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DOLFIN900 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Net asset value: Price of a unit (in the case of a mutual fund) or a share (in the case of a SICAV).
VaR: The value at risk (VaR) represents the maximum potential loss of an investor on the value of a portfolio of financial assets given a holding horizon (20 days) and a confidence interval (99%). This potential loss is represented as a percentage of the portfolio's total assets. It is calculated from a sample of historical data (over a period of 2 years)
Cyclical stocks: A cyclical stock is, as its name indicates, a stock that will follow a cycle. It is linked to the economic cycle. It will take off in good times of economic recovery or growth and will decline at the slightest downturn. Cyclical stocks therefore have a cyclical evolution. | #### Valeur liquidative : Prix d’une part (dans le cadre d’un FCP) ou d’une action (dans le cadre d’une SICAV).
VaR : La value at risk (VaR) représente la perte potentielle maximale d’un investisseur sur la valeur d’un portefeuille d’actifs financiers compte tenu d’un horizon de détention (20 jours) et d’un intervalle de confiance (99%). Cette perte potentielle est représentée en pourcentage de l’actif total du portefeuille. Elle se calcule à partir d’un échantillon de données historiques (sur une période de 2 ans).
Valeurs cycliques : Une valeur cyclique est comme son nom l'indique une valeur qui va suivre un cycle. Elle est liée au cycle de l'économie. Elle va décoller en période faste de reprise de l'économie ou de croissance et reculer au moindre repli. Les valeurs cycliques ont donc une évolution conjoncturelle. | ##### Net asset value: Price of a unit (in the case of a mutual fund) or a share (in the case of a SICAV).
VaR: The value at risk (VaR) represents the maximum potential loss of an investor on the value of a portfolio of financial assets given a holding horizon (20 days) and a confidence interval (99%). This potential loss is represented as a percentage of the portfolio's total assets. It is calculated from a sample of historical data (over a period of 2 years)
Cyclical stocks: A cyclical stock is, as its name indicates, a stock that will follow a cycle. It is linked to the economic cycle. It will take off in good times of economic recovery or growth and will decline at the slightest downturn. Cyclical stocks therefore have a cyclical evolution. | en | fr |
DOLFIN901 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Useful definitions
- Credit: A Fixed Income debt investment (including ’Bonds’) in which the Fund lends money to a government or company, who is then obliged to pay a specified amount back to the purchaser of the Bond on a given future date. The amount to be repaid usually includes the original amount (the principal) plus interest (coupons).
- Derivatives: Investments whose value is linked to one or more underlying assets.
- Emerging Markets: Countries whose stock markets are usually developing or advancing at a rapid pace, typically through industrialisation, but are not yet considered developed. Examples include Brazil and India.
- ESG: An acronym for ‘Environmental, Social and Governance’ characteristics. A company can be assessed on its management of these considerations.
- Instruments: A broad term to describe different ways in which the Fund can invest, such as through a stock, Bond or Derivative.
- High Yield/Below Investment Grade: A Fixed Income debt investment (also known as a ‘Bond’ or ‘Credit’) which may have a high level of return (i.e. yield) and a corresponding higher level of risk than other Fixed Income debt instruments.
- Leverage: Use of various instruments or borrowed money that increases the exposure of the Fund to its investments – this has the potential to increase both the gain and loss of an investment.
- Unrated: Unrated debt that has not been assessed by a recognised rating agency. | ## Definiciones útiles
- Crédito: Una inversión de deuda de renta fija (incluidos los bonos) en la que el Fondo presta dinero a un gobierno o empresa, obligado a devolver una cantidad especificada al comprador del bono en una fecha futura determinada. La cantidad que debe devolverse incluye la cantidad original (el principal) y los intereses (cupones).
- Derivados: Inversiones cuyo valor está vinculado a uno o más activos subyacentes.
- Mercados emergentes: Países cuyos mercados de valores suelen estar desarrollándose o avanzando a un ritmo rápido, generalmente a través de la industrialización, pero aún no se consideran desarrollados. Los ejemplos incluyen Brasil e India.
- ESG: Un acrónimo de las cuestiones “ambientales, sociales y de gobernanza”. Puede evaluarse una empresa en base a su gestión de estos aspectos.
- Instrumentos: Un término general que describe las diferentes formas en que puede invertir el Fondo, como una acción, un bono o instrumentos derivados.
- Alto rendimiento/calificación inferior a grado de inversión: Una inversión de deuda de renta fija (también conocida como «Bono» o «Crédito») que puede tener un alto nivel de rendimiento (es decir, rentabilidad) y un nivel de riesgo correspondiente mayor que otros instrumentos de deuda de renta fija.
- Apalancamiento: El uso de varios instrumentos o préstamo de dinero que aumenta la exposición del Fondo a sus inversiones; esto tiene el potencial de aumentar tanto la ganancia como la pérdida de una inversión.
- Sin calificación: Deuda sin calificar que no ha sido evaluada por una agencia de calificación reconocida. | ## Useful definitions
- Credit: A Fixed Income debt investment (including ’Bonds’) in which the Fund lends money to a government or company, who is then obliged to pay a specified amount back to the purchaser of the Bond on a given future date. The amount to be repaid usually includes the original amount (the principal) plus interest (coupons).
- Derivatives: Investments whose value is linked to one or more underlying assets.
- Emerging Markets: Countries whose stock markets are usually developing or advancing at a rapid pace, typically through industrialisation, but are not yet considered developed. Examples include Brazil and India.
- ESG: An acronym for ‘Environmental, Social and Governance’ characteristics. A company can be assessed on its management of these considerations.
- Instruments: A broad term to describe different ways in which the Fund can invest, such as through a stock, Bond or Derivative.
- High Yield/Below Investment Grade: A Fixed Income debt investment (also known as a ‘Bond’ or ‘Credit’) which may have a high level of return (i.e. yield) and a corresponding higher level of risk than other Fixed Income debt instruments.
- Leverage: Use of various instruments or borrowed money that increases the exposure of the Fund to its investments – this has the potential to increase both the gain and loss of an investment.
- Unrated: Unrated debt that has not been assessed by a recognised rating agency. | en | es |
DOLFIN902 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Shareholders wishing to exchange all or part of their Shares for Shares of a New Class may make a request in accordance with the provisions set out in the section entitled “Exchange of Shares” in the Prospectus.
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# REGISTRATION OF SHARES | Anteilsinhaber, die die Gesamtheit oder einen Teil ihrer Anteile in Anteile einer neuen Klasse umtauschen möchten, können einen Antrag in Übereinstimmung mit den Bestimmungen im Abschnitt zum Umtausch von Anteilen im Prospekt stellen.
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# REGISTRIERUNG VON ANTEILEN | Shareholders wishing to exchange all or part of their Shares for Shares of a New Class may make a request in accordance with the provisions set out in the section entitled “Exchange of Shares” in the Prospectus.
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# REGISTRATION OF SHARES | en | de |
DOLFIN903 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Derivative Exposures
For investment, hedging and EPM purposes, the Sub- Fund may invest in the following exchange-traded and over-the-counter FDI, as further described below in the
section entitled “Use of Financial Derivative Instruments”: | ##### Expositions aux produits dérivés
À des fins d’investissement, de couverture et de GEP, le Compartiment peut investir dans les IFD négociés en Bourse ou de gré à gré suivants, comme décrit plus en
détail à la Section intitulée « Utilisation des Instruments financiers dérivés » : | ##### Derivative Exposures
For investment, hedging and EPM purposes, the Sub- Fund may invest in the following exchange-traded and over-the-counter FDI, as further described below in the
section entitled “Use of Financial Derivative Instruments”: | en | fr |
DOLFIN904 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance
months. Solvency rose to a very healthy 230% due to lower liabilities. Dätwyler is confident about its long-term strategic positioning in its half year reporting. In the short term, demand is likely to be robust, but margins are expected to remain under pressure. Komax delivered good figures for the first half-year, exceeding expectations. The high order intake and mar- gin development were positive surprises. Huber+Suhner's half-year report was better than expected. Sales and margins held up well. The order book is again strong. VAT reported an excellent first half and the outlook for the second half remains promising. With a solid balance sheet, technology leadership and a dominant position in the premium segment, VAT is well positioned to continue to benefit from the trends in digitalisation. LM Group's half-year results revealed that the current business is not affected by the legal disputes and continues to develop positively. A good solution was found with the new CEO (ad interim). Financially, the risk from the dis- putes remains limited, the company is solidly positioned and the valuation is extremely low. Arbonia was not able to fully meet expectations in the first half of the year due to cost pressure and had to slightly adjust its guid- ance. The investment programme will run until the end of 2023, when the free cash flow return should increase significantly to 9%. Tornos delivered a thoroughly satisfactory result in the first half of the year. The high order backlog will support sales in the second half. The company remains solidly financed.
1 month
12 months
5 years p.a. | # Performance
Rein operativ verlief das Geschäft bei Baloise in den ersten sechs Mona- ten solide. Die Solvenz steigt aufgrund der tieferen Verpflichtungen auf überaus gesunde 230%. Dätwyler zeigt sich bei der Semesterberichter- stattung für die langfristige, strategische Positionierung zuversichtlich. Kurzfristig dürfte die Nachfrage zwar robust sein, aber es ist mit weiterem Margendruck zu rechnen. Komax lieferte zum ersten Semester gute Zah- len, die Erwartungen wurden übertroffen. Positiv überrascht hat der hohe Bestellungseingang und die Margenentwicklung. Der Halbjahresbericht von Huber+Suhner war besser als erwartet. Umsatz und Margen haben sich gut gehalten. Der Auftragsbestand ist erneut stark. VAT rapportierte ein hervorragendes erstes Halbjahr und der Ausblick für das Zweite bleibt vielversprechend. Aufgrund der soliden Bilanz, der Technologieführer- schaft und der dominanten Position im Premiumbereich ist VAT gut posi- tioniert, um von den Trends in der Digitalisierung weiterhin profitieren zu können. Das Halbjahresresultat der LM Group offenbarte, dass das lau- fende Geschäft nicht beeinflusst wird von den Rechtsstreitigkeiten und un- beirrt positiv verläuft. Mit der neuen CEO (ad interim) wurde eine gute Lö- sung gefunden. Finanziell bleibt das Risiko aus den Streitigkeiten be- grenzt, die Gruppe ist solide aufgestellt und die Bewertung ist äusserst tief. Arbonia konnte im ersten Semester aufgrund des Kostendrucks die Er- wartungen nicht ganz erfüllen und musste die Guidance geringfügig an- passen. Das Investitionsprogramm läuft noch bis Ende 2023, dann sollte die Free Cash Flow Rendite markant auf 9% steigen. Tornos lieferte im ersten Halbjahr ein durchaus befriedigendes Resultat. Der hohe Bestand an Bestellungen wird die Umsätze im zweiten Semester stützen. Die Grup- pe bleibt solide finanziert.
1 Monat
12 Monate
5 Jahre p.a. | # Performance
months. Solvency rose to a very healthy 230% due to lower liabilities. Dätwyler is confident about its long-term strategic positioning in its half year reporting. In the short term, demand is likely to be robust, but margins are expected to remain under pressure. Komax delivered good figures for the first half-year, exceeding expectations. The high order intake and mar- gin development were positive surprises. Huber+Suhner's half-year report was better than expected. Sales and margins held up well. The order book is again strong. VAT reported an excellent first half and the outlook for the second half remains promising. With a solid balance sheet, technology leadership and a dominant position in the premium segment, VAT is well positioned to continue to benefit from the trends in digitalisation. LM Group's half-year results revealed that the current business is not affected by the legal disputes and continues to develop positively. A good solution was found with the new CEO (ad interim). Financially, the risk from the dis- putes remains limited, the company is solidly positioned and the valuation is extremely low. Arbonia was not able to fully meet expectations in the first half of the year due to cost pressure and had to slightly adjust its guid- ance. The investment programme will run until the end of 2023, when the free cash flow return should increase significantly to 9%. Tornos delivered a thoroughly satisfactory result in the first half of the year. The high order backlog will support sales in the second half. The company remains solidly financed.
1 month
12 months
5 years p.a. | en | de |
DOLFIN905 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to generate a high income on your investment.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income (FI) securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. In selecting these, the IA may take into consideration a composite benchmark comprising MSCI World Net Index (70%) and the Bloomberg Global Aggregate Bond Index USD Hedged (30%) (the “Index”) when constructing the Fund’s portfolio, and for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. Whilst the Index is used by the IA in constructing the portfolio of the Fund, the IA is not bound by its components or weighting when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The components of the Index (i.e. MSCI World Index and Bloomberg Global Aggregate Bond Index US Hedged) may be quoted separately in marketing material related to the Fund.
The Fund’s investments in FI securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The assets held by the Fund may be denominated in a wide variety of currencies. The Fund distributes income gross of expenses.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de generar altos rendimientos de su inversión.
El Fondo invierte a escala mundial en toda la gama de valores en los que puede invertir un OICVM, incluyendo valores de renta variable (como acciones), valores de renta fija (RF) (como los bonos), fondos, efectivo, depósitos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
El Fondo se gestiona de forma activa y las clases de activos y la medida en que el Fondo invierta en ellas podrán variar sin límites, dependiendo de las condiciones del mercado y de otros factores, según el criterio del asesor de inversiones (AI). A la hora de seleccionar las inversiones, el AI podrá tener en cuenta un índice de referencia compuesto, que incluirá el MSCI World Net Index (70 %) y el Bloomberg Global Aggregate Bond Index USD Hedged (30 %) (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. Aunque el AI utilizará el Índice para conformar la cartera del Fondo, el AI no estará sujeto a sus componentes ni a su ponderación a la hora de seleccionar la inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. Está previsto que los valores de la cartera del Fondo se desvíen de forma considerable del Índice. Los componentes del Índice (es decir, el MSCI World Index y el Bloomberg Global Aggregate Bond Index US Hedged) pueden aparecer indicados de forma independiente en los materiales de marketing relacionados con el Fondo.
Las inversiones del Fondo en valores de RF e instrumentos del mercado monetario podrán estar emitidos por gobiernos, agencias gubernamentales, empresas e instituciones supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estas podrían incluir inversiones con una calificación de solvencia relativamente baja o que carecen de calificación.
Los activos del Fondo podrán estar denominados en una amplia gama de divisas. Los rendimientos de este Fondo se distribuyen sin previa deducción de gastos.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares de Hong Kong. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate a high income on your investment.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income (FI) securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. In selecting these, the IA may take into consideration a composite benchmark comprising MSCI World Net Index (70%) and the Bloomberg Global Aggregate Bond Index USD Hedged (30%) (the “Index”) when constructing the Fund’s portfolio, and for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. Whilst the Index is used by the IA in constructing the portfolio of the Fund, the IA is not bound by its components or weighting when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The components of the Index (i.e. MSCI World Index and Bloomberg Global Aggregate Bond Index US Hedged) may be quoted separately in marketing material related to the Fund.
The Fund’s investments in FI securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The assets held by the Fund may be denominated in a wide variety of currencies. The Fund distributes income gross of expenses.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN906 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Notwithstanding the provisions outlined in paragraph (3) (a), the Company is authorised to invest up to 100% of the net assets of any Fund, in accordance with the principle of risk spreading, in Transferable Securities and money market instruments issued or guaranteed by an EU Member State, by its local authorities, or by member states of the Organisation for Economic Co- Operation and Development, Singapore or any member state of the G20 or by public international bodies of which one or more EU Member States are members, provided that such Fund must hold securities from at least six different issues and securities from one issue do not account for more than 30% of the total net assets of such Fund.
- (a) The Company may not acquire shares carrying voting rights which should enable it to exercise significant influence over the management of an issuing body.
- A Fund may not acquire more than:
- 10% of the non-voting shares of the same issuer; and/or
- 10% of the debt securities of the same issuer; and/or
- 25% of the units of the same UCITS and/or other UCI; and/or
- 10% of the money market instruments of the same issuer.
The limits under paragraph (4) (b) (ii, iii and iv) may be disregarded at the time of acquisition, if at that time the gross amount of the debt securities, or of money market instruments or units or the net amount of the instruments in issue cannot be calculated.
- Paragraphs (4) (a) and (4) (b) above are waived as regards:
- Transferable Securities and money market instruments issued or guaranteed by an EU Member State or its local authorities;
- Transferable Securities and money market instruments issued or guaranteed by a non-EU Member State;
- Transferable Securities and money market instruments issued by public international bodies of which one or more EU Member States are members;
- Shares held by a Fund in the capital of a company incorporated in a non-member state of the EU which invests its assets mainly in the securities of issuing bodies having their registered office in that State, where under the legislation of that state, such a holding represents the only way in which the Fund can invest in the issuing bodies of that state. This derogation, however, shall apply only if in its investment policy the company from the non-EU Member State complies with the limits laid down in paragraphs (3) (a), (4) (a) and (b), and (5); and
- Shares held by one or more investment companies in the capital of subsidiary companies which, exclusively on its or their behalf carry on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the redemption of Shares at the request of Shareholders.
- (a) (i) The Company may acquire units of the UCITS and/or other UCIs as defined under paragraph (1) (a) (iv), provided that no more than 10% in total of a Fund's net assets be invested in the units of UCITS and/or other UCIs or in any single UCITS or other UCI.
- When the Company invests in the units of other UCITS and/or other UCIs that are managed directly or indirectly by the Management Company and/or the Investment Manager, or a company with which they are linked by common management or control, or by a direct or indirect holding of more than 10% of the capital or the voting rights, no subscription or redemption fees may be charged to the Company on account of its investment in the units of such other UCITS and/or UCIs.
In respect of a Fund's investments in UCITS and other UCIs linked to the Company as described in the preceding paragraph, either no management fee (including any performance fee) will be charged by the Fund to that portion of the Fund's assets invested in UCITS and other UCIs linked to the Company or a reduced management fee of a maximum 0.25% may be charged by the Company. Alternatively, where a Fund invests in UCITS and other UCIs linked to the Company that have a lower management fee than the Fund, the difference between the percentage of the Fund's management fee and the UCITS and UCIs' management fee may be charged to that portion of assets invested in such funds. The Company will indicate in its annual report the total management fee charged both to the relevant Fund and to the UCITS and other UCIs in which such Fund has invested during the relevant period. The maximum total accumulated management fee will be 4.0%.
- The underlying investments held by the UCITS or other UCIs in which the Company invests do not have to be considered for the purpose of the investment restrictions set forth under paragraph (3) (a) above.
- In addition, the Management Company and the Investment Manager may not benefit from a rebate on any fees or charges levied by an Underlying Fund or its investment manager.
- In addition the Company will not, unless otherwise indicated in the Information Sheet in relation to a particular Fund:
- make investments in, or enter into transactions involving, precious metals, commodities, commodities contracts, or certificates representing precious metals, commodities, or commodities contracts, ETF or financial derivative instruments linked to commodity indices or financial indices including commodity indices. Under no circumstances will the Company acquire commodities or certificates representing commodities;
- purchase or sell real estate or any option, right or interest therein, provided the Company may invest in Transferable Securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein;
- carry out uncovered sales of Transferable Securities or other financial instruments, money market instruments or UCITS and/or other UCIs referred to above;
- make loans to – or act as guarantor on behalf of – third parties, provided that for the purpose of this restriction, the following are allowed:
- the acquisition of eligible investments in fully or partly paid form; and
- the permitted lending of portfolio securities; and
- this restriction shall not prevent the Company from acquiring Transferable Securities, money market instruments or other financial instruments referred to in paragraph (1) (a) (iv), (vi) and (vii), which are not fully paid;
- borrow for the account of any Fund amounts in excess of 10% of the total net assets of that Fund taken at market value, any such borrowings to be from banks and to be effected only as a temporary measure for exceptional purposes including the redemption of Shares. However, the Company may acquire foreign currency by means of a back-to-back loan;
- mortgage, pledge, hypothecate or otherwise encumber as security for indebtedness any securities held for the account of any Fund, except as may be necessary in connection with either (i) transactions associated with foreign exchange, including passive currency hedging as described in section "Currency Exposure and Passive Currency Hedging"; or(ii) the borrowings mentioned in paragraph 1 (6) (e) above, provided that in connection with the borrowings mentioned in paragraph 1 (6) (e) above, such mortgaging, pledging or hypothecating may not exceed 10% of the Net Asset Value of each Fund. For the avoidance of doubt, in connection with OTC derivative transactions including amongst others, swap transactions, option and forward exchange or futures transactions, the deposit of securities or other assets in a separate account shall not be considered a mortgage, pledge or hypothecation for this purpose;
- underwrite or sub-underwrite securities of other issuers; or
- make investments in any Transferable Securities involving the assumption of unlimited liability.
- To the extent that an issuer is a legal entity with multiple compartments where the assets of a compartment are exclusively reserved to the investors in such compartment and to those creditors whose claim has arisen in connection with the creation, operation or liquidation of that compartment, each compartment is to be considered to be a separate issuer for the purpose of the application of the risk-spreading rules set out in paragraphs (3) (a), (3) (b) (i) and (ii), and (5) above.
- During the first six months following its launch, a new Fund may derogate from restrictions (3) and (5) (with the exception of the provisions of paragraph (5) (a) (i) above) while ensuring observance of the principle of risk-spreading.
- Each Fund must ensure an adequate spread of investment risks by sufficient diversification.
- The Company will in addition comply with such further restrictions as may be required by the regulatory authorities in which the Shares are marketed.
The Company need not comply with the investment limit percentages when exercising subscription rights attached to securities which form part of its assets.
If the percentage limitations set forth in the above restrictions are exceeded for reasons beyond the control of the Company or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its Shareholders. | # Nonobstant les dispositions du paragraphe (3) (a), la Société est autorisée à investir jusqu'à 100% des actifs nets d'un Compartiment, dans le respect du principe de répartition des risques, en Valeurs mobilières et en instruments du marché monétaire émis ou garantis par un Etat membre de l'UE, par ses autorités locales ou par les Etats membres de l'Organisation de coopération et de développement économiques, Singapour et tout Etat membre du G20 ou par des organismes publics internationaux, dont un ou plusieurs Etat(s) membre(s) de l'UE fait/font partie, pourvu que ce Compartiment détienne des titres d'au moins six émissions différentes et que les titres d'une même émission ne représentent pas plus de 30% des actifs nets totaux de ce Compartiment.
- (a) La Société ne peut acquérir d'actions assorties du droit de vote et lui permettant d’exercer une influence notable sur la gestion d’un émetteur.
(b) Un Compartiment ne peut acquérir plus de :
- 10% d’actions sans droit de vote d’un même émetteur ; et/ou
- 10% d’obligations d’un même émetteur ; et/ou
- 25% de parts ou actions d’un même OPCVM et/ou d’un autre OPC ; et/ou
- 10% d’instruments du marché monétaire d’un même émetteur.
Les limites visées aux alinéas (ii, iii et iv) du paragraphe (4) (b) peuvent être ignorées au moment de l’acquisition si le montant brut des obligations, des instruments du marché monétaire ou des parts ou actions ou encore le montant net des titres émis ne peut être calculé.
(c) Il est dérogé aux paragraphes (4) (a) et (4) (b) ci-dessus en ce qui concerne :
- les Valeurs mobilières et les instruments du marché monétaire émis ou garantis par un Etat membre de l’UE ou par ses collectivités publiques territoriales ;
- Les Valeurs mobilières et les instruments du marché monétaire émis ou garantis par un Etat qui n’est pas membre de l’Union européenne ;
- les Valeurs mobilières et les instruments du marché monétaire émis par des organismes publics internationaux dont un ou plusieurs Etat(s) membre(s) de l’UE fait/font partie ;
- les actions détenues par un Compartiment dans le capital d’une société constituée dans un Etat qui n’est pas membre de l’Union européenne et qui investit ses actifs essentiellement dans les titres d’émetteurs ayant leur siège social dans cet Etat, lorsqu’en vertu de la législation de cet Etat, cet investissement représente la seule façon pour un Compartiment d’investir en titres d’émetteurs de cet Etat. Cette dérogation n’est cependant applicable qu’à la condition que cette société constituée dans un Etat qui n’est pas membre de l’Union européenne respecte dans sa politique d’investissement les limites visées aux paragraphes (3) (a), (4) (a) and (b) et (5) ; et
- les actions détenues par une ou plusieurs sociétés d’investissement dans le capital des sociétés filiales exerçant uniquement au profit exclusif de celles-ci des activités de gestion, de conseil ou de commercialisation dans le pays où la filiale est située, en ce qui concerne le rachat d’actions à la demande des actionnaires.
- (a) (i) La Société peut acquérir des parts ou actions d’OPCVM et/ou d’autres OPC tels que visés à l’alinéa (iv) du point (1) (a) à condition que les investissements effectués dans des parts ou actions d’OPCVM et/ou d’autres OPC ou dans un même OPCVM ou autre OPC ne dépassent pas au total 10% des actifs nets d’un Compartiment.
- Lorsque la Société investit dans des parts ou actions d’autres OPCVM et/ou d’autres OPC gérés directement ou indirectement par la Société de gestion et/ou le Gestionnaire de portefeuille ou par une société à laquelle ils sont liés dans le cadre d’une communauté de gestion ou de contrôleou par une participation directe ou indirecte de plus de 10% du capital ou des droits de vote, aucune commission de souscription ou de rachat ne peut être facturée à la Société au titre de ses investissements dans les parts ou actions de ces autres OPCVM et/ou OPC.
S’agissant des investissements d’un Compartiment dans des OPCVM et d’autres OPC liés à la Société comme précisé ci-avant, soit le Compartiment ne facturera aucune commission de gestion (en ce compris toute commission de surperformance) au titre de la part des actifs du Compartiment placés dans ces OPCVM ou autres OPC liés à la Société, soit la Société facturera une commission de gestion réduite, de 0,25% maximum. Par ailleurs, lorsqu’un Compartiment investit dans des OPCVM et d’autres OPC liés à la Société et qui appliquent une commission de gestion inférieure à celle du Compartiment, la différence entre le pourcentage de la commission de gestion du Compartiment et celle des OPCVM et autres OPC peut être imputée à la part des actifs investis dans ces OPCVM et autres OPC. La Société mentionnera dans son rapport annuel la commission de gestion totale imputée à la fois au Compartiment concerné et aux OPCVM ou autres OPC dans lesquels ledit Compartiment a investi au cours de la période concernée. Le montant total cumulé de la commission de gestion sera de 4% maximum.
- Les placements sous-jacents détenus par les OPCVM ou autres OPC dans lesquels la Société investit n’ont pas à être pris en compte aux fins des restrictions d’investissement visées au paragraphe (3) (a) ci-dessus.
- En outre, la Société de gestion et le Gestionnaire de portefeuille ne peuvent pas bénéficier de remise sur les commissions ou frais prélevés par un Fonds sous-jacent ou son gestionnaire de portefeuille.
- En outre, sauf mention contraire dans la Notice d’information d’un Compartiment donné, la Société :
- ne conclura aucune transaction portant sur des métaux précieux, des matières premières, des contrats sur matières premières ou des certificats représentant des métaux précieux, des matières premières, des contrats sur matières premières et n’investira ni dans ceux-ci ni dans des ETF ou des instruments financiers dérivés liés à des indices de matières premières ou à des indices financiers comprenant des indices de matières premières. En aucun cas la Société n’acquerra des matières premières ou des certificats représentatifs de matières premières ;
- n’achètera ou ne vendra pas de biens immobiliers, ni d’options, de droits ou d’intérêts sur/dans ces biens, étant entendu qu’elle pourra investir dans des Valeurs mobilières garanties par des biens immobiliers ou des intérêts dans ces biens ou émises par des sociétés qui investissent dans des biens immobiliers ou des intérêts dans ces biens ;
- n’exécutera aucune vente à découvert de Valeurs mobilières ou d’autres instruments financiers, d’instruments du marché monétaire ou de parts ou actions d’OPCVM et/ou d’autres OPC visés plus haut ;
- n’accordera pas de prêts à des tiers et ne servira pas de garant pour leur compte, étant entendu qu’aux fins de cette restriction :
- l’acquisition d’investissements éligibles payés en tout ou en partie sera autorisée ; et
- le prêt de titres en portefeuille sera autorisé ; et
- la présente restriction n’empêchera pas la Société d’acquérir des Valeurs mobilières, des instruments du marché monétaire ou d’autres instruments financiers visés aux alinéas (iv), (vi) et(vii) du point (1) (a) qui ne sont pas intégralement payés ;
- n’empruntera pas pour le compte d’un Compartiment un montant supérieur à 10% de ses actifs nets totaux calculés à leur valeur de marché, ces emprunts devant être contractés auprès d’une banque et à titre provisoire à des fins exceptionnelles, et notamment le rachat d’Actions. La Société peut toutefois acquérir des devises étrangères au moyen d’un crédit adossé ;
- n’hypothèquera, ne mettra en gage ni ne grèvera en garantie de dettes des titres détenus pour le compte d’un Compartiment, sauf si cela s’avère nécessaire eu égard (i) à des transactions liées à des opérations de change, y compris de couverture passive de devises, telles que celles décrites à la section « Exposition aux devises et couverture passive aux devises » ; (ii) aux emprunts mentionnés au paragraphe 1 (6) (e) ci-dessus sachant que, concernant ces emprunts, l’hypothèque, la mise en gage ou l’affectation en garantie ne pourra dépasser 10% de la Valeur nette d’inventaire de chaque Compartiment. Pour éviter tout ambiguïté, en ce qui concerne les transactions sur dérivés de gré à gré, et notamment les opérations de swap, les options et les opérations de change à terme ou futures, le dépôt de titres ou d’autres actifs sur un compteséparé ne sera pas considéré comme une hypothèque, une mise en gage ou une affectation en garantie à cet effet ;
- n’agira pas en tant que participant ou sous-participant à une prise ferme de titres d’autres émetteurs ; ou
- n’investira pas dans des Valeurs mobilières impliquant d’assumer une responsabilité illimitée.
- Dans la mesure où un émetteur est une personne morale à compartiments multiples dans laquelle les actifs d’un compartiment sont réservés exclusivement aux investisseurs de ce compartiment et aux créanciers dont la créance est née de la création, l’exploitation ou la liquidation de ce compartiment, chaque compartiment doit être considéré comme un émetteur distinct aux fins de l’application de la règle de répartition des risques visée aux paragraphes (3) (a), (3) (b) (i) et (ii) et (5) ci-dessus.
- Durant les six premiers mois suivant son lancement, un nouveau Compartiment peut déroger aux restrictions des points (3) et (5) (à l'exception des dispositions du paragraphe (5) (a) (i) ci-dessus) tout en observant le principe de répartition des risques.
- Chaque Compartiment veillera au respect du principe de répartition des risques d’investissement en assurant une diversification suffisante.
- De plus, la Société respectera toute autre restriction imposée par les autorités de régulation des pays dans lesquels les Actions sont commercialisées.
La Société n’est pas tenue de respecter les limites d’investissement lorsqu’elle exerce les droits de souscription attachés aux titres qui font partie de ses actifs.
Si les limites visées au sein des présentes restrictions venaient à être dépassées pour des raisons échappant au contrôle de la Société ou suite à l’exercice de droits de souscription, celle-ci veillera, dans le cadre de ses opérations de vente, à régulariser cette situation en priorité dans le meilleur intérêt de ses Actionnaires. | # Notwithstanding the provisions outlined in paragraph (3) (a), the Company is authorised to invest up to 100% of the net assets of any Fund, in accordance with the principle of risk spreading, in Transferable Securities and money market instruments issued or guaranteed by an EU Member State, by its local authorities, or by member states of the Organisation for Economic Co- Operation and Development, Singapore or any member state of the G20 or by public international bodies of which one or more EU Member States are members, provided that such Fund must hold securities from at least six different issues and securities from one issue do not account for more than 30% of the total net assets of such Fund.
- (a) The Company may not acquire shares carrying voting rights which should enable it to exercise significant influence over the management of an issuing body.
- A Fund may not acquire more than:
- 10% of the non-voting shares of the same issuer; and/or
- 10% of the debt securities of the same issuer; and/or
- 25% of the units of the same UCITS and/or other UCI; and/or
- 10% of the money market instruments of the same issuer.
The limits under paragraph (4) (b) (ii, iii and iv) may be disregarded at the time of acquisition, if at that time the gross amount of the debt securities, or of money market instruments or units or the net amount of the instruments in issue cannot be calculated.
- Paragraphs (4) (a) and (4) (b) above are waived as regards:
- Transferable Securities and money market instruments issued or guaranteed by an EU Member State or its local authorities;
- Transferable Securities and money market instruments issued or guaranteed by a non-EU Member State;
- Transferable Securities and money market instruments issued by public international bodies of which one or more EU Member States are members;
- Shares held by a Fund in the capital of a company incorporated in a non-member state of the EU which invests its assets mainly in the securities of issuing bodies having their registered office in that State, where under the legislation of that state, such a holding represents the only way in which the Fund can invest in the issuing bodies of that state. This derogation, however, shall apply only if in its investment policy the company from the non-EU Member State complies with the limits laid down in paragraphs (3) (a), (4) (a) and (b), and (5); and
- Shares held by one or more investment companies in the capital of subsidiary companies which, exclusively on its or their behalf carry on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the redemption of Shares at the request of Shareholders.
- (a) (i) The Company may acquire units of the UCITS and/or other UCIs as defined under paragraph (1) (a) (iv), provided that no more than 10% in total of a Fund's net assets be invested in the units of UCITS and/or other UCIs or in any single UCITS or other UCI.
- When the Company invests in the units of other UCITS and/or other UCIs that are managed directly or indirectly by the Management Company and/or the Investment Manager, or a company with which they are linked by common management or control, or by a direct or indirect holding of more than 10% of the capital or the voting rights, no subscription or redemption fees may be charged to the Company on account of its investment in the units of such other UCITS and/or UCIs.
In respect of a Fund's investments in UCITS and other UCIs linked to the Company as described in the preceding paragraph, either no management fee (including any performance fee) will be charged by the Fund to that portion of the Fund's assets invested in UCITS and other UCIs linked to the Company or a reduced management fee of a maximum 0.25% may be charged by the Company. Alternatively, where a Fund invests in UCITS and other UCIs linked to the Company that have a lower management fee than the Fund, the difference between the percentage of the Fund's management fee and the UCITS and UCIs' management fee may be charged to that portion of assets invested in such funds. The Company will indicate in its annual report the total management fee charged both to the relevant Fund and to the UCITS and other UCIs in which such Fund has invested during the relevant period. The maximum total accumulated management fee will be 4.0%.
- The underlying investments held by the UCITS or other UCIs in which the Company invests do not have to be considered for the purpose of the investment restrictions set forth under paragraph (3) (a) above.
- In addition, the Management Company and the Investment Manager may not benefit from a rebate on any fees or charges levied by an Underlying Fund or its investment manager.
- In addition the Company will not, unless otherwise indicated in the Information Sheet in relation to a particular Fund:
- make investments in, or enter into transactions involving, precious metals, commodities, commodities contracts, or certificates representing precious metals, commodities, or commodities contracts, ETF or financial derivative instruments linked to commodity indices or financial indices including commodity indices. Under no circumstances will the Company acquire commodities or certificates representing commodities;
- purchase or sell real estate or any option, right or interest therein, provided the Company may invest in Transferable Securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein;
- carry out uncovered sales of Transferable Securities or other financial instruments, money market instruments or UCITS and/or other UCIs referred to above;
- make loans to – or act as guarantor on behalf of – third parties, provided that for the purpose of this restriction, the following are allowed:
- the acquisition of eligible investments in fully or partly paid form; and
- the permitted lending of portfolio securities; and
- this restriction shall not prevent the Company from acquiring Transferable Securities, money market instruments or other financial instruments referred to in paragraph (1) (a) (iv), (vi) and (vii), which are not fully paid;
- borrow for the account of any Fund amounts in excess of 10% of the total net assets of that Fund taken at market value, any such borrowings to be from banks and to be effected only as a temporary measure for exceptional purposes including the redemption of Shares. However, the Company may acquire foreign currency by means of a back-to-back loan;
- mortgage, pledge, hypothecate or otherwise encumber as security for indebtedness any securities held for the account of any Fund, except as may be necessary in connection with either (i) transactions associated with foreign exchange, including passive currency hedging as described in section "Currency Exposure and Passive Currency Hedging"; or(ii) the borrowings mentioned in paragraph 1 (6) (e) above, provided that in connection with the borrowings mentioned in paragraph 1 (6) (e) above, such mortgaging, pledging or hypothecating may not exceed 10% of the Net Asset Value of each Fund. For the avoidance of doubt, in connection with OTC derivative transactions including amongst others, swap transactions, option and forward exchange or futures transactions, the deposit of securities or other assets in a separate account shall not be considered a mortgage, pledge or hypothecation for this purpose;
- underwrite or sub-underwrite securities of other issuers; or
- make investments in any Transferable Securities involving the assumption of unlimited liability.
- To the extent that an issuer is a legal entity with multiple compartments where the assets of a compartment are exclusively reserved to the investors in such compartment and to those creditors whose claim has arisen in connection with the creation, operation or liquidation of that compartment, each compartment is to be considered to be a separate issuer for the purpose of the application of the risk-spreading rules set out in paragraphs (3) (a), (3) (b) (i) and (ii), and (5) above.
- During the first six months following its launch, a new Fund may derogate from restrictions (3) and (5) (with the exception of the provisions of paragraph (5) (a) (i) above) while ensuring observance of the principle of risk-spreading.
- Each Fund must ensure an adequate spread of investment risks by sufficient diversification.
- The Company will in addition comply with such further restrictions as may be required by the regulatory authorities in which the Shares are marketed.
The Company need not comply with the investment limit percentages when exercising subscription rights attached to securities which form part of its assets.
If the percentage limitations set forth in the above restrictions are exceeded for reasons beyond the control of the Company or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its Shareholders. | en | fr |
DOLFIN907 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Specific sub-fund risks:
- Collateral Management Risk
- Commodity Related Exposure Risk
- Counterparty Risk
- Derivatives Risk
- Equity Risk
- Tracking Error RiskFor an overview of generic risks, please refer to the Appendix 3 of Book I of the Prospectus. | #### Rischi specifici del comparto:
- Rischio di gestione delle garanzie collaterali
- Rischio di esposizione correlato alle materie prime
- Rischio di controparte
- Rischio legato agli strumenti derivati
- Rischio azionario
- Rischio legato al tracking errorPer una panoramica dei rischi generici, si rimanda all'Appendice 3 del Libro I del Prospetto informativo. | ##### Specific sub-fund risks:
- Collateral Management Risk
- Commodity Related Exposure Risk
- Counterparty Risk
- Derivatives Risk
- Equity Risk
- Tracking Error RiskFor an overview of generic risks, please refer to the Appendix 3 of Book I of the Prospectus. | en | it |
DOLFIN908 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Jupiter Pan European Smaller Companies*
## Review of Portfolio as at 30 September 2020
| Performance | |
| --- | --- |
| NAV | 30 September 2020 | 30/09/2019 / Launch Date | % Change |
| Class A USD Acc HSC | $110.86 | $100.00 | 10.86 |
| Class C USD Acc HSC | $111.33 | $100.00 | 11.33 |
| Class D EUR Acc | €110.85 | €100.00 | 10.85 |
| Class D GBP Acc HSC | fi110.09 | fi100.00 | 10.09 |
| Class F EUR Acc | €111.10 | €100.00 | 11.10 |
| Class I EUR Acc | €111.00 | €100.00 | 11.00 |
| Class L EUR Acc | €110.47 | €100.00 | 10.47 |
| Class L USD Acc HSC | $111.05 | $100.00 | 11.05 |
| Class N USD Acc HSC | $110.66 | $100.00 | 10.66 |
Benchmark in Fund base currency (since launch) EMIX Smaller European Companies Index (6.23)
* Jupiter Pan European Smaller Companies was launched on 26 February 2020
## Market Review
European equities started 2020 strongly accompanied by a tentative stabilisation in business sentiment across the eurozone. However, things changed utterly following an outbreak of a highly infectious novel coronavirus in Wuhan just weeks before the Chinese New Year, the largest annual migration in the world. The impact of the arrival of the coronavirus on European markets unfolded in several phases. The sell-off in February of stocks with exposure to China rapidly expanded to anything linked to travel, tourism and then oil, as the OPEC price war between Saudi Arabia and Russia began. As panic mounted this soon turned into indiscriminate selling and outright capitulation in March. Evidence suggests this was exacerbated by hedge funds being forced into unwinding leveraged positions, creating extraordinary and often inexplicable moves between and within sectors.
By April, the extraordinary drop in global economic activity had become apparent as lockdown took its toll, particularly on service businesses which were even more badly affected than manufacturers. Nevertheless, global stock markets, including Europe, first stabilized and then began to recover as a result of massive economic programs of direct government assistance. Markets were spurred on by a mix of slowing Covid-19 infections and improving sentiment as countries tentatively emerged from lockdown - all underpinned by remarkable levels of stimulus from global central banks and governments. As an example of the latter, Chancellor Angela Merkel’s coalition agreed a €130bn stimulus package which, together with existing programmes and loan guarantees, equated to more than 30% of GDP. This is likely to result in the biggest re-engineering of the economy since post-war construction with the government able to intervene in the economy seeding new industries and grooming national champions. Many of the companies in which we invest have already proven their ability to succeed on the international stage.
Over the following months, equity markets rallied as investors began to hope the worst of the pandemic might have passed as infection rates slowed, countries tentatively emerged from lockdown and European economic indicators hinted at a patchy but broadly improving recovery underpinned by various government support schemes and support from the central bank. Similar recoveries were seen in other parts of the world, particularly in China. Volatility returned to financial markets as autumn approached and doubts started to creep in about the effectiveness of policy, alongside a sharp increase in Covid-19 cases, the impact of further restrictions on the real economy and uncertainty around the US election.
## Policy Review
There were two reasons the fund behaved as it did: what it held and what it did not hold. The fund’s holdings are typically, high- quality growth businesses whose earnings are not tied to domestic European economies. The earnings from the likes of bioscience and technology-utilising companies, where the fund has meaningful exposure, were seen as more reliable and thus prized more highly than economically sensitive businesses like airlines, travel operators and retailers. The latter are areas where the fund has little or no exposure.
Returns were also helped by holding no oil & gas companies and no traditional banks. The former suffered a double blow from a deliberate oversupply of oil by Saudi Arabia at a time when the demand for fuel fell sharply as so many vehicles and aircraft were mothballed by the lockdown. Traditional banks suffered from a combination of lower interest rates (which squeezed profit margins), a directive to suspend dividends and expectations that the economic contraction would trigger a rise in bad debts. | # Jupiter Pan European Smaller Companies*
## Analyse du Portefeuille au 30 septembre 2020
| Performance | |
| --- | --- |
| VNI | 30 septembre 2020 | 30 septembre 2019/ Date de lancement | % de variation |
| Catégorie A USD Acc HSC | $110,86 | $100,00 | 10,86 |
| Catégorie C USD Acc HSC | $111,33 | $100,00 | 11,33 |
| Catégorie D EUR Acc | €110,85 | €100,00 | 10,85 |
| Catégorie D GBP Acc HSC | fi110,09 | fi100,00 | 10,09 |
| Catégorie F EUR Acc | €111,10 | €100,00 | 11,10 |
| Catégorie I EUR Acc | €111,00 | €100,00 | 11,00 |
| Catégorie L EUR Acc | €110,47 | €100,00 | 10,47 |
| Catégorie L USD Acc HSC | $111,05 | $100,00 | 11,05 |
| Catégorie N USD Acc HSC | $110,66 | $100,00 | 10,66 |
Indice de référence dans la devise de base du Fonds (depuis le lancement) EMIX Smaller European Companies (6,23)
* Le fonds Jupiter Pan European Smaller Companies a été lancé le 26 février 2020.
## Analyse des marchés
Les actions européennes sont entrées dans 2020 largement accompa- gnées d'une tentative de stabilisation des niveaux de confiance à tra- vers la zone euro. Cependant, les choses ont radicalement changé à la suite de l'apparition d'une nouvelle forme très contagieuse de corona- virus à Wuhan quelques semaines avant le nouvel an chinois qui occa- sionne la plus grande migration de populations au monde chaque année. L'impact de l'arrivée du coronavirus sur les marchés européens s'est déroulé en plusieurs phases. Les ventes massives des valeurs expo- sées à la Chine en février se sont rapidement étendues à l'ensemble des secteurs du voyage, du tourisme, puis du pétrole avec le début d'une guerre des prix du côté de l'OPEP entre l'Arabie Saoudite et la Russie. La panique se répandant, les liquidations sont bientôt intervenues tous azimuts avant une franche capitulation en mars. Les éléments montrent que le phénomène a été exacerbé par les hedge funds, forcés de dénouer des positions à effet de levier, d'où des mouvements excep- tionnels et souvent inexplicables entre et au sein des secteurs.
En avril, le recul extraordinaire de l'activité économique mondiale dans le sillage du confinement est apparu aux yeux de tous, particulièrement du côté des entreprises de service encore plus durement touchées que les producteurs. Pourtant, les marchés d'actions internationaux, y compris en Europe, ont commencé à se stabiliser avant de repartir à la lumière des programmes économiques massifs directement orchestrés par les pouvoirs publics. Les marchés ont alors été portés par la conjugaison du ralentissement des contaminations par la Covid-19 et d'un raffermisse- ment de la confiance en écho à la tentative de sortie du confinement dans un certain nombre de pays, tout cela étant étayé par un niveau de soutien remarquable des gouvernements et des banques centrales dans le monde. À titre d'exemple, la coalition de la Chancelière Angela Merkel a voté une enveloppe de relance de 130 milliards EUR qui, cumulée aux programmes en cours et garanties d'emprunts, équivant à plus de 30 % du PIB. Il devrait en découler la plus grande refonte de l'économie du pays depuis la construction de l'après-guerre avec une intervention pos- sible du gouvernement dans l'économie pour essaimer de nouveaux segments d'activité et prendre soin des champions nationaux. La plupart des sociétés dans lesquelles nous investissons ont déjà prouvé leur capacité à réussir sur la scène internationale.
Dans les mois suivants, les marchés d'actions se sont redressés alors que les investisseurs se sont pris à espérer que le pire de la pandémie était derrière eux au vu du ralentissement des taux de contamination, que des tentatives de sortie du confinement ont émergé et que les indicateurs économiques ont pointé vers une reprise, parcellaire mais réelle, soutenue par différents programmes de relance publics et par les politiques monétaires des banques centrales. Des redressements du même ordre ont été observés dans d'autres partie du monde, notamment en Chine. La volatilité est revenue sur les marchés finan- ciers à l'approche de l'automne, alors que des doutes ont commencé à s'insinuer à l'égard de l'efficacité des politiques conduites, que les cas de Covid-19 ont à nouveau grimpé en flèche, que l'impact des nou- velles restrictions sur l'économie réelle s'est fait ressentir sans oublier l'incertitude autour des élections présidentielles américaines.
## Analyse de la politique d’investissement
Deux raisons expliquent le comportement du compartiment : ce qu'il détenait en portefeuille et ce qu'il n'y détenait pas. Les participations du compartiment sont typiquement des valeurs de croissance de qualité supérieure dont les résultats ne sont pas liés aux économies euro- péennes domestiques. Les résultats des sociétés axées sur les sciences biologiques et la technologie, auxquelles le fonds est largement exposé, ont été perçues comme plus fiables et donc plus fortement valorisés que des activités plus sensibles au cycle économique comme les compa- gnies aériennes, les opérateurs de voyage et le commerce de détail. Le fonds n'est que peu, voire pas, exposé à ces derniers secteurs.
Les résultats ont également été soutenus par l'absence en portefeuille de sociétés pétrolières et gazières et de banques traditionnelles. Les premières ont subi un double revers : la mise sur le marché délibérée par l'Arabie Saoudite d'une offre surabondante de pétrole au moment même où la demande s'écroulait puisque la plupart des véhicules et avions étaient immobilisés du fait du confinement. Les banques tradi- tionnelles ont subi une combinaison de facteurs : baisse des taux d'in- térêt (qui ont comprimé leurs marges bénéficiaires), directive de sus- pension de leurs dividendes et anticipation d'une hausse des créances douteuses du fait de la crise économique. | # Jupiter Pan European Smaller Companies*
## Review of Portfolio as at 30 September 2020
| Performance | |
| --- | --- |
| NAV | 30 September 2020 | 30/09/2019 / Launch Date | % Change |
| Class A USD Acc HSC | $110.86 | $100.00 | 10.86 |
| Class C USD Acc HSC | $111.33 | $100.00 | 11.33 |
| Class D EUR Acc | €110.85 | €100.00 | 10.85 |
| Class D GBP Acc HSC | fi110.09 | fi100.00 | 10.09 |
| Class F EUR Acc | €111.10 | €100.00 | 11.10 |
| Class I EUR Acc | €111.00 | €100.00 | 11.00 |
| Class L EUR Acc | €110.47 | €100.00 | 10.47 |
| Class L USD Acc HSC | $111.05 | $100.00 | 11.05 |
| Class N USD Acc HSC | $110.66 | $100.00 | 10.66 |
Benchmark in Fund base currency (since launch) EMIX Smaller European Companies Index (6.23)
* Jupiter Pan European Smaller Companies was launched on 26 February 2020
## Market Review
European equities started 2020 strongly accompanied by a tentative stabilisation in business sentiment across the eurozone. However, things changed utterly following an outbreak of a highly infectious novel coronavirus in Wuhan just weeks before the Chinese New Year, the largest annual migration in the world. The impact of the arrival of the coronavirus on European markets unfolded in several phases. The sell-off in February of stocks with exposure to China rapidly expanded to anything linked to travel, tourism and then oil, as the OPEC price war between Saudi Arabia and Russia began. As panic mounted this soon turned into indiscriminate selling and outright capitulation in March. Evidence suggests this was exacerbated by hedge funds being forced into unwinding leveraged positions, creating extraordinary and often inexplicable moves between and within sectors.
By April, the extraordinary drop in global economic activity had become apparent as lockdown took its toll, particularly on service businesses which were even more badly affected than manufacturers. Nevertheless, global stock markets, including Europe, first stabilized and then began to recover as a result of massive economic programs of direct government assistance. Markets were spurred on by a mix of slowing Covid-19 infections and improving sentiment as countries tentatively emerged from lockdown - all underpinned by remarkable levels of stimulus from global central banks and governments. As an example of the latter, Chancellor Angela Merkel’s coalition agreed a €130bn stimulus package which, together with existing programmes and loan guarantees, equated to more than 30% of GDP. This is likely to result in the biggest re-engineering of the economy since post-war construction with the government able to intervene in the economy seeding new industries and grooming national champions. Many of the companies in which we invest have already proven their ability to succeed on the international stage.
Over the following months, equity markets rallied as investors began to hope the worst of the pandemic might have passed as infection rates slowed, countries tentatively emerged from lockdown and European economic indicators hinted at a patchy but broadly improving recovery underpinned by various government support schemes and support from the central bank. Similar recoveries were seen in other parts of the world, particularly in China. Volatility returned to financial markets as autumn approached and doubts started to creep in about the effectiveness of policy, alongside a sharp increase in Covid-19 cases, the impact of further restrictions on the real economy and uncertainty around the US election.
## Policy Review
There were two reasons the fund behaved as it did: what it held and what it did not hold. The fund’s holdings are typically, high- quality growth businesses whose earnings are not tied to domestic European economies. The earnings from the likes of bioscience and technology-utilising companies, where the fund has meaningful exposure, were seen as more reliable and thus prized more highly than economically sensitive businesses like airlines, travel operators and retailers. The latter are areas where the fund has little or no exposure.
Returns were also helped by holding no oil & gas companies and no traditional banks. The former suffered a double blow from a deliberate oversupply of oil by Saudi Arabia at a time when the demand for fuel fell sharply as so many vehicles and aircraft were mothballed by the lockdown. Traditional banks suffered from a combination of lower interest rates (which squeezed profit margins), a directive to suspend dividends and expectations that the economic contraction would trigger a rise in bad debts. | en | fr |
DOLFIN909 | 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
Le Fonds a pour objectif de générer des rendements tout en mesurant le niveau de risque pour les atteindre. Sur le long terme, le Fonds cherche à maintenir une corrélation faible voire nulle avec les marchés tradition- nels. Cet objectif vise à vous faire bénéficier de rendements qui sont non liés ni influencés par les marchés traditionnels.
Le Fonds entend atteindre un rendement supérieur à zéro après incor- poration des frais et des charges sur une période de trois ans.
Le Fonds investira dans un éventail diversifié d’actions, de devises, d’instruments à revenu fixe et d’indices de matières premières diversi- fiés éligibles en prenant à la fois des positions longues ou courtes (pour bénéficier de performances positives ou de performances négatives), dans le but de garantir une exposition et une performance qui soient, en moyenne, déconnectées de l’évolution des classes d’actifs tradition- nelles. Le Fonds a l'intention de tirer profit de l'évolution des prix sur les marchés dans l'ensemble des classes d’actifs précitées. En vue d'atteindre cet objectif, il applique une stratégie d’opérations de bourse informatisées qui utilise essentiellement des signaux de tendance à court et long terme. Le Fonds s'emploie à diminuer le risque en évaluant la poursuite des tendances de ce marché à court ou long terme.
