de transactions (par exemple, les demandes de transfert, de souscription, de rachat et de conversion) et demandes de mise à jour de l’enregistrement d’Aberdeen Standard SICAV II doivent continuer à être soumises à l’agent de transfert existant, The Bank of New York Mellon SA/NV, succursale de Luxembourg, jusqu’à l’heure limite de souscription/rachat/conversion, qui est fixée à 13 h heure de Luxembourg, le 29 octobre 2021. À compter du 1er novembre 2021, toutes les questions, demandes de transactions (par exemple, les demandes de transfert, de souscription, de rachat et de conversion) et demandes de mise à jour de l’enregistrement au sein de la Société doivent être envoyées à la Société de gestion, c/o State Street Bank Luxembourg S.C.A., 49, av. John F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
- | # Información práctica para los inversores
Los Accionistas recibirán una nueva comunicación antes de la Fecha efectiva con su nuevo número de cuenta, datos de contacto, procedimientos de negociación y datos bancarios de liquidación. Si ha celebrado un acuerdo de distribución o cuenta con unas condiciones para operar, recibirá una comunicación adicional en breve.
Todas las consultas, operaciones (p. ej., solicitudes de transferencia, suscripción, reembolso y canje) y solicitudes de actualización de registro de Aberdeen Standard SICAV II deberán seguir presentándose al actual agente de transferencias, The Bank of New York Mellon SA/NV, Sucursal de Luxemburgo, hasta la fecha límite de suscripción/reembolso/canje, es decir, las 13:00 horas, hora de Luxemburgo, del 29 de octubre de 2021. A partir del 1 de noviembre de 2021, todas las consultas, operaciones (p. ej., solicitudes de transferencia, suscripción, reembolso y canje) y conversión) y solicitudes de actualización del registro en la Sociedad Gestora deberán enviarse a la Sociedad Gestora, c/o State Street Bank Luxembourg S.C.A., 49, av. John F. Kennedy, L-1855 Luxemburgo, Gran Ducado de Luxemburgo.
- | # Informations pratiques à l’attention des Investisseurs
Les actionnaires recevront une communication supplémentaire [avant la Date d’entrée en vigueur] indiquant leur nouveau numéro de compte et leurs coordonnées, les procédures de négociation et les coordonnées bancaires de règlement. Si vous disposez d’un contrat de distribution ou que vous avez conclu des modalités commerciales, vous recevrez prochainement une communication supplémentaire.
Toutes les questions, demandes de transactions (par exemple, les demandes de transfert, de souscription, de rachat et de conversion) et demandes de mise à jour de l’enregistrement d’Aberdeen Standard SICAV II doivent continuer à être soumises à l’agent de transfert existant, The Bank of New York Mellon SA/NV, succursale de Luxembourg, jusqu’à l’heure limite de souscription/rachat/conversion, qui est fixée à 13 h heure de Luxembourg, le 29 octobre 2021. À compter du 1er novembre 2021, toutes les questions, demandes de transactions (par exemple, les demandes de transfert, de souscription, de rachat et de conversion) et demandes de mise à jour de l’enregistrement au sein de la Société doivent être envoyées à la Société de gestion, c/o State Street Bank Luxembourg S.C.A., 49, av. John F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
- | fr | es |
DOLFIN8819 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Category 1: direct emissions from the combustion of fossil fuels and production processes covered or controlled by the company.
Category 2: indirect emissions linked to the purchase or production of electricity, heat, steam and cooling by the entities of a company. Category 3: all other indirect emissions, including those linked to the use of company products. This may include the use of vehicles not owned by the company, electricity expenses not covered by Category 2, outsourced activities, waste disposal, etc.
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##### Do no significant harm | #### Categoria 1: emissioni dirette dalla combustione di combustibili fossili e dai processi produttivi coperti o controllati dalla società.
Categoria 2: emissioni indirette legate all'acquisto o alla produzione di elettricità, calore, vapore e raffreddamento da parte delle entità di una società. Categoria 3: tutte le altre emissioni indirette, comprese quelle legate all'uso dei prodotti della società. Questo può includere l'uso di veicoli non di proprietà della società, spese di elettricità non coperte dalla Categoria 2, attività esternalizzate, smaltimento dei rifiuti, ecc.
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##### Non arrecare un danno significativo | #### Category 1: direct emissions from the combustion of fossil fuels and production processes covered or controlled by the company.
Category 2: indirect emissions linked to the purchase or production of electricity, heat, steam and cooling by the entities of a company. Category 3: all other indirect emissions, including those linked to the use of company products. This may include the use of vehicles not owned by the company, electricity expenses not covered by Category 2, outsourced activities, waste disposal, etc.
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##### Do no significant harm | en | it |
DOLFIN8820 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company may suspend the calculation of the Net Asset Value and/or the issue, redemption and conversion of Units of a Subfund where a substantial proportion of the assets of the Subfund:
- cannot be valued, because a stock exchange or market is closed on a day other than a public holiday, or when trading on such stock exchange or market is restricted or suspended; or
- is not freely disposable, because a political, economic, military, monetary or any other event beyond the control of the Management Company does not permit the disposal of the Subfund’s assets, or such disposal would be detrimental to the interests of the Unitholders; or
- cannot be valued, because disruption to the communications network or any other reason makes a valuation impossible; or
- is not available for transactions, because restrictions on foreign exchange or other types of restrictions make asset transfers impracticable or it can be objectively demonstrated that transactions cannot be effected at normal foreign exchange rates. | Die Verwaltungsgesellschaft kann die Berechnung des Nettovermögenswertes und/oder die Ausgabe, die Rücknahme und den Umtausch von Anteilen eines Subfonds aussetzen, wenn ein wesentlicher Teil des Vermögens des Subfonds
- nicht bewertet werden kann, weil eine Börse oder ein Markt ausserhalb der üblichen Feiertage geschlossen ist, oder wenn der Handel an einer solchen Börse oder an einem solchen Markt beschränkt oder ausgesetzt ist; oder
- nicht frei verfügbar ist, weil ein Ereignis politischer, wirtschaftlicher, militärischer, finanzpolitischer oder anderweitiger Natur, das ausserhalb der Kontrolle der Verwaltungsgesellschaft liegt, Verfügungen über das Vermögen des Subfonds nicht erlaubt oder den Interessen der Anteilinhaber abträglich wäre; oder
- nicht bewertet werden kann, da aufgrund einer Unterbrechung der Nachrichtenverbindungen oder aus jedwedem anderen Grund eine Bewertung unmöglich ist; oder
- nicht für Geschäfte zur Verfügung steht, da aufgrund von Beschränkungen des Devisenverkehrs oder Beschränkungen sonstiger Art keine Übertragungen von Vermögenswerten durchgeführt werden können, oder falls nach objektiv nachprüfbaren Massstäben feststeht, dass Geschäfte nicht zu normalen Währungswechselkursen getätigt werden können. | The Management Company may suspend the calculation of the Net Asset Value and/or the issue, redemption and conversion of Units of a Subfund where a substantial proportion of the assets of the Subfund:
- cannot be valued, because a stock exchange or market is closed on a day other than a public holiday, or when trading on such stock exchange or market is restricted or suspended; or
- is not freely disposable, because a political, economic, military, monetary or any other event beyond the control of the Management Company does not permit the disposal of the Subfund’s assets, or such disposal would be detrimental to the interests of the Unitholders; or
- cannot be valued, because disruption to the communications network or any other reason makes a valuation impossible; or
- is not available for transactions, because restrictions on foreign exchange or other types of restrictions make asset transfers impracticable or it can be objectively demonstrated that transactions cannot be effected at normal foreign exchange rates. | en | de |
DOLFIN8821 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In order to calculate the unit value, the value of the Fund's assets less the Fund's liabilities (“Fund's net assets”) is determined on each valuation day and divided by the number of Fund units in circulation on the valuation day.
For funds with multiple unit classes, the net assets of each unit class are calculated on a pro rata basis and divided by the number of units of the respective unit class in circulation on the valuation day.
For a unit class with a unit class currency that differs from the fund currency, the calculated pro rata net assets of the unit class in the fund currency are converted into the unit class currency at the respective exchange rate on which the calculation of the net assets of the fund is based and divided by the number of units of the respective unit class in circulation on the valuation day.
For distributing unit classes, the respective net assets of the unit class are reduced by the amount of the respective distributions of the unit class.
- If applicable legal regulations or the provisions of these Management Regulations require the situation of the Fund assets in their entirety to be described in the annual or semi-annual reports and/or in other financial statistics, the Fund's assets will be converted into the reference currency. The Fund's net assets will be calculated according to the following principles:
- Transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets officially listed on a securities exchange are valued at the latest available trade price which provides a reliable valuation on the trading day preceding the valuation day. If securi- ties, money market instruments, derivative financial instruments (derivatives) and other invest- ments are officially listed on several securities exchanges, the stock exchange with the highest li- quidity will be the definitive one. | Zur Berechnung des Anteilwertes wird der Wert der zu dem Fonds gehörenden Vermögenswerte abzüglich der Verbindlichkeiten des Fonds („Netto-Fondsvermögen“) an jedem Bewertungstag er- mittelt und durch die Anzahl der am Bewertungstag im Umlauf befindlichen Anteile des Fonds ge- teilt.
Bei einem Fonds mit mehreren Anteilklassen wird aus dem Netto-Fondsvermögen das jeweilige rechnerisch anteilige Netto-Anteilklassenvermögen ermittelt und durch die Anzahl der am Bewer- tungstag im Umlauf befindlichen Anteile der jeweiligen Anteilklasse geteilt.
Bei einer Anteilklasse mit zur Fondswährung abweichenden Anteilklassenwährung wird das rechne- risch ermittelte anteilige Netto-Anteilklassenvermögen in Fondswährung mit dem der Netto- Fondsvermögenberechnung zugrunde liegenden jeweiligen Devisenkurs in die Anteilklassenwäh- rung umgerechnet und durch die Anzahl der am Bewertungstag im Umlauf befindlichen Anteile der jeweiligen Anteilklasse geteilt.
Bei ausschüttenden Anteilklassen wird das jeweilige Netto-Anteilklassenvermögen um die Höhe der jeweiligen Ausschüttungen der Anteilklasse reduziert.
- Soweit in Jahres- und Halbjahresberichten sowie sonstigen Finanzstatistiken aufgrund gesetzlicher Vorschriften oder gemäß den Regelungen dieses Verwaltungsreglements Auskunft über die Situati- on des Fondsvermögens des Fonds insgesamt gegeben werden muss, werden die Vermögenswerte des Fonds in die Referenzwährung umgerechnet. Das Netto-Fondsvermögen wird nach folgenden Grundsätzen berechnet:
- Wertpapiere, Geldmarktinstrumente, abgeleitete Finanzinstrumente (Derivate) sowie sonstige Anlagen, die an einer Wertpapierbörse amtlich notiert sind, werden zum letzten verfügbaren Kurs, der eine verlässliche Bewertung gewährleistet, des dem Bewertungstag vorhergehen- den Börsentages bewertet. Soweit Wertpapiere Geldmarktinstrumente, abgeleitete Finanzin- strumente (Derivate) sowie sonstige Anlagen an mehreren Wertpapierbörsen amtlich notiert sind, ist die Börse mit der höchsten Liquidität maßgeblich. | In order to calculate the unit value, the value of the Fund's assets less the Fund's liabilities (“Fund's net assets”) is determined on each valuation day and divided by the number of Fund units in circulation on the valuation day.
For funds with multiple unit classes, the net assets of each unit class are calculated on a pro rata basis and divided by the number of units of the respective unit class in circulation on the valuation day.
For a unit class with a unit class currency that differs from the fund currency, the calculated pro rata net assets of the unit class in the fund currency are converted into the unit class currency at the respective exchange rate on which the calculation of the net assets of the fund is based and divided by the number of units of the respective unit class in circulation on the valuation day.
For distributing unit classes, the respective net assets of the unit class are reduced by the amount of the respective distributions of the unit class.
- If applicable legal regulations or the provisions of these Management Regulations require the situation of the Fund assets in their entirety to be described in the annual or semi-annual reports and/or in other financial statistics, the Fund's assets will be converted into the reference currency. The Fund's net assets will be calculated according to the following principles:
- Transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets officially listed on a securities exchange are valued at the latest available trade price which provides a reliable valuation on the trading day preceding the valuation day. If securi- ties, money market instruments, derivative financial instruments (derivatives) and other invest- ments are officially listed on several securities exchanges, the stock exchange with the highest li- quidity will be the definitive one. | en | de |
DOLFIN8822 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. Investments in a specific theme are more concentrated than investments in various themes. No guarantee is provided as to the recovery of the initial investment. The fund may invest in China A-shares through Stock Connect, a system facilitating equity investment to the Chinese market. Investments through this system are subject to specific risks, including but not limited to, quota limitations, trading restrictions, recalling of eligible stocks, clearing and settlement risk and regulatory risk. Investors are advised to familiarise themselves with the risks of this system as outlined in the prospectus. | I dati storici utilizzati per calcolare tale indicatore potrebbero non costituire un’indicazione affidabile circa il futuro profilo di rischio del fondo. L'indicatore di rischio potrebbe non rimanere invariato e cambiare nel tempo. L’appartenenza alla categoria di rischio più bassa non garantisce un investimento esente da rischi.
Questo fondo rientra nella categoria 6 in ragione del comportamento del prodotto durante il periodo di misurazione. Il rischio di mercato complessivo, tenuto conto dei risultati passati e della potenziale futura evoluzione dei mercati, associato alle azioni e/o agli strumenti finanziari utilizzati per conseguire l'obiettivo d'investimento è considerato elevato.
Svariati fattori possono incidere su questi strumenti finanziari. Tra di essi, a titolo meramente esemplificativo, l'andamento dei mercati finanziari, i risultati economici degli emittenti di tali strumenti finanziari, a loro volta influenzati dalla congiuntura economica mondiale, nonché dalla situazione politico-economica dei singoli paesi. Il rischio di liquidità del comparto è considerato medio. I rischi di liquidità si possono verificare quando un particolare titolo sottostante è difficile da vendere. Inoltre, le fluttuazioni valutarie potrebbero incidere pesantemente sulla performance del comparto. Gli investimenti in un settore specifico presentano un maggior grado di concentrazione rispetto a quelli distribuiti su più settori. Non sussiste garanzia in merito al recupero dell’importo originariamente investito. Il fondo può investire in azioni Cina-A tramite il programma Stock Connect, un sistema che facilita gli investimenti azionari sul mercato cinese. Gli investimenti effettuati tramite questo sistema sono soggetti a rischi specifici, tra cui in particolare limitazioni di quota, restrizioni della negoziazione, richiamo di titoli nei quali è possibile investire, rischio di compensazione e liquidazione e rischio normativo. Si consiglia agli investitori di informarsi in merito ai rischi legati a questo sistema descritti nel prospetto informativo. | Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. Investments in a specific theme are more concentrated than investments in various themes. No guarantee is provided as to the recovery of the initial investment. The fund may invest in China A-shares through Stock Connect, a system facilitating equity investment to the Chinese market. Investments through this system are subject to specific risks, including but not limited to, quota limitations, trading restrictions, recalling of eligible stocks, clearing and settlement risk and regulatory risk. Investors are advised to familiarise themselves with the risks of this system as outlined in the prospectus. | en | it |
DOLFIN8823 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# OTHER INFORMATION
Depositary: CACEIS Bank, 12 place des États-Unis, CS 40083, 92549, Montrouge Cedex, France
The itemised half-yearly statement of assets will be made available within eight weeks of the end of the period. It is available on request from the Management Company:
Natixis Investment Managers International – 43 Avenue Pierre Mendès France, 75013 Paris, France
- | # INFORMATIONS DIVERSES
Etablissement dépositaire : CACEIS Bank - 12 place des États-Unis - CS 40083 - 92549 - Montrouge Cedex
Le relevé Périodicité Semestrielle détaillé de l'actif est disponible dans un délai de huit semaines à compter de la fin de la période. Il peut être transmis sur simple demande auprès de la société de gestion :
Natixis Investment Managers International - 43 avenue Pierre Mendès France - 75013 - Paris
- | # OTHER INFORMATION
Depositary: CACEIS Bank, 12 place des États-Unis, CS 40083, 92549, Montrouge Cedex, France
The itemised half-yearly statement of assets will be made available within eight weeks of the end of the period. It is available on request from the Management Company:
Natixis Investment Managers International – 43 Avenue Pierre Mendès France, 75013 Paris, France
- | en | fr |
DOLFIN8824 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Shareholders’ meetings
The convening and conduct of Shareholders’ meetings are governed by the Constitutional Documents of the Company and the Companies Act 2014 (as amended). Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within fifteen months of the date of the previous annual general meeting.
Shareholders representing not less than one-tenth of the paid up share capital of the Company may also request the Directors to convene a Shareholders’ meeting.
Not less than twenty one clear days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to Shareholders and fourteen clear days’ notice must be given in the case of any other general meeting unless the Auditors of the Company and all the Shareholders of the Company entitled to attend and vote agree to shorter notice.
Two Shareholders present either in person or by proxy constitutes a quorum at a general meeting. Every holder of shares present in person or by proxy who votes on a show of hands is entitled to one vote and the holders of Subscriber shares shall have one vote in respect of all of the Subscriber shares in issue. On a poll, every holder of shares present in person or by proxy is entitled to one vote in respect of each share held by him.
The chairman of a general meeting of the Company or at least two Shareholders present in person or by proxy having the right to vote at the meeting or any holder or holders of shares present in person or by proxy representing at least one tenth of the shares in issue having the right to vote at such meeting may demand a poll.
Shareholders may resolve to sanction an ordinary resolution or special resolution at a Shareholders’ meeting. An ordinary resolution of the Company or of the Shareholders of a particular Fund or Class requires a simple majority of the votes cast by the Shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company or of the Shareholders of a particular Fund or Class requires a majority of not less than 75% of the Shareholders present in person or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Constitutional Documents of the Company. | ## Anteilsinhaberversammlungen
Die Einberufung und Durchführung von Anteilsinhaberversammlungen werden von den Gründungsdokumenten der Gesellschaft sowie dem Companies Act (in seiner jeweils geltenden Fassung) geregelt. Obwohl der Verwaltungsrat jederzeit eine außerordentliche Hauptversammlung der Gesellschaft einberufen kann, ist der Verwaltungsrat verpflichtet, innerhalb von fünfzehn Monaten nach dem Datum der letzten Jahreshauptversammlung eine Jahreshauptversammlung der Gesellschaft einzuberufen.
Anteilsinhaber, die mindestens ein Zehntel des Kapitals aus voll eingezahlten Anteilen der Gesellschaft vertreten, können auch den Verwaltungsrat auffordern, eine Anteilsinhaberversammlung einzuberufen.
Die Einberufungsbekanntmachung für jede Jahreshauptversammlung und jede Versammlung, die zur Verabschiedung eines Sonderbeschlusses einberufen wird, muss mit einer Frist von mindestens 21 vollen Tagen erfolgen, und bei jeder anderen Hauptversammlung muss eine Einberufungsfrist von 14 vollen Tagen eingehalten werden, sofern die Abschluss- und Berichtsprüfer der Gesellschaft und alle Anteilsinhaber der Gesellschaft, die zur Teilnahme und Stimmabgabe berechtigt sind, nicht eine kürzere Einberufungsfrist vereinbaren.
Zwei entweder persönlich anwesende oder durch Stimmrechtsbevollmächtigte vertretene Anteilsinhaber bilden auf einer Hauptversammlung eine beschlussfähige Mehrheit. Jeder Inhaber von Anteilen, der persönlich anwesend oder durch einen Stimmrechtsbevollmächtigten vertreten ist, hat bei einer Abstimmung durch Handzeichen eine Stimme, und die Inhaber von Zeichneranteilen haben eine Stimme in Bezug auf alle ausgegebenen Zeichneranteile. Bei einer geheimen Wahl hat jeder persönlich anwesende oder durch einen Stimmrechtsbevollmächtigten vertretene Inhaber von Anteilen eine Stimme für jeden von ihm gehaltenen Anteil.
Der Vorsitzende einer Hauptversammlung der Gesellschaft oder mindestens zwei persönlich anwesende oder durch Stimmrechtsbevollmächtigte vertretene Anteilsinhaber, die zur Abstimmung auf der Versammlung berechtigt sind, oder ein Inhaber oder mehrere Inhaber von Anteilen, der bzw. die persönlich anwesend oder durch einen Stimmrechtsbevollmächtigten vertreten ist/sind und mindestens ein Zehntel der ausgegebenen Anteile vertritt/vertreten und auf dieser Versammlung stimmberechtigt ist/sind, können eine geheime Wahl verlangen.
Anteilsinhaber können die Billigung eines einfachen Mehrheitsbeschlusses oder eines Sonderbeschlusses auf einer Anteilsinhaberversammlung beschließen. Ein einfacher Mehrheitsbeschluss der Gesellschaft oder der Anteilsinhaber eines bestimmten Fonds oder einer bestimmten Klasse erfordert eine einfache Mehrheit der von den auf der Versammlung, auf der der Beschluss vorgeschlagen wird, persönlich anwesenden oder durch Stimmrechtsbevollmächtigte vertretenen Anteilsinhabern abgegebenen Stimmen. Ein Sonderbeschluss der Gesellschaft oder der Anteilsinhaber eines bestimmten Fonds oder einer bestimmten Klasse erfordert eine Mehrheit von mindestens 75 % der persönlich anwesenden oder durch Stimmrechtsbevollmächtigte vertretenen Anteilsinhaber, die auf einer Hauptversammlung zwecks Verabschiedung eines Sonderbeschlusses abstimmender einen Beschluss zur Änderung der Gründungsdokumente der Gesellschaft beinhaltet. | ## Shareholders’ meetings
The convening and conduct of Shareholders’ meetings are governed by the Constitutional Documents of the Company and the Companies Act 2014 (as amended). Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within fifteen months of the date of the previous annual general meeting.
Shareholders representing not less than one-tenth of the paid up share capital of the Company may also request the Directors to convene a Shareholders’ meeting.
Not less than twenty one clear days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to Shareholders and fourteen clear days’ notice must be given in the case of any other general meeting unless the Auditors of the Company and all the Shareholders of the Company entitled to attend and vote agree to shorter notice.
Two Shareholders present either in person or by proxy constitutes a quorum at a general meeting. Every holder of shares present in person or by proxy who votes on a show of hands is entitled to one vote and the holders of Subscriber shares shall have one vote in respect of all of the Subscriber shares in issue. On a poll, every holder of shares present in person or by proxy is entitled to one vote in respect of each share held by him.
The chairman of a general meeting of the Company or at least two Shareholders present in person or by proxy having the right to vote at the meeting or any holder or holders of shares present in person or by proxy representing at least one tenth of the shares in issue having the right to vote at such meeting may demand a poll.
Shareholders may resolve to sanction an ordinary resolution or special resolution at a Shareholders’ meeting. An ordinary resolution of the Company or of the Shareholders of a particular Fund or Class requires a simple majority of the votes cast by the Shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company or of the Shareholders of a particular Fund or Class requires a majority of not less than 75% of the Shareholders present in person or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Constitutional Documents of the Company. | en | de |
DOLFIN8825 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of corporate bond markets of emerging market countries by investing primarily in emerging market corporate debt securities, using derivatives where appropriate.
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection.
Share Class Benchmark J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub-Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in corporate debt securities issued by companies that are | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del mercado de renta fija corporativa de mercados emergentes invirtiendo principalmente en títulos de deuda corporativa de mercados emergentes, y utilizando derivados cuando proceda.
Enfoque de inversión
- Aplica un proceso de inversión basado en un análisis integrado globalmente que se centra en examinar factores fundamentales, cuantitativos y técnicos de distintos países, sectores y emisores.
- Combina una toma de decisiones descendente (lo que incluye la asignación a países y sectores) con una selección de valores ascendente.
Índice de referencia de la Clase de Acciones J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to EUR
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. La mayor parte de los emisores del Subfondo probablemente están representados en el índice de referencia, ya que el Gestor de inversiones utiliza dicho índice de referencia como base para la construcción de la cartera, aunque dispone de un cierto margen discrecional para desviarse de su composición y sus características de riesgo dentro de unos parámetros de riesgo indicativos.
El Subfondo se asemejará a su índice de referencia en términos de composición y características de riesgo; no obstante, dado el margen discrecional del Gestor de inversiones, la rentabilidad podría ser diferente a la del índice de referencia.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte, bien directamente, bien a través de derivados, en títulos de deuda | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of corporate bond markets of emerging market countries by investing primarily in emerging market corporate debt securities, using derivatives where appropriate.
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection.
Share Class Benchmark J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub-Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in corporate debt securities issued by companies that are | en | es |
DOLFIN8826 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The expected proportion of assets under management which will be subject to such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate credit institutions domiciled in OECD countries that have a minimum investment grade rating (rating of BBB- or better from Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence on the composition or management of the UCITS’ portfolio. In order to limit significantly the total 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.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
- RISK PROFILEYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations. | Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Kreditinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des OGAW. Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
- RISIKOPROFILIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes. | The expected proportion of assets under management which will be subject to such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate credit institutions domiciled in OECD countries that have a minimum investment grade rating (rating of BBB- or better from Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence on the composition or management of the UCITS’ portfolio. In order to limit significantly the total 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.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
- RISK PROFILEYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations. | en | de |
DOLFIN8827 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Ce type de scénario s’est produit pour un placement Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Acc entre 01.2018-01.2023.
Scénario défavorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
EUR 9 448
-5,5%
EUR 10 629
1,2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Acc entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 448 EUR
-5,5%
10 629 EUR
1,2% | # Ce type de scénario s’est produit pour un placement Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Acc entre 01.2018-01.2023.
Scénario défavorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
EUR 9 448
-5,5%
EUR 10 629
1,2% | fr | es |
DOLFIN8828 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company has a credit quality assessment mechanism to ensure that investments are made in assets with good credit quality. This assessment mechanism draws on the Management Company’s internal work as well as available public information.
Credit quality assessment methods are reviewed at least once a year by the Management Company to determine whether they remain appropriate.
When the Management Company discovers inconsistencies in credit quality assessment methods or their implementation, it must correct them immediately.
-
##### Scope of application of the credit risk assessment | La société de gestion met en œuvre un dispositif d’évaluation de la qualité de crédit afin d’assurer l’investissement dans des actifs de bonne qualité de crédit. Ce dispositif d’évaluation s’appuie sur les travaux internes de la société de gestion et les informations publiques disponibles.
Les méthodologies d’évaluation de la qualité de crédit sont revues a minima annuellement par la société de gestion afin de déterminer si elles restent appropriées.
Lorsque la société de gestion découvre des anomalies dans les méthodologies d’évaluation de la qualité de crédit ou dans son application, elle doit les corriger immédiatement.
-
###### Perimetre d’application de l’evaluation du risque de credit | The Management Company has a credit quality assessment mechanism to ensure that investments are made in assets with good credit quality. This assessment mechanism draws on the Management Company’s internal work as well as available public information.
Credit quality assessment methods are reviewed at least once a year by the Management Company to determine whether they remain appropriate.
When the Management Company discovers inconsistencies in credit quality assessment methods or their implementation, it must correct them immediately.
-
##### Scope of application of the credit risk assessment | en | fr |
DOLFIN8829 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes insolvent) this may result in your
securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo puede participar en uno o varios derivados con una o varias contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera
lograr el objetivo, el fondo invertirá en valores mobiliarios y suscribirá contratos financieros (derivados) con una o varias contrapartes en relación con los valores mobiliarios y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
pérdidas. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo podría emplear derivados para tratar de reducir las fluctuaciones en los tipos de cambio entre la moneda de los activos del fondo y la moneda de las acciones del fondo. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. Los derivados empleados para tener más exposición al índice de swaps pueden ajustarse para reflejar determinados gastos relacionados con impuestos o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes insolvent) this may result in your
securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN8830 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Emerging Markets – Liquidity Risk
Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Sub-Advisor may experience more difficulty in purchasing or selling holdings of securities than it would in a more developed market. The small size and inexperience of such stock and foreign exchange markets and the limited volume of trading in these countries may make a Portfolio’s investments illiquid and more volatile than investments in more established countries.
The Portfolios may invest in shares of companies listed on exchanges which are less liquid and more volatile than the world’s leading stock markets and this may result in greater fluctuations in the price of Shares of the Portfolios. There can be no assurance that there will be any market for securities acquired in an emerging market and such lack of liquidity may adversely affect the value or ease of disposal of such securities. | ###### Schwellenmärkte – Liquiditätsrisiko
Fehlende Liquidität und Effizienz auf bestimmten Aktienmärkten oder Devisenmärkten bestimmter Schwellenmärkte kann bedeuten, dass der Unterberater bisweilen größere Schwierigkeiten beim Kauf oder Verkauf von Wertpapierpositionen hat, als dies bei höher entwickelten Märkten der Fall wäre. Die geringe Größe und mangelnde Erfahrung solcher Aktien- und Devisenmärkte sowie das beschränkte Handelsvolumen in diesen Ländern können die Anlagen eines Portfolios illiquide und volatiler als Anlagen in etablierteren Ländern machen.
Die Portfolios können in Aktien von Unternehmen investieren, die an Börsen notiert sind, die weniger liquide und volatiler sind als die führenden Aktienmärkte der Welt, und das kann stärkere Schwankungen hinsichtlich des Anteilspreises der Portfolios nach sich ziehen. Es kann nicht sichergestellt werden, dass ein Markt für Wertpapiere bestehen wird, die auf einem Schwellenmarkt erworben wurden, und ein solcher Mangel an Liquidität kann den Wert oder die Einfachheit der Veräußerung solcher Wertpapiere beeinträchtigen. | ###### Emerging Markets – Liquidity Risk
Lack of liquidity and efficiency in certain of the stock markets or foreign exchange markets in certain emerging markets may mean that from time to time the Sub-Advisor may experience more difficulty in purchasing or selling holdings of securities than it would in a more developed market. The small size and inexperience of such stock and foreign exchange markets and the limited volume of trading in these countries may make a Portfolio’s investments illiquid and more volatile than investments in more established countries.
The Portfolios may invest in shares of companies listed on exchanges which are less liquid and more volatile than the world’s leading stock markets and this may result in greater fluctuations in the price of Shares of the Portfolios. There can be no assurance that there will be any market for securities acquired in an emerging market and such lack of liquidity may adversely affect the value or ease of disposal of such securities. | en | de |
DOLFIN8831 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Allocation of distributable income:
- Allocation of net income: Accumulation and/or Distribution and/or Retention
- Allocation of net realised capital gains: Accumulation and/or Distribution and/or RetentionRight of redemption: Orders are executed as indicated in the table below | ## Asignación de las sumas distribuibles:
- Asignación del resultado neto: Capitalización y/o Distribución y/o Traslado a cuenta nueva
- Asignación de los rendimientos netos obtenidos: Capitalización y/o Distribución y/o Traslado a cuenta nuevaFacultad de reembolso: Las órdenes se cursarán según el cuadro que figura a continuación | ## Allocation of distributable income:
- Allocation of net income: Accumulation and/or Distribution and/or Retention
- Allocation of net realised capital gains: Accumulation and/or Distribution and/or RetentionRight of redemption: Orders are executed as indicated in the table below | en | es |
DOLFIN8832 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | £10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | £2,640 | £1,810 |
| Average return each year | -73.6% | -24.8% |
| Unfavourable | What you might get back after costs | £6,060 | £5,590 |
| Average return each year | -39.4% | -9.2% |
| Moderate | What you might get back after costs | £10,740 | £16,920 |
| Average return each year | 7.4% | 9.2% |
| Favourable | What you might get back after costs | £15,830 | £23,740 |
| Average return each year | 58.3% | 15.5% | | | Periodo de mantenimiento recomendado: | 6 años |
| --- | --- |
| Ejemplo de inversión: | £10,000 |
| | En caso de salida después de 1 año | En caso de salida después de 6 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 6 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | £2,640 | £1,810 |
| Rendimiento medio cada año | -73.6% | -24.8% |
| Desfavorable | Lo que podría recibir tras deducir los costes | £6,060 | £5,590 |
| Rendimiento medio cada año | -39.4% | -9.2% |
| Moderado | Lo que podría recibir tras deducir los costes | £10,740 | £16,920 |
| Rendimiento medio cada año | 7.4% | 9.2% |
| Favorable | Lo que podría recibir tras deducir los costes | £15,830 | £23,740 |
| Rendimiento medio cada año | 58.3% | 15.5% | | | Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | £10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | £2,640 | £1,810 |
| Average return each year | -73.6% | -24.8% |
| Unfavourable | What you might get back after costs | £6,060 | £5,590 |
| Average return each year | -39.4% | -9.2% |
| Moderate | What you might get back after costs | £10,740 | £16,920 |
| Average return each year | 7.4% | 9.2% |
| Favourable | What you might get back after costs | £15,830 | £23,740 |
| Average return each year | 58.3% | 15.5% | | en | es |
DOLFIN8833 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Scénarios de performance
| Investissement de 10 000 CHF |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,260.0 CHF | 6,800.0 CHF |
| Rendement annuel moyen | -27.4% | -7.4% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,530.0 CHF | 8,530.0 CHF |
| Rendement annuel moyen | -14.7% | -3.1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,480.0 CHF | 12,530.0 CHF |
| Rendement annuel moyen | 4.8% | 4.6% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,640.0 CHF | 13,920.0 CHF |
| Rendement annuel moyen | 16.4% | 6.8% |
Minimum : Il n’y a pas de rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. Scénario défavorable : 30-06-2021 à 30-06-2022
Scénario intermédiaire : 31-08-2014 à 31-08-2019
Scénario favorable : 31-01-2016 à 31-01-2021
Ce tableau indique l’argent que vous pourriez récupérer au cours des 5 prochaines années, dans différents scénarios, en supposant que vous investissiez 10 000,00 CHF.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années. Ces scénarios sont présentés à titre illustratif basé sur les résultats passés et sur certaines hypothèses. Les marchés pourraient évoluer très différemment à l’avenir.
Les chiffres indiqués incluent tous les coûts du produit lui-même, mais peuvent ne pas inclure tous les coûts que vous payez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
L’évolution future du marché ne peut être prédite avec précision. Les scénarios présentés ne sont qu’une indication de certains des résultats possibles basés sur les rendements récents. Les rendements réels peuvent être inférieurs. | # Escenarios de rentabilidad
| Inversión de 10.000 CHF |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 7,260.0 CHF | 6,800.0 CHF |
| Rendimiento medio cada año | -27.4% | -7.4% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 8,530.0 CHF | 8,530.0 CHF |
| Rendimiento medio cada año | -14.7% | -3.1% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10,480.0 CHF | 12,530.0 CHF |
| Rendimiento medio cada año | 4.8% | 4.6% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 11,640.0 CHF | 13,920.0 CHF |
| Rendimiento medio cada año | 16.4% | 6.8% |
Mínimo: no hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. Escenario desfavorable: 30-06-2021 a 30-06-2022
Escenario moderado: 31-08-2014 a 31-08-2019
Escenario favorable: 31-01-2016 a 31-01-2021
Este cuadro muestra el dinero que podría recibir durante los próximos 5 años, en diferentes escenarios, suponiendo que invierta 10.000,00 CHF.
Los escenarios desfavorable, moderado y favorable que se ilustran un ejemplo utilizando el peor y el mejor rendimiento, así como el rendimiento medio, del producto en los últimos 10 años. Los escenarios que se muestran ilustran un ejemplo con base en resultados históricos y en ciertos supuestos. Los mercados podrían evolucionar de manera muy diferente en el futuro.
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
La evolución del mercado no puede predecirse con exactitud. Los escenarios que se muestran son solo una indicación de algunos de los posibles resultados según los resultados recientes. La rentabilidad real podría ser menor. | # Scénarios de performance
| Investissement de 10 000 CHF |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,260.0 CHF | 6,800.0 CHF |
| Rendement annuel moyen | -27.4% | -7.4% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,530.0 CHF | 8,530.0 CHF |
| Rendement annuel moyen | -14.7% | -3.1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,480.0 CHF | 12,530.0 CHF |
| Rendement annuel moyen | 4.8% | 4.6% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,640.0 CHF | 13,920.0 CHF |
| Rendement annuel moyen | 16.4% | 6.8% |
Minimum : Il n’y a pas de rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. Scénario défavorable : 30-06-2021 à 30-06-2022
Scénario intermédiaire : 31-08-2014 à 31-08-2019
Scénario favorable : 31-01-2016 à 31-01-2021
Ce tableau indique l’argent que vous pourriez récupérer au cours des 5 prochaines années, dans différents scénarios, en supposant que vous investissiez 10 000,00 CHF.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années. Ces scénarios sont présentés à titre illustratif basé sur les résultats passés et sur certaines hypothèses. Les marchés pourraient évoluer très différemment à l’avenir.
