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DOLFIN9000 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The investments in the funds are subject to market fluctuations and the risks inherent in investments in securities. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay, the fund described being at risk of capital loss.
Why is the Fund in this specific category?
The risk category is justified by the active investment in different asset classes while seeking to maintain the risk profile between predefined boundaries.
This fund may be exposed to other risks, listed below :
This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated
bonds.
Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the
subfund on such markets could be more risky. | Gli investimenti nei fondi sono soggetti alle oscillazioni dei mercati ed ai rischi insiti negli investimenti in valori mobiliari. Il valore degli investimenti e il reddito da essi generato possono diminuire oltre che aumentare, ed è possibile che gli investitori non recuperino il loro investimento iniziale, poiché il fondo descritto è soggetto al rischio di perdita del capitale.
Perché il Fondo rientra in questa categoria specifica?
La categoria di rischio è giustificata dall’investimento attivo in diverse asset class, tentando di mantenere al contempo il profilo di rischio entro i limiti prestabiliti.
Questo fondo può essere esposto ad altri rischi, elencati di seguito:
tale rischio si riferisce alla capacità di un emittente di onorare i propri impegni,i declassamenti del rating di un'emissione o di un emittente possono condurre a una flessione del valore delle obbligazioni ivi associate.
Alcuni mercati hanno una regolamentazione minore rispetto alla maggior parte dei mercati internazionali; di conseguenza, i servizi relativi alla custodia e liquidazione del comparto su tali mercati potrebbero essere più rischiosi. | The investments in the funds are subject to market fluctuations and the risks inherent in investments in securities. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay, the fund described being at risk of capital loss.
Why is the Fund in this specific category?
The risk category is justified by the active investment in different asset classes while seeking to maintain the risk profile between predefined boundaries.
This fund may be exposed to other risks, listed below :
This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated
bonds.
Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the
subfund on such markets could be more risky. | en | it |
DOLFIN9001 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# VII – REMUNERATION
The management company’s remuneration policy has been designed to protect clients’ interests, to prevent conflicts of interest and to ensure that there is no incentive to take excessive risks.
It applies the following principles: paying for performance, sharing wealth creation, aligning the long-term interests of employees and the company and encouraging an element of employee financial participation in risks.
Details of the up-to-date remuneration policy, including in particular the persons responsible for awarding remuneration and benefits and a description of how they are calculated, are available online at https://www.bnpparibas-am.com/en/remuneration-disclosure/. Paper copies are available free of charge from the management company, on written request. | # VII - REMUNERATION
La politique de rémunération de la société de gestion a été conçue pour protéger les intérêts des clients, éviter les conflits d’intérêts et garantir qu’il n’y a pas d’incitation à une prise de risque excessive.
Elle met en œuvre les principes suivants : payer pour la performance, partager la création de richesse, aligner à long terme les intérêts des collaborateurs et de l’entreprise et promouvoir un élément d’association financière des collaborateurs aux risques.
Les détails de la politique de rémunération actualisée, comprenant notamment les personnes responsables de l’attribution des rémunérations et des avantages et une description de la manière dont ils sont calculés, sont disponibles sur le site internet http://www.bnpparibas-am.com/fr/politique-de-remuneration/. Un exemplaire sur papier est également mis à disposition gratuitement sur simple demande écrite auprès de la société de gestion. | # VII – REMUNERATION
The management company’s remuneration policy has been designed to protect clients’ interests, to prevent conflicts of interest and to ensure that there is no incentive to take excessive risks.
It applies the following principles: paying for performance, sharing wealth creation, aligning the long-term interests of employees and the company and encouraging an element of employee financial participation in risks.
Details of the up-to-date remuneration policy, including in particular the persons responsible for awarding remuneration and benefits and a description of how they are calculated, are available online at https://www.bnpparibas-am.com/en/remuneration-disclosure/. Paper copies are available free of charge from the management company, on written request. | en | fr |
DOLFIN9002 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 18/11/2021-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 7,208
-27.9%
EUR 7,371
-4.3% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) entre 18/11/2021-12/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
7 208 EUR
-27,9%
7 371 EUR
-4,3% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 18/11/2021-12/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 7,208
-27.9%
EUR 7,371
-4.3% | en | es |
DOLFIN9003 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### The measurement and monitoring of the global exposure of the Sub-Funds will be carried out either using a value at risk (VaR) or a commitment approach.