Il est prévu que le Fonds investisse principalement dans des contrats à terme standardisés, des devises, des contrats à terme sur devises, des swaps et d’autres produits dérivés. Les « futures » ou contrats à terme standardisés sont des contrats qui permettent d’acheter ou de vendre un actif à une date ultérieure et à un prix déterminé. Les « contrats à terme sur devises » sont des conventions convenues entre deux parties visant à échanger une devise contre une autre à un taux convenu à une date ultérieure convenue de gré à gré ou à un terme standardisé. Les
« swaps » sont des contrats dérivés aux termes desquels deux parties échangent les flux de trésorerie ou les engagements financiers de deux instruments financiers distincts. Les futures (contrats à terme standardi- sés) concerneront notamment des contrats à terme standardisés sur des | # Objetivos y política de inversión
El Fondo pretende generar rentabilidad midiendo a la vez el riesgo que conlleva producirla. A largo plazo, el Fondo espera mantener una correlación cercana a cero con los mercados tradicionales. El objetivo es ofrecer rentabilidades no dependientes de los mercados tradicionales ni influenciadas por estos.
El Fondo aspira a lograr una rentabilidad superior a cero después de gastos e impuestos en un periodo de tres años.
El Fondo invertirá en una gama diversificada de acciones, divisas, instrumentos de renta fija e índices de materias primas diversificados admisibles, tanto mediante posiciones largas como cortas (para beneficiarse del comportamiento positivo o negativo del mercado) a fin de brindar exposición y una rentabilidad que, por término medio, esté desvinculada de las clases de activos tradicionales. El Fondo trata de beneficiarse de las tendencias de precios del mercado de las mencionadas clases de activos. Para ello aplica una estrategia de negociación informatizada que utiliza principalmente las señales de las tendencias a corto y largo plazo. El Fondo trata de reducir el riesgo valorando las prolongaciones excesivas a corto o largo plazo de las tendencias en ese mercado. Se prevé que el Fondo invierta principalmente en futuros, divisas, contratos de divisas a plazo, permutas y otros instrumentos derivados. Los «futuros» son contratos de compraventa de un activo en una fecha futura a un precio determinado. Los «contratos de divisas a plazo» son acuerdos entre dos partes para intercambiar una divisa por otra a un tipo de cambio acordado en un plazo o fecha futura. Las «permutas financieras» son contratos de derivados por los que dos partes intercambian los flujos de efectivo u obligaciones de dos instrumentos financieros diferentes. Entre los futuros se incluyen futuros sobre índices de acciones emitidas por | # Objectifs et politique d'investissement
Le Fonds a pour objectif de générer des rendements tout en mesurant le niveau de risque pour les atteindre. Sur le long terme, le Fonds cherche à maintenir une corrélation faible voire nulle avec les marchés tradition- nels. Cet objectif vise à vous faire bénéficier de rendements qui sont non liés ni influencés par les marchés traditionnels.
Le Fonds entend atteindre un rendement supérieur à zéro après incor- poration des frais et des charges sur une période de trois ans.
Le Fonds investira dans un éventail diversifié d’actions, de devises, d’instruments à revenu fixe et d’indices de matières premières diversi- fiés éligibles en prenant à la fois des positions longues ou courtes (pour bénéficier de performances positives ou de performances négatives), dans le but de garantir une exposition et une performance qui soient, en moyenne, déconnectées de l’évolution des classes d’actifs tradition- nelles. Le Fonds a l'intention de tirer profit de l'évolution des prix sur les marchés dans l'ensemble des classes d’actifs précitées. En vue d'atteindre cet objectif, il applique une stratégie d’opérations de bourse informatisées qui utilise essentiellement des signaux de tendance à court et long terme. Le Fonds s'emploie à diminuer le risque en évaluant la poursuite des tendances de ce marché à court ou long terme.
Il est prévu que le Fonds investisse principalement dans des contrats à terme standardisés, des devises, des contrats à terme sur devises, des swaps et d’autres produits dérivés. Les « futures » ou contrats à terme standardisés sont des contrats qui permettent d’acheter ou de vendre un actif à une date ultérieure et à un prix déterminé. Les « contrats à terme sur devises » sont des conventions convenues entre deux parties visant à échanger une devise contre une autre à un taux convenu à une date ultérieure convenue de gré à gré ou à un terme standardisé. Les
« swaps » sont des contrats dérivés aux termes desquels deux parties échangent les flux de trésorerie ou les engagements financiers de deux instruments financiers distincts. Les futures (contrats à terme standardi- sés) concerneront notamment des contrats à terme standardisés sur des | fr | es |
DOLFIN910 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Politiques d’investissement Le Fonds promeut les caractéristiques ESG en vertu de l'article 8 du règlement SFDR. Le Fonds bénéficie du label ISR en France.
Le Fonds investira au moins 90 % de son actif net dans des actions en privilégiant les investissements directs de grande capitalisation. Les petites et moyennes capitalisations ne sont toutefois pas exclues.
Le Gestionnaire financier promeut les caractéristiques environnementales et sociales, et applique sur une base continue le processus ESG suivant pour sélectionner les titres de participation, sous réserve que les émetteurs suivent de bonnes pratiques de gouvernance d'entreprise. Comme le Fonds investira au moins 90 % de son actif net dans des actions, ce processus de sélection ESG couvrira au moins 90 % du portefeuille du Fonds.
Le Fonds peut également investir jusqu'à 10 % de son actif net dans des liquidités, des instruments du marché monétaire, des titres de créance, des titres apparentés aux actions, y compris, sans s'y limiter, des titres de créance convertibles en actions ordinaires, des actions privilégiées et des warrants sur valeurs mobilières, ainsi que des actions ou des parts d'autres OPCVM ou OPC, non soumis au processus d'investissement responsable.
Politique en matière de dérivés Le Fonds peut utiliser des instruments financiers et des instruments dérivés à des fins de couverture, de gestion efficace de portefeuille et d’investissement. L’utilisation d’instruments financiers dérivés se limite aux techniques qui ne modifient pas la politique de sélection ESG de manière significative ou à long terme. Pour chaque utilisation d’un instrument dérivé, lorsque cela est possible, une notation ESG sera systématiquement attribuée à
l’actif sous-jacent et sera prise en compte dans la notation ESG globale du portefeuille. Le Fonds peut également utiliser des techniques de prêt sur titres pour atteindre son objectif d’investissement. | ### Políticas de inversión El Fondo promueve las características ESG de conformidad con el artículo 8 del SFDR. El Fondo no cuenta con la etiqueta ISR en Francia.
El Fondo invertirá al menos el 90% del patrimonio neto en renta variable, dando prioridad a las inversiones directas en sociedades de gran capitalización. Sin embargo, no se descarta invertir en sociedades de pequeña y mediana capitalización.
El Gestor de inversiones favorece las características medioambientales y sociales, y aplicará el siguiente proceso ESG de forma constante para seleccionar valores de renta variable, siempre que los emisores adopten prácticas de buen gobierno corporativo. Dado que el Fondo invertirá al menos el 90% de su patrimonio neto en renta variable, dicho proceso de selección ESG cubrirá al menos el 90% de la cartera del Fondo.
El Fondo también puede invertir hasta el 10% del patrimonio neto en efectivo, instrumentos del mercado monetario, valores de deuda, valores relacionados con la renta variable como los valores de deuda convertibles en acciones ordinarias, las acciones preferentes y los warrants sobre valores mobiliarios, entre otros, y en acciones o participaciones de otros OICVM u OIC que no están sujetos al proceso de inversión responsable.
Política de derivados El Fondo podrá utilizar instrumentos financieros y derivados con fines de cobertura, de gestión eficiente de la cartera y de inversión. El uso de instrumentos financieros derivados se limita a técnicas que no alteran la política de selección de ESG de manera significativa o a largo plazo. Para
cada uso de derivados, cuando sea factible, el activo subyacente tendrá sistemáticamente una puntuación ESG que se tendrá en cuenta en la puntuación ESG agregada de la cartera. El Fondo también puede utilizar técnicas de préstamo de valores para lograr su objetivo de inversión. | ### Politiques d’investissement Le Fonds promeut les caractéristiques ESG en vertu de l'article 8 du règlement SFDR. Le Fonds bénéficie du label ISR en France.
Le Fonds investira au moins 90 % de son actif net dans des actions en privilégiant les investissements directs de grande capitalisation. Les petites et moyennes capitalisations ne sont toutefois pas exclues.
Le Gestionnaire financier promeut les caractéristiques environnementales et sociales, et applique sur une base continue le processus ESG suivant pour sélectionner les titres de participation, sous réserve que les émetteurs suivent de bonnes pratiques de gouvernance d'entreprise. Comme le Fonds investira au moins 90 % de son actif net dans des actions, ce processus de sélection ESG couvrira au moins 90 % du portefeuille du Fonds.
Le Fonds peut également investir jusqu'à 10 % de son actif net dans des liquidités, des instruments du marché monétaire, des titres de créance, des titres apparentés aux actions, y compris, sans s'y limiter, des titres de créance convertibles en actions ordinaires, des actions privilégiées et des warrants sur valeurs mobilières, ainsi que des actions ou des parts d'autres OPCVM ou OPC, non soumis au processus d'investissement responsable.
Politique en matière de dérivés Le Fonds peut utiliser des instruments financiers et des instruments dérivés à des fins de couverture, de gestion efficace de portefeuille et d’investissement. L’utilisation d’instruments financiers dérivés se limite aux techniques qui ne modifient pas la politique de sélection ESG de manière significative ou à long terme. Pour chaque utilisation d’un instrument dérivé, lorsque cela est possible, une notation ESG sera systématiquement attribuée à
l’actif sous-jacent et sera prise en compte dans la notation ESG globale du portefeuille. Le Fonds peut également utiliser des techniques de prêt sur titres pour atteindre son objectif d’investissement. | fr | es |
DOLFIN911 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### ARTICLE 16 - BOARD COUNCIL
The Board elects from among its members, for any term at its discretion provided it does not exceed the Director's term of office, a Chairman who must be a natural person.
The Chairman of the Board of Directors organises and directs its work and reports it to the General Meeting. It ensures the proper operation of the Company's management bodies and, in particular, that the Directors are capable of accomplishing their missions.
If it considers appropriate, the Board of Directors also appoints a Vice Chairman, and may also select a Secretary who does not have to be a Board member.
If the Chairman is absent or incapacitated, the Board meeting is chaired by the Vice Chairman. Failing which, the Board appoints from among its members a person to chair the meeting. | #### ARTICOLO 16: VERTICI DEL CONSIGLIO
Il consiglio elegge tra i suoi membri, per una durata da lui definita senza che però questa superi quella del suo mandato di amministratore, un presidente, il quale dovrà essere obbligatoriamente una persona fisica.
Il presidente del consiglio di amministrazione ne organizza e dirige i lavori, di cui rende conto all’assemblea generale. Vigila sul regolare funzionamento degli organi societari e si accerta, in particolare, che gli amministratori siano in grado di ottemperare al loro mandato.
Qualora lo ritenga utile, il consiglio nominerà inoltre un vice-presidente e potrà scegliere un segretario, anche esterno al consiglio stesso.
In caso di assenza o impedimento del presidente, la seduta del Consiglio sarà presieduta dal Vicepresidente. In assenza di quest’ultimo, il Consiglio sceglierà il presidente della seduta tra i suoi membri. | #### ARTICLE 16 - BOARD COUNCIL
The Board elects from among its members, for any term at its discretion provided it does not exceed the Director's term of office, a Chairman who must be a natural person.
The Chairman of the Board of Directors organises and directs its work and reports it to the General Meeting. It ensures the proper operation of the Company's management bodies and, in particular, that the Directors are capable of accomplishing their missions.
If it considers appropriate, the Board of Directors also appoints a Vice Chairman, and may also select a Secretary who does not have to be a Board member.
If the Chairman is absent or incapacitated, the Board meeting is chaired by the Vice Chairman. Failing which, the Board appoints from among its members a person to chair the meeting. | en | it |
DOLFIN912 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# 9389fb8e-5999-4614-8453-8812427feff6
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Supertrends Fund - share class B USD (the Product); ISIN LU2332894935; in share class currency USD a share class of Credit Suisse Supertrends Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | # 1a95d773-cd67-405e-8429-0110c7a5d6b1
Key Information Document
Scopo
Il presente documento contiene informazioni chiave relative a questo prodotto d’investimento. Non si tratta di un documento promozionale. Le informazioni, richieste dalla legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi, i guadagni e le perdite potenziali di questo prodotto e di agevolare il raffronto con altri prodotti d’investimento.
Prodotto
Nome del prodotto/ISIN Credit Suisse Supertrends Fund - classe di quote B USD (il prodotto); ISIN LU2332894935; nella valuta della classe di quote USD una classe di quote di Credit Suisse Supertrends Fund (il comparto)
un comparto di Credit Suisse Wealth Funds 1 (il fondo a ombrello / la società d’investimento)
Il prodotto è un comparto UCITS stabilito in Lussemburgo. È gestito da MultiConcept Fund Management S.A. (la Società di gestione).
Produttore MultiConcept Fund Management S.A., appartenente a Credit Suisse Group; 5, rue Jean Monnet, L-2180 Lussemburgo.
Per maggiori informazioni chiamate il numero +352 43 61 61 1 o visitate www.credit-suisse.com/microsites/multiconcept/en.html.
Autorità competente Commission de Surveillance du Secteur Financier (CSSF) è responsabile della supervisione di MultiConcept Fund Management S.A. in relazione al presente Documento contenente informazioni chiave | # 9389fb8e-5999-4614-8453-8812427feff6
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Supertrends Fund - share class B USD (the Product); ISIN LU2332894935; in share class currency USD a share class of Credit Suisse Supertrends Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | en | it |
DOLFIN913 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 0.167 year |
| --- | --- |
| Entry costs | 1.0 % of the amount that you pay when you enter the investment. This includes distribution costs of 1.0 % of the amount invested. This is the maximum amount you will pay. The person who sold you the product will inform you of the actual costs. | Up to €100 |
| Exit costs | We do not charge an exit fee for this Product. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.0% of the value of your investment per year. This percentage is based on actual costs over the last year. | €1 |
| Transaction costs | 0.0 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | €1 |
| Incidental costs taken under specific conditions |
| Performance fees | 0.0% of the value of your investment per year. The real amount varies according to the performance of your investment. The above estimation of total costs includes the average over the last 5 years. The calculation applies at each date of establishment of the net asset value as described in the prospectus (30.00% above the compounded €STR plus 2 bp. Underperformance over the preceding 5 years must be offset before a provision can be recorded again. Unitholders should note that a performance fee may be charged even in the case of a negative performance by the product. | €0 | | | Costes únicos de entrada o salida | En caso de salida después de 0.167 año |
| --- | --- |
| Costes de entrada | 1.0 % del importe que paga en el momento de entrar en la inversión. Esto incluye los gastos de distribución del 1.0 % del importe invertido. Este es el importe máximo que pagará. La persona que le vendió el Producto le informará de los costes reales. | Hasta €100 |
| Costes de salida | Nosotros no facturamos el coste de salida de este Producto. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0.0 % del valor de su inversión al año. Este porcentaje se basa en los gastos reales del año pasado. | €1 |
| Costes de operación | 0.0 % del valor de su inversión al año. Se trata de una estimación de los gastos sufragados cuando compramos y vendemos las inversiones subyacentes al Producto. El importe real varía en función de la cantidad que compramos y vendemos. | €1 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | 0.0 % del valor de su inversión al año. El importe real varía en función de la rentabilidad de su inversión. La estimación anterior de los costes totales incluye la media de los 5 últimos años. El cálculo se aplica a cada fecha de establecimiento del valor liquidativo tal y como se describe en el folleto (30.00 % por encima del €STER capitalizado + 2 pb). Las rentabilidades inferiores pasadas de los 5 últimos años deben ser compensadas antes de que una reserva pueda volver a registrarse. Se llama la atención de los partícipes sobre el hecho de que puede aplicarse una comisión de rentabilidad incluso en caso de rentabilidad negativa del producto. | €0 | | | One-off costs upon entry or exit | If you exit after 0.167 year |
| --- | --- |
| Entry costs | 1.0 % of the amount that you pay when you enter the investment. This includes distribution costs of 1.0 % of the amount invested. This is the maximum amount you will pay. The person who sold you the product will inform you of the actual costs. | Up to €100 |
| Exit costs | We do not charge an exit fee for this Product. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.0% of the value of your investment per year. This percentage is based on actual costs over the last year. | €1 |
| Transaction costs | 0.0 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | €1 |
| Incidental costs taken under specific conditions |
| Performance fees | 0.0% of the value of your investment per year. The real amount varies according to the performance of your investment. The above estimation of total costs includes the average over the last 5 years. The calculation applies at each date of establishment of the net asset value as described in the prospectus (30.00% above the compounded €STR plus 2 bp. Underperformance over the preceding 5 years must be offset before a provision can be recorded again. Unitholders should note that a performance fee may be charged even in the case of a negative performance by the product. | €0 | | en | es |
DOLFIN914 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique et objectifs d’investissement
La politique d'investissement du Fonds vise principalement à réaliser une plus-value intéressante dans la devise du Fonds (telle que définie dans l'annexe), en tenant compte des critères de stabilité de la valeur, de sécurité du capital et de liquidité de l'actif du Fonds. La politique d’investissement spécifique du Fonds est décrite dans l’annexe du prospectus.
Les principes généraux et les restrictions d’investissement énoncés à l’article 4 du règlement de gestion s’appliquent à ce fonds, sous réserve d'éventuelles informations contraires ou complémentaires y relatives dans l’annexe du prospectus.
L'actif du Fonds est investi dans le respect du principe de diversification des risques, au sens des Règles de la partie I de la loi du 17 décembre 2010 et conformément aux principes de politique d’investissement décrits à l’article 4 du règlement de gestion et dans la limite des restrictions d’investissement. | # Objetivos y política de inversión
El objetivo de la política de inversión del fondo consiste en alcanzar una plusvalía en la moneda del fondo (tal y como se define en el anexo), teniendo en cuenta los criterios de estabilidad del valor, seguridad del capital y liquidez del patrimonio especial. La política de inversión específica se indicará para el fondo en el anexo al folle- to informativo.
Los principios y restricciones generales de inversión detallados en el artículo 4 del reglamento de gestión son válidos para este fondo, siempre que no se encuentren disposiciones divergentes o complementarias para el fondo en el anexo al folleto informativo.
El patrimonio del fondo se invertirá tomando en consideración el principio de la diversificación de riesgos a efectos de lo dispuesto en la Parte I de la Ley de 17 de diciembre de 2010 y conforme a los principios de la política de inversión descritos en el artículo 4 del reglamento de gestión y las restricciones a la inversión. | # Politique et objectifs d’investissement
La politique d'investissement du Fonds vise principalement à réaliser une plus-value intéressante dans la devise du Fonds (telle que définie dans l'annexe), en tenant compte des critères de stabilité de la valeur, de sécurité du capital et de liquidité de l'actif du Fonds. La politique d’investissement spécifique du Fonds est décrite dans l’annexe du prospectus.
Les principes généraux et les restrictions d’investissement énoncés à l’article 4 du règlement de gestion s’appliquent à ce fonds, sous réserve d'éventuelles informations contraires ou complémentaires y relatives dans l’annexe du prospectus.
L'actif du Fonds est investi dans le respect du principe de diversification des risques, au sens des Règles de la partie I de la loi du 17 décembre 2010 et conformément aux principes de politique d’investissement décrits à l’article 4 du règlement de gestion et dans la limite des restrictions d’investissement. | fr | es |
DOLFIN915 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## callables / puttables, ne peut dépasser plus de 10% de l’actif net.
Dans la limite de 10% de l’actif net, le gérant peut investir dans des obligations contingentes convertibles (dites « CoCos »). Ces titres présentent un rendement souvent supérieur (en contrepartie d’un risque supérieur) à des obligations classiques de par leur structuration spécifique et la place qu’ils occupent dans la structure de capital de l’émetteur (dette subordonnée). Ils sont émis par des établissements bancaires sous la surveillance d’une autorité de tutelle. Ils peuvent associer les caractéristiques obligataires et les caractéristiques actions, car ce sont des instruments convertibles hybrides. Ils sont assortis d’un mécanisme de sauvegarde qui les transforme en actions ordinaires en cas d’évènement déclencheur menaçant la banque émettrice.
Le fonds peut également investir en obligations callables et en obligations puttables dans la limite de 25% de son actif net. Ces titres de créances négociables comportent un élément optionnel permettant, sous certaines conditions (durée de détention, survenance d’un évènement spécifique…), le remboursement anticipé du principal à l’initiative de l’émetteur (dans le cas des obligations callables) ou à la demande de l’investisseur (dans le cas des obligations puttables). | ## callable / puttable, no podrá superar el 10% del patrimonio neto.
Hasta el 10% como máximo del patrimonio neto, el gestor puede invertir en bonos convertibles contingentes («CoCo»). Debido a su estructuración específica y al lugar que ocupan en la estructura de capital del emisor (deuda subordinada), estos títulos suelen ofrecer una rentabilidad superior (como contrapartida a un riesgo superior) a la de las obligaciones clásicas. Los emisores son entidades bancarias supervisadas por una autoridad de tutela. Estos valores pueden reunir características de la renta fija y de la renta variable, puesto que son instrumentos convertibles híbridos. Están dotados de un mecanismo de protección que los transforma en acciones ordinarias en caso de producirse un acontecimiento específico que pueda tener un efecto desestabilizador en el banco emisor.
Asimismo, el fondo puede invertir en obligaciones callable y en obligaciones puttable con un límite del 25% del patrimonio neto. Estos títulos de crédito negociables integran un elemento opcional que permite, en función de determinadas condiciones como la duración de la tenencia, el acaecimiento de un determinado acontecimiento, entre otras, el reembolso anticipado del principal a iniciativa del emisor (en el caso de las obligaciones «callable») o a petición del inversor (en el caso de las obligaciones «puttable»). | ## callables / puttables, ne peut dépasser plus de 10% de l’actif net.
Dans la limite de 10% de l’actif net, le gérant peut investir dans des obligations contingentes convertibles (dites « CoCos »). Ces titres présentent un rendement souvent supérieur (en contrepartie d’un risque supérieur) à des obligations classiques de par leur structuration spécifique et la place qu’ils occupent dans la structure de capital de l’émetteur (dette subordonnée). Ils sont émis par des établissements bancaires sous la surveillance d’une autorité de tutelle. Ils peuvent associer les caractéristiques obligataires et les caractéristiques actions, car ce sont des instruments convertibles hybrides. Ils sont assortis d’un mécanisme de sauvegarde qui les transforme en actions ordinaires en cas d’évènement déclencheur menaçant la banque émettrice.
Le fonds peut également investir en obligations callables et en obligations puttables dans la limite de 25% de son actif net. Ces titres de créances négociables comportent un élément optionnel permettant, sous certaines conditions (durée de détention, survenance d’un évènement spécifique…), le remboursement anticipé du principal à l’initiative de l’émetteur (dans le cas des obligations callables) ou à la demande de l’investisseur (dans le cas des obligations puttables). | fr | es |
DOLFIN916 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### In addition, the is also seeking to have positive long term impacts on the environment, more broadly that climate change and also in social areas.
Several sustainable impacts are incorporated into investment decisions. This is why Candriam has developed an impact assessment methodology based on the analysis of business activities and their contribution to the main sustainable objectives. As part of this assessment, Candriam analysts seek to determine to what extent the products and services of the companies contribute to the achievement of these major sustainable objectives, which are as follows:
- the attenuation and adaptation to climate change;
- resource and waste management;
- promotion of health and well-being;
- Digitalisation and the promotion of innovation;
- adaptation to demographic changes. | ###### Darüber hinaus ist der Teilfonds bestrebt, die Bereiche Umwelt – noch über den Klimawandel hinaus – und Soziales auf lange Sicht positiv zu beeinflussen.
In die Anlageentscheidungen zugunsten von Unternehmen werden mehrere Nachhaltigkeitsauswirkungen einbezogen. Zu diesem Zweck hat Candriam eine Methode zur Bewertung der Auswirkungen entwickelt, die auf einer Analyse der Geschäftstätigkeiten und deren Beitrag zu den wichtigsten Nachhaltigkeitszielen basiert. Im Rahmen dieser Bewertung ermitteln die Analysten von Candriam, in welchem Ausmaß die Produkte und Dienstleistungen der Unternehmen zur Verwirklichung der im Folgenden aufgeführten großen Nachhaltigkeitsziele beitragen:
- Eindämmung und Anpassung an den Klimawandel;
- Ressourcen- und Abfallmanagement;
- Förderung von Gesundheit und Wohlbefinden;
- Digitalisierung und Förderung von Innovationen;
- Anpassung an den demografischen Wandel. | ###### In addition, the is also seeking to have positive long term impacts on the environment, more broadly that climate change and also in social areas.
Several sustainable impacts are incorporated into investment decisions. This is why Candriam has developed an impact assessment methodology based on the analysis of business activities and their contribution to the main sustainable objectives. As part of this assessment, Candriam analysts seek to determine to what extent the products and services of the companies contribute to the achievement of these major sustainable objectives, which are as follows:
- the attenuation and adaptation to climate change;
- resource and waste management;
- promotion of health and well-being;
- Digitalisation and the promotion of innovation;
- adaptation to demographic changes. | en | de |
DOLFIN917 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Moreover, within the regulatory limit of 10% of net assets (other eligible assets), the Fund can invest in unlisted bond vehicles.
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##### Financial instruments concerned | ###### Par ailleurs, dans la limite réglementaire de 10% de l’actif net (autres actifs éligibles), les supports obligataires dans lesquels le Fonds investira pourront ne pas être cotés.
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###### Instruments financiers concernés | ##### Moreover, within the regulatory limit of 10% of net assets (other eligible assets), the Fund can invest in unlisted bond vehicles.
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##### Financial instruments concerned | en | fr |
DOLFIN918 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Conseil d’Administration de la Société (le « Conseil ») soumet son rapport et les comptes audités pour l’exercice annuel clos le 30 avril 2022.
Les Comptes audités sont présentés dans les pages 153 à 848 de ce Rapport annuel. Les résultats de l’exercice sont présentés dans l’État des opérations et des variations de l’actif net, pages 737 à 764. Les informations sur les dividendes des différents compartiments sont exposées en détail dans les pages 811 à 836.
Un exemplaire du Rapport annuel est disponible à l’adresse Internet suivante : https://statutory.fidelityinternational.com/fidelity-funds-annual-reports/. Un exemplaire papier du Rapport annuel est disponible sur demande auprès des sociétés enregistrées comme distributeurs ou auprès du siège social de la Société.
Les chiffres comparatifs de l’année précédente sont présentés dans le Rapport annuel de la Société de l’exercice clos le 30 avril 2021.
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### Activités au cours de l’exercice | El Consejo de Administración de la Sociedad (el “Consejo”) remite su Informe junto con los Estados Financieros auditados para el ejercicio finalizado el 30 de abril de 2022.
Los Estados Financieros auditados se encuentran en las páginas 155 a 850 del presente Informe Anual. Los resultados del ejercicio aparecen en el Estado de Operaciones y Variaciones del Patrimonio Neto, en las páginas 739 a 766. La información sobre dividendos de los subfondos se encuentra en las páginas 813 a 838.
En el siguiente sitio web podrá encontrar una copia del Informe Anual: https://statutory.fidelityinternational.com/fidelity-funds-annual-reports/. Se puede solicitar una copia en papel del Informe Anual bien a las oficinas de las sociedades registradas como distribuidoras o bien a la Sede Social de la Sociedad.
En el Informe Anual de la Sociedad del ejercicio finalizado el 30 de abril de 2021 se pueden encontrar las cifras comparativas del ejercicio anterior.
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### Actividades del ejercicio | Le Conseil d’Administration de la Société (le « Conseil ») soumet son rapport et les comptes audités pour l’exercice annuel clos le 30 avril 2022.
Les Comptes audités sont présentés dans les pages 153 à 848 de ce Rapport annuel. Les résultats de l’exercice sont présentés dans l’État des opérations et des variations de l’actif net, pages 737 à 764. Les informations sur les dividendes des différents compartiments sont exposées en détail dans les pages 811 à 836.
Un exemplaire du Rapport annuel est disponible à l’adresse Internet suivante : https://statutory.fidelityinternational.com/fidelity-funds-annual-reports/. Un exemplaire papier du Rapport annuel est disponible sur demande auprès des sociétés enregistrées comme distributeurs ou auprès du siège social de la Société.
Les chiffres comparatifs de l’année précédente sont présentés dans le Rapport annuel de la Société de l’exercice clos le 30 avril 2021.
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### Activités au cours de l’exercice | fr | es |
DOLFIN919 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income. | ## MSCI India
El Fondo se gestiona de forma activa y utiliza el índice de referencia únicamente con fines de comparación de rentabilidad del índice. Esto significa que el Gestor de inversiones toma las decisiones de inversión con el fin de alcanzar el objetivo de inversión del Fondo, sin referencia a un índice. El Gestor de inversiones no está limitado en modo alguno por un índice de referencia en su posicionamiento de cartera.
Todo ingreso derivado de esta clase de acciones se distribuirá con carácter anual. Por defecto, esta distribución se reinvertirá automáticamente en la adquisición de más acciones, salvo que usted nos notifique su deseo de percibir estos ingresos. | ## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income. | en | es |
DOLFIN920 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- if in any case a particular value is not ascertained as above provided or if the Directors shall consider that some other method of valuation better reflects the fair value of the relevant Investment then in such case the method of valuation of the relevant Investment shall be such as the Directors in their absolute discretion shall decide with the concurrence of the Depositary;
- notwithstanding the foregoing where at any time any valuation of any Investment of the Company has been realised or contracted to be realised there shall be included in the assets of the relevant Fund in place of such Investment the net amount receivable by that Fund in respect of such Investment provided that if such amount is not then known exactly then its value shall be the net amount estimated by the Directors as receivable by the Fund provided that if the net amount receivable is not payable until such future time after the time of any valuation the Directors shall make such allowance as they consider appropriate to reflect the true current value of the assets of the Fund;
- any valuations made pursuant to the Articles shall be binding on all persons;
- any certificate as to the Net Asset Value per Share and/or Subscription and Redemption Price per Share of any Class given in good faith (and in the absence of negligence or manifest error) by or on behalf of the Directors is binding on all parties. | - si, dans un cas quelconque, une valeur particulière n’est pas établie selon les stipulations susmentionnées ou si les Administrateurs considèrent qu’une autre méthode d’évaluation reflète mieux la juste valeur de l’Investissement considéré, la méthode d’évaluation de l’Investissement considéré sera alors celle déterminée par les Administrateurs selon leur propre décision en accord avec le Dépositaire ;
- nonobstant les stipulations susmentionnées, lorsqu’une évaluation d’un Investissement de la Société a été réalisée ou contractée en vue d’être réalisée, sera inclus dans les actifs du Compartiment concerné à la place dudit Investissement le montant net à recevoir par ce Compartiment, étant entendu que si ledit montant ne peut être déterminé avec exactitude, sa valeur correspondra au montant net à recevoir par le Compartiment estimé par les Administrateurs, sous réserve que si le montant net à recevoir n’est pas payable à une échéance ultérieure à la date d’évaluation, les Administrateurs prévoient une marge de tolérance qu’ils considèrent comme adaptée en vue de refléter la valeur actuelle réelle des actifs du Compartiment ;
- toute évaluation effectuée conformément aux Statuts liera toutes les personnes ;
- tout certificat relatif à la Valeur nette d’inventaire par Action et/ou au Prix de souscription et de Rachat par Action de toute Catégorie, accordé en toute bonne foi (et en l’absence de négligence ou d’une faute grave) par ou pour le compte des Administrateurs lie toutes les parties. | - if in any case a particular value is not ascertained as above provided or if the Directors shall consider that some other method of valuation better reflects the fair value of the relevant Investment then in such case the method of valuation of the relevant Investment shall be such as the Directors in their absolute discretion shall decide with the concurrence of the Depositary;
- notwithstanding the foregoing where at any time any valuation of any Investment of the Company has been realised or contracted to be realised there shall be included in the assets of the relevant Fund in place of such Investment the net amount receivable by that Fund in respect of such Investment provided that if such amount is not then known exactly then its value shall be the net amount estimated by the Directors as receivable by the Fund provided that if the net amount receivable is not payable until such future time after the time of any valuation the Directors shall make such allowance as they consider appropriate to reflect the true current value of the assets of the Fund;
- any valuations made pursuant to the Articles shall be binding on all persons;
- any certificate as to the Net Asset Value per Share and/or Subscription and Redemption Price per Share of any Class given in good faith (and in the absence of negligence or manifest error) by or on behalf of the Directors is binding on all parties. | en | fr |
DOLFIN921 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg MSCI Euro Aggregate Sustainable and Green Bond SRI Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index.
The Index measures the performance of Euro-denominated, fixed-rate, investment grade, government, government-related, corporate and securitized bonds from developed markets and excludes issuers based on the index provider's environmental, social and governance (ESG), socially responsible investment (SRI) and other criteria. Issuers may be excluded if they are involved in alcohol, tobacco, gambling, adult entertainment, genetically modified organisms, nuclear power, civilian firearms and military weapons, thermal coal extraction and power generation, unconventional oil and gas and fossil fuel reserves. The green bond component of the Index does not exclude issuers involved in nuclear power, thermal coal or fossil fuel activities.
The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300million are included in the Index.
The Index seeks to allocate at least 10% of its market value to securities classified as green bonds. Green bonds are defined by the index provider as FI securities whose proceeds are exclusively and formally applied to projects or activities that promote climate or other environmental sustainability purposes.
The Fund uses optimizing techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund will adopt a best-in-class approach to sustainable investing. This means that it is expected that the Fund will invest in the best issuers from an ESG/SRI perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg MSCI Euro Aggregate Sustainable and Green Bond SRI Index, el índice de referencia del Fondo (Índice).
La Clase de acciones, a través del Fondo, se gestiona de forma pasiva y trata de invertir en la medida de lo posible y realizable en los valores de renta fija (RF) (como bonos) que integran el Índice.
El Índice mide la rentabilidad de bonos denominados en euros, de tipo fijo, con categoría de inversión, gubernamentales, relacionados con Gobiernos, corporativos y titulizados, de mercados desarrollados, y excluye a los emisores basándose de los criterios medioambientales, sociales y de gobierno corporativo (ESG) y de inversión socialmente responsable (SRI), además de otros criterios establecidos por el proveedor del índice. Los emisores pueden quedar excluidos del Índice si están implicados en actividades relacionadas con alcohol, tabaco, actividades relacionadas con el juego y las apuestas, entretenimiento para adultos, organismos modificados genéticamente, energía nuclear, armas de fuego de uso civil y armas militares, extracción y generación de energía mediante el uso de carbón térmico, petróleo y gas no convencionales, y reservas de combustibles fósiles. El componente de bonos verdes del Índice no excluye a los emisores implicados en actividades relacionadas con la energía nuclear, el carbón térmico o los combustibles fósiles.
En el momento de su inclusión en el Índice, los valores de RF tendrán un nivel de grado de inversión (es decir, cumplirán un nivel específico de solvencia). En el Índice de referencia solamente se incluyen bonos con un plazo de vencimiento residual de al menos un año y un importe mínimo en circulación de 300 millones de euros.
El Índice pretende asignar al menos el 10 % de su valor de mercado a valores clasificados como bonos verdes. El proveedor del índice define los bonos verdes como valores de RF cuyos ingresos se aplican formalmente y de manera exclusiva a proyectos o actividades asociados a la promoción de iniciativas relacionadas con el clima o la sostenibilidad medioambiental.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la de su Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo adoptará un enfoque de inversión sostenible de máxima calidad. Esto significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG/SRI (basándose en los criterios ESG o SRI del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg MSCI Euro Aggregate Sustainable and Green Bond SRI Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index.
The Index measures the performance of Euro-denominated, fixed-rate, investment grade, government, government-related, corporate and securitized bonds from developed markets and excludes issuers based on the index provider's environmental, social and governance (ESG), socially responsible investment (SRI) and other criteria. Issuers may be excluded if they are involved in alcohol, tobacco, gambling, adult entertainment, genetically modified organisms, nuclear power, civilian firearms and military weapons, thermal coal extraction and power generation, unconventional oil and gas and fossil fuel reserves. The green bond component of the Index does not exclude issuers involved in nuclear power, thermal coal or fossil fuel activities.
The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300million are included in the Index.
The Index seeks to allocate at least 10% of its market value to securities classified as green bonds. Green bonds are defined by the index provider as FI securities whose proceeds are exclusively and formally applied to projects or activities that promote climate or other environmental sustainability purposes.
The Fund uses optimizing techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund will adopt a best-in-class approach to sustainable investing. This means that it is expected that the Fund will invest in the best issuers from an ESG/SRI perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN922 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transferable Securities - 98.77% (March 2018: 96.29%) (continued)
Corporate Bonds - 98.77% (March 2018: 96.29%) (continued) United States Dollar - 98.77% (continued)
50,000 4.500% Consolidated Edison of New York | Unternehmensanleihen - 98,77 % (März 2018: 96,29 %) (Fortsetzung)
US-Dollar - 98,77 % (Fortsetzung)
50.000 4.500% Consolidated Edison of New York | Transferable Securities - 98.77% (March 2018: 96.29%) (continued)
Corporate Bonds - 98.77% (March 2018: 96.29%) (continued) United States Dollar - 98.77% (continued)
50,000 4.500% Consolidated Edison of New York | en | de |
DOLFIN923 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Le paragraphe précédent s’applique également à une division d’actions de toute catégorie d’actions.
Dans les circonstances décrites au premier paragraphe ci-dessus, le conseil d’administration peut également, sous réserve de l’accord des autorités (si nécessaire), décider de regrouper ou de diviser des catégories d’actions au sein d’un compartiment. Dans la mesure où la législation luxembourgeoise le prévoit, cette décision donnera lieu à la publication d’un avis ou d’une notification, lesquels contiendront des informations relatives à la division ou au regroupement envisagés. Le conseil d’administration peut également décider de soumettre la question du regroupement ou de la division d’une catégorie d’actions à une assemblée des actionnaires de la catégorie d’actions concernée. Aucun quorum ne sera requis pour cette assemblée, qui statuera à la majorité simple des voix exprimées.
- La société de gestion a une politique d’exercice des droits de vote pouvant être associés à ses différents placements en valeurs mobilières. Dans cette mesure, la société de gestion a délégué le pouvoir de voter au titre des procurations liées aux titres en portefeuille détenus par la SICAV au(x) gestionnaire(s) de portefeuille du compartiment concerné et au(x) gestionnaire(s) de portefeuille délégué(s) qui peu(ven)t être ou non des entités de Franklin Templeton. Les dossiers relatifs aux votes par procuration sont disponibles sans frais et sur demande au siège social de la SICAV ou de la société de gestion. | ##### El párrafo anterior se aplica también a una división de Acciones de cualquier Clase.
En las circunstancias previstas en el párrafo anterior, el Consejo de Administración podrá asimismo, con sujeción a la aprobación reglamentaria (si fuera necesario), decidir consolidar o dividir cualquier Clase de Acciones de un Fondo. De acuerdo con lo exigido por la legislación luxemburguesa, dicha decisión se publicará o notificará y en la publicación y/o notificación se incluirá la información relativa a la consolidación o división propuesta. El Consejo de Administración también podrá decidir someter la cuestión de la consolidación o división de la Clase de Acciones a una asamblea de titulares de dicha Clase de Acciones. No se requiere quórum para dicha asamblea y las decisiones se tomarán por mayoría simple de los votos emitidos.
- Como parte de su política, la Sociedad Gestora tiene como objetivo ejercer los derechos de voto que puedan estar relacionados con las diversas inversiones de la Sociedad en valores mobiliarios. En este sentido, la Sociedad Gestora ha delegado la autoridad de voto de representación vinculado a los valores de la cartera mantenidos por la Sociedad a los Gestores de inversiones y a los Subgestores de inversiones del Fondo correspondiente, que pueden ser entidades de Franklin Templeton o no. Los registros de los votos por representación se encuentran a disposición de los interesados, sin coste alguno, en el domicilio social de la Sociedad y de la Sociedad Gestora. | ##### Le paragraphe précédent s’applique également à une division d’actions de toute catégorie d’actions.
Dans les circonstances décrites au premier paragraphe ci-dessus, le conseil d’administration peut également, sous réserve de l’accord des autorités (si nécessaire), décider de regrouper ou de diviser des catégories d’actions au sein d’un compartiment. Dans la mesure où la législation luxembourgeoise le prévoit, cette décision donnera lieu à la publication d’un avis ou d’une notification, lesquels contiendront des informations relatives à la division ou au regroupement envisagés. Le conseil d’administration peut également décider de soumettre la question du regroupement ou de la division d’une catégorie d’actions à une assemblée des actionnaires de la catégorie d’actions concernée. Aucun quorum ne sera requis pour cette assemblée, qui statuera à la majorité simple des voix exprimées.
- La société de gestion a une politique d’exercice des droits de vote pouvant être associés à ses différents placements en valeurs mobilières. Dans cette mesure, la société de gestion a délégué le pouvoir de voter au titre des procurations liées aux titres en portefeuille détenus par la SICAV au(x) gestionnaire(s) de portefeuille du compartiment concerné et au(x) gestionnaire(s) de portefeuille délégué(s) qui peu(ven)t être ou non des entités de Franklin Templeton. Les dossiers relatifs aux votes par procuration sont disponibles sans frais et sur demande au siège social de la SICAV ou de la société de gestion. | fr | es |
DOLFIN924 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A class action is an action that allows to a group of investors to claim from a company or public institution to obtain financial compensation in the event of losses. The Management Company has engaged the services of two independent companies to assist in the class action activities and ensure a global coverage.
Costs paid upfront for the services related to the portfolio analysis, the collection of the depositary data and the assistance in the other activities related to class actions are booked in the financial statements under “Other charges”.
The amounts received when the class action are settled, are booked in the financial statements under “Other income”. During the year 2017, the Fund has received a total of USD 774,115 as a result of class actions.
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### SUBSEQUENT EVENT | Sammelklagen sind Klageverfahren, die es einer Gruppe von Anlegern ermöglichen, von einer Gesellschaft oder einer öffentlichen Stelle im Fall von Verlusten Schadenersatz in Geld zu verlangen.
Die Verwaltungsgesellschaft nimmt im Zusammenhang mit Sammelklagen die Dienste von zwei unabhängigen Unternehmen in Anspruch, um eine weltweite Abdeckung sicherzustellen.
Im Voraus gezahlte Kosten für Leistungen in Bezug auf die Portfolioanalyse, die Erfassung von Daten der Verwahrstelle und die Unterstützung für andere Tätigkeiten im Zusammenhang mit Sammelklagen werden in den Abschlüssen unter „Sonstige Aufwendungen“ erfasst.
Die nach Beilegung der Sammelklage erhaltenen Beträge werden im Abschluss unter „Sonstige Erträge“ ausgewiesen. In 2017 hat der Fonds insgesamt 774.115 USD aus Sammelklagen erhalten.
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### WICHTIGE EREIGNISSE | A class action is an action that allows to a group of investors to claim from a company or public institution to obtain financial compensation in the event of losses. The Management Company has engaged the services of two independent companies to assist in the class action activities and ensure a global coverage.
Costs paid upfront for the services related to the portfolio analysis, the collection of the depositary data and the assistance in the other activities related to class actions are booked in the financial statements under “Other charges”.
The amounts received when the class action are settled, are booked in the financial statements under “Other income”. During the year 2017, the Fund has received a total of USD 774,115 as a result of class actions.
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### SUBSEQUENT EVENT | en | de |
DOLFIN925 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Correction of and Compensation for Net Asset Value Calculation Errors
The Manager, may, at its sole discretion, authorise the correction of Net Asset Value errors, which may impact the processing of subscriptions for and redemptions of Shares.
The Guidance applies a materiality threshold to the level of the Net Asset Value error to determine whether compensation should be considered (currently expected for errors in excess of 0.5% of the Net Asset Value of the relevant Sub-Fund). The Board reserves the right, at their sole discretion, to correct errors below this threshold, for example, should they consider the error resulted from systemic control weaknesses. Should the Board determine it is not appropriate to correct or compensate for errors in excess of the threshold (e.g., due to de minimis amounts), this would require approval from the Depositary. Accordingly, not all errors will be corrected and Shareholders who purchase or redeem Shares during periods in which there are errors or other mistakes may not be recompensed. Shareholders may not be notified of the occurrence of any error or the resolution thereof unless the correction of the error requires an adjustment to the number of Shares they hold, or the Net Asset Value at which such Shares were issued, or to the redemption monies paid to such Shareholder.
The Central Bank has not set any requirements regarding the above and its approval of this Prospectus should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | #### Corrección y compensación de los errores de cálculo del Patrimonio neto
La Sociedad gestora podrá, según estime, autorizar la corrección de los errores del Valor de inventario neto, que podrá influir en el procesamiento de las suscripciones y reembolsos de Acciones.
La Orientación aplica un umbral de importancia relativa a nivel del error de Valor de inventario neto para determinar si debe considerarse una compensación (en la actualidad se espera para errores que superen el 0,5% del Valor de inventario neto del Subfondo correspondiente). El Consejo se reserva el derecho, según estime, a corregir errores que vayan más allá de este umbral; por ejemplo, en caso de que consideren que el error se deriva de deficiencias de control sistémicas. En caso de que el Consejo determine que no se deben corregir o compensar los errores que superen el umbral (p. ej., debido a importes de minimis), el Depositario deberá aprobarlo. En consonancia, no todos los errores se corregirán ni todos los Accionistas que compren o reembolsen Acciones durante los cuales existan errores u otras confusiones pueden no verse recompensados. No se notificará a los Accionistas sobre la presencia de errores o la resolución de los mismos salvo que la corrección del error precise un ajuste del número de Acciones que poseen, del Valor de inventario neto al que se emitieron las Acciones o de los importes de reembolso pagados a dicho Accionista.
El Banco Central no ha establecido requisitos respecto a lo mencionado anteriormente y la aprobación del presente Folleto no debe interpretarse como un aval de lo que más bien es una práctica de mercado que un requisito legislativo o normativo. | #### Correction of and Compensation for Net Asset Value Calculation Errors
The Manager, may, at its sole discretion, authorise the correction of Net Asset Value errors, which may impact the processing of subscriptions for and redemptions of Shares.
The Guidance applies a materiality threshold to the level of the Net Asset Value error to determine whether compensation should be considered (currently expected for errors in excess of 0.5% of the Net Asset Value of the relevant Sub-Fund). The Board reserves the right, at their sole discretion, to correct errors below this threshold, for example, should they consider the error resulted from systemic control weaknesses. Should the Board determine it is not appropriate to correct or compensate for errors in excess of the threshold (e.g., due to de minimis amounts), this would require approval from the Depositary. Accordingly, not all errors will be corrected and Shareholders who purchase or redeem Shares during periods in which there are errors or other mistakes may not be recompensed. Shareholders may not be notified of the occurrence of any error or the resolution thereof unless the correction of the error requires an adjustment to the number of Shares they hold, or the Net Asset Value at which such Shares were issued, or to the redemption monies paid to such Shareholder.
The Central Bank has not set any requirements regarding the above and its approval of this Prospectus should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | en | es |
DOLFIN926 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Listing of Units
The Manager may determine to apply to have certain Units admitted to the Official List and to trading on the Global Exchange Market of the Irish Stock Exchange. Investors should contact the Investment Manager to determine which classes in a Fund are available for subscription and/or listed on the Irish Stock Exchange at any particular time.
The Manager does not anticipate that an active secondary market will develop in any listed Units in a Fund admitted to the Official List and to trading on the Global Exchange Market of the Irish Stock Exchange. The launch and listing of various Classes in a Fund may occur at different times and therefore, at the time of the launch of a Class, the pool of assets to which such Class relates may have commenced trading. For further information in this regard, the most recent interim and annual reports of the Unit Trust will be made available to potential investors upon request. | ### Listing von Anteilen
Die Verwaltungsgesellschaft kann beschließen, für bestimmte Anteile die Zulassung zur amtlichen Notierung und zum Handel am Global Exchange Market an der Irish Stock Exchange zu beantragen. Anleger sollten sich an die Anlageverwaltung wenden, um zu erfahren, welche Klassen eines Fonds zu einem bestimmten Zeitpunkt zur Zeichnung verfügbar sind und/oder an der Irish Stock Exchange notiert sind.
Die Verwaltungsgesellschaft erwartet nicht, dass sich für börsennotierte Anteile eines Fonds, die zur amtlichen Notierung und zum Handel am Global Exchange Market an der Irish Stock Exchange zugelassen sind, ein aktiver Sekundärmarkt entwickeln wird. Innerhalb eines Fonds können zu unterschiedlichen Zeitpunkten verschiedene Klassen aufgelegt und notiert werden, daher kann es vorkommen, dass mit dem Asset-Pool, auf den sich eine bestimmte Klasse bezieht, zum Zeitpunkt der Auflegung einer bzw. mehrerer Klassen bereits gehandelt wird. Für weitere diesbezügliche Informationen werden die letzten Halbjahres- und Jahresberichte des Investmentfonds potenziellen Anlegern auf Anfrage zur Verfügung gestellt. | ### Listing of Units
The Manager may determine to apply to have certain Units admitted to the Official List and to trading on the Global Exchange Market of the Irish Stock Exchange. Investors should contact the Investment Manager to determine which classes in a Fund are available for subscription and/or listed on the Irish Stock Exchange at any particular time.
The Manager does not anticipate that an active secondary market will develop in any listed Units in a Fund admitted to the Official List and to trading on the Global Exchange Market of the Irish Stock Exchange. The launch and listing of various Classes in a Fund may occur at different times and therefore, at the time of the launch of a Class, the pool of assets to which such Class relates may have commenced trading. For further information in this regard, the most recent interim and annual reports of the Unit Trust will be made available to potential investors upon request. | en | de |
DOLFIN927 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
- Forward Currency Exchange ContractsFor the purpose of hedging against specific currency risk or investing in other currencies, the SICAV may enter into forward currency exchange contracts. At the period-end, open forward currency exchange contracts are valued at the forward rates applicable for the remaining period until maturity. The net movement in the unrealised gain/(loss) arising on forward currency exchange contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 9.
- Futures ContractsThe SICAV may enter into futures exchange contracts. Open futures contracts are valued at the prices on the exchange for which the contracts are traded on. The net movement in the unrealised gain/(loss) arising on futures contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 11.
- SwapsThe SICAV may enter into Interest Rate Swaps (“IRS”), Credit Default Swaps (“CDS”) and Total Return Swaps (“TRS”). IRS are valued on the basis of their market value established by reference to the applicable interest rate curve. CDS are valued by reference to the net present value of the expected future cash flows based on the market interest rates and the markets expected default and recovery rate of the underlying asset. An upfront payment, if any, made by the SICAV is recorded as an asset in the Statement of Net Assets. An upfront payment, if any, received by the SICAV is recorded as a liability in the Statement of Net Assets. TRS are valued by reference to the mark to market value based on the market value of the underlying asset. The net movement in the unrealised gain or loss arising on swaps is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 10. Dividends payable on swaps short positions, if any, are recorded as a liability in the Statement of Net Assets.
- OptionsOptions traded on a regulated market are valued at the market price on the valuation date. Such options open as at September 30, 2022 are shown in the Schedule of Investments. Over-the-counter (“OTC”) options are valued based on prices received from third party pricing agents/models. Such options open as at September 30, 2022 are shown in Note 12. Unrealised gains or losses arising at the time of reporting from the valuation of options trades are taken into account in the Statement of Operations and Changes in Net Assets.
- Translation of currenciesThe accounts of each Portfolio are kept in the currency in which its net assets are expressed. The relevant Statement of Net Assets, Statement of Operations and Changes in Net Assets and the Schedule of Investments are expressed in this currency (the “base currency”). | ### 2 RESUMEN DE POLÍTICAS CONTABLES SIGNIFICATIVAS
(continuación)
- Contratos de divisas a plazoCon el fin de cubrir el riesgo de divisa específico o la inversión en otras divisas, la SICAV podrá celebrar contratos de divisas a plazo. Al final del periodo, los contratos abiertos de divisas a plazo se valoran a los tipos a plazo aplicables para el periodo restante hasta el vencimiento. El movimiento neto en la ganancia/(pérdida) no realizada que surge de los contratos de divisas a plazo se registra en el Estado de operaciones y variaciones en el patrimonio neto. Los contratos vigentes a 30 de septiembre de 2022 figuran en la Nota 9.
- Contratos de futurosLa SICAV podrá celebrar contratos de futuros. Los contratos de futuros abiertos se valoran a los precios de la bolsa para la cual se negocian los contratos. El movimiento neto en la ganancia/(pérdida) no realizada que surge de los contratos de futuros se registra en el Estado de operaciones y variaciones en el patrimonio neto. Los contratos vigentes a 30 de septiembre de 2022 figuran en la Nota 11.