Les chiffres indiqués incluent tous les coûts du produit lui-même, mais peuvent ne pas inclure tous les coûts que vous payez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
L’évolution future du marché ne peut être prédite avec précision. Les scénarios présentés ne sont qu’une indication de certains des résultats possibles basés sur les rendements récents. Les rendements réels peuvent être inférieurs. | fr | es |
DOLFIN8834 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Basis for the opinion
## Audit framework
We have conducted our audit in accordance with professional standards applicable in France. We consider that the evidence gathered is pertinent and sufficient to serve as a basis for our opinion.
Our responsibilities in light of these standards are described in this report in the section entitled “Responsibilities of the statutory auditor in relation to auditing the annual financial statements”.
## Independence
We conducted our audit assignment in accordance with the rules of independence set out in the French Commercial Code and the statutory auditors’ code of ethics, for the period from 1 July 2021 to the date on which our report was issued. | # Fondamento del giudizio
## Quadro di riferimento ai fini della revisione
Abbiamo svolto la nostra revisione in conformità alle norme di esercizio professionale vigenti in Francia. Riteniamo che gli elementi da noi raccolti costituiscano una base sufficiente e adeguata per l'espressione del nostro giudizio.
Le responsabilità attribuiteci in virtù di tali norme sono riportate nella sezione "Responsabilità del revisore dei conti circa la revisione del bilancio di esercizio" della presente relazione.
## Indipendenza
Abbiamo portato a termine il mandato di revisione nell'osservanza dei principi di indipendenza previsti dal Code de commerce e dal codice deontologico professionale dei revisori dei conti, nel periodo compreso tra il 1° luglio 2021 e la data di pubblicazione della nostra relazione. | # Basis for the opinion
## Audit framework
We have conducted our audit in accordance with professional standards applicable in France. We consider that the evidence gathered is pertinent and sufficient to serve as a basis for our opinion.
Our responsibilities in light of these standards are described in this report in the section entitled “Responsibilities of the statutory auditor in relation to auditing the annual financial statements”.
## Independence
We conducted our audit assignment in accordance with the rules of independence set out in the French Commercial Code and the statutory auditors’ code of ethics, for the period from 1 July 2021 to the date on which our report was issued. | en | it |
DOLFIN8835 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PROCEEDINGS OF DIRECTORS
- The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. Questions arising at any meeting shall be determined by a majority of votes. In the case of an equality of votes, the chairman shall not have a second or casting vote. A Director may, and the Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.
- The quorum necessary for the transaction of business of the Directors may be fixed by the Directors, and unless so fixed at any other number shall be two.
- The continuing Directors or a sole continuing Director may act notwithstanding any vacancies in their number but, if and so long as the number of Directors is reducedbelow the minimum number fixed by or in accordance with the provisions hereof, the continuing Directors or Director may act for the purpose of filling vacancies in their number or of summoning general meetings of the Company, but not for any other purpose. If there be no Directors or Director able or willing to act, then any two Members may summon a general meeting for the purpose of appointing Directors.
- The Directors may from time to time elect or remove a chairman and, if they think fit, a deputy chairman and determine the period for which they respectively are to hold office.
- The chairman or, failing him, the deputy chairman shall preside at all meetings of the Directors, but if there be no chairman or deputy chairman, or if at any meeting the chairman or deputy chairman be not present within five minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.
- A resolution in writing (in electronic form or otherwise) signed (whether by Electronic Signature, Advanced Electronic Signature or otherwise approved by the Directors) by all the Directors for the time being entitled to receive notice of a meeting of the Directors and to vote thereat shall be as valid and effectual as a resolution passed at a meeting of the Directors duly convened and may consist of several documents in the like form each signed by one or more of the Directors and for the purposes of the foregoing, signature by any alternate Director shall be as effective as the signature of the Director by whom he is appointed.
- A meeting of the Directors for the time being at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors.
- The Directors may delegate any of their powers to committees consisting of such of their members as they think fit. The meetings and proceedings of any such committee shall conform to the requirements as to quorum imposed under the provisions of Article 26(b) and shall be governed by the provisions hereof regulating the meetings and proceedings of the Directors so far as the same are applicable and are not superseded by any regulations imposed on them by the Directors.
- The Directors may, whether by standing resolution or otherwise, delegate their powers relating to the issue and redemption of shares and the calculation of the Net Asset Value of the shares, the declaration of dividends and all management and administrative duties in relation to the Company, to the Manager or to theAdministrator or, to any duly authorised Officer or other person subject to such terms and conditions as the Directors in their absolute discretion may resolve.
- The Directors may delegate their powers relating to the management of the Company’s assets to the Manager, the Investment Manager or its sub-delegatees or to any duly authorised Officer or other person, subject to such terms and conditions as the Directors in their absolute discretion may resolve.
- All acts done by any meeting of Directors, or of a committee of Directors or by any person authorised by the Directors shall, notwithstanding it be afterwards discovered that there was some defect in the appointment or authorization of any such Directors or person acting as aforesaid, or that they or any of them were disqualified, or had vacated office, or were not entitled to vote, be as valid as ifevery such person had been duly appointed, and was qualified and had continued to be a Director and had been entitled to vote.
- The Directors shall cause minutes to be made of:
- all appointments of officers made by the Directors;
- the names of the Directors present at each meeting of the Directors and of any committee of Directors; and
- all resolutions and proceedings of all meetings of the Company and of the Directors and of committees of Directors.
- Any such minutes as are referred to in Article 26(l) hereof, if purporting to be signed by the chairman of the meeting at which the proceedings took place, or by the chairman of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of their proceedings.
- Any Director may participate in a meeting of the Directors or any committee of the Directors by means of a conference telephone or other telecommunication equipment by means of which all persons participating in the meeting can hear each other speak and such participation in a meeting shall constitute presence in person at the meeting.
- | # DÉLIBÉRATIONS DES ADMINISTRATEURS
- Les Administrateurs peuvent se réunir pour expédier les affaires, ajourner et réglementer de quelque autre manière leurs assemblées, de la manière qu’ils jugent appropriée. Les décisions relatives aux questions discutées lors de toute assemblée seront prises à la majorité des voix. En cas d’égalité de voix, le président n’aura pas une voix supplémentaire ou prépondérante. Un Administrateur peut convoquer, et leSecrétaire, à la demande d’un Administrateur, convoquera à tout moment une assemblée du Conseil d’administration.
- Le quorum nécessaire aux délibérations des Administrateurs peut être fixé par les Administrateurs et, à moins qu’il ne soit ainsi fixé à tout autre nombre, sera de deux.
- Les Administrateurs reconduits ou un seul Administrateur reconduit peu(ven)t agir nonobstant toute vacance dans la composition du Conseil mais, si et tant que le nombre d’Administrateurs est inférieur au nombre minimum fixé par ou conformément aux dispositions des présentes, l’Administrateur ou les Administrateurs reconduits peuvent agir dans le but de pourvoir les vacances en leur sein ou de convoquer des assemblées générales de la Société, mais à aucune autre fin. Si aucun Administrateur n’est en mesure de ou disposé à agir, deux Membres peuvent convoquer une assemblée générale aux fins de nommer des Administrateurs.
- Les Administrateurs peuvent de temps à autre élire ou révoquer un président et, s’ils le jugent approprié, un vice-président et déterminer la période de leur mandat respectif.
- Le président ou, à défaut, le vice-président présidera toutes les assemblées du Conseil d’administration, mais en l’absence du président ou du vice-président ou si, lors de toute assemblée, le président ou vice-président n’est pas présent dans un délai de cinq minutes après l’heure fixée pour sa tenue, les Administrateurs présents peuvent choisir l’un d’entre eux pour présider l’assemblée.
- Une résolution par écrit (sous forme électronique ou autre) signée (qu’il s’agisse d’une Signature électronique, d’une Signature électronique avancée ou d’une autre signature approuvée par les Administrateurs) par tous les Administrateurs alors habilités à recevoir un avis de convocation aux assemblées du Conseil d’administration et de prendre part aux votes aura la même validité et le même effet qu’une résolution adoptée à une assemblée du Conseil d’administration dûment convoquée et pourra se composer de plusieurs documents de forme identique, tous signés par un ou plusieurs Administrateurs et, aux fins de ce qui précède, la signature d’un Administrateur suppléant sera tout aussi valide que celle de l’Administrateur par lequel il a été nommé.
- Une assemblée du Conseil d’administration à laquelle un quorum est présent sera compétente pour exercer tous les pouvoirs, y compris discrétionnaires, qui peuvent alors être exercés par les Administrateurs.
- Les Administrateurs peuvent déléguer l’un de leurs pouvoirs à des comités constitués de leurs membres ainsi qu’ils le jugent approprié. Les assemblées et les délibérations d’un tel comité seront conformes aux exigences de quorum imposées par les dispositions de l’Article 26(b) et seront régies par les dispositions des présentes réglementant les assemblées et les délibérations du Conseil d’administration dans la mesure où elles sont applicables et qu’elles ne sont pas remplacées par tout règlement qui leur est imposé par les Administrateurs.
- Les Administrateurs peuvent, au moyen d’une résolution permanente ou de toute autre manière, déléguer leurs pouvoirs relatifs à l’émission et au rachat d’actions et au calcul de la Valeur liquidative des actions, la déclaration de dividendes et toutes les fonctions de direction et administratives afférentes à la Société, à l’Agent administratif ou au Gestionnaire ou à tout Dirigeant dûment autorisé ou à toute autre personne, sous réserve des conditions pouvant être fixées par les Administrateurs à leur entière discrétion.
- Les Administrateurs peuvent déléguer leurs pouvoirs relatifs à la gestion des actifs de la Société au Gestionnaire, au Gestionnaire d’investissement ou à leurs sous-délégués, ou à tout Dirigeant ou à toute autre personne dûment autorisée, sous réserve des conditions pouvant être fixées par les Administrateurs à leur entière discrétion.
- Tous les actes effectués par le biais d’une assemblée du Conseil d’administration, ou d’un comité du Conseil d’administration, ou par toute personne autorisée par les Administrateurs, et ce même s’il est établi par la suite que les Administrateurs ou personnes agissant tel que susmentionné n’avaient pas été dûment nommés ou autorisés, ou qu’ils ou certains d’entre eux ne possédaient pas les qualifications requises, ou avaient quitté leurs fonctions, ou n’étaient pas habilités à voter, seront tout aussi valables que si chacune de ces personnes avait été dûment nommée, bénéficiait des qualifications requises, avait conservé son mandat d’Administrateur et avait été habilitée à voter.
- Les Administrateurs feront établir des procès-verbaux pour les points suivants :
- toutes les nominations de dirigeants effectuées par les Administrateurs ;
- les noms des Administrateurs présents à chaque assemblée du Conseil d’administration et de tout comité du Conseil d’administration ; et
- l’ensemble des résolutions et délibérations de toutes les assemblées de la Société, du Conseil d’administration et des comités mis en place par celui-ci.
- Tous les procès-verbaux tels que mentionnés à l’Article 26(l) des présentes, réputés signés par le président de l’assemblée à laquelle les délibérations ont eu lieu, ou par le président de l’assemblée suivante, constitueront, jusqu’à preuve du contraire, une preuve concluante des délibérations.
- Tout Administrateur peut participer à une assemblée du Conseil d’administration et de tout comité du Conseil d’administration par conférence téléphonique ou au moyen d’un autre dispositif de télécommunication grâce auquel toutes les personnes participant à l’assemblée peuvent entendre chaque personne s’exprimer et une telle participation à une assemblée constituera une présence en personne à l’assemblée.
- | # PROCEEDINGS OF DIRECTORS
- The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. Questions arising at any meeting shall be determined by a majority of votes. In the case of an equality of votes, the chairman shall not have a second or casting vote. A Director may, and the Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.
- The quorum necessary for the transaction of business of the Directors may be fixed by the Directors, and unless so fixed at any other number shall be two.
- The continuing Directors or a sole continuing Director may act notwithstanding any vacancies in their number but, if and so long as the number of Directors is reducedbelow the minimum number fixed by or in accordance with the provisions hereof, the continuing Directors or Director may act for the purpose of filling vacancies in their number or of summoning general meetings of the Company, but not for any other purpose. If there be no Directors or Director able or willing to act, then any two Members may summon a general meeting for the purpose of appointing Directors.
- The Directors may from time to time elect or remove a chairman and, if they think fit, a deputy chairman and determine the period for which they respectively are to hold office.
- The chairman or, failing him, the deputy chairman shall preside at all meetings of the Directors, but if there be no chairman or deputy chairman, or if at any meeting the chairman or deputy chairman be not present within five minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.
- A resolution in writing (in electronic form or otherwise) signed (whether by Electronic Signature, Advanced Electronic Signature or otherwise approved by the Directors) by all the Directors for the time being entitled to receive notice of a meeting of the Directors and to vote thereat shall be as valid and effectual as a resolution passed at a meeting of the Directors duly convened and may consist of several documents in the like form each signed by one or more of the Directors and for the purposes of the foregoing, signature by any alternate Director shall be as effective as the signature of the Director by whom he is appointed.
- A meeting of the Directors for the time being at which a quorum is present shall be competent to exercise all powers and discretions for the time being exercisable by the Directors.
- The Directors may delegate any of their powers to committees consisting of such of their members as they think fit. The meetings and proceedings of any such committee shall conform to the requirements as to quorum imposed under the provisions of Article 26(b) and shall be governed by the provisions hereof regulating the meetings and proceedings of the Directors so far as the same are applicable and are not superseded by any regulations imposed on them by the Directors.
- The Directors may, whether by standing resolution or otherwise, delegate their powers relating to the issue and redemption of shares and the calculation of the Net Asset Value of the shares, the declaration of dividends and all management and administrative duties in relation to the Company, to the Manager or to theAdministrator or, to any duly authorised Officer or other person subject to such terms and conditions as the Directors in their absolute discretion may resolve.
- The Directors may delegate their powers relating to the management of the Company’s assets to the Manager, the Investment Manager or its sub-delegatees or to any duly authorised Officer or other person, subject to such terms and conditions as the Directors in their absolute discretion may resolve.
- All acts done by any meeting of Directors, or of a committee of Directors or by any person authorised by the Directors shall, notwithstanding it be afterwards discovered that there was some defect in the appointment or authorization of any such Directors or person acting as aforesaid, or that they or any of them were disqualified, or had vacated office, or were not entitled to vote, be as valid as ifevery such person had been duly appointed, and was qualified and had continued to be a Director and had been entitled to vote.
- The Directors shall cause minutes to be made of:
- all appointments of officers made by the Directors;
- the names of the Directors present at each meeting of the Directors and of any committee of Directors; and
- all resolutions and proceedings of all meetings of the Company and of the Directors and of committees of Directors.
- Any such minutes as are referred to in Article 26(l) hereof, if purporting to be signed by the chairman of the meeting at which the proceedings took place, or by the chairman of the next succeeding meeting, shall, until the contrary be proved, be conclusive evidence of their proceedings.
- Any Director may participate in a meeting of the Directors or any committee of the Directors by means of a conference telephone or other telecommunication equipment by means of which all persons participating in the meeting can hear each other speak and such participation in a meeting shall constitute presence in person at the meeting.
- | en | fr |
DOLFIN8836 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Calculation method
Amount of provision = MAX (0; NAV(t) – target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark threshold performance for period [reference date; date t]) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1: | Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore della soglia di riferimento nell'intervallo [Data di riferimento; data t]) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1: | Calculation method
Amount of provision = MAX (0; NAV(t) – target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark threshold performance for period [reference date; date t]) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1: | en | it |
DOLFIN8837 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The non-hedged classes are expressed in these financial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specific share class in base currency.
The number of outstanding shares is aggregated per share class.
The hedged classes, when existing, are expressed in their respective hedge currency which is different from the base currency of the Sub-fund.
[This page has been left blank intentionally] | Les catégories non couvertes sont exprimées dans ces états financiers uniquement dans la Devise de référence du Compartiment, mais peuvent exister dans d'autres devises, même s'il n'y a aucune action en circulation pour cette catégorie d'actions spécifique libellée dans la monnaie de référence.
Le nombre d'Actions en circulation est agrégé par catégorie d'actions.
Les catégories d’actions couvertes, lorsqu'elles existent, sont exprimées dans leur devise de couverture respective, qui peut être différente de la devise de référence du Compartiment.
[Cette page a été laissée vierge intentionnellement] | The non-hedged classes are expressed in these financial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specific share class in base currency.
The number of outstanding shares is aggregated per share class.
The hedged classes, when existing, are expressed in their respective hedge currency which is different from the base currency of the Sub-fund.
[This page has been left blank intentionally] | en | fr |
DOLFIN8838 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund’s investment objective is to seek total return over the long term.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in income-producing securities including, but not limited to, debt and debt-related instruments and derivative instruments with fixed income characteristics, issued by governments, quasi-governmental entities, supra-national institutions and companies Located in or with Substantial Ties to Asia. On an ancillary basis the Sub-Fund may invest in dividend paying equity securities of the foregoing issuers. Investments may be denominated in any currency, and may represent any part of a company’s capital structure from debt to equity or with features of both. Debt and debt-related instruments typically include, but are not limited to, bonds, debentures, bills, notes, certificates of deposit and other bank obligations, senior secured bank debt, convertible debt securities, credit-linked notes, inflation- linked instruments and/or repurchase agreements. Investments in contingent convertible bonds (“CoCos”) are allowed up to 20% of the Sub-Fund’s net assets.
For the purpose of this Sub-Fund:
- Asia consists of all countries and markets in Asia and includes developed, emerging, and frontier countries and markets in Asia.
- Instruments will be deemed to be Asian securities if the issuer is headquartered in an Asian country, the instrument is denominated in the currency of an Asian country, or the instrument is issued with respect to a project located in, or secured or backed by assets located in Asia, or is otherwise linked to Asia. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis. | El Subfondo tiene por objetivo de inversión la rentabilidad total a largo plazo.
En condiciones de mercado normales, el Subfondo trata de alcanzar su objetivo mediante la inversión, directa o indirecta, de al menos el 65% de su patrimonio neto, en valores generadores de rendimientos entre los que se incluyen instrumentos de deuda y relacionados con esta e instrumentos derivados con características de renta fija, emitidos por Estados, entidades cuasi estatales, instituciones supranacionales y sociedades Situadas o que mantienen importantes vínculos con Asia. De forma accesoria, el Subfondo puede invertir en valores de renta variable de los anteriores emisores que reparten dividendos. Las inversiones podrán estar denominadas en cualquier divisa y podrán representar cualquier parte de la estructura de capital de una sociedad, desde la renta fija hasta la renta variable, o con características de ambas. Los instrumentos de deuda y relacionados con esta habitualmente incluyen, sin intención limitativa, bonos, pagarés, letras, obligaciones, certificados de depósito y demás obligaciones bancarias, deuda bancaria preferente garantizada, títulos de deuda convertibles, obligaciones vinculadas a crédito, instrumentos vinculados a la inflación y/o acuerdos de recompra. Se permiten las inversiones en bonos convertibles contingentes («CoCos») hasta un máximo del 20% del patrimonio neto del Subfondo.
A los efectos de este Subfondo:
- Asia está formada por todos los países y mercados de Asia, e incluye todos los países y mercados desarrollados, emergentes y fronterizos del continente.
- Los instrumentos se considerarán valores asiáticos si el emisor tiene su sede en un país de Asia, el instrumento está denominado en la moneda de un país asiático o el instrumento se emite con respecto a un proyecto situado en Asia, o garantizados o respaldados por activos localizados en Asia, o vinculados de cualquier otra forma con este continente. De forma accesoria, el Subfondo puede invertir en otros activos permitidos en todo el mundo. | The Sub-Fund’s investment objective is to seek total return over the long term.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in income-producing securities including, but not limited to, debt and debt-related instruments and derivative instruments with fixed income characteristics, issued by governments, quasi-governmental entities, supra-national institutions and companies Located in or with Substantial Ties to Asia. On an ancillary basis the Sub-Fund may invest in dividend paying equity securities of the foregoing issuers. Investments may be denominated in any currency, and may represent any part of a company’s capital structure from debt to equity or with features of both. Debt and debt-related instruments typically include, but are not limited to, bonds, debentures, bills, notes, certificates of deposit and other bank obligations, senior secured bank debt, convertible debt securities, credit-linked notes, inflation- linked instruments and/or repurchase agreements. Investments in contingent convertible bonds (“CoCos”) are allowed up to 20% of the Sub-Fund’s net assets.
For the purpose of this Sub-Fund:
- Asia consists of all countries and markets in Asia and includes developed, emerging, and frontier countries and markets in Asia.
- Instruments will be deemed to be Asian securities if the issuer is headquartered in an Asian country, the instrument is denominated in the currency of an Asian country, or the instrument is issued with respect to a project located in, or secured or backed by assets located in Asia, or is otherwise linked to Asia. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis. | en | es |
DOLFIN8839 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Interbank Offered Rate Reform
The London Interbank Offered Rate (LIBOR) is used in the calculation of interest and other payments under many loans, derivatives, bonds and other financial transactions, both in the UK and abroad and across currencies. LIBOR is present throughout the financial system and serves as an interest rate benchmark for hundreds of trillions of dollars of financial instruments, being used as both performance and risk benchmarks.
The UK Financial Conduct Authority (FCA), the regulator of the LIBOR administrator who publishes the rate, announced in July 2017 that it will no longer compel banks to submit to LIBOR after year end 2021.
Alternative Reference Rates (“ARRs”) have been identified across five major currencies: USD Secured Overnight Financing Rate (USD SOFR), GBP Sterling Overnight Index Average (GBP SONIA), Euro Short Term Rate (EUR ESTR) , JPY Tokyo Overnight Average Rate (JPY TONA), CHF Swiss Average Rate Overnight (CHF SARON) as recommended replacement rates in each respective currency.
In addition, the Euro Interbank Offered Rate (“EURIBOR”), whilst not an ARR, is set to continue to be published by the European Money Markets Institute after the cessation of LIBOR and will thus continue to be used by market participants. Subject to certain exceptions, BlackRock has determined that EURIBOR is the closest replacement for EUR LIBOR as both of these rates are forward looking term rates (i.e. the final rate is known at the start of the 3-month period). | # Riforma dei tassi interbancari
Il London Interbank Offered Rate (LIBOR) è utilizzato per calcolare l’interesse e altri pagamenti con riferimento a molti prestiti, derivati, obbligazioni e altre transazioni finanziarie, sia nel Regno Unito che all’estero e in diverse valute. Il LIBOR è presente in tutto il sistema finanziario e funge da tasso d’interesse di riferimento per migliaia di miliardi di dollari di strumenti finanziari, essendo utilizzato come benchmark sia per le performance che per i rischi.
La Financial Conduct Authority (FCA) britannica, ovvero l’autorità di regolamentazione dell’amministratore del LIBOR che pubblica il tasso, ha annunciato a luglio 2017 che le banche non dovranno più fare affidamento sul LIBOR dopo la fine del 2021.
Come tassi sostitutivi raccomandati nelle rispettive valute sono stati identificati dei Tassi di Riferimento Alternativi (Alternative Reference Rate, “ARR”) in cinque valute principali: USD Secured Overnight Financing Rate (USD SOFR), GBP Sterling Overnight Index Average (GBP SONIA), Euro Short Term Rate (EUR ESTR), JPY Tokyo Overnight Average Rate (JPY TONA), CHF Swiss Average Rate Overnight (CHF SARON).
Inoltre, per quanto non sia un ARR, l’Euro Interbank Offered Rate (“EURIBOR”) continuerà ad essere pubblicato dallo European Money Markets Institute anche dopo la cessazione del LIBOR e pertanto sarà ancora utilizzato dagli operatori di mercato. Salvo per determinate eccezioni, BlackRock ha deciso che l’EURIBOR rappresenta il sostituto più simile al LIBOR in EUR, in quanto entrambi sono tassi a termine previsionali (ovvero il tasso finale è noto all’inizio del periodo di 3 mesi). | # Interbank Offered Rate Reform
The London Interbank Offered Rate (LIBOR) is used in the calculation of interest and other payments under many loans, derivatives, bonds and other financial transactions, both in the UK and abroad and across currencies. LIBOR is present throughout the financial system and serves as an interest rate benchmark for hundreds of trillions of dollars of financial instruments, being used as both performance and risk benchmarks.
The UK Financial Conduct Authority (FCA), the regulator of the LIBOR administrator who publishes the rate, announced in July 2017 that it will no longer compel banks to submit to LIBOR after year end 2021.
Alternative Reference Rates (“ARRs”) have been identified across five major currencies: USD Secured Overnight Financing Rate (USD SOFR), GBP Sterling Overnight Index Average (GBP SONIA), Euro Short Term Rate (EUR ESTR) , JPY Tokyo Overnight Average Rate (JPY TONA), CHF Swiss Average Rate Overnight (CHF SARON) as recommended replacement rates in each respective currency.
In addition, the Euro Interbank Offered Rate (“EURIBOR”), whilst not an ARR, is set to continue to be published by the European Money Markets Institute after the cessation of LIBOR and will thus continue to be used by market participants. Subject to certain exceptions, BlackRock has determined that EURIBOR is the closest replacement for EUR LIBOR as both of these rates are forward looking term rates (i.e. the final rate is known at the start of the 3-month period). | en | it |
DOLFIN8840 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The value of the assets of each class and/or sub-class of shares of each Sub-fund is determined as follows:
- Securities and money market instruments admitted for official listing on a stock exchange or traded in another regulated market being located within any European, American, Asian, African, Australasian or Oceania country, which operates regularly and is recognised and open to the public are valued on the basis of the last available price at the time when the valuation is carried out. If the same security or money market instrument is quoted on different markets, the quotation of the main market for this security or money market instrument will be used. If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation will be done in good faith by the Board of Directors or its delegate with a view to establishing the probable bid price for such securities;
- unlisted securities or unlisted money market instruments are valued on the base of their probable bid price as determined in good faith by the Board of Directors or its delegate;
- liquid assets and loans are valued at their nominal value plus accrued interest;
- units/shares of UCITS authorised according to Directive 85/611/EEC as amended and/or other assimilated UCI will be valued at their last available net asset value; certain units/shares of UCITS and/or assimilated UCI may be valued based on an estimate of the value provided by a reliable price provider independent from the target fund's investment manager or investment adviser (Estimated Pricing).
- derivatives are valued at market value. | # Der Vermögenswert einer jeden Kategorie und/oder Unterkategorie von Anteilen der einzelnen Teilfonds wird wie folgt ermittelt:
- Wertpapiere und Geldmarktinstrumente, die an einer Börse amtlich notiert sind oder an einem anderen regelmässig funktionierenden, anerkannten und der Öffentlichkeit zugänglichen geregelten Markt innerhalb von Europa, Nord- oder Südamerika, Asien, Afrika, Australasien oder Ozeanien, werden auf der Grundlage des zum Zeitpunkt der Durchführung der Bewertung letztverfügbaren Kurses bewertet. Falls das betreffende Wertpapier oder Geldmarktinstrument an mehreren Märkten notiert ist, ist der Kurs des Hauptmarktes für dieses Wertpapier oder Geldmarktinstrument ausschlaggebend. Falls keine relevante Notierung vorliegt oder die Notierungen nicht dem reellen Marktwert entsprechen, erfolgt die Bewertung nach Treu und Glauben durch den Verwaltungsrat oder dessen Bevollmächtigten im Hinblick auf die Festlegung des voraussichtlichen Geldkurses für solche Wertpapiere.
- Nicht notierte Wertpapiere oder Geldmarktinstrumente werden auf der Grundlage ihres voraussichtlichen Geldkurses bewertet, wie er vom Verwaltungsrat oder von dessen Bevollmächtigten nach Treu und Glauben festgelegt worden ist;
- Flüssige Mittel und Kredite werden zu ihrem Nennwert, zuzüglich der aufgelaufenen Zinsen, bewertet.
- Anteile/Aktien von OGAW, die gemäss der Richtlinie 85/611/EWG in ihrer geänderten Fassung zugelassen sind, und/oder andere gleichgesetzte OGA werden zu ihrem letztverfügbaren Nettoinventarwert bewertet; bestimmte Anteile/Aktien von OGAW oder gleichgesetzten OGA können auf Grundlage einer Schätzung des Werts bewertet werden, der von einem zuverlässigen, von dem Investment Manager oder Anlageberater des Zielfonds unabhängigen Kursanbieter bereitgestellt wird (Kursschätzung).
- Derivate werden zu ihrem Marktwert bewertet. | # The value of the assets of each class and/or sub-class of shares of each Sub-fund is determined as follows:
- Securities and money market instruments admitted for official listing on a stock exchange or traded in another regulated market being located within any European, American, Asian, African, Australasian or Oceania country, which operates regularly and is recognised and open to the public are valued on the basis of the last available price at the time when the valuation is carried out. If the same security or money market instrument is quoted on different markets, the quotation of the main market for this security or money market instrument will be used. If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation will be done in good faith by the Board of Directors or its delegate with a view to establishing the probable bid price for such securities;
- unlisted securities or unlisted money market instruments are valued on the base of their probable bid price as determined in good faith by the Board of Directors or its delegate;
- liquid assets and loans are valued at their nominal value plus accrued interest;
- units/shares of UCITS authorised according to Directive 85/611/EEC as amended and/or other assimilated UCI will be valued at their last available net asset value; certain units/shares of UCITS and/or assimilated UCI may be valued based on an estimate of the value provided by a reliable price provider independent from the target fund's investment manager or investment adviser (Estimated Pricing).
- derivatives are valued at market value. | en | de |
DOLFIN8841 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to attain the sustainable investment objective of the Sub-Fund.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to attain the sustainable investment objective of the Sub-Fund. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not attain the sustainable investment objective of the Sub-Fund.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund. | L’évaluation ESG du Gestionnaire d’investissement s’applique aux instruments financiers dérivés lorsqu’un seul émetteur est l’actif sous-jacent (c.-à-d. les swaps de défaut de crédit) et lorsque ni les positions longues ni les positions courtes ne sont autorisées sur des émetteurs exclus en raison de Facteurs de durabilité afin d’atteindre l’objectif d’investissement durable du Compartiment.
Un Compartiment peut être exposé à des émetteurs exclus par le biais d’instruments financiers dérivés, y compris, mais sans s’y limiter, ceux dont le sous-jacent est un indice financier et qui peuvent être utilisés à des fins d’investissement, de couverture et de gestion optimale de portefeuille, mais pas pour atteindre l’objectif d’investissement durable du Compartiment. En outre, les exclusions applicables aux émetteurs souverains n’empêchent pas le Compartiment d’avoir une exposition à des instruments qui sont indirectement liés à ces émetteurs, tels que des instruments dérivés de change ou de taux d’intérêt, puisque ceux-ci ne sont pas pris en compte pour atteindre l’objectif d’investissement durable du Compartiment.
L’exposition aux instruments financiers dérivés n’est pas surveillée sur la base de l’actif net du Compartiment et n’apparaît donc pas dans l’allocation des actifs ci-dessus. En revanche, la surveillance sera effectuée conformément aux limites d’exposition globale du Compartiment. | The Investment Manager’s ESG evaluation applies to financial derivative instruments where a single issuer is the underlying asset (i.e. credit default swaps) and neither long or short positions are permitted on any excluded issuers as a result of Sustainability Factors in order to attain the sustainable investment objective of the Sub-Fund.
A Sub-Fund may have exposure to excluded issuers via financial derivative instruments including, but not limited to, those where a financial index is the underlying, which may be used for investment, hedging purposes and efficient portfolio management and not to attain the sustainable investment objective of the Sub-Fund. Moreover, any exclusion applicable to sovereign issuers does not restrict the Sub-Fund from having exposure to instruments which are indirectly related to such issuers such as currency or interest rate derivative instruments, as these do not attain the sustainable investment objective of the Sub-Fund.
Exposure to financial derivative instruments is not monitored based on the Sub-Fund’s net assets and therefore not reflected as part of the asset allocation above. Instead, monitoring will be in line with the global exposure limits of the Sub- Fund. | en | fr |
DOLFIN8842 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# PURPOSE
This document provides you with key investor information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains, and losses of this product and to help you compare it with other products. | # SCOPO
Il presente documento contiene informazioni chiave relative a questo prodotto d’investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteritiche, i rischi, i costi, i guadagni e le perdite potenziali di questo prodotto e di aiutarvi a fare un raffronto con altri prodotti d’investimento. | # PURPOSE
This document provides you with key investor information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains, and losses of this product and to help you compare it with other products. | en | it |
DOLFIN8843 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Information for investors with respect to the automatic exchange of information
Council Directive 2014/107/EU of 9 December 2014 as regards mandatory automatic exchange of information in the field of taxation and the Common Reporting Standard (“CRS”), a reporting and due diligence standard developed by the OECD for the international automatic exchange of information on financial accounts imple- ments the automatic exchange of information in accordance with intergovernmental agreements and Luxem- bourg regulations (Law implementing the automatic exchange of information in tax matters on financial ac- counts of 18 December 2015). The automatic exchange of information was implemented in Luxembourg for the first time for the 2016 tax year.
To this end, information on the applicants and the registers subject to reporting requirements is reported by reporting financial institutions on an annual basis to the Luxembourg tax authority (“Administration des Contri- butions Directes” in Luxembourg), which in turn forwards it to the tax authorities of the countries in which the applicant(s) is/are resident for tax purposes.
In particular, this involves the communication of:
- Name, address, tax identification number, country of residence and date and place of birth of each person required to report,
- Register number,
- Register balance or value,
- Credited investment income including proceeds from sales.
The reportable information for a specific tax year, which must be submitted to the Luxembourg tax authorities by 30 June of the subsequent year, is exchanged between the tax authorities concerned by 30 September of that year, for the first time in September 2017 based on the data from 2016. | # Informations pour les investisseurs par rapport à l’échange automatique d’informations
L'échange automatique d'informations est mis en œuvre conformément aux accords intergouvernementaux et aux directives luxembourgeoises (loi du 18 décembre 2015 concernant l’échange automatique de renseigne- ments relatifs aux comptes financiers en matière fiscale) avec la directive 2014/107/UE du 9 décembre 2014 du Conseil relative à l'échange automatique et obligatoire d'informations (dans le domaine fiscal) et le Common Reporting Standard (« CRS »), l'une des normes de déclaration et de diligence développées par l'OCDE pour l'échange automatique international de renseignements de comptes financiers. L'échange automatique de renseignements a été mis en œuvre pour la première fois au Luxembourg pour l'exercice fiscal 2016.
Sur une base annuelle de la part des instituts financiers soumis à l'obligation de déclarer, les renseignements sur les demandeurs et les registres soumis à l'obligation de déclarer sont déclarés aux autorités fiscales luxem- bourgeoises (« Administration des Contributions Directes » au Luxembourg) qui les communiquent à leur tour aux administrations fiscales des pays concernés dans lesquels est/sont domicilié(s) le(s) demandeur(s).
Il s'agit notamment de communiquer les informations suivantes :
- nom, adresse, numéro d'identification fiscale, pays de résidence et date et lieu de naissance de chaque personne soumise à l'obligation de déclarer,
- numéro de registre,
- solde ou valeur du registre,
- produits de placement crédités, y compris plus-values de cessions.
Les administrations financières concernées ont jusqu'au 30 septembre de l'année en cours, pour la première fois donc en septembre 2017 sur la base des données de l'année 2016, pour échanger les informations devant être déclarées pour une année fiscale spécifique et devant être transmises à l'administration fiscale luxem- bourgeoise avant le 30 juin de l'année suivante. | # Information for investors with respect to the automatic exchange of information
Council Directive 2014/107/EU of 9 December 2014 as regards mandatory automatic exchange of information in the field of taxation and the Common Reporting Standard (“CRS”), a reporting and due diligence standard developed by the OECD for the international automatic exchange of information on financial accounts imple- ments the automatic exchange of information in accordance with intergovernmental agreements and Luxem- bourg regulations (Law implementing the automatic exchange of information in tax matters on financial ac- counts of 18 December 2015). The automatic exchange of information was implemented in Luxembourg for the first time for the 2016 tax year.
To this end, information on the applicants and the registers subject to reporting requirements is reported by reporting financial institutions on an annual basis to the Luxembourg tax authority (“Administration des Contri- butions Directes” in Luxembourg), which in turn forwards it to the tax authorities of the countries in which the applicant(s) is/are resident for tax purposes.
In particular, this involves the communication of:
- Name, address, tax identification number, country of residence and date and place of birth of each person required to report,
- Register number,
- Register balance or value,
- Credited investment income including proceeds from sales.