The commitment approach is generally calculated by convert- ing the derivative contract into the equivalent position in the underlying asset embedded in that derivative, based on the market value of the underlying, and by applying netting and hedging in accordance with ESMA guidelines 10/788. The commitment arising from financial derivative instruments may not exceed the total net asset value of the Sub-Fund.
The VaR approach measures the potential loss to a fund at a particular confidence (probability) level over a specific time period and under normal market conditions. The Management Company uses the 99% confidence interval and one month measurement period for the purposes of carrying out this cal- culation.
There are two types of VaR measure which can be used to monitor and manage the global exposure of a Sub-Fund: "Relative VaR" and "Absolute VaR". The absolute VaR ap- proach calculates a Sub-Fund's VaR as a percentage of the net asset value of the relevant Sub-Fund, and shall not ex- ceed an absolute limit of 20%.
Relative VaR is where the VaR of a Sub-Fund is divided by the VaR of an appropriate benchmark or reference portfolio, allowing the global exposure of a Sub-Fund to be compared to, and limited by reference to, the global exposure of the ap- propriate benchmark or reference portfolio. The VaR of the Sub-Fund shall not exceed twice the VaR of its benchmark. | #### La mesure et la surveillance de l’exposition globale des Compartiments auront lieu par le biais de l’approche de la valeur à risque (VaR) ou de l’approche par les engagements.
L’approche par les engagements consiste généralement à convertir le contrat d’instrument dérivé en une position équivalente de l’actif sous-jacent intégré à ce dérivé, sur la base de la valeur de marché du sous-jacent en question et en appliquant les techniques de compensation bilatérale et de couverture conformément aux directives de l’AEMF 10/788. Les engagements issus des instruments dérivés financiers ne peuvent pas dépasser la valeur nette d’inventaire totale du Compartiment.
L’approche de la VaR calcule la perte potentielle d’un Fonds à un certain degré de confiance (probabilité), sur une période donnée et en présence de conditions de marché normales. La Société de gestion utilise un intervalle de confiance de 99 % et une période de mesure d’un mois pour effectuer ce calcul.
Il existe deux types de mesure de la VaR pouvant être employés pour surveiller et gérer l’exposition globale d’un Compartiment : la « VaR relative » et la « VaR absolue ». L’approche de la VaR absolue calcule la VaR d’un Compartiment sous forme de pourcentage de la valeur nette d’inventaire de ce dernier, et elle ne peut dépasser une limite absolue de 20 %.
L’approche de la VaR relative consiste à diviser la VaR d’un Compartiment par la VaR d’un indice ou portefeuille de référence approprié, ce qui permet de comparer l’exposition globale d’un Compartiment (et de la limiter par référence) à l’exposition globale de l’indice ou du portefeuille de référence en question. La VaR d’un Compartiment ne doit pas dépasser le double de la VaR de son indice de référence. | #### The measurement and monitoring of the global exposure of the Sub-Funds will be carried out either using a value at risk (VaR) or a commitment approach.
The commitment approach is generally calculated by convert- ing the derivative contract into the equivalent position in the underlying asset embedded in that derivative, based on the market value of the underlying, and by applying netting and hedging in accordance with ESMA guidelines 10/788. The commitment arising from financial derivative instruments may not exceed the total net asset value of the Sub-Fund.
The VaR approach measures the potential loss to a fund at a particular confidence (probability) level over a specific time period and under normal market conditions. The Management Company uses the 99% confidence interval and one month measurement period for the purposes of carrying out this cal- culation.
There are two types of VaR measure which can be used to monitor and manage the global exposure of a Sub-Fund: "Relative VaR" and "Absolute VaR". The absolute VaR ap- proach calculates a Sub-Fund's VaR as a percentage of the net asset value of the relevant Sub-Fund, and shall not ex- ceed an absolute limit of 20%.