- SwapsLa SICAV podrá participar en swaps de tipos de interés («IRS», por sus siglas en inglés), swaps de incumplimiento crediticio («CDS», por sus siglas en inglés) y swaps de rentabilidad total («SRT»). Los IRS se valoran sobre la base de su valor de mercado establecido por referencia a la curva del tipo de interés aplicable. Los CDS se valoran por referencia al valor presente neto de los flujos de caja futuros esperados según los tipos de interés del mercado y la tasa de incumplimiento y recuperación esperada del mercado del activo subyacente. Un pago por adelantado, si lo hubiera, realizado por la SICAV se registra como un activo en el Estado del patrimonio neto. Un pago por adelantado, si lo hubiera, recibido por la SICAV se registra como un pasivo en el Estado del patrimonio neto. Los SRT se valoran por referencia al valor de mercado en función del valor de mercado del activo subyacente. El movimiento neto en la ganancia o pérdida no realizada que surge de los swaps se registra en el Estado de operaciones y variaciones en el patrimonio neto. Los contratos vigentes a 30 de septiembre de 2022 figuran en la Nota 10. Los dividendos a pagar en swaps de posiciones cortas, si existen, se registran como un pasivo en el Estado del patrimonio neto.
- OpcionesLas opciones negociadas en un mercado regulado se valoran al precio de mercado en la fecha de valoración. Dichas opciones abiertas a 30 de septiembre de 2022 se muestran en el Programa de inversiones. Las opciones de venta libre («OTC», por sus siglas en inglés) se valoran según los precios recibidos de los agentes o los modelos de precios de terceros. Dichas opciones abiertas a 30 de septiembre de 2022 se muestran en la Nota 12. Las ganancias o pérdidas no realizadas que surgen en el momento de la presentación del informe de la valoración de las operaciones con opciones se tienen en cuenta en el Estado de operaciones y variaciones en el patrimonio neto.
- Conversión de divisasLas cuentas de cada Cartera se mantienen en la divisa en que se expresa su patrimonio neto. El Estado del patrimonio neto, el Estado de operaciones y variaciones en el patrimonio neto y el Programa de inversiones correspondientes se expresan en esta divisa (la «divisa base»). | ### 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
- Forward Currency Exchange ContractsFor the purpose of hedging against specific currency risk or investing in other currencies, the SICAV may enter into forward currency exchange contracts. At the period-end, open forward currency exchange contracts are valued at the forward rates applicable for the remaining period until maturity. The net movement in the unrealised gain/(loss) arising on forward currency exchange contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 9.
- Futures ContractsThe SICAV may enter into futures exchange contracts. Open futures contracts are valued at the prices on the exchange for which the contracts are traded on. The net movement in the unrealised gain/(loss) arising on futures contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 11.
- SwapsThe SICAV may enter into Interest Rate Swaps (“IRS”), Credit Default Swaps (“CDS”) and Total Return Swaps (“TRS”). IRS are valued on the basis of their market value established by reference to the applicable interest rate curve. CDS are valued by reference to the net present value of the expected future cash flows based on the market interest rates and the markets expected default and recovery rate of the underlying asset. An upfront payment, if any, made by the SICAV is recorded as an asset in the Statement of Net Assets. An upfront payment, if any, received by the SICAV is recorded as a liability in the Statement of Net Assets. TRS are valued by reference to the mark to market value based on the market value of the underlying asset. The net movement in the unrealised gain or loss arising on swaps is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at September 30, 2022 are disclosed in Note 10. Dividends payable on swaps short positions, if any, are recorded as a liability in the Statement of Net Assets.
- OptionsOptions traded on a regulated market are valued at the market price on the valuation date. Such options open as at September 30, 2022 are shown in the Schedule of Investments. Over-the-counter (“OTC”) options are valued based on prices received from third party pricing agents/models. Such options open as at September 30, 2022 are shown in Note 12. Unrealised gains or losses arising at the time of reporting from the valuation of options trades are taken into account in the Statement of Operations and Changes in Net Assets.
- Translation of currenciesThe accounts of each Portfolio are kept in the currency in which its net assets are expressed. The relevant Statement of Net Assets, Statement of Operations and Changes in Net Assets and the Schedule of Investments are expressed in this currency (the “base currency”). | en | es |
DOLFIN928 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### À la date du présent prospectus, les titres de capital sont les seuls titres faisant l’objet d’opérations de prêt de titres.
À la date du présent prospectus, la proportion attendue de l’actif net d’un compartiment pouvant faire l’objet d’opérations de prêts de titres est indiquée dans la section « Informations sur les compartiments, leurs objectifs et leurs politiques d’investissement » du compartiment concerné, sauf lorsqu’un compartiment n’effectue pas d’opérations de prêt de titres, auquel cas aucune référence n’est faite à de telles opérations dans la section en question du compartiment concerné.
Le recours à des opérations de prêt de titres est temporaire pour tous les compartiments concernés et durer tant qu’un compartiment peut s’attendre à des fluctuations à la hausse ou à la baisse. Ces variations peuvent dépendre de facteurs tels que l’actif net total du compartiment, la demande de l’emprunteur pour emprunter des actions du marché sous- jacent et les tendances saisonnières du marché sous-jacent, pour n’en citer que quelques-uns. Tant que la demande du marché pour l’emprunt des titres sous-jacents est faible ou inexistante, la part de l’actif net du compartiment pouvant faire l’objet d’opérations de prêt de titres peut être de 0 %. Lors de périodes pendant lesquelles la demande est plus élevée, cette proportion peut approcher les 50 %.
Sauf indication contraire dans la fiche d’un compartiment particulier, tout compartiment recourant à des opérations de prêt de titres utilisera ces opérations aux fins d’accroître son capital ou ses revenus à travers la commission qui lui est
versée par l’emprunteur pour l’utilisation des titres sur toute la durée du prêt. Si l’exposition attendue au prêt de titres peut varier entre 5 % et 22 % entre les compartiments concernés, le pourcentage maximal d’exposition est de 50 %, conformément à ce qui est stipulé dans les contrats de prêt de titres concernés. Afin d’éviter toute ambiguïté, il convient de noter que même si l’exposition attendue aux opérations de prêt de titres peut varier entre les compartiments, les objectifs du recours à de telles opérations restent identiques pour tous les compartiments concernés. | ##### A partir de la fecha del presente Folleto, los valores de renta variable son el único tipo de activos sujetos a operaciones de préstamo de valores.
A partir de la fecha de publicación del presente Folleto, la proporción esperada de activos netos de un Fondo, que podría estar sujeto a operaciones de préstamo de valores, se establecerá en el apartado “Información del Fondo: objetivos y políticas de inversión” del Fondo correspondiente, excepto cuando un Fondo no realice operaciones de préstamo de valores, en cuyo caso no se hará referencia a dichas operaciones en el apartado concreto del Fondo correspondiente.
El uso de operaciones de préstamo de valores para todos los Fondos pertinentes será temporal, aunque el Fondo puede esperar variaciones al alza y a la baja. Dichas variaciones pueden depender de factores como los activos netos del Fondo, la demanda del prestatario a pedir prestadas acciones del mercado subyacente y las tendencias estacionales del mercado subyacente. Durante los periodos de escasa o nula demanda del mercado para pedir prestados los valores subyacentes, la proporción de los activos netos del Fondo sujetos a operaciones de préstamo de valores puede ser del 0 %, aunque también puede haber periodos de mayor demanda, en cuyo caso esta proporción puede acercarse al 50 %.
A menos que se indique lo contrario en la ficha informativa de un Fondo concreto, los Fondos que utilicen operaciones de préstamo de valores emplearán estas operaciones para generar capital o ingresos adicionales a través de la
comisión que paga al Fondo el prestatario por el uso de los valores del Fondo durante todo el periodo del préstamo. Aunque la exposición prevista a las operaciones de préstamo de valores podría variar entre el 5 % y el 22 %, entre los Fondos en cuestión, el porcentaje máximo de exposición se corresponde al 50 %, tal y como se establece en los contratos de préstamo de valores correspondientes. Para evitar cualquier duda, incluso si la exposición prevista a las operaciones de préstamo de valores varía según el Fondo, los objetivos de utilizar este tipo de operaciones seguirán siendo los mismos para todos los Fondos pertinentes. | ##### À la date du présent prospectus, les titres de capital sont les seuls titres faisant l’objet d’opérations de prêt de titres.
À la date du présent prospectus, la proportion attendue de l’actif net d’un compartiment pouvant faire l’objet d’opérations de prêts de titres est indiquée dans la section « Informations sur les compartiments, leurs objectifs et leurs politiques d’investissement » du compartiment concerné, sauf lorsqu’un compartiment n’effectue pas d’opérations de prêt de titres, auquel cas aucune référence n’est faite à de telles opérations dans la section en question du compartiment concerné.
Le recours à des opérations de prêt de titres est temporaire pour tous les compartiments concernés et durer tant qu’un compartiment peut s’attendre à des fluctuations à la hausse ou à la baisse. Ces variations peuvent dépendre de facteurs tels que l’actif net total du compartiment, la demande de l’emprunteur pour emprunter des actions du marché sous- jacent et les tendances saisonnières du marché sous-jacent, pour n’en citer que quelques-uns. Tant que la demande du marché pour l’emprunt des titres sous-jacents est faible ou inexistante, la part de l’actif net du compartiment pouvant faire l’objet d’opérations de prêt de titres peut être de 0 %. Lors de périodes pendant lesquelles la demande est plus élevée, cette proportion peut approcher les 50 %.
Sauf indication contraire dans la fiche d’un compartiment particulier, tout compartiment recourant à des opérations de prêt de titres utilisera ces opérations aux fins d’accroître son capital ou ses revenus à travers la commission qui lui est
versée par l’emprunteur pour l’utilisation des titres sur toute la durée du prêt. Si l’exposition attendue au prêt de titres peut varier entre 5 % et 22 % entre les compartiments concernés, le pourcentage maximal d’exposition est de 50 %, conformément à ce qui est stipulé dans les contrats de prêt de titres concernés. Afin d’éviter toute ambiguïté, il convient de noter que même si l’exposition attendue aux opérations de prêt de titres peut varier entre les compartiments, les objectifs du recours à de telles opérations restent identiques pour tous les compartiments concernés. | fr | es |
DOLFIN929 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| The semi-annual financial statements were drawn up in accordance with the statutory provisions and regulations governing the drawing up and presentation of the annual financial statements in Luxembourg, based on the going concern principle. |
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| The net asset value per sub-fund, the net asset value per share, the net asset value per share class, the redemption price of shares and the issue price of shares are calculated on each valuation date and at least twice a month. The valuation dates for each sub-fund are indicated in the relevant Annex of the Sales Prospectus. |
| The net asset value of each sub-fund and the net asset value of the relevant share class are stated in the currency of the individual sub-funds as specified in the relevant Annex of the Sales Prospectus. The reporting currency of the Company may be the euro (EUR), but the net asset value will be made available in the currency of the individual sub-funds indicated in the relevant Annex of the Sales Prospectus. The net asset value is calculated separately on each valuation date for all shares of each sub-fund and for each share class by dividing the total net asset value of the relevant sub-fund and the relevant share class by the appropriate number of outstanding shares of this sub-fund and of the relevant share class. |
| The net asset value is calculated by subtracting the total liabilities of the sub-fund or share class from the total assets of this sub-fund or share class; this calculation is made in accordance with the principles in the Company's Articles of Association and other valuation principles which may be adopted by the Company's Board of Directors. |
| Investments are valued as follows: |
| (1) | The value of all cash or time deposits, bills of exchange, bills on demand and receivables, accruals and deferrals, cash distributions and interest declared or accumulated but not yet received is determined as their full nominal value unless it is unlikely that this value will be paid or received in full. In this case, the value is determined after a provision has been formed which the Company considers appropriate to reflect the actual value of these assets. |
| (2) | The value of all securities listed on an official stock exchange is determined at their latest available price. If the securities are listed on more than one stock exchange, the Company's Board of Directors may select, at its own discretion, one stock exchange as the main stock exchange for this purpose. |
| (3) | Securities traded on a regulated market are also valued in the same way as listed securities. |
| (4) | Securities which are not traded on an official stock exchange or traded on a regulated market are valued by the Company in accordance with the valuation principles agreed by the Board of Directors at a price that is not lower than the bid price and not higher than the ask price on the relevant valuation date. |
| (5) | Derivatives and repurchase agreements which are not listed on an official stock exchange or traded on a regulated market are valued by the Company in accordance with the valuation principles agreed by the Board of Directors on the basis of their marked to market price. |
| (6) | Term deposits are valued at their current value. |
| (7) | Tradeable options and futures contracts to which the Company is a party and which are traded on a stock exchange, financial futures exchange or other stock exchanges are valued with reference to the profit or loss which occur when closing the relevant contract or directly before close of trading on the relevant market. |
| All securities and other assets whose valuation in accordance with the above provisions would not be possible or feasible or would not be representative of their fair realisable value are valued at their fair realisable value, estimated with due diligence and in good faith in accordance with the procedure stipulated by the Company's Board of Directors. | | | Der Halbjahresabschluss wurde in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Halbjahresabschlusses sowie unter Annahme der Unternehmensfortführung aufgestellt. |
| --- |
| Der Nettoinventarwert je Teilfonds, der Nettoinventarwert je Aktie, der Nettoinventarwert je Aktienklasse, der Rücknahmepreis der Aktien und der Ausgabepreis der Aktien werden an jedem Bewertungstag ermittelt, mindestens jedoch zweimal monatlich. Die Bewertungstage für jeden Teilfonds sind im betreffenden Anhang des Verkaufsprospektes angegeben. |
| Der Nettoinventarwert jedes Teilfonds und der Nettoinventarwert der betreffenden Aktienklasse werden in der im betreffenden Anhang des Verkaufsprospektes genannten Währung der einzelnen Teilfonds angegeben. Die Berichtswährung der Gesellschaft ist zwar der Euro (EUR), doch wird der Nettoinventarwert in der im betreffenden Anhang des Verkaufsprospektes genannten Währung der einzelnen Teilfonds zugänglich gemacht. Der Nettoinventarwert wird an jedem Bewertungstag gesondert für jede Aktie jedes Teilfonds und für jede Aktienklasse ermittelt, indem der Gesamt-Nettoinventarwert des betreffenden Teilfonds und der betreffenden Aktienklasse durch die entsprechende Anzahl der in Umlauf befindlichen Aktien dieses Teilfonds und der betreffenden Aktienklasse dividiert wird. |
| Der Nettoinventarwert wird ermittelt, indem die Gesamtverbindlichkeiten des Teilfonds oder der Aktienklasse vom Gesamtvermögen dieses Teilfonds oder dieser Aktienklasse subtrahiert werden; dies erfolgt in Übereinstimmung mit den Grundsätzen in der Satzung der Gesellschaft sowie in weiteren Bewertungsvorschriften, die jeweils vom Verwaltungsrat der Gesellschaft verabschiedet werden können. |
| Anlagen werden wie folgt bewertet: |
| (1) | Der Wert aller Barmittel oder Termingelder, Wechsel, Sichtwechsel sowie von Forderungen, Rechnungsabgrenzungsposten, Barausschüttungen und erklärten oder aufgelaufenen, aber noch nicht erhaltenen Zinsen wird zu deren vollem Nennwert bewertet, es sei denn, es ist unwahrscheinlich, dass dieser Wert in voller Höhe gezahlt oder vereinnahmt wird. In diesem Fall wird ihr Wert nach Bildung einer Rückstellung ermittelt, welche die Gesellschaft in diesem Fall für angemessen hält, um den tatsächlichen Wert dieser Vermögenswerte wiederzugeben. |
| (2) | Der Wert aller Wertpapiere, die an einer amtlichen Wertpapierbörse notiert sind, wird zu deren letztem verfügbaren Kurs ermittelt. Sind die Wertpapiere an mehr als einer Wertpapierbörse notiert, kann der Verwaltungsrat der Gesellschaft nach eigenem Ermessen die Börse wählen, die für diesen Zweck als Hauptbörse gelten soll. |
| (3) | An einem geregelten Markt gehandelte Wertpapiere werden ebenso bewertet wie börsennotierte Wertpapiere. |
| (4) | Wertpapiere, die nicht an einer amtlichen Wertpapierbörse notiert sind oder an einem geregelten Markt gehandelt werden, werden von der Gesellschaft in Übereinstimmung mit vom Verwaltungsrat beschlossenen Bewertungsgrundsätzen zu einem Preis bewertet, der nicht geringer als der Geldkurs und nicht höher als der Briefkurs am betreffenden Bewertungstag ist. |
| (5) | Derivate und Pensionsgeschäfte, die nicht an einer amtlichen Wertpapierbörse notiert sind oder an einem geregelten Markt gehandelt werden, werden von der Gesellschaft in Übereinstimmung mit vom Verwaltungsrat beschlossenen Bewertungsgrundsätzen auf der Grundlage ihres Marked-to-Market-Preises bewertet. |
| (6) | Termineinlagen werden zu ihrem Zeitwert bewertet. |
| (7) | Handelbare Optionen und Futures-Kontrakte, an denen die Gesellschaft beteiligt ist und die an einer Aktien-, Finanz-Futures- oder sonstigen Börse gehandelt werden, werden unter Bezugnahme auf den Gewinn oder Verlust bewertet, der sich bei Glattstellung des betreffenden Kontrakts bei oder unmittelbar vor Handelsschluss des betreffenden Marktes ergeben würde. |
| Alle Wertpapiere oder sonstige Vermögenswerte, deren Bewertung in Übereinstimmung mit den vorstehenden Absätzen nicht möglich oder nicht durchführbar oder nicht repräsentativ für ihren angemessenen Realisierungswert wäre, werden zu ihrem angemessenen Realisierungswert bewertet, der mit der gebotenen Sorgfalt und nach dem Grundsatz von Treu und Glauben gemäß den vom Verwaltungsrat der Gesellschaft festgelegten Verfahren geschätzt wird. | | | The semi-annual financial statements were drawn up in accordance with the statutory provisions and regulations governing the drawing up and presentation of the annual financial statements in Luxembourg, based on the going concern principle. |
| --- |
| The net asset value per sub-fund, the net asset value per share, the net asset value per share class, the redemption price of shares and the issue price of shares are calculated on each valuation date and at least twice a month. The valuation dates for each sub-fund are indicated in the relevant Annex of the Sales Prospectus. |
| The net asset value of each sub-fund and the net asset value of the relevant share class are stated in the currency of the individual sub-funds as specified in the relevant Annex of the Sales Prospectus. The reporting currency of the Company may be the euro (EUR), but the net asset value will be made available in the currency of the individual sub-funds indicated in the relevant Annex of the Sales Prospectus. The net asset value is calculated separately on each valuation date for all shares of each sub-fund and for each share class by dividing the total net asset value of the relevant sub-fund and the relevant share class by the appropriate number of outstanding shares of this sub-fund and of the relevant share class. |
| The net asset value is calculated by subtracting the total liabilities of the sub-fund or share class from the total assets of this sub-fund or share class; this calculation is made in accordance with the principles in the Company's Articles of Association and other valuation principles which may be adopted by the Company's Board of Directors. |
| Investments are valued as follows: |
| (1) | The value of all cash or time deposits, bills of exchange, bills on demand and receivables, accruals and deferrals, cash distributions and interest declared or accumulated but not yet received is determined as their full nominal value unless it is unlikely that this value will be paid or received in full. In this case, the value is determined after a provision has been formed which the Company considers appropriate to reflect the actual value of these assets. |
| (2) | The value of all securities listed on an official stock exchange is determined at their latest available price. If the securities are listed on more than one stock exchange, the Company's Board of Directors may select, at its own discretion, one stock exchange as the main stock exchange for this purpose. |
| (3) | Securities traded on a regulated market are also valued in the same way as listed securities. |
| (4) | Securities which are not traded on an official stock exchange or traded on a regulated market are valued by the Company in accordance with the valuation principles agreed by the Board of Directors at a price that is not lower than the bid price and not higher than the ask price on the relevant valuation date. |
| (5) | Derivatives and repurchase agreements which are not listed on an official stock exchange or traded on a regulated market are valued by the Company in accordance with the valuation principles agreed by the Board of Directors on the basis of their marked to market price. |
| (6) | Term deposits are valued at their current value. |
| (7) | Tradeable options and futures contracts to which the Company is a party and which are traded on a stock exchange, financial futures exchange or other stock exchanges are valued with reference to the profit or loss which occur when closing the relevant contract or directly before close of trading on the relevant market. |
| All securities and other assets whose valuation in accordance with the above provisions would not be possible or feasible or would not be representative of their fair realisable value are valued at their fair realisable value, estimated with due diligence and in good faith in accordance with the procedure stipulated by the Company's Board of Directors. | | en | de |
DOLFIN930 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Market development
Asian markets rebounded a little in March (+3.2%), in line with global markets (+3.1%). However, we did see some relative underperformance in the domestic markets of India (+1.2%) and Indonesia (+1.3%) as well as Australia (- 0.6%). Despite the positive month, this masked an aggressive sell-off early in the month on the back of the SVB collapse and concerns around and then the takeover of Credit Suisse (CS). The unexpected increase in rates continues to have impacts on banks conducting imprudent asset liability matching (ALM) such as SVB, balance sheet impact of hard to price assets like CS and the upcoming debt rollover in commercial real estate; to be determined. Despite this turmoil, prudent monetary and fiscal policy in Asia has so far seen resilience. By the end of the month, contagion fears in the banking system were subdued by central bank action and hope that a faster end to rate increases saw the US 10-year decline from 3.92 to 3.47%, supporting overall equity prices. | # Evolución del mercado
Los mercados asiáticos repuntaron un poco en marzo (+3,2%), en línea con sus homólogos mundiales (+3,1%). Sin embargo, constatamos un rendimiento relativo inferior en los mercados de la India (+1,2%) e Indonesia (+1,3%), así como en Australia (-0,6%). El mes fue favorable, aunque no hay que pasar por alto las significativas ventas de principios de mes provocadas por el colapso de SVB y las dudas sobre la venta forzosa de Credit Suisse (CS). El aumento inesperado de los tipos sigue teniendo repercusiones en los bancos con una gestión de activos y pasivos (ALM) imprudente, como SVB; está por determinar el impacto en los balances de activos difíciles de valorar, como CS, y la próxima refinanciación de la deuda en el sector inmobiliario comercial. A pesar de estas turbulencias, la prudente política monetaria y fiscal de Asia ha revelado hasta ahora solidez. Al concluir el mes, los temores de contagio en el sistema bancario se habían visto atenuados por la intervención de los bancos centrales, mientras que las expectativas de que las subidas de tipos concluyan antes hicieron que el tipo a 10 años estadounidense bajara del 3,92% al 3,47%, lo que en general favoreció a la renta variable. | # Market development
Asian markets rebounded a little in March (+3.2%), in line with global markets (+3.1%). However, we did see some relative underperformance in the domestic markets of India (+1.2%) and Indonesia (+1.3%) as well as Australia (- 0.6%). Despite the positive month, this masked an aggressive sell-off early in the month on the back of the SVB collapse and concerns around and then the takeover of Credit Suisse (CS). The unexpected increase in rates continues to have impacts on banks conducting imprudent asset liability matching (ALM) such as SVB, balance sheet impact of hard to price assets like CS and the upcoming debt rollover in commercial real estate; to be determined. Despite this turmoil, prudent monetary and fiscal policy in Asia has so far seen resilience. By the end of the month, contagion fears in the banking system were subdued by central bank action and hope that a faster end to rate increases saw the US 10-year decline from 3.92 to 3.47%, supporting overall equity prices. | en | es |
DOLFIN931 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds cherchera à réaliser son objectif d’investissement consistant à obtenir un rendement supérieur dans la durée en investissant dans un portefeuille long-only constitué d’actions cotées de sociétés mondiales de haute qualité (à savoir, des sociétés présentant les caractéristiques suivantes : atouts concurrentiels durables, secteur d’activité attractif, dirigeants de qualité, historique éprouvé, bilan solide, valorisation attrayante) et en les détenant d’une manière générale sur un horizon de placement supérieur à 5 ans.
Le gestionnaire s’attend à ce que 80 % du portefeuille du Fonds au minimum soient en général composés de positions longues dans des actions mondiales cotées en bourse. Le gestionnaire s’attend à ce que, dans des conditions de marché habituelles, le portefeuille du Fonds contienne entre 25 et 35 positions. Le Fonds pourra investir jusqu’à 15 % de ses actifs nets dans des marchés émergents.
Le Fonds ne prévoit pas d’acquérir des parts d’organismes de placement collectif à capital variable. Le Fonds pourra également détenir l’un des titres éligibles suivants: droits de souscription, titres de participation ou warrants dans la mesure où l’un des émetteurs dont les actions sont détenues au sein du portefeuille émet lesdits titres au profit du détenteur de toute action qu’il a émise. Ces droits de souscription, titres de participation ou warrants pourront intégrer des produits dérivés et/ou un effet de levier. Le Fonds pourra également détenir des « Global Depository Receipts », des « American Depository Receipts » et d’autres titres dont les caractéristiques sont semblables à celles des actions.
Le Fonds est considéré comme activement géré au regard de l’indice MSCI Emerging Markets Index (l’« Indice de référence ») en vertu du fait qu’il utilise l’Indice de référence à des fins de comparaison de la performance.
Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds ou comme un objectif de performance et le Fonds peut être entièrement investi dans des titres qui ne font pas partie de l’Indice de référence.
Le Fonds pourra investir dans des fonds monétaires ou d’autres solutions ou produits de gestion de trésorerie. En outre, le Fonds pourra effectuer des opérations de change au comptant dans le but de régler des transactions.
Le Fonds pourra en outre conserver des montants en actifs liquides, dont des emprunts d’État à court terme (à taux fixe ou variable, assortis d’une note supérieure ou égale à BB- attribuée par Standard & Poor’s ou son équivalent), des dépôts à terme et des obligations à taux variable de qualité « investment grade » ou supérieure, et ce, dans une limite de 10 %.
L’allocation des actifs du Fonds sera déterminée par le gestionnaire à son entière discrétion et pourra varier en fonction des conditions de marché.
Le Fonds ne prévoit pas d’avoir recours à des instruments financiers dérivés (« IFD ») à des fins d’investissement, mais pourra utiliser des options et des contrats de change à terme afin de couvrir son exposition aux devises. L’exposition totale découlant de l’utilisation d’IFD ne dépassera pas 100 % de la valeur d’inventaire nette (« VIN ») du Fonds telle que calculée selon l’approche par les engagements.
Les frais de transaction du portefeuille auront un impact significatif sur la performance. Ces frais sont déduits de l’actif du Fonds.
La devise de référence du Fonds est le dollar américain. Toute catégorie de parts libellée dans une devise autre que la devise de référence sera couverte contre le risque de change entre la devise de libellé de la catégorie et la devise de référence du Fonds.
Recommandation : ce Fonds doit être considéré comme un placement de moyen à long terme.
Cette Catégorie est une catégorie de capitalisation et n’a pas l’intention de distribuer les revenus issus des investissements qu’elle détient. Les autres catégories du Fonds procèdent soit par capitalisation, soit par distribution.
Vous pouvez obtenir le rachat de vos parts dans le Fonds tout jour ouvrable bancaire à Dublin, Londres et New York.
De plus amples informations figurent aux sections « Objectifs d’investissement » et « Politique d’investissement » du supplément relatif au Fonds (le « Supplément »). Sauf mention contraire dans le présent document, tous les termes et expressions définis dans le prospectus de la Société (le « Prospectus ») auront le même sens dans les présentes. | El fondo pretende perseguir su objetivo de lograr una rentabilidad superior y sostenible mediante la inversión en una cartera solo larga (long-only) de renta variable cotizada de todo el mundo, formada por empresas de gran calidad (es decir, empresas con las siguientes características: ventajas competitivas sostenibles, sector atractivo, calidad de su gestión, historial probado, solidez de su balance, valoración atractiva), manteniéndola por lo general durante un horizonte de inversión superior a 5 años.
El gestor de inversiones espera que un mínimo del 80% de la cartera del fondo consista generalmente en posiciones largas en renta variable global cotizada. El gestor de inversiones prevé que la cartera del fondo, en condiciones de mercado típicas, tenga entre 25 y 35 posiciones. El fondo podrá invertir hasta un 15% de su patrimonio neto en mercados emergentes.
El fondo no tiene intención de adquirir participaciones de organismos de inversión colectiva abiertos. El fondo puede mantener también uno de los siguientes valores permitidos: derechos de suscripción, unidades de participación o warrants en la medida en que uno de los emisores cuyos valores se mantengan en la cartera emita dichos títulos al tenedor de cualquier título de renta variable emitido por este. Estos derechos de suscripción, unidades de participación o warrants pueden incorporar derivados y/o apalancamiento. El fondo también puede mantener recibos de depósito mundiales, recibos de depósito estadounidenses y otros valores, características que son similares a la renta variable.
Se considera que el fondo está gestionado de forma activa tomando el índice MSCI World Net como referencia (la “referencia”), en virtud del hecho de que recurre a este para comparar su rentabilidad.
No obstante, la referencia no se utiliza para definir la composición de la cartera del fondo ni como objetivo de rentabilidad, y el fondo puede centrar toda su inversión en valores que no están incluidos en la referencia.
El fondo puede invertir en fondos del mercado monetario u otros vehículos o productos de gestión de efectivo. Además, el fondo puede usar operaciones de divisas al contado para liquidar operaciones.
El fondo puede asimismo retener cantidades en activos líquidos, incluidos bonos del Estado a corto plazo (a tipo fijo o variable que tengan una calificación BB– o superior según Standard & Poor's o su equivalente), depósitos a plazo fijo y pagarés a tipo variable, y serán de grado de inversión o superior, hasta un máximo del 10%.
La asignación de los activos del fondo la determinará el gestor de inversiones a su exclusivo criterio y puede variar en función de las condiciones del mercado.
El fondo no pretende utilizar instrumentos financieros derivados (IFD) con fines de inversión, pero puede emplear opciones y contratos de divisas a plazo para cubrir la exposición cambiaria. La exposición mundial generada mediante el uso de IFD no excederá el 100% del valor liquidativo del fondo (el «NAV»), cuando se calcule usando el planteamiento de compromiso.
Los costes de operaciones de la cartera afectarán sustancialmente a la rentabilidad. Dichos costes se detraen de los activos del fondo.
La divisa base del fondo es el USD. Toda clase de acciones que no esté denominada en la divisa base tendrá cobertura cambiaria frente a la exposición en divisas entre la moneda de denominación de la clase y la divisa base del fondo.
Recomendación: este fondo debe considerarse una inversión de medio a largo plazo. Esta clase es una clase de acumulación y no tiene previsto distribuir los ingresos que obtenga de sus inversiones. Otras clases del fondo son de acumulación o de distribución. Las acciones del fondo pueden reembolsarse cualquier día hábil bancario en Dublín, Londres y Nueva York.
Para más información, consulte las secciones "Objetivo de inversión" y "Política de inversión del suplemento del fondo (el "Suplemento"). Salvo que se definan aquí de otra forma, todos los términos y expresiones definidos en el folleto con respecto a la sociedad (el "Folleto") tienen el mismo significado en este documento. | Le Fonds cherchera à réaliser son objectif d’investissement consistant à obtenir un rendement supérieur dans la durée en investissant dans un portefeuille long-only constitué d’actions cotées de sociétés mondiales de haute qualité (à savoir, des sociétés présentant les caractéristiques suivantes : atouts concurrentiels durables, secteur d’activité attractif, dirigeants de qualité, historique éprouvé, bilan solide, valorisation attrayante) et en les détenant d’une manière générale sur un horizon de placement supérieur à 5 ans.
Le gestionnaire s’attend à ce que 80 % du portefeuille du Fonds au minimum soient en général composés de positions longues dans des actions mondiales cotées en bourse. Le gestionnaire s’attend à ce que, dans des conditions de marché habituelles, le portefeuille du Fonds contienne entre 25 et 35 positions. Le Fonds pourra investir jusqu’à 15 % de ses actifs nets dans des marchés émergents.
Le Fonds ne prévoit pas d’acquérir des parts d’organismes de placement collectif à capital variable. Le Fonds pourra également détenir l’un des titres éligibles suivants: droits de souscription, titres de participation ou warrants dans la mesure où l’un des émetteurs dont les actions sont détenues au sein du portefeuille émet lesdits titres au profit du détenteur de toute action qu’il a émise. Ces droits de souscription, titres de participation ou warrants pourront intégrer des produits dérivés et/ou un effet de levier. Le Fonds pourra également détenir des « Global Depository Receipts », des « American Depository Receipts » et d’autres titres dont les caractéristiques sont semblables à celles des actions.
Le Fonds est considéré comme activement géré au regard de l’indice MSCI Emerging Markets Index (l’« Indice de référence ») en vertu du fait qu’il utilise l’Indice de référence à des fins de comparaison de la performance.
Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds ou comme un objectif de performance et le Fonds peut être entièrement investi dans des titres qui ne font pas partie de l’Indice de référence.
Le Fonds pourra investir dans des fonds monétaires ou d’autres solutions ou produits de gestion de trésorerie. En outre, le Fonds pourra effectuer des opérations de change au comptant dans le but de régler des transactions.
Le Fonds pourra en outre conserver des montants en actifs liquides, dont des emprunts d’État à court terme (à taux fixe ou variable, assortis d’une note supérieure ou égale à BB- attribuée par Standard & Poor’s ou son équivalent), des dépôts à terme et des obligations à taux variable de qualité « investment grade » ou supérieure, et ce, dans une limite de 10 %.
L’allocation des actifs du Fonds sera déterminée par le gestionnaire à son entière discrétion et pourra varier en fonction des conditions de marché.
Le Fonds ne prévoit pas d’avoir recours à des instruments financiers dérivés (« IFD ») à des fins d’investissement, mais pourra utiliser des options et des contrats de change à terme afin de couvrir son exposition aux devises. L’exposition totale découlant de l’utilisation d’IFD ne dépassera pas 100 % de la valeur d’inventaire nette (« VIN ») du Fonds telle que calculée selon l’approche par les engagements.
Les frais de transaction du portefeuille auront un impact significatif sur la performance. Ces frais sont déduits de l’actif du Fonds.
La devise de référence du Fonds est le dollar américain. Toute catégorie de parts libellée dans une devise autre que la devise de référence sera couverte contre le risque de change entre la devise de libellé de la catégorie et la devise de référence du Fonds.
Recommandation : ce Fonds doit être considéré comme un placement de moyen à long terme.
Cette Catégorie est une catégorie de capitalisation et n’a pas l’intention de distribuer les revenus issus des investissements qu’elle détient. Les autres catégories du Fonds procèdent soit par capitalisation, soit par distribution.
Vous pouvez obtenir le rachat de vos parts dans le Fonds tout jour ouvrable bancaire à Dublin, Londres et New York.
De plus amples informations figurent aux sections « Objectifs d’investissement » et « Politique d’investissement » du supplément relatif au Fonds (le « Supplément »). Sauf mention contraire dans le présent document, tous les termes et expressions définis dans le prospectus de la Société (le « Prospectus ») auront le même sens dans les présentes. | fr | es |
DOLFIN932 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Credit institutions and other professionals in the finance sector that subscribe in their name but on behalf of one or more investors that meet at least one of the criteria referred to in point 1 above are also eligible for the share class in question.
- Individuals that are not eligible for the institutional shares issued by the SICAV are those who do not meet any of the criteria mentioned in points 1 and 2 above, including private individuals, irrespective of whether such private individuals invest as part of a discretionary management mandate or an advisory mandate entered into with a credit institution or another professional in the finance sector.
- Any potential investor that meets at least one of the criteria mentioned in points 1 and 2 above and that wishes to subscribe to shares of the share class in question to be registered directly in its name as a shareholder in the register of shareholders of the SICAV, must obtain prior written agreement from the Management Company before the subscription can be taken into account. The agreement in question may be subject to the issuance of certain confirmations by the potential investor in question. Any potential investor is therefore invited to contact the Management Company in order to request the prior agreement.
- Share classes with an "M" reference:Share classes reserved for investors who
- are eligible for the institutional share class with an "I" reference; or
- are a credit institution or investment firm and confirm in writing that they
- invest directly or indirectly on behalf of third parties in the context of a discretionary management mandate that those third parties have entrusted to a credit institution or investment firm; and/or
- invest directly or indirectly on behalf of third parties that hold a discretionary management mandate, whether remunerated or not, which these third parties have entrusted to a credit institution or investment firm. | - Ebenso steht der Zugang zu diesen Anteilsklassen Kreditinstituten und sonstigen Gewerbetreibenden des Finanzsektors offen, die in ihrem eigenen Namen, jedoch im Auftrag eines oder mehrerer Anleger zeichnen, die mindestens einem der unter dem vorstehenden Punkt 1. genannten Kriterien entsprechen.
- Ausgeschlossen vom Zugang zu den durch die SICAV begebenen institutionellen Anteilen sind jene Personen, die keines der unter den vorstehenden Punkten 1. und 2. genannten Kriterien erfüllen, darunter Privatpersonen, und unabhängig von derTatsache ob diese Privatpersonen im Rahmen eines diskretionären Verwaltungsmandats oder eines Beratungsmandats agieren, das sie mit einem Kreditinstitut oder einem anderen Gewerbetreibenden des Finanzsektors geschlossen haben.
- Jeder potenzielle Anleger, der mindestens eines der unter den vorstehenden Punkten 1. und 2. genannten Kriterien erfüllt und Anteile der betreffenden Anteilsklasse zeichnen möchte, um unmittelbar in seinem Namen als Anteilinhaber ins Register der Anteilinhaber der SICAV aufgenommen zu werden, muss vorab eine schriftliche Genehmigung der Verwaltungsgesellschaft einholen, damit seine Zeichnung berücksichtigt werden kann. Die betreffende Genehmigung kann der Einreichung bestimmter Bestätigungen durch den jeweiligen potenziellen Anleger unterliegen. Jeder potenzielle Anleger wird daher gebeten, sich an die Verwaltungsgesellschaft zu wenden, um diese vorab erforderliche Genehmigung zu beantragen.
- Anteilsklassen mit dem Kürzel „M“:Anteilsklassen, die Anlegern vorbehalten sind, die
- die Kriterien für die institutionellen Anteilsklassen mit dem Kürzel „I“ erfüllen, oder
- als Kreditinstitut oder Wertpapierfirma gelten und die schriftlich bestätigen, dass sie
- direkt oder indirekt im Namen Dritter im Rahmen eines Mandats zur Vermögensverwaltung investieren, das diese Dritten einem Kreditinstitut oder einer Wertpapierfirma übertragen haben; und/oder
- direkt oder indirekt im Namen Dritter investieren, die von einem Mandat zur vergüteten Beratung oder ohne Rückvergütung profitieren, das diese Dritten einem Kreditinstitut oder einer Wertpapierfirma übertragen haben. | - Credit institutions and other professionals in the finance sector that subscribe in their name but on behalf of one or more investors that meet at least one of the criteria referred to in point 1 above are also eligible for the share class in question.
- Individuals that are not eligible for the institutional shares issued by the SICAV are those who do not meet any of the criteria mentioned in points 1 and 2 above, including private individuals, irrespective of whether such private individuals invest as part of a discretionary management mandate or an advisory mandate entered into with a credit institution or another professional in the finance sector.
- Any potential investor that meets at least one of the criteria mentioned in points 1 and 2 above and that wishes to subscribe to shares of the share class in question to be registered directly in its name as a shareholder in the register of shareholders of the SICAV, must obtain prior written agreement from the Management Company before the subscription can be taken into account. The agreement in question may be subject to the issuance of certain confirmations by the potential investor in question. Any potential investor is therefore invited to contact the Management Company in order to request the prior agreement.
- Share classes with an "M" reference:Share classes reserved for investors who
- are eligible for the institutional share class with an "I" reference; or
- are a credit institution or investment firm and confirm in writing that they
- invest directly or indirectly on behalf of third parties in the context of a discretionary management mandate that those third parties have entrusted to a credit institution or investment firm; and/or
- invest directly or indirectly on behalf of third parties that hold a discretionary management mandate, whether remunerated or not, which these third parties have entrusted to a credit institution or investment firm. | en | de |
DOLFIN933 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### In the case of third-party custody abroad, the legal provisions and practices of the respective place of custody are also applicable.
The custodian bank is liable for damage or loss caused by its agents unless it is able prove that it exercised the due diligence required in the circumstances in respect of selection, instruction, and monitoring.
The custodian bank is registered with the US tax authorities as Participating Foreign Financial Institution (PFFI) pursuant to sections 1471 through 1474 of the U.S. Internal Revenue Code (Foreign Account Tax Compliance Act, including the corresponding rulings, “FATCA”) (GIIN: IPRKWG.00000.LE.75G). | ##### Bei einer Drittverwahrung im Ausland sind zudem die Rechtsvorschriften und Usanzen des jeweiligen Verwahrungsortes anwendbar.
Die Depotbank haftet für den durch den Beauftragten verursachten Schaden, sofern sie nicht nachweisen kann, dass sie bei der Auswahl, Instruktion und Überwachung die nach den Umständen gebotene Sorgfalt angewendet hat.
Die Depotbank ist bei den US-Steuerbehörden als "Participating Foreign Financial Institution" (PFFI) im Sinne der Sections 1471 – 1474 des U.S. Internal Revenue Code (Foreign Account Tax Compliance Act, einschliesslich diesbezüglicher Erlasse, „FATCA“) angemeldet (GIIN: IPRKWG.00000.LE.75G). | #### In the case of third-party custody abroad, the legal provisions and practices of the respective place of custody are also applicable.
The custodian bank is liable for damage or loss caused by its agents unless it is able prove that it exercised the due diligence required in the circumstances in respect of selection, instruction, and monitoring.
The custodian bank is registered with the US tax authorities as Participating Foreign Financial Institution (PFFI) pursuant to sections 1471 through 1474 of the U.S. Internal Revenue Code (Foreign Account Tax Compliance Act, including the corresponding rulings, “FATCA”) (GIIN: IPRKWG.00000.LE.75G). | en | de |
DOLFIN934 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Comgest Growth China
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases 1 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Purchases |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 5,736,000 | 9,066,926 | 11.61 |
| Vipshop Holdings Ltd | 388,139 | 7,578,058 | 9.71 |
| Alibaba Group Holding Ltd | 296,000 | 7,217,349 | 9.24 |
| AAC Technologies Holdings Inc | 1,469,500 | 6,820,818 | 8.74 |
| Tencent Holdings Ltd | 102,700 | 6,617,565 | 8.47 |
| Suofeiya Home Collection Co Ltd | 1,644,637 | 5,450,193 | 6.98 |
| 51job Inc | 92,451 | 5,028,925 | 6.44 |
| Noah Holdings Ltd | 134,872 | 4,946,355 | 6.33 |
| Sany Heavy Industry Co Ltd | 1,206,301 | 4,827,707 | 6.18 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 819,000 | 4,088,422 | 5.24 |
| Midea Group Co Ltd - A Shares | 382,300 | 3,677,377 | 4.71 |
| Lepu Medical Technology Beijing Co Ltd | 917,140 | 3,384,574 | 4.33 |
| Chow Tai Fook Jewellery Group Ltd | 3,041,600 | 3,315,495 | 4.25 |
| Opple Lighting Co Ltd | 894,821 | 3,252,625 | 4.17 |
| SAIC Motor Corp Ltd - A Shares | 565,841 | 1,645,823 | 2.11 |
| TravelSky Technology Ltd | 652,000 | 1,162,141 | 1.49 |
| Sales 2 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Sales |
| Taiwan Semiconductor Manufacturing Co Ltd | 679,046 | 12,202,812 | 13.55 |
| Noah Holdings Ltd | 265,298 | 10,609,386 | 11.78 |
| Fuyao Glass Industry Group Co Ltd | 1,852,400 | 10,165,931 | 11.29 |
| China Life Insurance Co Ltd - H Shares | 4,603,000 | 7,809,189 | 8.67 |
| Naspers Ltd | 37,850 | 6,533,834 | 7.25 |
| AIA Group Ltd | 570,200 | 6,043,838 | 6.71 |
| 51job Inc | 92,451 | 6,020,778 | 6.68 |
| 3SBio Inc | 5,620,500 | 5,883,026 | 6.53 |
| NetEase Inc | 265,800 | 5,141,482 | 5.71 |
| China Resources Gas Group Ltd | 606,000 | 2,759,239 | 3.06 |
| Trip.com Group Ltd | 83,217 | 2,705,469 | 3.00 |
| Kweichow Moutai Co Ltd - A Shares | 7,969 | 2,195,192 | 2.44 |
| Autohome Inc | 39,266 | 2,185,074 | 2.43 |
| Alibaba Group Holding Ltd | 77,200 | 1,948,398 | 2.16 |
| Chow Tai Fook Jewellery Group Ltd | 910,600 | 1,610,799 | 1.79 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 262,100 | 1,507,029 | 1.67 |
| ANTA Sports Products Ltd | 98,000 | 1,447,627 | 1.61 |
| Samsonite International SA | 796,500 | 1,134,160 | 1.26 |
| Suofeiya Home Collection Co Ltd | 237,500 | 1,109,872 | 1.23 |
| Yuexiu Transport Infrastructure Ltd | 1,520,000 | 759,284 | 0.84 |
1 Represents total purchases during the financial period.
2 Represents total sales during the financial period. | # Comgest Growth China
WESENTLICHE BESTANDSVERÄNDERUNGEN für den Berichtszeitraum zum 30. Juni 2021
| Käufe1 | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Shandong Weigao Group Medical Polymer Co Ltd – H-Aktien | 5.736.000 | 9.066.926 | 11,61 |
| Vipshop Holdings Ltd | 388.139 | 7.578.058 | 9,71 |
| Alibaba Group Holding Ltd | 296.000 | 7.217.349 | 9,24 |
| AAC Technologies Holdings Inc | 1.469.500 | 6.820.818 | 8,74 |
| Tencent Holdings Ltd | 102.700 | 6.617.565 | 8,47 |
| Suofeiya Home Collection Co Ltd | 1.644.637 | 5.450.193 | 6,98 |
| 51job Inc | 92.451 | 5.028.925 | 6,44 |
| Noah Holdings Ltd | 134.872 | 4.946.355 | 6,33 |
| Sany Heavy Industry Co Ltd | 1.206.301 | 4.827.707 | 6,18 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 819.000 | 4.088.422 | 5,24 |
| Midea Group Co Ltd – A-Aktien | 382.300 | 3.677.377 | 4,71 |
| Lepu Medical Technology Beijing Co Ltd | 917.140 | 3.384.574 | 4,33 |
| Chow Tai Fook Jewellery Group Ltd | 3.041.600 | 3.315.495 | 4,25 |
| Opple Lighting Co Ltd | 894.821 | 3.252.625 | 4,17 |
| SAIC Motor Corp Ltd – A-Aktien | 565.841 | 1.645.823 | 2,11 |
| TravelSky Technology Ltd | 652.000 | 1.162.141 | 1,49 |
| Verkäufe2 | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Verkäufe |
| Taiwan Semiconductor Manufacturing Co Ltd | 679.046 | 12.202.812 | 13,55 |
| Noah Holdings Ltd | 265.298 | 10.609.386 | 11,78 |
| Fuyao Glass Industry Group Co Ltd | 1.852.400 | 10.165.931 | 11,29 |
| China Life Insurance Co Ltd – H-Aktien | 4.603.000 | 7.809.189 | 8,67 |
| Naspers Ltd | 37.850 | 6.533.834 | 7,25 |
| AIA Group Ltd | 570.200 | 6.043.838 | 6,71 |
| 51job Inc | 92.451 | 6.020.778 | 6,68 |
| 3SBio Inc | 5.620.500 | 5.883.026 | 6,53 |
| NetEase Inc | 265.800 | 5.141.482 | 5,71 |
| China Resources Gas Group Ltd | 606.000 | 2.759.239 | 3,06 |
| Trip.com Group Ltd | 83.217 | 2.705.469 | 3,00 |
| Kweichow Moutai Co Ltd – A-Aktien | 7.969 | 2.195.192 | 2,44 |
| Autohome Inc | 39.266 | 2.185.074 | 2,43 |
| Alibaba Group Holding Ltd | 77.200 | 1.948.398 | 2,16 |
| Chow Tai Fook Jewellery Group Ltd | 910.600 | 1.610.799 | 1,79 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 262.100 | 1.507.029 | 1,67 |
| ANTA Sports Products Ltd | 98.000 | 1.447.627 | 1,61 |
| Samsonite International SA | 796.500 | 1.134.160 | 1,26 |
| Suofeiya Home Collection Co Ltd | 237.500 | 1.109.872 | 1,23 |
| Yuexiu Transport Infrastructure Ltd | 1.520.000 | 759.284 | 0,84 |
1 Steht für die gesamten Käufe im Berichtszeitraum.
2 Steht für die gesamten Verkäufe im Berichtszeitraum. | # Comgest Growth China
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases 1 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Purchases |
| Shandong Weigao Group Medical Polymer Co Ltd - H Shares | 5,736,000 | 9,066,926 | 11.61 |
| Vipshop Holdings Ltd | 388,139 | 7,578,058 | 9.71 |
| Alibaba Group Holding Ltd | 296,000 | 7,217,349 | 9.24 |
| AAC Technologies Holdings Inc | 1,469,500 | 6,820,818 | 8.74 |
| Tencent Holdings Ltd | 102,700 | 6,617,565 | 8.47 |
| Suofeiya Home Collection Co Ltd | 1,644,637 | 5,450,193 | 6.98 |
| 51job Inc | 92,451 | 5,028,925 | 6.44 |
| Noah Holdings Ltd | 134,872 | 4,946,355 | 6.33 |
| Sany Heavy Industry Co Ltd | 1,206,301 | 4,827,707 | 6.18 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 819,000 | 4,088,422 | 5.24 |
| Midea Group Co Ltd - A Shares | 382,300 | 3,677,377 | 4.71 |
| Lepu Medical Technology Beijing Co Ltd | 917,140 | 3,384,574 | 4.33 |
| Chow Tai Fook Jewellery Group Ltd | 3,041,600 | 3,315,495 | 4.25 |
| Opple Lighting Co Ltd | 894,821 | 3,252,625 | 4.17 |
| SAIC Motor Corp Ltd - A Shares | 565,841 | 1,645,823 | 2.11 |
| TravelSky Technology Ltd | 652,000 | 1,162,141 | 1.49 |
| Sales 2 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Sales |
| Taiwan Semiconductor Manufacturing Co Ltd | 679,046 | 12,202,812 | 13.55 |
| Noah Holdings Ltd | 265,298 | 10,609,386 | 11.78 |
| Fuyao Glass Industry Group Co Ltd | 1,852,400 | 10,165,931 | 11.29 |
| China Life Insurance Co Ltd - H Shares | 4,603,000 | 7,809,189 | 8.67 |
| Naspers Ltd | 37,850 | 6,533,834 | 7.25 |
| AIA Group Ltd | 570,200 | 6,043,838 | 6.71 |
| 51job Inc | 92,451 | 6,020,778 | 6.68 |
| 3SBio Inc | 5,620,500 | 5,883,026 | 6.53 |
| NetEase Inc | 265,800 | 5,141,482 | 5.71 |
| China Resources Gas Group Ltd | 606,000 | 2,759,239 | 3.06 |
| Trip.com Group Ltd | 83,217 | 2,705,469 | 3.00 |
| Kweichow Moutai Co Ltd - A Shares | 7,969 | 2,195,192 | 2.44 |
| Autohome Inc | 39,266 | 2,185,074 | 2.43 |
| Alibaba Group Holding Ltd | 77,200 | 1,948,398 | 2.16 |
| Chow Tai Fook Jewellery Group Ltd | 910,600 | 1,610,799 | 1.79 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 262,100 | 1,507,029 | 1.67 |
| ANTA Sports Products Ltd | 98,000 | 1,447,627 | 1.61 |
| Samsonite International SA | 796,500 | 1,134,160 | 1.26 |
| Suofeiya Home Collection Co Ltd | 237,500 | 1,109,872 | 1.23 |
| Yuexiu Transport Infrastructure Ltd | 1,520,000 | 759,284 | 0.84 |
1 Represents total purchases during the financial period.
2 Represents total sales during the financial period. | en | de |
DOLFIN935 | 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 long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of small and medium sized European companies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference EMIX Smaller European Companies Index (Gross) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
- This fund will no longer be eligible for the French PEA (Plan d'Epargne en Actions) tax wrapper after the 30 September 2021. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas de Europa de tamaño pequeño y mediano.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- La divisa de referencia del fondo se cubre con la divisa de referencia de la clase de acciones. El efecto de esta cobertura implica la conversión (o la «réplica») de la rentabilidad expresada en la divisa de referencia del fondo en la rentabilidad expresada en la divisa de referencia de la clase de acciones.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el EMIX Smaller European Companies Index (Gross) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
- Este Subfondo dejará de acceder a las ventajas fiscales que proporciona el sistema francés PEA (Plan d'Epargne en Actions, plan de ahorro en acciones) desde el 30 de septiembre de 2021. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of small and medium sized European companies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference EMIX Smaller European Companies Index (Gross) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
- This fund will no longer be eligible for the French PEA (Plan d'Epargne en Actions) tax wrapper after the 30 September 2021. | en | es |
DOLFIN936 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Share-Classes
The Company’s Board of Directors of the Company may decide to create within each Sub-Fund different Share-Classes whose assets will be invested in common pursuant to the specific investment objective and policy of the relevant Sub-Fund, but which may have any combination of the following features:
- Each Sub-Fund may contain I, N, P, R, S, X and Z Share- Classes, which may differ in the minimum subscription amount, minimum holding amount, eligibility requirements, and the fees and expenses applicable to them as listed for each Sub-Fund.