The reportable information for a specific tax year, which must be submitted to the Luxembourg tax authorities by 30 June of the subsequent year, is exchanged between the tax authorities concerned by 30 September of that year, for the first time in September 2017 based on the data from 2016. | en | fr |
DOLFIN8844 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The Fund may:
- invest up to 10% of its net asset value in collective investment schemes including open-ended exchange traded funds (ETF's);
- invest up to 10% of its net asset value in aggregate in transferable securities including but not limited to money market instruments, bond and similar debt investments which are not admitted to or dealt in on an eligible market;
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income;
- invest in bonds and similar debt investments by non-U.S. issuers where such issuers are included in the Benchmark; | #### Der Fonds kann:
- bis zu 10% seines Nettoinventarwerts in Organismen für gemeinsame Anlagen einschließlich offener börsengehandelter Fonds (ETF) anlegen;
- insgesamt bis zu 10% seines Nettoinventarwerts in Wertpapieren anlegen, einschließlich insbesondere in Geldmarktinstrumente, Anleihen und ähnliche Schuldtitel, die nicht an einem zulässigen Markt zugelassen sind oder gehandelt werden;
- in Derivate investieren (Finanzinstrumente, deren Wert von anderen Vermögenswerten abgeleitet wird), um das Erreichen des Anlageziels des Fonds zu unterstützen. Der Fonds wird auch Derivate nutzen, um Risiken oder Kosten zu verringern oder um zusätzliches Kapital oder zusätzliche Erträge zu generieren;
- in Anleihen und ähnliche Schuldtitel investieren, die von Emittenten außerhalb der Vereinigten Staaten ausgegeben werden, sofern diese Emittenten im Referenzwert vertreten sind; | #### The Fund may:
- invest up to 10% of its net asset value in collective investment schemes including open-ended exchange traded funds (ETF's);
- invest up to 10% of its net asset value in aggregate in transferable securities including but not limited to money market instruments, bond and similar debt investments which are not admitted to or dealt in on an eligible market;
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income;
- invest in bonds and similar debt investments by non-U.S. issuers where such issuers are included in the Benchmark; | en | de |
DOLFIN8845 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In the event that conflicts of interest do arise, the Depositary will undertake to use its reasonable endeavours to resolve any such conflicts of interest fairly (having regard to its respective obligations and duties) and to ensure that the Company and the Shareholders are fairly treated.
The Depositary may delegate to third parties the safekeeping of the Company’s assets subject to the conditions laid down in the applicable laws and regulations and the provisions of the Depositary Agreement. The process of appointing such delegates and their continuing oversight follows the highest quality standards, including the management of any potential conflict of interest that should arise from such an appointment. Such delegates must be subject to effective prudential regulation (including minimum capital requirements, supervision in the jurisdiction concerned and external periodic audit) for the custody of financial instruments. The Depositary’s liability shall not be affected by any such delegation.
A potential risk of conflicts of interest may occur in situations where the delegates may enter into or have a separate commercial and/or business relationships with the Depositary in parallel to the custody delegation relationship.
In order to prevent such potential conflicts of interest from cristalizing, the Depositary has implemented and maintains an internal organisation whereby such separate commercial and / or business relationships have no bearings on the choice of the delegate or the monitoring of the delegates’ performance under the delegation agreement.
A list of these delegates and sub-delegates for its safekeeping duties is available in the website: https://securities.cib.bnpparibas/app/uploads/sites/3/2021/11/ucitsv-list-of-delegates-sub-delegates-en.pdf | Si un conflit d’intérêts vient à survenir, le Dépositaire s’engagera à prendre toutes les mesures raisonnablement possibles afin de résoudre ces conflits d’intérêts dans les règles (compte tenu de ses obligations et fonctions respectives) et de veiller à ce que la Société et les Actionnaires soient équitablement traités.
Le Dépositaire peut déléguer à des tiers la garde des actifs de la Société sous réserve des conditions prévues par les lois et réglementations applicables et les stipulations du Contrat de dépositaire. Le processus de désignation de ces délégués et leur supervision continue reposent sur les normes de qualité les plus strictes, y compris la gestion des éventuels conflits d’intérêts qui en découleraient. Ces délégués doivent être soumis à une régulation prudentielle efficace (y compris des exigences de capital minimum, la surveillance dans le territoire concerné et la révision périodique par un réviseur d’entreprises externe) pour la garde des instruments financiers. La responsabilité du Dépositaire ne sera pas affectée par une telle délégation.
Un risque potentiel de conflits d’intérêts peut survenir dans des situations où les délégués peuvent conclure ou entretenir des relations commerciales et/ou d’affaires distinctes avec le Dépositaire parallèlement à la relation de délégation de garde.
Afin d’éviter la cristallisation de ces conflits d’intérêts potentiels, le Dépositaire a mis en œuvre et a toujours en place une organisation interne dans laquelle ces relations commerciales et/ou d’affaires distinctes n’ont aucune influence sur le choix du délégué ou sur le contrôle de la performance des délégués aux termes de l’accord de délégation.
Une liste de ces délégués et sous-délégués aux fonctions de conservation est disponible sur le site Internet : https://securities.cib.bnpparibas/app/uploads/sites/3/2021/11/ucitsv-list-of-delegates-sub-delegates-en.pdf | In the event that conflicts of interest do arise, the Depositary will undertake to use its reasonable endeavours to resolve any such conflicts of interest fairly (having regard to its respective obligations and duties) and to ensure that the Company and the Shareholders are fairly treated.
The Depositary may delegate to third parties the safekeeping of the Company’s assets subject to the conditions laid down in the applicable laws and regulations and the provisions of the Depositary Agreement. The process of appointing such delegates and their continuing oversight follows the highest quality standards, including the management of any potential conflict of interest that should arise from such an appointment. Such delegates must be subject to effective prudential regulation (including minimum capital requirements, supervision in the jurisdiction concerned and external periodic audit) for the custody of financial instruments. The Depositary’s liability shall not be affected by any such delegation.
A potential risk of conflicts of interest may occur in situations where the delegates may enter into or have a separate commercial and/or business relationships with the Depositary in parallel to the custody delegation relationship.
In order to prevent such potential conflicts of interest from cristalizing, the Depositary has implemented and maintains an internal organisation whereby such separate commercial and / or business relationships have no bearings on the choice of the delegate or the monitoring of the delegates’ performance under the delegation agreement.
A list of these delegates and sub-delegates for its safekeeping duties is available in the website: https://securities.cib.bnpparibas/app/uploads/sites/3/2021/11/ucitsv-list-of-delegates-sub-delegates-en.pdf | en | fr |
DOLFIN8846 | 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
L’objectif d’investissement du Compartiment est de générer un rendement total attrayant à partir d’une combinaison de revenus courants et d’appréciation du capital en investissant dans un portefeuille diversifié de titres convertibles et de titres à revenu élevé américains et non américains. Il n’est pas nécessaire qu’un titre soit noté investment grade par une quelconque agence de notation. L’allocation relative de la VL du Compartiment sera la suivante: 10 à 90% de titres convertibles américains (y compris des titres à revenu élevé essentiellement américains) et 10 à 90% de titres convertibles non américains. L’allocation précise dans ces fourchettes variera de temps à autre, en fonction des fluctuations du marché, de l’existence d’opportunités attrayantes et d’autres facteurs que le gestionnaire de placement peut envisager à sa discrétion. Pour réaliser cet objectif, le Compartiment cherchera à investir dans un portefeuille diversifié de titres convertibles,
individuellement et collectivement susceptibles de tirer de leurs actifs sous- jacents un pourcentage de gains supérieur à celui des pertes.
Ce compartiment fait l’objet d’une gestion active. Bien que le compartiment dispose d’un indice de référence, sa gestion active met en œuvre notre philosophie et notre processus d’investissement. Nous connaissons la composition et les caractéristiques de l’indice de référence, mais nous disposons d’une grande liberté pour nous en écarter.
Les actions du fonds peuvent être rachetées sur demande; elles sont négociées chaque jour ouvrable.
Cette catégorie d'actions ne verse pas de distributions régulières. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo de inversión del subfondo es obtener una rentabilidad total atractiva de una combinación de ingresos corrientes y revalorización del capital invirtiendo en una cartera diversificada de valores convertibles y de altos ingresos estadounidenses y no estadounidenses. No se requiere que los valores cuenten con el grado de inversión según una agencia de calificación. La asignación relativa del valor liquidativo del subfondo será: 10%-90% a valores convertibles estadounidenses (incluidos valores de altos ingresos, predominantemente estadounidenses) y 10%-90% a valores convertibles no estadounidenses. La asignación precisa conforme a estos rangos variará en cada momento en función de las fluctuaciones del mercado, la disponibilidad relativa de oportunidades interesantes y otros factores que el gestor de inversiones pueda considerar según su criterio. Para alcanzar este objetivo, el subfondo tratará de invertir en una cartera diversificada de valores
convertibles que individualmente y, por tanto conjuntamente, puedan captar un porcentaje más elevado de las ganancias de sus valores subyacentes que las pérdidas porcentuales que reflejen.
El subfondo es gestionado activamente. Pese a contar con un índice de referencia, el subfondo se gestiona activamente según una filosofía y un proceso de inversión propios. Aunque tenemos en cuenta las características y composición del índice de referencia, disponemos de un amplio margen de libertad para apartarnos del mismo.
Las acciones del fondo podrán reembolsarse previa petición; la negociación de las acciones se llevará a cabo cada día hábil.
Esta clase de acciones no efectúa distribuciones regulares. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
L’objectif d’investissement du Compartiment est de générer un rendement total attrayant à partir d’une combinaison de revenus courants et d’appréciation du capital en investissant dans un portefeuille diversifié de titres convertibles et de titres à revenu élevé américains et non américains. Il n’est pas nécessaire qu’un titre soit noté investment grade par une quelconque agence de notation. L’allocation relative de la VL du Compartiment sera la suivante: 10 à 90% de titres convertibles américains (y compris des titres à revenu élevé essentiellement américains) et 10 à 90% de titres convertibles non américains. L’allocation précise dans ces fourchettes variera de temps à autre, en fonction des fluctuations du marché, de l’existence d’opportunités attrayantes et d’autres facteurs que le gestionnaire de placement peut envisager à sa discrétion. Pour réaliser cet objectif, le Compartiment cherchera à investir dans un portefeuille diversifié de titres convertibles,
individuellement et collectivement susceptibles de tirer de leurs actifs sous- jacents un pourcentage de gains supérieur à celui des pertes.
Ce compartiment fait l’objet d’une gestion active. Bien que le compartiment dispose d’un indice de référence, sa gestion active met en œuvre notre philosophie et notre processus d’investissement. Nous connaissons la composition et les caractéristiques de l’indice de référence, mais nous disposons d’une grande liberté pour nous en écarter.
Les actions du fonds peuvent être rachetées sur demande; elles sont négociées chaque jour ouvrable.
Cette catégorie d'actions ne verse pas de distributions régulières. | fr | es |
DOLFIN8847 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Vis-a-vis the Custodian, the UCITS shall not be entitled to exercise the maximum permissible credit facility. The Custo- dian is exclusively responsible for deciding in accordance with its credit and risk policy whether, in what manner and to what extent a loan is to be granted. Under certain circumstances, this policy may change during the term of the UCITS.
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# Utilisation of derivatives, methods and instruments | Der OGAW hat gegenüber der Verwahrstelle keinen Anspruch auf die Einräumung des maximal zulässigen Kreditrah- mens. Die alleinige Entscheidung ob, auf welche Weise und in welcher Höhe ein Kredit ausgereicht wird, obliegt der Ver- wahrstelle entsprechend deren Kredit- und Risikopolitik. Diese Politik kann sich unter Umständen während der Laufzeit des OGAW ändern.
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# Derivateinsatz, Techniken und Instrumente | Vis-a-vis the Custodian, the UCITS shall not be entitled to exercise the maximum permissible credit facility. The Custo- dian is exclusively responsible for deciding in accordance with its credit and risk policy whether, in what manner and to what extent a loan is to be granted. Under certain circumstances, this policy may change during the term of the UCITS.
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# Utilisation of derivatives, methods and instruments | en | de |
DOLFIN8848 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important information
On 16 March 2018, the M&G Dynamic Allocation Fund, a UK-authorised OEIC, which launched on 3 December 2009, merged into the M&G (Lux) Dynamic Allocation Fund, a Luxembourg-authorised SICAV, which launched on 16 January 2018. The SICAV is run by the same fund managers, applying the same investment strategy, as the UK-authorised OEIC.
The fund’s neutral currency positioning is 100% in euros. Deviations from this figure, therefore, represent long/short exposure.
The M&G (Lux) Dynamic Allocation Fund is a sub-fund of M&G (Lux) Investment Funds 1.
The Morningstar Overall Rating based on the fund’s Euro Class A shares. Copyright © 2022 Morningstar UK Limited. All Rights Reserved. Ratings should not be taken as recommendation.
Where a security has not been rated by Standard & Poor’s, Fitch or Moody’s, we may use M&G’s internal credit rating. Based on a comparison of all available ratings for each security, the most conservative rating (S&P, Fitch, Moody’s or M&G’s internal rating) is taken into consideration. The ratings so identified are then expressed or converted into M&G’s ratings format to obtain uniform information for all securities in the portfolio.
This information is not an offer or solicitation of an offer for the purchase of investment shares in one of the funds referred to herein. Purchases of a fund should be based on the current Prospectus. The Instrument of Incorporation, Prospectus, Key Investor Information Document, annual or interim Investment Report and Financial Statements, are available in English or Italian free of charge M&G International Investments S.A. They can also be obtained on the website: www.mandg.com/investments/private- investor/it-it
Before subscribing you should read the Prospectus and the Key Investor Information Document, which include a description of the investment risks and investor rights relating to these funds. The information contained herein is not a substitute for independent investment advice. M&G International Investments S.A. may terminate arrangements for marketing under the new Cross-Border Distribution Directive denotification process.
Complaints handling information is available in Italian from www.mandg.com/investments/private-investor/it-it/complaints-dealing-process This financial promotion is issued by M&G International Investments S.A. Registered Office: 16, boulevard Royal, L 2449, Luxembourg. | # Informazioni importanti
In data 16 marzo 2018, M&G Dynamic Allocation Fund, OEIC autorizzato nel Regno Unito lanciato il 3 dicembre 2009, è stato incorporato tramite fusione in M&G (Lux) Dynamic Allocation Fund, SICAV di diritto lussemburghese lanciata il 16 gennaio 2018. La SICAV è amministrata dagli stessi gestori dell'OEIC britannico con la medesima strategia di investimento.
Il posizionamento valutario neutrale del fondo è del 100% in euro. Qualsiasi deviazione da questo livello rappresenta quindi un'esposizione lunga/corta.
M&G (Lux) Dynamic Allocation Fund è un comparto di M&G (Lux) Investment Funds 1.
Morningstar Overall Rating in base alle azioni di Euro Class A del fondo. Copyright © 2022 Morningstar UK Limited. Tutti i diritti riservati. I rating non sono da intendersi come una raccomandazione.
Qualora un titolo non disponga del rating di Standard & Poor’s, Fitch o Moody’s, possiamo fare ricorso a un giudizio di credito interno di M&G. Sulla base di un confronto tra tutti i giudizi disponibili per ciascun titolo, viene preso in considerazione il rating più prudente (S&P, Fitch, Moody’s o il giudizio interno di M&G). I rating così identificati sono in seguito espressi o convertiti nel formato di rating di M&G al fine di ottenere informazioni uniformi per tutti i titoli presenti in portafoglio.
Queste informazioni non costituiscono un’offerta o una sollecitazione di offerta per l’acquisto di azioni di investimento di uno dei Fondi qui citati. Gli acquisti relativi a un Fondo devono basarsi sul Prospetto Informativo corrente. Copie gratuite degli Atti Costitutivi, dei Prospetti Informativi, dei Documenti di Informazione Chiave per gli Investitori (KIID) e delle Relazioni annuali e semestrali sono disponibili in inglese o italiano presso M&G International Investments S.A. Tali documenti sono disponibili anche sul sito www.mandg.com/investments/private-investor/it-it
Prima della sottoscrizione gli investitori devono leggere il Prospetto informativo e il Documento di Informazioni Chiave per gli Investitori, che illustrano i rischi di investimento associati a questi fondi e che descrivono i diritti degli investitori. Le informazioni qui contenute non sostituiscono una consulenza indipendente in materia di investimenti. M&G International Investments S.A. può decidere di terminare gli accordi presi per la commercializzazione in base al nuovo processo di revoca della notifica della direttiva sulla distribuzione transfrontaliera.
Informazioni sulla gestione dei reclami sono disponibili in italiano presso www.mandg.com/investments/private-investor/it-it/complaints-dealing-process. Questa attività di marketing è pubblicata da M&G International Investments S.A. Sede legale: 16, boulevard Royal, L 2449, Luxembourg. | # Important information
On 16 March 2018, the M&G Dynamic Allocation Fund, a UK-authorised OEIC, which launched on 3 December 2009, merged into the M&G (Lux) Dynamic Allocation Fund, a Luxembourg-authorised SICAV, which launched on 16 January 2018. The SICAV is run by the same fund managers, applying the same investment strategy, as the UK-authorised OEIC.
The fund’s neutral currency positioning is 100% in euros. Deviations from this figure, therefore, represent long/short exposure.
The M&G (Lux) Dynamic Allocation Fund is a sub-fund of M&G (Lux) Investment Funds 1.
The Morningstar Overall Rating based on the fund’s Euro Class A shares. Copyright © 2022 Morningstar UK Limited. All Rights Reserved. Ratings should not be taken as recommendation.
Where a security has not been rated by Standard & Poor’s, Fitch or Moody’s, we may use M&G’s internal credit rating. Based on a comparison of all available ratings for each security, the most conservative rating (S&P, Fitch, Moody’s or M&G’s internal rating) is taken into consideration. The ratings so identified are then expressed or converted into M&G’s ratings format to obtain uniform information for all securities in the portfolio.
This information is not an offer or solicitation of an offer for the purchase of investment shares in one of the funds referred to herein. Purchases of a fund should be based on the current Prospectus. The Instrument of Incorporation, Prospectus, Key Investor Information Document, annual or interim Investment Report and Financial Statements, are available in English or Italian free of charge M&G International Investments S.A. They can also be obtained on the website: www.mandg.com/investments/private- investor/it-it
Before subscribing you should read the Prospectus and the Key Investor Information Document, which include a description of the investment risks and investor rights relating to these funds. The information contained herein is not a substitute for independent investment advice. M&G International Investments S.A. may terminate arrangements for marketing under the new Cross-Border Distribution Directive denotification process.
Complaints handling information is available in Italian from www.mandg.com/investments/private-investor/it-it/complaints-dealing-process This financial promotion is issued by M&G International Investments S.A. Registered Office: 16, boulevard Royal, L 2449, Luxembourg. | en | it |
DOLFIN8849 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| The table shows the impact on return per year | Annual cost impact if you exit after 5 years |
| --- | --- |
| One-off costs upon entry or exit | Entry costs | 3.00% of the amount you pay in when entering this investment | $ 300 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | $ 0 |
| Ongoing costs taken each year | Management fees and other administrative or operating costs | 1.09% of the value of your investment per year. This is an estimate based on actual costs over the last year. | $ 109 |
| Transaction costs | 0.29% 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. | $ 28.51 |
| Incidental costs taken under specific conditions | Performance fees and carried interest | There is no performance fee for this product. | $ 0 | | | Die Tabelle zeigt die Auswirkung auf die Rendite pro Jahr | Kosteneffekt pro Jahr, wenn Sie nach 5 Jahren aussteigen |
| --- | --- |
| Einmalige Kosten bei Ausgabe oder Rücknahme | Eintrittskosten | 3,00% des von Ihnen bei Ausgabe dieser Anlage gezahlten Betrages | 300 $ |
| Rücknahmekosten | Wir erheben keine Rücknahmegebühr für dieses Produkt, aber die Person, die Ihnen das Produkt verkauft, könnte dies tun. | 0 $ |
| Laufende Kosten pro Jahr | Verwaltungsgebühren und andere Administrations- oder Betriebskosten | 1,09 % des Wertes Ihrer Anlage pro Jahr. Dies ist eine Schätzung der tatsächlichen Kosten im letzten Jahr. | 109 $ |
| Transaktionskosten | 0,29 % des Wertes Ihrer Anlage pro Jahr. Dies ist eine Schätzung der Kosten, die entstehen, wenn wir die Basisanlagen für das Produkt kaufen und verkaufen. Der tatsächliche Betrag wird abweichen, je nachdem, wie viel wir kaufen und verkaufen. | 28,51 $ |
| Unter bestimmten Bedingungen entstehende Kosten | An die Wertentwicklung gebundene Gebühr und Tantiemen | Für dieses Produkt gibt es keine an die Wertentwicklung gebundene Gebühr. | 0 $ | | | The table shows the impact on return per year | Annual cost impact if you exit after 5 years |
| --- | --- |
| One-off costs upon entry or exit | Entry costs | 3.00% of the amount you pay in when entering this investment | $ 300 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | $ 0 |
| Ongoing costs taken each year | Management fees and other administrative or operating costs | 1.09% of the value of your investment per year. This is an estimate based on actual costs over the last year. | $ 109 |
| Transaction costs | 0.29% 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. | $ 28.51 |
| Incidental costs taken under specific conditions | Performance fees and carried interest | There is no performance fee for this product. | $ 0 | | en | de |
DOLFIN8850 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years Example Investment: €10000 If you exit after 1 year Scenarios | If you exit after 3 years |
| --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €5590 | €6790 |
| Average return each year | -44.10% | -12.11% |
| Unfavourable | What you might get back after costs | €7940 | €8110 |
| Average return each year | -20.60% | -6.74% |
| Moderate | What you might get back after costs | €10300 | €11050 |
| Average return each year | 3.00% | 3.38% |
| Favourable | What you might get back after costs | €11170 | €12000 |
| Average return each year | 11.70% | 6.27% | | | Période de détention recommandée: 3 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 3 ans |
| --- | --- |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre une partie ou la totalité de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €5590 | €6790 |
| Rendement annuel moyen | -44.10% | -12.11% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7940 | €8110 |
| Rendement annuel moyen | -20.60% | -6.74% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10300 | €11050 |
| Rendement annuel moyen | 3.00% | 3.38% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11170 | €12000 |
| Rendement annuel moyen | 11.70% | 6.27% | | | Recommended holding period: 3 years Example Investment: €10000 If you exit after 1 year Scenarios | If you exit after 3 years |
| --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €5590 | €6790 |
| Average return each year | -44.10% | -12.11% |
| Unfavourable | What you might get back after costs | €7940 | €8110 |
| Average return each year | -20.60% | -6.74% |
| Moderate | What you might get back after costs | €10300 | €11050 |
| Average return each year | 3.00% | 3.38% |
| Favourable | What you might get back after costs | €11170 | €12000 |
| Average return each year | 11.70% | 6.27% | | en | fr |
DOLFIN8851 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund description
- Actively managed fund which invests globally in fixed income and equities using disciplined risk budgeting and independent of a reference index.
- Very active, flexible management. Portfolio adjusted in line with the latest market expectations, with an aim to limit drawdowns. As with any investment, the risk of a loss cannot be ruled out. | # Descrizione del fondo
- Fondo a gestione attiva che investe in azioni e strumenti del reddito fisso su base globale adottando un approccio di budget di rischio disciplinato e indipendente da un indice di riferimento.
- Persegue una gestione molto attiva e flessibile. Portafoglio modificato in base alle ultime aspettative di mercato, con l’obiettivo di limitare i rischi di ribasso. Come per ogni investimento, il rischio di perdita non può essere escluso. | # Fund description
- Actively managed fund which invests globally in fixed income and equities using disciplined risk budgeting and independent of a reference index.
- Very active, flexible management. Portfolio adjusted in line with the latest market expectations, with an aim to limit drawdowns. As with any investment, the risk of a loss cannot be ruled out. | en | it |
DOLFIN8852 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 2 L'objectif du compartiment (ci-après le «Fonds») consiste à générer un rendement supérieur à la moyenne à long terme. Pour ce faire, le Fonds investit dans des obligations convertibles en actions.
2 Le Fonds investit au minimum 2/3 de sa fortune dans des obligations convertibles en actions. Ces titres sont émis et garantis par des débiteurs de pays reconnus. L'accent est mis sur les titres de créance de qualité supérieure. Ces titres présentent une forte probabilité d'être entièrement remboursés à l'échéance et paient les intérêts dans leur intégralité à la date de référence.
2 Le Fonds investit dans des titres de créance à taux fixe et à taux variable. Ces titres sont principalement émis par des entreprises. Le Fonds investit dans des titres de créance libellés dans différentes devises dont les fluctuations vis-à-vis de la devise de base du Fonds peuvent être couvertes. | # 2 El objetivo del Subfondo (el «Fondo») es obtener unos rendimientos superiores al promedio a largo plazo. Con esta finalidad, el Fondo invierte en títulos de renta fija convertibles en acciones.
2 El Fondo invierte al menos 2/3 de su patrimonio en títulos de renta fija convertibles en acciones. Estos valores están emitidos y garantizados por emisores de países reconocidos. La atención se centra en las obligaciones de alta calidad. Con ello nos referimos a títulos de renta fija que tienen una altísima probabilidad de ser reembolsados por completo a su vencimiento, así como de pagar íntegramente los intereses en la fecha de referencia.
2 El Fondo invierte en títulos de renta fija a interés fijo y variable. Los valores son emitidos principalmente por empresas. El Fondo invierte en títulos de renta fija denominados en diferentes monedas, cuyas fluctuaciones pueden cubrirse respecto a la divisa de referencia del Fondo. | # 2 L'objectif du compartiment (ci-après le «Fonds») consiste à générer un rendement supérieur à la moyenne à long terme. Pour ce faire, le Fonds investit dans des obligations convertibles en actions.
2 Le Fonds investit au minimum 2/3 de sa fortune dans des obligations convertibles en actions. Ces titres sont émis et garantis par des débiteurs de pays reconnus. L'accent est mis sur les titres de créance de qualité supérieure. Ces titres présentent une forte probabilité d'être entièrement remboursés à l'échéance et paient les intérêts dans leur intégralité à la date de référence.
2 Le Fonds investit dans des titres de créance à taux fixe et à taux variable. Ces titres sont principalement émis par des entreprises. Le Fonds investit dans des titres de créance libellés dans différentes devises dont les fluctuations vis-à-vis de la devise de base du Fonds peuvent être couvertes. | fr | es |
DOLFIN8853 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Redemption of units
Investors can, irrespective of the minimum investment, request the redemption of units on each valuation date unless the Company has temporarily suspended the redemption of units (see section “Suspension of redemption”).
Redemption orders shall be placed with the Depositary or with the Company. The Company is obligated to redeem units at the redemption price applicable on the settlement date, which corresponds to the net asset value per unit determined on that date less any applicable redemption fee. Redemption through an inter- mediary is also possible; additional costs may be incurred when so doing.
Orders received by the Company or the Depositary at or before 1:30 PM CET (the “order acceptance deadline”) on a valuation date are processed on the basis of the net asset value per unit on that valuation date. Orders received by the Company or the Depositary after 1:30 PM CET are processed on the basis of the net asset value per unit on the next valuation date. | ##### Rimborso di quote
Gli investitori possono richiedere il rimborso delle quote in ogni giorno di valutazione indipen- dentemente dall’importo d’investimento minimo, a condizione che la Società non abbia sospeso temporaneamente il rimborso delle quote (si veda il paragrafo “Sospensione del rimborso”). Le richieste di rimborso devono essere presentate presso la banca depositaria o la Società. La Società è tenuta a rimborsare le quote al prezzo di rimborso valido alla data di riferimento del conteggio, che corrisponde al valore della quota rilevato in tale giorno, even- tualmente al netto di una commissione di rim- borso. Il rimborso può avvenire anche tramite l’intermediazione di terzi, nel qual caso si potrebbe incorrere in costi aggiuntivi.
Gli ordini pervenuti alla Società o alla banca depositaria entro le ore 13.30 CET ("termine di accettazione ordini") di un giorno di valutazione vengono processati sulla base del valore della quota in tale giorno di valutazione. Gli ordini pervenuti alla Società o alla banca depositaria dopo le ore 13.30 CET vengono conteggiati sulla base del valore della quota del giorno di valuta- zione successivo. | #### Redemption of units
Investors can, irrespective of the minimum investment, request the redemption of units on each valuation date unless the Company has temporarily suspended the redemption of units (see section “Suspension of redemption”).
Redemption orders shall be placed with the Depositary or with the Company. The Company is obligated to redeem units at the redemption price applicable on the settlement date, which corresponds to the net asset value per unit determined on that date less any applicable redemption fee. Redemption through an inter- mediary is also possible; additional costs may be incurred when so doing.
Orders received by the Company or the Depositary at or before 1:30 PM CET (the “order acceptance deadline”) on a valuation date are processed on the basis of the net asset value per unit on that valuation date. Orders received by the Company or the Depositary after 1:30 PM CET are processed on the basis of the net asset value per unit on the next valuation date. | en | it |
DOLFIN8854 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 3.00% du montant que vous payez au moment de l'entrée dans l'investissement. Il s'agit du montant maximum et, dans certains cas, vous pouvez payer moins. | Jusqu'à 300 EUR |
| Coûts de sortie | 2.00% de votre investissement avant qu'il ne vous soit payé. Il s'agit du montant maximum et, dans certains cas, vous pouvez payer moins. | Jusqu'à 204 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.94% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 194 EUR |
| Coûts de transaction | 0.19% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 19 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats (*) | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 3.00% del importe que pagará usted al realizar esta inversión. Estas cifras son máximas y, en algunos casos, podría pagar menos. | Hasta 300 EUR |
| Costes de salida | 2.00% de su inversión antes de que se le pague. Estas cifras son máximas y, en algunos casos, podría pagar menos. | Hasta 204 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1.94% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 194 EUR |
| Costes de operación | 0.19% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 19 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento (*) | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 3.00% du montant que vous payez au moment de l'entrée dans l'investissement. Il s'agit du montant maximum et, dans certains cas, vous pouvez payer moins. | Jusqu'à 300 EUR |
| Coûts de sortie | 2.00% de votre investissement avant qu'il ne vous soit payé. Il s'agit du montant maximum et, dans certains cas, vous pouvez payer moins. | Jusqu'à 204 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.94% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 194 EUR |
| Coûts de transaction | 0.19% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 19 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats (*) | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | fr | es |
DOLFIN8855 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7060 CHF | 7670 CHF |
| Rendement annuel moyen | -29.42% | -8.46% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9090 CHF | 9180 CHF |
| Rendement annuel moyen | -9.12% | -2.81% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10060 CHF | 10180 CHF |
| Rendement annuel moyen | 0.64% | 0.61% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11160 CHF | 11300 CHF |
| Rendement annuel moyen | 11.63% | 4.17% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | 7060 CHF | 7670 CHF |
| Rendimiento medio cada año | -29.42% | -8.46% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 9090 CHF | 9180 CHF |
| Rendimiento medio cada año | -9.12% | -2.81% |
| Moderado | Lo que podría recibir tras deducir los costes | 10060 CHF | 10180 CHF |
| Rendimiento medio cada año | 0.64% | 0.61% |
| Favorable | Lo que podría recibir tras deducir los costes | 11160 CHF | 11300 CHF |
| Rendimiento medio cada año | 11.63% | 4.17% | | | Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7060 CHF | 7670 CHF |
| Rendement annuel moyen | -29.42% | -8.46% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9090 CHF | 9180 CHF |
| Rendement annuel moyen | -9.12% | -2.81% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10060 CHF | 10180 CHF |
| Rendement annuel moyen | 0.64% | 0.61% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11160 CHF | 11300 CHF |
| Rendement annuel moyen | 11.63% | 4.17% | | fr | es |
DOLFIN8856 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
To achieve that objective, the Sub-Fund selects debt instruments paying lower yields but being relatively safe (“Investment Grade” debt instruments, i.e. with a minimum rating of BBB- by Standard & Poor’s).
The Sub-Fund may invest in financial derivative instruments for hedging purpose and for the purpose of efficient portfolio management. The Sub-Fund does not aim to replicate the reference indicator and may therefore significantly deviate from it.
The accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.
The minimum recommended holding term is 3 years.
Shares may be sold or redeemed (and/or converted) on any dealing day (except otherwise stated in the prospectus) at the respective dealing price (net asset value) in accordance with the articles of incorporation. Further details are provided in the prospectus of the UCITS.
Risk and Reward Profile
Lower risk, Higher risk,
Typically lower reward Typically higher reward | Para lograr dicho objetivo, el Compartimento selecciona instrumentos de deuda que pagan rendimientos más bajos, pero que son relativamente seguros (instrumentos de deuda de "grado de inversión", esto es, con una calificación mínima de BBB- otorgada por Standard & Poor's).
El Compartimento podrá invertir en instrumentos derivados como cobertura y para lograr una gestión eficiente de la cartera.
El Compartimento no tiene como objetivo replicar el índice de referencia y, por lo tanto, puede desviarse en gran medida del mismo.
La acción de acumulación retiene y reinvierte automáticamente todos los ingresos atribuibles dentro del Subfondo, acumulando de este modo el valor en el precio de las acciones de acumulación.
El periodo de inversión mínimo recomendado es de 3 años.
Las acciones se pueden vender o reembolsar (y/o convertir) cualquier día de negociación (a no ser que se indique algo distinto en el folleto) al precio de negociación respectivo (valor liquidativo) de conformidad con los estatutos. Se proporcionan más detalles en el folleto de la IIC.
Perfil de riesgo y de rentabilidad
Riesgo más bajo, Riesgo más alto,
Rentabilidad habitualmente más baja Rentabilidad habitualmente más alta | To achieve that objective, the Sub-Fund selects debt instruments paying lower yields but being relatively safe (“Investment Grade” debt instruments, i.e. with a minimum rating of BBB- by Standard & Poor’s).
The Sub-Fund may invest in financial derivative instruments for hedging purpose and for the purpose of efficient portfolio management. The Sub-Fund does not aim to replicate the reference indicator and may therefore significantly deviate from it.
The accumulation share automatically retains, and re-invests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.
The minimum recommended holding term is 3 years.
Shares may be sold or redeemed (and/or converted) on any dealing day (except otherwise stated in the prospectus) at the respective dealing price (net asset value) in accordance with the articles of incorporation. Further details are provided in the prospectus of the UCITS.
Risk and Reward Profile
Lower risk, Higher risk,
Typically lower reward Typically higher reward | en | es |
DOLFIN8857 | 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 Sub-Fund is not managed in reference to an index. The Sub-Fund’s objective is to generate returns by implementing an event driven strategy. Such strategy seeks to benefit from corporate events such as, but not limited to, reorganization, restructuring, merger, acquisition, spin-off and other corporate changes that offer capital structure arbitrage opportunities: depending on the regulatory environment and possible synergies from the corporate events mentioned above, the company’s stock price may deviate from the consensus price established before the event takes place. The Investment Manager combines securities across the capital structure of issuers to create asymmetric opportunities around events. The investment approach enhances traditional fundamental event driven analysis with the convexity available from the combination of equities, credit and related financial derivatives. The Sub-Fund may invest in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities and equity related securities, commodities,
currencies and/or Cash and Cash Equivalents, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade and Distressed Securities (up to 10% of its net assets). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for efficient portfolio management as well as part of the investment strategy. | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El subfondo no se gestiona por referencia a un índice. El objetivo del subfondo es generar rentabilidades implementando una estrategia basada en acontecimientos. Dicha estrategia trata de aprovechar eventos corporativos como, por ejemplo, reorganizaciones, reestructuraciones, fusiones, adquisiciones, segregaciones y otros cambios empresariales que ofrezcan oportunidades de arbitraje en la estructura del capital: según el entorno de regulación y las posibles sinergias derivadas de esos eventos corporativos, la cotización de la compañía puede desviarse del precio de consenso establecido antes de ocurrir el acontecimiento. El gestor de inversiones combina títulos de toda la estructura de capital de emisores para crear oportunidades asimétricas en torno a los acontecimientos. El enfoque de inversión mejora el análisis fundamental tradicional basado en acontecimientos con la convexidad disponible a partir de la combinación de acciones, crédito y derivados financieros relacionados. El subfondo podrá invertir en bonos, otros títulos de deuda a tipo variable o fijo e instrumentos de deuda a corto plazo emitidos o garantizados por emisores soberanos o no soberanos, bonos convertibles, acciones y títulos relacionados con acciones, materias
primas, divisas y/o efectivo y equivalentes de efectivo, denominados en monedas de países de la OCDE. Los instrumentos arriba descritos pueden ser de cualquier calificación crediticia, incluidos valores sin grado de inversión y deuda de emisores en dificultades (hasta un 10% del patrimonio neto). El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura o gestión eficiente de la cartera, y también como parte de la estrategia de inversión. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index. The Sub-Fund’s objective is to generate returns by implementing an event driven strategy. Such strategy seeks to benefit from corporate events such as, but not limited to, reorganization, restructuring, merger, acquisition, spin-off and other corporate changes that offer capital structure arbitrage opportunities: depending on the regulatory environment and possible synergies from the corporate events mentioned above, the company’s stock price may deviate from the consensus price established before the event takes place. The Investment Manager combines securities across the capital structure of issuers to create asymmetric opportunities around events. The investment approach enhances traditional fundamental event driven analysis with the convexity available from the combination of equities, credit and related financial derivatives. The Sub-Fund may invest in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities and equity related securities, commodities,
currencies and/or Cash and Cash Equivalents, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade and Distressed Securities (up to 10% of its net assets). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for efficient portfolio management as well as part of the investment strategy. | en | es |
DOLFIN8858 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Information for shareholders
section of the Sales Prospectus and in the official electronic gazette (e.g. electronic Federal Gazette in the Federal Republic of Germany) in the countries in which shares in the fund are authorised for general distribution. The Management Company shall also report any decision to suspend redemptions without delay to the Luxembourg supervisory authority as well as the supervisory authorities of the countries where it distributes shares in the fund. Investors who have made an application to re- deem shares are notified without delay of any suspension of redemptions. Applications to redeem shares are exe- cuted in the order in which they were received once the issue and redemption of shares has been resumed.