Relative VaR is where the VaR of a Sub-Fund is divided by the VaR of an appropriate benchmark or reference portfolio, allowing the global exposure of a Sub-Fund to be compared to, and limited by reference to, the global exposure of the ap- propriate benchmark or reference portfolio. The VaR of the Sub-Fund shall not exceed twice the VaR of its benchmark. | en | fr |
DOLFIN9004 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A Sub-Fund which is managed in accordance with the Green Bond Strategy invests primarily in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy.
Green Bonds are a specific asset category where the bond proceeds are specifically earmarked to raise money for climate and environmental projects. As such, in order to avoid any significant harm to a Sustainable Investment objective, principal adverse impacts are screened at the project level and based on issuer’s disclosure in order to exclude potential investments that could significantly harm the environmental investment objectives.
In addition such Sub-Fund applies exclusion criteria for severe violations of United Nations Global Compact Violators (Divestment of companies that are unwilling to change after engagement), controversial weapons or companies that manufacture weapons or derive more than 10% of their revenues from weapons, companies involved in the production of tobacco, and companies involved in the distribution of tobacco in excess of 5% of their revenues, companies that derive more than 30 % of their revenue from thermal coal extraction and utility companies that generate more than 30% of their revenues from coal. For sovereign issuers, an insufficient Freedom House Index score is considered. The current exclusion criteria may be updated from time to time. To undertake this exclusion, various external data and research providers are used.
A Sub-Fund managed in accordance with the Green Bond Strategy invests at least 75% of Sub-Fund assets in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy and does not invest more than 25% of Sub-Fund assets in Debt Securities which are in contradiction with the ecological transition financing principles. The Investment Manager analyses the bond structure to determine whether it is in line with the Green Bond Principles or not. The respect of those four principles below is a prerequisite for a bond to be considered a Green Bond:
- A formal statement in the use of proceeds section of the bond prospectus in question stating that the proceeds will be used tofinance “green” / climate projects.
- Internal process by the issuer to identify qualifying projects based on sound methodology and clear criteria.
- Management of the proceeds to make sure that they will be allocated to the identified projects and not to other general expenses / investments.
- Reporting, at least annually, of the status of the use of proceeds, the status of projects and the actual environmental impact. | Un Compartiment géré conformément à la Stratégie axée sur les Obligations vertes investit principalement dans des Obligations vertes finançant des projets d’atténuation ou d’adaptation au changement climatique ou d’autres projets de durabilité environnementale, notamment dans les domaines suivants : efficacité énergétique, énergies renouvelables, matières premières, eau et terres, gestion des déchets, réduction des émissions de gaz à effet de serre, préservation de la biodiversité ou économie circulaire.
Les Obligations vertes sont une catégorie d’actifs spécifique dans laquelle le produit des obligations est spécifiquement affecté à la levée de fonds pour des projets climatiques et environnementaux. Ainsi, afin d’éviter tout préjudice significatif à un objectif d’Investissement durable, les principaux impacts négatifs sont filtrés au niveau du projet et sur la base des informations de l’émetteur afin d’exclure les investissements potentiels qui pourraient nuire de manière significative aux objectifs d’investissement environnementaux.
En outre, ce Compartiment applique des critères d’exclusion aux sociétés qui commettent des violations graves du Pacte mondial des Nations Unies (désinvestissement d’émetteurs qui ne sont pas disposés à changer après s’y être engagés), au secteur des armes controversées ou aux sociétés qui produisent des armes ou tirent plus de 10 % de leur chiffre d’affaires des armes, aux sociétés impliquées dans la production de tabac, et aux sociétés impliquées dans la distribution du tabac au-delà de 5 % de leur chiffre d’affaires, aux sociétés qui tirent plus de 30 % de leurs revenus de l’extraction de charbon thermique et aux sociétés de services publics qui génèrent plus de 30 % de leur chiffre d’affaires du charbon. Pour les émetteurs souverains, une note Freedom House Index insuffisante est prise en compte. Les critères d’exclusion en vigueur peuvent être mis à jour ponctuellement. Pour réaliser cette exclusion, il est fait appel à divers fournisseurs externes de données et recherches.