- Each Share-Class may be offered in the reference currency of the relevant Sub-Fund, or may be denominated in any currency, and such currency denomination will be represented as a suffix to the Share-Class name.
- Each Share-Class may be either hedged (see definition of “Currency Hedged Share-Class” hereafter) or unhedged. Share-Classes that are hedged will be identified with the suffix “(hedged)”.
- Each Share-Class may also have different dividend policies as described in the “Part III: Additional information” of the Company’s prospectus, Chapter XIV. “Dividends”. Distribution or Capitalisation Share-Classes may be available. For Distribution Share-Classes, the Board of Directors of the Company can decide to pay dividends on a monthly, quarterly, bi-annually or annually basis. Dividends may be paid in cash or in additional Shares (stock) by the respective Share-Class.
- Each Share-Class may be offered with or without Performance Fee provided that a performance fee level is mentioned in the factsheet of the respective Sub-Fund. | ### Clases de Acciones
El Consejo de administración de la Sociedad podrá decidir crear distintas Clases de Acciones dentro de cada Subfondo, cuyos activos se invertirán en común conforme a la política y el objetivo de inversión específicos del correspondiente Subfondo, pero que podrán tener cualquier combinación de las características detalladas a continuación:
- Cada Subfondo podrá incluir Clases de Acciones I, N, P, R, S, X y Z, que podrán diferir en el importe mínimo de suscripción, el importe mínimo de tenencia, los requisitos de idoneidad y las comisiones y los gastos aplicables en función de lo dispuesto para cada Subfondo.
- Cada Clase de Acciones puede ofrecerse en la moneda de referencia del Subfondo correspondiente o puede denominarse en cualquier moneda; dicha denominación monetaria se añadirá al final del nombre de la Clase de Acciones.
- Las Clases de Acciones pueden estar cubiertas (véase más adelante la definición de «Clase de Acciones con cobertura de divisas») o no cubiertas. Las Clases de Acciones cubiertas se identificarán con el término «(cubierta)» tras el nombre de la Clase de Acciones en cuestión.
- Las Clases de Acciones también pueden tener distintas políticas de dividendos, tal y como se describe en la «Parte III: Información complementaria» del folleto de la Sociedad en el Capítulo XIV. «Dividendos». Es posible que se ofrezcan tanto Clases de acciones de distribución como de capitalización. En el caso de las Clases de Acciones de distribución, el Consejo de administración de la Sociedad puede decidir distribuir dividendos mensual, trimestral, semestral o anualmente. Los dividendos se podrán pagar en efectivo o en Acciones adicionales (participaciones) por parte de las Clases de Acciones correspondientes.
- Cada Clase de Acciones podrá ofrecerse con o sin una Comisión de rentabilidad, siempre que se mencione un nivel de Comisión de rentabilidad en la ficha descriptiva del Subfondo correspondiente. | ### Share-Classes
The Company’s Board of Directors of the Company may decide to create within each Sub-Fund different Share-Classes whose assets will be invested in common pursuant to the specific investment objective and policy of the relevant Sub-Fund, but which may have any combination of the following features:
- Each Sub-Fund may contain I, N, P, R, S, X and Z Share- Classes, which may differ in the minimum subscription amount, minimum holding amount, eligibility requirements, and the fees and expenses applicable to them as listed for each Sub-Fund.
- Each Share-Class may be offered in the reference currency of the relevant Sub-Fund, or may be denominated in any currency, and such currency denomination will be represented as a suffix to the Share-Class name.
- Each Share-Class may be either hedged (see definition of “Currency Hedged Share-Class” hereafter) or unhedged. Share-Classes that are hedged will be identified with the suffix “(hedged)”.
- Each Share-Class may also have different dividend policies as described in the “Part III: Additional information” of the Company’s prospectus, Chapter XIV. “Dividends”. Distribution or Capitalisation Share-Classes may be available. For Distribution Share-Classes, the Board of Directors of the Company can decide to pay dividends on a monthly, quarterly, bi-annually or annually basis. Dividends may be paid in cash or in additional Shares (stock) by the respective Share-Class.
- Each Share-Class may be offered with or without Performance Fee provided that a performance fee level is mentioned in the factsheet of the respective Sub-Fund. | en | es |
DOLFIN937 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
* or the equivalent in any major freely convertible currency of the amounts specified.
The maximum annual management fee rate per class SE Shares, as currently applied, is disclosed in Appendix II “List of Share Classes” of the Prospectus.
Class SE Shares held without approval will be redeemed.
The annual management fee shall be applicable to Class SE Shares for a period of 18 months (or for a longer period at the Management Company’s or General Distributor’s discretion as notified to Shareholders) after the launch date of the relevant fund. Following the expiry of that period, Class SE Shares are subject to fees agreed between the Management Company and the relevant Shareholders, which will not be greater than the annual management fee specified for the corresponding Class I Shares of the relevant fund.
Class X Shares
Class X Shares are subject to an alternative charging structure, whereby a fee covering the annual management fee, is levied and collected by the Management Company or a Connected Person directly from the Investors who are clients of Fidelity International and who enter into specific agreement with the Management Company or a Connected Person. No annual management fee will therefore be payable in respect of Class X Shares out of the net assets of the relevant fund. Class X Shares will bear their pro-rata share of the fees payable to the Depositary as well as of other charges and expenses as further described in section ‘General Information on Charges and Expenses’.
Class X Shares may only be acquired by Investors who meet the requirements established from time to time by the General Distributor or at the Management Company’s discretion. | * ou la contre-valeur des montants mentionnés dans les principales devises librement convertibles.
Les frais de gestion annuels maximums pour les Actions de Catégorie SE, tels qu’en vigueur actuellement, figurent à l’Annexe I « Liste des Catégories d’Actions » du Prospectus.
Les Actions de Catégorie SE détenues sans approbation seront rachetées.
Les frais de gestion annuels s’appliquent aux Actions de Catégorie SE pendant une période de 18 mois (ou plus à la discrétion de la Société de gestion ou du Distributeur Général, tel que notifié aux Actionnaires) après la date de lancement du Compartiment concerné. À la fin de cette période, les Actions de Catégorie SE sont soumises à des frais décidés par la Société de gestion en accord avec les Actionnaires concernés, qui ne dépasseront pas les frais de gestion annuels indiqués pour les Actions de Catégorie I correspondantes du Compartiment concerné.
Actions de Catégorie X
Les Actions de Catégorie X sont soumises à une structure de frais différente au titre de laquelle des frais couvrant les frais de gestion annuels sont prélevés et collectés par la Société de gestion ou une Personne liée directement auprès des Investisseurs clients de Fidelity International qui ont conclu un accord spécifique avec la Société de gestion ou une Personne liée. Par conséquent, aucuns frais de gestion annuels ne seront dus par rapport aux Actions de Catégorie X sur l’actif net du Compartiment concerné. Les Actions de Catégorie X supporteront leur part proportionnelle des frais dus au Dépositaire et de toutes les autres charges et dépenses, telles que décrites en détail dans la section « Informations générales sur les charges et dépenses ».
Les Actions de Catégorie X ne peuvent être acquises que par des Investisseurs qui satisfont aux exigences périodiquement établies par le Distributeur Général ou à la discrétion de la Société de gestion. | * or the equivalent in any major freely convertible currency of the amounts specified.
The maximum annual management fee rate per class SE Shares, as currently applied, is disclosed in Appendix II “List of Share Classes” of the Prospectus.
Class SE Shares held without approval will be redeemed.
The annual management fee shall be applicable to Class SE Shares for a period of 18 months (or for a longer period at the Management Company’s or General Distributor’s discretion as notified to Shareholders) after the launch date of the relevant fund. Following the expiry of that period, Class SE Shares are subject to fees agreed between the Management Company and the relevant Shareholders, which will not be greater than the annual management fee specified for the corresponding Class I Shares of the relevant fund.
Class X Shares
Class X Shares are subject to an alternative charging structure, whereby a fee covering the annual management fee, is levied and collected by the Management Company or a Connected Person directly from the Investors who are clients of Fidelity International and who enter into specific agreement with the Management Company or a Connected Person. No annual management fee will therefore be payable in respect of Class X Shares out of the net assets of the relevant fund. Class X Shares will bear their pro-rata share of the fees payable to the Depositary as well as of other charges and expenses as further described in section ‘General Information on Charges and Expenses’.
Class X Shares may only be acquired by Investors who meet the requirements established from time to time by the General Distributor or at the Management Company’s discretion. | en | fr |
DOLFIN938 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium to long term. The Fund is actively managed and will typically maintain a 40-60% allocation to shares of companies worldwide and a 40-60% allocation to investment grade or below investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) issued by companies and governments worldwide. Bonds rated as below investment grade have received lower ratings from international agencies that provide such ratings and are considered riskier than higher rated bonds but typically pay a higher income. The Fund invests directly in these assets by using derivatives (complex instruments). The Fund may also use derivatives for hedging purposes or to manage the Fund more efficiently. Derivatives may create leverage (market exposure in excess of the net asset value of the Fund). The Fund may also invest in asset classes and instruments different from those stated above. The fund is actively managed in reference to the MSCI ACWI Index (45%), ICE BofA European Currency High Yield Excluding Subordinated Financials Constrained Index (USD Hedged) (30%), Bloomberg Global Aggregate Index (USD Hedged) (20%) and 30-day Average Secured Overnight Financing Rate (SOFR) (5%). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index.
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | ## Obiettivo e politica d'investimento
Il Fondo mira a generare un reddito con la possibilità di rivalutare l’importo investito nel medio e lungo termine. Il Fondo è gestito attivamente e manterrà generalmente un'allocazione del 40-60% in azioni di società di tutto il mondo e un'allocazione del 40-60% in obbligazioni investment grade o inferiori a investment grade (ovvero simili a un prestito e pagano un tasso di interesse fisso o variabile) emesse da società e governi di tutto il mondo. Le obbligazioni classificate come inferiori a investment grade hanno ricevuto rating inferiori da agenzie internazionali che forniscono tali rating e sono considerate più rischiose rispetto a quelle con rating più elevato, ma in genere pagano un reddito più elevato. Il Fondo investe direttamente in queste attività oppure utilizzando strumenti derivati (strumenti d’investimento sofisticati). Il Fondo può inoltre utilizzare derivati a fini di copertura o per una gestione più efficiente. I derivati possono creare una leva finanziaria (ossia un'esposizione di mercato superiore al valore patrimoniale netto del Fondo). Il Fondo può inoltre investire in classi di attività e strumenti diversi da quelli sopra riportati. Il fondo è gestito attivamente in riferimento all'Indice MSCI ACWI (45%), l'Indice ICE BofA European Currency High Yield Excluding Subordinated Financials Constrained (USD Hedged) (30%), l'Indice Bloomberg Global Aggregate (USD Hedged) (20%) e l'Indice 30-day Average Secured Overnight Financing Rate (SOFR) (5%). L'Indice è ampiamente rappresentativo dei titoli in cui investe il Fondo e fornisce un benchmark target adeguato rispetto al quale la performance del Fondo verrà misurata e valutata nel tempo. Il gestore del fondo ha la facoltà di selezionare in modo discrezionale gli investimenti con coefficienti di ponderazione diversi da quelli inclusi nell'indice e non presenti nell'indice. Inoltre, il Fondo può presentare una divergenza significativa rispetto all'indice.
Il reddito dagli investimenti nel Fondo verrà aggiunto al valore delle vostre azioni.
Potete acquistare e vendere azioni del Fondo in qualunque giorno che corrisponda ad un giorno lavorativo in Lussemburgo, salvo laddove gli Amministratori abbiano stabilito che è aperto un numero insufficiente di mercati. Per maggiori informazioni sull'obiettivo e la politica d'investimento del Fondo, si rimanda al Prospetto. Per ulteriori informazioni sui termini di investimento utilizzati nel presente documento, si rimanda al Glossario disponibile sul sito www.columbiathreadneedle.com. | ## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium to long term. The Fund is actively managed and will typically maintain a 40-60% allocation to shares of companies worldwide and a 40-60% allocation to investment grade or below investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) issued by companies and governments worldwide. Bonds rated as below investment grade have received lower ratings from international agencies that provide such ratings and are considered riskier than higher rated bonds but typically pay a higher income. The Fund invests directly in these assets by using derivatives (complex instruments). The Fund may also use derivatives for hedging purposes or to manage the Fund more efficiently. Derivatives may create leverage (market exposure in excess of the net asset value of the Fund). The Fund may also invest in asset classes and instruments different from those stated above. The fund is actively managed in reference to the MSCI ACWI Index (45%), ICE BofA European Currency High Yield Excluding Subordinated Financials Constrained Index (USD Hedged) (30%), Bloomberg Global Aggregate Index (USD Hedged) (20%) and 30-day Average Secured Overnight Financing Rate (SOFR) (5%). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index.
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | en | it |
DOLFIN939 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Irish Gift & Inheritance Tax
Irish capital acquisitions tax (at a rate of 33%) could apply to gifts or inheritances of the Shares (irrespective of the residence or domicile of the donor or donee) because the Shares could be treated as Irish situate assets. However, any gift or inheritance of Shares will be exempt from Irish capital acquisitions tax once:
- the Shares are comprised in the gift/inheritance both at the date of the gift/inheritance and at the ‘valuation date’ (as defined for Irish capital acquisitions tax purposes);
- the person from whom the gift/inheritance is taken is neither domiciled nor ordinarily resident in Ireland at the date of the disposition; and
- the person taking the gift/inheritance is neither domiciled nor ordinarily resident in Ireland at the date of the gift/inheritance. | ###### Irische Schenkungs- oder Erbschaftssteuer
Die irische Kapitalerwerbssteuer (zu einem Satz von 33 %) kann auf Schenkungen oder Erbschaften von Anteilen Anwendung finden (ungeachtet des Wohn- oder Geschäftssitzes des Schenkenden oder Schenkungsempfängers), weil die Anteile als in Irland gelegene Vermögenswerte behandelt werden könnten. Schenkungen und Erbschaften von Anteilen sind jedoch von der irischen Kapitalerwerbssteuer ausgenommen, wenn:
- die Anteile sowohl zum Zeitpunkt der Schenkung/Erbschaft als auch am ‚Bewertungstag‘ (gemäß Definition im Sinne der irischen Kapitalerwerbssteuer) in der Schenkung/Erbschaft enthalten sind;
- die Person, von der die Schenkung/Erbschaft entgegengenommen wird, am Datum der Verfügung weder ihren Wohnsitz in Irland hat noch gewöhnlich in Irland ansässig ist; und
- die Person, die die Schenkung/Erbschaft entgegennimmt, am Datum der Schenkung/Erbschaft weder ihren Wohnsitz in Irland hat noch gewöhnlich in Irland ansässig ist; und | #### Irish Gift & Inheritance Tax
Irish capital acquisitions tax (at a rate of 33%) could apply to gifts or inheritances of the Shares (irrespective of the residence or domicile of the donor or donee) because the Shares could be treated as Irish situate assets. However, any gift or inheritance of Shares will be exempt from Irish capital acquisitions tax once:
- the Shares are comprised in the gift/inheritance both at the date of the gift/inheritance and at the ‘valuation date’ (as defined for Irish capital acquisitions tax purposes);
- the person from whom the gift/inheritance is taken is neither domiciled nor ordinarily resident in Ireland at the date of the disposition; and
- the person taking the gift/inheritance is neither domiciled nor ordinarily resident in Ireland at the date of the gift/inheritance. | en | de |
DOLFIN940 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium term. The Fund invests at least two-thirds of its assets in investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) issued by companies worldwide. Bonds rated as investment grade, as defined by international agencies that provide such ratings, are considered safer than lower rated bonds but typically pay a lower income. The Fund invests directly in these assets or by using derivatives (complex instruments). Derivatives will be used to obtain, increase or reduce exposure to underlying assets and may create leverage. Where leverage is created, the net asset value of the Fund may experience more fluctuation than if there were no leverage. The Fund may also use derivatives for hedging purposes or to manage the Fund more efficiently. The Fund may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the Bloomberg Global Aggregate Corporate Index (USD Hedged). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index.
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | ## Obiettivo e politica d'investimento
Lo scopo del Fondo è quello di fornire reddito con il potenziale per far crescere l’importo investito nel medio/lungo termine. Il Fondo investe almeno due terzi del proprio patrimonio in obbligazioni con rating investment grade (simili a un prestito e che corrispondono un tasso d’interesse fisso o variabile) emesse da società in tutto il mondo. Le obbligazioni classificate come investment grade, come indicato dalle agenzie internazionali che emettono tali rating, sono considerate più sicure di quelle con rating inferiore ma tipicamente pagano un interesse inferiore. Il Fondo investe direttamente in queste attività oppure ricorre a strumenti derivati (strumenti d’investimento sofisticati). I derivati saranno utilizzati per ottenere, aumentare o ridurre l’esposizione alle attività sottostanti e possono innescare un meccanismo di leva finanziaria. Laddove si inneschi un meccanismo di leva finanziaria, il valore patrimoniale netto del Fondo potrà subire maggiori fluttuazioni che in assenza di leva. Il Fondo può inoltre utilizzare derivati a fini di copertura o per una gestione più efficiente. Il Fondo può inoltre investire in classi di attività e strumenti diversi da quelli sopra riportati. Il Fondo è gestito attivamente in riferimento all’Indice Bloomberg Global Aggregate Corporate Index (USD Hedged). L'Indice è ampiamente rappresentativo dei titoli in cui investe il Fondo e fornisce un benchmark target adeguato rispetto al quale la performance del Fondo verrà misurata e valutata nel tempo. Il gestore del fondo ha la facoltà di selezionare in modo discrezionale gli investimenti con coefficienti di ponderazione diversi da quelli inclusi nell'indice e non presenti nell'indice. Inoltre, il Fondo può presentare una divergenza significativa rispetto all'indice.
Il reddito dagli investimenti nel Fondo verrà aggiunto al valore delle vostre azioni.
Potete acquistare e vendere azioni del Fondo in qualunque giorno che corrisponda ad un giorno lavorativo in Lussemburgo, salvo laddove gli Amministratori abbiano stabilito che è aperto un numero insufficiente di mercati. Per maggiori informazioni sull'obiettivo e la politica d'investimento del Fondo, si rimanda al Prospetto. Per ulteriori informazioni sui termini di investimento utilizzati nel presente documento, si rimanda al Glossario disponibile sul sito www.columbiathreadneedle.com. | ## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium term. The Fund invests at least two-thirds of its assets in investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) issued by companies worldwide. Bonds rated as investment grade, as defined by international agencies that provide such ratings, are considered safer than lower rated bonds but typically pay a lower income. The Fund invests directly in these assets or by using derivatives (complex instruments). Derivatives will be used to obtain, increase or reduce exposure to underlying assets and may create leverage. Where leverage is created, the net asset value of the Fund may experience more fluctuation than if there were no leverage. The Fund may also use derivatives for hedging purposes or to manage the Fund more efficiently. The Fund may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the Bloomberg Global Aggregate Corporate Index (USD Hedged). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index.
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com. | en | it |
DOLFIN941 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| --- | --- |
| 2.11 | Nonobstant les limites individuelles définies au paragraphe 2.1, un FMM ne peut investir plus de 10 % de ses actifs dans des obligations émises par un seul établissement de crédit ayant son siège social dans un État membre et soumis légalement à une surveillance publique spéciale destinée à protéger les détenteurs d'obligations. Les sommes provenant de l'émission de ces obligations sont notamment investies légalement dans des actifs qui, pendant toute la durée de validité des obligations, sont capables de couvrir les créances attachées aux obligations et qui, en cas de défaillance de l'émetteur, seraient utilisés en priorité pour le remboursement du capital et le paiement des intérêts courus. |
| 2.12 | Lorsqu'un FMM investit plus de 5 % de ses actifs dans des obligations visées au paragraphe 2.11, émises par un seul émetteur, la valeur totale de ces investissements ne doit pas dépasser 40 % de la valeur des actifs du FMM. |
| 2.13 | Nonobstant les limites individuelles fixées au paragraphe 2.1, un FMM ne peut investir plus de 20 % de ses actifs dans des obligations émises par un même établissement de crédit lorsque les conditions énoncées au point (f) de l'Article 10(1) ou au point (c) de l'Article 11(1), du Règlement délégué (UE) 2015/61 sont respectées, ceci s'appliquant également à tout investissement éventuel dans les actifs visés au paragraphe 2.11. |
| 2.14 | Lorsqu'un FMM investit plus de 5 % de ses actifs dans des obligations visées au paragraphe 2.13 émises par un seul émetteur, la valeur totale de ces investissements ne doit pas dépasser 60 % de la valeur de ses actifs, y compris tout investissement potentiel dans les actifs visés au paragraphe 2.11, en respectant les limites qui y sont énoncées. |
| 2.15 | Les sociétés incluses dans le même groupe aux fins des comptes consolidés en vertu de la Directive 2013/34/UE du Parlement européen et du Conseil ou conformément aux règles comptables internationales reconnues sont considérées comme une seule et même entité aux fins du calcul les limites visées aux paragraphes 2.1 à 2.8. |
| 3 | Parts ou actions éligibles des FMM |
| 3.1 | Un FMM peut acquérir les parts ou actions de tout autre FMM (« FMM ciblé ») à condition que toutes les conditions suivantes soient remplies : - pas plus de 10 % des actifs du FMM ciblé ne peuvent, conformément au règlement de son fonds ou à ses statuts, être investis globalement dans des parts ou actions d'autres FMM ; | | --- | --- |
| 2.11 | Sin perjuicio de los límites individuales establecidos en el apartado 2.1, un FMM podrá invertir hasta el 10 % de sus activos en bonos emitidos por una sola entidad de crédito que tenga su domicilio social en un Estado miembro y que esté sujeta por ley a una supervisión pública especial diseñada para proteger a los titulares de los bonos. En particular, las sumas obtenidas de la emisión de dichos bonos se invertirán de conformidad con la ley en activos que, durante todo el periodo de validez de los bonos, puedan cubrir las demandas asociadas a los bonos y que, en caso de incumplimiento del emisor, puedan usarse prioritariamente para reembolsar el capital principal y el pago de los intereses devengados. |
| 2.12 | Cuando un FMM invierta más del 5 % de sus activos en los bonos contemplados en el apartado 2.11 emitidos por un solo emisor, el valor total de dichas inversiones no podrá superar el 40 % del valor de los activos del FMM. |
| 2.13 | Sin perjuicio de los límites individuales establecidos en el apartado 2.1, un FMM podrá invertir hasta el 20 % de sus activos en bonos emitidos por una sola entidad de crédito siempre que se cumplan los requisitos establecidos en el epígrafe (f) del punto 1 del artículo 10, o en el epígrafe (c) del punto 1 del artículo 11 del Reglamento Delegado (UE) 2015/61, incluida cualquier posible inversión en los activos contemplados en el apartado 2.11. |
| 2.14 | Cuando un FMM invierta más del 5 % de sus activos en los bonos contemplados en el apartado 2.13 emitidos por un solo emisor, el valor total de dichas inversiones no podrá superar el 60 % del valor de los activos del FMM, incluida cualquier posible inversión en los activos contemplados en el apartado 2.11, siempre que se respeten los límites allí establecidos. |
| 2.15 | Las empresas incluidas en el mismo grupo con fines de consolidación de cuentas en el marco de la Directiva 2013/34/UE del Parlamento Europeo y del Consejo, o de conformidad con normas contables reconocidas internacionalmente, se considerarán como una sola entidad a efectos del cálculo de los límites contemplados en los apartados 2.1 a 2.8. |
| 3 | Unidades acciones de FMM elegibles |
| 3.1 | Un FMM podrá adquirir las unidades o acciones de cualquier otro FMM (en adelante, el «FMM de destino») siempre que se cumplan todas las condiciones siguientes: - hasta el 10 % de los activos del FMM de destino podrá, de acuerdo con el reglamento del fondo o con los estatutos de constitución, invertirse en unidades o acciones de otros FMM; | | --- | --- |
| 2.11 | Nonobstant les limites individuelles définies au paragraphe 2.1, un FMM ne peut investir plus de 10 % de ses actifs dans des obligations émises par un seul établissement de crédit ayant son siège social dans un État membre et soumis légalement à une surveillance publique spéciale destinée à protéger les détenteurs d'obligations. Les sommes provenant de l'émission de ces obligations sont notamment investies légalement dans des actifs qui, pendant toute la durée de validité des obligations, sont capables de couvrir les créances attachées aux obligations et qui, en cas de défaillance de l'émetteur, seraient utilisés en priorité pour le remboursement du capital et le paiement des intérêts courus. |
| 2.12 | Lorsqu'un FMM investit plus de 5 % de ses actifs dans des obligations visées au paragraphe 2.11, émises par un seul émetteur, la valeur totale de ces investissements ne doit pas dépasser 40 % de la valeur des actifs du FMM. |
| 2.13 | Nonobstant les limites individuelles fixées au paragraphe 2.1, un FMM ne peut investir plus de 20 % de ses actifs dans des obligations émises par un même établissement de crédit lorsque les conditions énoncées au point (f) de l'Article 10(1) ou au point (c) de l'Article 11(1), du Règlement délégué (UE) 2015/61 sont respectées, ceci s'appliquant également à tout investissement éventuel dans les actifs visés au paragraphe 2.11. |
| 2.14 | Lorsqu'un FMM investit plus de 5 % de ses actifs dans des obligations visées au paragraphe 2.13 émises par un seul émetteur, la valeur totale de ces investissements ne doit pas dépasser 60 % de la valeur de ses actifs, y compris tout investissement potentiel dans les actifs visés au paragraphe 2.11, en respectant les limites qui y sont énoncées. |
| 2.15 | Les sociétés incluses dans le même groupe aux fins des comptes consolidés en vertu de la Directive 2013/34/UE du Parlement européen et du Conseil ou conformément aux règles comptables internationales reconnues sont considérées comme une seule et même entité aux fins du calcul les limites visées aux paragraphes 2.1 à 2.8. |
| 3 | Parts ou actions éligibles des FMM |
| 3.1 | Un FMM peut acquérir les parts ou actions de tout autre FMM (« FMM ciblé ») à condition que toutes les conditions suivantes soient remplies : - pas plus de 10 % des actifs du FMM ciblé ne peuvent, conformément au règlement de son fonds ou à ses statuts, être investis globalement dans des parts ou actions d'autres FMM ; | fr | es |
DOLFIN942 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## M A RK E T R EV IEW
Global equities soared in January. Investors were encouraged by strong labor reports, moderating inflation, and surprisingly resilient economic growth amid a decline in energy prices. Thanks to record-high temperatures and efforts to find alternative sources of natural gas, wholesale gas prices in Europe have fallen precipitously to levels last seen before the Russia/Ukraine war, easing the threats of blackouts, mass industrial disruptions, and a deep recession. US labor market data showed slower wage growth, stronger-than-expected job gains, and a fall in the unemployment rate to a 53-year low. Inflation in the US and eurozone eased, increasing hopes that central banks can end their hiking cycles soon. Chinese equities continued to surge amid the rapid unwinding of the country's zero-COVID restrictions and pro-growth policy measures. Markets were increasingly optimistic about the potential for a rapid economic recovery in China, which could benefit its trading partners and boost the global economy. Manufacturing and services indicators in China improved, and travel and leisure data showed signs of recovery as people took advantage of a Lunar New Year free of COVID restrictions. Japanese core inflation rose to its highest level in 40 years, as the Bank of Japan purchased a record amount of bonds to defend its yield cap against speculators who believe that the bank will soon raise interest rates.
The MSCI AC World Net returned 7.2% for the month. Within the index, nine out of 11 sectors rose over the month. Consumer discretionary and communication services were the top performing sectors, while health care and utilities were the bottom performing sectors over the period. | ## A N A L I S I DEL M ER C A T O
A gennaio le azioni globali hanno registrato un’impennata. Gli investitori sono stati incoraggiati dalla solidità dei dati sul lavoro, dalla moderazione dell’inflazione e da una crescita economica sorprendentemente solida, nel contesto del calo dei prezzi dell’energia. Grazie a temperature record e agli sforzi per trovare fonti di gas naturale alternative, i prezzi del gas all’ingrosso in Europa sono crollati fino a raggiungere livelli precedenti al conflitto tra Russia e Ucraina, attenuando le minacce di blackout, di interruzioni industriali di massa e di una profonda recessione. I dati del mercato del lavoro americano hanno evidenziato una crescita salariale più lenta, un aumento dei posti di lavoro maggiore del previsto e un calo del tasso di disoccupazione ai minimi da 53 anni. Negli Stati Uniti e in Eurozona l’inflazione è diminuita, alimentando le speranze che le banche centrali presto metteranno fine ai loro cicli di rialzo. Le azioni cinesi hanno continuato a crescere sulla scia del rapido allentamento delle restrizioni anti-COVID nel Paese e grazie a interventi politici a favore della crescita. Sui mercati è cresciuto l’ottimismo verso una rapida ripresa economica in Cina, che potrebbe avvantaggiare i suoi partner commerciali e stimolare l’economia globale. Gli indicatori manifatturieri e dei servizi in Cina sono migliorati e i dati sui viaggi e il tempo libero hanno evidenziato segnali di ripresa, favorita dai festeggiamenti del capodanno lunare senza restrizioni COVID. L’inflazione core giapponese è salita al livello più alto degli ultimi 40 anni, dopo che la Banca del Giappone ha acquistato una quantità record di obbligazioni per difendere lo yeld cap dagli speculatori, convinti che presto la banca alzerà i tassi d'interesse.
L’indice MSCI AC World Net ha conseguito una performance di 7,2% nel corso del periodo. A livello di indice, nove settori su 11 hanno registrato una crescita nel corso del periodo. I settori dei consumi discrezionali e dei servizi di comunicazione sono stati i più performanti, mentre sanità e servizi di pubblica utilità hanno apportato i contributi più deludenti. | ## M A RK E T R EV IEW
Global equities soared in January. Investors were encouraged by strong labor reports, moderating inflation, and surprisingly resilient economic growth amid a decline in energy prices. Thanks to record-high temperatures and efforts to find alternative sources of natural gas, wholesale gas prices in Europe have fallen precipitously to levels last seen before the Russia/Ukraine war, easing the threats of blackouts, mass industrial disruptions, and a deep recession. US labor market data showed slower wage growth, stronger-than-expected job gains, and a fall in the unemployment rate to a 53-year low. Inflation in the US and eurozone eased, increasing hopes that central banks can end their hiking cycles soon. Chinese equities continued to surge amid the rapid unwinding of the country's zero-COVID restrictions and pro-growth policy measures. Markets were increasingly optimistic about the potential for a rapid economic recovery in China, which could benefit its trading partners and boost the global economy. Manufacturing and services indicators in China improved, and travel and leisure data showed signs of recovery as people took advantage of a Lunar New Year free of COVID restrictions. Japanese core inflation rose to its highest level in 40 years, as the Bank of Japan purchased a record amount of bonds to defend its yield cap against speculators who believe that the bank will soon raise interest rates.
The MSCI AC World Net returned 7.2% for the month. Within the index, nine out of 11 sectors rose over the month. Consumer discretionary and communication services were the top performing sectors, while health care and utilities were the bottom performing sectors over the period. | en | it |
DOLFIN943 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## FOREIGN EXCHANGE/CURRENCY RISK
Although Shares in a Sub-Fund may be denominated in euro, dollars or sterling the Sub-Fund may invest its assets in securities denominated in a wide range of currencies, some of which may not be freely convertible. The Net Asset Value of the Sub-Fund as expressed in euro, dollars or sterling will fluctuate in accordance with the changes in the foreign exchange rate between the euro, the dollar, the sterling and the currencies in which the Sub-Fund's investments are denominated. The Sub- Fund may therefore be exposed to a foreign exchange/ currency risk.
Depending on an investor's currency of reference, currency fluctuations between that currency and the Base Currency of a Sub-Fund may adversely affect the value of an investment in that Sub-Fund.
It may not be possible or practicable to hedge against such exchange rate risk. The Investment Advisers may, but are not obliged to, mitigate this risk by using financial instruments. A Sub-Fund may from time to time enter into currency exchange transactions either on a spot basis or by buying currency exchange forward contracts. Neither spot transactions nor currency exchange forward contracts eliminate fluctuations in the prices of a Sub-Fund's assets or in foreign exchange rates, or prevent loss if the prices of these assets should decline. Performance of a Sub-Fund may be strongly influenced by movements in foreign exchange rates because currency positions held by a Sub-Fund may not correspond with the assets held. | ## CHANGE/RISQUE DE CHANGE
Les actifs d'un Compartiment peuvent être libellés en euro, dollar ou livre sterling mais le Compartiment peut investir ses actifs dans des titres libellés dans une vaste gamme de devises, dont certaines peuvent ne pas être convertibles librement. La Valeur Liquidative totale du Compartiment exprimée en euros, dollars ou livres sterling fluctuera en fonction du taux de change entre l'euro, le dollar, la livre sterling et les devises dans lesquelles les investissements du Compartiment sont libellés. Le Compartiment peut par conséquent être exposé à un risque de change.
En fonction de la devise de référence d'un investisseur, les fluctuations du change entre cette devise et la devise de base d'un Compartiment peuvent avoir un impact négatif sur la valeur d'un investissement dans ce Compartiment.
La couverture d'un tel risque de change peut être impossible ou impraticable. Le Conseiller en Investissements peut, sans y être tenu, tenter d'atténuer ce risque en utilisant des instruments financiers. Un Compartiment peut occasionnellement conclure des opérations de change, soit au comptant, soit en achetant des contrats de change à terme. Ni les opérations au comptant, ni les contrats de change à terme n'éliminent les fluctuations de prix des actifs d'un Compartiment ou des taux de change, ni ne préviennent les moins-values
en cas de baisse du prix de ces actifs. La performance d'un Compartiment peut être fortement influencée par des mouvements de taux de change parce que ses positions en devises peuvent ne pas correspondre aux actifs qu'il détient. | ## FOREIGN EXCHANGE/CURRENCY RISK
Although Shares in a Sub-Fund may be denominated in euro, dollars or sterling the Sub-Fund may invest its assets in securities denominated in a wide range of currencies, some of which may not be freely convertible. The Net Asset Value of the Sub-Fund as expressed in euro, dollars or sterling will fluctuate in accordance with the changes in the foreign exchange rate between the euro, the dollar, the sterling and the currencies in which the Sub-Fund's investments are denominated. The Sub- Fund may therefore be exposed to a foreign exchange/ currency risk.
Depending on an investor's currency of reference, currency fluctuations between that currency and the Base Currency of a Sub-Fund may adversely affect the value of an investment in that Sub-Fund.
It may not be possible or practicable to hedge against such exchange rate risk. The Investment Advisers may, but are not obliged to, mitigate this risk by using financial instruments. A Sub-Fund may from time to time enter into currency exchange transactions either on a spot basis or by buying currency exchange forward contracts. Neither spot transactions nor currency exchange forward contracts eliminate fluctuations in the prices of a Sub-Fund's assets or in foreign exchange rates, or prevent loss if the prices of these assets should decline. Performance of a Sub-Fund may be strongly influenced by movements in foreign exchange rates because currency positions held by a Sub-Fund may not correspond with the assets held. | en | fr |
DOLFIN944 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Amendment to Article 22
General meetings may be convened with immediate effect on any date within six months of the end of the Investment Company's financial year.
- Editorial changes in Articles 5, 12, 21, 23 and 25
- Insertion of Article 32A draft of the new Articles of Association may be obtained from the Investment Company.
- Redemption options in the context of adjustments to the sales prospectusShareholders who do not agree with the above changes may redeem their shares of the MainFirst – Emerging Markets Corporate Bond Fund Balanced and MainFirst – Emerging Markets Credit Opportunities Fund sub- funds free of charge until 21 December 2020 (12:00 noon) and the remaining sub-funds until 23 December 2020 (12:00 noon).
Shares of the MainFirst – Emerging Markets Corporate Bond Fund Balanced and MainFirst – Emerging Markets Credit Opportunities Fund sub-funds may not be issued or redeemed during the period from 12:00 noon on 21 December 2020 up to and including midnight on 31 December 2020. Shares of all sub-funds may not be issued or redeemed during the period from 12:00 noon on 23 December 2020 up to and including midnight on 31 December 2020.
The amended sales prospectus together with the Articles of Association and the Key Investor Information as at 1 January 2021 are available free of charge at the registered office of the Management Company MainFirst Affiliated Fund Managers S.A., 16, rue Gabriel Lippmann, L-5365 Munsbach, Luxembourg, the Depositary J.P. Morgan Bank Luxembourg S.A., 6c, route de Trèves, L-2633 Senningerberg, at the Paying Agents and on the website www.mainfirst-invest.com.
Senningerberg, 20 November 2020
MainFirst (Société d'Investissement à Capital Variable) | # Änderung des Artikels 22
Die Hauptversammlungen können ab sofort an einem beliebigen Datum innerhalb von sechs Monaten nach Geschäftsjahresende der Investmentgesellschaft einberufen werden.
- Redaktionelle Änderungen in den Artikeln 5, 12, 21, 23 und 25
- Einfügung des Artikels 32Ein Entwurf der neuen Satzung ist bei der Investmentgesellschaft erhältlich.
- Rücknahmemöglichkeiten im Rahmen der ProspektanpassungenAktionäre, die mit den genannten Änderungen nicht einverstanden sind, können ihre Aktien der Teilfonds MainFirst – Emerging Markets Corporate Bond Fund Balanced und MainFirst – Emerging Markets Credit Opportunities Fund bis zum 21. Dezember 2020 (12:00 Uhr) und der übrigen Teilfonds bis zum 23. Dezember 2020 (12:00 Uhr) kostenlos zurückgeben.
Die Ausgabe und Rücknahme von Aktien der Teilfonds MainFirst – Emerging Markets Corporate Bond Fund Balanced und MainFirst – Emerging Markets Credit Opportunities Fund ist während des Zeitraums vom 21. Dezember 2020 ab 12:00 Uhr bis einschließlich 31. Dezember 24:00 Uhr nicht möglich. Die Ausgabe und Rücknahme von Aktien aller übrigen Teilfonds ist während des Zeitraums vom 23. Dezember 2020 ab 12:00 Uhr bis einschließlich 31. Dezember 24:00 Uhr nicht möglich.
Der geänderte Verkaufsprospekt nebst Satzung sowie die wesentlichen Anlegerinformationen zum 1. Januar 2021 sind am Sitz der Verwaltungsgesellschaft MainFirst Affiliated Fund Managers S.A, 16, rue Gabriel Lippmann, L-5365 Munsbach, Luxembourg, der Verwahrstelle J.P. Morgan Bank Luxembourg S. A., 6c, route de Trèves, L-2633 Senningerberg, bei den Zahlstellen, auf der Internetseite www.mainfirst-invest.com sowie bei der deutschen Zahl – und Informationsstelle MainFirst Affiliated Fund Managers (Deutschland) GmbH, Kennedyallee 76, D-60596 Frankfurt am Main, kostenlos erhältlich.
Senningerberg, den 20. November 2020
MainFirst (Société d'Investissement à Capital Variable) | # Amendment to Article 22
General meetings may be convened with immediate effect on any date within six months of the end of the Investment Company's financial year.
- Editorial changes in Articles 5, 12, 21, 23 and 25
- Insertion of Article 32A draft of the new Articles of Association may be obtained from the Investment Company.
- Redemption options in the context of adjustments to the sales prospectusShareholders who do not agree with the above changes may redeem their shares of the MainFirst – Emerging Markets Corporate Bond Fund Balanced and MainFirst – Emerging Markets Credit Opportunities Fund sub- funds free of charge until 21 December 2020 (12:00 noon) and the remaining sub-funds until 23 December 2020 (12:00 noon).
Shares of the MainFirst – Emerging Markets Corporate Bond Fund Balanced and MainFirst – Emerging Markets Credit Opportunities Fund sub-funds may not be issued or redeemed during the period from 12:00 noon on 21 December 2020 up to and including midnight on 31 December 2020. Shares of all sub-funds may not be issued or redeemed during the period from 12:00 noon on 23 December 2020 up to and including midnight on 31 December 2020.
The amended sales prospectus together with the Articles of Association and the Key Investor Information as at 1 January 2021 are available free of charge at the registered office of the Management Company MainFirst Affiliated Fund Managers S.A., 16, rue Gabriel Lippmann, L-5365 Munsbach, Luxembourg, the Depositary J.P. Morgan Bank Luxembourg S.A., 6c, route de Trèves, L-2633 Senningerberg, at the Paying Agents and on the website www.mainfirst-invest.com.
Senningerberg, 20 November 2020
MainFirst (Société d'Investissement à Capital Variable) | en | de |
DOLFIN945 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Liquidation, transfer and merger of the Fund
## Conditions for the liquidation of the Fund
Investors are not entitled to demand that the Fund be liquidated. The Company may terminate its right to manage the Fund subject to at least six months’ notice via publication in the German Federal Ga- zette, as well as in the annual or semi-annual report. Investors shall also be informed of this termination by the agent maintaining their securities account via a durable medium, i.e. a hard copy or in electronic form. On the date when the termination takes effect, the right of the Company to manage the Fund shall expire.
Moreover, the right of the Company to manage the Fund ceases if insolvency proceedings are opened against the Company's assets or following a court order rejecting the opening of insolvency proceed- ings due to insufficiency of assets.
When the Company loses its authority to manage, the right to dispose of the Fund shall pass to the Custodian, who shall liquidate the Fund and distribute the proceeds to investors or – subject to BaFin approval – transfer the management to another capital management company.
## Procedure for liquidation of the Fund
When the right to dispose of the Fund passes to the Custodian, the issue and redemption of units will cease and the Fund will be liquidated.
The proceeds from the sale of the Fund's assets, less any costs that are still to be borne by the Fund and the costs resulting from the liquidation procedure, shall be distributed to investors, who shall be entitled to receive payment of the liquidation proceeds in proportion to their number of units held in the Fund.
The Company shall issue a liquidation report on the day on which its right of management expires, which shall comply with the requirements applicable to the annual report. The liquidation report shall be published in the German Federal Gazette no later than three months after the relevant date of liquidation of the Investment Fund. Whilst the custodian is winding up the Fund, it shall issue reports annually, as well as on the day on which the winding up process is completed, which shall comply with the requirements applicable to the annual report. These reports shall likewise be published in the Ger- man Federal Gazette no later than three months after the relevant date.
## Transfer of the Fund
The Company may transfer the right to manage and dispose of the Fund to another management company. The transfer is subject to prior approval by BaFin. The approved transfer is disclosed in the German Federal Gazette and also in the annual and semi-annual report of the Fund. Investors shall also be informed of the planned transfer by the agent maintaining their securities account via a durable medium, i.e. a hard copy or in electronic form. The time at which the transfer becomes effective is determined based on the contractual agreements between the Company and the absorbing manage- ment company. However, the transfer may only become effective three months after being disclosed in the German Federal Gazette. All rights and duties of the Company in relation to the Fund are then transferred to the absorbing management company.
## Conditions for merger of the Fund
All the assets of this Fund may – subject to BaFin approval – be transferred to another investment fund, be it existing or newly created by the merger, which must meet the requirements for a UCITS and be established in Germany or another EU Member State or EEA member country. All of the Fund's assets may be transferred to a domestic investment corporation with variable capital, be it existing or newly created by the merger.
Such transfer shall take effect from the end of the financial year of the Fund (transfer date), unless another transfer date is determined.
## Rights of investors upon merger of the Fund
Investors have up to five working days before the planned transfer date to either redeem their units without further costs (except for the costs deducted to cover the liquidation costs) or to exchange their units for those in another open-end public investment fund that is also managed by the Company or a company in the same group and which has a similar investment policy to the Fund.
Prior to the planned transfer date, the Company must inform the investors in the Fund of the reasons for the merger, the potential effects for the investors, their rights in relation to the merger and key procedural aspects via a durable medium such as in hard copy or electronic form. Investors shall also receive the Key Information Document for the investment fund to which the Fund's assets will be transferred. Investors must receive the above information at least 30 days before the deadline for re- demption or conversion of their units.
On the transfer date, the net asset values of the Fund and the absorbing investment fund shall be calculated, the exchange ratio determined and the entire exchange process audited by the statutory auditor. The conversion ratio will be based on the ratio of the net asset values of each unit in the Fund and in the absorbing investment fund at the time of transfer. Investors shall receive a number of units in the absorbing investment fund which corresponds to the value of their units in the Fund.
Investors who do not exercise their right of redemption or conversion will become investors of the absorbing investment fund with effect from the date of transfer. Where appropriate, the Company may also agree with the management company of the absorbing investment fund that the investors of the Fund will receive payment in cash for up to 10% of the value of their units. The Fund will cease to exist upon transfer of all of its assets. If the transfer is made during the current financial year of the
Fund, the Company must draw up a report on the transfer date that meets the requirements for an annual report.
The Company shall give notice in the German Federal Gazette and in the electronic information media specified in this Sales Prospectus if the Fund has been merged with another investment fund also man- aged by the Company and the merger has taken effect. If the Fund is to be merged with another investment fund that is not managed by the Company, the company managing the absorbing or newly established investment fund will be responsible for announcing that the merger has taken effect.
- | # Auflösung, Übertragung und Verschmelzung des Fonds
## Voraussetzungen für die Auflösung des Fonds
Die Anleger sind nicht berechtigt, die Auflösung des Fonds zu verlangen. Die Gesellschaft kann ihr Recht zur Verwaltung des Fonds kündigen unter Einhaltung einer Kündigungsfrist von mindestens sechs Monaten durch Bekanntgabe im Bundesanzeiger und darüber hinaus im Jahresbericht oder Halbjah- resbericht. Über die Kündigung werden die Anleger außerdem über ihre depotführenden Stellen per dauerhaften Datenträger, etwa in Papierform oder elektronischer Form informiert. Mit dem Wirksam- werden der Kündigung erlischt das Recht der Gesellschaft, den Fonds zu verwalten.
Des Weiteren endet das Verwaltungsrecht der Gesellschaft, wenn das Insolvenzverfahren über ihr Ver- mögen eröffnet wird oder mit der Rechtskraft des Gerichtsbeschlusses, durch den der Antrag auf die Eröffnung des Insolvenzverfahrens mangels Masse abgewiesen wird.
Mit Erlöschen des Verwaltungsrechts der Gesellschaft geht das Verfügungsrecht über den Fonds auf die Verwahrstelle über, die den Fonds abwickelt und den Erlös an die Anleger verteilt, oder mit Geneh- migung der BaFin einer anderen Kapitalverwaltungsgesellschaft die Verwaltung überträgt.
## Verfahren bei Auflösung des Fonds
Mit dem Übergang des Verfügungsrechts über den Fonds auf die Verwahrstelle wird die Ausgabe und Rücknahme von Anteilen eingestellt und der Fonds abgewickelt.
Der Erlös aus der Veräußerung der Vermögenswerte des Fonds abzüglich der noch durch den Fonds zu tragenden Kosten und der durch die Auflösung verursachten Kosten werden an die Anleger verteilt, wobei diese in Höhe ihrer jeweiligen Anteile am Fonds Ansprüche auf Auszahlung des Liquidationser- löses haben.
Die Gesellschaft erstellt auf den Tag, an dem ihr Verwaltungsrecht erlischt, einen Auflösungsbericht, der den Anforderungen an einen Jahresbericht entspricht. Spätestens drei Monate nach dem Stichtag der Auflösung des Fonds wird der Auflösungsbericht im Bundesanzeiger bekannt gemacht. Während die Verwahrstelle den Fonds abwickelt, erstellt sie jährlich sowie auf den Tag, an dem die Abwicklung beendet ist, einen Bericht, der den Anforderungen an einen Jahresbericht entspricht. Diese Berichte sind ebenfalls spätestens drei Monate nach dem Stichtag im Bundesanzeiger bekannt zu machen.
## Übertragung des Fonds
Die Gesellschaft kann das Verwaltungs- und Verfügungsrecht über den Fonds auf eine andere Kapital- verwaltungsgesellschaft übertragen. Die Übertragung bedarf der vorherigen Genehmigung durch die BaFin. Die genehmigte Übertragung wird im Bundesanzeiger und darüber hinaus im Jahresbericht oder Halbjahresbericht des Fonds bekannt gemacht. Über die geplante Übertragung werden die Anleger außerdem über ihre depotführenden Stellen per dauerhaften Datenträger, etwa in Papierform oder elektronischer Form informiert. Der Zeitpunkt, zu dem die Übertragung wirksam wird, bestimmt sich nach den vertraglichen Vereinbarungen zwischen der Gesellschaft und der aufnehmenden Kapitalver- waltungsgesellschaft. Die Übertragung darf jedoch frühestens drei Monate nach ihrer Bekanntma- chung im Bundesanzeiger wirksam werden. Sämtliche Rechte und Pflichten der Gesellschaft in Bezug auf den Fonds gehen dann auf die aufnehmende Kapitalverwaltungsgesellschaft über.
## Voraussetzungen für die Verschmelzung des Fonds
Alle Vermögensgegenstände dieses Fonds dürfen mit Genehmigung der BaFin auf ein anderes beste- hendes oder durch die Verschmelzung neu gegründetes Investmentvermögen übertragen werden, wel- ches die Anforderungen an einen OGAW erfüllen muss, der in Deutschland oder in einem anderen EU- oder EWR-Staat aufgelegt wurde. Sämtliche Vermögensgegenstände des Fonds dürfen auch auf eine bestehende oder durch die Verschmelzung neu gegründete inländische Investmentaktiengesellschaft mit veränderlichem Kapital übertragen werden.
Die Übertragung wird zum Geschäftsjahresende des Fonds (Übertragungsstichtag) wirksam, sofern kein anderer Übertragungsstichtag bestimmt wird.
## Rechte der Anleger bei der Verschmelzung des Fonds
Die Anleger haben bis fünf Arbeitstage vor dem geplanten Übertragungsstichtag entweder die Mög- lichkeit, ihre Anteile ohne weitere Kosten zurückzugeben, mit Ausnahme der Kosten zur Deckung der Auflösung des Fonds, oder ihre Anteile gegen Anteile eines anderen offenen Publikums-
Investmentvermögens umzutauschen, das ebenfalls von der Gesellschaft oder einem Unternehmen desselben Konzerns verwaltet wird und dessen Anlagegrundsätze mit denen des Fonds vergleichbar sind.
Die Gesellschaft hat die Anleger des Fonds vor dem geplanten Übertragungsstichtag per dauerhaften Datenträger, etwa in Papierform oder in elektronischer Form über die Gründe für die Verschmelzung, den potentiellen Auswirkungen für die Anleger, deren Rechte in Zusammenhang mit der Verschmel- zung sowie über maßgebliche Verfahrensaspekte zu informieren. Den Anlegern sind zudem das Ba- sisinformationsblatt für das Investmentvermögen zu übermitteln, auf das die Vermögensgegenstände des Fonds übertragen werden. Der Anleger muss die vorgenannten Informationen mindestens 30 Tage vor Ablauf der Frist zur Rückgabe oder Umtausch seiner Anteile erhalten.
Am Übertragungsstichtag werden die Nettoinventarwerte des Fonds und des übernehmenden Invest- mentvermögens berechnet, das Umtauschverhältnis wird festgelegt und der gesamte Umtauschvor- gang wird vom Abschlussprüfer geprüft. Das Umtauschverhältnis ermittelt sich nach dem Verhältnis der Nettoinventarwerte je Anteil des Fonds und des übernehmenden Investmentvermögens zum Zeit- punkt der Übernahme. Der Anleger erhält die Anzahl von Anteilen an dem übernehmenden Invest- mentvermögen, die dem Wert seiner Anteile an dem Fonds entspricht.
Sofern die Anleger von ihrem Rückgabe- oder Umtauschrecht keinen Gebrauch machen, werden sie am Übertragungsstichtag Anleger des übernehmenden Investmentvermögens. Die Gesellschaft kann gegebenenfalls auch mit der Verwaltungsgesellschaft des übernehmenden Investmentvermögens fest- legen, dass den Anlegern des Fonds bis zu 10 % des Wertes ihrer Anteile in bar ausgezahlt werden. Mit der Übertragung aller Vermögenswerte erlischt der Fonds. Findet die Übertragung während des laufenden Geschäftsjahres des Fonds statt, muss die Gesellschaft auf den Übertragungsstichtag einen Bericht erstellen, der den Anforderungen an einen Jahresbericht entspricht.
Die Gesellschaft macht im Bundesanzeiger und darüber hinaus in den in diesem Verkaufsprospekt be- zeichneten elektronischen Informationsmedien bekannt, wenn der Fonds auf ein anderes von der Ge- sellschaft verwaltetes Investmentvermögen verschmolzen wurde und die Verschmelzung wirksam ge- worden ist. Sollte der Fonds auf ein anderes Investmentvermögen verschmolzen werden, das nicht von der Gesellschaft verwaltet wird, so übernimmt die Verwaltungsgesellschaft die Bekanntmachung des Wirksamwerdens der Verschmelzung, die das aufnehmende oder neu gegründete Investmentvermö- gen verwaltet.