The Management Company reserves the right to suspend temporarily or definitively the issue of shares in one or more sub-funds and to reject corresponding subscription applications. Any payments already made are returned to shareholders without delay.
Issue of shares
- Shares are always issued on the initial issue date of a sub-fund or within the initial issue period of a sub-fund at a set initial issue price plus the issue surcharge paid to the intermediary, if any, in the manner described for the respective sub-fund in the annex to this Sales Prospectus. After this initial issue date or this initial issue period, shares are issued on every valuation day at the issue price. The issue price is the net asset value per share plus the issue surcharge payable to the Sales Agent, if any, the maximum amount of which is stated for each sub- fund in the respective annex to this Sales Prospectus. The issue price can be increased by fees or other charges payable in particular countries where the fund is offered for sale. | # Informationen an die Aktionäre
des Verkaufsprospektes genannten Medien und im offiziellen elektronischen Verlautbarungsorgan (z.B. elektronischer Bundesanzeiger der Bundesrepublik Deutsch- land) in den Ländern veröffentlichen, in denen Anteile des Fonds zum öffentlichen Vertrieb zugelassen sind. Die Ver- waltungsgesellschaft wird der Luxemburger Aufsichtsbehörde und den Aufsichtsbehörden derjenigen Länder in de- nen sie die Anteile des Fonds vertreibt, die Entscheidung zur Aussetzung der Rücknahme unverzüglich anzeigen. An- leger, welche einen Rücknahmeantrag gestellt haben, werden von einer Einstellung der Rücknahmen unverzüglich benachrichtigt. Rücknahmeanträge werden erst nach Wiederaufnahme der Ausgabe und Rücknahme von Anteilen in Reihenfolge ihres Einganges ausgeführt.
Die Verwaltungsgesellschaft behält sich das Recht vor, die Ausgabe von Aktien in einem oder mehreren Teilfonds zeitweilig einzustellen oder zu beenden und diesbezügliche Zeichnungsanträge zurückzuweisen. Etwaige bereits ge- leistete Zahlungen werden den Aktionären unverzüglich zurückgezahlt.
Ausgabe von Aktien
- Aktien werden jeweils am Erstausgabetag eines Teilfonds bzw. innerhalb der Erstausgabeperiode eines Teil- fonds, zu einem bestimmten Erstausgabepreis (zuzüglich Ausgabeaufschlag zugunsten des jeweiligen Vermitt- lers) ausgegeben, so wie für den jeweiligen Teilfonds in dem betreffenden Anhang zu diesem Verkaufsprospekt beschrieben. Im Anschluss an diesen Erstausgabetag bzw. an diese Erstausgabeperiode werden Aktien an jedem Bewertungstag zum Ausgabepreis ausgegeben. Ausgabepreis ist der Nettoinventarwert pro Aktie, zuzüglich ei- nes Ausgabeaufschlages zugunsten einer etwaigen Vertriebsstelle, dessen maximale Höhe für den jeweiligen Teilfonds in dem betreffenden Anhang zum Verkaufsprospekt aufgeführt ist. Der Ausgabepreis kann sich um Gebühren oder andere Belastungen erhöhen, die in den jeweiligen Vertriebsländern anfallen. | # Information for shareholders
section of the Sales Prospectus and in the official electronic gazette (e.g. electronic Federal Gazette in the Federal Republic of Germany) in the countries in which shares in the fund are authorised for general distribution. The Management Company shall also report any decision to suspend redemptions without delay to the Luxembourg supervisory authority as well as the supervisory authorities of the countries where it distributes shares in the fund. Investors who have made an application to re- deem shares are notified without delay of any suspension of redemptions. Applications to redeem shares are exe- cuted in the order in which they were received once the issue and redemption of shares has been resumed.
The Management Company reserves the right to suspend temporarily or definitively the issue of shares in one or more sub-funds and to reject corresponding subscription applications. Any payments already made are returned to shareholders without delay.
Issue of shares
- Shares are always issued on the initial issue date of a sub-fund or within the initial issue period of a sub-fund at a set initial issue price plus the issue surcharge paid to the intermediary, if any, in the manner described for the respective sub-fund in the annex to this Sales Prospectus. After this initial issue date or this initial issue period, shares are issued on every valuation day at the issue price. The issue price is the net asset value per share plus the issue surcharge payable to the Sales Agent, if any, the maximum amount of which is stated for each sub- fund in the respective annex to this Sales Prospectus. The issue price can be increased by fees or other charges payable in particular countries where the fund is offered for sale. | en | de |
DOLFIN8859 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In order to achieve the various Purposes, Personal Data may be collected or received directly from Data Subjects or indirectly through external sources, including any publicly available sources, or through subscription services or third parties.
A shareholder or potential shareholder of the SICAV, a business partner of the SICAV or a Person Related to such a shareholder, potential shareholder or business partner may refuse to provide the Personal Data required by or on behalf of the SICAV. In such a case, the SICAV may not be able and therefore may refuse 1) to provide the services requested by such shareholder or potential shareholder in connection with his investment or planned investment in the SICAV; and/or 2) to provide services related to those mentioned in 1) above that are considered indispensable by the SICAV and/or Data Processors for the legitimate interest pursued by the SICAV and/or Data Processors in connection with the investment or planned investment of shareholders and potential shareholders in the SICAV; and/or 3) to comply with the contracts or other agreements entered into between the SICAV and its business partners; and 4) to continue the relationship between the SICAV and the shareholder or between the SICAV and the business partner.
Subject to applicable legal restrictions, which may vary depending on the Purposes for which the Personal Data was obtained, Personal Data will not be retained longer than necessary for the Purposes for which it was obtained. Personal Data will be deleted or made anonymous (or the equivalent) when it is no longer necessary to achieve the Purposes for which it was obtained, except
(i) if any applicable legal or regulatory requirement requires the Personal Data to be processed for a longer period of time or (ii) in order to comply with the SICAV's terms and conditions or to protect the rights of the SICAV or Data Processors in connection with legal claims, litigation, arbitration or other similar proceedings. | Um die verschiedenen Zwecke zu erreichen, können die personenbezogenen Daten direkt von den betroffenen Personen oder indirekt über externe Quellen, einschließlich öffentlich zugänglicher Quellen, oder über Abonnementdienste oder Dritte erhoben oder empfangen werden.
Ein Anteilinhaber oder potenzieller Anteilinhaber der SICAV, ein Geschäftspartner der SICAV oder eine Person, die mit einem solchen Anteilinhaber, potenziellen Anteilinhaber oder Geschäftspartner verbunden ist, kann sich weigern, die von der SICAV oder im Namen der SICAV angeforderten personenbezogenen Daten zur Verfügung zu stellen. In einem solchen Fall ist die SICAV möglicherweise nicht in der Lage und kann es daher ablehnen, 1) die von einem solchen Anteilinhaber oder potenziellen Anteilinhaber im Zusammenhang mit seiner Anlage oder geplanten Anlage in der SICAV angeforderten Dienstleistungen zu erbringen; und/oder 2) Dienstleistungen in Verbindung mit den unter 1) oben genannten Dienstleistungen zu erbringen, die von der SICAV und/oder den Unterauftragnehmern als unerlässlich für das legitime Interesse der SICAV und/oder der Unterauftragnehmer im Zusammenhang mit der Anlage oder geplanten Anlage von Anteilinhabern und potenziellen Anteilinhabern in der SICAV angesehen werden; und/oder 3) die zwischen der SICAV und ihren Geschäftspartnern geschlossenen Verträge oder sonstigen Vereinbarungen einzuhalten; und 4) die Geschäftsbeziehung zwischen der SICAV und dem Anteilinhaber oder zwischen der SICAV und dem Geschäftspartner fortzusetzen.
Vorbehaltlich geltender rechtlicher Einschränkungen, die sich je nach den Zwecken, für die die personenbezogenen Daten erhoben wurden, unterscheiden können, werden personenbezogene Daten nicht länger aufbewahrt, als dies für die Zwecke, für die sie erhoben wurden, erforderlich ist. Die personenbezogenen Daten werden gelöscht oder anonymisiert (oder gleichwertig), wenn sie zur
Erreichung der Zwecke, für die sie erhoben wurden, nicht mehr erforderlich sind, es sei denn, (i) eine geltende Rechts- oder Verwaltungsvorschrift erfordert die Verarbeitung der personenbezogenen Daten über einen längeren Zeitraum oder (ii) zur Einhaltung der Allgemeinen Geschäftsbedingungen der SICAV oder zum Schutz der Rechte der SICAV oder der Unterauftragnehmer im Zusammenhang mit Rechtsansprüchen, Rechtsstreitigkeiten, Schiedsverfahren oder ähnlichen Verfahren. | In order to achieve the various Purposes, Personal Data may be collected or received directly from Data Subjects or indirectly through external sources, including any publicly available sources, or through subscription services or third parties.
A shareholder or potential shareholder of the SICAV, a business partner of the SICAV or a Person Related to such a shareholder, potential shareholder or business partner may refuse to provide the Personal Data required by or on behalf of the SICAV. In such a case, the SICAV may not be able and therefore may refuse 1) to provide the services requested by such shareholder or potential shareholder in connection with his investment or planned investment in the SICAV; and/or 2) to provide services related to those mentioned in 1) above that are considered indispensable by the SICAV and/or Data Processors for the legitimate interest pursued by the SICAV and/or Data Processors in connection with the investment or planned investment of shareholders and potential shareholders in the SICAV; and/or 3) to comply with the contracts or other agreements entered into between the SICAV and its business partners; and 4) to continue the relationship between the SICAV and the shareholder or between the SICAV and the business partner.
Subject to applicable legal restrictions, which may vary depending on the Purposes for which the Personal Data was obtained, Personal Data will not be retained longer than necessary for the Purposes for which it was obtained. Personal Data will be deleted or made anonymous (or the equivalent) when it is no longer necessary to achieve the Purposes for which it was obtained, except
(i) if any applicable legal or regulatory requirement requires the Personal Data to be processed for a longer period of time or (ii) in order to comply with the SICAV's terms and conditions or to protect the rights of the SICAV or Data Processors in connection with legal claims, litigation, arbitration or other similar proceedings. | en | de |
DOLFIN8860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Article 3 – Subscription and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription are made based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder needs be obtained by the UCITS or the Management Company. When the redemption in kind does not correspond to a representative portion of the assets in the portfolio, then all unitholders must give their written consent authorising the outgoing unitholder to redeem their units in return for certain specific assets, as explicitly set out in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the consent of the portfolio Management Company and in compliance with the interests of the unitholders, be made in kind under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, the assets redeemed are valued according to the rules laid down in Article 4 and in-kind redemptions are made based on the first net asset value following the acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L.214-8-7 of the French Monetary and Financial Code, the redemption by the Fund of its units, as with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and when the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may cease to issue units pursuant to paragraph three of Article L.214-8-7 of the French Monetary and Financial Code provisionally, definitively, partially or totally, in situations that objectively require the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. Existing unitholders will be notified by any means that this tool has been triggered and activated, and will be informed of the threshold and the objective situation that led to the decision on partial or total closure. In the event of partial closure, this notification by any means will explicitly set out the terms under which existing unitholders may continue to subscribe for the duration of this partial closure. Unitholders are also notified by any means of the decision by the UCITS or the Management Company either to terminate the total or partial closure of subscriptions (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this tool). A change in the objective situation indicated or the triggering threshold of the tool must always be made in the interests of unitholders. The notification made by any means will specify the exact grounds for these changes. | #### Artículo 3 – Emisión y reembolso de participaciones
Las participaciones se emiten en todo momento a petición de los partícipes basándose en su valor liquidativo incrementado, si procede, por las comisiones de suscripción.
Los reembolsos y las suscripciones se llevan a cabo en las condiciones y de acuerdo con las modalidades establecidas en el folleto.
Las participaciones del fondo de inversión pueden ser objeto de admisión a cotización según la normativa en vigor.
Las suscripciones deben ser íntegramente desembolsadas el día de cálculo del valor liquidativo. Pueden realizarse en metálico y/o mediante la aportación de instrumentos financieros. La Sociedad gestora tiene derecho a rechazar los valores ofrecidos y, para este fin, tiene un plazo de siete días a partir de su presentación para dar a conocer su decisión. En caso de aceptación, los valores aportados se valorarán siguiendo las normas establecidas en el artículo 4 y la suscripción se realizará tomando como referencia el primer valor liquidativo tras la aceptación de los valores en cuestión.
Asimismo, los reembolsos podrán llevarse a cabo en especie. Si el reembolso en especie corresponde a una cuota representativa de los activos de la cartera, solo será necesario que el OICVM o la Sociedad gestora obtengan el acuerdo escrito firmado por el partícipe saliente. Cuando el reembolso en especie no corresponda a una cuota representativa de los activos de la cartera, todos los partícipes deben comunicar el acuerdo por escrito que autoriza al partícipe saliente a obtener el reembolso de sus participaciones por determinados activos particulares, tal como se define explícitamente en el acuerdo.
Pese a lo dispuesto anteriormente, cuando el fondo sea un ETF, los reembolsos en el mercado primario podrán, con el acuerdo de la Sociedad gestora de la cartera y en el respeto de los intereses de los partícipes, efectuarse en las condiciones establecidas en el folleto o el reglamento del fondo. El titular de la cuenta del emisor debe entregar los activos en las condiciones establecidas en el folleto del fondo.
En general, los activos reembolsados se valoran según las reglas establecidas en el artículo 4 y el reembolso en especie se realiza en función del primer valor liquidativo una vez aceptados los valores pertinentes.
Los reembolsos son liquidados por el titular de la cuenta emisora en un plazo máximo de cinco días después de la evaluación de la participación.
Sin embargo, si, en circunstancias excepcionales, el reembolso requiere la materialización previa de activos presentes en el fondo, este plazo podría prolongarse, sin exceder los 30 días.
Excepto en el caso de sucesión o de transmisión inter vivos, la cesión o la transmisión de participaciones entre partícipes o de un partícipe a un tercero se equipara a un reembolso seguido de una suscripción; si se trata de un tercero, el importe de la cesión o la transmisión deberá, según el caso, ser satisfecho por el beneficiario hasta alcanzar como mínimo el importe de suscripción mínimo exigido en el folleto.
En aplicación del artículo L.214-8-7 del Code monétaire et financier, el código monetario y financiero francés, la Sociedad gestora podrá interrumpir provisionalmente el reembolso de las participaciones del FI, así como la emisión de participaciones nuevas, cuando así lo exijan circunstancias excepcionales y siempre que redunde en beneficio de los partícipes.
Si bien el patrimonio neto del FI (o, en su caso, el subfondo) es inferior al importe fijado por la normativa, no se podrá efectuar ningún reembolso de participaciones (sobre el subfondo correspondiente, en su caso).
Posibilidad de condiciones de suscripción mínima, según las modalidades previstas en el folleto.
El OICVM podrá dejar de emitir participaciones en aplicación del tercer apartado del artículo L. 214-8-7 del Code monétaire et financier, el código monetario y financiero francés, de manera provisional o definitiva, parcial o totalmente, en las situaciones objetivas que conlleven el cierre de las suscripciones, como son los supuestos de un número máximo de participaciones emitidas, un importe máximo del activo alcanzado o el vencimiento de un periodo de suscripción determinado. En caso de que se ponga en práctica esta herramienta, debe informarse por todos los medios a los partícipes existentes acerca de su activación, así como del umbral y la situación objetiva que llevaron a la decisión de cierre parcial o total. En el caso de un cierre parcial, la necesidad de informar por todos los medios a los partícipes implica la obligación de especificar explícitamente las modalidades al alcance de los partícipes existentes para continuar suscribiéndose mientras dure dicho cierre parcial. Los partícipes también deben recibir información por cualquier medio acerca de la decisión del OICVM o de la Sociedad gestora de poner fin al cierre total o parcial de las suscripciones (cuando pasan por debajo del umbral de activación) o de no ponerle fin (en el caso de un cambio de umbral o modificación de la situación objetiva que lleva a la implementación de esta herramienta). Un cambio en la situación objetiva invocada o el punto de activación de la herramienta siempre debe realizarse en interés de los partícipes. La información, cualquiera que sea el medio utilizado, debe exponer los motivos exactos de estos cambios. | #### Article 3 – Subscription and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription are made based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder needs be obtained by the UCITS or the Management Company. When the redemption in kind does not correspond to a representative portion of the assets in the portfolio, then all unitholders must give their written consent authorising the outgoing unitholder to redeem their units in return for certain specific assets, as explicitly set out in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the consent of the portfolio Management Company and in compliance with the interests of the unitholders, be made in kind under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, the assets redeemed are valued according to the rules laid down in Article 4 and in-kind redemptions are made based on the first net asset value following the acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L.214-8-7 of the French Monetary and Financial Code, the redemption by the Fund of its units, as with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and when the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may cease to issue units pursuant to paragraph three of Article L.214-8-7 of the French Monetary and Financial Code provisionally, definitively, partially or totally, in situations that objectively require the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. Existing unitholders will be notified by any means that this tool has been triggered and activated, and will be informed of the threshold and the objective situation that led to the decision on partial or total closure. In the event of partial closure, this notification by any means will explicitly set out the terms under which existing unitholders may continue to subscribe for the duration of this partial closure. Unitholders are also notified by any means of the decision by the UCITS or the Management Company either to terminate the total or partial closure of subscriptions (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this tool). A change in the objective situation indicated or the triggering threshold of the tool must always be made in the interests of unitholders. The notification made by any means will specify the exact grounds for these changes. | en | es |
DOLFIN8861 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Aperçu de la performance - cumulée
## depuis 01.10.2019
## 20%
## 15%
## 10%
## 5%
## 0%
## -5%
## -10%
## -15%
## -20%
## 04.2020 10.2020 04.2021 10.2021 04.2022
Portefeuille net - rendement mensuel Portefeuille net - rendement cumulé
Portefeuille net - rendement cumulé | # Resumen de rendimiento– acumulado
## desde 01.10.2019
## 20%
## 15%
## 10%
## 5%
## 0%
## -5%
## -10%
## -15%
## -20%
## 04.2020 10.2020 04.2021 10.2021 04.2022
Cartera neta – rendimiento mensual Cartera neta – rendimiento acumulado
Cartera neta – rendimiento acumulado | # Aperçu de la performance - cumulée
## depuis 01.10.2019
## 20%
## 15%
## 10%
## 5%
## 0%
## -5%
## -10%
## -15%
## -20%
## 04.2020 10.2020 04.2021 10.2021 04.2022
Portefeuille net - rendement mensuel Portefeuille net - rendement cumulé
Portefeuille net - rendement cumulé | fr | es |
DOLFIN8862 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Select Accumulation - USD
Inception date: 24 October 2016
Total assets (million) $1,391 | Accumulation USD (million) $668 as at 31 October 2022 | ## Seleziona Accumulazione - USD
Data di lancio: 24 ottobre 2016
Patrimonio totale (milioni) $1,391 | Accumulazione USD (milioni) $668 al 31 ottobre 2022 | ## Select Accumulation - USD
Inception date: 24 October 2016
Total assets (million) $1,391 | Accumulation USD (million) $668 as at 31 October 2022 | en | it |
DOLFIN8863 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
All Funds invested primarily in fixed income instruments and therefore are exposed to the risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows. These investments are disclosed in the Schedule of Investments. Any excess cash and cash equivalents are invested at short-term market interest rates.
The sensitivity of the Company’s exposure to interest rate risk is included in the overall VaR calculations disclosed in Note 16 (a).
- Liquidity RiskA Fund’s exposure to liquidity risk is primarily affected by the redemption of Shares. Participating Shareholders may redeem some or all of their outstanding Shares in accordance with the Prospectus. Redeemable Shares are redeemed at the Shareholders demand and are included on the Statement of Assets and Liabilities. The Fund’s assets are primarily comprised of readily realisable securities, which can be readily sold to satisfy Shareholder redemptions in accordance with the Prospectus. Liquidity risk exists when particular investments are difficult to purchase or sell. Also, illiquid securities may become harder to value especially in changing markets. A Fund’s investments in illiquid securities may reduce returns of a Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Funds with principal investment strategies that involve foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. | Tous les Fonds investissent principalement dans des instruments à revenu fixe et sont donc exposés aux risques associés aux effets des fluctuations des niveaux de taux d’intérêt du marché sur leur situation financière et leurs flux de trésorerie. Ces investissements sont présentés dans le Tableau des investissements. Tout excédent de trésorerie et d’équivalents de trésorerie est investi aux taux d’intérêt à court terme du marché.
La sensibilité de l’exposition de la Société au risque de taux d’intérêt est incluse dans les calculs de la VaR globale divulgués dans la Note 16 (a).
- Risque de liquiditéUne exposition du Fonds au risque de liquidité est essentiellement affectée par le rachat des Actions. Les détenteurs d’actions de participation peuvent demander le rachat de tout ou partie de leurs Actions en circulation, conformément au Prospectus. Les Actions rachetables sont rachetées à la demande des Actionnaires et incluses dans le Bilan. Les actifs du Fonds se composent essentiellement de titres facilement réalisables, qu’il est possible de vendre rapidement pour satisfaire aux demandes de rachat des Actionnaires, conformément au Prospectus. Le risque de liquidité survient lorsque des investissements particuliers sont difficiles à acheter ou à vendre. En outre, les titres illiquides peuvent être plus difficiles à valoriser, notamment sur des marchés volatils. Les investissements d’un Fonds dans des titres illiquides peuvent réduire ses rendements, car il peut être dans l’incapacité de vendre les titres illiquides à un moment ou un prix avantageux. Les Fonds dont les stratégies d’investissement principales impliquent des titres étrangers, des produits dérivés ou des titres assortis d’un risque de marché et/ou de crédit important ont tendance à avoir la plus grande exposition au risque de liquidité. | All Funds invested primarily in fixed income instruments and therefore are exposed to the risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows. These investments are disclosed in the Schedule of Investments. Any excess cash and cash equivalents are invested at short-term market interest rates.
The sensitivity of the Company’s exposure to interest rate risk is included in the overall VaR calculations disclosed in Note 16 (a).
- Liquidity RiskA Fund’s exposure to liquidity risk is primarily affected by the redemption of Shares. Participating Shareholders may redeem some or all of their outstanding Shares in accordance with the Prospectus. Redeemable Shares are redeemed at the Shareholders demand and are included on the Statement of Assets and Liabilities. The Fund’s assets are primarily comprised of readily realisable securities, which can be readily sold to satisfy Shareholder redemptions in accordance with the Prospectus. Liquidity risk exists when particular investments are difficult to purchase or sell. Also, illiquid securities may become harder to value especially in changing markets. A Fund’s investments in illiquid securities may reduce returns of a Fund because it may be unable to sell the illiquid securities at an advantageous time or price. Funds with principal investment strategies that involve foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. | en | fr |
DOLFIN8864 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transferable securities and money market instruments admitted to an official exchange listing (continued)
Bonds (continued) FINLAND
EUR 4,295,000 OP Corporate Bank plc 0.10%
16/11/2027 3,497,351 0.65
Total Finland 3,497,351 0.65 | Übertragbare Wertpapiere und Geldmarktinstrumente mit amtlicher Börsennotierung (Fortsetzung)
Anleihen (Fortsetzung) FINNLAND
EUR 4.295.000 OP Corporate Bank plc 0.10%
16/11/2027 3.497.351 0,65
Finnland, insgesamt 3.497.351 0,65 | Transferable securities and money market instruments admitted to an official exchange listing (continued)
Bonds (continued) FINLAND
EUR 4,295,000 OP Corporate Bank plc 0.10%
16/11/2027 3,497,351 0.65
Total Finland 3,497,351 0.65 | en | de |
DOLFIN8865 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year |
| --- |
| Total costs | €0 |
| Annual cost impact (*) | 0.0% | | | Si vous sortez après 1 an |
| --- |
| Coûts totaux | €0 |
| Incidence des coûts annuels (*) | 0.0% | | | If you exit after 1 year |
| --- |
| Total costs | €0 |
| Annual cost impact (*) | 0.0% | | en | fr |
DOLFIN8866 | 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 European Dividend Value Fund FA EUR between 13/01/2022-20/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,391
-16.1%
EUR 10,121
0.2% | # Este tipo de escenario se produjo para una inversión Credit Suisse European Dividend Value Fund FA EUR entre 13/01/2022-20/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 391 EUR
-16,1%
10 121 EUR
0,2% | # This type of scenario occurred for an investment Credit Suisse European Dividend Value Fund FA EUR between 13/01/2022-20/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,391
-16.1%
EUR 10,121
0.2% | en | es |
DOLFIN8867 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### V.
- The Fund may not acquire shares carrying voting rights which should enable it to exercise significant influence over the management of an issuing body.
- A Sub-Fund may acquire no more than:
- 10% of the non-voting shares of the same issuer;
- 10% of the debt securities of the same issuer;
- 10% of the Money Market Instruments of the same issuer. | ### V.
- Der Fonds darf keine Anteile mit Stimmrechten erwerben, die es ihm ermöglichen würden, einen erheblichen Einfluss auf die Geschäftsleitung eines Emittenten auszuüben.
- Ein Teilfonds darf höchstens folgende Erwerbe tätigen:
- 10 % von nicht stimmberechtigten Anteilen desselben Emittenten;
- 10 % von Schuldtiteln desselben Emittenten;
- 10 % von Geldmarktinstrumenten desselben Emittenten. | ### V.
- The Fund may not acquire shares carrying voting rights which should enable it to exercise significant influence over the management of an issuing body.
- A Sub-Fund may acquire no more than:
- 10% of the non-voting shares of the same issuer;
- 10% of the debt securities of the same issuer;
- 10% of the Money Market Instruments of the same issuer. | en | de |
DOLFIN8868 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI AC ASEAN 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in an ASEAN country, including emerging markets. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time. The Sub-Fund may invest in companies listed in ASEAN countries that may have exposure to other countries, in particular China.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar un crecimiento del capital a largo plazo invirtiendo principalmente en compañías de países miembros de la Asociación de Naciones del Sureste Asiático (ASEAN).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente y de carácter fundamental.
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
Índice de referencia de la Clase de Acciones MSCI AC ASEAN 10/40 Index (Total Return Net)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte en renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un país de la ASEAN, incluidos los mercados emergentes. El Subfondo podrá invertir en compañías de pequeña capitalización y mantener posiciones considerables en sectores o mercados específicos de forma ocasional. El Subfondo podrá invertir en compañías cotizadas en países de la ASEAN que podrán estar expuestas a otros países, en concreto a China. | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies of countries which are members of the Association of South East Asian Nations (ASEAN).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI AC ASEAN 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in an ASEAN country, including emerging markets. The Sub-Fund may invest in small capitalisation companies and have significant positions in specific sectors or markets from time to time. The Sub-Fund may invest in companies listed in ASEAN countries that may have exposure to other countries, in particular China.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good | en | es |
DOLFIN8869 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Objectives and investment policy | The fund is actively managed. The Fund's investment objective is to achieve the highest possible rate of growth, taking into account the investment risk as well as socially and ecologically responsible investment criteria. In order to achieve this aim, at least 51% of the fund’s assets is invested in exchange-traded shares of European issuers. European issuers are those whose registered offices, main stock exchange or business operations are in Europe, i.e. the country of risk is Europe. The fund will invest primarily in standard stocks and in high-growth small and medium-sized companies. The fund endeavours to outperform its benchmark MSCI® Europe. In the investment decision process for the Fund, a large number of ecological and social characteristics are taken into account. No more than 10% of net fund assets may be invested in subordinated bonds (contingent convertibles bonds only). A maximum of 20% of the net fund assets may be invested in interest-bearing securities. No more than 5% of the net fund assets may be invested in real estate investment trusts (REITs) qualifying as securities. In accordance with Article 41(1)(e) of the Law of 17 December 2010, a maximum of 10% of net fund assets may be invested in target funds (UCITS and other UCIs). Financial derivative instruments (FDIs) traded on a regulated market or over the counter (OTC) may be used for investment and hedging purposes. This Fund promotes environmental and/or social characteristics under Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). The benchmark for the fund is: 100% MSCI Europe NR (EUR). This benchmark is determined for the fund by the investment management company and may be changed. The fund does not aim to reproduce the benchmark. The portfolio manager may invest at their own discretion in securities or industries not included in the benchmark in order to capitalise on specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the benchmark. This deviation may be material. Within this scope, the choice of the individual assets is performed by the fund manager. Income shall remain in the fund (or: in this unit class) and shall increase the value of the units. Investors may, in general, redeem their units with the management company on each trading day, i.e. each entire bank working day in Luxembourg and Frankfurt am Main. The fund may, however, suspend redemptions when extraordinary circumstances exist which, taking into consideration the interests of the unitholders, make a suspension appear necessary. Recommendation: This fund may not be suitable for investors that are planning to withdraw their monies from the fund within a period of less than 5 years. |
| --- | --- |
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The fund has been placed in category 6 because its unit value fluctuates strongly and therefore the chance of profit but also the risk of loss can be high. It may be that due to the calculation model not all risks are accounted for when placing the fund in a risk category. An extensive description of the risks is included in the section “Notes on Risks” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the fund: − Credit risks: The fund may invest a part of its assets in debt securities issued by governments or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The fund may use derivatives for the purposes described above under “Objectives and Investment Policy”. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the fund. − Custody risks: The custody of assets, particularly abroad, may involve a risk of loss arising from the possibility that the custodian or sub-custodian becomes insolvent, breach duties of due care or engages in abusive conduct. − Operational risks: The fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the investment management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | | Objetivos y política de inversión | El fondo se gestiona activamente. El fondo tiene como objetivo lograr el mayor crecimiento de valor posible respetando criterios de inversión social y sostenibilidad medioambiental. Para lograrlo, se invierte al menos un 51 % del capital del fondo en acciones cotizadas emitidas por entidades europeas. Los emisores europeos son aquellos que tienen su domicilio social, su principal bolsa de valores o su actividad empresarial (país de riesgo = Europa) en Europa. Por ello, debe invertirse obligatoriamente en títulos estándar, así como en valores pequeños y medianos con un fuerte crecimiento. El fondo pretende superar la rentabilidad de su índice de referencia, el MSCI® Europe. En las decisiones de inversión del fondo se tienen en cuenta un gran número de características medioambientales y sociales. Un máximo del 10 % del capital neto del fondo puede invertirse en obligaciones subordinadas (exclusivamente bonos contingentes convertibles). Un máximo del 20 % del capital neto del fondo puede invertirse en valores que devengan intereses. Un máximo del 5 % del capital neto del fondo puede invertirse en fideicomisos de inversión inmobiliaria (REIT), que se califican como valores. Un máximo del 10 % del capital neto del fondo puede invertirse en fondos objetivo (OICVM y otros OIC), de conformidad con el artículo 41 (1) e) de la Ley del 17 de diciembre de 2010. Los instrumentos financieros derivados (IFD), negociados en un mercado regulado o extrabursátil (OTC), pueden utilizarse con fines de inversión y cobertura. Este fondo promueve características medioambientales o sociales según el artículo 8 del Reglamento sobre divulgación (Reglamento [UE] 2019/2088). El fondo utilizará como valor de referencia: 100% MSCI Europe NR (EUR). El valor de referencia del fondo será fijado por la sociedad y, en su caso, podrá ser cambiado. Sin embargo, el fondo no persigue reflejar el valor de referencia. El gestor de la cartera puede invertir, a su elección, en títulos o en sectores que no estén incluidos en el índice de referencia para aprovechar oportunidades específicas de inversión. La estrategia de inversión reduce la medida en la que los activos de cartera pueden diferir del referente. Esta diferencia puede ser notable. En este contexto, la selección de activos a título individual compete a la gestión del fondo. Los beneficios se mantienen en el fondo (dado el caso: en esta clase de participaciones) y aumentan el valor de las participaciones. Los inversores podrán, en general, obtener, previa solicitud, a la sociedad gestora el reembolso de sus participaciones cada día de negociación, es decir todo día hábil completo en Luxemburgo y en Fráncfort del Meno. El Fondo podrá, sin embargo, suspender los reembolsos cuando concurran circunstancias extraordinarias que, teniendo en cuenta los intereses de los partícipes, determinaran que fuera necesario. Recomendación: este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de menos de 5 años. |
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| Perfil de riesgo y remuneración | ◄ Remuneración potencialmente más baja Remuneración potencialmente más elevada ► Menor riesgo Mayor riesgo 1 2 3 4 5 6 7 Este indicador se basa en datos históricos y por tanto no se puede prever la rentabilidad futura. La clasificación del fondo podrá variar en el futuro y no constituye ninguna garantía. Incluso la asignación de un fondo a la categoría 1 no supone que la inversión esté completamente libre de riesgo. El fondo se clasifica en la categoría 6 porque el precio de sus participaciones fluctúa mucho y, por lo tanto, la posibilidad de obtener ganancias, pero también el riesgo de pérdida, tienden a ser altos. Al clasificar el fondo en una categoría de riesgo, puede suceder que debido al modelo de cálculo no se consideren todos los riesgos. En el apartado del folleto "Advertencias sobre riesgos" encontrará información detallada. Los siguientes riesgos no influyen directamente en esta clasificación, aunque pueden ser de importancia para el fondo: − Riesgos de crédito: el fondo puede invertir una parte de su patrimonio en bonos del Estado y de empresa. En determinados casos, los emisores de dichos bonos podrían perder la capacidad de pago, por lo que los bonos podrían perder su la totalidad o parte de su valor. − Riesgos del empleo de derivados: el fondo podrá emplear operaciones de derivados con los fines citados en el anterior apartado "Objetivos y política de inversión". Las mayores oportunidades obtenidas de este modo vienen acompañadas de mayores riesgos de pérdidas. Mediante la cobertura mediante derivados para evitar pérdidas también pueden reducirse las posibilidades de ganancias del fondo. − Riesgos de custodia: la custodia de los activos, especialmente en el extranjero, podría implicar un riesgo de pérdida derivado de la posibilidad de insolvencia del depositario o del subdepositario, o del incumplimiento de sus obligaciones de diligencia debida o por incurrir en conductas abusivas. − Riesgos operativos: el fondo puede ser víctima de fraude o de actos criminales. Puede sufrir pérdidas debidas a malentendidos o errores de colaboradores de la sociedad de o de terceros externos, o puede verse perjudicado por acontecimientos externos como, por ejemplo, catástrofes naturales. |
| | | | Objectives and investment policy | The fund is actively managed. The Fund's investment objective is to achieve the highest possible rate of growth, taking into account the investment risk as well as socially and ecologically responsible investment criteria. In order to achieve this aim, at least 51% of the fund’s assets is invested in exchange-traded shares of European issuers. European issuers are those whose registered offices, main stock exchange or business operations are in Europe, i.e. the country of risk is Europe. The fund will invest primarily in standard stocks and in high-growth small and medium-sized companies. The fund endeavours to outperform its benchmark MSCI® Europe. In the investment decision process for the Fund, a large number of ecological and social characteristics are taken into account. No more than 10% of net fund assets may be invested in subordinated bonds (contingent convertibles bonds only). A maximum of 20% of the net fund assets may be invested in interest-bearing securities. No more than 5% of the net fund assets may be invested in real estate investment trusts (REITs) qualifying as securities. In accordance with Article 41(1)(e) of the Law of 17 December 2010, a maximum of 10% of net fund assets may be invested in target funds (UCITS and other UCIs). Financial derivative instruments (FDIs) traded on a regulated market or over the counter (OTC) may be used for investment and hedging purposes. This Fund promotes environmental and/or social characteristics under Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). The benchmark for the fund is: 100% MSCI Europe NR (EUR). This benchmark is determined for the fund by the investment management company and may be changed. The fund does not aim to reproduce the benchmark. The portfolio manager may invest at their own discretion in securities or industries not included in the benchmark in order to capitalise on specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the benchmark. This deviation may be material. Within this scope, the choice of the individual assets is performed by the fund manager. Income shall remain in the fund (or: in this unit class) and shall increase the value of the units. Investors may, in general, redeem their units with the management company on each trading day, i.e. each entire bank working day in Luxembourg and Frankfurt am Main. The fund may, however, suspend redemptions when extraordinary circumstances exist which, taking into consideration the interests of the unitholders, make a suspension appear necessary. Recommendation: This fund may not be suitable for investors that are planning to withdraw their monies from the fund within a period of less than 5 years. |
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| Risk and reward profile | ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The fund has been placed in category 6 because its unit value fluctuates strongly and therefore the chance of profit but also the risk of loss can be high. It may be that due to the calculation model not all risks are accounted for when placing the fund in a risk category. An extensive description of the risks is included in the section “Notes on Risks” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the fund: − Credit risks: The fund may invest a part of its assets in debt securities issued by governments or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The fund may use derivatives for the purposes described above under “Objectives and Investment Policy”. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the fund. − Custody risks: The custody of assets, particularly abroad, may involve a risk of loss arising from the possibility that the custodian or sub-custodian becomes insolvent, breach duties of due care or engages in abusive conduct. − Operational risks: The fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the investment management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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DOLFIN8870 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L'évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des dix dernières années. Les marchés pourraient évoluer très différemment à l'avenir.
| Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 1,000 EUR |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 550 EUR | 640 EUR |
| Rendement annuel moyen | -45.00% | -14.00% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 840 EUR | 830 EUR |
| Rendement annuel moyen | -15.60% | -6.17% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 980 EUR | 970 EUR |
| Rendement annuel moyen | -2.10% | -1.01% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1,150 EUR | 1,170 EUR |
| Rendement annuel moyen | 14.50% | 5.25% |
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Scénario défavorable : Ce type de scénario s'est produit pour un investissement entre Mars 2017 et Mars 2020. Scénario intermédiaire: Ce type de scénario s'est produit pour un investissement entre Juin 2016 et Juin 2019. Scénario favorable: Ce type de scénario s'est produit pour un investissement entre Février 2014 et Février 2017. | # Escenarios de rentabilidad
Lo que obtenga de este producto dependerá de la evolución futura del mercado. La evolución futura del mercado 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 durante los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| Periodo de mantenimiento recomendado: | 3 años |
| --- | --- |
| Ejemplo de inversión: | 1,000 EUR |
| | En caso de salida después de 1 año | En caso de salida después de 3 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría usted perder una parte o la totalidad de tu inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 550 EUR | 640 EUR |
| Rendimiento medio cada año | -45.00% | -14.00% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 840 EUR | 830 EUR |
| Rendimiento medio cada año | -15.60% | -6.17% |
| Moderado | Lo que podría recibir tras deducir los costes | 980 EUR | 970 EUR |
| Rendimiento medio cada año | -2.10% | -1.01% |
| Favorable | Lo que podría recibir tras deducir los costes | 1,150 EUR | 1,170 EUR |
| Rendimiento medio cada año | 14.50% | 5.25% |
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.