Un Compartiment géré conformément à la Stratégie axée sur les Obligations vertes investit au moins 75 % de ses actifs dans des Obligations vertes finançant des projets d’atténuation ou d’adaptation au changement climatique ou d’autres projets de durabilité environnementale, notamment dans les domaines suivants : efficacité énergétique, énergies renouvelables, matières premières, eau et terres, gestion des déchets, réduction des émissions de gaz à effet de serre, préservation de la biodiversité ou économie circulaire. Ce Compartiment n’investit pas plus de 25 % de ses actifs dans des Titres de créance qui sont en contradiction avec les principes de financement de la transition écologique. Le Gérant analyse la structure obligataire pour déterminer si elle est conforme ou non aux Principes applicables aux Obligations vertes. Pour qu’une obligation soit éligible en tant qu’Obligation verte, elle doit respecter les quatre principes ci-dessous :
- Déclaration formelle dans la section Utilisation des produits du prospectus obligataire en question indiquant que les produits seront utilisés pour financer des projets « verts »/climatiques.
- Processus interne de l’émetteur visant à identifier les projets éligibles en fonction d’une méthodologie solide et de critères clairs.
- Gestion des produits pour s’assurer qu’ils seront affectés aux projets identifiés et non à d’autres dépenses générales/investissements.
- Rapport, au moins une fois par an, sur le statut de l’utilisation des produits, l’avancement des projets et l’impact réel sur l’environnement. | A Sub-Fund which is managed in accordance with the Green Bond Strategy invests primarily in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy.
Green Bonds are a specific asset category where the bond proceeds are specifically earmarked to raise money for climate and environmental projects. As such, in order to avoid any significant harm to a Sustainable Investment objective, principal adverse impacts are screened at the project level and based on issuer’s disclosure in order to exclude potential investments that could significantly harm the environmental investment objectives.
In addition such Sub-Fund applies exclusion criteria for severe violations of United Nations Global Compact Violators (Divestment of companies that are unwilling to change after engagement), controversial weapons or companies that manufacture weapons or derive more than 10% of their revenues from weapons, companies involved in the production of tobacco, and companies involved in the distribution of tobacco in excess of 5% of their revenues, companies that derive more than 30 % of their revenue from thermal coal extraction and utility companies that generate more than 30% of their revenues from coal. For sovereign issuers, an insufficient Freedom House Index score is considered. The current exclusion criteria may be updated from time to time. To undertake this exclusion, various external data and research providers are used.
A Sub-Fund managed in accordance with the Green Bond Strategy invests at least 75% of Sub-Fund assets in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy and does not invest more than 25% of Sub-Fund assets in Debt Securities which are in contradiction with the ecological transition financing principles. The Investment Manager analyses the bond structure to determine whether it is in line with the Green Bond Principles or not. The respect of those four principles below is a prerequisite for a bond to be considered a Green Bond:
- A formal statement in the use of proceeds section of the bond prospectus in question stating that the proceeds will be used tofinance “green” / climate projects.
- Internal process by the issuer to identify qualifying projects based on sound methodology and clear criteria.
- Management of the proceeds to make sure that they will be allocated to the identified projects and not to other general expenses / investments.
- Reporting, at least annually, of the status of the use of proceeds, the status of projects and the actual environmental impact. | en | fr |
DOLFIN9005 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Assets and liabilities designated in currencies other than each Fund’s currency are translated into each Fund’s currency at the appropriate exchange rates ruling at the period-end. Gains and losses on foreign exchange transactions are recognised in the “Statement of Operations and Changes in Net Assets” in determining the results for the accounting period.