- | # Liquidation, transfer and merger of the Fund
## Conditions for the liquidation of the Fund
Investors are not entitled to demand that the Fund be liquidated. The Company may terminate its right to manage the Fund subject to at least six months’ notice via publication in the German Federal Ga- zette, as well as in the annual or semi-annual report. Investors shall also be informed of this termination by the agent maintaining their securities account via a durable medium, i.e. a hard copy or in electronic form. On the date when the termination takes effect, the right of the Company to manage the Fund shall expire.
Moreover, the right of the Company to manage the Fund ceases if insolvency proceedings are opened against the Company's assets or following a court order rejecting the opening of insolvency proceed- ings due to insufficiency of assets.
When the Company loses its authority to manage, the right to dispose of the Fund shall pass to the Custodian, who shall liquidate the Fund and distribute the proceeds to investors or – subject to BaFin approval – transfer the management to another capital management company.
## Procedure for liquidation of the Fund
When the right to dispose of the Fund passes to the Custodian, the issue and redemption of units will cease and the Fund will be liquidated.
The proceeds from the sale of the Fund's assets, less any costs that are still to be borne by the Fund and the costs resulting from the liquidation procedure, shall be distributed to investors, who shall be entitled to receive payment of the liquidation proceeds in proportion to their number of units held in the Fund.
The Company shall issue a liquidation report on the day on which its right of management expires, which shall comply with the requirements applicable to the annual report. The liquidation report shall be published in the German Federal Gazette no later than three months after the relevant date of liquidation of the Investment Fund. Whilst the custodian is winding up the Fund, it shall issue reports annually, as well as on the day on which the winding up process is completed, which shall comply with the requirements applicable to the annual report. These reports shall likewise be published in the Ger- man Federal Gazette no later than three months after the relevant date.
## Transfer of the Fund
The Company may transfer the right to manage and dispose of the Fund to another management company. The transfer is subject to prior approval by BaFin. The approved transfer is disclosed in the German Federal Gazette and also in the annual and semi-annual report of the Fund. Investors shall also be informed of the planned transfer by the agent maintaining their securities account via a durable medium, i.e. a hard copy or in electronic form. The time at which the transfer becomes effective is determined based on the contractual agreements between the Company and the absorbing manage- ment company. However, the transfer may only become effective three months after being disclosed in the German Federal Gazette. All rights and duties of the Company in relation to the Fund are then transferred to the absorbing management company.
## Conditions for merger of the Fund
All the assets of this Fund may – subject to BaFin approval – be transferred to another investment fund, be it existing or newly created by the merger, which must meet the requirements for a UCITS and be established in Germany or another EU Member State or EEA member country. All of the Fund's assets may be transferred to a domestic investment corporation with variable capital, be it existing or newly created by the merger.
Such transfer shall take effect from the end of the financial year of the Fund (transfer date), unless another transfer date is determined.
## Rights of investors upon merger of the Fund
Investors have up to five working days before the planned transfer date to either redeem their units without further costs (except for the costs deducted to cover the liquidation costs) or to exchange their units for those in another open-end public investment fund that is also managed by the Company or a company in the same group and which has a similar investment policy to the Fund.
Prior to the planned transfer date, the Company must inform the investors in the Fund of the reasons for the merger, the potential effects for the investors, their rights in relation to the merger and key procedural aspects via a durable medium such as in hard copy or electronic form. Investors shall also receive the Key Information Document for the investment fund to which the Fund's assets will be transferred. Investors must receive the above information at least 30 days before the deadline for re- demption or conversion of their units.
On the transfer date, the net asset values of the Fund and the absorbing investment fund shall be calculated, the exchange ratio determined and the entire exchange process audited by the statutory auditor. The conversion ratio will be based on the ratio of the net asset values of each unit in the Fund and in the absorbing investment fund at the time of transfer. Investors shall receive a number of units in the absorbing investment fund which corresponds to the value of their units in the Fund.
Investors who do not exercise their right of redemption or conversion will become investors of the absorbing investment fund with effect from the date of transfer. Where appropriate, the Company may also agree with the management company of the absorbing investment fund that the investors of the Fund will receive payment in cash for up to 10% of the value of their units. The Fund will cease to exist upon transfer of all of its assets. If the transfer is made during the current financial year of the
Fund, the Company must draw up a report on the transfer date that meets the requirements for an annual report.
The Company shall give notice in the German Federal Gazette and in the electronic information media specified in this Sales Prospectus if the Fund has been merged with another investment fund also man- aged by the Company and the merger has taken effect. If the Fund is to be merged with another investment fund that is not managed by the Company, the company managing the absorbing or newly established investment fund will be responsible for announcing that the merger has taken effect.
- | en | de |
DOLFIN946 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
## Unit certificates will not be issued.
## Collection Account
The Administrator operates the Collection Account in accordance with the Central Bank’s Investor Money Regulations for a number of collective investment schemes managed by the Manager. The Collection Account is held at a credit institution as prescribed by the Investor Money Regulations (“Relevant Bank”) in the name of the Administrator and is designated as a “Collection Account” or “Coll a/c”. All monies in the Collection Account will be held at the Relevant Bank on a segregated basis by the Administrator, in trust for the benefit of the investors and on behalf of, and at the risk of, the investors for whom such investor monies are being held. The Relevant Bank will hold the cash on the Administrator’s behalf (for the benefit of the investors on behalf of whom such monies are being held) in an account separate from any money the Relevant Bank holds for the Administrator in its own right. In the event of the insolvency of the Relevant Bank, the Administrator should have a claim against the Relevant Bank on behalf of the investors for whom the monies in the Collection Account are being held. In the event of the insolvency of the Administrator, monies in the Collection Account would not form part of the Administrator’s assets.
Any subscription monies which are received by the Administrator prior to investment in a Fund, will be held in a collection account and will not form part of the assets of the relevant fund until such monies are transferred from the Collection Account to the account of the relevant Fund.
Redemption proceeds will be paid into the Collection Account on the Settlement Date and distributions on the relevant distribution payment date, when they will no longer be considered an asset of the relevant Fund. Further, any conversion from one Fund or Class (the “Original Fund”) into another Fund or Class (the “New Fund”) will be deemed to be a redemption from the Original Fund and a subscription into the New Fund and the relevant proceeds will be held in the Collection Account until transferred to the New Fund.
In the event of the insolvency of another Fund of the Unit Trust, recovery of any amounts to which a Fund is entitled, but which may have transferred to such other Fund as a result of the operation of the Collection Account, will be subject to the principles of Irish trust law and the terms of the operational procedures for the Collection Account. There may be delays in effecting and / or disputes as to the recovery of such amounts, and the insolvent Fund may have insufficient funds to repay amounts due to the relevant Fund. Accordingly, there is no guarantee that such Fund or the Unit Trust will recover such amounts. Furthermore, there is no guarantee that in such circumstances such Fund or the Unit Trust would have sufficient funds to repay any unsecured creditors.
## No interest is payable by the Manager or the Administrator on monies credited to the Collection Account. | # Suscripciones de Participaciones
De conformidad con el Contrato de fideicomiso, la Entidad gestora tiene el derecho exclusivo de emitir Participaciones de cualquier Clase en nombre del Fideicomiso de inversiones y crear, con la autorización del Depositario y el Banco Central, nuevas Clases de Participaciones, gozando de entera discreción a la hora aceptar o rechazar total o parcialmente las solicitudes de Participaciones. La Entidad gestora determina el precio de emisión inicial de cada Clase. Todas las Participaciones de cada Clase poseerán la misma categoría. Normalmente, las emisiones de Participaciones se realizan para que entren en vigor a partir de un Día de negociación en el caso de las solicitudes recibidas hasta las 12:00 horas de Irlanda de ese Día de negociación.
El precio de emisión de Participaciones a cualquier persona cuya solicitud se reciba antes de las 12:00 horas de Irlanda de un Día de negociación, tras la emisión inicial, se calcula haciendo referencia al Valor de activo neto por Participación calculado a la Hora de valoración ese Día de negociación.
La Entidad gestora podrá declarar a su entera discreción el cierre de cualquier Fondo o Clase a nuevas suscripciones. Los Titulares de participaciones existentes del Fondo o la Clase recibirán una notificación previa de dicho cierre y la Entidad gestora notificará también a los distribuidores y/o a los agentes de colocación. La Entidad gestora podrá hacer uso de su facultad de cerrar el Fondo a nuevas suscripciones cuando tengan la certeza de que redundará en el interés superior de los Titulares de participaciones de un Fondo, teniendo en cuenta las condiciones de mercado imperantes en cada momento. La Entidad gestora tendrá la facultad de reabrir el Fondo o la Clase pertinente a la suscripción cualquier Día de negociación y los Titulares de participaciones existentes recibirán una notificación previa de dicha reapertura.
La Entidad gestora no podrá emitir ni vender Participaciones en un periodo durante el cual el derecho de los Titulares de participaciones a solicitar la amortización de sus Participaciones esté suspendido de acuerdo con el siguiente apartado “Amortización de Participaciones”. A los solicitantes de Participaciones se les notificará dicho aplazamiento o cancelación y, a menos que las retiren, sus solicitudes se gestionarán el siguiente Día de negociación tras el final de la suspensión.
Todas las Participaciones serán nominativas. No se emitirán certificados representativos de las Participaciones. Normalmente, el registro de las Participaciones incluidas en la solicitud se realizará en un plazo de veintiún días tras la recepción de los datos de registro por parte de la Entidad gestora. La propiedad se registra mediante una inscripción en el registro de Participaciones y se asigna al inversor un número de cuenta que aparecerá en el aviso de registro expedido en el plazo de veintiún días tras la citada recepción por parte de la Entidad gestora. Su número de cuenta debería indicarse en todas las comunicaciones relativas al Fondo.
La Entidad administradora calculará el Valor de activo neto por Participación de cada Fondo y lo notificará a la Bolsa irlandesa sin dilación una vez que lo haya calculado. El cálculo del Valor de activo neto por Participación podrá suspenderse cuando el derecho de los Titulares de participaciones a solicitar la amortización de las Participaciones se suspenda con arreglo al epígrafe “Amortización de Participaciones” del Folleto. Cualquier suspensión será notificada al Banco Central y a la Bolsa irlandesa sin demora y, cuando sea posible, se tomarán todas las medidas razonables para poner fin lo antes posible al período de suspensión.
La Entidad gestora, la Entidad de administración o un distribuidor pueden, a su entera discreción, rechazar cualquier orden de suscripción de Participaciones, en su totalidad o en parte, de forma justificada o no, lo que incluye, en particular, aquellos casos en los que la Entidad gestora o la Entidad administradora, según corresponda, razonablemente crea que la orden de suscripción puede representar un patrón de actividad de negociación excesiva o de aprovechamiento de las “oportunidades del mercado” en relación con el Fideicomiso de inversiones. Si se rechaza una solicitud de Participaciones, los importes de la suscripción se devolverán al solicitante en un plazo de catorce días desde la fecha de dicha solicitud, por cuenta y riesgo del solicitante, y no se devengarán ni intereses ni ningún otro tipo de compensación en relación con tales importes devueltos.
## No se emitirán certificados representativos de las Participaciones.
## Cuenta de cobro
La Entidad administradora gestiona la Cuenta de cobro con arreglo a la Norma del Banco Central sobre Dinero de los inversores para un cierto número de planes de inversión colectiva gestionados por la Entidad gestora. La Cuenta de cobro está mantenida en una entidad de crédito, tal como lo dispone la Norma sobre Dinero de los Inversores (“Banco Relevante”) en nombre de la Entidad administradora, y se denomina “Cuenta de cobro” o “Cta. de cobro”. Todos los importes de la Cuenta de cobro serán mantenidos en el Banco Relevante por la Entidad administradora, según el principio de segregación, en régimen de fideicomiso a favor de los inversores, y por cuenta y riesgo de los inversores para los que se mantienen tales importes de inversión. El Banco Relevante mantendrá el efectivo por cuenta de la Entidad administradora (a favor de los inversores por cuya cuenta se mantienen tales importes) en una cuenta separada de cualquier importe que el Banco Relevante mantenga para la Entidad administradora por derecho propio. En caso de insolvencia del Banco Relevante, la Entidad administradora podrá dirigirse contra el Banco Relevante por cuenta de los inversores para los que se mantiene el efectivo en la Cuenta de cobro. En caso de insolvencia de la Entidad administradora, el importe que se encuentre en la Cuenta de cobro no formará parte de los activos de la Entidad administradora.
Cualquier importe que reciba la Entidad administradora antes de invertir en un Fondo, se mantendrá en una cuenta de cobro y no formará parte de los activos del fondo correspondiente hasta que dichos importes se hayan transferido de la Cuenta de cobro a la cuenta del Fondo de que se trate.
El producto de la amortización se pagará a la Cuenta de cobro en la Fecha de liquidación, y las distribuciones en la fecha pertinente de distribuciones, en cuyo momento ya no será considerado un activo del Fondo correspondiente. Además, cualquier canje desde un Fondo o Clase (el “Fondo Original”) a otro Fondo o Clase (el “Fondo Nuevo”) será considerado una amortización desde el Fondo Original y una suscripción al Fondo Nuevo, y los importes correspondientes serán mantenidos en la Cuenta de cobro hasta que se transfieran al Fondo Nuevo.
En el supuesto de insolvencia de otro Fondo del Fideicomiso de inversiones, la recuperación de las cantidades que le corresponden a un fondo, pero que se hayan transmitido al otro fondo mencionado por la operación de la Cuenta de cobro conjunta, se someterá a los principios establecidos por la ley irlandesa de fideicomisos y las condiciones de los procedimientos operativos de la Cuenta de cobro. Pueden producirse retrasos al proceder a la recuperación de tales importes y/o pueden surgir disputas al respecto, y el Fondo insolvente puede carecer de fondos suficientes para devolver los importes debidos al Fondo en cuestión. De este modo, no se garantiza que dicho Fondo o el Fideicomiso de inversiones vayan a recuperar dichos importes. Por otro lado, no se garantiza que, en tales circunstancias, ese Fondo o el Fideicomiso de inversiones cuente con suficientes fondos para reembolsar a los acreedores no asegurados.
## Ni la Entidad gestora ni la Entidad administradora pagarán intereses sobre los importes abonados a la Cuenta de cobro. | # Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
## Unit certificates will not be issued.
## Collection Account
The Administrator operates the Collection Account in accordance with the Central Bank’s Investor Money Regulations for a number of collective investment schemes managed by the Manager. The Collection Account is held at a credit institution as prescribed by the Investor Money Regulations (“Relevant Bank”) in the name of the Administrator and is designated as a “Collection Account” or “Coll a/c”. All monies in the Collection Account will be held at the Relevant Bank on a segregated basis by the Administrator, in trust for the benefit of the investors and on behalf of, and at the risk of, the investors for whom such investor monies are being held. The Relevant Bank will hold the cash on the Administrator’s behalf (for the benefit of the investors on behalf of whom such monies are being held) in an account separate from any money the Relevant Bank holds for the Administrator in its own right. In the event of the insolvency of the Relevant Bank, the Administrator should have a claim against the Relevant Bank on behalf of the investors for whom the monies in the Collection Account are being held. In the event of the insolvency of the Administrator, monies in the Collection Account would not form part of the Administrator’s assets.
Any subscription monies which are received by the Administrator prior to investment in a Fund, will be held in a collection account and will not form part of the assets of the relevant fund until such monies are transferred from the Collection Account to the account of the relevant Fund.
Redemption proceeds will be paid into the Collection Account on the Settlement Date and distributions on the relevant distribution payment date, when they will no longer be considered an asset of the relevant Fund. Further, any conversion from one Fund or Class (the “Original Fund”) into another Fund or Class (the “New Fund”) will be deemed to be a redemption from the Original Fund and a subscription into the New Fund and the relevant proceeds will be held in the Collection Account until transferred to the New Fund.
In the event of the insolvency of another Fund of the Unit Trust, recovery of any amounts to which a Fund is entitled, but which may have transferred to such other Fund as a result of the operation of the Collection Account, will be subject to the principles of Irish trust law and the terms of the operational procedures for the Collection Account. There may be delays in effecting and / or disputes as to the recovery of such amounts, and the insolvent Fund may have insufficient funds to repay amounts due to the relevant Fund. Accordingly, there is no guarantee that such Fund or the Unit Trust will recover such amounts. Furthermore, there is no guarantee that in such circumstances such Fund or the Unit Trust would have sufficient funds to repay any unsecured creditors.
## No interest is payable by the Manager or the Administrator on monies credited to the Collection Account. | en | es |
DOLFIN947 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il
### Indicateur de risque
indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés. La catégorie de risque n’est pas garantie et peut évoluer au fil du temps.
Ce produit a été classé dans la classe 4 sur 7, qui est une classe de risque moyenne. Cela signifie que le risque de pertes potentielles découlant des performances futures est moyen. De mauvaises conditions de marché pourraient réduire la valeur de votre investissement.
Le fonds est exposé à un Risque de marché accru en raison de son processus d’investissement.
L’évolution des conditions de marché et les événements imprévisibles peuvent amplifier les risques liés à ce produit (une description complète des risques est disponible dans le Prospectus).
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
### Scénarios de performance
Les performances futures du marché détermineront le rendement de ce Produit. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés dans le tableau ci-dessous représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du Fonds au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce qu’un investisseur pourrait obtenir dans des situations de marché extrêmes.
| Scénarios de tensions | Ce que vous pourriez obtenir | 6 180 EUR | 3 620 EUR |
| --- | --- | --- | --- |
| Rendement annuel moyen | -38,20 % | -18,40 % |
| Scénario défavorable | Ce que vous pourriez obtenir | 7 210 EUR | 8 510 EUR |
| Rendement annuel moyen | -27,90 % | -3,20 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir | 10 870 EUR | 14 970 EUR |
| Rendement annuel moyen | 8,70 % | 8,40 % |
| Scénario favorable | Ce que vous pourriez obtenir | 17 220 EUR | 18 660 EUR |
| Rendement annuel moyen | 72,20 % | 13,30 % |
Les chiffres indiqués dans l’indicateur de risque comprennent tous les coûts du Produit lui-même, mais pas nécessairement les frais dus à un conseiller ou distributeur. Ces chiffres ne tiennent pas compte de la situation fiscale personnelle de l’investisseur, qui peut également influer sur le retour sur investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
### Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados. La categoría de riesgo no está garantizada y puede cambiar con el tiempo.
Este producto se ha clasificado en la clase de riesgo 4 en una escala de 7, en la que 4 significa un riesgo medio. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media. Las malas condiciones del mercado podrían reducir el valor de su inversión.
El fondo está expuesto a un mayor riesgo de mercado debido a su proceso de inversión.
Los cambios en las condiciones del mercado o los acontecimientos impredecibles pueden aumentar los riesgos de este producto (en el Folleto se puede encontrar una descripción completa de los riesgos).
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
### Escenarios de rentabilidad
La evolución futura del mercado determinará la rentabilidad de este producto, la cual es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran en el cuadro son ilustraciones basadas en la rentabilidad más baja, media y más alta del Fondo durante los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
El escenario de tensión muestra lo que un inversor podría recibir en circunstancias extremas de los mercados.
| Escenarios de tensión | Lo que podría recibir | 6.180 EUR | 3.620 EUR |
| --- | --- | --- | --- |
| Rendimiento medio cada año | -38,20 % | -18,40 % |
| Escenario desfavorable | Lo que podría recibir | 7.210 EUR | 8.510 EUR |
| Rendimiento medio cada año | -27,90 % | -3,20 % |
| Escenario moderado | Lo que podría recibir | 10.870 EUR | 14.970 EUR |
| Rendimiento medio cada año | 8,70 % | 8,40 % |
| Escenario favorable | Lo que podría recibir | 17.220 EUR | 18.660 EUR |
| Rendimiento medio cada año | 72,20 % | 13,30 % |
Las cifras presentadas en el indicador de riesgo incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta la situación fiscal personal del inversor, que también puede influir en el rendimiento de la inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il
### Indicateur de risque
indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés. La catégorie de risque n’est pas garantie et peut évoluer au fil du temps.
Ce produit a été classé dans la classe 4 sur 7, qui est une classe de risque moyenne. Cela signifie que le risque de pertes potentielles découlant des performances futures est moyen. De mauvaises conditions de marché pourraient réduire la valeur de votre investissement.
Le fonds est exposé à un Risque de marché accru en raison de son processus d’investissement.
L’évolution des conditions de marché et les événements imprévisibles peuvent amplifier les risques liés à ce produit (une description complète des risques est disponible dans le Prospectus).
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
### Scénarios de performance
Les performances futures du marché détermineront le rendement de ce Produit. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés dans le tableau ci-dessous représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du Fonds au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce qu’un investisseur pourrait obtenir dans des situations de marché extrêmes.
| Scénarios de tensions | Ce que vous pourriez obtenir | 6 180 EUR | 3 620 EUR |
| --- | --- | --- | --- |
| Rendement annuel moyen | -38,20 % | -18,40 % |
| Scénario défavorable | Ce que vous pourriez obtenir | 7 210 EUR | 8 510 EUR |
| Rendement annuel moyen | -27,90 % | -3,20 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir | 10 870 EUR | 14 970 EUR |
| Rendement annuel moyen | 8,70 % | 8,40 % |
| Scénario favorable | Ce que vous pourriez obtenir | 17 220 EUR | 18 660 EUR |
| Rendement annuel moyen | 72,20 % | 13,30 % |
Les chiffres indiqués dans l’indicateur de risque comprennent tous les coûts du Produit lui-même, mais pas nécessairement les frais dus à un conseiller ou distributeur. Ces chiffres ne tiennent pas compte de la situation fiscale personnelle de l’investisseur, qui peut également influer sur le retour sur investissement. | fr | es |
DOLFIN948 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The units have not been admitted for trading on a regulated market and/or multilateral trading system in accordance with the legislation in force.
## Article 6 – The custodian
The custodian carries out the duties incumbent upon it under the legal and regulatory provisions in force as well as those with which it has been contractually entrusted by the management company. In particular, it must ensure that decisions taken by the management company are lawful. If applicable, the custodian must take all protective measures that it deems useful. The custodian shall inform the AMF in the event of a dispute with the management company.
## Article 7 – The statutory auditor | # Les parts ne font pas l’objet d’une admission à la négociation sur un marché réglementé et/ou un système multilatéral de négociation selon la réglementation en vigueur
## Article 6 - Le dépositaire
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été contractuellement par la société de gestion confiées. Il doit notamment s'assurer de la régularité des décisions de la société de gestion de portefeuille. Il doit, le cas échéant, prendre toutes mesures conservatoires qu’il juge utiles. En cas de litige avec la société de gestion, il en informe l’Autorité des marchés financiers.
## Article 7 - Le commissaire aux comptes | # The units have not been admitted for trading on a regulated market and/or multilateral trading system in accordance with the legislation in force.
## Article 6 – The custodian
The custodian carries out the duties incumbent upon it under the legal and regulatory provisions in force as well as those with which it has been contractually entrusted by the management company. In particular, it must ensure that decisions taken by the management company are lawful. If applicable, the custodian must take all protective measures that it deems useful. The custodian shall inform the AMF in the event of a dispute with the management company.
## Article 7 – The statutory auditor | en | fr |
DOLFIN949 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $7200 | $7390 |
| Rendement annuel moyen | -28.00% | -5.87% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $9150 | $9150 |
| Rendement annuel moyen | -8.50% | -1.76% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10110 | $11990 |
| Rendement annuel moyen | 1.10% | 3.70% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11040 | $12690 |
| Rendement annuel moyen | 10.40% | 4.88% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | $10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No se garantiza que obtenga una rentabilidad mínima. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $7200 | $7390 |
| Rendimiento medio cada año | -28.00% | -5.87% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $9150 | $9150 |
| Rendimiento medio cada año | -8.50% | -1.76% |
| Moderado | Lo que podría recibir tras deducir los costes | $10110 | $11990 |
| Rendimiento medio cada año | 1.10% | 3.70% |
| Favorable | Lo que podría recibir tras deducir los costes | $11040 | $12690 |
| Rendimiento medio cada año | 10.40% | 4.88% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $7200 | $7390 |
| Rendement annuel moyen | -28.00% | -5.87% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $9150 | $9150 |
| Rendement annuel moyen | -8.50% | -1.76% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10110 | $11990 |
| Rendement annuel moyen | 1.10% | 3.70% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11040 | $12690 |
| Rendement annuel moyen | 10.40% | 4.88% | | fr | es |
DOLFIN950 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Share Class PR subject to outperforming its hurdle rate or benchmark index
Share Classes PR will charge, each separately and at the end of the Financial year, a performance fee at a given maximum rate depending on the Sub-Fund concerned, against the Outperformance Reference NAV that is during the first Performance Period of the relevant Class, the Net Asset Value at which the Class was issued, and thereafter, the latest Net Asset Value of the Class outperforming, if any, its associated hurdle rate or benchmark index as appropriate and in respect of which a performance fee was charged. Outperformance is calculated for each Share Class on each Valuation date by comparing the performance of the relevant Net asset value per share, before performance fee and net of all costs, and of the performance of a referenced asset since the previous calculation of Net Asset Value. This referenced asset is estimated as the Outperformance Reference NAV multiplied by the number of shares in the Share Class as at the Outperformance Reference Date adjusted to (1) the amount of subscriptions, redemptions and paid dividends on the relevant Share Class since the Outperformance Reference Date and (2) the performance of the benchmark index or hurdle rate. Adjustments to Outperformance Reference NAV referred to under (1) are calculated as follows
: in case of a paid dividend on the relevant Share Class, the Outperformance Reference NAV is adjusted downwards by the amount of dividend paid by Share; in case of subscriptions and/or redemptions, the Outperformance Reference NAV for the following NAV Valuation date is the average of the current Outperformance Reference NAV and of the price of the Net Asset Value per Share for the relevant Share Class weighted respectively by the proportion of Shares before subscriptions and/or redemptions and of subscribed Shares.
For example, if, for a relevant Share Class, the current Outperformance Reference NAV is 100.00, the number of shares before subscriptions/redemptions is 100 000 and a subscription of 20 000 shares at a Net Asset Value per share of 106.00 is registered, the Outperformance Reference NAV for the following Net Asset Value Valuation date will be adjusted to 101.00 applying the following formula:
[ (100 000 *100.00 + 20 000 * 106) / (100 000 +20 000) ]
Therefore this adjustment also allows for an equal treatment between investors.
The provision set aside in respect of this performance fee is adjusted on each valuation day according to the change in the relative performance of the Class. If the relative performance of the Class decreases during the calculation period, the provision set aside will be reduced accordingly. If this provision is reduced to zero, no performance fee will be payable. Should also the Net asset value per Share of the relevant Share Class PR underperform its associated hurdle rate or benchmark index, no performance fee would be accrued until the underperformance of the relevant Share Class PR would have been fully recovered, and any previously accrued but unpaid performance fees would be, partially or fully, reversed accordingly. At the end of the Performance Period, the provision of the performance fees is charged to the relevant Share Class and paid to the Management Company if it is positive, within 15 business days, otherwise the Performance Period is extended to the end of the following year. For the avoidance of doubt, the Management Company may therefore receive a Performance Fee, even in case of negative performance of a particular Share Class, as long as the relative performance of such Share Class is positive at the end of the Performance Period. Therefore, no reset of the mechanism for the compensation of past negative performance will be performed throughout the whole life of the relevant Share Class.
For shares redeemed during the Financial year, the cumulative provision of the performances during the same period will be crystallized and charged at the end of the year to the Management Company. The calculated percentage of performance is applied to the total net assets of the Class. The Board of Directors reserves the right in the event of exceptional circumstances, such as a merger, to crystallize the performance fee, subject to the best interest of shareholders of both the merging and the receiving fund.
The following two examples, based on no new subscriptions and redemptions hypothesis, illustrate the functioning of the relative performance fee as described above.
Example 1: Uneven relative performance over a 5 year period | Classe di Azioni PR soggetta a sovraperformance del rispettivo hurdle rate o indice benchmark
Per le Classi di Azioni PR verrà addebitata, separatamente e alla fine di ogni Esercizio finanziario, una commissione di performance ad una percentuale massima determinata, a seconda del Comparto interessato, a fronte del NAV di riferimento della sovraperformance che è, nel primo Periodo di Performance della Classe di riferimento, il Valore netto d’inventario a cui la Classe è stata emessa, e successivamente l’ultimo Valore netto d’inventario della Classe che sovraperforma, se presente, l’hurdle rate o l’indice benchmark associato e sulla base del quale è stata addebitata una commissione di performance. La sovraperformance è calcolata per ogni Classe di azioni in ogni Giorno di Valutazione comparando l’andamento del Valore netto d’inventario per Azione, al lordo della commissione di performance e al netto di tutti i costi, e l’andamento di un attivo di riferimento rispetto al precedente calcolo del Valore netto d’inventario. L’attivo di riferimento è stimato come il NAV di riferimento della sovraperformance moltiplicato per il numero di azioni della Classe di azioni alla Data di riferimento della sovraperformance corretto per (1) l’importo di sottoscrizioni, rimborsi e dividendi pagati della Classe di azioni in questione dalla Data di riferimento della sovraperformance e
(2) la performance dell’indice benchmark o dell’hurdle rate. Le rettifiche al NAV di riferimento della sovraperformance di cui al punto (1) sono calcolate come segue: in caso di dividendi pagati sulla Classe di Azioni pertinente, il NAV di riferimento della sovraperformance è rettificato al ribasso in misura pari all’importo dei dividendi pagati dall’Azione; in caso di sottoscrizioni e/o rimborsi, il NAV di riferimento della sovraperformance per il Giorno di Valutazione del NAV successivo è la media del NAV di riferimento della sovraperformance attuale e del prezzo del Valore netto d’inventario per Azione della Classe di Azioni ponderato rispettivamente per la quota di Azioni ante sottoscrizioni e/o rimborsi e di Azioni sottoscritte.
Ad esempio, se, per una determinata Classe di Azioni, l’attuale NAV di riferimento della sovraperformance è 100,00, il numero di azioni ante sottoscrizioni/rimborsi è 100.000 e viene registrata una sottoscrizione di 20.000 azioni a un Valore netto d’inventario per Azione di 106,00, il NAV di riferimento della sovraperformance del Giorno di Valutazione del Valore netto d’inventario successivo sarà rettificato a 101,00 applicando la seguente formula:
[(100.000 * 100,00 + 20.000 * 106) / (100.000 + 20.000)]
Di conseguenza, questa rettifica consente anche di avere parità di trattamento tra investitori.
L’accantonamento costituito a copertura della commissione di performance è adattato ogni giorno di valutazione in funzione della variazione della performance relativa della Classe. Se nel corso del periodo di calcolo la performance relativa della Classe diminuisce, l’accantonamento costituito diminuisce in proporzione. Se l’accantonamento scende a zero non sarà versata alcuna commissione di performance. Se anche il Valore netto d’inventario per Azione della Classe di Azioni PR sottoperforma l’hurdle rate o l’indice benchmark associato, non matura alcuna commissione di performance fino al completo recupero della sottoperformance della Classe di Azioni PR e allo storno, parziale o totale, di eventuali commissioni di performance precedenti maturate, ma insolute. Alla fine del Periodo di Performance, l’accantonamento delle commissioni di performance viene addebitato alla Classe di azioni pertinente e pagato alla Società di Gestione se positivo, entro 15 giorni lavorativi, altrimenti il Periodo di performance viene posticipato alla fine dell’anno successivo. Per chiarezza, la Società di Gestione può di conseguenza ricevere una Commissione di Performance anche in caso di performance negativa di una determinata Classe di Azioni, purché la performance relativa di tale Classe di Azioni sia positiva alla fine del Periodo di performance. Pertanto, non sarà eseguito alcun azzeramento del meccanismo di compensazione della performance negativa passata per tutta la durata della relativa Classe di Azioni.
Per le Azioni riscattate nel corso dell’Esercizio finanziario, l’importo cumulato delle commissioni di performance per tale periodo sarà accantonato e addebitato allo scadere dell’anno alla Società di Gestione. La percentuale di performance calcolata è applicata agli attivi netti totali di ogni Classe di Azioni. Il Consiglio di Amministrazione si riserva il diritto, in caso di circostanze eccezionali, come una fusione, di cristallizzare la commissione di performance, subordinatamente al miglior interesse degli azionisti sia della SICAV oggetto della fusione che di quella che riceve.
I due esempi seguenti, basati sull'ipotesi di assenza di nuove sottoscrizioni e riscatti, illustrano il funzionamento della commissione di performance relativa come descritto in precedenza.
Esempio 1: Performance relativa disomogenea su un periodo di 5 anni | Share Class PR subject to outperforming its hurdle rate or benchmark index
Share Classes PR will charge, each separately and at the end of the Financial year, a performance fee at a given maximum rate depending on the Sub-Fund concerned, against the Outperformance Reference NAV that is during the first Performance Period of the relevant Class, the Net Asset Value at which the Class was issued, and thereafter, the latest Net Asset Value of the Class outperforming, if any, its associated hurdle rate or benchmark index as appropriate and in respect of which a performance fee was charged. Outperformance is calculated for each Share Class on each Valuation date by comparing the performance of the relevant Net asset value per share, before performance fee and net of all costs, and of the performance of a referenced asset since the previous calculation of Net Asset Value. This referenced asset is estimated as the Outperformance Reference NAV multiplied by the number of shares in the Share Class as at the Outperformance Reference Date adjusted to (1) the amount of subscriptions, redemptions and paid dividends on the relevant Share Class since the Outperformance Reference Date and (2) the performance of the benchmark index or hurdle rate. Adjustments to Outperformance Reference NAV referred to under (1) are calculated as follows
: in case of a paid dividend on the relevant Share Class, the Outperformance Reference NAV is adjusted downwards by the amount of dividend paid by Share; in case of subscriptions and/or redemptions, the Outperformance Reference NAV for the following NAV Valuation date is the average of the current Outperformance Reference NAV and of the price of the Net Asset Value per Share for the relevant Share Class weighted respectively by the proportion of Shares before subscriptions and/or redemptions and of subscribed Shares.
For example, if, for a relevant Share Class, the current Outperformance Reference NAV is 100.00, the number of shares before subscriptions/redemptions is 100 000 and a subscription of 20 000 shares at a Net Asset Value per share of 106.00 is registered, the Outperformance Reference NAV for the following Net Asset Value Valuation date will be adjusted to 101.00 applying the following formula:
[ (100 000 *100.00 + 20 000 * 106) / (100 000 +20 000) ]
Therefore this adjustment also allows for an equal treatment between investors.
The provision set aside in respect of this performance fee is adjusted on each valuation day according to the change in the relative performance of the Class. If the relative performance of the Class decreases during the calculation period, the provision set aside will be reduced accordingly. If this provision is reduced to zero, no performance fee will be payable. Should also the Net asset value per Share of the relevant Share Class PR underperform its associated hurdle rate or benchmark index, no performance fee would be accrued until the underperformance of the relevant Share Class PR would have been fully recovered, and any previously accrued but unpaid performance fees would be, partially or fully, reversed accordingly. At the end of the Performance Period, the provision of the performance fees is charged to the relevant Share Class and paid to the Management Company if it is positive, within 15 business days, otherwise the Performance Period is extended to the end of the following year. For the avoidance of doubt, the Management Company may therefore receive a Performance Fee, even in case of negative performance of a particular Share Class, as long as the relative performance of such Share Class is positive at the end of the Performance Period. Therefore, no reset of the mechanism for the compensation of past negative performance will be performed throughout the whole life of the relevant Share Class.
For shares redeemed during the Financial year, the cumulative provision of the performances during the same period will be crystallized and charged at the end of the year to the Management Company. The calculated percentage of performance is applied to the total net assets of the Class. The Board of Directors reserves the right in the event of exceptional circumstances, such as a merger, to crystallize the performance fee, subject to the best interest of shareholders of both the merging and the receiving fund.
The following two examples, based on no new subscriptions and redemptions hypothesis, illustrate the functioning of the relative performance fee as described above.
Example 1: Uneven relative performance over a 5 year period | en | it |
DOLFIN951 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Currency risk
The Fund invests in foreign markets and could be impacted by changes in exchange rates resulting in an increase or decrease of the value of the investments.
Risk of capital loss
The fund has no guarantee or protection of the capital invested. There is a risk you may not get back all of the capital you invest.
1
KIID (Key Investor Information Document) risk scale. Risk category 4 reflects moderate potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean “risk-free”. The level of risk of the Fund primarily reflects investments in equities and bonds on the market with no geographical restrictions.
2
The Balanced profile includes investors who have an average sensitivity to risk, they are ready to lose part of their capital to achieve a satisfactory level of return. It is therefore about striking a balance between security and performance.
3
The management team is subject to change. | # PRINCIPALI RISCHI DEL FONDO
Rischio legato ad investimenti realizzati in altri OIC/OICVM
si tratta di rischi insiti in questi OIC/OICVM, come ad esempio il rischio di oscillazione della valuta del paese in cui investe questo OIC, la normativa di controllo dei cambi, l’applicazione delle leggi fiscali dei diversi paesi ecc.
Rischio legato agli strumenti finanziari derivati
Si tratta dei rischi di variazione del valore di mercato sottostante, del rischio di liquidità, del rischio di gestione e del rischio di default della controparte.
Rischio di cambio
Poiché il Fondo investe in mercati esteri, potrebbe subire l’impatto di variazioni dei tassi di cambio che comportino un aumento o una diminuzione del valore degli investimenti.
Rischio di perdita del capitale
il Fondo non beneficia di alcuna garanzia o protezione del capitale investito. L’investitore potrebbe non recuperare tutto il capitale investito.
1
Scala di rischio del KIID (Documento contenente le informazioni chiave per gli investitori). La categoria di rischio 4 riflette un potenziale di guadagno e/o perdita moderato del valore del portafoglio. I dati storici come quelli usati per il calcolo dell’in- dicatore sintetico potrebbero non costituire un’indicazione affidabile del profilo di rischio futuro del Fondo. La categoria di rischio associata a questo Fondo non è garantita e potrà cambiare nel tempo. La categoria più bassa non implica l’assenza di rischio. Il livello di rischio di questo Fondo riflette principalmente gli investimenti in azioni e obbligazioni sul mercato senza vincoli geografici.
2
Il profilo Equilibrato include investitori con una sensibilità media al rischio e disposti a perdere parte del loro capitale per raggiungere un livello di rendimento soddisfacente. Si tratta quindi di trovare un equilibrio tra sicurezza e performance.
3
EIl team di gestione è soggetto a modifiche. | # MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Currency risk
The Fund invests in foreign markets and could be impacted by changes in exchange rates resulting in an increase or decrease of the value of the investments.
Risk of capital loss
The fund has no guarantee or protection of the capital invested. There is a risk you may not get back all of the capital you invest.
1
KIID (Key Investor Information Document) risk scale. Risk category 4 reflects moderate potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean “risk-free”. The level of risk of the Fund primarily reflects investments in equities and bonds on the market with no geographical restrictions.
2
The Balanced profile includes investors who have an average sensitivity to risk, they are ready to lose part of their capital to achieve a satisfactory level of return. It is therefore about striking a balance between security and performance.
3
The management team is subject to change. | en | it |
DOLFIN952 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk management, the bedrock of the investment process
The risk management underpins the fund’s investment process and intervenes at every step of the way. The fund’s risk budg- eting is built around the following constraint: “Low probability of losing money over a three year period”. That means each asset class individually contributes to the overall portfolio’s total risk. This is achieved by using a Value at Risk approach. Con- straining the asset allocation to a risk budget has allowed the fund to better preserve capital compared to the peer average. | # Gestione del rischio: la base del processo di investimento
La gestione del rischio è l’elemento fondante del processo di investimento del comparto e interviene in ogni fase dello stesso.
La definizione di un budget di rischio poggia su un principio fondamentale: “bassa probabilità di rendimenti negativi su un orizzonte temporale di 3 anni”.
Ciò significa che ogni asset class contribuisce separatamente al rischio totale del portafoglio nel suo complesso. Questo risul- tato si ottiene adottando un approccio denominato VaR (valore a rischio).
Vincolare l’allocazione delle attività a un budget di rischio ha permesso al comparto di proteggere meglio il capitale rispetto alla media dei fondi della medesima categoria. | # Risk management, the bedrock of the investment process
The risk management underpins the fund’s investment process and intervenes at every step of the way. The fund’s risk budg- eting is built around the following constraint: “Low probability of losing money over a three year period”. That means each asset class individually contributes to the overall portfolio’s total risk. This is achieved by using a Value at Risk approach. Con- straining the asset allocation to a risk budget has allowed the fund to better preserve capital compared to the peer average. | en | it |
DOLFIN953 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Consequently, it has been decided to further update, subject to SFC’s approval of the deregistration of the sub- fund, the following information in the Hong Kong Offering Documents:
- Deletion of the description of the sub-fund;
- Deletion of all the references to the sub-fund;
- Typos and editing issues. | En consecuencia, se ha acordado volver a modificar, con sujeción a la aprobación de la anulación de registro del subfondo por parte de la SFC, la siguiente información en los documentos de oferta para Hong Kong:
- Eliminación de la descripción del subfondo;
- Eliminación de todas las referencias al subfondo;
- Corrección de errores tipográficos y problemas de edición. | Consequently, it has been decided to further update, subject to SFC’s approval of the deregistration of the sub- fund, the following information in the Hong Kong Offering Documents:
- Deletion of the description of the sub-fund;
- Deletion of all the references to the sub-fund;
- Typos and editing issues. | en | es |
DOLFIN954 | 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, au travers de placements opportunistes en obligations dans le monde entier.
Le fonds investit au moins 51% de ses actifs dans des titres à revenu fixe ou variable des marchés développés ou émergents, indépendamment de la monnaie, de la solvabilité, de la duration, des spreads, de la notation ou des échéances. 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 d'un indice de référence sur mesure. La composition du portefeuille peut s'écarter sensiblement de celle de l'indice de référence. La composition est détaillée dans le Prospectus. 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 en obligaciones de todo el mundo de manera oportunista.
El fondo invierte al menos el 51 % de su patrimonio, independientemente de divisas, solvencia, duración, diferenciales, calificaciones o plazos, en títulos de tipo de interés fijo o variable de países con mercados desarrollados o emergentes. 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 mediante un proceso de inversión coherente (gestión activa). Sobre la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del índice de referencia personalizado. La desviación del índice puede ser significativa. La composición de la cartera figura en el folleto de venta. 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, au travers de placements opportunistes en obligations dans le monde entier.
Le fonds investit au moins 51% de ses actifs dans des titres à revenu fixe ou variable des marchés développés ou émergents, indépendamment de la monnaie, de la solvabilité, de la duration, des spreads, de la notation ou des échéances. 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 d'un indice de référence sur mesure. La composition du portefeuille peut s'écarter sensiblement de celle de l'indice de référence. La composition est détaillée dans le Prospectus. 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 |
DOLFIN955 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La loi FATCA impose un nouveau régime de déclaration et, potentiellement, une retenue à la source de 30 % concernant certains paiements à (i) toute institution financière non-américaine (une « institution financière étrangère » ou « IFE » (telle que définie par la loi FATCA) qui ne devient pas une « IFE participante » en concluant un accord avec l’Internal Revenue Service américain (IRS) pour fournir à l’IRS certaines informations relatives à ses détenteurs de comptes et investisseurs ou qui n’est pas autrement exonérée ou considérée comme respectant la loi FATCA et (ii) tout investisseur (sauf en cas d’autre exonération de la loi FATCA) qui ne fournit pas suffisamment d’informations pour déterminer s’il est une personne américaine ou doit être considéré comme détenant un « Compte américain » auprès de l’IFE (un Titulaire récalcitrant). Le nouveau régime de retenue à la source a été mis en place à compter du 1er juillet 2014 pour les paiements en provenance des États-Unis et s’appliquera aux « foreign passthru payments » (un terme qui n’est pas encore défini) au plus tard le 1er janvier 2019. La Société est classée en tant que IFE.
Les États-Unis et plusieurs autres juridictions ont conclu, ou annoncé leur intention de négocier, des accords intergouvernementaux pour faciliter la mise en place de la loi FATCA (chacun un IGA). Conformément à la loi FATCA et aux IGA de « Modèle 1 » et « Modèle 2 » publiés par les États-Unis, une IFE d’un pays signataire d’un IGA pourrait être traitée comme une « Institution financière déclarante » ou comme étant autrement exonérée ou considérée comme respectant la loi FATCA (une Institution financière non déclarante). Une Institution financière déclarante ou une Institution financière non déclarante n’est pas soumise à la retenue à la source en vertu de la loi FATCA pour tout paiement qu’elle reçoit. Par ailleurs, une IFE d’une juridiction d’un IGA de Modèle 1 n’est pas tenue d’appliquer une retenue à la source en vertu de la loi FATCA ou d’un IGA (ou de toute loi destinée à appliquer un IGA) (toute retenue de cette nature étant une Retenue FATCA) pour les paiements qu’elle réalise (sauf si elle a accepté de le faire sous les régimes américains d’« intermédiaire qualifié » (qualified intermediary), de « partenariat étranger de retenue » (withholding foreign partnership) ou de « trust étranger de retenue » (withholding foreign trust). L’IGA de Modèle 2 laisse la possibilité que l’Institution financière déclarante soit à l’avenir tenue de procéder à une retenue à la source en tant qu’IFE participante sur les foreign passthru payments et les paiements à des Titulaires récalcitrants. En vertu de chaque Modèle d’IGA, une Institution financière déclarante doit toujours déclarer certaines informations concernant les titulaires de comptes et les investisseurs à son gouvernement local dans le cas d’une juridiction d’un IGA de Modèle 1 ou à l’IRS dans le cas d’une juridiction d’un IGA de Modèle 2. Le 28 mars 2014, les États-Unis et le Grand-Duché de Luxembourg ont conclu un accord (l’IGA luxembourgeois) fondé largement sur l’IGA de Modèle 1.
La Société prévoit d’être traitée comme une Institution financière déclarante en vertu de l’IGA luxembourgeois et, par conséquent, ne prévoit pas d’être soumise aux retenues à la source en vertu de la loi FATCA sur les paiements qu’elle reçoit
ni d’être obligée de déduire une Retenue FATCA des paiements qu’elle réalise. Il ne saurait toutefois être garanti que la Société sera traitée comme Institution financière déclarante ni qu’on ne lui imposera pas, à l’avenir, de déduire une Retenue FATCA des paiements qu’elle réalise. Par conséquent, la Société et les institutions financières à travers lesquelles les paiements sur les Actions sont réalisés peuvent devoir déduire des Retenues FATCA si (i) toute IFE au travers de ou pour laquelle un paiement sur ces Actions est réalisé n’est pas une IFE participante, une Institution financière déclarante ou est autrement exonérée ou considérée comme respectant la loi FATCA ou (ii) un investisseur est un Titulaire récalcitrant.
Si un montant relatif à la loi FATCA devait être retenu sur les montants dus à la Société ou tout paiement sur les Actions, ni la Société ni une quelconque autre personne ne devrait payer de montant supplémentaire.
La loi FATCA est particulièrement complexe et son application est à ce jour incertaine. La description ci-dessus est basée en partie sur la réglementation, les directives officielles et les Modèles d’IGA, qui sont tous susceptibles de changer ou d’être appliqués de façon significativement différente. Les investisseurs potentiels doivent consulter leurs conseillers fiscaux au sujet des règles applicables à la Société et aux paiements qu’ils peuvent percevoir en relation avec les Actions. | La FATCA impone un nuevo marco de comunicación y la posibilidad de practicar retenciones fiscales del 30% en relación con determinados pagos a (i) cualquier entidad financiera no estadounidense (una “entidad financiera extranjera” o “FFI”, según se define en la FATCA) que no se convierta en una “FFI participante” mediante la celebración de un acuerdo con la Agencia Tributaria estadounidense (IRS) para facilitarle determinada información en relación con los titulares de sus cuentas e inversores, o no esté de otro modo exenta o se considere que cumple con la FATCA y (ii) cualquier inversor (salvo exención de la FATCA por cualquier otra vía) que no aporte información suficiente para determinar si el inversor es una persona estadounidense o debería considerársele una “Cuenta estadounidense” de la FFI (un Titular refractario, Recalcitrant Holder). El nuevo régimen de retención se ha puesto en marcha desde el 1 de julio de 2014 para los pagos cuyo origen radica en Estados Unidos y se aplicará a “foreign passthru payments” (término aún no definido) hasta el 1 de enero de 2019 como mínimo. La Sociedad tiene el estatus de FFI.
Estados Unidos y algunas otras jurisdicciones han celebrado o anunciado su intención de negociar acuerdos intergubernamentales para facilitar la aplicación de la FATCA (denominado IGA a título individual). En virtud de la FATCA y los IGA “Modelo 1” y “Modelo 2” que publica la administración estadounidense, una FFI en un país firmante de un IGA podría ser tratada como “Entidad financiera declarante” o, de lo contrario, exenta de la FATCA o de la que se asume su cumplimiento (una Entidad financiera no declarante). Una Entidad financiera declarante o Entidad financiera no declarante no está sujeta a retenciones en virtud de la FATCA por los pagos que recibe. Asimismo, una FFI en una jurisdicción con un IGA Modelo 1 no estará obligada a practicar retenciones, en virtud de la FATCA o un IGA (o cualquier ley que aplique el IGA) (donde las susodichas se consideran Retenciones en virtud de la FATCA) de los pagos que efectúe (a menos que así lo haya acordado en virtud de los regímenes estadounidenses “qualified intermediary”, “withholding foreign partnership” o “withholding foreign trust”. El IGA Modelo 2 deja abierta la posibilidad de que una Entidad financiera declarante pueda estar obligada en el futuro a practicar retenciones a una FFI participante por foreign passthru payments y pagos que efectúe a Titulares refractarios. En virtud de cada IGA Modelo, una Entidad financiera declarante estaría obligada a comunicar determinada información en relación con los titulares de sus cuentas e inversores a su Gobierno nacional, si se trata de una jurisdicción sujeta a un IGA Modelo 1, o a la IRS, si se trata de una jurisdicción sujeta a un IGA Modelo 2. El 28 de marzo de 2014, Estados Unidos y el Gran Ducado de Luxemburgo celebraron un acuerdo (el IGA de Luxemburgo) basado sustancialmente en el IGA Modelo 1.
La Sociedad espera ser tratada como Entidad financiera declarante en virtud del IGA de Luxemburgo y, por consiguiente, no prevé someterse a retenciones en virtud de la FATCA por los pagos que reciba ni estar obligada a deducir Retenciones en
virtud de la FATCA por los pagos que efectúe. Sin embargo, no se garantiza que la Sociedad sea tratada como Entidad financiera declarante ni que en el futuro no pueda exigírsele que practique Retenciones fiscales en virtud de la FATCA de los pagos que realice. En consecuencia, la Sociedad y las entidades financieras a través de las que se efectúan los pagos por las Acciones podrían estar obligadas a practicar Retenciones en virtud de la FATCA si (i) cualquier FFI por la que se realice o reciba el pago de dichas Acciones no es una FFI participante, una Entidad financiera declarante, o de cualquier otra forma, queda exenta de la FATCA o se asume su cumplimiento, o bien, (ii) un inversor es un Titular refractario.
De retenerse un importe en virtud de la FATCA resultante de los adeudos a la Sociedad o pagos por las Acciones, ni la Sociedad ni ninguna otra persona estarían obligadas a realizar otros pagos adicionales.
La FATCA es especialmente compleja y su aplicación es incierta en este momento. La descripción anterior se basa parcialmente en la normativa, las directrices oficiales y los IGA Modelo, que pueden variar o podrían aplicarse de forma radicalmente distinta. Se recomienda a los inversores potenciales que consulten a sus fiscalistas acerca de cómo se aplicarán estas normas a la Sociedad y los pagos que reciban en relación con las Acciones. | La loi FATCA impose un nouveau régime de déclaration et, potentiellement, une retenue à la source de 30 % concernant certains paiements à (i) toute institution financière non-américaine (une « institution financière étrangère » ou « IFE » (telle que définie par la loi FATCA) qui ne devient pas une « IFE participante » en concluant un accord avec l’Internal Revenue Service américain (IRS) pour fournir à l’IRS certaines informations relatives à ses détenteurs de comptes et investisseurs ou qui n’est pas autrement exonérée ou considérée comme respectant la loi FATCA et (ii) tout investisseur (sauf en cas d’autre exonération de la loi FATCA) qui ne fournit pas suffisamment d’informations pour déterminer s’il est une personne américaine ou doit être considéré comme détenant un « Compte américain » auprès de l’IFE (un Titulaire récalcitrant). Le nouveau régime de retenue à la source a été mis en place à compter du 1er juillet 2014 pour les paiements en provenance des États-Unis et s’appliquera aux « foreign passthru payments » (un terme qui n’est pas encore défini) au plus tard le 1er janvier 2019. La Société est classée en tant que IFE.