Escenario desfavorable: Este tipo de escenario se produjo para una inversión entre marzo de 2017 y marzo de 2020. Escenario moderado: Este tipo de escenario se produjo para una inversión entre junio de 2016 y junio de 2019.
Escenario favorable: Este tipo de escenario se produjo para una inversión entre febrero de 2014 y febrero de 2017. | # Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L'évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des dix dernières années. Les marchés pourraient évoluer très différemment à l'avenir.
| Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 1,000 EUR |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 550 EUR | 640 EUR |
| Rendement annuel moyen | -45.00% | -14.00% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 840 EUR | 830 EUR |
| Rendement annuel moyen | -15.60% | -6.17% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 980 EUR | 970 EUR |
| Rendement annuel moyen | -2.10% | -1.01% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1,150 EUR | 1,170 EUR |
| Rendement annuel moyen | 14.50% | 5.25% |
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Scénario défavorable : Ce type de scénario s'est produit pour un investissement entre Mars 2017 et Mars 2020. Scénario intermédiaire: Ce type de scénario s'est produit pour un investissement entre Juin 2016 et Juin 2019. Scénario favorable: Ce type de scénario s'est produit pour un investissement entre Février 2014 et Février 2017. | fr | es |
DOLFIN8871 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- they are published in an appropriate manner, in that the following criteria are fulfilled:
- their publication process relies on sound procedures to collect prices and to calculate and to subsequently publish the index value, including pricing procedures for components where a market price is not available; and
- material information on matters such as index calculation, rebalancing methodologies, index changes or any operational difficulties in providing timely or accurate information is provided on a wide and timely basis; and
- where a Fund enters into a total return swap or invests in other financial derivative instruments with similar characteristics, the assets held by the Fund must comply with Regulations 70, 71, 72, 73 and 74 of the UCITS Regulations. | - Sie werden auf angemessene Weise veröffentlicht, d. h. sie erfüllen die nachstehenden Kriterien:
- Ihr Veröffentlichungsprozess beruht auf soliden Verfahren zur Erfassung von Preisen, Berechnung des Index und anschließenden Veröffentlichung des Indexwerts, einschließlich Preisfestlegungsverfahren für Komponenten, für die kein Marktpreis zur Verfügung steht; und
- Wesentliche Informationen zu Aspekten wie Indexberechnung, Anpassungsmethoden, Indexveränderungen oder betriebliche Schwierigkeiten bei der Bereitstellung fristgerechter und korrekter Informationen werden auf breiter Basis und zeitnah zur Verfügung gestellt; und | - they are published in an appropriate manner, in that the following criteria are fulfilled:
- their publication process relies on sound procedures to collect prices and to calculate and to subsequently publish the index value, including pricing procedures for components where a market price is not available; and
- material information on matters such as index calculation, rebalancing methodologies, index changes or any operational difficulties in providing timely or accurate information is provided on a wide and timely basis; and
- where a Fund enters into a total return swap or invests in other financial derivative instruments with similar characteristics, the assets held by the Fund must comply with Regulations 70, 71, 72, 73 and 74 of the UCITS Regulations. | en | de |
DOLFIN8872 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The Fund also has the following characteristics of importance to investors:
2 The Fund is actively managed. It follows a tailor-made benchmark (Swiss Average Rate Value Index Overnight ON Index (SARON); MSCI Pacifi Free ex Japan; MSCI Emerging Markets; MSCI Daily Net Europe Ex Switzerland Euro; MSCI North America 16% Hedged to CHF; MSCI Switzerland), which it seeks to outperform over the long term. The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index. | # Der Fonds weist für den Anleger folgende weitere relevante Eigenschaften auf:
2 Der Fonds wird aktiv verwaltet. Er orientiert sich an einem massgeschneiderten Referenzindex (Swiss Average Rate Value Index Overnight ON Index (SARON); MSCI Pacifi Free ex Japan; MSCI Emerging Markets; MSCI Daily Net Europe Ex Switzerland Euro; MSCI North America 16% Hedged to CHF; MSCI Switzerland) und ist bestrebt, diesen langfristig zu übertreffen. Der Fonds ist dazu frei in der Wahl der Anlagen und ihrer Gewichtung. Er kann in Anlagen investieren, die Bestandteil des Referenzindex sind, ist aber unabhängig von Referenzindex. | # The Fund also has the following characteristics of importance to investors:
2 The Fund is actively managed. It follows a tailor-made benchmark (Swiss Average Rate Value Index Overnight ON Index (SARON); MSCI Pacifi Free ex Japan; MSCI Emerging Markets; MSCI Daily Net Europe Ex Switzerland Euro; MSCI North America 16% Hedged to CHF; MSCI Switzerland), which it seeks to outperform over the long term. The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index. | en | de |
DOLFIN8873 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Other unaudited information (continued)
Remuneration Policy Statement
As the Fund’s Management Company, J. Safra Sarasin Fund Management (Luxembourg) S.A. has put in place a remuneration policy in compliance with the requirements of the amended Law of 17.12.2010 on Undertaking for Collective Investments, as amended. The remuneration system is designed in such a way, that it is consistent with a sound and effective risk management and such that it neither encourages taking risks which are not consistent with the risk profiles, the contractual terms or the statutes of the managed Undertakings for Collective Investment in Transferable Securities (“UCITS”) nor prevents J. Safra Sarasin Fund Management (Luxembourg) S.A. from acting duly in the best interest of the UCITS.
The remuneration policy is consistent with the business strategy, goals, values and interest of J. Safra Sarasin Fund Management (Luxembourg) S.A. and the investors of the UCITS it manages and the remuneration policy encompasses measures to avoiding conflicts of interest.
Non-tariff staff is subject to the remuneration policy for nontariff staff of J. Safra Sarasin Fund Management (Luxembourg) S.A. The remuneration of non-tariff staff is composed of an appropriate annual fixed amount and of a variable performance-/ result-linked amount. Compensation package of nontariff staff are based on sustainable, quantitative and qualitative performance measurement criteria which are as objective as possible, including the inherent risks, graded according to responsibility and position held. The higher the proportion of variable pay is set in the compensation packages, the greater the influence on the operating business and risk trends. The quantitative and qualitative performance measurement criteria are modulated taking into consideration the different tasks of employees and situations which are given during the relevant performance assessment period.
Identified staff is subject the remuneration policy for identified staff of J. Safra Sarasin Fund Management (Luxembourg) S.A. The remuneration of identified staff is composed of an appropriate annual fixed amount and of a variable performance-/ result-linked amount. Compensation package of Identified staff are based on sustainable, quantitative and qualitative performance measurement criteria which are as objective as possible, including the inherent risks, graded according to responsibility and position held. The higher the proportion of variable pay is set in the compensation packages, the greater the influence on the operating business and risk trends. The quantitative and qualitative performance measurement criteria are modulated taking into consideration the different tasks of employees and situations which are given during the relevant performance assessment period.
The total remuneration for the year ended 31.12.2020 for the employees of J. Safra Sarasin Fund Management (Luxembourg) S.A. in relation to the UCITS amounts to EUR 1 355 069.
This amount is composed as follows:
Fixed compensation: EUR 1 235 038
Variable compensation: EUR 120 031
Number of employees: 11.75
The aggregate amount of remuneration broken down by senior management and members of staff of the Management Company whose actions have a material im- pact on the risk profile of the UCITS is as follows:
Senior Management: EUR 799 491
Members of staff: EUR 555 578
The aforementioned figures represent the part of the remuneration paid by J. Safra Sarasin Fund Management (Luxembourg) S.A. to its employees weighted according to the effort related to the UCITS.
Further details on remuneration policy can be downloaded free of charge on the website www.jsafrasarasin.com.
A review is performed annually by the Compliance Officer as to whether the remuneration policy has been well-implemented. No irregularities were detected for the year ended 31.12.2020.
There were no significant changes in the remuneration policy during the year ended 31.12.2020.
Tax notice for JSS Sustainable Equity - Systematic Emerging Markets
From a tax perspective this sub-fund is not suitable for investors domiciled in Germany.
Information for investors in Switzerland
The representative in Switzerland is J. Safra Sarasin Investmentfonds AG, Wallstrasse 9, CH-4002 Basel. The paying agent in Switzerland is Bank J. Safra Sarasin Ltd, Elisabethenstrasse 62, CH-4002 Basel. The prospectus and KIIDs, Articles of Association as well as the annual and semi-annual reports may be obtained free of charge from the representative and all distributors and are also available under the website www.jsafrasarasin.ch/funds.
Additional information for investors in the Federal Republic of Germany.
The Company has notified its intention to market investment fund shares of the sub-funds of JSS Investmentfonds in the Federal Republic of Germany to the industry regulator, BaFin in Bonn, and is authorised to do so following the conclusion of the notification procedure.
Distributor and Information Center in Germany
J. Safra Sarasin (Deutschland) GmbH Taunusanlage 17,
D-60325 Frankfurt am Main, Germany
has assumed the function of Distributor and Information Center in Germany (the “German Distributor and Information Center”). | # Sonstige ungeprüfte Informationen (Fortsetzung)
Erklärung zur Vergütungspolitik
Als Verwaltungsgesellschaft des Fonds hat die J. Safra Sarasin Fund Management (Luxembourg) S.A. eine Vergütungspolitik eingeführt, die den Anforderungen des geänderten Gesetzes vom 17.12.2010 betreffend Organismen für gemeinsame Anlagen in seiner geänderten Fassung entspricht. Das Vergütungssystem ist so ausgelegt, dass es in Einklang mit einem soliden und effektiven Risikomanagement steht, sodass es weder zum Eingehen von Risiken ermutigt, die nicht den Risikoprofilen, den vertraglichen Bestimmungen oder den Satzungen der verwalteten Organismen für gemeinsame Anlagen in Wertpapieren („OGAW“) entsprechen, noch verhindert, dass die J. Safra Sarasin Fund Management (Luxembourg) S.A. im besten Interesse der OGAW handelt.
Die Vergütungspolitik steht in Einklang mit der Geschäftsstrategie sowie den Zielen, Werten und Interessen der J. Safra Sarasin Fund Management (Luxembourg) S.A. und der Anleger der von ihr verwalteten OGAW und beinhaltet ferner Maßnahmen zur Vermeidung von Interessenkonflikten.
Außertarifliche Mitarbeiter unterliegen der Vergütungspolitik für außertarifliche Mitarbeiter der J. Safra Sarasin Fund Management (Luxembourg) S.A. Die Vergütung von außertariflichen Mitarbeitern setzt sich aus einem angemessenen jährlichen Fixbetrag und einem variablen leistungs-/ergebnisabhängigen Betrag zusammen. Die Gesamtvergütung außertariflicher Mitarbeiter basiert auf nachhaltigen, quantitativen und qualitativen Kriterien der Leistungsbeurteilung, die so objektiv wie möglich sind, unter Berücksichtigung der inhärenten Risiken und abgestuft nach Verantwortung und bekleideter Position. Je höher der Anteil der variablen Vergütung an der Gesamtvergütung ist, desto größer ist der Einfluss auf das operative Geschäft und die Risikotrends. Die quantitativen und qualitativen Kriterien der Leistungsbeurteilung werden auf die verschiedenen Aufgaben der Mitarbeiter und die verschiedenen Situationen, die im jeweiligen Leistungsbeurteilungszeitraum vorliegen, abgestimmt.
Identifizierte Mitarbeiter unterliegen der Vergütungspolitik für identifizierte Mitarbeiter der J. Safra Sarasin Fund Management (Luxembourg) S.A. Die Vergütung von identifizierten Mitarbeitern setzt sich aus einem angemessenen jährlichen Fixbetrag und einem variablen leistungs-/ergebnisabhängigen Betrag zusammen. Die Gesamtvergütung identifizierter Mitarbeiter basiert auf nachhaltigen, quantitativen und qualitativen Kriterien der Leistungsbeurteilung, die so objektiv wie möglich sind, unter Berücksichtigung der inhärenten Risiken und abgestuft nach Verantwortung und bekleideter Position. Je höher der Anteil der variablen Vergütung an der Gesamtvergütung ist, desto größer ist der Einfluss auf das operative Geschäft und die Risikotrends. Die quantitativen und qualitativen Kriterien der Leistungsbeurteilung werden auf die verschiedenen Aufgaben der Mitarbeiter und die verschiedenen Situationen, die im jeweiligen Leistungsbeurteilungszeitraum vorliegen, abgestimmt.
Die Gesamtvergütung für das Jahr zum 31.12.2020 für die Mitarbeiter der J. Safra Sarasin Fund Management (Luxembourg) S.A. in Bezug auf die OGAW beläuft sich auf 1 355 069 EUR.
Dieser Betrag setzt sich wie folgt zusammen:
Fixe Vergütung: EUR 1 235 038
Variable Vergütung: EUR 120 031
Anzahl der Mitarbeiter: 11.75
Der Gesamtbetrag der Vergütung, aufgeschlüsselt nach Mitgliedern der Geschäftsleitung und Mitarbeitern der Verwaltungsgesellschaft, deren Handlungen wesentli- che Auswirkungen auf das Risikoprofil der OGAW haben, stellt sich wie folgt dar:
Mitglieder der Geschäftsleitung: EUR 799 491
Mitarbeiter: EUR 555 578
Die genannten Zahlen repräsentieren den Teil der Vergütung, den J. Safra Sarasin Fund Management (Luxembourg) S.A. nach Aufwand für die OGAW gewichtet an seine Mitarbeiter zahlt.
Nähere Einzelheiten zur Vergütungspolitik können kostenlos von der Website www.jsafrasarasin.com heruntergeladen werden.
Der Compliance-Officer prüft jährlich, ob die Vergütungspolitik ordnungsgemäß umgesetzt wurde. Für das Geschäftsjahr zum 31.12.2020 wurden keine Unregelmäßigkeiten festgestellt.
Es gab im Geschäftsjahr zum 31.12.2020 keine wesentlichen Änderungen der Vergütungspolitik.
Steuerhinweis für JSS Sustainable Equity - Systematic Emerging Markets
Dieser Teilfonds ist aus steuerlicher Sicht für in Deutschland ansässige Anleger nicht geeignet.
Informationen für Anleger in der Schweiz
Der Vertreter in der Schweiz ist J. Safra Sarasin Investmentfonds AG, Wallstrasse 9, CH-4002 Basel. Die Zahlstelle in der Schweiz ist Bank J. Safra Sarasin Ltd, Elisabethenstrasse 62, CH-4002 Basel. Der Prospekt und die KIIDs, die Satzung sowie die Jahres- und Halbjahresberichte sind kostenlos beim Vertreter und bei allen Vertriebsstellen erhältlich und auch auf der Website www.jsafrasarasin.ch/funds verfügbar.
Zusätzliche Informationen für Anleger in der Bundesrepublik Deutschland.
Die Gesellschaft hat die Absicht, Investmentanteile zu vertreiben, der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Bonn angezeigt und ist seit Abschluss des Anzeigeverfahrens zum Vertrieb berechtigt.
Vertriebs- und Informationsstelle in Deutschland
J. Safra Sarasin (Deutschland) GmbH Taunusanlage 17
D-60325 Frankfurt am Main | # Other unaudited information (continued)
Remuneration Policy Statement
As the Fund’s Management Company, J. Safra Sarasin Fund Management (Luxembourg) S.A. has put in place a remuneration policy in compliance with the requirements of the amended Law of 17.12.2010 on Undertaking for Collective Investments, as amended. The remuneration system is designed in such a way, that it is consistent with a sound and effective risk management and such that it neither encourages taking risks which are not consistent with the risk profiles, the contractual terms or the statutes of the managed Undertakings for Collective Investment in Transferable Securities (“UCITS”) nor prevents J. Safra Sarasin Fund Management (Luxembourg) S.A. from acting duly in the best interest of the UCITS.
The remuneration policy is consistent with the business strategy, goals, values and interest of J. Safra Sarasin Fund Management (Luxembourg) S.A. and the investors of the UCITS it manages and the remuneration policy encompasses measures to avoiding conflicts of interest.
Non-tariff staff is subject to the remuneration policy for nontariff staff of J. Safra Sarasin Fund Management (Luxembourg) S.A. The remuneration of non-tariff staff is composed of an appropriate annual fixed amount and of a variable performance-/ result-linked amount. Compensation package of nontariff staff are based on sustainable, quantitative and qualitative performance measurement criteria which are as objective as possible, including the inherent risks, graded according to responsibility and position held. The higher the proportion of variable pay is set in the compensation packages, the greater the influence on the operating business and risk trends. The quantitative and qualitative performance measurement criteria are modulated taking into consideration the different tasks of employees and situations which are given during the relevant performance assessment period.
Identified staff is subject the remuneration policy for identified staff of J. Safra Sarasin Fund Management (Luxembourg) S.A. The remuneration of identified staff is composed of an appropriate annual fixed amount and of a variable performance-/ result-linked amount. Compensation package of Identified staff are based on sustainable, quantitative and qualitative performance measurement criteria which are as objective as possible, including the inherent risks, graded according to responsibility and position held. The higher the proportion of variable pay is set in the compensation packages, the greater the influence on the operating business and risk trends. The quantitative and qualitative performance measurement criteria are modulated taking into consideration the different tasks of employees and situations which are given during the relevant performance assessment period.
The total remuneration for the year ended 31.12.2020 for the employees of J. Safra Sarasin Fund Management (Luxembourg) S.A. in relation to the UCITS amounts to EUR 1 355 069.
This amount is composed as follows:
Fixed compensation: EUR 1 235 038
Variable compensation: EUR 120 031
Number of employees: 11.75
The aggregate amount of remuneration broken down by senior management and members of staff of the Management Company whose actions have a material im- pact on the risk profile of the UCITS is as follows:
Senior Management: EUR 799 491
Members of staff: EUR 555 578
The aforementioned figures represent the part of the remuneration paid by J. Safra Sarasin Fund Management (Luxembourg) S.A. to its employees weighted according to the effort related to the UCITS.
Further details on remuneration policy can be downloaded free of charge on the website www.jsafrasarasin.com.
A review is performed annually by the Compliance Officer as to whether the remuneration policy has been well-implemented. No irregularities were detected for the year ended 31.12.2020.
There were no significant changes in the remuneration policy during the year ended 31.12.2020.
Tax notice for JSS Sustainable Equity - Systematic Emerging Markets
From a tax perspective this sub-fund is not suitable for investors domiciled in Germany.
Information for investors in Switzerland
The representative in Switzerland is J. Safra Sarasin Investmentfonds AG, Wallstrasse 9, CH-4002 Basel. The paying agent in Switzerland is Bank J. Safra Sarasin Ltd, Elisabethenstrasse 62, CH-4002 Basel. The prospectus and KIIDs, Articles of Association as well as the annual and semi-annual reports may be obtained free of charge from the representative and all distributors and are also available under the website www.jsafrasarasin.ch/funds.
Additional information for investors in the Federal Republic of Germany.
The Company has notified its intention to market investment fund shares of the sub-funds of JSS Investmentfonds in the Federal Republic of Germany to the industry regulator, BaFin in Bonn, and is authorised to do so following the conclusion of the notification procedure.
Distributor and Information Center in Germany
J. Safra Sarasin (Deutschland) GmbH Taunusanlage 17,
D-60325 Frankfurt am Main, Germany
has assumed the function of Distributor and Information Center in Germany (the “German Distributor and Information Center”). | en | de |
DOLFIN8874 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Japan Equity Engagement Fund (Continued)
## Statement of Significant Purchases and Sales (Continued)
Aggregate sales greater than one percent of the total value of
sales:
| Units | Security Description | Proceeds JPY |
| --- | --- | --- |
| 10,300 | Rorze Corp | 97,470,678 |
| 10,000 | Visional Inc | 62,847,198 |
| 19,000 | Plus Alpha Consulting Co Ltd | 53,580,699 |
| 9,400 | Jeol Ltd | 51,509,717 |
| 16,000 | Takuma Co Ltd | 28,583,170 |
| 2,500 | CyberTrust Japan Co Ltd | 25,752,000 |
| 6,500 | BML Inc | 23,430,548 |
| 10,000 | Coconala Inc | 23,214,292 |
| 12,500 | NEC Networks & System Integration Corp | 22,517,517 |
| 9,600 | Yokogawa Electric Corp | 18,235,387 |
| 2,100 | Coly Inc | 17,911,386 |
| 3,500 | Okinawa Cellular Telephone Co | 17,216,685 |
| 11,800 | Ricoh Co Ltd | 15,690,023 |
| 15,800 | MCJ Co Ltd | 15,310,112 |
| 2,700 | Fast Fitness Japan Inc | 13,062,170 |
| 300 | SK Kaken Co Ltd | 11,482,857 |
| 300 | BayCurrent Consulting Inc | 10,931,250 |
| 700 | Premier Anti-Aging Co Ltd | 10,761,999 |
| 1,400 | Yamaha Corp | 9,182,681 |
| 1,400 | Harmonic Drive Systems Inc | 8,916,615 |
| 3,300 | Shinnihonseiyaku Co Ltd | 8,887,742 |
| 4,000 | TKP Corp | 8,781,334 |
| 400 | GMO Financial Gate Inc | 8,486,000 |
| 7,000 | Scroll Corp | 8,381,797 |
| 5,400 | QD Laser Inc | 7,885,886 |
| 1,500 | Azbil Corp | 7,530,827 |
| 5,700 | Daibiru Corp | 7,071,499 |
INTERIM REPORT 2021 829
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Neuberger Berman Japan Equity Engagement Fund (continua)
## Prospetto degli acquisti e delle vendite significativi (continua)
Vendite aggregate maggiori dell’1% del valore totale delle
vendite:
| Quote | Descrizione titolo | Proventi JPY |
| --- | --- | --- |
| 10.300 | Rorze Corp | 97.470.678 |
| 10.000 | Visional Inc | 62.847.198 |
| 19.000 | Plus Alpha Consulting Co Ltd | 53.580.699 |
| 9.400 | Jeol Ltd | 51.509.717 |
| 16.000 | Takuma Co Ltd | 28.583.170 |
| 2.500 | CyberTrust Japan Co Ltd | 25.752.000 |
| 6.500 | BML Inc | 23.430.548 |
| 10.000 | Coconala Inc | 23.214.292 |
| 12.500 | NEC Networks & System Integration Corp | 22.517.517 |
| 9.600 | Yokogawa Electric Corp | 18.235.387 |
| 2.100 | Coly Inc | 17.911.386 |
| 3.500 | Okinawa Cellular Telephone Co | 17.216.685 |
| 11.800 | Ricoh Co Ltd | 15.690.023 |
| 15.800 | MCJ Co Ltd | 15.310.112 |
| 2.700 | Fast Fitness Japan Inc | 13.062.170 |
| 300 | SK Kaken Co Ltd | 11.482.857 |
| 300 | BayCurrent Consulting Inc | 10.931.250 |
| 700 | Premier Anti-Aging Co Ltd | 10.761.999 |
| 1.400 | Yamaha Corp | 9.182.681 |
| 1.400 | Harmonic Drive Systems Inc | 8.916.615 |
| 3.300 | Shinnihonseiyaku Co Ltd | 8.887.742 |
| 4.000 | TKP Corp | 8.781.334 |
| 400 | GMO Financial Gate Inc | 8.486.000 |
| 7.000 | Scroll Corp | 8.381.797 |
| 5.400 | QD Laser Inc | 7.885.886 |
| 1.500 | Azbil Corp | 7.530.827 |
| 5.700 | Daibiru Corp | 7.071.499 |
RELAZIONE SEMESTRALE 2021 829
BILANCIO RELAZIONE DEL GESTORE DEGLI INVESTIMENTI | # Neuberger Berman Japan Equity Engagement Fund (Continued)
## Statement of Significant Purchases and Sales (Continued)
Aggregate sales greater than one percent of the total value of
sales:
| Units | Security Description | Proceeds JPY |
| --- | --- | --- |
| 10,300 | Rorze Corp | 97,470,678 |
| 10,000 | Visional Inc | 62,847,198 |
| 19,000 | Plus Alpha Consulting Co Ltd | 53,580,699 |
| 9,400 | Jeol Ltd | 51,509,717 |
| 16,000 | Takuma Co Ltd | 28,583,170 |
| 2,500 | CyberTrust Japan Co Ltd | 25,752,000 |
| 6,500 | BML Inc | 23,430,548 |
| 10,000 | Coconala Inc | 23,214,292 |
| 12,500 | NEC Networks & System Integration Corp | 22,517,517 |
| 9,600 | Yokogawa Electric Corp | 18,235,387 |
| 2,100 | Coly Inc | 17,911,386 |
| 3,500 | Okinawa Cellular Telephone Co | 17,216,685 |
| 11,800 | Ricoh Co Ltd | 15,690,023 |
| 15,800 | MCJ Co Ltd | 15,310,112 |
| 2,700 | Fast Fitness Japan Inc | 13,062,170 |
| 300 | SK Kaken Co Ltd | 11,482,857 |
| 300 | BayCurrent Consulting Inc | 10,931,250 |
| 700 | Premier Anti-Aging Co Ltd | 10,761,999 |
| 1,400 | Yamaha Corp | 9,182,681 |
| 1,400 | Harmonic Drive Systems Inc | 8,916,615 |
| 3,300 | Shinnihonseiyaku Co Ltd | 8,887,742 |
| 4,000 | TKP Corp | 8,781,334 |
| 400 | GMO Financial Gate Inc | 8,486,000 |
| 7,000 | Scroll Corp | 8,381,797 |
| 5,400 | QD Laser Inc | 7,885,886 |
| 1,500 | Azbil Corp | 7,530,827 |
| 5,700 | Daibiru Corp | 7,071,499 |
INTERIM REPORT 2021 829
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | it |
DOLFIN8875 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profile de Risque
Note: Données correspondant aux rendements nets, après déduction des frais de gestion, de performance et administratifs et hors "ADL" (frais anti-dilution, jusqu’à 25 pb). Le prix réel auquel un investisseur souscrit ou rachète des parts varie en fonction de l'ADL appliquée le jour concerné. Veuillez consulter le Prospectus pour plus d’informations. Ces chiffres ne prennent en compte aucuns frais appliqués par un intermédiaire ou prélevés lors de la souscription ou du rachat de parts. Chiffres consultables quotidiennement sur Bloomberg. Les performances et les coûts peuvent augmenter ou diminuer en raison des fluctuations des devises et des taux de change.
Source : BNP Paribas Fund Administration Services (Ireland) Limited, Morningstar
| 10 plus gros émetteurs obligataires par exposition |
| --- |
| Nom | Total | | Nom | Total |
| Intesa Sanpaolo | 9% | Deutsche Bank | 5% |
| Barclays | 9% | Caixabank | 5% |
| Unicredit | 8% | Société Générale | 4% |
| Santander | 7% | BBVA | 4% |
| Lloyds Banking Group | 5% | HSBC | 4% |
Note: Chiffres arrondis au point de pourcentage le plus proche Source: Algebris Investments
Ceci est un document de commercialisation. Veuillez-vous reporter au Prospectus et Supplément du fonds ainsi qu’au document d’informations clés pour l’investisseur (DICI) avant d’investir. Les documents du fonds sont disponibles sur notre site www.algebris.com
Veuillez consulter votre intermédiaire financier pour plus d’informations. | # Perfil de Riesgo
Nota: Rentabilidades netas de comisiones de gestión, comisiones de resultado y gastos operativos, pero excluyendo el ADL (Recargo o Descuento Anti-Dilución, hasta 25 puntos básicos). El precio final al que el inversor suscribe o vende sus acciones depende del ADL aplicado el día correspondiente. Se puede encontrar más información al respecto en el Folleto del fondo. Las rentabilidades que se muestran no tienen en cuenta ninguna comisión a intermediarios ni ningún coste en el que se haya podido incurrir al suscribir o vender las acciones. Los precios se publican diariamente en Bloomberg. La rentabilidad y los costes pueden variar como consecuencia de las fluctuaciones en los tipos de interés y el tipo de cambio.
Fuente: BNP Paribas Fund Administration Services (Ireland) Limited, Morningstar
| 10 Mayores Emisores por Exposición |
| --- |
| Nombre | Total | | Nombre | Total |
| Intesa Sanpaolo | 9% | Deutsche Bank | 5% |
| Barclays | 9% | Caixabank | 5% |
| Unicredit | 8% | Société Générale | 4% |
| Santander | 7% | BBVA | 4% |
| Lloyds Banking Group | 5% | HSBC | 4% |
Nota: Las cifras están redondeadas al punto percentual más cercano Fuente: Algebris Investments
Este es un documento publicitario. Por favor lea el Folleto y Suplemento del Fondo, así como la Información Fundamental para el Inversor (KIID) antes de tomar una decisión de inversión. Puede encontrar estos documentos en www.algebris.com.
Para más información, póngase en contacto con su intermediario financiero. | # Profile de Risque
Note: Données correspondant aux rendements nets, après déduction des frais de gestion, de performance et administratifs et hors "ADL" (frais anti-dilution, jusqu’à 25 pb). Le prix réel auquel un investisseur souscrit ou rachète des parts varie en fonction de l'ADL appliquée le jour concerné. Veuillez consulter le Prospectus pour plus d’informations. Ces chiffres ne prennent en compte aucuns frais appliqués par un intermédiaire ou prélevés lors de la souscription ou du rachat de parts. Chiffres consultables quotidiennement sur Bloomberg. Les performances et les coûts peuvent augmenter ou diminuer en raison des fluctuations des devises et des taux de change.
Source : BNP Paribas Fund Administration Services (Ireland) Limited, Morningstar
| 10 plus gros émetteurs obligataires par exposition |
| --- |
| Nom | Total | | Nom | Total |
| Intesa Sanpaolo | 9% | Deutsche Bank | 5% |
| Barclays | 9% | Caixabank | 5% |
| Unicredit | 8% | Société Générale | 4% |
| Santander | 7% | BBVA | 4% |
| Lloyds Banking Group | 5% | HSBC | 4% |
Note: Chiffres arrondis au point de pourcentage le plus proche Source: Algebris Investments
Ceci est un document de commercialisation. Veuillez-vous reporter au Prospectus et Supplément du fonds ainsi qu’au document d’informations clés pour l’investisseur (DICI) avant d’investir. Les documents du fonds sont disponibles sur notre site www.algebris.com
Veuillez consulter votre intermédiaire financier pour plus d’informations. | fr | es |
DOLFIN8876 | 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:
Fonds d'investissement (OPCVM) de droit luxembourgeois, qui est soumis à la loi relative aux organismes de placement collectif du 17 décembre 2010 et qui est un fonds commun de placement au sens de cette loi. La performance du fonds dépend de la performance des investissements sous-jacents.
## Durée de vie:
Ce produit a une durée de vie illimitée et n'a pas de date d'échéance. L'initiateur peut à tout moment repositionner le produit, le fusionner avec un autre produit ou le liquider unilatéralement sans délai de préavis.
## Objectifs:
L'objectif d'investissement est la préservation du capital à long terme et la réalisation d’un rendement adéquat, essentiellement par des placements en obligations subordonnées dans le monde entier.
Le fonds investit au moins 51% de ses actifs dans des obligations subordonnées de toutes les notations, durées, devises et pays. Les banques sont explicitement exclues en tant que débiteurs. Les critères ESG sont systématiquement pris en compte lors de la sélection d'au moins 2/3 des investissements, conformément aux lignes directrices en matière d'investissement responsable. Le fonds est soumis à l'article 8 du règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financier («SFDR»).
Les titres sont sélectionnés de manière discrétionnaire à l'aide d'un processus d'investissement cohérent (gestion active). S'agissant de la construction du portefeuille, la sélection de titres et leur pondération se fondent sur les composantes du ICE BofA Global Hybrid Non-Financial Corporate Index TR, Constrained 3% Hedged in CHF. La composition du portefeuille peut s'écarter fortement de celle de l'indice de référence. La politique d'investissement est basée sur cet indice de référence et a pour objectif de le surperformer. Eu égard aux conditions de marché et à l'analyse des risques, le gestionnaire d'actifs peut à tout moment s'écarter de manière plus ou moins importante, positive ou négative, de l'indice de référence par le biais d'une surpondération ou d'une sous-pondération active des titres et secteurs individuels.
Les parts de fonds peuvent être émises ou rachetées en principe chaque jour ouvrable bancaire à Luxembourg. Les gains et rendements de la classe de parts ne sont pas distribués mais réinvestis.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, a été mandatée comme banque de dépôt (dépositaire).
Ce document contient une description du fonds. De plus amples informations sur le fonds, le prospectus de vente du fonds, le règlement de gestion, les rapports annuels et semestriels ainsi que les prix des parts en vigueur peuvent être consultés gratuitement en allemand sur www.swisscanto.com. Ces documents sont rédigées, le cas échéant, pour l'ensemble du fonds à compartiments multiples.
Toute responsabilité de la fortune d'un fonds au sein du fonds à compartiments multiples pour les créances contre la fortune d'un autre fonds est exclue. L'investisseur a le droit de convertir son placement en parts d'un autre compartiment. Pour de plus amples informations sur les modalités de la conversion, prière de se reporter au prospectus et au règlement de gestion.
## Investisseurs de détail visés:
Ce produit convient aux investisseurs professionnels qui ...