Les États-Unis et plusieurs autres juridictions ont conclu, ou annoncé leur intention de négocier, des accords intergouvernementaux pour faciliter la mise en place de la loi FATCA (chacun un IGA). Conformément à la loi FATCA et aux IGA de « Modèle 1 » et « Modèle 2 » publiés par les États-Unis, une IFE d’un pays signataire d’un IGA pourrait être traitée comme une « Institution financière déclarante » ou comme étant autrement exonérée ou considérée comme respectant la loi FATCA (une Institution financière non déclarante). Une Institution financière déclarante ou une Institution financière non déclarante n’est pas soumise à la retenue à la source en vertu de la loi FATCA pour tout paiement qu’elle reçoit. Par ailleurs, une IFE d’une juridiction d’un IGA de Modèle 1 n’est pas tenue d’appliquer une retenue à la source en vertu de la loi FATCA ou d’un IGA (ou de toute loi destinée à appliquer un IGA) (toute retenue de cette nature étant une Retenue FATCA) pour les paiements qu’elle réalise (sauf si elle a accepté de le faire sous les régimes américains d’« intermédiaire qualifié » (qualified intermediary), de « partenariat étranger de retenue » (withholding foreign partnership) ou de « trust étranger de retenue » (withholding foreign trust). L’IGA de Modèle 2 laisse la possibilité que l’Institution financière déclarante soit à l’avenir tenue de procéder à une retenue à la source en tant qu’IFE participante sur les foreign passthru payments et les paiements à des Titulaires récalcitrants. En vertu de chaque Modèle d’IGA, une Institution financière déclarante doit toujours déclarer certaines informations concernant les titulaires de comptes et les investisseurs à son gouvernement local dans le cas d’une juridiction d’un IGA de Modèle 1 ou à l’IRS dans le cas d’une juridiction d’un IGA de Modèle 2. Le 28 mars 2014, les États-Unis et le Grand-Duché de Luxembourg ont conclu un accord (l’IGA luxembourgeois) fondé largement sur l’IGA de Modèle 1.
La Société prévoit d’être traitée comme une Institution financière déclarante en vertu de l’IGA luxembourgeois et, par conséquent, ne prévoit pas d’être soumise aux retenues à la source en vertu de la loi FATCA sur les paiements qu’elle reçoit
ni d’être obligée de déduire une Retenue FATCA des paiements qu’elle réalise. Il ne saurait toutefois être garanti que la Société sera traitée comme Institution financière déclarante ni qu’on ne lui imposera pas, à l’avenir, de déduire une Retenue FATCA des paiements qu’elle réalise. Par conséquent, la Société et les institutions financières à travers lesquelles les paiements sur les Actions sont réalisés peuvent devoir déduire des Retenues FATCA si (i) toute IFE au travers de ou pour laquelle un paiement sur ces Actions est réalisé n’est pas une IFE participante, une Institution financière déclarante ou est autrement exonérée ou considérée comme respectant la loi FATCA ou (ii) un investisseur est un Titulaire récalcitrant.
Si un montant relatif à la loi FATCA devait être retenu sur les montants dus à la Société ou tout paiement sur les Actions, ni la Société ni une quelconque autre personne ne devrait payer de montant supplémentaire.
La loi FATCA est particulièrement complexe et son application est à ce jour incertaine. La description ci-dessus est basée en partie sur la réglementation, les directives officielles et les Modèles d’IGA, qui sont tous susceptibles de changer ou d’être appliqués de façon significativement différente. Les investisseurs potentiels doivent consulter leurs conseillers fiscaux au sujet des règles applicables à la Société et aux paiements qu’ils peuvent percevoir en relation avec les Actions. | fr | es |
DOLFIN956 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### The more defensive and less concentrated repositioning of the portfolio earlier in the year was maintained in Q3'22 and includes holding a higher-than-normal cash position.
Mercado Libre was among the portfolio's top contributors during the period. The company continues to widen its outperformance versus the Brazilian e-commerce industry, with results exceeding expectations. We took some profits into the rally. Likewise, PagSeguro's Q2'22 results were ahead of expectations, with net income up 17% year-on-year. The company's Q3'22 guidance was also positive, and again we reduced the position into strength.
Delta Electronics rose on the back of Q2'22 revenue and operating profit increases despite tough comparisons. The company is benefitting from ongoing strong demand for its power management solutions, including for electric vehicles (EV) and renewable energy.
Shandong Weigao rose 23.5% in EUR (15.8% in USD) during the quarter, helped by news that the Chinese government's volume-based procurement pricing for spine products was better than expected. Weigao does not anticipate any cut to its ex-factory prices and foresees rising market share as a key growth driver for the company.
LG Chem increased 2022 guidance for its batteries division by 15% due to a combination of product price increases and ongoing strong growth in EV sales. Meanwhile the Advanced Materials division announced a significant deal to supply cathodes for five million EVs to General Motors. We increased our position during the quarter.
Analysts have been increasing EPS forecasts for Localiza as the company begins to incorporate the benefits of its merger with Unidas. We believe these are likely to include advantages in purchasing vehicles, improved efficiencies in the second-hand car sales business at Seminovos, General and Administrative (G&A) savings, tax gains and cost of | ##### Nel terzo trimestre del 2022 abbiamo mantenuto il riposizionamento più difensivo e meno concentrato del portafoglio adottato all'inizio dell'anno, che comprende una liquidità superiore al normale.
Mercado Libre è stato uno dei titoli che ha fornito il maggiore contributo alla performance del portafoglio nel periodo. La società continua ad ampliare la sua sovraperformance nel settore dell'e-commerce brasiliano, con risultati superiori alle aspettative. Abbiamo monetizzato alcuni guadagni generati dal rally. Allo stesso modo i risultati di PagSeguro nel secondo trimestre del 2022 hanno superato le aspettative, con un aumento dell'utile netto del 17% su base annua. Anche le previsioni per il terzo trimestre del 2022 sono state positive e abbiamo nuovamente ridotto la posizione per beneficiare della sua forza.
Delta Electronics ha registrato un rialzo grazie all'aumento del fatturato e dell'utile operativo nel secondo trimestre 2022, nonostante i difficili termini di paragone. L'azienda sta beneficiando dell'attuale domanda sostenuta per le sue soluzioni di gestione dell'energia, compresi i veicoli elettrici (VE) e le energie rinnovabili.
Nel corso del trimestre in esame Shandong Weigao è cresciuta del 23,5% in EUR (15,8% in USD), grazie alla notizia che i prezzi degli appalti governativi basati sui volumi per i prodotti spinali si sono rivelati migliori del previsto. Weigao non prevede alcuna riduzione dei prezzi franco fabbrica e ritiene che l'incremento della quota di mercato sia un fattore di crescita fondamentale per l'azienda.
LG Chem ha aumentato del 15% le previsioni per il 2022 per la divisione batterie, grazie a una combinazione di aumenti dei prezzi dei prodotti e alla forte crescita attuale delle vendite di VE. Nel frattempo, la divisione Advanced Materials ha annunciato un importante accordo per la fornitura a General Motors di catodi per cinque milioni di veicoli elettrici. Durante il trimestre abbiamo rafforzato la nostra posizione.
Gli analisti hanno rivisto al rialzo le previsioni sugli EPS per Localiza, in quanto la società inizia a beneficiare dei vantaggi della fusione con Unidas. Tra questi figurano probabilmente gli incentivi per l'acquisto di veicoli, una maggiore efficienza dell'attività di vendita dell'usato in Seminovos, il risparmio a livello di spese generali e amministrative (G&A), le plusvalenze fiscali e gli sgravi sui costi di finanziamento. | ###### The more defensive and less concentrated repositioning of the portfolio earlier in the year was maintained in Q3'22 and includes holding a higher-than-normal cash position.
Mercado Libre was among the portfolio's top contributors during the period. The company continues to widen its outperformance versus the Brazilian e-commerce industry, with results exceeding expectations. We took some profits into the rally. Likewise, PagSeguro's Q2'22 results were ahead of expectations, with net income up 17% year-on-year. The company's Q3'22 guidance was also positive, and again we reduced the position into strength.
Delta Electronics rose on the back of Q2'22 revenue and operating profit increases despite tough comparisons. The company is benefitting from ongoing strong demand for its power management solutions, including for electric vehicles (EV) and renewable energy.
Shandong Weigao rose 23.5% in EUR (15.8% in USD) during the quarter, helped by news that the Chinese government's volume-based procurement pricing for spine products was better than expected. Weigao does not anticipate any cut to its ex-factory prices and foresees rising market share as a key growth driver for the company.
LG Chem increased 2022 guidance for its batteries division by 15% due to a combination of product price increases and ongoing strong growth in EV sales. Meanwhile the Advanced Materials division announced a significant deal to supply cathodes for five million EVs to General Motors. We increased our position during the quarter.
Analysts have been increasing EPS forecasts for Localiza as the company begins to incorporate the benefits of its merger with Unidas. We believe these are likely to include advantages in purchasing vehicles, improved efficiencies in the second-hand car sales business at Seminovos, General and Administrative (G&A) savings, tax gains and cost of | en | it |
DOLFIN957 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
The risk and reward indicator :
is based on historical data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other sub-funds of Comgest Growth plc.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
Income earned by the Fund is fully reinvested.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years .
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The base currency of the Fund is USD.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Por lo general menor remuneración Por lo general mayor remuneración
El indicador de riesgo y remuneración se calcula según la volatilidad de la clase de acciones (las alzas y bajas en su valor) durante el periodo de 5 años anterior.
El indicador de riesgo y remuneración:
esta información se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil del Fondo;
no está garantizado y puede cambiar con el tiempo.
La asignación a la categoría más baja no significa que una clase de acciones esté libre de riesgo.
Su inversión inicial no está garantizada.
La categoría de clase de acciones refleja los siguientes factores:
Invertir en acciones puede generar mayor volatilidad dado que su valor fluctúa más que el de otros instrumentos financieros, como los bonos.
El Fondo puede invertir en acciones denominadas en divisas distintas a la divisa de la clase de acciones. Por consiguiente, el valor de la clase de acciones podrá aumentar o disminuir debido a fluctuaciones en los tipos de cambio.
miembro de la Unión Europea. El Fondo podrá invertir en fondos de inversión inmobiliaria (REIT) o participaciones de otros OICVM o planes de inversión colectiva, incluidos otros subfondos de Comgest Growth plc.
El Fondo está gestionado de forma activa. Esto significa que la sociedad de gestión del Fondo aplica un detallado análisis fundamental a fin de escoger selectivamente empresas de manera discrecional. El Fondo no se gestiona con relación a ningún índice de referencia.
Los ingresos generados por el Fondo se reinvierten en su totalidad.
Debido que el Fondo posee un objetivo a largo plazo, puede no ser adecuado para inversores que prevean invertir por un periodo inferior a 5 años.
Las acciones del Fondo se negocian todos los días hábiles en Dublín. Puede transmitir una orden de compra o venta de acciones en cualquier día hábil.
La divisa base del Fondo es el USD.
Los riesgos para el Fondo que el indicador no tiene en cuenta incluyen:
Riesgo de liquidez: El riesgo de que sea difícil o imposible vender ciertos valores mantenidos por el Fondo en el momento y por el precio deseado.
Riesgo de contraparte: El Fondo puede incurrir en pérdidas ante el incumplimiento de una contraparte que no puede atender sus obligaciones contractuales.
Riesgo de mercados emergentes: Invertir en empresas de mercados emergentes implica mayor riesgo que invertir en economías o mercados de valores establecidos. Los mercados emergentes pueden tener sistemas jurídicos y políticos más inestables, lo que podría afectar la salvaguarda o el valor de los activos. Las inversiones en fondos de mercados emergentes no deberían constituir una parte sustancial de la cartera de un inversor.
Riesgo chino: El Fondo puede invertir en Acciones A de China, lo que implica riesgos adicionales, establecidos en el folleto del Fondo bajo «Inversiones en riesgo chino».
Encontrará una descripción más detallada de los riegos en la sección
«Factores de riesgo» del folleto. | # Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
The risk and reward indicator :
is based on historical data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other sub-funds of Comgest Growth plc.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
Income earned by the Fund is fully reinvested.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years .
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The base currency of the Fund is USD.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | en | es |
DOLFIN958 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
01-Jun-2033
1,840,000 New Jersey Transportation Trust Fund Authority 5.754% 15-Dec-2028
3,000,000 Oklahoma City Economic Development Trust 3.313% 01-Aug-2027
Local Government - 108,314,551
1,929,663 0.22
2,988,090 0.33
(31 December 2021: 125,999,684) 108,314,551 12.04
15-Nov-2030 | 01-Jun-2033
1.840.000 New Jersey Transportation Trust Fund Authority 5.754% 15-Dec-2028
3.000.000 Oklahoma City Economic Development Trust 3.313% 01-Aug-2027
Kommunalverwaltung - 108.314.551
1.929.663 0,22
2.988.090 0,33
(31. Dezember 2021: 125.999.684) 108.314.551 12,04
15-Nov-2030 | 01-Jun-2033
1,840,000 New Jersey Transportation Trust Fund Authority 5.754% 15-Dec-2028
3,000,000 Oklahoma City Economic Development Trust 3.313% 01-Aug-2027
Local Government - 108,314,551
1,929,663 0.22
2,988,090 0.33
(31 December 2021: 125,999,684) 108,314,551 12.04
15-Nov-2030 | en | de |
DOLFIN959 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Collateral may not exceed 30% of the net assets of a Sub-Fund.
Collateral received is blocked in favor of the Company until termination of the agreement.
- Costs and fees arising from EPM techniquesAll the revenues arising from the EPM techniques, net of direct and indirect operational costs, must be returned to the Company. | Die Sicherheiten dürfen 30% des Nettovermögens eines Teilfonds nicht übersteigen.
Erhaltene Sicherheiten werden bis zum Ablauf der Vereinbarung zugunsten der Gesellschaft gesperrt.
- Kosten und Gebühren, die durch EPM-Techniken entstehenAlle Erträge, die durch EPM-Techniken generiert werden, müssen abzüglich direkter und indirekter Betriebskosten an die Gesellschaft zurückgeführt werden. | Collateral may not exceed 30% of the net assets of a Sub-Fund.
Collateral received is blocked in favor of the Company until termination of the agreement.
- Costs and fees arising from EPM techniquesAll the revenues arising from the EPM techniques, net of direct and indirect operational costs, must be returned to the Company. | en | de |
DOLFIN960 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# General Information
The Fund referred to in this semi-annual report is authorised as a “Fonds Commun de Placement” and, as such, its sales prospectus and management regulations fall within the scope of Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended (UCITS as defined by Directive 2014/91/EU of 23 July 2014). The Fund was launched on 25 September 1992.
The information included in this semi-annual report refers to the period under review from 1 February 2022 to 31 July 2022. No statements on the future development of the Fund can be derived from this information.
This semi-annual report does not constitute an offer or an invitation to purchase units of the Fund. Fund units are bought on the basis of the current sales prospectus, the Key Investor Information and the management regulations, supplemented by the latest available audited annual report. If the latest annual report was published more than eight months ago, then the semi-annual report must also be made available to the investor.
The sales prospectus, the management regulations, the Key Investor Information and the respective annual and semi- annual reports can be obtained free of charge from the Management Company, the Custodian or from any Paying and Information Agent.
Allianz Global Investors GmbH
Bockenheimer Landstraße 42-44 D-60323 Frankfurt/Main Internet: https://de.allianzgi.com Email: [email protected]
Allianz Global Investors GmbH acts through its Luxembourg branch in order to carry out its function as Central Administration Agent:
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com Email: [email protected] | # Informazioni generali
Il Fondo di cui alla presente relazione semestrale è un fondo dalla forma giuridica di fonds commun de placement, il cui prospetto di vendita e il cui regolamento di gestione rientrano nel campo di applicazione della Parte I della Legge lussemburghese del 17 dicembre 2010 sugli organismi di investimento collettivo, nella sua forma modificata (OICVM ai sensi della Direttiva 2014/91/UE del 23 luglio 2014). Il Fondo è stato istituito il 25 settembre 1992.
Le informazioni contenute nella presente relazione semestrale sono relative al periodo di riferimento che va dal 1 febbraio 2022 al 31 luglio 2022. Sulla base di tale relazione non è possibile fare affermazioni sul futuro andamento del Fondo.
La presente relazione semestrale non è un’offerta né un invito ad acquistare azioni del Fondo. Le quote del Fondo vengono acquistate sulla base del prospetto di vendita attualmente in vigore, delle informazioni chiave per gli investitori e del regolamento di gestione, integrato dall’ultima relazione annuale certificata. Se la data di chiusura della relazione annuale risale a oltre otto mesi prima, all’acquirente deve essere fornita anche una relazione semestrale.
Il prospetto di vendita, il regolamento di gestione, le informazioni chiave per gli investitori e le relazioni annuali e semestrali sono disponibili gratuitamente presso la società di gestione, il depositario e ogni agente di pagamento e per le informazioni.
Allianz Global Investors GmbH
Bockenheimer Landstraße 42-44 D-60323 Francoforte sul Meno Internet: https://de.allianzgi.com E-mail: [email protected]
Allianz Global Investors GmbH svolge la funzione di agente amministrativo centrale tramite la propria filiale in Lussemburgo:
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com E-mail: [email protected] | # General Information
The Fund referred to in this semi-annual report is authorised as a “Fonds Commun de Placement” and, as such, its sales prospectus and management regulations fall within the scope of Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended (UCITS as defined by Directive 2014/91/EU of 23 July 2014). The Fund was launched on 25 September 1992.
The information included in this semi-annual report refers to the period under review from 1 February 2022 to 31 July 2022. No statements on the future development of the Fund can be derived from this information.
This semi-annual report does not constitute an offer or an invitation to purchase units of the Fund. Fund units are bought on the basis of the current sales prospectus, the Key Investor Information and the management regulations, supplemented by the latest available audited annual report. If the latest annual report was published more than eight months ago, then the semi-annual report must also be made available to the investor.
The sales prospectus, the management regulations, the Key Investor Information and the respective annual and semi- annual reports can be obtained free of charge from the Management Company, the Custodian or from any Paying and Information Agent.
Allianz Global Investors GmbH
Bockenheimer Landstraße 42-44 D-60323 Frankfurt/Main Internet: https://de.allianzgi.com Email: [email protected]
Allianz Global Investors GmbH acts through its Luxembourg branch in order to carry out its function as Central Administration Agent:
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com Email: [email protected] | en | it |
DOLFIN961 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
A feeder fund is a fund which invests at least 85% of its assets in another fund, called a master fund.
CPR Invest - Defensive (the “Feeder Compartment”) invests in the T-unit of CPR Croissance Défensive CPR Croissance Défensive, a French Mutual Investment Fund (the “Master Fund”).
The investment objective of the Feeder Compartment is the same as the Master Fund.
The investment objective of the Master Fund is to deliver over the medium term, net of management fees, a higher return than the one of the composite benchmark: [80% J.P. Morgan GBI Global Index Hedge Return in euro + 20% MSCI World Index Net Return in euro] with an expected maximum volatility of 7%. The J.P. Morgan GBI Global Index is available from the website www.morganmarkets.com and the MSCI World Index is available from the website www.msci.com
It is intended that the performance of the Feeder Compartment will be strongly correlated to that of the Master Fund. However, the performance of the Feeder Compartment
will be lower than that of the T-unit of the Master Fund due to, in particular, costs and expenses incurred by the Feeder Compartment.
The Master Fund is a diversified global portfolio combining several classes of assets: equities (including small caps), interest rates, credit (including securities in the “Speculative Grade” category, i.e. rated below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria), money-market investments, foreign exchange, alternative strategies, commodities (excluding agricultural commodities), exposed to all geographic areas (including emerging markets).
The Master Fund is mainly invested in the "interest-rate" class of assets and is limited to an exposure to “risky assets*” ranging from 0% to maximum 40% of the total class of assets of the Fund.
* The term "risky assets" is defined in the investment strategy section of the Master Fund's prospectus.
To achieve this, the management team defines the allocation between equities, bonds and money-market instruments which may diverge from the proportions of the index while complying with the maximum volatility. It then proceeds to a geographic and/or thematic allocation and to the selection of the corresponding supports. These decisions are based on market forecasts, financial and risk data.
The Master Fund's assets may be invested in UCI up to 100%. It may also hold securities. The equity exposure will range from 0% to 30% of the total assets of the portfolio.
The part in the following investments ("interest-rate" class of assets) represents a total of at least 60% of the Master Fund's total assets: interest-rate products (including convertible bonds) and money-market instruments (including UCIs), deposits with a banking institution, repurchase agreements on bonds. The Master Fund may invest in interest-rate products of public and private issuers in the OECD area that are "Investment Grade" at the time of their purchase, i.e. rated above or equal to BBB- [Source S&P/Fitch] or Baa3 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria. The Master Fund's may invest up to 40% of its assets in OECD area Government bonds belonging to the "Speculative Grade" category, i.e. ratings below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria.
For the assessment of the risk and the credit category the management company relies on its teams and its own methodology, which includes, amongst other factors, the ratings issued by the main rating agencies.
The downgrading of an issuer by one or more rating agencies does not systematically entail the sale of the securities concerned; rather, the management company relies on its internal assessment to evaluate the option of whether or not to keep the portfolio securities.
The sensitivity of the portfolio, an indicator that measures the impact of the change in interest rate on performance, ranges between [-1 ; +8]. Financial derivatives instruments or temporary securities purchases and sales may be used by the Master Fund to hedge and/or to expose the portfolio. Derivatives instruments may be used by the Feeder Compartment for hedging purposes only.
CPR Invest - Defensive - A - Acc has a recommended investment horizon of more thyear 2 years . CPR Invest - Defensive - A - Acc accumulates its net profit and net realized capital gains.
You may redeem your shares at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | # Objetivos y política de inversión
Un fondo subordinado es un fondo que invierte al menos el 85% de sus activos en otro fondo, denominado fondo principal.
CPR Invest - Defensive (el “Compartimento subordinado”) invierte en el T-unit of CPR Croissance Défensive, un Fondo francés de inversión mutua (“el Fondo principal”). El objetivo de inversión del Compartimento subordinado es el mismo que el del Fondo principal.
El objetivo de inversión del Fondo principal es proporcionar, a medio plazo, neta de comisiones de gestión, una rentabilidad superior a la del índice de referencia compuesto: [80%
J.P. Morgan GBI Global Index Hedge Return en euros + 20% MSCI World Index Net Return en euros] con una volatilidad máxima prevista del 7%. El Índice J.P. Morgan GBI Global está disponible en el sitio web www.morganmarkets.com y el Índice MSCI World está disponible en el sitio web www.msci.com
Está previsto que la rentabilidad del Compartimento subordinado tenga una gran correlación con la del Fondo principal. No obstante, la rentabilidad del Compartimento subordinado será inferior a la del T-unit del Fondo principal debido, en concreto, a los costes y gastos incurridos por el Compartimento subordinado.
El Fondo principal es una cartera mundial diversificada que combina varias clases de activos: renta variable (incluidos los valores de capitalización reducida), tipos de interés, crédito (incluidos los valores en la categoría de “grado especulativo”, es decir con calificaciones inferiores o iguales a BB+ [S&P/Fitch] o a Ba1 [Moody’s] o que la Sociedad Gestora considere equivalentes, según su criterio), inversiones en el mercado monetario, divisas extranjeras, estrategias alternativas, materias primas (salvo las materias primas agrícolas), con exposición a todas las zonas geográficas (incluidos los mercados emergentes).
El Fondo principal invierte principalmente en clases de activos de "tipos de interés" y presenta una exposición limitada a los “activos de riesgo*” que oscila del 0% y a un máximo del 40% de las clases de activos totales del Fondo.
* El término "activos de riesgo" se define en la sección de estrategia de inversión del folleto del Fondo principal.
Para conseguirlo, el equipo de gestión define la asignación entre renta variable, bonos e instrumentos del mercado monetario que pueden diferir de las proporciones del índice siempre que respeten la volatilidad máxima. A continuación, prosigue con la asignación geográfica y/o temática y la selección de los apoyos correspondientes. Estas decisiones se basan en las previsiones de mercado y en la información financiera y de riesgos.
Puede invertirse hasta el 100% de los activos del Fondo principal en OIC. También puede mantener valores. La exposición a renta variable oscilará entre un 0% y un 30% de los activos totales de la cartera.
La participación en las siguientes inversiones (clases de activos de "tipos de interés") representa un total de al menos el 60% de los activos totales del Fondo principal: productos de tipos de interés (incluidos los bonos convertibles) e instrumentos del mercado monetario (incluidos IIC), depósitos con una institución bancaria y acuerdos de recompra sobre bonos. El Fondo principal puede invertir en productos de tipos de interés de emisores públicos y privados del área OCDE con "grado de inversión" en el momento de su adquisición, es decir, una calificación superior o igual a BBB- [S&P/Fitch] o Baa3 [Moody’s] o que la Sociedad Gestora considere equivalentes, según su criterio. El Fondo principal puede invertir hasta el 40% de sus activos en bonos del gobierno del área OCDE que pertenezcan a la categoría de "grado especulativo", es decir, que tenga una calificación inferior o igual a BB+ [S&P/Fitch] o Ba1 [Moody's] o que la Sociedad Gestora considere equivalentes, según su propio criterio.
A efectos de la evaluación del riesgo y la categoría crediticia, la sociedad gestora confía en sus equipos y su propia metodología, que incluye, entre otros factores, las calificaciones otorgadas por las agencias de calificación principales.
La reducción de la calificación de un emisor según una o más agencias de calificación no supondrá la venta de los valores afectados de manera sistemática; en su lugar, la sociedad gestora confía en sus evaluaciones internas para evaluar la opción de mantener o no los valores de la cartera.
La sensibilidad de la cartera del Fondo principal, un indicador que mide el impacto del cambio de los tipos de interés sobre la rentabilidad, oscila entre [-1 ; +8].
El Fondo principal podrá utilizar instrumentos financieros derivados o compras y ventas de valores temporales con fines de cobertura y/o de exposición de la cartera.
El Compartimento subordinado podrá utilizar instrumentos derivados solo con fines de cobertura. CPR Invest - Defensive - A - Acc tiene un horizonte de inversión recomendado de más de 2 años. CPR Invest - Defensive - A - Acc acumula su beneficio neto y sus plusvalías materializadas netas.
Usted podrá reembolsar sus acciones a su correspondiente valor liquidativo, calculado a diario de conformidad con los términos establecidos en el folleto. | # Objectives and Investment Policy
A feeder fund is a fund which invests at least 85% of its assets in another fund, called a master fund.
CPR Invest - Defensive (the “Feeder Compartment”) invests in the T-unit of CPR Croissance Défensive CPR Croissance Défensive, a French Mutual Investment Fund (the “Master Fund”).
The investment objective of the Feeder Compartment is the same as the Master Fund.
The investment objective of the Master Fund is to deliver over the medium term, net of management fees, a higher return than the one of the composite benchmark: [80% J.P. Morgan GBI Global Index Hedge Return in euro + 20% MSCI World Index Net Return in euro] with an expected maximum volatility of 7%. The J.P. Morgan GBI Global Index is available from the website www.morganmarkets.com and the MSCI World Index is available from the website www.msci.com
It is intended that the performance of the Feeder Compartment will be strongly correlated to that of the Master Fund. However, the performance of the Feeder Compartment
will be lower than that of the T-unit of the Master Fund due to, in particular, costs and expenses incurred by the Feeder Compartment.
The Master Fund is a diversified global portfolio combining several classes of assets: equities (including small caps), interest rates, credit (including securities in the “Speculative Grade” category, i.e. rated below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria), money-market investments, foreign exchange, alternative strategies, commodities (excluding agricultural commodities), exposed to all geographic areas (including emerging markets).
The Master Fund is mainly invested in the "interest-rate" class of assets and is limited to an exposure to “risky assets*” ranging from 0% to maximum 40% of the total class of assets of the Fund.
* The term "risky assets" is defined in the investment strategy section of the Master Fund's prospectus.
To achieve this, the management team defines the allocation between equities, bonds and money-market instruments which may diverge from the proportions of the index while complying with the maximum volatility. It then proceeds to a geographic and/or thematic allocation and to the selection of the corresponding supports. These decisions are based on market forecasts, financial and risk data.
The Master Fund's assets may be invested in UCI up to 100%. It may also hold securities. The equity exposure will range from 0% to 30% of the total assets of the portfolio.
The part in the following investments ("interest-rate" class of assets) represents a total of at least 60% of the Master Fund's total assets: interest-rate products (including convertible bonds) and money-market instruments (including UCIs), deposits with a banking institution, repurchase agreements on bonds. The Master Fund may invest in interest-rate products of public and private issuers in the OECD area that are "Investment Grade" at the time of their purchase, i.e. rated above or equal to BBB- [Source S&P/Fitch] or Baa3 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria. The Master Fund's may invest up to 40% of its assets in OECD area Government bonds belonging to the "Speculative Grade" category, i.e. ratings below or equal to BB+ [Source S&P/Fitch] or Ba1 [Source Moody’s] or considered to be equivalent by the Management Company according to its own criteria.
For the assessment of the risk and the credit category the management company relies on its teams and its own methodology, which includes, amongst other factors, the ratings issued by the main rating agencies.
The downgrading of an issuer by one or more rating agencies does not systematically entail the sale of the securities concerned; rather, the management company relies on its internal assessment to evaluate the option of whether or not to keep the portfolio securities.
The sensitivity of the portfolio, an indicator that measures the impact of the change in interest rate on performance, ranges between [-1 ; +8]. Financial derivatives instruments or temporary securities purchases and sales may be used by the Master Fund to hedge and/or to expose the portfolio. Derivatives instruments may be used by the Feeder Compartment for hedging purposes only.
CPR Invest - Defensive - A - Acc has a recommended investment horizon of more thyear 2 years . CPR Invest - Defensive - A - Acc accumulates its net profit and net realized capital gains.
You may redeem your shares at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | en | es |
DOLFIN962 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# KEY INFORMATION DOCUMENT
PURPOSE - This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
PRODUCT
Allianz Euro High Yield Bond (the "Sub-Fund") is a sub-fund of Allianz Global Investors Fund which is established as a Luxembourg domiciled SICAV, and managed by Allianz Global Investors GmbH, part of group Allianz Global Investors. | # DOCUMENT D’INFORMATIONS CLÉS
OBJECTIF - Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
PRODUIT
Allianz Euro High Yield Bond (Le « Compartiment ») est un compartiment de Allianz Global Investors Fund qui est établi en tant que SICAV domiciliée au Luxembourg, et gérée par Allianz Global Investors GmbH, membre du groupe Allianz Global Investors. | # KEY INFORMATION DOCUMENT
PURPOSE - This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
PRODUCT
Allianz Euro High Yield Bond (the "Sub-Fund") is a sub-fund of Allianz Global Investors Fund which is established as a Luxembourg domiciled SICAV, and managed by Allianz Global Investors GmbH, part of group Allianz Global Investors. | en | fr |
DOLFIN963 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### ARTICLE 12 - RIGHTS AND OBLIGATIONS ATTACHED TO SHARES
Each share confers an ownership right to the Company's capital, and the income therefrom, in proportion to the percentage of capital that the share represents.
The rights and obligations attached to a share follow the title of ownership, into whatever hands it may pass.
Share ownership automatically implies adherence to the Company's Articles of Association and the decisions of General Meetings..
Whenever it is necessary to hold multiple shares to exercise any right, particularly in an exchange or reorganisation, the owners of single shares, or of fewer than the required number of shares, cannot exercise those rights unless they personally arrange to group, buy or sell the necessary shares. | #### ARTICOLO 12: DIRITTI E OBBLIGHI ALLEGATI ALLE AZIONI
In termini di proprietà del patrimonio sociale e ripartizione degli utili, ogni azione dà diritto a una quota proporzionale alla frazione di capitale dalla stessa rappresentata.
I diritti e obblighi allegati all’azione seguono il titolo, indipendentemente dal suo proprietario.
La proprietà di un’azione comporta, a tutti gli effetti, il rispetto dello statuto della società e delle decisioni dell’Assemblea generale.
Ogni volta che si renda necessario possedere più azioni per esercitare un qualsiasi diritto e, in particolare, in caso di scambio o raggruppamento, i detentori di azioni isolate, o in numero inferiore a quello necessario, possono esercitare tali diritti esclusivamente a condizione di perseguire i propri interessi personali rispetto al raggruppamento ed eventualmente all’acquisto o alla vendita delle azioni necessarie. | #### ARTICLE 12 - RIGHTS AND OBLIGATIONS ATTACHED TO SHARES
Each share confers an ownership right to the Company's capital, and the income therefrom, in proportion to the percentage of capital that the share represents.
The rights and obligations attached to a share follow the title of ownership, into whatever hands it may pass.
Share ownership automatically implies adherence to the Company's Articles of Association and the decisions of General Meetings..
Whenever it is necessary to hold multiple shares to exercise any right, particularly in an exchange or reorganisation, the owners of single shares, or of fewer than the required number of shares, cannot exercise those rights unless they personally arrange to group, buy or sell the necessary shares. | en | it |
DOLFIN964 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Objectif
Le Fonds vise à fournir un revenu, avec un potentiel de croissance du capital sur le long terme.
Objectif de performance : Surperformer par rapport à l’indice ICE BofA Global High Yield Constrained Index (100% Hedged) de 1,75 % par an, avant déduction des charges, sur une période quelconque de cinq ans. | ## Objetivo
El Fondo busca obtener un ingreso con potencial de crecimiento de capital a largo plazo.
Objetivo de rendimiento: Superar el ICE BofA Global High Yield Constrained Index (100% Hedged) en un 1,75 % anual antes de la deducción de los gastos, en cualquier período de cinco años. | ## Objectif
Le Fonds vise à fournir un revenu, avec un potentiel de croissance du capital sur le long terme.
Objectif de performance : Surperformer par rapport à l’indice ICE BofA Global High Yield Constrained Index (100% Hedged) de 1,75 % par an, avant déduction des charges, sur une période quelconque de cinq ans. | fr | es |
DOLFIN965 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 7,400 | EUR 5,070 |
| Average return each year | -26.0% | -12.7% |
| Unfavourable scenario | What you might get back after costs | EUR 9,240 | EUR 6,750 |
| Average return each year | -7.6% | -7.6% |
| Moderate scenario | What you might get back after costs | EUR 10,600 | EUR 12,870 |
| Average return each year | 6.0% | 5.2% |
| Favourable scenario | What you might get back after costs | EUR 11,880 | EUR 14,310 |
| Average return each year | 18.8% | 7.4% | | | Szenarien | Wenn Sie nach 1 Jahr aussteigen | Wenn Sie nach 5 Jahr aussteigen (empfohlene Haltedauer) |
| --- | --- | --- |
| Stress szenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 7.400 EUR | 5.070 EUR |
| Jährliche Durchschnittsrendite | -26,0 % | -12,7 % |
| Pessimistisches Szenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 9.240 EUR | 6.750 EUR |
| Jährliche Durchschnittsrendite | -7,6 % | -7,6 % |
| Mittleres Szenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 10.600 EUR | 12.870 EUR |
| Jährliche Durchschnittsrendite | 6,0 % | 5,2 % |
| Optimistisches Szenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 11.880 EUR | 14.310 EUR |
| Jährliche Durchschnittsrendite | 18,8 % | 7,4 % | | | Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 7,400 | EUR 5,070 |
| Average return each year | -26.0% | -12.7% |
| Unfavourable scenario | What you might get back after costs | EUR 9,240 | EUR 6,750 |
| Average return each year | -7.6% | -7.6% |
| Moderate scenario | What you might get back after costs | EUR 10,600 | EUR 12,870 |
| Average return each year | 6.0% | 5.2% |
| Favourable scenario | What you might get back after costs | EUR 11,880 | EUR 14,310 |
| Average return each year | 18.8% | 7.4% | | en | de |
DOLFIN966 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
Type:
This product is a UCITS sub-fund of an open-ended umbrella investment company with variable capital and segregated liability between sub- funds. The Fund's assets are held through its Depository, which is State Street Fund Services (Ireland) Limited. Further information in relation to the Fund should be obtained from your financial advisor or distributor or is available at https://www.brandes.com/ucits in English.
Objective:
- The investment objective of the Sub-Fund is to seek long-term capital appreciation.
- The Sub-Fund is considered to be actively managed in reference to the MSCI World Index (the “Index”). Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index. In addition, the Sub-Fund is considered to be actively managed in reference to the MSCI World Value Index by virtue of the fact that it uses the MSCI World Value Index for performance comparison purposes. However, the MSCI World Value Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the MSCI World Value Index.
- The Sub-Fund expects to be invested in approximately 35-85 issues. Typically, no more than 5% of the value of the Sub-Fund's total assets will be invested in any one security, at the time of purchase. With respect to the Sub-Fund’s investments in any particular country or industry, the Sub-Fund may typically invest up to the greater of either (a) 20% of total assets in any particular country or industry at the time of purchase, or (b)150% of the weighting of such country or industry as represented in the Index, at the time of purchase.
- The Sub-Fund primarily invests in equity and equity related securities worldwide including emerging markets.
- The investment focus will be on companies whose market capitalisations is greater than USD 5 billion at the time of purchase. At least two-thirds of the investments of the Sub-Fund (in terms of total assets) will be in equity securities. The Sub-Fund is not subject to any specific geographic diversification requirements and shall invest on a worldwide basis.
- The Manager's approach to selecting investments for the Sub-Fund is oriented to individual stock selection rather than on a top-down basis or macro-economic outlook. Securities are selected based on the Manager's assessment of long-term business worth compared to current value.
Exposures to countries, sectors, and industries are a residual of this bottom up stock selection process.
- This Sub-Fund promotes environmental and/or social characteristics and is classified as an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”).
- The Sub-Fund seeks to promote environmental and social characteristics through its exclusion screening process and consideration of principal adverse impacts on its investment decisions. In addition, the Sub-Fund monitors the Weighted Average Carbon Intensity (“WACI”) at the portfolio level, relative to its Index. The Sub- Fund aims to maintain a WACI that is lower than the WACI of the Index on annual basis.
- The Manager can make investments for the Sub-Fund at its own discretion within the predefined investment limits.
- The Sub-Fund may invest no more than 10% of its net assets in other investment funds.
- This Sub-Fund can use derivatives, including forward foreign exchange contracts, futures, options and swaps, for investment purpose and to manage the portfolio efficiently.
- This is a distributing share class – a dividend will be paid annually.
- Portfolio transaction costs are paid out of the assets of the Sub Fund the Sub-Fund.
- The Sub-Fund employs a long-term investment approach and a holding period of at least 5 years is suggested.
Dealing Frequency:
Investors can buy and sell or switch shares in the Sub-Fund on any business day. The only exceptions are days when Euronext Dublin is closed or days when the New York Stock Exchange is closed.
Term:
This Fund is an open-ended UCITS and has an indefinite duration. The Fund may be terminated at any time in line with the constitutional documents of the Company. For full investment objectives and policy details, please refer to the Investment Objectives and Investment Policy in the Fund’s Supplement to the Prospectus, which are available at https://www.brandes.com/ucits.
Intended investor:
The Brandes Global Value Fund is suitable for investors seeking long- term capital appreciation by investing primarily in global equity securities of issuers listed or traded in Recognised Exchanges.
The NAV per share of the Fund will be published daily and made available on the internet at www.euronext.com and will be updated following each calculation of NAV. | # En quoi consiste ce produit ?
Type :
Ce produit est un compartiment OPCVM d'une société d'investissement à compartiments multiples à capital variable et à responsabilité séparée entre les compartiments. Les actifs du Fonds sont détenus par l'intermédiaire de son dépositaire, qui est State Street Fund Services (Ireland) Limited. Vous pouvez obtenir de plus amples informations sur le Fonds auprès de votre conseiller financier ou de votre distributeur ou sur le site https://www.brandes.com/ucits en anglais.
Objectif :
- L'objectif d'investissement du Compartiment est de chercher une croissance du capital à long terme.
- Le Compartiment est considéré comme faisant l’objet d’une gestion active par référence à l’indice MSCI World Index (l’« Indice »). Certains des titres du Compartiment peuvent être des composantes de l’Indice et avoir des pondérations similaires à celui-ci. Toutefois, le Compartiment peut s’écarter sensiblement de l’Indice et le Gestionnaire peut utiliser son pouvoir discrétionnaire pour investir dans des pays ou des secteurs non inclus dans l’Indice. En outre, le Compartiment est considéré comme faisant l'objet d'une gestion active par référence à l’indice MSCI World Value Index du fait qu’il utilise cet indice à des fins de comparaison des performances. Le MSCI World Value Index n’est toutefois pas utilisé pour définir la composition du portefeuille du Compartiment ou comme objectif de performance, et le Compartiment peut être entièrement investi dans des titres qui ne sont pas des composants du MSCI World Value Index.
- Il est prévu que le Compartiment investisse dans environ 35-85 émissions. Le Compartiment n’investira généralement pas plus de 5 % de son actif total dans un même titre au moment de l’achat. En ce qui concerne les investissements du Compartiment dans un pays ou un secteur donné, le Compartiment peut typiquement investir jusqu’à la valeur la plus élevée entre (a) 20 % de son actif total dans un pays ou un secteur donné au moment de l’achat, ou (b) 150 % de la pondération de ce pays ou secteur tel au sein de l’Indice au moment de l’achat.
- Le Compartiment investit principalement dans des actions et des titres apparentés aux actions dans le monde entier, y compris sur les marchés émergents.
- L'investissement se concentrera sur les entreprises dont la capitalisation boursière est supérieure à 5 milliards de dollars américains au moment de l'achat. Au moins deux tiers des investissements du Compartiment (en termes de total des actifs) porteront sur des actions. Le Compartiment n’est soumis à aucune exigence spécifique de diversification géographique et investira dans le monde entier.
- L'approche du Gestionnaire en matière de sélection d'investissements pour le Compartiment est orientée vers la sélection de titres individuels plutôt que sur une base descendante ou des perspectives macro- économiques. Les titres sont sélectionnés en fonction de l'évaluation par le Gestionnaire de la valeur commerciale à long terme par rapport à lavaleur actuelle. Les expositions aux pays, aux secteurs et aux industries sont un résidu de ce processus ascendant de sélection des actions.
- Ce Compartiment promeut des caractéristiques environnementales et/ ou sociales et est classé comme relevant de l’article 8 du règlement européen sur la publication d’informations en matière de finance durable (« SFDR »).
- Le Compartiment vise à promouvoir des caractéristiques environnementales et sociales par son processus de filtrage d’exclusion et la prise en considération des principales incidences négatives de ses décisions d’investissement. En outre, le Compartiment assure un suivi de l’intensité de carbone moyenne pondérée (Weighted Average Carbon Intensity, « WACI ») au niveau du portefeuille par rapport à son Indice. Le Compartiment vise à maintenir une WACI inférieure à celle de l’Indice sur base annuelle.
- Le Gestionnaire peut effectuer des investissements pour le Compartiment à sa propre discrétion dans les limites d'investissement prédéfinies.
- Le Compartiment peut investir au maximum 10 % de ses actifs nets dans d'autres fonds de placement.
- Ce Compartiment peut utiliser des produits dérivés, y compris des contrats de change, des contrats à terme, des options et des swaps, à des fins d'investissement et pour gérer efficacement le portefeuille.
- Il s'agit d'une catégorie d'actions de distribution ; un dividende sera versé annuellement.
- Les frais de transaction du portefeuille sont payés à partir des actifs du Compartiment.
- Le Compartiment emploie une approche d'investissement à long terme et une période de détention d'au moins 5 ans est suggérée.
Fréquence des transactions :
Les investisseurs peuvent acheter et vendre ou échanger des actions du Compartiment chaque jour ouvrable. Les seules exceptions sont les jours de fermeture d’Euronext Dublin ou de la Bourse de New York.
Durée :
Ce Fonds est un OPCVM à capital variable et possède une durée indéterminée. Le Fonds peut être résilié à tout moment, conformément aux documents constitutifs de la Société. Pour connaître tous les détails concernant les objectifs et la politique d'investissement, veuillez vous reporter aux Objectifs d’investissement et à la Politique d'investissement du Supplément au Prospectus du Fonds, qui sont disponibles sur https:// www.brandes.com/ucits.
Investisseur visé :
Le Brandes Global Value Fund convient aux investisseurs qui recherchent une appréciation du capital à long terme en investissant principalement dans des titres de participation mondiaux d'émetteurs cotés ou négociés sur des Bourses reconnues.
La valeur liquidative par action du Fonds sera publiée quotidiennement et mise à disposition sur Internet à l'adresse www.euronext.com et sera mise à jour après chaque calcul de la valeur liquidative. | # What is this product?
Type:
This product is a UCITS sub-fund of an open-ended umbrella investment company with variable capital and segregated liability between sub- funds. The Fund's assets are held through its Depository, which is State Street Fund Services (Ireland) Limited. Further information in relation to the Fund should be obtained from your financial advisor or distributor or is available at https://www.brandes.com/ucits in English.
Objective:
- The investment objective of the Sub-Fund is to seek long-term capital appreciation.
- The Sub-Fund is considered to be actively managed in reference to the MSCI World Index (the “Index”). Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index. In addition, the Sub-Fund is considered to be actively managed in reference to the MSCI World Value Index by virtue of the fact that it uses the MSCI World Value Index for performance comparison purposes. However, the MSCI World Value Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the MSCI World Value Index.
- The Sub-Fund expects to be invested in approximately 35-85 issues. Typically, no more than 5% of the value of the Sub-Fund's total assets will be invested in any one security, at the time of purchase. With respect to the Sub-Fund’s investments in any particular country or industry, the Sub-Fund may typically invest up to the greater of either (a) 20% of total assets in any particular country or industry at the time of purchase, or (b)150% of the weighting of such country or industry as represented in the Index, at the time of purchase.
- The Sub-Fund primarily invests in equity and equity related securities worldwide including emerging markets.
- The investment focus will be on companies whose market capitalisations is greater than USD 5 billion at the time of purchase. At least two-thirds of the investments of the Sub-Fund (in terms of total assets) will be in equity securities. The Sub-Fund is not subject to any specific geographic diversification requirements and shall invest on a worldwide basis.
- The Manager's approach to selecting investments for the Sub-Fund is oriented to individual stock selection rather than on a top-down basis or macro-economic outlook. Securities are selected based on the Manager's assessment of long-term business worth compared to current value.
Exposures to countries, sectors, and industries are a residual of this bottom up stock selection process.
- This Sub-Fund promotes environmental and/or social characteristics and is classified as an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”).
- The Sub-Fund seeks to promote environmental and social characteristics through its exclusion screening process and consideration of principal adverse impacts on its investment decisions. In addition, the Sub-Fund monitors the Weighted Average Carbon Intensity (“WACI”) at the portfolio level, relative to its Index. The Sub- Fund aims to maintain a WACI that is lower than the WACI of the Index on annual basis.
- The Manager can make investments for the Sub-Fund at its own discretion within the predefined investment limits.
- The Sub-Fund may invest no more than 10% of its net assets in other investment funds.
- This Sub-Fund can use derivatives, including forward foreign exchange contracts, futures, options and swaps, for investment purpose and to manage the portfolio efficiently.
- This is a distributing share class – a dividend will be paid annually.
- Portfolio transaction costs are paid out of the assets of the Sub Fund the Sub-Fund.
- The Sub-Fund employs a long-term investment approach and a holding period of at least 5 years is suggested.
Dealing Frequency:
Investors can buy and sell or switch shares in the Sub-Fund on any business day. The only exceptions are days when Euronext Dublin is closed or days when the New York Stock Exchange is closed.
Term:
This Fund is an open-ended UCITS and has an indefinite duration. The Fund may be terminated at any time in line with the constitutional documents of the Company. For full investment objectives and policy details, please refer to the Investment Objectives and Investment Policy in the Fund’s Supplement to the Prospectus, which are available at https://www.brandes.com/ucits.
Intended investor:
The Brandes Global Value Fund is suitable for investors seeking long- term capital appreciation by investing primarily in global equity securities of issuers listed or traded in Recognised Exchanges.
The NAV per share of the Fund will be published daily and made available on the internet at www.euronext.com and will be updated following each calculation of NAV. | en | fr |
DOLFIN967 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Before deciding to accept any request for waiver, investment firms must be required to take all reasonable steps to ensure that the client requesting to be treated as a professional client meets the relevant requirements stated in the preceding section II.1.
However, if clients have already been categorised as professionals under parameters and procedures similar to those above, it is not intended that their relationships with investment firms should be affected by any new rules adopted pursuant to this section.
Firms must implement appropriate written internal policies and procedures to categorise clients. Professional clients are responsible for keeping the firm informed about any change which might affect their current categorisation. Should the investment firm become aware that the client no longer fulfils the conditions which initially made him eligible for treatment as a professional client, the investment firm must take appropriate action.
-
#### Private investors | Wertpapierfirmen müssen verpflichtet sein, durch angemes- sene Vorkehrungen sicherzustellen, dass ein Kunde, der als professioneller Kunde behandelt werden möchte, die ein- schlägigen Kriterien gemäss Abschnitt II.1 erfüllt, bevor sie einem Antrag auf Verzicht auf den Schutz stattgeben.
Wurden Kunden hingegen aufgrund von Parametern und Verfahren, die den oben genannten vergleichbar sind, be- reits als professionelle Kunden eingestuft, sollte sich ihr Verhältnis zu den Wertpapierfirmen durch neue, aufgrund dieses Abschnitts angenommene Regeln nicht ändern.
Die Firmen müssen zweckmässige schriftliche interne Strate- gien und Verfahren einführen, anhand deren die Kunden eingestuft werden können. Die professionellen Kunden sind dafür verantwortlich, die Firma über alle Änderungen zu informieren, die ihre Einstufung beeinflussen könnten. Sollte die Wertpapierfirma zu der Erkenntnis gelangen, dass der Kunde die Bedingungen nicht mehr erfüllt, die ihn anfänglich für eine Behandlung als professioneller Kunde in Frage kommen liessen, so muss sie entsprechende Schritte in die Wege leiten.
-
#### Privatanleger | Before deciding to accept any request for waiver, investment firms must be required to take all reasonable steps to ensure that the client requesting to be treated as a professional client meets the relevant requirements stated in the preceding section II.1.
However, if clients have already been categorised as professionals under parameters and procedures similar to those above, it is not intended that their relationships with investment firms should be affected by any new rules adopted pursuant to this section.
Firms must implement appropriate written internal policies and procedures to categorise clients. Professional clients are responsible for keeping the firm informed about any change which might affect their current categorisation. Should the investment firm become aware that the client no longer fulfils the conditions which initially made him eligible for treatment as a professional client, the investment firm must take appropriate action.
-
#### Private investors | en | de |
DOLFIN968 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important Information
This marketing communication is issued by First Trust Global Portfolios Management Limited (“FTGPM”) whose place of business is Fitzwilliam Hall, Fitzwilliam Place, Dublin 2, D02 T292. FTGPM is authorised and regulated by the Central Bank of Ireland (“CBI”) (C185737). The Fund is also regulated by the CBI.
Nothing contained herein constitutes investment, legal, tax or other advice and it is not to be solely relied on in making an investment or other decision, nor does the document implicitly or explicitly recommend or suggest an investment strategy, reach conclusions in relation to an investment strategy for the reader, or provide any opinions as to the present or future value or price of any fund. It is not an invitation, offer, or solicitation to engage in any investment activity, including making an investment in the Fund, nor does the information, recommendations or opinions expressed herein constitute an offer for sale of the Fund.
The Fund is an open-ended sub-fund of First Trust Global Funds PLC (the “Company”), an umbrella UCITS fund with segregated liability between sub- funds, incorporated with limited liability as an investment company with variable capital under the laws of Ireland with UCITS registered number 514357.
The material in this marketing communication is not comprehensive and must therefore be read in conjunction with the Fund’s prospectus and the key investor information documents (“KIIDs”) which contain material information not contained herein, including the terms of investment and information regarding investment risks and restrictions, fees and expenses and conflicts of interests. Potential investors should pay particular attention to the risk disclosures in the “Risk Factors” section of the Fund’s prospectus (available in English) and KIIDs (available for each share class of each of the sub-funds of the Company and in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/ EC (the UCITS Directive)). No assurance can be given that the Fund’s investment objective will be achieved or that the Fund will generate a positive return. Please contact FTGPM or visit www.ftglobalportfolios.com to obtain a prospectus and/
or KIIDs. Investors and potential investors can obtain a summary in English of investor rights and information on access to collective redress mechanisms in the event of litigation at the following website: https://www.ftglobalportfolios. com/Content/SUMMARY_OF_INVESTOR_RIGHTS.
The Fund is currently notified for marketing into a number of EU Member States under the UCITS Directive. The Company may however decide to terminate the arrangements made for the marketing of any share class of the Fund at any time using the process contained in the UCITS Directive.
Any UCITS ETF’s units / shares purchased on the secondary market cannot usually be sold directly back to UCITS ETF. Investors must buy and sell units / shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units / shares and may receive less than the current net asset value when selling them.
The Company’s portfolio holdings policy is designed to be transparent, whilst being in the best interest of the Fund and protecting the confidentiality of each Fund’s portfolio holdings. The full portfolio holdings for the Fund shall generally be available daily, with a one-day lag, on www.ftglobalportfolios. com. Any portfolio holdings information which may otherwise be provided on request shall be provided on a confidential basis.
The NASDAQ US High Equity Income Index is a trademark of Nasdaq, Inc. and has been licensed for use by First Trust Portfolios L.P., and sub-licensed for use by First Trust Global Funds PLC. The ETF is not sponsored, endorsed, sold or promoted by Nasdaq and Nasdaq makes no representation or warranty regarding the advisability of investing in the ETF or as to the result to be obtained by any person from use of the Index in connection with the trading of the ETF. | # Informazioni importanti
La presente comunicazione commerciale è pubblicata da First Trust Global Portfolios Management Limited (“FTGPM”) di Fitzwilliam Hall, Fitzwilliam Place, Dublin 2, D02 T292. FTGPM è autorizzata e regolamentata dalla Banca centrale d’Irlanda (“CBI”) (C185737). Anche il Fondo è regolamentato dalla CBI.
Nessun elemento contenuto nel presente documento costituisce un consiglio legale, fiscale, in materia di investimenti o di altro tipo e non si deve fare affidamento esclusivamente su di esso quando si prende una decisione di investimento o di altro tipo, né il documento raccomanda implicitamente o esplicitamente o suggerisce una strategia di investimento, trae conclusioni in relazione a una strategia di investimento per il lettore o fornisce qualsiasi opinione relativa al valore o prezzo presente o futuro di qualsiasi fondo. Non si tratta di un invito, un’offerta o una sollecitazione ad impegnarsi in qualsiasi attività d'investimento, compresa l’attuazione di un investimento nel Fondo, né le informazioni, le raccomandazioni o le opinioni qui espresse costituiscono un'offerta di vendita del Fondo.
Il Fondo è un comparto di tipo aperto di First Trust Global Funds PLC (la “Società”), un fondo OICVM multicomparto con separazione patrimoniale tra i comparti, costituito a responsabilità limitata in quanto società di investimento a capitale variabile ai sensi delle leggi irlandesi, con il numero di registrazione OICVM 514357.
Il materiale nella presente comunicazione commerciale non è esauriente e deve quindi essere letto congiuntamente al prospetto del Fondo e ai documenti contenenti le informazioni chiave per gli investitori (“KIID”) che presentano informazioni sostanziali non contenute nel presente documento, compresi i termini di investimento e le informazioni relative ai rischi e ai limiti, alle commissioni e alle spese, nonché ai conflitti di interesse dell’investimento. Gli investitori potenziali dovrebbero prestare particolare attenzione alle informazioni sui rischi nella sezione “Risk Factors” del prospetto del Fondo (disponibile in inglese) e nei KIID (disponibili per ciascuna classe di azioni di ciascuno dei comparti della Società e in una delle lingue ufficiali di ciascuno degli Stati membri dell’UE nei quali ogni comparto è stato notificato per la commercializzazione ai sensi della Direttiva 2009/65/CE (la Direttiva OICVM)). Non è possibile fornire alcuna garanzia in merito al raggiungimento dell’obiettivo di investimento del Fondo o alla generazione di un rendimento positivo da parte
dello stesso. Si prega di contattare FTGPM o consultare www.ftglobalportfolios. com per ottenere una copia del prospetto e/o dei KIID. Gli investitori e i potenziali investitori possono ottenere al seguente sito web un riepilogo in inglese dei diritti degli investitori e delle informazioni sull'accesso a meccanismi di ricorso collettivo in caso di controversia: https://www.ftglobalportfolios.com/Content/ SUMMARY_OF_INVESTOR_RIGHTS.
Il Fondo è al momento notificato per la commercializzazione in diversi Stati membri dell’UE ai sensi della Direttiva OICVM. La Società può, tuttavia, decidere di porre termine agli accordi effettuati per la commercializzazione di qualsiasi classe di azioni del Fondo in qualsiasi momento, utilizzando il processo contenuto nella Direttiva OICVM.
Qualsiasi quota/azione dell’ETF OICVM acquistata sul mercato secondario non può generalmente essere rivenduta direttamente all’ETF OICVM. Gli investitori devono vendere e acquistare quote/azioni su un mercato secondario con l’aiuto di un intermediario (ad es. un agente di borsa) e ciò potrebbe comportare delle commissioni. Inoltre, gli investitori potrebbero pagare più dell’attuale valore patrimoniale netto quando acquistano quote/azioni e potrebbero ricevere meno dell’attuale valore patrimoniale netto quando le vendono.
La politica sulle partecipazioni in portafoglio della Società è concepita per essere trasparente, pur restando nel migliore interesse del Fondo e tutelando la riservatezza di ciascuna partecipazione in portafoglio del Fondo. L’elenco completo delle partecipazioni in portafoglio del Fondo sarà generalmente disponibile su base quotidiana, con un giorno di ritardo, al sito www.ftglobalportfolios.com. Qualsiasi informazione sulle partecipazioni in portafoglio che può essere invece fornita su richiesta, verrà fornita in via riservata.
L’Indice NASDAQ US High Equity Income (l’“Indice”) è un marchio di Nasdaq, Inc. (“Nasdaq”) il cui uso è stato concesso in licenza a First Trust Advisors L.P. e in sub‑licenza a First Trust Global Funds PLC. L’ETF non è sponsorizzato, approvato, venduto o promosso da Nasdaq e Nasdaq non rilascia alcuna dichiarazione o garanzia in merito all’opportunità di investire nell’ETF o al risultato che chiunque possa ottenere dall’uso dell’Indice in relazione alla negoziazione dell’ETF. | # Important Information
This marketing communication is issued by First Trust Global Portfolios Management Limited (“FTGPM”) whose place of business is Fitzwilliam Hall, Fitzwilliam Place, Dublin 2, D02 T292. FTGPM is authorised and regulated by the Central Bank of Ireland (“CBI”) (C185737). The Fund is also regulated by the CBI.
Nothing contained herein constitutes investment, legal, tax or other advice and it is not to be solely relied on in making an investment or other decision, nor does the document implicitly or explicitly recommend or suggest an investment strategy, reach conclusions in relation to an investment strategy for the reader, or provide any opinions as to the present or future value or price of any fund. It is not an invitation, offer, or solicitation to engage in any investment activity, including making an investment in the Fund, nor does the information, recommendations or opinions expressed herein constitute an offer for sale of the Fund.
The Fund is an open-ended sub-fund of First Trust Global Funds PLC (the “Company”), an umbrella UCITS fund with segregated liability between sub- funds, incorporated with limited liability as an investment company with variable capital under the laws of Ireland with UCITS registered number 514357.
The material in this marketing communication is not comprehensive and must therefore be read in conjunction with the Fund’s prospectus and the key investor information documents (“KIIDs”) which contain material information not contained herein, including the terms of investment and information regarding investment risks and restrictions, fees and expenses and conflicts of interests. Potential investors should pay particular attention to the risk disclosures in the “Risk Factors” section of the Fund’s prospectus (available in English) and KIIDs (available for each share class of each of the sub-funds of the Company and in one of the official languages of each of the EU Member States into which each sub-fund has been notified for marketing under the Directive 2009/65/ EC (the UCITS Directive)). No assurance can be given that the Fund’s investment objective will be achieved or that the Fund will generate a positive return. Please contact FTGPM or visit www.ftglobalportfolios.com to obtain a prospectus and/
or KIIDs. Investors and potential investors can obtain a summary in English of investor rights and information on access to collective redress mechanisms in the event of litigation at the following website: https://www.ftglobalportfolios. com/Content/SUMMARY_OF_INVESTOR_RIGHTS.
The Fund is currently notified for marketing into a number of EU Member States under the UCITS Directive. The Company may however decide to terminate the arrangements made for the marketing of any share class of the Fund at any time using the process contained in the UCITS Directive.
Any UCITS ETF’s units / shares purchased on the secondary market cannot usually be sold directly back to UCITS ETF. Investors must buy and sell units / shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units / shares and may receive less than the current net asset value when selling them.
The Company’s portfolio holdings policy is designed to be transparent, whilst being in the best interest of the Fund and protecting the confidentiality of each Fund’s portfolio holdings. The full portfolio holdings for the Fund shall generally be available daily, with a one-day lag, on www.ftglobalportfolios. com. Any portfolio holdings information which may otherwise be provided on request shall be provided on a confidential basis.
The NASDAQ US High Equity Income Index is a trademark of Nasdaq, Inc. and has been licensed for use by First Trust Portfolios L.P., and sub-licensed for use by First Trust Global Funds PLC. The ETF is not sponsored, endorsed, sold or promoted by Nasdaq and Nasdaq makes no representation or warranty regarding the advisability of investing in the ETF or as to the result to be obtained by any person from use of the Index in connection with the trading of the ETF. | en | it |
DOLFIN969 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Rewards
- Investors achieve capital gains when equity markets rise and benefit from the defensive characteristics of a bond investment when they decline.
- Active management of equity, interest-rate and credit risks through the use of derivatives, among other considerations.
- Active portfolio management takes into consideration the currenteconomic situation, sector developments and issuer ratings.
- In-depth research into companies and broad portfolio diversification help mitigate risk. | # Chancen
- Die Anleger partizipieren bei steigenden Aktienmärkten an den Kursgewinnen und profitieren bei einem Marktabschwung vom defensiven Charakter einer Anleihenanlage.
- Aktive Steuerung von Aktien-, Zins- und Kreditrisiken u.a. durch den Einsatz von Derivaten.
- Das aktive Portfoliomanagement berücksichtigt die aktuelle Wirtschaftslage, die Entwicklung der Sektoren und die Bonität der Emittenten.
- Die sorgfältige Analyse der Unternehmen und eine möglichst breiteDiversifizierung des Portfolios tragen zu einem verminderten Risiko bei. | # Rewards
- Investors achieve capital gains when equity markets rise and benefit from the defensive characteristics of a bond investment when they decline.
- Active management of equity, interest-rate and credit risks through the use of derivatives, among other considerations.
- Active portfolio management takes into consideration the currenteconomic situation, sector developments and issuer ratings.
- In-depth research into companies and broad portfolio diversification help mitigate risk. | en | de |
DOLFIN970 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Note 2: Main accounting policies (cont.)
The transaction costs incurred by subscriptions and redemptions on the trading day are paid by the investors who commission these transactions.
The surcharge on, or deduction from, the transaction costs incurred by subscriptions or redemptions is effected at a flat rate and is based on an average value from a previous period of a maximum of one year. The maximum adjustment is 2% of the net asset value of the subfund in question.
If the fund has been on the market for less than one year, depending on the fund’s special features this factor will be determined so that a representative figure results.
As at 30 September 2022, Swinging Single Price values were recorded in the following subfunds:
The amounts are reversed on the following day after the capital has been definitively booked. | ### Note 2: Principales règles d’évaluation (suite)
Les frais de transaction occasionnés par les souscriptions et les rachats le jour de la transaction sont à la charge des investisseurs qui passent les ordres relatifs à ces transactions.
La majoration ou la remise appliquée aux frais de transaction occasionnés par les souscriptions ou les rachats est calculée sur une base forfaitaire et se rapporte à une valeur moyenne sur une période antérieure allant jusqu’à un an. L’ajustement maximal s’élève à 2% de la valeur nette d’inventaire du Compartiment.
Si le Fonds est présent sur le marché depuis moins d’un an, ce facteur est déterminé de manière à fournir une valeur représentative en fonction des caractéristiques du Fonds.
Le 30 septembre 2022, des valeurs « Swinging Single Price » ont été comptabilisées dans les Compartiments suivant:
Ces sommes seront débitées le lendemain, au moment de la comptabilisation définitive des capitaux. | ### Note 2: Main accounting policies (cont.)
The transaction costs incurred by subscriptions and redemptions on the trading day are paid by the investors who commission these transactions.
The surcharge on, or deduction from, the transaction costs incurred by subscriptions or redemptions is effected at a flat rate and is based on an average value from a previous period of a maximum of one year. The maximum adjustment is 2% of the net asset value of the subfund in question.
If the fund has been on the market for less than one year, depending on the fund’s special features this factor will be determined so that a representative figure results.
As at 30 September 2022, Swinging Single Price values were recorded in the following subfunds:
The amounts are reversed on the following day after the capital has been definitively booked. | en | fr |
DOLFIN971 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Performance summary**
EUR—Vanguard ESG Emerging Markets All Cap Equity Index Fund Benchmark — FTSE Emerging All Cap Choice Index
— — — —
01 Mar 2021 | ### Zusammenfassung der Performance**
EUR—Vanguard ESG Emerging Markets All Cap Equity Index Fund Vergleichsindex — FTSE Emerging All Cap Choice Index
— — — —
1. Mär 2021 | ### Performance summary**
EUR—Vanguard ESG Emerging Markets All Cap Equity Index Fund Benchmark — FTSE Emerging All Cap Choice Index
— — — —
01 Mar 2021 | en | de |
DOLFIN972 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# as of 31 December 2019
| EUR |
| --- |
| Securities holdings | 218,267,533.10 |
| (securities acquisition costs: EUR 188,509,381.80) | |
| Options | 835,493.29 |
| Cash at banks 1) | 8,192,517.58 |
| Unrealised gains on forward foreign exchange contracts | 266,406.22 |
| Interest receivable | 132,174.50 |
| Dividends receivable | 111,574.68 |
| Receivables from unit sales | 330,480.04 |
| | 228,136,179.41 |
| Unit redemptions payable | -1,101,185.86 |
| Unrealised losses on futures contracts | -140,655.80 |
| Other liabilities and equity 2) | -349,275.39 |
| | -1,591,117.05 |
| Net fund assets | 226,545,062.36 |
1) See notes to the Report.
2) This item mainly comprises management fees and the taxe d’abonnement.
| Allocation among unit classes | |
| --- | --- |
| Unit class (A) | |
| Pro rata net fund assets | EUR 39,295,498.77 |
| Outstanding units | 476,426.378 |
| Unit value | EUR 82.48 |
| | |
| Unit class (T) | |
| Pro rata net fund assets | EUR 152,008,699.26 |
| Outstanding units | 1,773,170.804 |
| Unit value | EUR 85.73 |
| | |
| Unit class (SIA-A) | |
| Pro rata net fund assets | EUR 15,851,758.61 |
| Outstanding units | 26,316.790 |
| Unit value | EUR 602.34 |
| | |
| Unit class (SIA-T) | |
| Pro rata net fund assets | EUR 15,419,015.01 |
| Outstanding units | 25,281.446 |
| Unit value | EUR 609.89 |
| | |
| Unit class (R-A)* | |
| Pro rata net fund assets | EUR 73,184.99 |
| Outstanding units | 692.160 |
| Unit value | EUR 105.73 |
| | |
| Unit class (R-T)* | |
| Pro rata net fund assets | EUR 2,207,675.56 |
| Outstanding units | 21,185.532 |
| Unit value | EUR 104.21 | | # zum 31. Dezember 2019
| EUR |
| --- |
| Wertpapiervermögen | 218.267.533,10 |
| (Wertpapiereinstandskosten: EUR 188.509.381,80) | |
| Optionen | 835.493,29 |
| Bankguthaben 1) | 8.192.517,58 |
| Nicht realisierte Gewinne aus Devisentermingeschäften | 266.406,22 |
| Zinsforderungen | 132.174,50 |
| Dividendenforderungen | 111.574,68 |
| Forderungen aus Absatz von Anteilen | 330.480,04 |
| | 228.136.179,41 |
| Verbindlichkeiten aus Rücknahmen von Anteilen | -1.101.185,86 |
| Nicht realisierte Verluste aus Terminkontrakten | -140.655,80 |
| Sonstige Passiva 2) | -349.275,39 |
| | -1.591.117,05 |
| Netto-Fondsvermögen | 226.545.062,36 |
1) Siehe Erläuterungen zum Bericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d´Abonnement.
| Zurechnung auf die Anteilklassen | |
| --- | --- |
| Anteilklasse (A) | |
| Anteiliges Netto-Fondsvermögen | 39.295.498,77 EUR |
| Umlaufende Anteile | 476.426,378 |
| Anteilwert | 82,48 EUR |
| | |
| Anteilklasse (T) | |
| Anteiliges Netto-Fondsvermögen | 152.008.699,26 EUR |
| Umlaufende Anteile | 1.773.170,804 |
| Anteilwert | 85,73 EUR |
| | |
| Anteilklasse (SIA-A) | |
| Anteiliges Netto-Fondsvermögen | 15.851.758,61 EUR |
| Umlaufende Anteile | 26.316,790 |
| Anteilwert | 602,34 EUR |
| | |
| Anteilklasse (SIA-T) | |
| Anteiliges Netto-Fondsvermögen | 15.419.015,01 EUR |
| Umlaufende Anteile | 25.281,446 |
| Anteilwert | 609,89 EUR |
| | |
| Anteilklasse (R-A)* | |
| Anteiliges Netto-Fondsvermögen | 73.184,99 EUR |
| Umlaufende Anteile | 692,160 |
| Anteilwert | 105,73 EUR |
| | |
| Anteilklasse (R-T)* | |
| Anteiliges Netto-Fondsvermögen | 2.207.675,56 EUR |
| Umlaufende Anteile | 21.185,532 |
| Anteilwert | 104,21 EUR | | # as of 31 December 2019
| EUR |
| --- |
| Securities holdings | 218,267,533.10 |
| (securities acquisition costs: EUR 188,509,381.80) | |
| Options | 835,493.29 |
| Cash at banks 1) | 8,192,517.58 |
| Unrealised gains on forward foreign exchange contracts | 266,406.22 |
| Interest receivable | 132,174.50 |
| Dividends receivable | 111,574.68 |
| Receivables from unit sales | 330,480.04 |
| | 228,136,179.41 |
| Unit redemptions payable | -1,101,185.86 |
| Unrealised losses on futures contracts | -140,655.80 |
| Other liabilities and equity 2) | -349,275.39 |
| | -1,591,117.05 |
| Net fund assets | 226,545,062.36 |
1) See notes to the Report.
2) This item mainly comprises management fees and the taxe d’abonnement.
| Allocation among unit classes | |
| --- | --- |
| Unit class (A) | |
| Pro rata net fund assets | EUR 39,295,498.77 |
| Outstanding units | 476,426.378 |
| Unit value | EUR 82.48 |
| | |
| Unit class (T) | |
| Pro rata net fund assets | EUR 152,008,699.26 |
| Outstanding units | 1,773,170.804 |
| Unit value | EUR 85.73 |
| | |
| Unit class (SIA-A) | |
| Pro rata net fund assets | EUR 15,851,758.61 |
| Outstanding units | 26,316.790 |
| Unit value | EUR 602.34 |
| | |
| Unit class (SIA-T) | |
| Pro rata net fund assets | EUR 15,419,015.01 |
| Outstanding units | 25,281.446 |
| Unit value | EUR 609.89 |
| | |
| Unit class (R-A)* | |
| Pro rata net fund assets | EUR 73,184.99 |
| Outstanding units | 692.160 |
| Unit value | EUR 105.73 |
| | |
| Unit class (R-T)* | |
| Pro rata net fund assets | EUR 2,207,675.56 |
| Outstanding units | 21,185.532 |
| Unit value | EUR 104.21 | | en | de |
DOLFIN973 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Terms and Conditions of Investment and amendments thereto
The Terms and Conditions of Investment can be found after this Sales Prospectus in this document. The Terms and Conditions of Investment may be amended by the Company. Amendments to the Terms and Conditions of Investment must be approved by BaFin. Amendments to the Fund's invest- ment principles must also be approved by the Company's Supervisory Board. Amendments to the Fund's current investment principles are permitted only on the condition that the Company offers
investors either the redemption of their units at no other cost before the changes enter into force, or the exchange of their units free of charge for units of other investment funds with comparable in- vestment principles, provided that the Company or one of its group companies manages such funds.
The proposed amendments shall be published in the German Federal Gazette [Bundesanzeiger] and on the Company's website (http://www.acatis.de). If the amendments relate to fees and expenses which may be withdrawn from the Fund, the investment principles of the Fund or essential investor rights, the investors will also be informed of their depositary institutions by a medium on which in- formation can be stored, viewed and passed on without any changes, e.g. in paper or electronic form (so-called “permanent data medium”), for a duration that is appropriate for providing the infor- mation. This information will include the key content of the planned amendments, the reasons for their implementation, the rights of investors in connection therewith and an indication of where and how further information can be obtained.
The amendments shall become effective no sooner than the day following their publication. Amend- ments to regulations applicable to fees and the reimbursement of expenses shall become effective no sooner than three months following their publication, unless an earlier date is determined with BaFin approval. Amendments to the Fund's current investment principles shall also become effective no sooner than three months following their publication.
- | # Anlagebedingungen und deren Änderungen
Die Anlagebedingungen sind im Anschluss an diesen Verkaufsprospekt in dieser Unterlage abge- druckt. Die Anlagebedingungen können von der Gesellschaft geändert werden. Änderungen der An- lagebedingungen bedürfen der Genehmigung durch die BaFin. Änderungen der Anlagegrundsätze des Fonds bedürfen zusätzlich der Zustimmung durch den Aufsichtsrat der Gesellschaft. Änderungen
der bisherigen Anlagegrundsätze des Fonds sind nur unter der Bedingung zulässig, dass die Gesell- schaft den Anlegern anbietet, ihre Anteile entweder ohne weitere Kosten vor dem Inkrafttreten der Änderungen zurückzunehmen oder ihre Anteile gegen Anteile an Sondervermögen mit vergleichba- ren Anlagegrundsätzen kostenlos umzutauschen, sofern derartige Sondervermögen von der Gesell- schaft oder einem anderen Unternehmen aus ihrem Konzern verwaltet werden.
Die vorgesehenen Änderungen werden im Bundesanzeiger und darüber hinaus auf der Internetseite der Gesellschaft unter http://www.acatis.de bekannt gemacht. Betreffen die Änderungen Vergütun- gen und Aufwandserstattungen, die aus dem Fonds entnommen werden dürfen, oder die Anlage- grundsätze des Fonds oder wesentliche Anlegerrechte, werden die Anleger außerdem über ihre de- potführenden Stellen durch ein Medium informiert, auf welchem Informationen für eine den Zwe- cken der Informationen angemessene Dauer gespeichert, einsehbar und unverändert wiedergegeben werden, etwa in Papierform oder in elektronischer Form (sogenannter „dauerhafter Datenträger“). Diese Information umfasst die wesentlichen Inhalte der geplanten Änderungen, ihre Hintergründe, die Rechte der Anleger in Zusammenhang mit der Änderung sowie einen Hinweis darauf, wo und wie weitere Informationen erlangt werden können.
Die Änderungen treten frühestens am Tage nach ihrer Bekanntmachung in Kraft. Änderungen von Regelungen zu den Vergütungen und Aufwendungserstattungen treten frühestens drei Monate nach ihrer Bekanntmachung in Kraft, wenn nicht mit Zustimmung der BaFin ein früherer Zeitpunkt be- stimmt wurde. Änderungen der bisherigen Anlagegrundsätze des Fonds treten ebenfalls frühestens drei Monate nach Bekanntmachung in Kraft.
- | # Terms and Conditions of Investment and amendments thereto
The Terms and Conditions of Investment can be found after this Sales Prospectus in this document. The Terms and Conditions of Investment may be amended by the Company. Amendments to the Terms and Conditions of Investment must be approved by BaFin. Amendments to the Fund's invest- ment principles must also be approved by the Company's Supervisory Board. Amendments to the Fund's current investment principles are permitted only on the condition that the Company offers
investors either the redemption of their units at no other cost before the changes enter into force, or the exchange of their units free of charge for units of other investment funds with comparable in- vestment principles, provided that the Company or one of its group companies manages such funds.
The proposed amendments shall be published in the German Federal Gazette [Bundesanzeiger] and on the Company's website (http://www.acatis.de). If the amendments relate to fees and expenses which may be withdrawn from the Fund, the investment principles of the Fund or essential investor rights, the investors will also be informed of their depositary institutions by a medium on which in- formation can be stored, viewed and passed on without any changes, e.g. in paper or electronic form (so-called “permanent data medium”), for a duration that is appropriate for providing the infor- mation. This information will include the key content of the planned amendments, the reasons for their implementation, the rights of investors in connection therewith and an indication of where and how further information can be obtained.
The amendments shall become effective no sooner than the day following their publication. Amend- ments to regulations applicable to fees and the reimbursement of expenses shall become effective no sooner than three months following their publication, unless an earlier date is determined with BaFin approval. Amendments to the Fund's current investment principles shall also become effective no sooner than three months following their publication.
- | en | de |
DOLFIN974 | 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 long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of companies throughout the world.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The investment manager is not restricted in its choice of companies either by region, industry or size. The selection of investments will primarily be based on the availability of attractive investment opportunities.
- Investments are usually focused on the highest conviction companies which are identified and recommended by FIL Group research analysts, other than in extreme market conditions or where required to meet the investment objective of the fund.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI ACWI Index (Net) (the ‘‘Index’’) as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Index. Over short time periods, the fund’s performance may be close to the Index, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Index.
- The fund’s performance can be assessed against its Index as the Index’s constituents are representative of the type of companies the fund invests in.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas de todo el mundo.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- A la hora de seleccionar empresas, el gestor de inversiones no está sujeto a límites en cuanto a región, sector ni tamaño. La selección de inversiones se basará fundamentalmente en la disponibilidad de oportunidades de inversión atractivas.
- Normalmente, las inversiones se centran en empresas que ofrezcan el mayor grado de confianza y que hayan sido detectadas y recomendadas por los analistas de investigación del Grupo FIL, salvo en condiciones extremas del mercado o cuando sea necesario para lograr el objetivo de la inversión del fondo.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de forma activa. A la hora de elegir las inversiones del Subfondo y a efectos de supervisión del riesgo, el Gestor de Inversiones tendrá en cuenta el MSCI ACWI Index (Net) (en adelante, el «Índice»), ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo. Al supervisar el riesgo, el Gestor de Inversiones puede remitirse al Índice para establecer directrices internas. Dichas directrices representan niveles generales de exposición en relación con el Índice. Cuando el Subfondo invierte en valores que forman parte del Índice, es probable que su asignación a los mismos sea distinta a la del Índice. El Gestor de Inversiones dispone de un amplio margen de libertad con respecto a la selección de inversiones y puede invertir en empresas, sectores, países y valores no incluidos en el Índice para aprovechar las oportunidades de inversión, aunque es probable que una parte sustancial de sus inversiones forme parte de él. Habrá periodos de tiempo cortos en los que la rentabilidad del Subfondo será parecida a la del Índice en función de las condiciones del mercado. Se prevé que tanto la cartera como la rentabilidad del mismo sean distintas a las del Índice durante periodos de tiempo prolongados.
- La rentabilidad del Subfondo puede compararse con la del Índice, ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of companies throughout the world.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The investment manager is not restricted in its choice of companies either by region, industry or size. The selection of investments will primarily be based on the availability of attractive investment opportunities.
- Investments are usually focused on the highest conviction companies which are identified and recommended by FIL Group research analysts, other than in extreme market conditions or where required to meet the investment objective of the fund.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI ACWI Index (Net) (the ‘‘Index’’) as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Index. Over short time periods, the fund’s performance may be close to the Index, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Index.
- The fund’s performance can be assessed against its Index as the Index’s constituents are representative of the type of companies the fund invests in.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN975 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Performance calculation: on any Valuation Day, if the outperformance is positive, a performance fee provision amounting to performance fee percentage of the outperformance is retained. If the outperformance is positive but lower than that of the previous Valuation Day, this provision is adjusted through write-backs up to the total of existing provisions.
The outperformance is defined as the difference between the Sub- Fund’s asset value, net of all fees and costs but accrued performance fees on the one hand, to that of a benchmark fund, which performance is equal to the performance of the benchmark for perfomance fee (“Benchmark Fund”). The following has to be replicated in the Benchmark Fund:
- The same variation of subscription as the Sub-Fund
- In case of redemption or dividend payment, the Benchmark Fund’s value is reduced according to the following ratio: amount redeemed or distributed divided by the total NAV of the Sub- Fund’s Share Class. | Berechnung der Wertentwicklung: An jedem Bewertungstag wird im Falle einer positiven Outperformance eine Rückstellung für die erfolgsabhängige Vergütung in Höhe der Prozentzahl der Outperformance gebildet. Ist die Outperformance positiv, aber geringer als die des vorhergehenden Bewertungstages, wird diese Rückstellung durch Rückbuchungen bis zum Gesamtwert der bestehenden Rückstellungen angepasst.
Die Outperformance wird definiert als die Differenz zwischen dem Inventarwert des Teilfonds nach Abzug sämtlicher Gebühren und Kosten außer aufgelaufenen erfolgsabhängigen Vergütungen einerseits und dem Wert eines Referenzfonds, dessen Wertentwicklung derjenigen des Referenzindex für die erfolgsabhängige Vergütung entspricht („Referenzfonds“), andererseits. Folgende Parameter im Referenzfonds müssen nachgebildet werden:
- Die gleiche Zeichnungsschwankung wie im Teilfonds
- Bei einer Zahlung von Rücknahmeerlösen oder Dividenden verringert sich der Wert des Referenzfonds nach folgender Formel: Rücknahme- oder ausgeschütteter Betrag dividiert durch den gesamten NIW der Anteilsklasse des Teilfonds. | Performance calculation: on any Valuation Day, if the outperformance is positive, a performance fee provision amounting to performance fee percentage of the outperformance is retained. If the outperformance is positive but lower than that of the previous Valuation Day, this provision is adjusted through write-backs up to the total of existing provisions.
The outperformance is defined as the difference between the Sub- Fund’s asset value, net of all fees and costs but accrued performance fees on the one hand, to that of a benchmark fund, which performance is equal to the performance of the benchmark for perfomance fee (“Benchmark Fund”). The following has to be replicated in the Benchmark Fund:
- The same variation of subscription as the Sub-Fund
- In case of redemption or dividend payment, the Benchmark Fund’s value is reduced according to the following ratio: amount redeemed or distributed divided by the total NAV of the Sub- Fund’s Share Class. | en | de |
DOLFIN976 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 113 | EUR 558 |
| Annual cost impact (*) | 1.1% | 1.1% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | EUR 113 | EUR 558 |
| Impatto sui costi annuali (*) | 1,1% | 1,1% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 113 | EUR 558 |
| Annual cost impact (*) | 1.1% | 1.1% | | en | it |
DOLFIN977 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Inducements
The Manager is subject to inducement rules set out in the 2011 Regulations pursuant to which it will not be regarded as acting honestly, fairly, professionally and in accordance with the best interests of the Company or its Shareholders if, in relation to the activities performed when carrying out its functions it pays or is paid any fee or commission, or provides or is provided with any non-monetary benefit, other than those permitted under the 2011 Regulations e.g. a fee, commission or non-monetary benefit paid by or on behalf of a third party where the Manager can demonstrate (i) the existence, nature and amount of the fee, commission or benefit and (ii) the payment of the fee or commission, or the provision of the non- monetary benefit are designed to enhance the quality of the relevant service and not impair compliance with the Manager’s duty to act in the best interests of the Company or its Shareholders.
Consequently where the Manager or any Investment Manager successfully negotiates the recapture of a portion of the commissions charged by brokers or dealers in connection with the purchase and/or sale of securities, permitted derivative instruments or techniques and instruments for a Fund, the rebated co mmission shall be paid to the relevant Fund. | ###### Incitations financieres
Le Gestionnaire est soumis aux règles établies dans les Règlements de 2011 en matière d'incitations financières, en application desquels il ne peut pas être considéré comme agissant de manière honnête, équitable, professionnelle et selon l'intérêt supérieur de la Société ou de ses Actionnaires si, dans le cadre des activités réalisées lors de l'exercice de ses fonctions, il verse ou perçoit des honoraires ou des commissions, procure ou reçoit des avantages à caractère non monétaire, à l'exception de ceux autorisés en vertu des Règlements de 2011 (ex. : des honoraires, une commission ou un avantage à caractère non monétaire acquitté par ou nom d'un tiers), lorsque le Gestionnaire peut faire la preuve de i) l'existence, de la nature et du montant des honoraires, de la commission ou de l'avantage et ii) le versement des honoraires, de la commission ou la fourniture de l'avantage non monétaire sont destinés à améliorer la qualité du service correspondant et ne compromettent pas l'obligation d'agir dans l'intérêt supérieur de la Société ou de ses Actionnaires à laquelle le Gestionnaire doit se conformer.
En conséquence, lorsque le Gestionnaire ou un Gestionnaire d'investissement quelconque parvient à négocier la réintégration d'une partie des commissions facturées par les courtiers ou les contrepartistes dans le cadre de l'achat et/ou de la vente de valeurs mobilières, d'instruments dérivés autorisés ou de la mise en œuvre de techniques et d'instruments pour un Fonds, les commissions remboursées doivent être versées au Fonds applicable. | ##### Inducements
The Manager is subject to inducement rules set out in the 2011 Regulations pursuant to which it will not be regarded as acting honestly, fairly, professionally and in accordance with the best interests of the Company or its Shareholders if, in relation to the activities performed when carrying out its functions it pays or is paid any fee or commission, or provides or is provided with any non-monetary benefit, other than those permitted under the 2011 Regulations e.g. a fee, commission or non-monetary benefit paid by or on behalf of a third party where the Manager can demonstrate (i) the existence, nature and amount of the fee, commission or benefit and (ii) the payment of the fee or commission, or the provision of the non- monetary benefit are designed to enhance the quality of the relevant service and not impair compliance with the Manager’s duty to act in the best interests of the Company or its Shareholders.
Consequently where the Manager or any Investment Manager successfully negotiates the recapture of a portion of the commissions charged by brokers or dealers in connection with the purchase and/or sale of securities, permitted derivative instruments or techniques and instruments for a Fund, the rebated co mmission shall be paid to the relevant Fund. | en | fr |
DOLFIN978 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
(*) Rexel coupon provisioned in error; reversed at the start of July
- FURTHER INFORMATION
- BREAKDOWN BY LEGAL OR ECONOMIC NATURE OF THE FINANCIAL INSTRUMENTS | (*) Cedola Rexel erroneamente accantonata, stornata all'inizio di luglio
INFORMAZIONI COMPLEMENTARI
- RIPARTIZIONE PER NATURA GIURIDICA O ECONOMICA DEGLI STRUMENTI FINANZIARI | (*) Rexel coupon provisioned in error; reversed at the start of July
- FURTHER INFORMATION
- BREAKDOWN BY LEGAL OR ECONOMIC NATURE OF THE FINANCIAL INSTRUMENTS | en | it |
DOLFIN979 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Where performance fees are payable these would be based on (i) the cumulative net realised and net unrealised gains and losses as of each Valuation Day, combined with (ii) the impact of subscriptions and redemptions in the Sub-Fund during the relevant Incentive Fee Period. As a result, performance fees may be paid on unrealised gains which may subsequently never be realised.
Investors should note that the Sub-Fund does not perform equalization for the purposes of determining the Class Performance Fee. The current methodology for calculating the Class Performance Fee involves accruing the Class Performance Fee on each Valuation Day pro rata temporis. Investors may therefore be advantaged or disadvantaged as a result of this method of calculation, depending upon the level of the Sub-Fund at the time an investor subscribes or redeems relative to the overall performance of the Sub-Fund during the relevant Incentive Fee Period.
Potential investors and the Shareholders should fully understand the Class Performance Fee methodology when considering an investment in the Sub-Fund.
As a result, the value of the Sub-Fund on any Valuation Day may differ from the aggregate value of the financial derivative and cash instruments represented by the Sub-Fund’s components as of such Valuation Day. | Si des commissions de performance sont dues, celles-ci seront calculées à partir (i) du cumul des plus- values et moins-values latentes nettes à chaque Jour d'évaluation, ajusté de (ii) l’impact des souscriptions et des rachats dans le Compartiment au cours de la Période pour laquelle est calculée la commission de performance en question. Par conséquent, les commissions de performance peuvent être prélevées relativement à des plus-values latentes susceptibles de ne jamais avoir lieu.
L'attention des investisseurs est attirée sur le fait que ce Compartiment n'applique pas de procédure de péréquation des résultats pour le calcul de la Commission de performance de Classe. La méthode actuelle de calcul de la Commission de performance de Classe implique de la calculer chaque Jour d'évaluation au prorata temporis. Cette méthode de calcul peut donc avoir pour effet d'avantager ou désavantager les investisseurs selon le niveau de la Valeur du Compartiment à la date où ils souscrivent leurs actions ou en demandent le rachat, dès lors que ce niveau est rapporté à la performance globale du Compartiment pendant la Période pour laquelle est calculée la Commission de performance.
Les investisseurs potentiels et les Actionnaires doivent parfaitement comprendre la méthode de calcul de la Commission de performance de Classe lorsqu’ils envisagent d’acheter des actions du Compartiment.
En conséquence, la valeur du Compartiment un Jour d'évaluation donné est susceptible de s'écarter de la valeur des instruments financiers au comptant et dérivés représentés par les composantes du Compartiment ce Jour d'évaluation. | Where performance fees are payable these would be based on (i) the cumulative net realised and net unrealised gains and losses as of each Valuation Day, combined with (ii) the impact of subscriptions and redemptions in the Sub-Fund during the relevant Incentive Fee Period. As a result, performance fees may be paid on unrealised gains which may subsequently never be realised.
Investors should note that the Sub-Fund does not perform equalization for the purposes of determining the Class Performance Fee. The current methodology for calculating the Class Performance Fee involves accruing the Class Performance Fee on each Valuation Day pro rata temporis. Investors may therefore be advantaged or disadvantaged as a result of this method of calculation, depending upon the level of the Sub-Fund at the time an investor subscribes or redeems relative to the overall performance of the Sub-Fund during the relevant Incentive Fee Period.
Potential investors and the Shareholders should fully understand the Class Performance Fee methodology when considering an investment in the Sub-Fund.
As a result, the value of the Sub-Fund on any Valuation Day may differ from the aggregate value of the financial derivative and cash instruments represented by the Sub-Fund’s components as of such Valuation Day. | en | fr |
DOLFIN980 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Between 75% and 110% of the sub-fund's net assets will be exposed to international equity markets directly or indirectly via UCIs and/or financial contracts. The sub-fund may invest up to 20% of its assets in securities listed in Shanghai and Shenzhen via the use of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programmes. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. For cash management purposes, up to 25% of the sub-fund's net assets may be invested in debt securities and money market instruments traded on international markets, including emerging markets, directly and/or via UCIs subject to a limit of 10% of net assets. Subject to a limit of 10% of net assets (excluding short-term securities), the sub-fund may also invest in high-yield securities (speculative securities) or UCIs specialised in high-yield bonds (speculative securities). Subject to a limit of 100% of net assets, the sub-fund may invest in financial contracts traded on international regulated, organised or over-the-counter markets. As its objective is to invest in securities with no geographical restriction, the sub-fund may hold securities denominated in currencies other than the euro, and therefore up to 100% of its net assets may be exposed to currency risk.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French and US markets are closed (pursuant to the official calendars of Euronext Paris S.A. and the NYSE), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 9 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | El Subfondo expondrá entre el 75 % y el 110 % de su patrimonio neto a los mercados internacionales de renta variable, tanto directa como indirectamente a través de las IIC y/o de contratos financieros. El Subfondo podrá invertir hasta el 20% de sus activos en títulos cotizados en Shanghái y Shenzhen mediante el uso de los programas Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. Con fines de gestión de la tesorería, el Subfondo podrá invertir hasta el 25 % de su patrimonio neto en títulos de crédito e instrumentos del mercado monetario negociados en mercados internacionales, incluidos los mercados emergentes, de forma directa y/o a través de las IIC, con un límite del 10 % del patrimonio neto. Con un límite del 10% del patrimonio neto (excluidos los valores a corto plazo), el Subfondo podrá también recurrir a valores de “alto rendimiento” (valores especulativos) o invertir en IIC especializados en bonos de “alto rendimiento” (valores especulativos). Con un límite de una vez su patrimonio neto, el Subfondo podrá participar en contratos financieros negociados en mercados internacionales regulados, organizados o extrabursátiles (OTC). El Subfondo, con el objeto de invertir en valores sin distinción de zona geográfica, podrá mantener títulos no denominados en euros y por tanto, podrá exponerse al riesgo de cambio, con un límite de una vez su patrimonio neto.
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia y Estados Unidos (calendario oficial de Euronext Paris S.A. y NYSE) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates ”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: El subfondo fomenta los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) en el sentido del artículo 9 del Reglamento (UE) 2019/2088, denominado “Reglamento de Divulgación” o “SFDR”, y está sujeto al riesgo de sostenibilidad, tal y como se define en el perfil de riesgo del folleto.
Duración de la participación recomendada superior a 5 años | Between 75% and 110% of the sub-fund's net assets will be exposed to international equity markets directly or indirectly via UCIs and/or financial contracts. The sub-fund may invest up to 20% of its assets in securities listed in Shanghai and Shenzhen via the use of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programmes. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. For cash management purposes, up to 25% of the sub-fund's net assets may be invested in debt securities and money market instruments traded on international markets, including emerging markets, directly and/or via UCIs subject to a limit of 10% of net assets. Subject to a limit of 10% of net assets (excluding short-term securities), the sub-fund may also invest in high-yield securities (speculative securities) or UCIs specialised in high-yield bonds (speculative securities). Subject to a limit of 100% of net assets, the sub-fund may invest in financial contracts traded on international regulated, organised or over-the-counter markets. As its objective is to invest in securities with no geographical restriction, the sub-fund may hold securities denominated in currencies other than the euro, and therefore up to 100% of its net assets may be exposed to currency risk.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French and US markets are closed (pursuant to the official calendars of Euronext Paris S.A. and the NYSE), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 9 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | en | es |
DOLFIN981 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In the event that for any reason the net asset value of a Class has decreased to, or has not reached an amount determined by the Board of Directors (in the interests of Shareholders) to be the minimum level for such Class to be operated in an efficient manner or for any other reason disclosed in the Prospectus, the Board of Directors may decide to re-allocate the assets and liabilities of that Class to those of one or several other classes within the Fund and to re-designate the shares of the Class(es) concerned as shares of such other Class or Classes (following a split or consolidation, if necessary, and the payment to Shareholders of the amount corresponding to any fractional entitlement). The Shareholder of the Class concerned will be informed of the reorganisation by way of a notice and/or in any other way as required or permitted by applicable laws and regulations.
Notwithstanding the powers conferred on the Board of Directors by the preceding paragraph, the Shareholders may decide on such reorganisation by resolution taken by the general meeting of Shareholders of the Class concerned. The convening notice to the general meeting of Shareholders will indicate the reasons for and the process of the reorganisation. Such general meeting will decide by resolution taken with a quorum of one half of the share capital of the relevant Class with a majority of at least two thirds of the votes validly cast at the meeting.
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## Liquidation of the Fund | En caso de que, por alguna razón, el valor liquidativo de una Clase haya disminuido o no haya alcanzado una cantidad determinada por el Consejo de Administración (en interés de los Accionistas) como el nivel mínimo para que dicha Clase opere de manera eficiente o por cualquier otro motivo dispuesto en el Folleto, el Consejo de Administración podrá decidir reasignar los activos y pasivos de dicha Clase a los de una o más clases dentro del Fondo y volver a designar las acciones de la(s) Clase(s) interesada(s) como acciones de dicha Clase o Clases (después de una división o consolidación, de ser necesario, y el pago a los Accionistas del importe correspondiente a cualquier derecho a fracciones de acciones). Se le informará al Accionista de la Clase en cuestión de la reestructuración mediante un aviso y/o de cualquier otra forma que exijan o permitan las leyes y reglamentos aplicables.
Sin perjuicio de las facultades conferidas al Consejo de Administración mencionadas en el párrafo precedente, los Accionistas podrán decidir dicha reestructuración mediante resolución adoptada en la junta general de Accionistas de la Clase pertinente. El aviso de convocatoria a la junta general de accionistas indicará los motivos y el proceso de la reestructuración. Dicha junta general decidirá mediante resolución tomada con un quórum de la mitad del capital social de la Clase pertinente con una mayoría de al menos dos tercios de los votos emitidos de manera válida en la junta.
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## Liquidación del Fondo | In the event that for any reason the net asset value of a Class has decreased to, or has not reached an amount determined by the Board of Directors (in the interests of Shareholders) to be the minimum level for such Class to be operated in an efficient manner or for any other reason disclosed in the Prospectus, the Board of Directors may decide to re-allocate the assets and liabilities of that Class to those of one or several other classes within the Fund and to re-designate the shares of the Class(es) concerned as shares of such other Class or Classes (following a split or consolidation, if necessary, and the payment to Shareholders of the amount corresponding to any fractional entitlement). The Shareholder of the Class concerned will be informed of the reorganisation by way of a notice and/or in any other way as required or permitted by applicable laws and regulations.
Notwithstanding the powers conferred on the Board of Directors by the preceding paragraph, the Shareholders may decide on such reorganisation by resolution taken by the general meeting of Shareholders of the Class concerned. The convening notice to the general meeting of Shareholders will indicate the reasons for and the process of the reorganisation. Such general meeting will decide by resolution taken with a quorum of one half of the share capital of the relevant Class with a majority of at least two thirds of the votes validly cast at the meeting.
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## Liquidation of the Fund | en | es |
DOLFIN982 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# If the fund is a feeder UCITS:
- The depository must therefore have signed an information exchange agreement with the depository of the master UCITS
- If it is also the depository of the master UCITS, it must have drawn up suitable specifications. | # Si le fonds est un OPCVM nourricier :
- le dépositaire a donc conclu une convention d'échange d'informations avec le dépositaire de l'OPCVM maître
- Quand il est également dépositaire de l’OPCVM maître, il a établi un cahier des charges adapté. | # If the fund is a feeder UCITS:
- The depository must therefore have signed an information exchange agreement with the depository of the master UCITS
- If it is also the depository of the master UCITS, it must have drawn up suitable specifications. | en | fr |
DOLFIN983 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 1,50% |
| Frais de sortie | 1,00% |
| Frais de conversion | 1,00% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,50% |
| Gastos de salida | 1,00% |
| Gastos de conversión | 1,00% | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 1,50% |
| Frais de sortie | 1,00% |
| Frais de conversion | 1,00% | | fr | es |
DOLFIN984 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## ON EXCHANGE
It is the intention of the Company that certain of its Funds, through the listing and/or admittance to trading of its Shares on one or more Relevant Stock Exchanges, will be ETFs. Upon such listings there is an expectation that members of the Relevant Stock Exchanges will act as market makers and provide offer and bid prices at which the Shares can be purchased or sold, respectively, by investors in accordance with the requirements of the Relevant Stock Exchange. The spread between such bid and offer prices is typically monitored by the Relevant Stock Exchanges. Certain Authorised Participants who subscribe for Shares may act as market makers; other Authorised Participants are expected to subscribe for Shares in order to be able to offer to buy Shares from or sell Shares to their customers as part of their broker/dealer business. Through such Authorised Participants being able to subscribe for or redeem Shares, a liquid and efficient secondary market may develop over time on one or more Relevant Stock Exchanges and/or other stock exchanges as they meet secondary market demand for such Shares.
Through the operation of such a secondary market, persons who are not Authorised Participants will be able to buy Shares from or sell Shares to other secondary market investors or market makers, broker/dealers, or other Authorised Participants at prices which should approximate, after currency conversion, the Net Asset Value of the Shares. Investors should be aware that on days other than Business Days or Dealing Days of a Fund when one or more markets are trading Shares but the underlying Market(s) on which the securities of a Fund are traded are closed, the spread between the quoted bid and offer prices in the Shares may widen and the difference between the market price of a Share and the last calculated Net Asset Value per Share may, after currency conversion, increase.
The settlement of trades in Shares on Relevant Stock Exchanges will be through the facilities of one or more Recognised Clearing Systems following applicable procedures which are available from the Relevant Stock Exchanges. Investors should also be aware that on such days the value of the underlying securities in a Fund would not necessarily be calculated and available for investors in making their investment decisions because prices of securities in the underlying Market(s) would not be available on such days. Nonetheless, one or more Relevant Stock Exchanges may provide a calculation of such underlying securities based upon trading, if any, of such securities on marketplaces other than the underlying Market(s). Further details of the Relevant Stock Exchanges for each Fund are set out in the relevant Supplement. | ## EN BOURSE
La Société souhaite que certains de ses Compartiments, par le biais de la cotation et/ou de l’admission à la négociation de ses Actions sur une ou plusieurs Bourses de valeurs correspondantes, soient des ETF. Dans le cadre de ces cotations, il est prévu que les membres des Bourses de valeurs correspondantes agissent en tant que teneurs de marché et publient les cours acheteurs et vendeurs auxquels les Actions pourront être achetées ou vendues, respectivement, par les investisseurs, conformément aux obligations de la Bourse de valeurs correspondante. L’écart entre ces cours acheteur et vendeur est généralement surveillé par les Bourses de valeurs correspondantes. Certains Participants autorisés qui souscrivent des Actions peuvent jouer un rôle de teneur de marché ; il est prévu que d’autres Participants autorisés souscrivent des Actions afin d’être en mesure d’offrir l’achat d’Actions ou la vente d’Actions à leurs clients dans le cadre de leurs activités de courtier/opérateur. En permettant à ces Participants autorisés de souscrire ou de racheter des Actions, on prévoit le développement progressif d’un marché secondaire liquide et efficace sur une ou plusieurs Bourses de valeurs correspondantes et/ou d’autres bourses de valeurs au fur et à mesure qu’ils répondront à la demande pour ces Actions.
Via l’exploitation d’un tel marché secondaire, des personnes qui ne sont pas des Participants autorisés seront habilitées à acheter des Actions auprès de ou à vendre des Actions à d’autres investisseurs ou teneurs de marché du marché secondaire, des courtiers/opérateurs ou autres Participants autorisés à des prix qui devraient se rapprocher, après conversion de devise, de la Valeur liquidative des Actions. Les investisseurs doivent être conscients que, lors des jours autres qu’un Jour ouvrable ou un Jour de négociation du Compartiment où des Actions s’échangent sur un ou plusieurs marchés mais où le(s) Marché(s) sous-jacent(s) sur le(s)quel(s) les titres d’un Compartiment sont échangés, est/sont fermés, l’écart entre le cours vendeur et le cours acheteur des Actions et la dernière Valeur liquidative par Action calculée peut, après conversion en devises, augmenter.
Le règlement des transactions sur les Actions sur les Bourses de valeurs correspondantes sera effectué par le biais d’un ou plusieurs Systèmes de compensation reconnus, conformément aux procédures applicables disponibles auprès des Bourses de valeurs correspondantes. Les investisseurs sont également priés de noter qu’au cours de tels jours, la valeur des titres sous-jacents d’un Compartiment ne sera pas nécessairement calculée et disponible aux investisseurs prenant des décisions d’investissement étant donné que les prix des titres sur le(s) Marché(s)(s) ces jours-là. Néanmoins, une ou plusieurs Bourses de valeurs correspondantes peuvent fournir un calcul de ces titres sous-jacents sur la base de la négociation, le cas échéant, de ces titres sur des marchés autres que le(s) Marché(s) sous-jacent(s). De plus amples informations sur les Bourses de valeurs correspondantes pour chaque Compartiment sont fournies dans le Supplément correspondant. | ## ON EXCHANGE
It is the intention of the Company that certain of its Funds, through the listing and/or admittance to trading of its Shares on one or more Relevant Stock Exchanges, will be ETFs. Upon such listings there is an expectation that members of the Relevant Stock Exchanges will act as market makers and provide offer and bid prices at which the Shares can be purchased or sold, respectively, by investors in accordance with the requirements of the Relevant Stock Exchange. The spread between such bid and offer prices is typically monitored by the Relevant Stock Exchanges. Certain Authorised Participants who subscribe for Shares may act as market makers; other Authorised Participants are expected to subscribe for Shares in order to be able to offer to buy Shares from or sell Shares to their customers as part of their broker/dealer business. Through such Authorised Participants being able to subscribe for or redeem Shares, a liquid and efficient secondary market may develop over time on one or more Relevant Stock Exchanges and/or other stock exchanges as they meet secondary market demand for such Shares.
Through the operation of such a secondary market, persons who are not Authorised Participants will be able to buy Shares from or sell Shares to other secondary market investors or market makers, broker/dealers, or other Authorised Participants at prices which should approximate, after currency conversion, the Net Asset Value of the Shares. Investors should be aware that on days other than Business Days or Dealing Days of a Fund when one or more markets are trading Shares but the underlying Market(s) on which the securities of a Fund are traded are closed, the spread between the quoted bid and offer prices in the Shares may widen and the difference between the market price of a Share and the last calculated Net Asset Value per Share may, after currency conversion, increase.
The settlement of trades in Shares on Relevant Stock Exchanges will be through the facilities of one or more Recognised Clearing Systems following applicable procedures which are available from the Relevant Stock Exchanges. Investors should also be aware that on such days the value of the underlying securities in a Fund would not necessarily be calculated and available for investors in making their investment decisions because prices of securities in the underlying Market(s) would not be available on such days. Nonetheless, one or more Relevant Stock Exchanges may provide a calculation of such underlying securities based upon trading, if any, of such securities on marketplaces other than the underlying Market(s). Further details of the Relevant Stock Exchanges for each Fund are set out in the relevant Supplement. | en | fr |
DOLFIN985 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# In case the Company is the receiving UCITS (within the meaning of the Law of 2010), solely the board of Directors will decide on the merger and effective date thereof.