... ont au moins des connaissances de base sur les instruments financiers détenus par le fonds;
... disposent au moins d'un horizon de placement à moyen terme;
... peuvent supporter, dans le pire des cas, la perte de l'intégralité du capital investi. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo:
Fondo de inversión (UCITS) de derecho luxemburgués, que está sujeto a la ley de organismos de inversión colectiva del 17 de diciembre de 2010 y que es un fondo común de colocación en virtud de esta ley. El rendimiento del fondo depende del rendimiento de las inversiones subyacentes.
## Plazo:
Este producto reviste un carácter indefinido y no tiene fecha de vencimiento. El productor puede reposicionar el producto en cualquier momento, combinarlo con otro producto o anularlo de manera unilateral sin previo aviso.
## Objetivos:
El objetivo de inversión es preservar el capital a largo plazo y lograr un rendimiento adecuado, invirtiendo para ello principalmente en deuda subordinada de todo el mundo.
El fondo invierte al menos el 51% de su patrimonio en deuda subordinada de todos los niveles de solvencia, duraciones, monedas y países. Los bancos están explícitamente excluidos como deudores. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios ESG de acuerdo con los requisitos de responsabilidad. El Fondo se clasifica bajo el Art. 8 del Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo de 27 de noviembre de 2019 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
Los valores se seleccionan de manera discrecional sobre la base de un proceso de inversión coherente (gestión activa). En lo que respecta a la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del ICE BofA Global Hybrid Non-Financial Corporate Index TR, Constrained 3% Hedged in CHF. La desviación del índice de referencia puede ser considerable. La política de inversión se rige por este índice y trata de superar su rentabilidad. El gestor de activos podrá, en cualquier momento, desviarse de manera significativa o mínima, positiva o negativamente, del índice, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo. No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten.
Banco depositario es el RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette.
El presente documento describe el fondo. Podrá obtener gratuitamente más información en alemán sobre el fondo, el folleto de venta correspondiente, las condiciones contractuales, el informe anual y semestral, así como los precios actuales de las participaciones, en www.swisscanto.com. No obstante, estos documentos se elaboran, dado el caso, para el fondo paraguas completo.
Está excluida la responsabilidad del patrimonio de un fondo dentro del fondo paraguas por los pasivos que afectan el patrimonio de otro fondo.
El inversor tendrá derecho a convertir sus participaciones en un subfondo en participaciones de otro subfondo. Podrá encontrar más información sobre las modalidades de canje de participaciones en el folleto y en los términos del contrato.
## Inversor minorista al que va dirigido:
Este producto resulta adecuado para inversores profesionales que ...
... tienen, al menos, un conocimiento elemental de los instrumentos financieros contenidos en el fondo,
... tengan como mínimo un horizonte de inversión a medio plazo,
... en el peor de los casos también podrían soportar la pérdida de todo el capital invertido. | # EN QUOI CONSISTE CE PRODUIT?
## Type:
Fonds d'investissement (OPCVM) de droit luxembourgeois, qui est soumis à la loi relative aux organismes de placement collectif du 17 décembre 2010 et qui est un fonds commun de placement au sens de cette loi. La performance du fonds dépend de la performance des investissements sous-jacents.
## Durée de vie:
Ce produit a une durée de vie illimitée et n'a pas de date d'échéance. L'initiateur peut à tout moment repositionner le produit, le fusionner avec un autre produit ou le liquider unilatéralement sans délai de préavis.
## Objectifs:
L'objectif d'investissement est la préservation du capital à long terme et la réalisation d’un rendement adéquat, essentiellement par des placements en obligations subordonnées dans le monde entier.
Le fonds investit au moins 51% de ses actifs dans des obligations subordonnées de toutes les notations, durées, devises et pays. Les banques sont explicitement exclues en tant que débiteurs. Les critères ESG sont systématiquement pris en compte lors de la sélection d'au moins 2/3 des investissements, conformément aux lignes directrices en matière d'investissement responsable. Le fonds est soumis à l'article 8 du règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financier («SFDR»).
Les titres sont sélectionnés de manière discrétionnaire à l'aide d'un processus d'investissement cohérent (gestion active). S'agissant de la construction du portefeuille, la sélection de titres et leur pondération se fondent sur les composantes du ICE BofA Global Hybrid Non-Financial Corporate Index TR, Constrained 3% Hedged in CHF. La composition du portefeuille peut s'écarter fortement de celle de l'indice de référence. La politique d'investissement est basée sur cet indice de référence et a pour objectif de le surperformer. Eu égard aux conditions de marché et à l'analyse des risques, le gestionnaire d'actifs peut à tout moment s'écarter de manière plus ou moins importante, positive ou négative, de l'indice de référence par le biais d'une surpondération ou d'une sous-pondération active des titres et secteurs individuels.
Les parts de fonds peuvent être émises ou rachetées en principe chaque jour ouvrable bancaire à Luxembourg. Les gains et rendements de la classe de parts ne sont pas distribués mais réinvestis.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, a été mandatée comme banque de dépôt (dépositaire).
Ce document contient une description du fonds. De plus amples informations sur le fonds, le prospectus de vente du fonds, le règlement de gestion, les rapports annuels et semestriels ainsi que les prix des parts en vigueur peuvent être consultés gratuitement en allemand sur www.swisscanto.com. Ces documents sont rédigées, le cas échéant, pour l'ensemble du fonds à compartiments multiples.
Toute responsabilité de la fortune d'un fonds au sein du fonds à compartiments multiples pour les créances contre la fortune d'un autre fonds est exclue. L'investisseur a le droit de convertir son placement en parts d'un autre compartiment. Pour de plus amples informations sur les modalités de la conversion, prière de se reporter au prospectus et au règlement de gestion.
## Investisseurs de détail visés:
Ce produit convient aux investisseurs professionnels qui ...
... ont au moins des connaissances de base sur les instruments financiers détenus par le fonds;
... disposent au moins d'un horizon de placement à moyen terme;
... peuvent supporter, dans le pire des cas, la perte de l'intégralité du capital investi. | fr | es |
DOLFIN8877 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The holders of Shares shall:
- on a vote taken on a show of hands, be entitled to one vote per holder and, on a poll, be entitled to one vote per whole Share;
- be entitled to such dividends as the Directors may from time to time declare;
- in the event of a winding up or dissolution of the Company, have the entitlements referred to under “Distribution of Assets on a Liquidation” below; and
- the holders of Subscriber Shares shall not be entitled to any dividend whatsoever in respect of their holding of Subscriber Shares.
-
##### Voting Rights | Die Anteile gewähren
- bei Abstimmungen durch Handzeichen eine Stimme pro Inhaber und bei schriftlichen Abstimmungen eine Stimme pro ganzem Anteil,
- einen Anspruch auf Ausschüttungen in der jeweils vom Verwaltungsrat erklärten Höhe,
- bei der Abwicklung oder Auflösung der Gesellschaft die nachstehend unter „Auskehrung bei Liquidation“ dargestellten Ansprüche; ferner gilt:
- die Inhaber von Gründungsanteilen haben keinerlei Anspruch auf Ausschüttungen in Bezug auf die von ihnen gehaltenen Gründungsanteile.
-
##### Stimmrechte | The holders of Shares shall:
- on a vote taken on a show of hands, be entitled to one vote per holder and, on a poll, be entitled to one vote per whole Share;
- be entitled to such dividends as the Directors may from time to time declare;
- in the event of a winding up or dissolution of the Company, have the entitlements referred to under “Distribution of Assets on a Liquidation” below; and
- the holders of Subscriber Shares shall not be entitled to any dividend whatsoever in respect of their holding of Subscriber Shares.
-
##### Voting Rights | en | de |
DOLFIN8878 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Dépositaire : CACEIS Bank, Luxembourg Branch
De plus amples informations sur le Fonds, le Prospectus, les derniers rapports annuel et semestriel, ainsi que d’autres informations pratiques, y compris où trouver les derniers prix des actions et des renseignements sur les autres catégories d’actions commercialisées dans votre pays, sont disponibles auprès de la Société de gestion iM Global Partner Asset Management S.A., 10-12 Boulevard Franklin D. Roosevelt, L-2450 Luxembourg / [email protected] ou auprès du représentant ou distributeur local. Le Prospectus et les rapports périodiques sont disponibles gratuitement dans plusieurs langues.
Ce Fonds est soumis à la fiscalité luxembourgeoise, ce qui peut avoir une incidence sur votre imposition personnelle.
Changements : vous pouvez demander à passer de ce Fonds à un autre compartiment iMGP ou de cette Catégorie d’actions à une autre Catégorie d’actions du Fonds, sous réserve de certaines conditions. Des frais peuvent s’appliquer. Veuillez consulter le Prospectus ou contacter la Société de gestion ou votre distributeur pour en savoir plus.
Ce Fonds est un compartiment d’un fonds à compartiments multiples. Le présent document décrit le Fonds et la catégorie d’actions mentionnée ci-dessus, tandis que le Prospectus et les rapports périodiques se rapportent à l’intégralité du fonds à compartiments multiples. Les actifs et passifs de chaque compartiment sont séparés conformément à la loi. L’actif du Fonds ne peut pas être utilisé afin de régler le passif d’un autre compartiment.
Des informations détaillées concernant la politique de rémunération actualisée, et notamment la description du mode de calcul des rémunérations et avantages ainsi que l’identité des personnes responsables de l’attribution des rémunérations et avantages, sont disponibles sur le site www.imgp.com. Un exemplaire papier est disponible gratuitement sur demande.
La responsabilité de la Société de gestion ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
iM Global Partner Asset Management S.A. et le Fonds sont réglementés par la Commission de Surveillance du Secteur Financier (CSSF) au Luxembourg.
Le présent document est exact au 9 juin 2022. | # Información práctica
Depositario CACEIS Bank, Luxembourg Branch
Puede obtener más información sobre el Fondo, el folleto, el informe anual más reciente, el informe semestral posterior y demás información práctica como, por ejemplo, dónde encontrar los precios más recientes de las participaciones e información sobre otras clases de participaciones comercializadas en su país, a través de la Sociedad Gestora iM Global Partner Asset Management S.A., 10-12 Boulevard Franklin D. Roosevelt, L-2450 Luxemburgo, escribiendo un correo electrónico a la dirección [email protected] o poniéndose en contacto con el representante o el distribuidor locales. El folleto y los informes periódicos pueden obtenerse en varios idiomas, sin cargo.
Este Fondo está supeditado a la legislación fiscal de Luxemburgo, lo que puede afectar a su situación fiscal personal.
Canjes: Puede solicitar el canje de este Fondo a otro subfondo iMGP o de esta clase de acciones a otra clase de acciones del Fondo, con arreglo a las condiciones aplicables. Puede conllevar gastos. Consulte el folleto y/o diríjase a la Sociedad Gestora o a su distribuidor para obtener más información.
Este Fondo es un subfondo de un fondo paraguas. Este documento describe el Fondo y la clase de participaciones que se indica, mientras que el folleto y los informes periódicos corresponden a todo el fondo paraguas. Los activos y los pasivos de cada subfondo están segregados por ley. Los activos del Fondo no pueden destinarse a satisfacer los pasivos de otro subfondo.
La información acerca de la política de remuneración actualizada que incluye, entre otros, una descripción del método de cálculo de la remuneración y los beneficios, la identidad de los responsables de la atribución de la remuneración y los beneficios está disponible en www.imgp.com. Puede obtenerse sin cargo una copia en papel, previa solicitud.
La Sociedad Gestora únicamente incurrirá en responsabilidad por las declaraciones incluidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto.
Tanto iM Global Partner Asset Management S.A. como el Fondo están regulados por la Commission de Surveillance du Secteur Financier (CSSF) de Luxemburgo.
El presente documento es exacto a 9 de junio de 2022. | # Informations pratiques
Dépositaire : CACEIS Bank, Luxembourg Branch
De plus amples informations sur le Fonds, le Prospectus, les derniers rapports annuel et semestriel, ainsi que d’autres informations pratiques, y compris où trouver les derniers prix des actions et des renseignements sur les autres catégories d’actions commercialisées dans votre pays, sont disponibles auprès de la Société de gestion iM Global Partner Asset Management S.A., 10-12 Boulevard Franklin D. Roosevelt, L-2450 Luxembourg / [email protected] ou auprès du représentant ou distributeur local. Le Prospectus et les rapports périodiques sont disponibles gratuitement dans plusieurs langues.
Ce Fonds est soumis à la fiscalité luxembourgeoise, ce qui peut avoir une incidence sur votre imposition personnelle.
Changements : vous pouvez demander à passer de ce Fonds à un autre compartiment iMGP ou de cette Catégorie d’actions à une autre Catégorie d’actions du Fonds, sous réserve de certaines conditions. Des frais peuvent s’appliquer. Veuillez consulter le Prospectus ou contacter la Société de gestion ou votre distributeur pour en savoir plus.
Ce Fonds est un compartiment d’un fonds à compartiments multiples. Le présent document décrit le Fonds et la catégorie d’actions mentionnée ci-dessus, tandis que le Prospectus et les rapports périodiques se rapportent à l’intégralité du fonds à compartiments multiples. Les actifs et passifs de chaque compartiment sont séparés conformément à la loi. L’actif du Fonds ne peut pas être utilisé afin de régler le passif d’un autre compartiment.
Des informations détaillées concernant la politique de rémunération actualisée, et notamment la description du mode de calcul des rémunérations et avantages ainsi que l’identité des personnes responsables de l’attribution des rémunérations et avantages, sont disponibles sur le site www.imgp.com. Un exemplaire papier est disponible gratuitement sur demande.
La responsabilité de la Société de gestion ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
iM Global Partner Asset Management S.A. et le Fonds sont réglementés par la Commission de Surveillance du Secteur Financier (CSSF) au Luxembourg.
Le présent document est exact au 9 juin 2022. | fr | es |
DOLFIN8879 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Developed Europe (NTR) (Bloomberg: NEPRA index) (“the Index”) by investing in the shares issued by companies included in the Index, respecting the Index's weightings (full replication).
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Dividends may be distributed on a quarterly basis.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # EN QUOI CONSISTE CE PRODUIT ?
## Type
Ce produit est un organisme de placement collectif en valeurs mobilières (OPCVM) qualifié de fonds indiciel coté (ETF). Il est constitué sous la forme d’un compartiment de BNP PARIBAS EASY, une société d’investissement à capital variable (SICAV) régies par les dispositions de la partie I de la loi luxembourgeoise du 17 décembre 2010 (la « Loi 2010 » ) relative aux organismes de placement collectif ainsi que par la directive OPCVM 2009/65.
## Durée
Ce Produit n’a pas de date d’échéance.
BNPP AM Luxembourg n’est pas autorisé à résilier le Produit unilatéralement. Le Conseil d’administration de la SICAV a le pouvoir de décider de la fusion, de la scission, de la liquidation ou de la clôture du compartiment. En outre, la SICAV peut être liquidée sur décision d’une assemblée générale extraordinaire des actionnaires.
## Objectifs
Le Fonds est un fonds géré passivement qui suit les indices.
Le Fonds cherche à reproduire (avec une erreur de suivi maximum* de 1%) la performance de la FTSE EPRA NAREIT Developed Europe (NTR) (Bloomberg: Indice NEPRA) (« l'indice ») en investissant dans les actions émises par les sociétés incluses dans l'indice, en respectant les pondérations de l'indice (réplication complète).
*l'erreur de suivi est un indicateur de risque qui mesure à quel point un fonds suit le rendement de son indice de référence. Des dividendes peuvent être distribués sur une base trimestrielle.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
Cette part vise à couvrir son risque de change par rapport à l'exposition de change du portefeuille du compartiment. Toutefois, le risque de change ne peut être totalement supprimé dans la mesure où la technique de couverture se base sur la VNI du compartiment concerné.
## Investisseurs de détail visés
Ce Produit est conçu pour des investisseurs de détail qui n’ont ni expertise financière ni connaissance spécifique pour comprendre le Produit, mais peuvent néanmoins supporter une perte totale du capital. Il est approprié pour des clients cherchant à accroître et/ou percevoir des revenus de leur capital. Les investisseurs potentiels devraient avoir un horizon de placement d’au moins 5 années.
## Informations pratiques
Dépositaire : BNP PARIBAS, Luxembourg Branch
Ce document d’informations clés décrit un compartiment de la SICAV BNP PARIBAS EASY. D’autres informations sur le compartiment figurent dans le prospectus et les rapports périodiques de la SICAV. En vertu de la Loi de 2010, l’actif et le passif des différents compartiments de la SICAV sont ségrégués.
De plus amples informations concernant le Produit, y compris les derniers prospectus, document d’informations clés, valeurs nettes d’inventaire ainsi que les derniers cours d’actions publiés, rapport annuel et description d’investissement, peuvent être obtenues, sans coûts, en anglais, auprès de BNPP AM Luxembourg ou en ligne sur le site https://www.bnpparibas-am.com. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Developed Europe (NTR) (Bloomberg: NEPRA index) (“the Index”) by investing in the shares issued by companies included in the Index, respecting the Index's weightings (full replication).
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Dividends may be distributed on a quarterly basis.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | fr |
DOLFIN8880 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In relation to the Portfolios that are not registered in Taiwan (“Unregistered Portfolios”), such Unregistered Portfolios may not be sold, issued or offered in Taiwan except to Taiwan resident investors outside Taiwan for purchase by such investors outside Taiwan. No person or entity in Taiwan has been authorised to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the Unregistered Portfolios in Taiwan.
The Unregistered Portfolios may however be made available in Taiwan on a private placement basis only to banks, bills houses, trust enterprises, financial holding companies and other qualified entities or institutions (collectively, “Qualified Institutions”) and other entities and individuals meeting specific criteria (“Other Qualified Investors”) pursuant to the private placement provisions of the Taiwan Rules Governing Offshore Funds and only with the prior consent of the Management Company.
No other offer or sale of the Unregistered Portfolios in Taiwan is permitted. Taiwan purchasers of the Shares of the Unregistered Portfolios may not sell or otherwise dispose of their holdings except by redemption, transfer to a Qualified Institution or Other Qualified Investor, transfer by operation of law or other means approved by the Financial Supervisory Commission R.O.C. (“FSC”). | En ce qui concerne les Portefeuilles qui ne sont pas inscrits à Taïwan (« Portefeuille non-inscrits »), ces Portefeuilles non-inscrits ne peuvent pas être vendus, émis ou offerts à Taïwan, sauf à des investisseurs résidents de Taïwan hors de Taïwan, par des investisseurs hors Taïwan. Aucune personne physique ou entité à Taïwan n'a été autorisée à offrir, vendre ou donner un conseil ou à agir en tant qu'intermédiaire dans l'offre ou la vente des Portefeuilles non-inscrits à Taïwan.
Les Portefeuilles non-inscrits peuvent néanmoins être disponibles à Taïwan en tant que placement privé uniquement à des banques, des « bills houses », des trusts, des sociétés de holding financières et d'autres entités ou institutions admissibles (ensemble, les « Institutions admissibles ») et les autres entités et personnes physiques qui répondent à des critères spécifiques (« Autres investisseurs admissibles ») sous réserve des dispositions de placement privé des Règles taïwanaises gouvernant les fonds offshores et uniquement avec le consentement préalable de la Société de gestion.
Aucune autre offre ou vente de Portefeuilles non-inscrits à Taïwan n'est autorisée. Les acheteurs taïwanais des Actions de Portefeuilles non-inscrits ne peuvent pas vendre ou autrement disposer de leurs avoirs sauf par rachat, transfert à une Institution admissible ou à un Autre investisseur admissible, par transfert imposé par la loi ou par tout autre moyen approuvé par la Financial Supervisory Commission R.O.C. (« FSC »). | In relation to the Portfolios that are not registered in Taiwan (“Unregistered Portfolios”), such Unregistered Portfolios may not be sold, issued or offered in Taiwan except to Taiwan resident investors outside Taiwan for purchase by such investors outside Taiwan. No person or entity in Taiwan has been authorised to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the Unregistered Portfolios in Taiwan.
The Unregistered Portfolios may however be made available in Taiwan on a private placement basis only to banks, bills houses, trust enterprises, financial holding companies and other qualified entities or institutions (collectively, “Qualified Institutions”) and other entities and individuals meeting specific criteria (“Other Qualified Investors”) pursuant to the private placement provisions of the Taiwan Rules Governing Offshore Funds and only with the prior consent of the Management Company.
No other offer or sale of the Unregistered Portfolios in Taiwan is permitted. Taiwan purchasers of the Shares of the Unregistered Portfolios may not sell or otherwise dispose of their holdings except by redemption, transfer to a Qualified Institution or Other Qualified Investor, transfer by operation of law or other means approved by the Financial Supervisory Commission R.O.C. (“FSC”). | en | fr |
DOLFIN8881 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Switzerland: State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, Postfach, CH-8027, Zurich
Information for persons in Hong Kong: The contents of this document have not been reviewed nor endorsed by any regulatory authority in Hong Kong. Investors are advised to exercise caution in relation to the offer. If there is doubt about any of the contents of this document, investors should obtain independent professional advice.
The Fund is not authorised by the SFC in Hong Kong pursuant to section 104 of the SFO. This document has not been approved by the SFC in Hong Kong, nor has a copy been registered with the Registrar of Companies in Hong Kong. Accordingly:
- Shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than to “professional investors” within the meaning of Part I of Schedule 1 to the SFO and any rules made under the SFO, or in other circumstances which do not result in this document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) or which do not constitute an offer or invitation to the public for the purposes of the CWUMPO or the SFO; and
- no person may issue or possess for the purpose of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Shares which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so in (a) above or under the laws of Hong Kong) other than with respect to Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors.”Information for persons in Italy: The document does not constitute in any way an offer or recommendation to make investments in the Fund or to execute other transactions in relation to the latter. The investors shall consult with their investment consultants in order to analyse the legal, fiscal and accounting aspects of the investment or other transactions concerning the investment in the Fund and evaluate whether such investment or transaction is suitable to their own risk profile, financial status and investment objectives. The Fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy towards Professional Investors. Before taking any investment decisions, the prospective investors should read carefully the Prospectus and the KIID. The Prospectus and the KIIDs have been published with CONSOB and are available at the address of PGIM Limited (at its registered office at Grand Buildings, 1-3 Strand Trafalgar Square, London, WC2N 5HR, United Kingdom), as well as a list of the placing agents appointed for the distribution of the Fund in Italy. The Funds’ Prospectus and the KIIDs can also be found on www.pgimfunds.com. | #### Svizzera: State Street Bank International GmbH, Monaco, filiale di Zurigo, Beethovenstrasse 19, Postfach, CH-8027, Zurigo
Informazioni per i soggetti di Hong Kong: Il contenuto del presente documento non è stato esaminato né approvato da alcuna autorità di vigilanza di Hong Kong. Si consiglia agli investitori di esercitare cautela in relazione all'offerta. In caso di dubbi in merito al contenuto del presente documento, si invitano gli investitori a richiedere una consulenza professionale indipendente.
Il Fondo non è autorizzato dalla SFC a Hong Kong ai sensi della sezione 104 della SFO. Il presente documento non è stato approvato dalla SFC a Hong Kong né ne è stata registrata una copia presso il Registro delle imprese di Hong Kong. Di conseguenza:
- Le azioni del Fondo non possono essere offerte o vendute a Hong Kong tramite il presente documento o qualsiasi altro documento diverso agli “investitori professionali” ai sensi della Parte i dell'Allegato 1 alla SFO e da eventuali norme emanate ai sensi della SFO o in altre circostanze che non comportino la definizione di “prospetto” del presente documento nella Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) o che non costituiscono offerta o invito al pubblico ai fini della CWUMPO o della SFO; e
- nessun soggetto può emettere o possedere a fini di emissione, sia a Hong Kong che altrove, annunci pubblicitari, inviti o documenti relativi alle Azioni indirizzati al, o il cui contenuto sia facilmente accessibile o possa essere letto dal, pubblico di Hong Kong (salvo ove consentito ai sensi del precedente punto (a) o delle leggi di Hong Kong), a parte per quanto riguarda le Azioni che sono o intendono essere cedute solo a soggetti esterni a Hong Kong o solo a “investitori professionali.”Informazioni per i soggetti italiani: Il documento non costituisce in alcun modo un'offerta o una raccomandazione ad investire nel Fondo, né ad eseguire altre operazioni in relazione a quest'ultimo. Si invitano gli investitori a rivolgersi ai propri consulenti finanziari per un'analisi degli aspetti legali, fiscali e contabili dell'investimento o di altre operazioni relative all'investimento nel Fondo, nonché al fine di valutare l'adeguatezza dell'investimento o dell'operazione al proprio profilo di rischio, alla situazione finanziaria e agli obiettivi d'investimento. Il Fondo è registrato presso la Commissione Nazionale per le Società e la Borsa (CONSOB) per l'offerta ad Investitori Professionali in Italia. Prima di qualunque decisione di investimento, si invitano i potenziali investitori a leggere attentamente il Prospetto e il KIID. Il Prospetto e il KIID sono stati depositati presso la CONSOB e sono disponibili all'indirizzo di PGIM Limited (presso la sua sede legale in Grand Buildings, 1-3 Strand Trafalgar Square, Londra, WC2N 5HR, Regno Unito), nonché presso una serie di agenti collocatori incaricati della distribuzione del Fondo in Italia. Il Prospetto e i KIID del Fondo sono reperibili anche su www.pgimfunds.com. | #### Switzerland: State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, Postfach, CH-8027, Zurich
Information for persons in Hong Kong: The contents of this document have not been reviewed nor endorsed by any regulatory authority in Hong Kong. Investors are advised to exercise caution in relation to the offer. If there is doubt about any of the contents of this document, investors should obtain independent professional advice.
The Fund is not authorised by the SFC in Hong Kong pursuant to section 104 of the SFO. This document has not been approved by the SFC in Hong Kong, nor has a copy been registered with the Registrar of Companies in Hong Kong. Accordingly:
- Shares in the Fund may not be offered or sold in Hong Kong by means of this document or any other document other than to “professional investors” within the meaning of Part I of Schedule 1 to the SFO and any rules made under the SFO, or in other circumstances which do not result in this document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) or which do not constitute an offer or invitation to the public for the purposes of the CWUMPO or the SFO; and
- no person may issue or possess for the purpose of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Shares which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so in (a) above or under the laws of Hong Kong) other than with respect to Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors.”Information for persons in Italy: The document does not constitute in any way an offer or recommendation to make investments in the Fund or to execute other transactions in relation to the latter. The investors shall consult with their investment consultants in order to analyse the legal, fiscal and accounting aspects of the investment or other transactions concerning the investment in the Fund and evaluate whether such investment or transaction is suitable to their own risk profile, financial status and investment objectives. The Fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy towards Professional Investors. Before taking any investment decisions, the prospective investors should read carefully the Prospectus and the KIID. The Prospectus and the KIIDs have been published with CONSOB and are available at the address of PGIM Limited (at its registered office at Grand Buildings, 1-3 Strand Trafalgar Square, London, WC2N 5HR, United Kingdom), as well as a list of the placing agents appointed for the distribution of the Fund in Italy. The Funds’ Prospectus and the KIIDs can also be found on www.pgimfunds.com. | en | it |
DOLFIN8882 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The modified duration of the Sub-Fund will stay between -3 and +7, without any restriction on the modified duration of individual securities in the Sub-Fund.
The Sub-Fund will at all times invest no more than 25% of its total assets in bonds in any currency from non-OECD issuers. The Sub- Fund will be solely invest in securities having a rating of at least B- by Standard & Poor’s or being considered as equivalent, at the time of purchase. Fixed Income securities which may be downgraded during their lifetime under B- grade may not exceed 10% of its total assets.
The Sub-Fund mainly invests in fixed rate, floating rate or inflation-indexed debt securities and negotiable debt within the following limits:
- Convertible or exchangeable bonds: up to 100% of its total assets and Contingent convertible bonds (Coco Bonds) : at most 20% of its total assets,
- Equities (through exposure from convertible bonds, synthetic convertibles bonds or options on future equity market): up to 10% of the Sub-Fund’s asset may be exposed to the stock market. | La durata finanziaria modificata del Comparto rimarrà compresa tra -3 e +7, senza alcuna restrizione sulla durata finanziaria modificata dei singoli titoli del Comparto stesso.
Il Comparto non investirà mai più del 25% del patrimonio complessivo in obbligazioni in qualsiasi valuta di emittenti non appartenenti all'OCSE. Il Comparto investirà esclusivamente in titoli che abbiano un rating Standard & Poor's di almeno B- o che siano considerati equivalenti al momento dell'acquisto. I titoli a reddito fisso che nel corso della loro durata possono essere declassati a un grading inferiore a B- non possono superare il 10% del patrimonio complessivo.
Il Comparto investe principalmente in titoli di debito a tasso fisso, a tasso variabile o indicizzati all'inflazione e in titoli di debito negoziabili entro i seguenti limiti:
- Obbligazioni convertibili o scambiabili: fino al 100% del patrimonio complessivo e obbligazioni convertibili contingenti (CoCo Bond): al massimo il 20% del patrimonio complessivo,
- Azioni (attraverso l'esposizione verso obbligazioni convertibili, obbligazioni convertibili sintetiche o opzioni sul mercato azionario futuro): fino al 10% del patrimonio del Comparto può essere esposto al mercato azionario. | The modified duration of the Sub-Fund will stay between -3 and +7, without any restriction on the modified duration of individual securities in the Sub-Fund.
The Sub-Fund will at all times invest no more than 25% of its total assets in bonds in any currency from non-OECD issuers. The Sub- Fund will be solely invest in securities having a rating of at least B- by Standard & Poor’s or being considered as equivalent, at the time of purchase. Fixed Income securities which may be downgraded during their lifetime under B- grade may not exceed 10% of its total assets.
The Sub-Fund mainly invests in fixed rate, floating rate or inflation-indexed debt securities and negotiable debt within the following limits:
- Convertible or exchangeable bonds: up to 100% of its total assets and Contingent convertible bonds (Coco Bonds) : at most 20% of its total assets,
- Equities (through exposure from convertible bonds, synthetic convertibles bonds or options on future equity market): up to 10% of the Sub-Fund’s asset may be exposed to the stock market. | en | it |
DOLFIN8883 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | This is the charge that may be taken from your investment before the deal is placed in your chosen product. We do not charge an entry fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.91% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 90.85 EUR |
| Transaction costs | 0.03% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 3.12 EUR |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | | | | Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi di ingresso | Si tratta dell'importo delle spese che possono essere prelevate dal capitale prima che esso sia investito nel prodotto selezionato. Non addebitiamo una commissione d'ingresso per questo prodotto ma la persona che vende il prodotto può scegliere di farlo. | 0.00 EUR |
| Costi di uscita | Questa è la commissione che può essere prelevata dall'investimento nel caso in cui l'investitore decida di vendere. Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | 0.00 EUR |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,91% del valore dell'investimento all'anno. Si tratta delle spese correnti sostenute e include le spese di gestione e i costi di esercizio annuali. | 90.85 EUR |
| Costi di transazione | 0,03% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 3.12 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance e carried interest | Non viene addebitata alcuna commissione di performance | | | | One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | This is the charge that may be taken from your investment before the deal is placed in your chosen product. We do not charge an entry fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.91% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 90.85 EUR |
| Transaction costs | 0.03% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 3.12 EUR |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | | | en | it |
DOLFIN8884 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## UBS (Lux) Equity SICAV – Global High Dividend (USD)
This actively managed sub-fund invests worldwide following the principle of risk diversification, with at least two thirds of its assets invested in equities or other equity interests of small, medium and large-cap companies in both developed and emerging markets. The Fund strategy is to select companies with high, consistent dividends. As the sub-fund invests in many foreign currencies due to its global orientation, the portfolio or parts thereof may be hedged against the reference currency of the sub-fund in order to reduce the associated foreign currency risks. The sub-fund uses the benchmark MSCI AC World (net div. reinvested) for performance measurement, risk management and portfolio construction purposes. The Portfolio Manager may use their discretion when constructing the portfolio and is not tied to the benchmark in terms of weighting. For share classes with “hedged” in their name, currency-hedged versions of the benchmark (if available) are used. The portfolio may deviate from the benchmark in terms of allocation and performance.
Investors should note that the sub-fund’s exposure may also include Chinese A shares traded via Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect. Chinese A shares are renminbi-denominated A shares of companies domiciled in mainland China; these are traded on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
This sub-fund may invest in both developed and emerging markets. The risks associated therewith are listed in the section entitled “General risk information”. In addition to the aforementioned, investors should read, be aware of and take into account the risks associated with investments traded via Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect. Information on this topic can be found after the section “General risk information”. | ## UBS (Lux) Equity SICAV - Global High Dividend (USD)
Dieser aktiv verwaltete Subfonds investiert sein Vermögen global nach dem Grundsatz der Risikoverteilung zu mindestens zwei Drittel in Aktien oder anderen Kapitalanteilen von kleinen, mittleren und grosskapitalisierten Gesellschaften in entwickelten Märkten und Schwellenländern (Emerging Markets). Die Strategie des Fonds ist es, Unternehmen mit hohen und stabilen Dividendenerträgen auszuwählen. Da der Subfonds durch die globale Ausrichtung in zahlreiche Fremdwährungen investiert, können zwecks Reduktion dieser Fremdwährungsrisiken das Portfolio oder Teile davon gegen die Referenzwährung des Subfonds abgesichert werden. Der Subfonds nutzt die Benchmark MSCI AC World (net div. reinvested) zum Vergleich der Wertentwicklung, für das Risikomanagement und zur Portfoliokonstruktion. Der Portfolio Manager kann nach freiem Ermessen das Portfolio zusammenstellen und ist in Bezug die Gewichtung nicht an die Benchmark gebunden. Für Aktienklassen mit "hedged" im Namen werden währungsabgesicherte Versionen der Benchmark (sofern vorhanden) verwendet. Das Portfolio kann in Bezug auf Ausrichtung und Entwicklung von der Benchmark abweichen.
Anleger sollten beachten, dass das Anlageengagement des Subfonds auch Chinesische A-Aktien umfassen kann, die über Shanghai-Hong Kong Stock Connect oder Shenzhen-Hong Kong Stock Connect gehandelt werden. Chinesische A-Aktien sind auf Renminbi lautende A-Aktien von auf dem chinesischen Festland ansässigen Unternehmen, die an chinesischen Börsen wie der Shanghai Stock Exchange und der Shenzhen Stock Exchange gehandelt werden.
Dieser Subfonds kann in entwickelte Länder sowie in Schwellenländer (Emerging Markets) investieren. Die hiermit verbundenen Risiken werden im Abschnitt "Allgemeine Risikohinweise" dargestellt. Anleger sollten zusätzlich zum zuvor genannten auch die Risiken im Zusammenhang mit Anlagen, die über Shanghai-Hong Kong Stock Connect oder Shenzhen-Hong Kong Stock Connect gehandelt werden, lesen, kennen und berücksichtigen. Hinweise hierzu sind im Anschluss an den Abschnitt "Allgemeine Risikohinweise" dargestellt. | ## UBS (Lux) Equity SICAV – Global High Dividend (USD)
This actively managed sub-fund invests worldwide following the principle of risk diversification, with at least two thirds of its assets invested in equities or other equity interests of small, medium and large-cap companies in both developed and emerging markets. The Fund strategy is to select companies with high, consistent dividends. As the sub-fund invests in many foreign currencies due to its global orientation, the portfolio or parts thereof may be hedged against the reference currency of the sub-fund in order to reduce the associated foreign currency risks. The sub-fund uses the benchmark MSCI AC World (net div. reinvested) for performance measurement, risk management and portfolio construction purposes. The Portfolio Manager may use their discretion when constructing the portfolio and is not tied to the benchmark in terms of weighting. For share classes with “hedged” in their name, currency-hedged versions of the benchmark (if available) are used. The portfolio may deviate from the benchmark in terms of allocation and performance.