In case the Company involved in a merger is the absorbed UCITS (within the meaning of the Law of 2010), and hence ceases to exist, the general meeting of the shareholders has to approve, and decide on the effective date of such merger by a resolution adopted with no quorum requirement and at a simple majority of the votes cast at such meeting.
- Merger of the Sub-FundsThe board of Directors may decide to proceed with a merger of any Sub-Fund, either as receiving or absorbed Sub-Fund, with:
- another existing Sub-Fund within the Company or another sub-fund within a New UCITS (the “New Sub-Fund”); or
- a New UCITS,and, as appropriate, to redesignate the Shares of the Sub-Fund concerned as Shares of the New UCITS, or of the New Sub-Fund as applicable.
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## Merger decided by the shareholders
Notwithstanding the provisions under section I “Merger decided by the board of Directors”, the general meeting of shareholders may decide to proceed with a merger (within the meaning of the Law of 2010) of the Company or of one of the Sub-Funds, either as receiving or absorbed UCITS or Sub-Fund, subject to the conditions and procedures imposed by the Law of 2010, in particular concerning the merger project and the information to be provided to the shareholders, as follows:
- Merger of the CompanyThe general meeting of the shareholders may decide to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- a New UCITS; or
- a new sub-fund thereof. | # Dans les cas où la Société est l’OPCVM receveur (au sens de la Loi de 2010), seul le Conseil d’administration décidera de la fusion et de la date d’effet y afférente.
Dans les cas où la Société impliquée dans une fusion est l’OPCVM absorbé (au sens de la Loi de 2010) et donc cesse d’exister, l’assemblée générale des actionnaires doit approuver ladite fusion et décider de sa date d’effet par une résolution adoptée sans qu’un quorum ne soit exigé, et à la majorité simple du scrutin de ladite assemblée.
- Fusion des CompartimentsLe Conseil d’administration peut décider de procéder à la fusion de tout Compartiment, que ce soit en qualité de Compartiment receveur ou absorbé, avec :
- un autre Compartiment de la Société existant ou un autre Compartiment d’un nouvel OPCVM (le « NouveauCompartiment ») ; ou
- un nouvel OPCVM ;et, le cas échéant, de redéfinir les Actions du Compartiment comme des Actions de ce Nouvel OPCVM ou du Nouveau compartiment correspondant.
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## Fusion décidée par les actionnaires
Nonobstant les dispositions de la section I « Fusion décidée par le Conseil d’administration, l’assemblée générale des actionnaires peut décider de procéder à une fusion (au sens de la Loi de 2010) de la Société ou de l’un des Compartiments, que ce soit en qualité d’OPCVM ou Compartiment receveur ou absorbé, sous réserve des conditions et procédures imposées par la Loi de 2010, en particulier en ce qui concerne le projet de fusion et les informations à fournir aux actionnaires, à savoir :
- Fusion de la SociétéL’assemblée générale des actionnaires peut décider de procéder à une fusion de la Société, que ce soit en qualité d’OPCVM receveur ou absorbé, avec :
- un nouvel OPCVM ; ou
- un nouveau compartiment y afférent. | # In case the Company is the receiving UCITS (within the meaning of the Law of 2010), solely the board of Directors will decide on the merger and effective date thereof.
In case the Company involved in a merger is the absorbed UCITS (within the meaning of the Law of 2010), and hence ceases to exist, the general meeting of the shareholders has to approve, and decide on the effective date of such merger by a resolution adopted with no quorum requirement and at a simple majority of the votes cast at such meeting.
- Merger of the Sub-FundsThe board of Directors may decide to proceed with a merger of any Sub-Fund, either as receiving or absorbed Sub-Fund, with:
- another existing Sub-Fund within the Company or another sub-fund within a New UCITS (the “New Sub-Fund”); or
- a New UCITS,and, as appropriate, to redesignate the Shares of the Sub-Fund concerned as Shares of the New UCITS, or of the New Sub-Fund as applicable.
-
## Merger decided by the shareholders
Notwithstanding the provisions under section I “Merger decided by the board of Directors”, the general meeting of shareholders may decide to proceed with a merger (within the meaning of the Law of 2010) of the Company or of one of the Sub-Funds, either as receiving or absorbed UCITS or Sub-Fund, subject to the conditions and procedures imposed by the Law of 2010, in particular concerning the merger project and the information to be provided to the shareholders, as follows:
- Merger of the CompanyThe general meeting of the shareholders may decide to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- a New UCITS; or
- a new sub-fund thereof. | en | fr |
DOLFIN986 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Tonnes of CO2 equivalent per million euros of revenues (calculated as % assets, and not rebased to 100%)
- Total tonnes of CO2 equivalent (calculated as % assets, and not rebased to 100%)
- As a percentage, excluding cash and assets that are outside the scope: sovereign bonds and derivatives
- Weighted average % fossil fuel revenues for each company in the portfolio Source: S&P Trucost, Carmignac, 31/12/2020Carbon emissions data obtained from S&P Trucost. To calculate the carbon emissions of the portfolio, the carbon intensities of each company (tonnes of CO2e /USD mn revenues converted into Euros, (Scope 1 and 2 GHG Protocol), S&P Trucost) is weighted according to its weight in the portfolio (calculated as % assets, and not rebased to 100%) and then summed. | - Tonnes d'équivalent CO2 par million d'euros de chiffre d'affaires (calculé en % des actifs, non rebasé à 100%)
- Total des tonnes d'équivalent CO2 (calculé en % des actifs, non rebasé à 100%)
- En pourcentage, hors liquidités et actifs hors périmètre : obligations souveraines et produits dérivés
- Moyenne pondérée du % de chiffre d'affaires des combustibles fossiles pour chaque entreprise du portefeuille Source : S&P Trucost, Carmignac, 31/12/2020Données sur les émissions de carbone obtenues auprès de S&P Trucost. Pour calculer les émissions de carbone du portefeuille, l'intensité carbone de chaque entreprise (tonnes de CO2e/million d’USD de chiffre d'affaires, converti en euros, (scopes 1 et 2 du protocole sur les GES), S&P Trucost) est pondérée en fonction de sa pondération dans le portefeuille (calculée en % des actifs, non rebasée à 100%) et toutes les intensités sont ensuite additionnées. | - Tonnes of CO2 equivalent per million euros of revenues (calculated as % assets, and not rebased to 100%)
- Total tonnes of CO2 equivalent (calculated as % assets, and not rebased to 100%)
- As a percentage, excluding cash and assets that are outside the scope: sovereign bonds and derivatives
- Weighted average % fossil fuel revenues for each company in the portfolio Source: S&P Trucost, Carmignac, 31/12/2020Carbon emissions data obtained from S&P Trucost. To calculate the carbon emissions of the portfolio, the carbon intensities of each company (tonnes of CO2e /USD mn revenues converted into Euros, (Scope 1 and 2 GHG Protocol), S&P Trucost) is weighted according to its weight in the portfolio (calculated as % assets, and not rebased to 100%) and then summed. | en | fr |
DOLFIN987 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
100,000 Medtronic Global Holdings SCA 2.250% 07-Mar-2039
278,689 0.56
82,971 0.17
24-Jan-2029
400,000 Standard Chartered Plc 'EMTN' FRN 1.200% 23-Sep-2031
130,000 Tesco Corporate Treasury Services Plc 'EMTN' 0.375% 27-Jul-2029
100,000 Tesco Corporate Treasury Services Plc 'EMTN' 0.875% 29-May-2026
257,000 Unilever Finance Netherlands BV 'EMTN' 2.250% 16-May-2034
06-Nov-2037
01-Jul-2028
United States of America - 8,343,319
18-Oct-2041 | 100.000 Medtronic Global Holdings SCA 2.250% 07-Mar-2039
278.689 0,56
82.971 0,17
24-Jan-2029
400.000 Standard Chartered Plc 'EMTN' FRN 1.200% 23-Sep-2031
130.000 Tesco Corporate Treasury Services Plc 'EMTN' 0.375% 27-Jul-2029
100.000 Tesco Corporate Treasury Services Plc 'EMTN' 0.875% 29-May-2026
257.000 Unilever Finance Netherlands BV 'EMTN' 2.250% 16-May-2034
06-Nov-2037
01-Jul-2028
Vereinigte Staaten von Amerika - 8.343.319
18-Oct-2041 | 100,000 Medtronic Global Holdings SCA 2.250% 07-Mar-2039
278,689 0.56
82,971 0.17
24-Jan-2029
400,000 Standard Chartered Plc 'EMTN' FRN 1.200% 23-Sep-2031
130,000 Tesco Corporate Treasury Services Plc 'EMTN' 0.375% 27-Jul-2029
100,000 Tesco Corporate Treasury Services Plc 'EMTN' 0.875% 29-May-2026
257,000 Unilever Finance Netherlands BV 'EMTN' 2.250% 16-May-2034
06-Nov-2037
01-Jul-2028
United States of America - 8,343,319
18-Oct-2041 | en | de |
DOLFIN988 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Global Aggregate 1-5 Year Index, the Fund’s benchmark index (Index).
The Fund aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index.
It is intended that, at the time of purchase, the FI securities will have received a credit rating of at least investment grade (i.e. meet a specified level of creditworthiness) from any one of Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The Index measures the performance of multi-currency denominated, fixed rate, investment grade FI securities issued by corporate, government, and government- related issuers and by entities in the securitised sector on a global basis. The FI securities will have maturities (i.e. the time until the security becomes due for repayment) of between 1 and 5 years. However, where the time to final maturity of FI securities falls below 1 year, the Fund may continue to hold such FI securities at the discretion of the investment manager.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk or to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
The Fund is passively managed. The investment manager has limited discretion to select the Fund’s investments and in doing so will take into consideration the Index. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del Índice Bloomberg Global Aggregate 1-5 Year, el índice de referencia del Fondo (el Índice).
El Fondo trata de invertir, en la medida posible y practicable, en los valores de renta fija (RF) (como bonos) que componen el Índice.
Se pretende que, en el momento de la adquisición, los valores de RF tendrán una calificación de solvencia al menos de categoría de inversión (es decir, cumplirán un nivel especifico de solvencia), otorgada por Moody’s, Standard & Poor’s o Fitch Ratings, o que la gestora de inversiones considere que tienen una calificación equivalente. Si las calificaciones de solvencia de un valor de RF se revisan a la baja, el Fondo podrá seguir manteniéndolo hasta que resulte factible vender la posición.
El Índice mide la rentabilidad de los valores de renta fija (RF) denominados en varias divisas, de tipo fijo y calificados con categoría de inversión, emitidos por emisores corporativos, gubernamentales y relacionados con gobiernos y por entidades del sector de titulizaciones de todo el mundo. Los valores de RF tendrán vencimientos (es decir, el momento en que deben reembolsarse) de entre uno y cinco años. Sin embargo, si el vencimiento residual final de los valores de RF disminuye por debajo de un año, el Fondo podrá seguir manteniendo dichos valores de RF según el criterio de la gestora de inversiones.
El Fondo utiliza técnicas con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio o para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo se gestiona de forma pasiva. La gestora de inversiones cuenta con una potestad limitada a la hora de seleccionar las inversiones del Fondo, y al hacerlo, tendrá en consideración el Índice.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos por dividendo sobre las acciones). Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 USD.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Global Aggregate 1-5 Year Index, the Fund’s benchmark index (Index).
The Fund aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index.
It is intended that, at the time of purchase, the FI securities will have received a credit rating of at least investment grade (i.e. meet a specified level of creditworthiness) from any one of Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
The Index measures the performance of multi-currency denominated, fixed rate, investment grade FI securities issued by corporate, government, and government- related issuers and by entities in the securitised sector on a global basis. The FI securities will have maturities (i.e. the time until the security becomes due for repayment) of between 1 and 5 years. However, where the time to final maturity of FI securities falls below 1 year, the Fund may continue to hold such FI securities at the discretion of the investment manager.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk or to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
The Fund is passively managed. The investment manager has limited discretion to select the Fund’s investments and in doing so will take into consideration the Index. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN989 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This indicator represents the annual historical volatility of the Fund over a 5-year period.
The risk indicator of level 5 reflects the volatility of the stock markets in which the Fund invests with respect to its investment strategy.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time.
The lowest risk category does not mean "risk free". Your initial investment is not guaranteed.
Under normal market conditions, at least 90% of the Fund's assets are exposed to global developed and emerging equity markets, including small and mid-cap developed and emerging markets. The Fund reserves the right to invest up to 100% of its assets in mono-underlying Contracts for Differences (CFDs). CFDs are futures contracts entered into with a counterparty and settled through cash payments rather than through physical delivery of financial instruments.
For the purpose of diversification the Fund may invest up to 20% of its assets in Real Estate Investment Trust (REIT). The Fund may build or add to its exposure through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), for up to 100% of its net assets, and/or through other OTC contracts in order to enhance risk control and minimize transaction costs.
The Fund may also use different markets or assets, including derivative instruments to hedge and/or expose the portfolio to equity risk and/or hedge currency risk. The Fund's leveraged exposure may not exceed 110%.
The recommended minimum investment horizon is more than five years. The minimum initial subscription per shareholder stands at one share. The Fund capitalizes its income. Investors may request redemptions of shares held daily, in line with the procedure described in the Fund's prospectus.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risk associated with emerging market equities: The equities of emerging countries may be less liquid than equities of developed countries. Consequently, holding these securities may increase the level of portfolio risk. For example, market declines may be greater and faster than in developed countries, so the Fund's net asset value may decline more sharply and quickly.
Risks associated with discretionary management: The Management Company has implemented the investment strategies described above to create a well-diversified Fund. It can therefore not be excluded that the Management Company does not choose the most profitable assets.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
Counterparty risk: The Fund may incur a loss in the event of the default of a counterparty with which certain transactions were conducted, leading to a decline in the Fund's net asset value. | Este indicador representa la volatilidad histórica anual del Fondo durante un periodo de cinco años.
La categoría de riesgo 5 indica la volatilidad de los mercados de valores en los que invierte el Fondo con respecto a su estrategia de inversión.
Los datos históricos, tales como los utilizados para calcular el indicador sintético, no pueden considerarse como una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo asociada al Fondo no está garantizada y puede variar en el transcurso del tiempo.
La categoría más baja no significa que la inversión esté «libre de riesgo». Su inversión inicial no se beneficia de ninguna garantía.
En condiciones normales del mercado, al menos el 90% de los activos del Fondo estarán expuestos a los mercados de renta variable de mercados desarrollados y emergentes, incluidos los mercados de mediana y pequeña capitalización. El Fondo se reserva el derecho de invertir hasta el 100% de sus activos en un único contrato por diferencias (CFD) subyacente. Los CFD son contratos de futuros celebrados con una contraparte cuya liquidación se efectúa mediante pagos en efectivo en lugar de mediante la entrega física de instrumentos financieros.
El Fondo, con fines de diversificación, podrá invertir hasta el 20% de sus activos en fondos de inversión inmobiliaria (REIT). Asimismo, el Fondo podrá crear o aumentar su exposición a través de «American Depository Receipts» (ADR) y «Global Depository Receipts» (GDR), hasta el 100% de su patrimonio neto, y/o a través de otros contratos OTC con el fin de mejorar el control de riesgos y minimizar los costes de transacción.
El Fondo también podrá recurrir a diferentes mercados o activos, incluidos los instrumentos derivados con el fin de cubrir y/o exponer la cartera al riesgo de renta variable y/o cubrir el riesgo de cambio. El apalancamiento del Fondo no podrá superar el 110%.
El horizonte de inversión mínimo recomendado es de más de cinco años. La suscripción mínima inicial por accionista es de una acción. El Fondo capitaliza sus ingresos. Los inversores podrán solicitar el reembolso de sus acciones con una frecuencia diaria, de acuerdo con el procedimiento descrito en el folleto del Fondo.
Entre los riesgos significativos para el Fondo que no recoge este indicador cabe destacar los siguientes:
Riesgo vinculado a la renta variable de mercados emergentes: los valores de renta variable de los países emergentes pueden ser menos líquidos que los de los países desarrollados. Por consiguiente, la inversión en dichos valores puede aumentar el nivel de riesgo de la cartera. Por ejemplo, las caídas del mercado pueden ser mayores y más rápidas que en los países desarrollados, por lo que el valor liquidativo del Fondo puede disminuir de una manera más brusca y rápida.
Riesgos vinculados a la gestión discrecional: la Sociedad gestora ha puesto en práctica las estrategias de inversión descritas anteriormente con el fin de crear un Fondo bien diversificado. Por lo tanto, no se puede excluir que la Sociedad gestora no elija los activos más rentables.
Riesgo cambiario: El Fondo invierte en mercados extranjeros. Puede verse afectado por variaciones en los tipos de cambio que pueden provocar que el valor de la inversión disminuya o aumente.
Riesgo de contraparte: el Fondo puede incurrir en una pérdida en caso de impago de la contraparte con la que haya realizado determinadas operaciones, lo que conduce a la disminución del valor liquidativo del Fondo. | This indicator represents the annual historical volatility of the Fund over a 5-year period.
The risk indicator of level 5 reflects the volatility of the stock markets in which the Fund invests with respect to its investment strategy.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time.
The lowest risk category does not mean "risk free". Your initial investment is not guaranteed.
Under normal market conditions, at least 90% of the Fund's assets are exposed to global developed and emerging equity markets, including small and mid-cap developed and emerging markets. The Fund reserves the right to invest up to 100% of its assets in mono-underlying Contracts for Differences (CFDs). CFDs are futures contracts entered into with a counterparty and settled through cash payments rather than through physical delivery of financial instruments.
For the purpose of diversification the Fund may invest up to 20% of its assets in Real Estate Investment Trust (REIT). The Fund may build or add to its exposure through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), for up to 100% of its net assets, and/or through other OTC contracts in order to enhance risk control and minimize transaction costs.
The Fund may also use different markets or assets, including derivative instruments to hedge and/or expose the portfolio to equity risk and/or hedge currency risk. The Fund's leveraged exposure may not exceed 110%.
The recommended minimum investment horizon is more than five years. The minimum initial subscription per shareholder stands at one share. The Fund capitalizes its income. Investors may request redemptions of shares held daily, in line with the procedure described in the Fund's prospectus.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risk associated with emerging market equities: The equities of emerging countries may be less liquid than equities of developed countries. Consequently, holding these securities may increase the level of portfolio risk. For example, market declines may be greater and faster than in developed countries, so the Fund's net asset value may decline more sharply and quickly.
Risks associated with discretionary management: The Management Company has implemented the investment strategies described above to create a well-diversified Fund. It can therefore not be excluded that the Management Company does not choose the most profitable assets.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
Counterparty risk: The Fund may incur a loss in the event of the default of a counterparty with which certain transactions were conducted, leading to a decline in the Fund's net asset value. | en | es |
DOLFIN990 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Sub-Fund seeks regular and current income through its emphasis on a conservative equilibrium between bond and equity securities. It also aims to provide long-term capital appreciation through selected investments in equity securities.
The Sub-Fund will invest its assets internationally in debt securities, bonds, notes, similar fixed income (including bank deposits) and floating-rate securities, convertible bonds, convertible notes and warrant bonds as well as in equity securities. The Sub-Fund will not invest more than 10% of its net assets in undertakings for collective investment.
The costs and benefits of currency hedging transactions includes the costs of hedging and the allocation of any gains and losses resulting from the hedging transactions.
The Sub-Fund is suitable for investors who can afford, in principle, to set aside their capital for a period of at least 2-3 years.
CLASS A EUR does not pay a dividend. Any income arising is retained in the Fund and reflected in the value of the share class.
Subscription and Redemption requests are accepted on each Valuation Day and must be received by the Administrative Agent not later than 4.00 p.m. (Luxembourg time) on the Business Day before the relevant Valuation Day. | # Ziele und Anlagepolitik
Der Teilfonds strebt regelmäßige und laufende Erträge an, indem er den Schwerpunkt bei der Anlage auf ein konservatives Gleichgewicht zwischen Anleihen und Aktien legt. Ein weiteres Ziel ist ein langfristiger Kapitalzuwachs durch ausgewählte Anlagen in Aktien.
Der Teilfonds investiert sein Vermögen international in Schuldtitel, Anleihen, Schuldscheine, ähnliche Wertpapiere mit fester und variabler Verzinsung (einschließlich Bankeinlagen), Wandelanleihen (Convertible Bonds und Convertible Notes), Optionsanleihen sowie Aktien. Der Teilfonds investiert höchstens 10% seines Nettovermögens in Organismen für gemeinsame Anlagen.
Die Kosten und Vorteile von Transaktionen zur Währungsabsicherung umfassen die Kosten der Absicherung und die Allokation möglicher Gewinne und Verluste aus den Absicherungstransaktionen.
Der Teilfonds ist für Anleger geeignet, die grundsätzlich für einen Zeitraum von mindestens 2-3 Jahren auf ihr Kapital verzichten können.
Die Anteilsklasse A EUR zahlt keine Dividenden. Alle Erträge bleiben im Fonds und erhöhen den Wert der Anteilsklasse.
Zeichnungs- und Rücknahmeanträge werden an jedem Bewertungstag angenommen und müssen bis spätestens 16.00 Uhr (Luxemburger Zeit) am Geschäftstag vor dem betreffenden Bewertungstag bei der Verwaltungsstelle eingehen. | # Objectives and investment policy
The Sub-Fund seeks regular and current income through its emphasis on a conservative equilibrium between bond and equity securities. It also aims to provide long-term capital appreciation through selected investments in equity securities.
The Sub-Fund will invest its assets internationally in debt securities, bonds, notes, similar fixed income (including bank deposits) and floating-rate securities, convertible bonds, convertible notes and warrant bonds as well as in equity securities. The Sub-Fund will not invest more than 10% of its net assets in undertakings for collective investment.
The costs and benefits of currency hedging transactions includes the costs of hedging and the allocation of any gains and losses resulting from the hedging transactions.
The Sub-Fund is suitable for investors who can afford, in principle, to set aside their capital for a period of at least 2-3 years.
CLASS A EUR does not pay a dividend. Any income arising is retained in the Fund and reflected in the value of the share class.
Subscription and Redemption requests are accepted on each Valuation Day and must be received by the Administrative Agent not later than 4.00 p.m. (Luxembourg time) on the Business Day before the relevant Valuation Day. | en | de |
DOLFIN991 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Other relevant information
Performance scenarios : You can find previous performance scenarios updated on a monthly basis at www.imgp.com. Past performance data about this Fund is presented for 10 year(s). For further information, please visit www.imgp.com.
This document must be provided to investors free of charge before they invest. The information contained in this KID is supplemented by the articles of incorporation and the prospectus of the Company.
This Fund is subject to Luxembourg tax legislation which may have an impact on your personal tax status.
The details of the up-to-date remuneration policy, including a description of how remuneration and benefits are calculated and the identity of the persons responsible for awarding the remuneration and benefits, are available on www.imgp.com. A paper copy is available free of charge upon request. This information document is updated annually. | # Autres informations pertinentes
Scénarios de performance : Vous trouverez les scénarios de performances passés mis à jour mensuellement sur le site www.imgp.com.
Les données relatives aux performances passées de ce Fonds sont présentées pour une période de 10 an(s). Pour de plus amples informations, veuillez consulter le site www.imgp.com.
Ce document doit être remis gratuitement aux investisseurs avant leur investissement. Les informations contenues dans le présent DIC sont complétées par les statuts et le prospectus de la Société.
Ce Fonds est soumis à la fiscalité luxembourgeoise, ce qui peut avoir une incidence sur votre imposition personnelle.
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 www.imgp.com. Un exemplaire papier est disponible gratuitement sur demande.
Ce document d’information est mis à jour chaque année. | # Other relevant information
Performance scenarios : You can find previous performance scenarios updated on a monthly basis at www.imgp.com. Past performance data about this Fund is presented for 10 year(s). For further information, please visit www.imgp.com.
This document must be provided to investors free of charge before they invest. The information contained in this KID is supplemented by the articles of incorporation and the prospectus of the Company.
This Fund is subject to Luxembourg tax legislation which may have an impact on your personal tax status.
The details of the up-to-date remuneration policy, including a description of how remuneration and benefits are calculated and the identity of the persons responsible for awarding the remuneration and benefits, are available on www.imgp.com. A paper copy is available free of charge upon request. This information document is updated annually. | en | fr |
DOLFIN992 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Redemption of Shares
A Shareholder may request the SICAV to redeem some or all of the Shares it holds in the SICAV. If, as a result of any redemption request, the number of Shares held by any Shareholder in a class would fall below the minimum holding amount for that class of Shares, the SICAV may treat such request as a request to redeem the full balance of such Shareholder’s holding of Shares in the relevant class. Shares may be redeemed on any day that the relevant Sub-Fund calculates its net asset value.
If the aggregate value of the redemption requests received by the Registrar and Transfer Agent on any day corresponds to more than 5% of the net assets of a Sub-Fund, the SICAV may defer part or all of such redemption requests and may also defer the payment of redemption proceeds for such period as it considers to be in the best interest of the Sub-Fund and its Shareholders. Any deferred redemption or deferred payment of redemption proceeds shall be treated as a priority to any further redemption request received on any following redemption date. | ### Rachat d’Actions
Un Actionnaire peut demander à la SICAV de racheter une partie ou la totalité des Actions qu’il détient dans la SICAV. Si, à la suite d’une demande de rachat, le nombre d’Actions détenues dans une catégorie par un Actionnaire est inférieur au montant minimum de détention pour cette catégorie d’Actions, la SICAV est susceptible de traiter une telle demande comme une demande de rachat de la totalité du solde de la détention de l’Actionnaire dans cette catégorie d’Actions. Les Actions peuvent être rachetées chaque jour où le Compartiment calcule leur valeur nette d’inventaire.
Si la valeur totale des demandes de rachat reçues quel que soit le jour par l’Agent de Registre et de Transfert correspond à plus de 5 % de l’actif net d’un Compartiment, la SICAV peut reporter tout ou partie de ces demandes de rachat, et peut également différer le paiement du prix de rachat pendant toute la période que la SICAV estimera être dans l’intérêt du Compartiment et de ses actionnaires. Tout rachat différé ou paiement différé du produit de rachat sera traité en priorité par rapport aux éventuelles demandes de rachat reçues à une date de rachat ultérieure. | ### Redemption of Shares
A Shareholder may request the SICAV to redeem some or all of the Shares it holds in the SICAV. If, as a result of any redemption request, the number of Shares held by any Shareholder in a class would fall below the minimum holding amount for that class of Shares, the SICAV may treat such request as a request to redeem the full balance of such Shareholder’s holding of Shares in the relevant class. Shares may be redeemed on any day that the relevant Sub-Fund calculates its net asset value.
If the aggregate value of the redemption requests received by the Registrar and Transfer Agent on any day corresponds to more than 5% of the net assets of a Sub-Fund, the SICAV may defer part or all of such redemption requests and may also defer the payment of redemption proceeds for such period as it considers to be in the best interest of the Sub-Fund and its Shareholders. Any deferred redemption or deferred payment of redemption proceeds shall be treated as a priority to any further redemption request received on any following redemption date. | en | fr |
DOLFIN993 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Income equalisation arrangements are applied to all Share classes across all sub-funds. These arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution year is not affected by changes in the number of Shares in issue during that period. The calculation of equalisation is based on net investment income.
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### Dividend Payments | Accordi di perequazione del reddito vengono applicati a tutte le classi di Azioni di tutti i comparti. Questi accordi sono volti ad assicurare che il reddito per Azione distribuito in relazione ad un dato periodo di distribuzione non sia influenzato da variazioni nel numero di Azioni in emissione durante quel periodo. Il calcolo della perequazione si basa sul reddito netto da investimenti.
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### Pagamenti di dividendi | Income equalisation arrangements are applied to all Share classes across all sub-funds. These arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution year is not affected by changes in the number of Shares in issue during that period. The calculation of equalisation is based on net investment income.
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### Dividend Payments | en | it |
DOLFIN994 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### REDEMPTIONS
Shareholders may redeem any or all of their Shares on any Dealing Day except when dealings have been temporarily suspended in the circumstances described at “Temporary Suspension of Dealings” below at a price per Share equal to the Net Asset Value per Share as of the Valuation Point on the relevant Dealing Day. Redemption requests may not be withdrawn except in circumstances where dealings are suspended.
Redemption requests should be made in writing in such form as the Directors may from time to time determine and should be posted or sent by facsimile to the address and fax number specified in such redemption form. Redemption requests must be received by the Administrator prior to the Dealing Deadline on a Dealing Day so that such redemption can be effected at the Net Asset Value per Share as of the Valuation Point on that Dealing Day. If a redemption request is received after the Dealing Deadline on a Dealing Day, it shall be treated as a request for redemption on the next Dealing Day.
Redemption proceeds will be paid at the expense of the Company and at the risk of the Shareholder by telegraphic transfer to the account designated in the subscription request (as may be amended from time to time by original notice in writing) or by such other method of payment as may be agreed with the Administrator within five Business Days of receipt of an effective redemption request. Redemption proceeds may, with the consent of the Shareholder concerned or at the sole discretion of the Directors if the redemption request represents 5% or more of the Net Asset Value of a Fund, be paid by transfer to the Shareholder in question of the assets of the Company, selected in the discretion of the Directors, subject to the approval of the Depositary and taken at their value used in determining the redemption price of the Participating Shares being so repurchased. Such distributions will not materially prejudice the interests of remaining Shareholders. If a Shareholder so requests, the Investment Adviser shall sell the assets to be distributed to that Shareholder and distribute the cash proceeds to the Shareholder.
Shareholders may be subject to such redemption charges as may be specified below or in a Relevant Supplement provided that such charges shall not exceed 3% of the aggregate of the Net Asset Value per Share of the Shares to be redeemed as may be determined by the Manager with the approval of the Depositary.
If the Shareholder requests the redemption of a number of Shares of any Series equal to 5% or more of the Shares of that Series in issue or deemed to be in issue in any Series on any Dealing Day then the Manager may at its absolute discretion refuse to redeem such number of Shares held by the relevant Shareholder in that Series in excess of 5% of the Shares in issue in that Series on that Dealing Day as the Manager at its absolute discretion shall determine and, if it so refuses, the requests for redemption on such Dealing Day shall be reduced rateably and the Shares to which each request relates which are not redeemed by reason of such refusal shall be treated as if a request for redemption had been made in respect of each subsequent Dealing Day until all the Shares to which the original request related have been repurchased.
If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Manager may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request. The balance of the Shares in respect of which redemption requests have been received shall
be treated as if they were redemption requests received on each subsequent Dealing Day, subject to the same 10% restriction. | ### RÜCKNAHMEN
Aktionäre können ihre Aktien an jedem Handelstag ganz oder teilweise zurücknehmen, es sei denn, die Geschäfte wurden unter den unter „Temporäre Aussetzung von Transaktionen“ beschriebenen Umständen vorübergehend ausgesetzt, und zwar zu einem Preis pro Anteil, der dem Nettovermögenswert pro Anteil zum Zeitpunkt der Bewertung am jeweiligen Handelstag entspricht. Rücknahmeanträge können nur dann zurückgezogen werden, wenn die Geschäfte ausgesetzt sind.
Rücknahmeanträge sind schriftlich in der von den Verwaltungsratsmitgliedern von Zeit zu Zeit festgelegten Form zu stellen und per Telefax an die in dem entsprechenden Rücknahmeformular angegebene Adresse und Faxnummer zu senden oder zu übermitteln. Rücknahmeanträge müssen vor Ablauf der Dealing-Frist an einem Handelstag beim Verwalter eingehen, damit eine solche Rücknahme zum Nettovermögenswert pro Anteil ab dem Bewertungszeitpunkt an diesem Handelstag erfolgen kann. Geht ein Rücknahmeantrag nach Ablauf der Dealing-Frist an einem Handelstag ein, so wird er wie ein Rücknahmeantrag behandelt, der am nächsten Handelstag eingegangen ist.
Der Rücknahmeerlös wird auf Kosten der Gesellschaft und auf Risiko des Aktionärs durch telegrafische Überweisung auf das im Zeichnungsantrag angegebene Konto (das von Zeit zu Zeit durch schriftliche Originalmitteilung geändert werden kann) oder durch eine andere Zahlungsweise gezahlt, die mit dem Verwalter innerhalb von fünf Werktagen nach Eingang eines wirksamen Rücknahmeantrags vereinbart werden kann. Der Rücknahmeerlös kann mit Zustimmung des betreffenden Aktionärs oder nach alleinigem Ermessen der Verwaltungsratsmitglieder, wenn der Rücknahmeantrag 5 % oder mehr des Nettovermögenswerts eines Fonds ausmacht, durch Übertragung der nach Ermessen der Verwaltungsratsmitglieder ausgewählten Vermögenswerte der Gesellschaft an den betreffenden Aktionäre gezahlt werden, vorbehaltlich der Zustimmung des Depositars und , zu dem Wert angesetzt, der bei der Bestimmung des Rücknahmepreises für die gewinnbeteiligten Aktien zugrunde gelegt wird. Derartige Ausschüttungen werden die Anteile der verbleibenden Aktionäre nicht wesentlich beeinträchtigen. Auf Verlangen eines Aktionärs verkauft der Anlageberater die an diesen Aktionär zu verteilenden Vermögenswerte und schüttet den Barerlös an den Aktionär aus.
Aktionäre können Rücknahmegebühren unterliegen, die nachstehend oder in einer entsprechenden Ergänzung angegeben sind, vorausgesetzt, dass diese Gebühren 3 % des Gesamtnettovermögenswertes pro Anteil der zurückzugebenden Anteile nicht übersteigen, wie vom Fondsmanager mit Zustimmung des Depositars bestimmt werden kann.
Verlangt der Aktionäre die Rücknahme einer Anzahl von Anteilen einer Serie in Höhe von 5 % oder mehr der Anteile dieser Serie, die an einem Handelstag in einer Serie ausgegeben werden oder als in einer Serie ausgegeben gelten, dann kann der Manager nach eigenem Ermessen die Rücknahme einer solchen Anzahl von Anteilen ablehnen, die der jeweilige Aktionäre an dieser Serie hält und die 5 % der in dieser Serie an diesem Handelstag in dieser Serie in Umlauf befindlichen Anteile übersteigen, wie der Manager nach eigenem Ermessen bestimmt, und, wenn er dies ablehnt, werden die Rücknahmeanträge an diesem Handelstag entsprechend reduziert, und die Anteile, auf die sich jeder Antrag bezieht, die aufgrund dieser Ablehnung nicht zurückgegeben werden, werden so behandelt, als ob für jeden folgenden Handelstag ein Rücknahmeantrag gestellt worden wäre, bis alle Anteile, auf die sich der ursprüngliche Antrag bezieht, zurückgekauft worden sind.
Wenn die Gesamtzahl der Rücknahmeanträge an einem Handelstag 10 % oder mehr der ausstehenden Anteile einer ausgegebenen oder als ausgegeben angesehenen Serie erreicht oder übersteigt, kann der Manager die Gesamtzahl der zurückzugebenden Anteile auf 10 % der ausstehenden Anteile an diesem Handelstag beschränken, wobei in diesem Fall alle Rücknahmeanträge anteilig auf den Umfang des Antrags reduziert werden. Der Saldo der Anteile, für die Rücknahmeanträge eingegangen sind, wird so behandelt, als wären es Rücknahmeanträge, die an jedem folgenden Handelstag eingegangen sind, mit der gleichen 10 %igen Einschränkung. | ### REDEMPTIONS
Shareholders may redeem any or all of their Shares on any Dealing Day except when dealings have been temporarily suspended in the circumstances described at “Temporary Suspension of Dealings” below at a price per Share equal to the Net Asset Value per Share as of the Valuation Point on the relevant Dealing Day. Redemption requests may not be withdrawn except in circumstances where dealings are suspended.
Redemption requests should be made in writing in such form as the Directors may from time to time determine and should be posted or sent by facsimile to the address and fax number specified in such redemption form. Redemption requests must be received by the Administrator prior to the Dealing Deadline on a Dealing Day so that such redemption can be effected at the Net Asset Value per Share as of the Valuation Point on that Dealing Day. If a redemption request is received after the Dealing Deadline on a Dealing Day, it shall be treated as a request for redemption on the next Dealing Day.
Redemption proceeds will be paid at the expense of the Company and at the risk of the Shareholder by telegraphic transfer to the account designated in the subscription request (as may be amended from time to time by original notice in writing) or by such other method of payment as may be agreed with the Administrator within five Business Days of receipt of an effective redemption request. Redemption proceeds may, with the consent of the Shareholder concerned or at the sole discretion of the Directors if the redemption request represents 5% or more of the Net Asset Value of a Fund, be paid by transfer to the Shareholder in question of the assets of the Company, selected in the discretion of the Directors, subject to the approval of the Depositary and taken at their value used in determining the redemption price of the Participating Shares being so repurchased. Such distributions will not materially prejudice the interests of remaining Shareholders. If a Shareholder so requests, the Investment Adviser shall sell the assets to be distributed to that Shareholder and distribute the cash proceeds to the Shareholder.
Shareholders may be subject to such redemption charges as may be specified below or in a Relevant Supplement provided that such charges shall not exceed 3% of the aggregate of the Net Asset Value per Share of the Shares to be redeemed as may be determined by the Manager with the approval of the Depositary.
If the Shareholder requests the redemption of a number of Shares of any Series equal to 5% or more of the Shares of that Series in issue or deemed to be in issue in any Series on any Dealing Day then the Manager may at its absolute discretion refuse to redeem such number of Shares held by the relevant Shareholder in that Series in excess of 5% of the Shares in issue in that Series on that Dealing Day as the Manager at its absolute discretion shall determine and, if it so refuses, the requests for redemption on such Dealing Day shall be reduced rateably and the Shares to which each request relates which are not redeemed by reason of such refusal shall be treated as if a request for redemption had been made in respect of each subsequent Dealing Day until all the Shares to which the original request related have been repurchased.
If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Manager may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request. The balance of the Shares in respect of which redemption requests have been received shall
be treated as if they were redemption requests received on each subsequent Dealing Day, subject to the same 10% restriction. | en | de |
DOLFIN995 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# LGT Alpha Indexing Fund (the ''Fund'')
a sub-fund of the LGT Multi-Assets SICAV (the ''UCITS'') Class (USD) B – ISIN/Valor: LI0347021748/34702174
This Fund is managed by LGT Capital Partners (FL) Ltd (the ''Manager'').
- | # LGT Alpha Indexing Fund (il ''Fondo'')
Comparto di LGT Multi-Assets SICAV (il ''UCITS'') Classe (USD) B – ISIN/Valor: LI0347021748/34702174
Il Fondo è gestito da LGT Capital Partners (FL) Ltd (la ''Società di Gestione'').
- | # LGT Alpha Indexing Fund (the ''Fund'')
a sub-fund of the LGT Multi-Assets SICAV (the ''UCITS'') Class (USD) B – ISIN/Valor: LI0347021748/34702174
This Fund is managed by LGT Capital Partners (FL) Ltd (the ''Manager'').
- | en | it |
DOLFIN996 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Exposure to the Strategy
Investors should be aware that the performance of Sub-Fund is impacted by the potential risks of the Strategy.
The performance of the Strategy is dependent on the performance of its Financial Instruments. As a consequence, investors in financial products the return on which is linked to the Strategy should appreciate that their investment is exposed to the price performance and credit performance of the Financial Instruments.
In addition, if the Sub-Fund is exposed to the Strategy via derivative instruments and as the Strategy so used aims at reflecting the performances of an investable portfolio, the Sub-Fund will therefore embed the specific risks and costs of such investable portfolio including but not limited to the specific credit and settlement risks and costs linked to the use of a prime broker. These indirect credit and settlement risks can have materially adverse impact on the performance of the Sub-Fund. | ## Exposition à la Stratégie
L'attention des investisseurs est attirée sur le fait que la performance du Compartiment est affectée négativement par les risques potentiels de la Stratégie.
La performance du Compartiment dépend de celle des Instruments Financiers dans lesquels il investit. Par conséquent, les investisseurs dans les produits financiers dont la performance est liée à la Stratégie doivent être conscients que leur investissement est exposé à la performance des prix et du crédit des Instruments Financiers.
En outre, si le Compartiment est exposé à la Stratégie via des instruments dérivés, et puisque la Stratégie, ainsi utilisée, vise à refléter la performance d'un portefeuille investissable, le Compartiment intégrera les risques et les coûts spécifiques d'un tel portefeuille investissable, y compris, entre autres, les risques de crédit et de règlement ainsi que les coûts spécifiques liés à l'utilisation d'un prime broker. Ces risques indirects de crédit et de règlement peuvent avoir un impact négatif substantiel sur la performance du Compartiment. | ## Exposure to the Strategy
Investors should be aware that the performance of Sub-Fund is impacted by the potential risks of the Strategy.
The performance of the Strategy is dependent on the performance of its Financial Instruments. As a consequence, investors in financial products the return on which is linked to the Strategy should appreciate that their investment is exposed to the price performance and credit performance of the Financial Instruments.
In addition, if the Sub-Fund is exposed to the Strategy via derivative instruments and as the Strategy so used aims at reflecting the performances of an investable portfolio, the Sub-Fund will therefore embed the specific risks and costs of such investable portfolio including but not limited to the specific credit and settlement risks and costs linked to the use of a prime broker. These indirect credit and settlement risks can have materially adverse impact on the performance of the Sub-Fund. | en | fr |
DOLFIN997 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Product
For more information on this product, please call +1 212 644 1800, visit https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ or email [email protected].
Cullen Capital Management LLC is regulated by the US Securities and Exchange Commission.
The PRIIP is authorised in Ireland and regulated by Central Bank of Ireland and has been registered for sale in other EEA Member States. Carne Global Fund Managers (Ireland) Ltd is authorised in Ireland and regulated by the Central Bank of Ireland.
This document was produced on 1 January 2023.
What is this product?
Type:
This product is a UCITS fund.
Term:
Open Ended Fund.
Objectives:
This product aims for long term growth in, as well as returning income on, the value of your investment.
Primarily, the product will purchase dividend paying shares of companies diversified across 15-25 industries and which are both incorporated in the U.S. and listed on stock exchanges there (the “Companies” and each a “Company”).
In selecting which of such Companies’ shares to purchase, the product will generally use the following criteria:
- the total value of the Company’s listed shares exceeds US$3 billion;
- relative to share price, dividend yield on the Company’s shares is greater than the average dividend yield on shares comprising the S&P 500 Index (which is an index of 500 shares intended to be a representative sample of leading companies in leading industries within the U.S. economy);
- the Company’s price/earnings ratio is below the average price/earnings ratio on shares comprising the S&P 500 Index (a price/earnings ratio is a valuation ratio of a company’s current share price compared to its per-share earnings and essentially shows how much one needs to pay per dollar of earnings - if a company were trading at a price/earnings ratio of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings); and
- based on the Company’s historical dividend growth and overall well-being, there is strong potential for higher dividends (i.e. an increase in the actual dollar amount of the dividend irrespective of the dividend yield).
The product may also invest up to 30% of its net asset value in American Depositary | # Produkt
Weitere Informationen zu diesem Produkt erhalten Sie telefonisch unter +1 212 644 1800, auf der Website https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ oder per E-Mail an [email protected].
Cullen Capital Management LLC wird durch die U.S. Securities and Exchange Commission reguliert.
Das PRIIP ist in Irland zugelassen, wird durch die Central Bank of Ireland reguliert und wurde zum Vertrieb in anderen Mitgliedstaaten des EWR registriert. Carne Global Fund Managers (Ireland) Ltd ist in Irland zugelassen und wird durch die Central Bank of Ireland reguliert.
Dieses Dokument wurde erstellt am 1. Januar 2023.
Um welche Art von Produkt handelt es sich?
Art:
Dieses Produkt ist ein OGAW-Fonds.
Laufzeit:
Offener Fonds.
Ziele:
Dieses Produkt zielt auf einen langfristigen Wertzuwachs Ihrer Anlage sowie auf laufende Erträge ab.
Das Produkt erwirbt in erster Linie Dividenden zahlende Aktien von Unternehmen (die „Unternehmen“ und jeweils ein „Unternehmen“), die über 15 bis 25 Branchen gestreut und sowohl in den Vereinigten Staaten gegründet wurden als auch dort an Börsen notiert sind.
Bei der Auswahl der Aktien dieser Unternehmen für einen Kauf berücksichtigt das Produkt im Allgemeinen die folgenden Kriterien:
- Der Gesamtwert der börsennotierten Aktien des Unternehmens übersteigt 3 Mrd. USD;
- im Verhältnis zum Aktienkurs ist die Dividendenrendite der Aktien eines Unternehmens höher als die durchschnittliche Dividendenrendite der Aktien, die im S&P 500 Index vertreten sind (ein Index, der sich aus 500 Aktien zusammensetzt und eine repräsentative Auswahl führender Unternehmen in führenden Branchen der US-Wirtschaft darstellen soll);
- das Kurs-Gewinn-Verhältnis des Unternehmens liegt unter dem durchschnittlichen Kurs-Gewinn-Verhältnis der Aktien, die im S&P 500 Index vertreten sind (das Kurs-Gewinn-Verhältnis ist eine Bewertungskennziffer für den aktuellen Aktienkurs eines Unternehmens im Vergleich zu seinen Gewinnen pro Aktie und zeigt im Wesentlichen, wie viel man für einen Dollar an Gewinnen zahlen muss – wenn ein Unternehmen mit einem Kurs-Gewinn-Verhältnis von 20 gehandelt wird, bedeutet dies, dass ein Anleger bereit ist, 20 USD für 1 USD an aktuellen Gewinnen zu zahlen), und
- basierend auf dem historischen Dividendenwachstum und dem allgemeinen Wohlergehen eines Unternehmens besteht ein starkes Potenzial für höhere Dividenden (d. h. eine Erhöhung des tatsächlichen Dollarbetrags der Dividende unabhängig von der Dividendenrendite).
Das Produkt kann auch bis zu 30 % seines Nettoinventarwerts in American | # Product
For more information on this product, please call +1 212 644 1800, visit https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ or email [email protected].
Cullen Capital Management LLC is regulated by the US Securities and Exchange Commission.
The PRIIP is authorised in Ireland and regulated by Central Bank of Ireland and has been registered for sale in other EEA Member States. Carne Global Fund Managers (Ireland) Ltd is authorised in Ireland and regulated by the Central Bank of Ireland.
This document was produced on 1 January 2023.
What is this product?
Type:
This product is a UCITS fund.
Term:
Open Ended Fund.
Objectives:
This product aims for long term growth in, as well as returning income on, the value of your investment.
Primarily, the product will purchase dividend paying shares of companies diversified across 15-25 industries and which are both incorporated in the U.S. and listed on stock exchanges there (the “Companies” and each a “Company”).
In selecting which of such Companies’ shares to purchase, the product will generally use the following criteria:
- the total value of the Company’s listed shares exceeds US$3 billion;
- relative to share price, dividend yield on the Company’s shares is greater than the average dividend yield on shares comprising the S&P 500 Index (which is an index of 500 shares intended to be a representative sample of leading companies in leading industries within the U.S. economy);
- the Company’s price/earnings ratio is below the average price/earnings ratio on shares comprising the S&P 500 Index (a price/earnings ratio is a valuation ratio of a company’s current share price compared to its per-share earnings and essentially shows how much one needs to pay per dollar of earnings - if a company were trading at a price/earnings ratio of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings); and
- based on the Company’s historical dividend growth and overall well-being, there is strong potential for higher dividends (i.e. an increase in the actual dollar amount of the dividend irrespective of the dividend yield).
The product may also invest up to 30% of its net asset value in American Depositary | en | de |
DOLFIN998 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF US Small & Mid Cap Equity
Schroder ISF US Small & Mid Cap Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of S&P Mid Cap 400 Lagged (net TR) Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF US Small & Mid Cap Equity
Schroder ISF US Small & Mid Cap Equity (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del S&P Mid Cap 400 Lagged (net TR) Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del S&P Mid Cap 400 Lagged (net TR) Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el S&P Mid Cap 400 Lagged (net TR) Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF US Small & Mid Cap Equity
Schroder ISF US Small & Mid Cap Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of S&P Mid Cap 400 Lagged (net TR) Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the S&P Mid Cap 400 Lagged (net TR) Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN999 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## Objective
The objective of the Compartment is to achieve capital growth over the medium term through the active management of a diversified portfolio with a cautious profile made up of international transferable securities, and to outperform its benchmark index.
## Benchmark index
The benchmark index of the Compartment is composed as follows: 20% MSCI AC World Free Index (no dividends) denominated in Euro (elementary index representative of shares), 60% JP Morgan Global Government Bond EMU LC denominated in Euro (elementary index representative of bonds denominated in reference currency) and 20% EURIBOR 1 month (elementary index representative of the money market). The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment’s net assets are mainly invested through UCIs or other eligible investment funds in listed shares and debt securities, as well as in money market instruments from around the world, with no restrictions or limitations regarding geographical, industrial or sectoral diversification. In normal market circumstances, investments in debt securities will be predominantly indirect.
In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets. The Compartment may therefore be exposed to currency risk up to 100% of its net assets.
## On an ancillary basis, the Compartment may be exposed to indices of precious metals and commodities by means of financial instruments, units or shares of UCIs or AIFs.
Under exceptional circumstances and/or where financial market conditions so require, the Compartment may invest all of its assets in term deposits or money market instruments in order to protect its shareholders’ interests.
## The investments underlying this financial product do not take into account the European Union’s criteria regarding environmentally sustainable business activities.
## Minimum recommended holding period: 18 months
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 11:00 a.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Accumulation | # Objetivos y política de inversión
## Objetivo
El objetivo del Subfondo es obtener una valorización del capital a medio plazo mediante la gestión activa de una cartera diversificada con un perfil equilibrado en valores mobiliarios internacionales y registrar una rentabilidad superior a la de su índice de referencia.
## Índice de referencia
El índice de referencia del Subfondo está compuesto en un 20% por el índice MSCI AC World Free (sin dividendos) denominado en EUR (índice elemental representativo de las acciones), en un 60% por el JP Morgan Global Government Bond EMU LC, denominado en EUR (índice elemental representativo de las obligaciones denominadas en divisas de referencia) y en un 20% por el Euribor a un mes (índice elemental representativo del mercado monetario). El Subfondo se gestiona de forma activa. El índice de referencia se utiliza únicamente con fines de comparación de la rentabilidad.
## Política de inversión
El patrimonio neto del Subfondo se invierte principalmente mediante OIC u otros fondos de inversión elegibles, en acciones y títulos de deuda cotizados, así como en Instrumentos del mercado monetario, en todo el mundo, sin restricciones ni limitaciones en cuanto a la diversificación geográfica, industrial o sectorial. En circunstancias normales de mercado, predominarán las inversiones indirectas en títulos de deuda.
Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles. Por consiguiente, el Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
## A título accesorio, el Subfondo también puede estar expuesto a índices de metales preciosos y materias primas a través de instrumentos financieros, participaciones o acciones de OIC o FIA.
En circunstancias excepcionales y/o cuando las condiciones del mercado financiero así lo exijan, el Subfondo puede, con el fin de proteger los intereses de los accionistas, invertir todos sus activos en depósitos a plazo o Instrumentos del mercado monetario.
## Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles.
## La duración mínima de la participación recomendada es de 18 meses.
Frecuencia de compra o venta de acciones: Los inversores pueden obtener el reembolso de sus acciones cualquier día hábil bancario en Luxemburgo y Francia, con excepción del Viernes Santo, el 24 de diciembre (Nochebuena) y los días en que los mercados franceses estén cerrados (calendario oficial de Euronext Paris S.A.), a más tardar a las 11:00 horas (hora de Luxemburgo) del Día Hábil anterior al Día de valoración aplicable.
## Asignación de los ingresos: Capitalización | # Objectives and investment policy
## Objective
The objective of the Compartment is to achieve capital growth over the medium term through the active management of a diversified portfolio with a cautious profile made up of international transferable securities, and to outperform its benchmark index.
## Benchmark index
The benchmark index of the Compartment is composed as follows: 20% MSCI AC World Free Index (no dividends) denominated in Euro (elementary index representative of shares), 60% JP Morgan Global Government Bond EMU LC denominated in Euro (elementary index representative of bonds denominated in reference currency) and 20% EURIBOR 1 month (elementary index representative of the money market). The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment’s net assets are mainly invested through UCIs or other eligible investment funds in listed shares and debt securities, as well as in money market instruments from around the world, with no restrictions or limitations regarding geographical, industrial or sectoral diversification. In normal market circumstances, investments in debt securities will be predominantly indirect.
In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets. The Compartment may therefore be exposed to currency risk up to 100% of its net assets.
## On an ancillary basis, the Compartment may be exposed to indices of precious metals and commodities by means of financial instruments, units or shares of UCIs or AIFs.
Under exceptional circumstances and/or where financial market conditions so require, the Compartment may invest all of its assets in term deposits or money market instruments in order to protect its shareholders’ interests.
## The investments underlying this financial product do not take into account the European Union’s criteria regarding environmentally sustainable business activities.
## Minimum recommended holding period: 18 months
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 11:00 a.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Accumulation | en | es |
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