Investors should note that the sub-fund’s exposure may also include Chinese A shares traded via Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect. Chinese A shares are renminbi-denominated A shares of companies domiciled in mainland China; these are traded on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
This sub-fund may invest in both developed and emerging markets. The risks associated therewith are listed in the section entitled “General risk information”. In addition to the aforementioned, investors should read, be aware of and take into account the risks associated with investments traded via Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect. Information on this topic can be found after the section “General risk information”. | en | de |
DOLFIN8885 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Global Investment Grade Credit – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 97.61% | | | | |
| | Euro | | | | |
| 100,000 | ABN AMRO Bank NV* | 0.60% | 15/01/2027 | 114,882 | 0.12 |
| 150,000 | American Tower Corp* | 0.95% | 05/10/2030 | 168,338 | 0.17 |
| 713,000 | AT&T Inc* | 0.25% | 04/03/2026 | 808,989 | 0.82 |
| 500,000 | AT&T Inc* | 1.60% | 19/05/2028 | 601,224 | 0.61 |
| 367,000 | Bank of America Corp* | 1.66% | 25/04/2028 | 440,925 | 0.45 |
| 289,000 | Barclays Plc* | 0.58% | 09/08/2029 | 321,269 | 0.32 |
| 100,000 | BP Capital Markets Plc* | 1.10% | 15/11/2034 | 111,758 | 0.11 |
| 662,000 | BP Capital Markets Plc* | 3.63% | 29/12/2049 | 810,711 | 0.82 |
| 100,000 | Celanese US Holdings LLC* | 0.63% | 10/09/2028 | 112,091 | 0.11 |
| 109,000 | Citigroup Inc* | 0.50% | 08/10/2027 | 124,019 | 0.13 |
| 270,000 | Computershare US Inc* | 1.13% | 07/10/2031 | 297,726 | 0.30 |
| 439,000 | Credit Suisse Group AG* | 0.65% | 14/01/2028 | 494,930 | 0.50 |
| 445,000 | Credit Suisse Group AG* | 1.00% | 24/06/2027 | 512,840 | 0.52 |
| 436,000 | Digital Dutch Finco BV* | 1.00% | 15/01/2032 | 481,220 | 0.49 |
| 322,000 | Discovery Communications LLC* | 1.90% | 19/03/2027 | 384,656 | 0.39 |
| 942,000 | Dow Chemical Co* | 1.13% | 15/03/2032 | 1,071,961 | 1.08 |
| 416,000 | E.ON SE* | 0.63% | 07/11/2031 | 474,646 | 0.48 |
| 100,000 | Elia Transmission Belgium SA* | 0.88% | 28/04/2030 | 116,095 | 0.12 |
| 271,000 | Enel Finance International NV* | 0.38% | 28/05/2029 | 302,489 | 0.31 |
| 550,000 | Fidelity National Information Services Inc* | 1.00% | 03/12/2028 | 636,610 | 0.64 |
| 203,000 | Fidelity National Information Services Inc* | 2.00% | 21/05/2030 | 250,521 | 0.25 |
| 453,000 | General Motors Financial Co Inc* | 0.85% | 26/02/2026 | 520,896 | 0.53 |
| 1,001,000 | Glencore Finance Europe Ltd** | 3.75% | 01/04/2026 | 1,283,885 | 1.30 |
| 118,000 | Heimstaden Bostad Treasury BV* | 0.25% | 13/10/2024 | 134,420 | 0.14 |
| 100,000 | Infineon Technologies AG* | 1.63% | 24/06/2029 | 121,109 | 0.12 |
| 100,000 | LANXESS AG* | 0.63% | 01/12/2029 | 113,157 | 0.11 |
| 559,000 | Lloyds Banking Group Plc* | 0.63% | 15/01/2024 | 640,749 | 0.65 |
| 300,000 | MMS USA Holdings Inc* | 1.75% | 13/06/2031 | 365,359 | 0.37 |
| 73,000 | Nasdaq Inc* | 0.90% | 30/07/2033 | 80,960 | 0.08 |
| 1,300,000 | National Grid North America Inc* | 1.00% | 12/07/2024 | 1,510,960 | 1.53 |
| 483,000 | Nationwide Building Society* | 2.00% | 25/07/2029 | 569,756 | 0.58 |
| 445,000 | New York Life Global Funding* | 0.25% | 04/10/2028 | 501,155 | 0.51 |
| 800,000 | Orange SA* | 0.50% | 04/09/2032 | 889,055 | 0.90 |
| 100,000 | Orange SA* | 0.63% | 16/12/2033 | 110,761 | 0.11 |
| 189,000 | PepsiCo Inc* | 0.75% | 14/10/2033 | 213,929 | 0.22 |
| 571,000 | RWE AG* | 0.50% | 26/11/2028 | 649,521 | 0.66 |
| 428,000 | Simon International Finance SCA* | 1.13% | 19/03/2033 | 479,122 | 0.48 |
| 200,000 | Simon International Finance SCA* | 1.25% | 13/05/2025 | 234,436 | 0.24 |
| 235,000 | Smurfit Kappa Treasury ULC* | 0.50% | 22/09/2029 | 263,739 | 0.27 |
300 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | # Global Investment Grade Credit – Cartera de inversiones
### Activos financieros al valor razonable con cambios en resultados
| Importe principal | Descripción de los valores | Cupón | Fecha de vencimiento | Valor razonable USD | % del Patri- monio neto |
| --- | --- | --- | --- | --- | --- |
| | Bonos corporativos 97,61% | | | | |
| | Euro | | | | |
| 100.000 | ABN AMRO Bank NV* | 0,60% | 15/01/2027 | 114.882 | 0,12 |
| 150.000 | American Tower Corp* | 0,95% | 05/10/2030 | 168.338 | 0,17 |
| 713.000 | AT&T Inc* | 0,25% | 04/03/2026 | 808.989 | 0,82 |
| 500.000 | AT&T Inc* | 1,60% | 19/05/2028 | 601.224 | 0,61 |
| 367.000 | Bank of America Corp* | 1,66% | 25/04/2028 | 440.925 | 0,45 |
| 289.000 | Barclays Plc* | 0,58% | 09/08/2029 | 321.269 | 0,32 |
| 100.000 | BP Capital Markets Plc* | 1,10% | 15/11/2034 | 111.758 | 0,11 |
| 662.000 | BP Capital Markets Plc* | 3,63% | 29/12/2049 | 810.711 | 0,82 |
| 100.000 | Celanese US Holdings LLC* | 0,63% | 10/09/2028 | 112.091 | 0,11 |
| 109.000 | Citigroup Inc* | 0,50% | 08/10/2027 | 124.019 | 0,13 |
| 270.000 | Computershare US Inc* | 1,13% | 07/10/2031 | 297.726 | 0,30 |
| 439.000 | Credit Suisse Group AG* | 0,65% | 14/01/2028 | 494.930 | 0,50 |
| 445.000 | Credit Suisse Group AG* | 1,00% | 24/06/2027 | 512.840 | 0,52 |
| 436.000 | Digital Dutch Finco BV* | 1,00% | 15/01/2032 | 481.220 | 0,49 |
| 322.000 | Discovery Communications LLC* | 1,90% | 19/03/2027 | 384.656 | 0,39 |
| 942.000 | Dow Chemical Co* | 1,13% | 15/03/2032 | 1.071.961 | 1,08 |
| 416.000 | E.ON SE* | 0,63% | 07/11/2031 | 474.646 | 0,48 |
| 100.000 | Elia Transmission Belgium SA* | 0,88% | 28/04/2030 | 116.095 | 0,12 |
| 271.000 | Enel Finance International NV* | 0,38% | 28/05/2029 | 302.489 | 0,31 |
| 550.000 | Fidelity National Information Services Inc* | 1,00% | 03/12/2028 | 636.610 | 0,64 |
| 203.000 | Fidelity National Information Services Inc* | 2,00% | 21/05/2030 | 250.521 | 0,25 |
| 453.000 | General Motors Financial Co Inc* | 0,85% | 26/02/2026 | 520.896 | 0,53 |
| 1.001.000 | Glencore Finance Europe Ltd** | 3,75% | 01/04/2026 | 1.283.885 | 1,30 |
| 118.000 | Heimstaden Bostad Treasury BV* | 0,25% | 13/10/2024 | 134.420 | 0,14 |
| 100.000 | Infineon Technologies AG* | 1,63% | 24/06/2029 | 121.109 | 0,12 |
| 100.000 | LANXESS AG* | 0,63% | 01/12/2029 | 113.157 | 0,11 |
| 559.000 | Lloyds Banking Group Plc* | 0,63% | 15/01/2024 | 640.749 | 0,65 |
| 300.000 | MMS USA Holdings Inc* | 1,75% | 13/06/2031 | 365.359 | 0,37 |
| 73.000 | Nasdaq Inc* | 0,90% | 30/07/2033 | 80.960 | 0,08 |
| 1.300.000 | National Grid North America Inc* | 1,00% | 12/07/2024 | 1.510.960 | 1,53 |
| 483.000 | Nationwide Building Society* | 2,00% | 25/07/2029 | 569.756 | 0,58 |
| 445.000 | New York Life Global Funding* | 0,25% | 04/10/2028 | 501.155 | 0,51 |
| 800.000 | Orange SA* | 0,50% | 04/09/2032 | 889.055 | 0,90 |
| 100.000 | Orange SA* | 0,63% | 16/12/2033 | 110.761 | 0,11 |
| 189.000 | PepsiCo Inc* | 0,75% | 14/10/2033 | 213.929 | 0,22 |
| 571.000 | RWE AG* | 0,50% | 26/11/2028 | 649.521 | 0,66 |
| 428.000 | Simon International Finance SCA* | 1,13% | 19/03/2033 | 479.122 | 0,48 |
| 200.000 | Simon International Finance SCA* | 1,25% | 13/05/2025 | 234.436 | 0,24 |
| 235.000 | Smurfit Kappa Treasury ULC* | 0,50% | 22/09/2029 | 263.739 | 0,27 |
300 NEUBERGER BERMAN INVESTMENT FUNDS PLC
CARTERA DE INVERSIONES CUENTAS | # Global Investment Grade Credit – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 97.61% | | | | |
| | Euro | | | | |
| 100,000 | ABN AMRO Bank NV* | 0.60% | 15/01/2027 | 114,882 | 0.12 |
| 150,000 | American Tower Corp* | 0.95% | 05/10/2030 | 168,338 | 0.17 |
| 713,000 | AT&T Inc* | 0.25% | 04/03/2026 | 808,989 | 0.82 |
| 500,000 | AT&T Inc* | 1.60% | 19/05/2028 | 601,224 | 0.61 |
| 367,000 | Bank of America Corp* | 1.66% | 25/04/2028 | 440,925 | 0.45 |
| 289,000 | Barclays Plc* | 0.58% | 09/08/2029 | 321,269 | 0.32 |
| 100,000 | BP Capital Markets Plc* | 1.10% | 15/11/2034 | 111,758 | 0.11 |
| 662,000 | BP Capital Markets Plc* | 3.63% | 29/12/2049 | 810,711 | 0.82 |
| 100,000 | Celanese US Holdings LLC* | 0.63% | 10/09/2028 | 112,091 | 0.11 |
| 109,000 | Citigroup Inc* | 0.50% | 08/10/2027 | 124,019 | 0.13 |
| 270,000 | Computershare US Inc* | 1.13% | 07/10/2031 | 297,726 | 0.30 |
| 439,000 | Credit Suisse Group AG* | 0.65% | 14/01/2028 | 494,930 | 0.50 |
| 445,000 | Credit Suisse Group AG* | 1.00% | 24/06/2027 | 512,840 | 0.52 |
| 436,000 | Digital Dutch Finco BV* | 1.00% | 15/01/2032 | 481,220 | 0.49 |
| 322,000 | Discovery Communications LLC* | 1.90% | 19/03/2027 | 384,656 | 0.39 |
| 942,000 | Dow Chemical Co* | 1.13% | 15/03/2032 | 1,071,961 | 1.08 |
| 416,000 | E.ON SE* | 0.63% | 07/11/2031 | 474,646 | 0.48 |
| 100,000 | Elia Transmission Belgium SA* | 0.88% | 28/04/2030 | 116,095 | 0.12 |
| 271,000 | Enel Finance International NV* | 0.38% | 28/05/2029 | 302,489 | 0.31 |
| 550,000 | Fidelity National Information Services Inc* | 1.00% | 03/12/2028 | 636,610 | 0.64 |
| 203,000 | Fidelity National Information Services Inc* | 2.00% | 21/05/2030 | 250,521 | 0.25 |
| 453,000 | General Motors Financial Co Inc* | 0.85% | 26/02/2026 | 520,896 | 0.53 |
| 1,001,000 | Glencore Finance Europe Ltd** | 3.75% | 01/04/2026 | 1,283,885 | 1.30 |
| 118,000 | Heimstaden Bostad Treasury BV* | 0.25% | 13/10/2024 | 134,420 | 0.14 |
| 100,000 | Infineon Technologies AG* | 1.63% | 24/06/2029 | 121,109 | 0.12 |
| 100,000 | LANXESS AG* | 0.63% | 01/12/2029 | 113,157 | 0.11 |
| 559,000 | Lloyds Banking Group Plc* | 0.63% | 15/01/2024 | 640,749 | 0.65 |
| 300,000 | MMS USA Holdings Inc* | 1.75% | 13/06/2031 | 365,359 | 0.37 |
| 73,000 | Nasdaq Inc* | 0.90% | 30/07/2033 | 80,960 | 0.08 |
| 1,300,000 | National Grid North America Inc* | 1.00% | 12/07/2024 | 1,510,960 | 1.53 |
| 483,000 | Nationwide Building Society* | 2.00% | 25/07/2029 | 569,756 | 0.58 |
| 445,000 | New York Life Global Funding* | 0.25% | 04/10/2028 | 501,155 | 0.51 |
| 800,000 | Orange SA* | 0.50% | 04/09/2032 | 889,055 | 0.90 |
| 100,000 | Orange SA* | 0.63% | 16/12/2033 | 110,761 | 0.11 |
| 189,000 | PepsiCo Inc* | 0.75% | 14/10/2033 | 213,929 | 0.22 |
| 571,000 | RWE AG* | 0.50% | 26/11/2028 | 649,521 | 0.66 |
| 428,000 | Simon International Finance SCA* | 1.13% | 19/03/2033 | 479,122 | 0.48 |
| 200,000 | Simon International Finance SCA* | 1.25% | 13/05/2025 | 234,436 | 0.24 |
| 235,000 | Smurfit Kappa Treasury ULC* | 0.50% | 22/09/2029 | 263,739 | 0.27 |
300 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | en | es |
DOLFIN8886 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le département Risk Management de la Société de Gestion peut imposer des critères plus stricts en termes de garanties reçues et ainsi exclure certains types d’instruments, certains pays, certains émetteurs, voire certains titres.
En cas de matérialisation du risque de contrepartie, le FCP pourrait se retrouver propriétaire de la garantie financière reçue. Si le FCP peut se défaire de cette garantie à une valeur correspondant à la valeur des actifs prêtés/cédés, elle n’en supporterait pas de conséquence financière négative. Dans le cas contraire (si la valeur des actifs reçus en garantie a baissé sous la valeur des actifs prêtés/cédés avant qu’il ne soit procédé à leur vente), elle subirait une perte correspondant à la différence entre la valeur des actifs prêtés/cédés et la valeur de la garantie, une fois celle-ci liquidée.
- Niveau de garanties financières reçuesLe niveau de collatéral exigé pour les instruments financiers de gré à gré et les techniques de gestion efficaces de portefeuille est déterminé par les accords mis en place avec chacune des contreparties en tenant compte, le cas échéant, de facteurs tels que lanature et les caractéristiques des transactions, la qualité de crédit et des contreparties ainsi que les conditions de marché en vigueur. A tout moment, l’exposition de la contrepartie non couverte par le collatéral restera en dessous des limites de risque de contreparties fixées par la règlementation.
- Politique en matière de décoteLa Société de Gestion a mis en place une politique de décote adaptée à chaque catégorie d’actifs (en fonction de la qualité de crédit notamment) reçus au titre de garantie financière. Cette politique est tenue gratuitement à la disposition de l’investisseur qui souhaite se la procurer, au siège de la Société de Gestion.
- Restrictions quant au réinvestissement des garanties financières reçuesLes garanties financières autres qu’en espèces ne sont ni vendues, ni réinvesties, ni mises en gage. | El departamento de Gestión de Riesgos de la Sociedad Gestora puede imponer criterios más estrictos respecto a las garantías recibidas y, así, excluir determinados tipos de instrumentos, determinados países, determinados emisores e, incluso, determinados títulos.
En caso de que se materializara el riesgo de contraparte, el Fondo de Inversión Colectiva podría convertirse en propietario de la garantía financiera recibida. Si el Fondo de Inversión Colectiva puede vender dicha garantía a un valor correspondiente al valor de los activos prestados o cedidos, no sufrirá consecuencias financieras negativas. En caso contrario (si el valor de los activos recibidos en garantía ha bajado hasta situarse por debajo del valor de los activos prestados o cedidos antes de que se proceda a su venta), sufrirá una pérdida correspondiente a la diferencia entre el valor de los activos prestados o cedidos y el valor de la garantía, una vez liquidada esta.
- Nivel de las garantías financieras recibidasEl nivel de las garantías exigido para los instrumentos financieros extrabursátiles y las técnicas de gestión eficaz de la cartera se determina con arreglo a los acuerdos vigentes con cada contraparte, teniendo en cuenta, en su caso, factores como la naturaleza y las características de las operaciones, la calidad crediticia y de las contrapartes, y las condiciones vigentes en el mercado. La exposición de la contraparte no cubierta por la garantía se mantendrá en todo momento por debajo de los límites reglamentarios de riesgo de contraparte.
- Política de descuentos sobre el valor nominalLa Sociedad Gestora ha aplicado una política de descuentos sobre el valor nominal adaptada a cada categoría de activos (basada especialmente en la calidad crediticia) recibidos en concepto de garantía financiera. Esta política se conserva en el domicilio de la Sociedad Gestora y está a disposición del inversor que desee obtenerla de modo totalmente gratuito.
- Restricciones relativas a la reinversión de las garantías financieras recibidasLas garantías financieras distintas de las garantías en especie ni se venden, ni se reinvierten ni se entregan en prenda. | Le département Risk Management de la Société de Gestion peut imposer des critères plus stricts en termes de garanties reçues et ainsi exclure certains types d’instruments, certains pays, certains émetteurs, voire certains titres.
En cas de matérialisation du risque de contrepartie, le FCP pourrait se retrouver propriétaire de la garantie financière reçue. Si le FCP peut se défaire de cette garantie à une valeur correspondant à la valeur des actifs prêtés/cédés, elle n’en supporterait pas de conséquence financière négative. Dans le cas contraire (si la valeur des actifs reçus en garantie a baissé sous la valeur des actifs prêtés/cédés avant qu’il ne soit procédé à leur vente), elle subirait une perte correspondant à la différence entre la valeur des actifs prêtés/cédés et la valeur de la garantie, une fois celle-ci liquidée.
- Niveau de garanties financières reçuesLe niveau de collatéral exigé pour les instruments financiers de gré à gré et les techniques de gestion efficaces de portefeuille est déterminé par les accords mis en place avec chacune des contreparties en tenant compte, le cas échéant, de facteurs tels que lanature et les caractéristiques des transactions, la qualité de crédit et des contreparties ainsi que les conditions de marché en vigueur. A tout moment, l’exposition de la contrepartie non couverte par le collatéral restera en dessous des limites de risque de contreparties fixées par la règlementation.
- Politique en matière de décoteLa Société de Gestion a mis en place une politique de décote adaptée à chaque catégorie d’actifs (en fonction de la qualité de crédit notamment) reçus au titre de garantie financière. Cette politique est tenue gratuitement à la disposition de l’investisseur qui souhaite se la procurer, au siège de la Société de Gestion.
- Restrictions quant au réinvestissement des garanties financières reçuesLes garanties financières autres qu’en espèces ne sont ni vendues, ni réinvesties, ni mises en gage. | fr | es |
DOLFIN8887 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### Société de gestion et Dirigeants
La SICAV a nommé FIL Investment Management (Luxembourg) S.A en tant que Société de gestion de la SICAV en vertu d’un Contrat de prestation de services de Société de gestion daté du 1er juin 2012. La SICAV paie des honoraires en vertu de ce Contrat dont le montant est fixé à des taux commerciaux, conformément à la volonté des parties, et supporte également tous les frais et débours raisonnables, comme décrit plus en détail à la section Contrat de prestation de services. Veuillez vous reporter au point 2 de la Section II pour de plus amples informations concernant les Frais de gestion applicables aux catégories d'Actions.
La Société de gestion a été constituée sous la forme d’une Société Anonyme en vertu du droit luxembourgeois par un acte notarié daté du 14 août 2002 et publié au Mémorial le 23 août 2002. Elle a été constituée pour une période indéterminée. Elle est enregistrée au Registre de Commerce et des Sociétés sous le numéro B88 635. Les dernières modifications des Statuts en date du 22 juin 2011 ont été publiées au Mémorial le 22 juillet 2011. Son capital social autorisé et émis s’élève à 500 000 EUR.
La Société de gestion est agréée en tant que société de gestion régie par la Directive CE 2009/65 et par conséquent se conforme aux conditions énoncées au Chapitre 15 de la Loi de 2010. L’objet social de la Société de gestion consiste en la gestion au sens de l’article 101(2) de la Loi de 2010 y compris, notamment, la création, l’administration, la gestion et le marketing, d’organismes de placement collectif.
La Société de gestion est responsable de la gestion, l’administration, y compris la gestion globale des investissements de la SICAV, et de la fonction marketing.
La Société de gestion effectue les souscriptions, rachats, arbitrages et transferts d’Actions et inscrit toutes ces transactions dans le Registre des Actionnaires de la SICAV. Elle fournit en outre à la SICAV des services inhérents à la comptabilité de la SICAV, au calcul de la Valeur liquidative de chacun des Compartiments à la Date d’évaluation, au paiement de dividendes aux Actionnaires, à la préparation et à la distribution des rapports d’Actionnaires ainsi que d’autres services administratifs.
La Société de gestion a nommé, avec l’accord de la SICAV, le Gérant de portefeuille et le Distributeur général. Les informations relatives aux accords avec ces parties et une description des commissions et dépenses imputables à la SICAV sont précisées ci-dessous.
La Société de gestion aura notamment pour fonction de s’assurer à tout moment que les tâches du Gérant de portefeuille, du Distributeur général ainsi que les fonctions administratives décrites ci-dessus sont exécutées conformément aux lois du Luxembourg, aux Statuts et au Prospectus. La Société de gestion et les Directeurs qu’elle a nommés devront notamment garantir que la SICAV se conforme aux limites d’investissements (voir Section V) et supervisent la mise en place de la politique d’investissement de chaque Compartiment.
La Société de gestion et/ou les Dirigeants doivent rendre compte au Conseil de façon trimestrielle et les Dirigeants devront informer sans délai la Société de gestion et le Conseil de tout problème découlant des actions du Gérant de portefeuille, du Distributeur général et de la Société de gestion en lien avec les fonctions administratives décrites ci-dessus. | ###### Sociedad Gestora y Responsables de Dirección
El Fondo ha designado a FIL Investment Management (Luxembourg) S.A. como Sociedad Gestora del Fondo en virtud de un Contrato de Servicios de Gestión con fecha del 1 de junio de 2012. El Fondo abona comisiones de acuerdo con este contrato a los porcentajes comerciales que en cada momento pacten las partes, así como los gastos menores que sean razonables, según se describe con mayor detalle en el apartado «Contratos de Servicios». Consulte el Apartado 2 de la Parte II si desea más información sobre la Comisión de gestión aplicable a todas las Clases de Acciones.
La Sociedad Gestora se constituyó como Société Anonyme (Sociedad anónima) con arreglo a la legislación del Gran Ducado de Luxemburgo mediante acta notarial con fecha del 14 de agosto de 2002, y se publicó en el Mémorial el 23 de agosto de 2002. Se ha constituido por un periodo indefinido. Se ha registrado en el Registre de Commerce et des Sociétés (Registro Mercantil) con el número B 88 635. Las últimas modificaciones a los Estatutos con fecha de 22 de junio de 2011 se publicaron en el Mémorial el 22 de julio de 2011. La Sociedad Gestora ha emitido un capital social autorizado de
500.000 EUR.
La Sociedad Gestora está autorizada como tal por la Directiva 2009/65/CE, por lo que cumple con las condiciones establecidas en el Capítulo 15 de la Ley de 2010. El objeto social de la Sociedad Gestora consiste en la gestión según lo dispuesto en el artículo 101(2) de la Ley de 2010, que incluye, entre otros aspectos, la creación, administración, gestión y comercialización de organismos de inversión colectiva.
La Sociedad Gestora es responsable de la gestión, administración, incluida la gestión global de las inversiones del Fondo, así como de la función de comercialización. La Sociedad Gestora tramita las suscripciones, reembolsos, canjes y transferencias de Acciones e inscribe dichas operaciones en el Registro de Accionistas del Fondo. Asimismo, presta al Fondo servicios relacionados con la llevanza de la contabilidad del Fondo, cálculo del Valor liquidativo de las Acciones de cada Subfondo en cada Fecha de valoración, entrega de pagos de dividendos a los Accionistas inscritos, elaboración y distribución de informes entre los Accionistas y prestación de otros servicios administrativos.
La Sociedad Gestora ha nombrado, con el consentimiento del Fondo, al Gestor de Inversiones y al Distribuidor General. Seguidamente se detallan los pormenores de los Contratos con estas partes, así como una relación de los gastos y comisiones pagaderos por el Fondo.
Entre otras cuestiones, la Sociedad Gestora deberá garantizar en todo momento que los deberes del Gestor de Inversiones y el Distribuidor General, así como las funciones administrativas descritas anteriormente, se lleven a cabo de conformidad con la legislación luxemburguesa, los Estatutos y el Folleto informativo. Entre otras cuestiones, la Sociedad Gestora y los Responsables de Supervisión nombrados por ella también deberán asegurar la conformidad del Fondo con los límites de inversión (véase la Parte V) y supervisar la aplicación de la política de inversión de cada Subfondo.
La Sociedad Gestora y/o los Responsables de Dirección deberán presentar informes al Consejo cada tres meses, y los Responsables de Dirección deberán informar sin demora a la Sociedad Gestora y al Consejo acerca de cualquier asunto notablemente perjudicial que resulte de las acciones del Gestor de Inversiones, del Distribuidor General y de la Sociedad Gestora en relación con las funciones administrativas descritas anteriormente. | #### Société de gestion et Dirigeants
La SICAV a nommé FIL Investment Management (Luxembourg) S.A en tant que Société de gestion de la SICAV en vertu d’un Contrat de prestation de services de Société de gestion daté du 1er juin 2012. La SICAV paie des honoraires en vertu de ce Contrat dont le montant est fixé à des taux commerciaux, conformément à la volonté des parties, et supporte également tous les frais et débours raisonnables, comme décrit plus en détail à la section Contrat de prestation de services. Veuillez vous reporter au point 2 de la Section II pour de plus amples informations concernant les Frais de gestion applicables aux catégories d'Actions.
La Société de gestion a été constituée sous la forme d’une Société Anonyme en vertu du droit luxembourgeois par un acte notarié daté du 14 août 2002 et publié au Mémorial le 23 août 2002. Elle a été constituée pour une période indéterminée. Elle est enregistrée au Registre de Commerce et des Sociétés sous le numéro B88 635. Les dernières modifications des Statuts en date du 22 juin 2011 ont été publiées au Mémorial le 22 juillet 2011. Son capital social autorisé et émis s’élève à 500 000 EUR.
La Société de gestion est agréée en tant que société de gestion régie par la Directive CE 2009/65 et par conséquent se conforme aux conditions énoncées au Chapitre 15 de la Loi de 2010. L’objet social de la Société de gestion consiste en la gestion au sens de l’article 101(2) de la Loi de 2010 y compris, notamment, la création, l’administration, la gestion et le marketing, d’organismes de placement collectif.
La Société de gestion est responsable de la gestion, l’administration, y compris la gestion globale des investissements de la SICAV, et de la fonction marketing.
La Société de gestion effectue les souscriptions, rachats, arbitrages et transferts d’Actions et inscrit toutes ces transactions dans le Registre des Actionnaires de la SICAV. Elle fournit en outre à la SICAV des services inhérents à la comptabilité de la SICAV, au calcul de la Valeur liquidative de chacun des Compartiments à la Date d’évaluation, au paiement de dividendes aux Actionnaires, à la préparation et à la distribution des rapports d’Actionnaires ainsi que d’autres services administratifs.
La Société de gestion a nommé, avec l’accord de la SICAV, le Gérant de portefeuille et le Distributeur général. Les informations relatives aux accords avec ces parties et une description des commissions et dépenses imputables à la SICAV sont précisées ci-dessous.
La Société de gestion aura notamment pour fonction de s’assurer à tout moment que les tâches du Gérant de portefeuille, du Distributeur général ainsi que les fonctions administratives décrites ci-dessus sont exécutées conformément aux lois du Luxembourg, aux Statuts et au Prospectus. La Société de gestion et les Directeurs qu’elle a nommés devront notamment garantir que la SICAV se conforme aux limites d’investissements (voir Section V) et supervisent la mise en place de la politique d’investissement de chaque Compartiment.
La Société de gestion et/ou les Dirigeants doivent rendre compte au Conseil de façon trimestrielle et les Dirigeants devront informer sans délai la Société de gestion et le Conseil de tout problème découlant des actions du Gérant de portefeuille, du Distributeur général et de la Société de gestion en lien avec les fonctions administratives décrites ci-dessus. | fr | es |
DOLFIN8888 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Brief description of the selection procedure for intermediaries:
A selection and assessment procedure for intermediaries, which takes into account such objective criteria as research, commercial monitoring and execution quality, has been implemented by the Management Company. This procedure is available on the H2O AM LLP website, at:
www.h2o-am.com
- Provision of information for unitholders concerning the UCITS:
## DISTRIBUTION OF THE PROSPECTUS AND ANNUAL AND INTERIM DOCUMENTS
- These documents will be sent to unitholders upon written request to: H2O AM LLP10 Old Burlington Street, London W1S 3AG, United Kingdom E-mail: [email protected] documents will be sent within eight business days.
- These documents are also available at “www.h2o-am.com“
- Further information can be obtained from the marketing agents’ branches.
## INFORMATION ON THE NET ASSET VALUE
The net asset value can be obtained from H2O AM LLP, from the marketing agents’ branches and at “www.h2o-am.com”
## COMMERCIAL DOCUMENTATION
Commercial documentation is available to the Fund’s unitholders and subscribers online via www.h2o-am.com or www.im.natixis.com.
## INFORMATION IN THE EVENT OF AN AMENDMENT TO FUND OPERATIONS
Unitholders are informed of any changes concerning the Fund in line with the procedures drawn up by the AMF.
If applicable, this information may be provided by Euroclear France and its associated financial intermediaries.
## ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CRITERIA
Information on the procedure for incorporating criteria relating to environmental, social and governance (ESG) quality objectives can be found in the annual reports of the relevant UCITS and on the management company’s website.
The UCITS complies with the investment rules for UCITS as stipulated by the French Monetary and Financial Code.
The calculation method used by the Fund is the Value-at-Risk method.
The indicative average leverage level for the UCITS is 6. However, the UCITS may reach a higher leverage level. The UCITS’ indicative leverage level is calculated as the sum of the nominal positions on the financial contracts that are used. | # Description succincte de la procédure de sélection des intermédiaires :
Une procédure de sélection et d'évaluation des intermédiaires prenant en compte des critères objectifs tels que la qualité de la recherche, du suivi commercial et de l'exécution a été mise en place au sein de la société de gestion. Cette procédure est disponible sur le site internet de H2O AM LLP à l'adresse suivante :
www.h2o-am.com
- Diffusion des informations concernant l'opcvm – modalites d’information des porteurs :
## COMMUNICATION DU PROSPECTUS ET DES DOCUMENTS ANNUELS ET PERIODIQUES
- Ces documents seront adressés aux porteurs qui en font la demande écrite auprès de : H2O AM LLP10 Old Burlington Street, London W1S 3AG, Grande Bretagne e-mail : [email protected] documents leur seront adressés dans un délai de huit jours ouvrés.
- Ces documents sont également disponibles sur le site « www.h2o-am.com»
- Toutes informations supplémentaires peuvent être notamment obtenues auprès des agences des Etablissements commercialisateurs.
## COMMUNICATION DE LA VALEUR LIQUIDATIVE
La valeur liquidative peut être obtenue auprès de H2O AM LLP, des agences des Etablissements commercialisateurs et sur le site internet « www.h2o-am.com »
## DOCUMENTATION COMMERCIALE
La documentation commerciale est mise à la disposition des porteurs et souscripteurs de parts du FCP sur le site de la société de gestion www.h2o-am.com ou sur le site internet du commercialisateur www.im.natixis.com.
## INFORMATIONS EN CAS DE MODIFICATION DES MODALITES DE FONCTIONNEMENT DU FCP
Les porteurs de parts sont informés des changements concernant le FCP selon les modalités arrêtées par l’Autorité des marchés financiers.
Cette information peut être effectuée, le cas échéant, par l’intermédiaire d’Euroclear France et des intermédiaires financiers qui lui sont affiliés.
## CRITERES ENVIRONNEMENTAUX, SOCIAUX ET DE GOUVERNANCE (ESG)
Les informations sur les modalités de prise en compte des critères relatifs au respect d’objectifs sociaux, environnementaux et de qualité de gouvernance (ESG) sont disponibles dans les rapports annuels des OPCVM concernés, ainsi que sur le site internet de la société de gestion.
L'OPCVM respecte les règles d'investissement des OPCVM édictées par le Code monétaire et financier.
La méthode de calcul utilisée par le FCP est celle du calcul de la valeur en risque absolue.
Le niveau de l’effet de levier indicatif moyen de l’OPCVM est de 6. Toutefois, l'OPCVM aura la possibilité d'atteindre un niveau de levier plus élevé. Le niveau de levier indicatif de l’OPCVM est calculé comme la somme des nominaux des positions sur les contrats financiers utilisés. | # Brief description of the selection procedure for intermediaries:
A selection and assessment procedure for intermediaries, which takes into account such objective criteria as research, commercial monitoring and execution quality, has been implemented by the Management Company. This procedure is available on the H2O AM LLP website, at:
www.h2o-am.com
- Provision of information for unitholders concerning the UCITS:
## DISTRIBUTION OF THE PROSPECTUS AND ANNUAL AND INTERIM DOCUMENTS
- These documents will be sent to unitholders upon written request to: H2O AM LLP10 Old Burlington Street, London W1S 3AG, United Kingdom E-mail: [email protected] documents will be sent within eight business days.
- These documents are also available at “www.h2o-am.com“
- Further information can be obtained from the marketing agents’ branches.
## INFORMATION ON THE NET ASSET VALUE
The net asset value can be obtained from H2O AM LLP, from the marketing agents’ branches and at “www.h2o-am.com”
## COMMERCIAL DOCUMENTATION
Commercial documentation is available to the Fund’s unitholders and subscribers online via www.h2o-am.com or www.im.natixis.com.
## INFORMATION IN THE EVENT OF AN AMENDMENT TO FUND OPERATIONS
Unitholders are informed of any changes concerning the Fund in line with the procedures drawn up by the AMF.
If applicable, this information may be provided by Euroclear France and its associated financial intermediaries.
## ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CRITERIA
Information on the procedure for incorporating criteria relating to environmental, social and governance (ESG) quality objectives can be found in the annual reports of the relevant UCITS and on the management company’s website.
The UCITS complies with the investment rules for UCITS as stipulated by the French Monetary and Financial Code.
The calculation method used by the Fund is the Value-at-Risk method.
The indicative average leverage level for the UCITS is 6. However, the UCITS may reach a higher leverage level. The UCITS’ indicative leverage level is calculated as the sum of the nominal positions on the financial contracts that are used. | en | fr |
DOLFIN8889 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### 0.49%
FUND SNAPSHOT
- Long-term allocationLong‑term megatrend that we believe is radically transforming the way we make payments
- High growth potentialAims to capture the outsized growth potential of global digital payments
- Leveraging industry expertiseAn index tracking investment strategy that is supported by a team of payments expertsDoes it promote sustainability characteristics? | ### 0,49%
IL FONDO IN SINTESI
- Allocazione a lungo termineMegatrend a lungo termine che a nostro parere sta trasformando radicalmente il modo in cui effettuiamo pagamenti
- Elevato potenziale di crescitaSi prefigge di catturare lo smisurato potenziale di crescita dei pagamenti digitali globali.
- Ricorso a competenze settorialiUna strategia di investimento che replica l’indice, sostenuta da un team di esperti dei pagamenti.
- Promuove caratteristiche di sostenibilità? | ### 0.49%
FUND SNAPSHOT
- Long-term allocationLong‑term megatrend that we believe is radically transforming the way we make payments
- High growth potentialAims to capture the outsized growth potential of global digital payments
- Leveraging industry expertiseAn index tracking investment strategy that is supported by a team of payments expertsDoes it promote sustainability characteristics? | en | it |
DOLFIN8890 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DIVIDENDS
- The Directors may from time to time as they think fit pay such dividends on shares of the Company as appear to the Directors to be justified, subject to any policy statement in relation to dividends in the Prospectus for the relevant Sub-Fund.
- The amount available for distribution in respect of any class of shares in any Accounting Period may be a sum equal to the aggregate of the net income received by the Company in respect of any class of shares (whether in the form of dividends, interest or otherwise and including realised and unrealised capital gains less realised and unrealised capital losses during the Accounting Period) calculated in accordance with the following:
- addition or deduction of a sum by way of adjustment to allow for the effect of sales or redemptions, cum or ex-dividend;
- addition of a sum representing any interest or dividend or other income accrued but not received by the relevant Sub-Fund at the end of the Accounting Period and deduction of a sum representing (to the extent that an adjustment by way of addition has been made in respect of any previous Accounting Period) interest or dividends or other income accrued at the end of the previous Accounting Period;
- addition of the amount (if any) available for distribution in respect of the last preceding Accounting Period but not distributed in respect thereof;
- addition of a sum representing the estimated or actual repayment of tax resulting from any claims in respect of corporation tax relief or double taxation relief or otherwise;
- deduction of the amount of any tax or other estimated or actual liability properly payable out of the income of the Company;
- deduction of a sum representing participation in income paid upon the cancellation of shares during the Accounting Period;
- deduction of such sum as the Company, with the approval of the Auditors may think appropriate in respect of any of the expenses provided in Article 2 hereof. PROVIDED ALWAYS that the Company shall not be responsible for any error in any estimates of corporation tax repayments or double taxation reliefexpected by way of taxation or of income receivable, and if the same shall not prove in all respects correct, the Directors shall ensure that any consequent deficiency or surplus shall be adjusted in the Accounting Period in which a further or final settlement is made of such tax repayment or liability or claim to relief or the amount of any such estimated income receivable is determined, and no adjustment shall be made to any dividend previously declared; and
- deduction of any amounts declared as a distribution but not yet distributed.
The Directors may also declare such dividends on the shares or on any class of shares from the capital attributable to the relevant class provided appropriate disclosure is made in the Prospectus in accordance with the requirements of the Central Bank.
- The Directors may distribute in kind among Members by way of dividend any of the assets of the Company.
- Shares shall qualify for dividend in such manner as may be determined by the Directors.
- Any declaration of a dividend by the Directors on any class of shares may specify that the same shall be payable to the persons registered as the Members at the close of business on a particular date, and thereupon the dividend shall be payable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend, of transferors and transferees of shares.
- The Company may transmit any dividend or other amount payable in respect of any share by cheque or warrant sent by ordinary post to the registered address of the Member, or, in the case of joint holders, to the person whose name and address appears first on the Register and shall not be responsible for any loss arising in respect of such transmission.
- No dividend or other amount payable to any holder of shares shall bear interest against the Company. All unclaimed dividends and other amounts payable as aforesaid may be invested or otherwise made use of for the benefit of the Company until claimed. Payment by the Company of any unclaimed dividend or other amount payable in respect of a share into a separate interest bearing account shall not constitute the Company a trustee in respect thereof. Any dividend unclaimed after six years from the date when it first became payable shall be forfeited automatically, without the necessity for any declaration or other action by the Company.
- At the option of any Members, the Directors may apply all dividends declared on the shares of any class held by such Member in the issue of additional shares of that class in the Company to that Member at the Net Asset Value obtaining when such dividends are declared and on such terms as the Directors from time to time may resolve, provided, however, that any Member shall be entitled to elect to receive a cash dividend in respect of the shares held by that Member.
- The Directors may provide that Members will be entitled to elect to receive in lieu of any dividend (or part thereof) an issue of additional shares of the same Class as those in respect of which the dividend is declared in a Sub-Fund credited as fully paid. In any such case the following provisions shall apply:
- the number of additional shares (including any fractional entitlement) to be issued in lieu of any amount of dividend shall be equal in value to the amount of such dividend at the date the dividend was declared;
- the dividend (or that part of the dividend in respect of which a right of election has been accorded) shall not be payable on shares in respect of which the share election has been duly exercised (the “Elected Shares”), and in lieu thereof additional shares shall be issued to the holders of the Elected Shares on the basis determined as aforesaid and for such purpose the Directors shall capitalise a sum equal to the aggregate value of the dividends in respect of which elections have been made and apply the same in paying up in full the appropriate amount of unissued shares;
- the additional shares so issued shall rank pari passu in all respects with the fully paid shares then in issue save only as regards participation in the relevant dividend (or share election in lieu);
- the Directors may do all acts and things considered necessary or expedient to give effect to any such capitalization, with full power to the Directors to make such provision as they think fit in the case of shares becoming distributable in fractions so that fractional entitlements are disregarded or rounded up or the benefit of fractional entitlements accrues to the Company;
- The Directors may on any occasion determine that rights of election shall not be made available to any Member with registered addresses in any territory where in the absence of a registration statement or other special formalities the circulation of an offer of rights of election would or might be unlawful, and in such event the provisions aforesaid shall be read and construed subject to such determination.
- Where the Company proposes to pay a distribution to a Member, it shall be entitled to deduct from the distribution such amount as may be necessary to discharge the Company’s liability to tax in respect of such distribution and shall arrange to discharge the amount of tax due.
- | # DIVIDENDES
- Les Administrateurs peuvent, selon ce qu’ils jugent approprié, verser les dividendes sur les actions de la Société qui leur semblent justifiés, sous réserve de toute déclaration relative aux dividendes dans le Prospectus concernant le Compartiment concerné.
- Le montant disponible pour distribution au titre de toute catégorie d’actions lors de tout Exercice correspondra à une somme égale au total des revenus nets perçus par la Société au titre de toute catégorie d’actions (que ce soit sous forme de dividendes, d’intérêts, ou autres et y compris les plus-values réalisées et latentes moins les moins- values réalisées et latentes au cours de l’Exercice), calculée selon la formule suivante :
- ajout ou déduction d’une somme au moyen d’un ajustement afin de tenir compte de l’effet des ventes ou rachats, coupon attaché ou détaché ;
- ajout d’une somme représentant tout intérêt ou dividende ou tout autre revenu cumulé mais non perçu par le Compartiment concerné à la fin de l’Exercice et déduction d’une somme représentant (dans la mesure où un ajustement au moyen d’un ajout a été effectué au titre de tout Exercice précédent) les intérêts ou dividendes ou autres revenus cumulés à la fin de l’Exercice précédent ;
- ajout du montant (le cas échéant) disponible pour distribution au titre du dernier Exercice précédent mais non distribué au titre de celui-ci ;
- ajout d’une somme représentant le remboursement estimé ou effectif d’impôts résultant de toute demande au titre d’un allègement de l’impôt sur les sociétés ou pour double imposition ou de toute autre manière ;
- déduction du montant de tout impôt ou autre passif estimé ou effectif dûment exigible sur les revenus de la Société ;
- déduction d’une somme représentant une participation au revenu versé lors de l’annulation d’actions au cours de l’Exercice ;
- déduction de la somme telle que la Société, avec l’approbation des Commissaires aux comptes, peut estimer appropriée au titre de l’une quelconque des dépenses prévues à l’Article 2 des présentes. TOUJOURS ÀCONDITION TOUJOURSque la Société ne soit pas responsable de toute erreur dans les estimations de remboursements d’impôt sur les sociétés ou d’allègements pour double imposition prévus par le biais de l’imposition ou des revenus à recevoir, et si ces données ne s’avèrent pas correctes à tous égards, les Administrateurs s’assureront que toute insuffisance ou tout excédent en découlant sera ajusté au cours de l’Exercice pendant lequel un nouveau règlement ou un dernier règlement est effectué au titre d’un tel remboursement d’impôt ou passif ou demande d’allègement ou pendant lequel le montant de ces revenus estimés à recevoir est déterminé, et aucun ajustement ne sera effectué à l’égard de tout dividende précédemment déclaré ; et
- déduction de tous les montants déclarés en tant que distribution mais non encore distribués.
Les Administrateurs peuvent également déclarer les dividendes sur les actions ou toute catégorie d’actions à partir du capital de la catégorie concernée à condition qu’une communication appropriée soit prévue dans le Prospectus conformément aux exigences de la Banque centrale.
- Les Administrateurs peuvent procéder à une distribution en nature entre les Membres au moyen de dividendes ou de tout autre actif de la Société.
- Les actions donneront lieu à des dividendes de la manière telle que pouvant être déterminée par les Administrateurs.
- Toute déclaration d’un dividende par les Administrateurs au titre d’une catégorie d’actions peut préciser qu’il sera également dû aux personnes enregistrées en tant que Membres à la clôture de séance un jour donné et, à ce titre, le dividende leur sera dû conformément à leurs participations respectives ainsi enregistrées, mais sans préjudice des droits respectifs au titre d’un tel dividende, des cédants et cessionnaires des actions.
- La Société peut transmettre tout dividende ou tout autre montant dû au titre de toute action par chèque ou mandat envoyé par courrier postal ordinaire à l’adresse du Membre figurant au registre ou, dans le cas de codétenteurs, à la personne dont le nom et l’adresse apparaissent en premier sur le Registre et ne sera pas responsable de toute perte occasionnée par cette transmission.
- Aucun dividende ou autre montant dû à tout détenteur d’actions ne sera porteur d’intérêts à l’encontre de la Société. Tous les dividendes non réclamés et autres montants dus tel que susmentionné peuvent être investis ou utilisés de toute autre manière au profit de la Société jusqu’à ce qu’ils soient réclamés. Le paiement par la Société de tout dividende non réclamé ou autre montant dû au titre d’une action sur un compte distinct porteur d’intérêts ne rendra pas la Société fiduciaire au titre de celui-ci. Les dividendes non réclamés après une période de six ans à compter de la date d’exigibilité initiale seront automatiquement forclos, sans qu’une déclaration ou autre action de la Société ne soit requise.
- Au choix de tout Membre, les Administrateurs peuvent payer tous les dividendes déclarés au titre des actions de toute catégorie détenues par ledit Membre par le biais de l’émission d’actions supplémentaires de cette catégorie de la Société en faveur dudit Membre à la Valeur liquidative obtenue lors de la déclaration de ces dividendes et selon les conditions dont les Administrateurs peuvent décider, étant entendu toutefois que tout Membre sera habilité à choisir de recevoir un dividende en espèces au titre des actions qu’il détient.
- Les Administrateurs peuvent prévoir que les Membres seront habilités à choisir de recevoir, en lieu et place de tout dividende (ou d’une partie de celui-ci), une émission d’actions supplémentaires de la même Catégorie que celles pour lesquelles le dividende est déclaré dans un Compartiment, entièrement libérées. Dans ce cas, les dispositions suivantes s’appliqueront :
- le nombre d’actions supplémentaires (y compris tout droit à des fractions d’actions) à émettre en lieu et place de tout montant de dividende sera de valeur égale au montant d’un tel dividende à la date de déclaration du dividende ;
- le dividende (ou la partie du dividende au titre de laquelle un droit d’option a été accordé) ne sera pas exigible sur les actions au titre desquelles le choix du paiement en actions a été dûment exercé (les « Actions choisies ») et, à sa place, des actions supplémentaires seront émises en faveur des détenteurs des Actions choisies tel que déterminé ci-avant et, à cette fin, les Administrateurs capitaliseront une somme égale à la valeur totale des dividendes au titre desquels un choix a été effectué et appliqueront cette somme dans le cadre du paiement intégral du montant approprié d’actions non émises ;
- les actions supplémentaires ainsi émises seront de même rang à tous égards que les actions entièrement libérées alors en circulation, à l’unique exception de la participation au dividende concerné (ou le choix d’actions à sa place) ;
- les Administrateurs peuvent accomplir tous les actes et mesures jugés nécessaires ou utiles pour donner effet à cette capitalisation, avec pleins pouvoirs aux Administrateurs pour qu’ils prennent toutes les dispositions qu’ils jugent adéquates au cas où ces actions deviendraient distribuables sous forme de fractions de sorte que les droits à des fractions ne soient pas pris en compte ou soient arrondis au nombre supérieur ou que l’avantage tiré des droits à fractions revienne à la Société ;
- les Administrateurs peuvent décider à tout moment décider que les droits d’électiond'élection ne seront pas mis à la disposition de tout Membre dont l’adresse figurant au registre se trouve dans tout territoire où, en l’absence d’une déclaration d’enregistrement ou d’autres formalités spéciales, la diffusion d’une offre d’un tel droit serait ou pourrait être illégale et, dans un tel cas, les dispositions qui précèdent seront lues et interprétées sous réserve de cette décision.
- Lorsque la Société propose de verser une distribution à un Membre, elle sera habilitée à déduire de la distribution le montant pouvant être nécessaire pour acquitter la charge d’impôt de la Société au titre d’une telle distribution et prendra des dispositions pour régler le montant d’impôt dû.
- | # DIVIDENDS
- The Directors may from time to time as they think fit pay such dividends on shares of the Company as appear to the Directors to be justified, subject to any policy statement in relation to dividends in the Prospectus for the relevant Sub-Fund.
- The amount available for distribution in respect of any class of shares in any Accounting Period may be a sum equal to the aggregate of the net income received by the Company in respect of any class of shares (whether in the form of dividends, interest or otherwise and including realised and unrealised capital gains less realised and unrealised capital losses during the Accounting Period) calculated in accordance with the following:
- addition or deduction of a sum by way of adjustment to allow for the effect of sales or redemptions, cum or ex-dividend;
- addition of a sum representing any interest or dividend or other income accrued but not received by the relevant Sub-Fund at the end of the Accounting Period and deduction of a sum representing (to the extent that an adjustment by way of addition has been made in respect of any previous Accounting Period) interest or dividends or other income accrued at the end of the previous Accounting Period;
- addition of the amount (if any) available for distribution in respect of the last preceding Accounting Period but not distributed in respect thereof;
- addition of a sum representing the estimated or actual repayment of tax resulting from any claims in respect of corporation tax relief or double taxation relief or otherwise;
- deduction of the amount of any tax or other estimated or actual liability properly payable out of the income of the Company;
- deduction of a sum representing participation in income paid upon the cancellation of shares during the Accounting Period;
- deduction of such sum as the Company, with the approval of the Auditors may think appropriate in respect of any of the expenses provided in Article 2 hereof. PROVIDED ALWAYS that the Company shall not be responsible for any error in any estimates of corporation tax repayments or double taxation reliefexpected by way of taxation or of income receivable, and if the same shall not prove in all respects correct, the Directors shall ensure that any consequent deficiency or surplus shall be adjusted in the Accounting Period in which a further or final settlement is made of such tax repayment or liability or claim to relief or the amount of any such estimated income receivable is determined, and no adjustment shall be made to any dividend previously declared; and
- deduction of any amounts declared as a distribution but not yet distributed.
The Directors may also declare such dividends on the shares or on any class of shares from the capital attributable to the relevant class provided appropriate disclosure is made in the Prospectus in accordance with the requirements of the Central Bank.
- The Directors may distribute in kind among Members by way of dividend any of the assets of the Company.
- Shares shall qualify for dividend in such manner as may be determined by the Directors.
- Any declaration of a dividend by the Directors on any class of shares may specify that the same shall be payable to the persons registered as the Members at the close of business on a particular date, and thereupon the dividend shall be payable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend, of transferors and transferees of shares.
- The Company may transmit any dividend or other amount payable in respect of any share by cheque or warrant sent by ordinary post to the registered address of the Member, or, in the case of joint holders, to the person whose name and address appears first on the Register and shall not be responsible for any loss arising in respect of such transmission.
- No dividend or other amount payable to any holder of shares shall bear interest against the Company. All unclaimed dividends and other amounts payable as aforesaid may be invested or otherwise made use of for the benefit of the Company until claimed. Payment by the Company of any unclaimed dividend or other amount payable in respect of a share into a separate interest bearing account shall not constitute the Company a trustee in respect thereof. Any dividend unclaimed after six years from the date when it first became payable shall be forfeited automatically, without the necessity for any declaration or other action by the Company.
- At the option of any Members, the Directors may apply all dividends declared on the shares of any class held by such Member in the issue of additional shares of that class in the Company to that Member at the Net Asset Value obtaining when such dividends are declared and on such terms as the Directors from time to time may resolve, provided, however, that any Member shall be entitled to elect to receive a cash dividend in respect of the shares held by that Member.
- The Directors may provide that Members will be entitled to elect to receive in lieu of any dividend (or part thereof) an issue of additional shares of the same Class as those in respect of which the dividend is declared in a Sub-Fund credited as fully paid. In any such case the following provisions shall apply:
- the number of additional shares (including any fractional entitlement) to be issued in lieu of any amount of dividend shall be equal in value to the amount of such dividend at the date the dividend was declared;
- the dividend (or that part of the dividend in respect of which a right of election has been accorded) shall not be payable on shares in respect of which the share election has been duly exercised (the “Elected Shares”), and in lieu thereof additional shares shall be issued to the holders of the Elected Shares on the basis determined as aforesaid and for such purpose the Directors shall capitalise a sum equal to the aggregate value of the dividends in respect of which elections have been made and apply the same in paying up in full the appropriate amount of unissued shares;
- the additional shares so issued shall rank pari passu in all respects with the fully paid shares then in issue save only as regards participation in the relevant dividend (or share election in lieu);
- the Directors may do all acts and things considered necessary or expedient to give effect to any such capitalization, with full power to the Directors to make such provision as they think fit in the case of shares becoming distributable in fractions so that fractional entitlements are disregarded or rounded up or the benefit of fractional entitlements accrues to the Company;
- The Directors may on any occasion determine that rights of election shall not be made available to any Member with registered addresses in any territory where in the absence of a registration statement or other special formalities the circulation of an offer of rights of election would or might be unlawful, and in such event the provisions aforesaid shall be read and construed subject to such determination.
- Where the Company proposes to pay a distribution to a Member, it shall be entitled to deduct from the distribution such amount as may be necessary to discharge the Company’s liability to tax in respect of such distribution and shall arrange to discharge the amount of tax due.
- | en | fr |
DOLFIN8891 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Eleva Global Bonds Opportunities Fund (continued)
The Eleva Global Bonds Opportunities Fund’s long/short approach and flexibility on overall market exposure allows the Management Company to seek absolute returns.
The investment strategy combines a “Top Down” and “Bottom Up” approach. It aims to provide a deep analysis of global fixed income asset classes, term structure, countries and currencies.
Eleva Global Bonds Opportunities Fund was launched in September 2020 and performed positively in its inaugural year and first few months post-launch.
The fund benefited from directional strategies, including short duration on US and Australia. The fund was primarily positioned in anticipation of a rising yield environment.
In terms of asset allocation, the fund benefited from its emerging country exposure in EUR and USD including Ivory Coast, Egypt, Mexico, Serbia and Morocco. Spreads tightened a lot by the end of the year with positive inflows, especially in HY rated instruments. The fund also gained from its exposure to credit, mostly on short- dated maturities. The team preferred Auto (Fiat, Schaeffler, Renault, Plastic Omnium) and a number of other corporate convictions (Informa, Unipol, Heimstaden, Lenzing, CTP) in the period whilst their defensive stance on European peripheral spreads (such as Italy) contributed negatively. The strategy’s overall exposure to FX strategies was neutral with both tactical and strategic trades on EURGBP, USDBRL, EURUSD, EURNOK, USDJPY, and AUDUSD.
The relative value strategies positively impacted fund performance, in particular: short US versus long Germany and short US versus long Japan on 10Y maturities.
Since inception, Eleva Global Bonds Opportunities Fund – Class I (EUR) acc. is up 1.04%. | #### Eleva Global Bonds Opportunities Fund (suite)
L’approche long/short du compartiment Eleva Global Bonds Opportunities Fund et sa souplesse en matière d’exposition globale au marché permettent à la Société de gestion de rechercher des rendements absolus.
La stratégie d’investissement combine une approche descendante et une approche ascendante. Son objectif est de fournir une analyse approfondie des catégories d’actifs obligataires mondiales, de la structure des échéances, des pays et des devises.
Le compartiment Eleva Global Bonds Opportunities Fund a été lancé en septembre 2020 et a enregistré une performance positive pendant l’année de son inauguration, ainsi que sur les premiers mois qui ont suivi son lancement.
Le Compartiment a bénéficié de stratégies directionnelles, notamment de duration courte sur les États-Unis et l’Australie. Le Compartiment a été principalement positionné dans l’anticipation d’un environnement de hausse des taux.
En matière d’allocation d’actifs, le Compartiment a bénéficié de son exposition aux pays émergents en EUR et en USD, notamment la Côte d’Ivoire, l’Égypte, le Mexique, la Serbie et le Maroc. Les spreads se sont beaucoup resserrés en fin d’année, en raison d’afflux positifs, en particulier pour les instruments notés HY (haut rendement). Le Compartiment a également bénéficié de son exposition au crédit, principalement sur les échéances courtes. Au cours de la période, l’équipe a privilégié l’automobile (Fiat, Schaeffler, Renault, Plastic Omnium) et un certain nombre d’autres entreprises de conviction (Informa, Unipol, Heimstaden, Lenzing, CTP), tandis que sa position défensive sur les spreads de l’Europe périphérique (comme l’Italie) a contribué négativement aux résultats. L’exposition globale du Compartiment aux stratégies de change s’est avérée neutre, avec des opérations tactiques aussi bien que stratégiques sur les paires EUR/GBP, USD/BRL, EUR/USD, EUR/NOK, USD/JPY et AUD/USD.
Les stratégies de valeur relative ont eu un impact positif sur la performance du Compartiment, en particulier la position vendeuse en obligations américaines et acheteuse en obligations allemandes ainsi que la position vendeuse en obligations américaines et acheteuse en obligations japonaises sur des échéances de 10 ans.
Depuis son lancement, le compartiment Eleva Global Bonds Opportunities Fund – Catégorie I (EUR) acc. a progressé de 1,04 %. | #### Eleva Global Bonds Opportunities Fund (continued)
The Eleva Global Bonds Opportunities Fund’s long/short approach and flexibility on overall market exposure allows the Management Company to seek absolute returns.
The investment strategy combines a “Top Down” and “Bottom Up” approach. It aims to provide a deep analysis of global fixed income asset classes, term structure, countries and currencies.
Eleva Global Bonds Opportunities Fund was launched in September 2020 and performed positively in its inaugural year and first few months post-launch.
The fund benefited from directional strategies, including short duration on US and Australia. The fund was primarily positioned in anticipation of a rising yield environment.
In terms of asset allocation, the fund benefited from its emerging country exposure in EUR and USD including Ivory Coast, Egypt, Mexico, Serbia and Morocco. Spreads tightened a lot by the end of the year with positive inflows, especially in HY rated instruments. The fund also gained from its exposure to credit, mostly on short- dated maturities. The team preferred Auto (Fiat, Schaeffler, Renault, Plastic Omnium) and a number of other corporate convictions (Informa, Unipol, Heimstaden, Lenzing, CTP) in the period whilst their defensive stance on European peripheral spreads (such as Italy) contributed negatively. The strategy’s overall exposure to FX strategies was neutral with both tactical and strategic trades on EURGBP, USDBRL, EURUSD, EURNOK, USDJPY, and AUDUSD.
The relative value strategies positively impacted fund performance, in particular: short US versus long Germany and short US versus long Japan on 10Y maturities.
Since inception, Eleva Global Bonds Opportunities Fund – Class I (EUR) acc. is up 1.04%. | en | fr |
DOLFIN8892 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Concentrated equally-weighted portfolio of 30 positions
- Majority of Fund invested in stocks over $1bn in size
| | Managers Will Riley, CA Jonathan Waghorn Tim Guinness | | - Konzentriertes Portfolio mit 30 gleichgewichteten Positionen
- Der Fonds legt mehrheitlich in Aktien von Unternehmen mit einer Börsenkapitalisierung von über 1 Mrd. USD an.
| | Strategie Verwalter Will Riley, CA Jonathan Waghorn Tim Guinness | | - Concentrated equally-weighted portfolio of 30 positions
- Majority of Fund invested in stocks over $1bn in size
| | Managers Will Riley, CA Jonathan Waghorn Tim Guinness | | en | de |
DOLFIN8893 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# ABOUT THE FUND
The Fund seeks to grow your capital and generate income primarily by investing in emerging markets corporate bonds. It is an actively managed, well diversified porfolio.
The Fund's investments will mainly be in the currencies of OECD countries, but also in emerging countries currencies up to 20%. The average duration of the portfolio will be between 1 and 4 via direct investment and / or via derivative products use.
The Fund may invest up to: - 100% of its net assets in High yield - 100% of its net assets in Emerging markets - 20% of its net assets in Contingent Convertible capital bonds (CoCos)
High yield bonds are issued by companies whose business is more sensitive to the economic cycle and pay higher interest. The return on such securities, in the same way as their level of risk, is therefore higher than traditional bond products.
Exposure to high yield bonds can be direct or through CDS (Credit Default Swap). CDS are instruments that gives investors exposure to high yield company debt. CDS are more liquid than high yield bonds and bear no interest rate risk. | # IL FONDO
Il Fondo si prefigge di realizzare la crescita del capitale e generare reddito investendo principalmente in obbligazioni societarie dei mercati emergenti.
Il Fondo è gestito in maniera attiva e si configura come un portafoglio ben diversificato.
Gli investimenti del Fondo saranno principalmente effettuati nelle valute dei paesi OCSE, ma anche in valute dei paesi emergenti in misura non superiore al 20%. La duration media del portafoglio sarà compresa tra 1 e 4 anni, tramite investimenti diretti e/o l'uso di prodotti derivati.
Il Fondo può investire fino al: - 100% del patrimonio netto in titoli ad alto rendimento - 100% del patrimonio netto nei mercati emergenti - 20% del patrimonio netto in Contingent Convertible Capital Bond (CoCo)
Le obbligazioni ad alto rendimento sono emesse da società la cui attività è più sensibile al ciclo economico e che pagano tassi d'interesse più alti. Il rendimento di tali titoli, analogamente al loro livello di rischio, è pertanto superiore a quello dei prodotti obbligazionari tradizionali.
L'esposizione alle obbligazioni ad alto rendimento può essere diretta o indiretta, tramite i CDS (Credit Default Swap). I CDS sono strumenti che danno agli investitori un'esposizione al debito societario ad alto rendimento. I CDS sono più liquidi delle obbligazioni ad alto rendimento e non presentano rischi legati al tasso d'interesse. | # ABOUT THE FUND
The Fund seeks to grow your capital and generate income primarily by investing in emerging markets corporate bonds. It is an actively managed, well diversified porfolio.
The Fund's investments will mainly be in the currencies of OECD countries, but also in emerging countries currencies up to 20%. The average duration of the portfolio will be between 1 and 4 via direct investment and / or via derivative products use.
The Fund may invest up to: - 100% of its net assets in High yield - 100% of its net assets in Emerging markets - 20% of its net assets in Contingent Convertible capital bonds (CoCos)
High yield bonds are issued by companies whose business is more sensitive to the economic cycle and pay higher interest. The return on such securities, in the same way as their level of risk, is therefore higher than traditional bond products.
Exposure to high yield bonds can be direct or through CDS (Credit Default Swap). CDS are instruments that gives investors exposure to high yield company debt. CDS are more liquid than high yield bonds and bear no interest rate risk. | en | it |
DOLFIN8894 | 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 Europe Quality Income Index (the ‘‘Index’’).
- The Index is designed to reflect the performance of stocks of large and mid-capitalisation dividend paying companies fromEuropean countries that exhibit quality fundamental characteristics.
- 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 Index comprises the equity securities of the relevant companies. The Index constituents are also screened according to fundamental measures as well as certain environmental, social and governance (‘‘ESG’’) exclusionary criteria based on norm-based screening and negative screening of certain sectors, companies or practices. For more information on the Index, please refer to the publicly available index methodology at www.spdji.com.
- 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 distributed in accordance with the terms of the supplement.
- 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 Europe Quality Income Index (el «Índice»).
- El Índice se ha diseñado para reflejar la rentabilidad de los valores de aquellas empresas de alta y media capitalización de países europeos que pagan dividendos y muestran datos fundamentales de calidad.
- 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 Índice incluye los valores de renta variable de las correspondientes empresas. Los componentes del Índice también se filtran utilizando datos fundamentales, además de criterios de exclusión medioambientales, sociales y de gobernanza («ESG») sobre la base del filtrado de acuerdo con la normativa y el filtrado negativo de ciertos sectores, empresas o prácticas. Para saber más sobre el Índice, consulte la información sobre su metodología, disponible en abierto en www.spdji.com.
- 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 distribuirán de conformidad con lo dispuesto en el suplemento.
- 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 Europe Quality Income Index (the ‘‘Index’’).
- The Index is designed to reflect the performance of stocks of large and mid-capitalisation dividend paying companies fromEuropean countries that exhibit quality fundamental characteristics.
- 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 Index comprises the equity securities of the relevant companies. The Index constituents are also screened according to fundamental measures as well as certain environmental, social and governance (‘‘ESG’’) exclusionary criteria based on norm-based screening and negative screening of certain sectors, companies or practices. For more information on the Index, please refer to the publicly available index methodology at www.spdji.com.
- 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 distributed in accordance with the terms of the supplement.
- You can buy and sell shares in the fund on any day the banks in London are open. | en | es |
DOLFIN8895 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investment policy
The Fund invests at least 80% of its assets in a global portfolio of investment grade (equivalent to BBB rated or higher) corporate bonds, issued by companies and issuers. The Fund may also hold other assets including other types of bonds (including convertible bonds), preference shares, cash and money market instruments. The investment manager may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the Bloomberg Global Aggregate Corporate Bond Hedged USD Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. | # Politique d'investissement
Le Fonds investit au moins 80 % de ses actifs dans un portefeuille international d’obligations d’entreprise «investment grade» (soit une notation de BBB ou toute notation supérieure), émises par des sociétés et d’autres émetteurs. Le Fonds peut également détenir dans d’autres actifs, y compris d'autres types d'obligations (notamment des obligations convertibles), des actions privilégiées, des liquidités et des instruments du marché monétaire. Le gestionnaire d’investissement peut utiliser des dérivés (instruments financiers complexes) y compris des swaps de rendement total, dans le but de réaliser des gains sur les placements conformes à l’objectif du Fonds, pour réduire le risque ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon active en se référant à l’indice Bloomberg Global Aggregate Corporate Bond Hedged USD Index, qui est largement représentatif des obligations dans lesquelles le Fonds est susceptible d’investir, dans la mesure où ledit indice constitue la base de l’objectif de performance du Fonds. Le gestionnaire d’investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l’indice ou n’étant pas présents dans l’indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l’indice. | # Investment policy
The Fund invests at least 80% of its assets in a global portfolio of investment grade (equivalent to BBB rated or higher) corporate bonds, issued by companies and issuers. The Fund may also hold other assets including other types of bonds (including convertible bonds), preference shares, cash and money market instruments. The investment manager may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the Bloomberg Global Aggregate Corporate Bond Hedged USD Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. | en | fr |
DOLFIN8896 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# AVIS AUX ACTIONNAIRES DU COMPARTIMENT MULTISTRATEGIES OBLIGATAIRES (LE
« COMPARTIMENT »)
Luxembourg, le 26 novembre 2021
Cher Actionnaire,
Le Conseil d'administration de la Société (le « Conseil ») vous informe par la présente des changements suivants à apporter au prospectus de la Société (le « Prospectus ») :
- Clarification de la politique d’investissementLe premier paragraphe de la politique d'investissement du Compartiment sera également clarifié afin d'inclure un pourcentage concret d'exposition aux actions et obligations et ainsi se lire comme suit :« Le compartiment investit principalement dans des obligations assorties de toute notation de crédit, y compris les obligations assorties d'une notation inférieure à investment grade, et dans toute devise d'émetteurs de l'OCDE. | # NOTIFICACIÓN A LOS ACCIONISTAS DEL SUBFONDO MULTISTRATEGIES OBLIGATAIRES (EL
«SUBFONDO»)
Luxemburgo, 26 de noviembre de 2021
Estimado accionista:
El consejo de administración de la Sociedad (en adelante, el «Consejo») le informa por la presente de los siguientes cambios que se llevarán a cabo en el folleto de la Sociedad (en adelante, el «Folleto»):
- Aclaración sobre la política de inversionesEl primer párrafo de la política de inversiones del Subfondo se aclarará con el fin de incluir un porcentaje concreto de exposición a bonos de modo que quedará redactado de la siguiente manera:«El subfondo invierte principalmente en bonos de cualquier calidad crediticia, incluidos los bonos con calificación inferior a grado de inversión, y en cualquier divisa de los emisores de la OCDE. | # AVIS AUX ACTIONNAIRES DU COMPARTIMENT MULTISTRATEGIES OBLIGATAIRES (LE
« COMPARTIMENT »)
Luxembourg, le 26 novembre 2021
Cher Actionnaire,
Le Conseil d'administration de la Société (le « Conseil ») vous informe par la présente des changements suivants à apporter au prospectus de la Société (le « Prospectus ») :
- Clarification de la politique d’investissementLe premier paragraphe de la politique d'investissement du Compartiment sera également clarifié afin d'inclure un pourcentage concret d'exposition aux actions et obligations et ainsi se lire comme suit :« Le compartiment investit principalement dans des obligations assorties de toute notation de crédit, y compris les obligations assorties d'une notation inférieure à investment grade, et dans toute devise d'émetteurs de l'OCDE. | fr | es |
DOLFIN8897 | 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 | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.54% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator (MSCI AC WORLD NR) since the beginning of the year. Performance fee invoiced for the last financial year: 4.17% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0.00% |
| Gastos de salida | 0.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2.54% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad 20.00% del excedente de rentabilidad, siempre y cuando la rentabilidad sea positiva y superior a la del indicador de referencia (MSCI AC WORLD NR) desde el inicio del año. Importe de la comisión de rentabilidad percibida en el último ejercicio: 4.17% | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.54% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance if the performance is positive and exceeds that of the reference indicator (MSCI AC WORLD NR) since the beginning of the year. Performance fee invoiced for the last financial year: 4.17% | | en | es |
DOLFIN8898 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 7 years Example Investment: 10,000 CHF If you exit after 1 If you exit after 7 year 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 | 440 CHF | 160 CHF |
| Average return each year | -95.60% | -44.61% |
| Unfavourable | What you might get back after costs | 4,070 CHF | 3,110 CHF |
| Average return each year | -59.30% | -15.37% |
| Moderate | What you might get back after costs | 9,050 CHF | 15,530 CHF |
| Average return each year | -9.50% | 6.49% |
| Favourable | What you might get back after costs | 25,010 CHF | 25,650 CHF |
| Average return each year | 150.10% | 14.40% | | | Periodo di detenzione raccomandato: 7 anni Esempio di investimento: 10,000 CHF In caso di uscita In caso di uscita dopo 1 anno dopo 7 anni Scenari |
| --- |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Stress | Possibile rimborso al netto dei costi | 440 CHF | 160 CHF |
| Rendimento medio per ciascun anno | -95.60% | -44.61% |
| Sfavorevole | Possibile rimborso al netto dei costi | 4,070 CHF | 3,110 CHF |
| Rendimento medio per ciascun anno | -59.30% | -15.37% |
| Moderato | Possibile rimborso al netto dei costi | 9,050 CHF | 15,530 CHF |
| Rendimento medio per ciascun anno | -9.50% | 6.49% |
| Favorevole | Possibile rimborso al netto dei costi | 25,010 CHF | 25,650 CHF |
| Rendimento medio per ciascun anno | 150.10% | 14.40% | | | Recommended holding period: 7 years Example Investment: 10,000 CHF If you exit after 1 If you exit after 7 year 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 | 440 CHF | 160 CHF |
| Average return each year | -95.60% | -44.61% |
| Unfavourable | What you might get back after costs | 4,070 CHF | 3,110 CHF |
| Average return each year | -59.30% | -15.37% |
| Moderate | What you might get back after costs | 9,050 CHF | 15,530 CHF |
| Average return each year | -9.50% | 6.49% |
| Favourable | What you might get back after costs | 25,010 CHF | 25,650 CHF |
| Average return each year | 150.10% | 14.40% | | en | it |
DOLFIN8899 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Each shareholder may give instructions to the Fund for the planned redemption of Shares, provided that he has not requested the issue of share certificates and subject to the terms and conditions described in the leaflets offered to subscribers in countries, if any, where a Plan is available. Instructions must contain the personal data of the shareholder and instructions for the payment of the redemption price, together with his Identification Number.
-
#### Payment procedures | Ogni azionista può inviare al Fondo istruzioni per il rimborso pianificato di Azioni, fermo restando che non abbia richiesto l'emissione di certificati azionari e subordinatamente ai termini e alle condizioni indicati nel materiale informativo offerto ai sottoscrittori negli eventuali paesi in cui un Piano è disponibile. Tali istruzioni devono contenere i dati personali dell'azionista e i dettagli relativi al pagamento del prezzo di rimborso, unitamente al Codice di identificazione dell'azionista.
-
#### Procedure di pagamento | Each shareholder may give instructions to the Fund for the planned redemption of Shares, provided that he has not requested the issue of share certificates and subject to the terms and conditions described in the leaflets offered to subscribers in countries, if any, where a Plan is available. Instructions must contain the personal data of the shareholder and instructions for the payment of the redemption price, together with his Identification Number.
-
#### Payment procedures | en | it |
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