Note 2 - Significant accounting policies
(continued)
- Foreign exchange transactions
- (continued)The reference currency of the Company as reflected in the financial statements is Euro. The principal exchange rates appliedas at September 30, 2022, are as follows: | Le attività e passività denominate in valute diverse da quella di ciascun comparto sono convertite nella valuta di ciascun comparto ai relativi cambi vigenti a fine esercizio. Gli utili e le perdite su operazioni in cambi sono rilevati nel “Prospetto delle operazioni e delle variazioni del patrimonio netto” al momento della determinazione dei risultati per l'esercizio contabile.
Nota 2 - Principali criteri contabili
(segue)
- Operazioni in valuta
- (segue)La valuta di riferimento della Società riportata nel bilancio è l'euro. I principali tassi di cambio applicati al 30 settembre 2022 sonostati i seguenti: | Assets and liabilities designated in currencies other than each Fund’s currency are translated into each Fund’s currency at the appropriate exchange rates ruling at the period-end. Gains and losses on foreign exchange transactions are recognised in the “Statement of Operations and Changes in Net Assets” in determining the results for the accounting period.
Note 2 - Significant accounting policies
(continued)
- Foreign exchange transactions
- (continued)The reference currency of the Company as reflected in the financial statements is Euro. The principal exchange rates appliedas at September 30, 2022, are as follows: | en | it |
DOLFIN9006 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ARTICLE 29 - LIQUIDATION
At the end of the term set by the articles of association or in the case of a resolution for early dissolution, the shareholders’ meeting shall decide, on the recommendation of the board of directors, the method of liquidation and shall appoint one or more liquidators.
## Liquidation procedures are established in accordance with Article L. 214‑12 of the French Monetary and Financial Code.
The liquidator shall represent the company. The liquidator is authorised to pay the creditors and divide out the available balance. The appointment of the liquidator shall terminate the powers held by the directors, but not those held by the statutory auditor.
The liquidator may, pursuant to a resolution of the extraordinary shareholders’ meeting, contribute all or part of the assets, rights and obligations of the dissolved company to another company, or transfer such assets, rights and obligations to a company or to any other person.
## The net proceeds from the liquidation, after settlement of liabilities, shall be distributed in cash or securities among the shareholders.
During the liquidation process, the duly constituted shareholders’ meeting shall retain the same authority as during the life of the company, including in particular the power to approve the liquidation accounts and discharge the liquidator.
Title VIII - Disputes | # ARTÍCULO 29 - LIQUIDACIÓN
A la expiración del plazo fijado por los estatutos, o en caso de resolución de disolución anticipada, la Junta General decide el modo de liquidación y designa a uno o varios liquidadores a propuesta del Consejo de Administración.
## Las modalidades de liquidación quedarán establecidas según las disposiciones del artículo L. 214‑12 del código monetario y financiero.
El liquidador representa a la sociedad. Está habilitado para pagar a los acreedores y repartir el saldo disponible. Su nombramiento pone fin a los poderes de los administradores, pero no a los del auditor.
En virtud de una deliberación de la Junta General extraordinaria, el liquidador puede aportar a otra sociedad la totalidad o parte de los bienes, derechos y obligaciones de la sociedad disuelta, ceder dichos bienes, derechos y obligaciones a una sociedad o a cualquier otra persona.
## El producto neto de la liquidación, tras el pago del pasivo, se reparte entre los accionistas en efectivo o en valores.
Durante la liquidación la Junta General, regularmente constituida, conserva las mismas atribuciones que en el transcurso de la vida activa de la sociedad, y, concretamente, tiene el poder de aprobar las cuentas de la liquidación y de descargar de responsabilidad al liquidador.
TÍTULO VIII - DISCREPANCIAS | # ARTICLE 29 - LIQUIDATION
At the end of the term set by the articles of association or in the case of a resolution for early dissolution, the shareholders’ meeting shall decide, on the recommendation of the board of directors, the method of liquidation and shall appoint one or more liquidators.
## Liquidation procedures are established in accordance with Article L. 214‑12 of the French Monetary and Financial Code.
The liquidator shall represent the company. The liquidator is authorised to pay the creditors and divide out the available balance. The appointment of the liquidator shall terminate the powers held by the directors, but not those held by the statutory auditor.
The liquidator may, pursuant to a resolution of the extraordinary shareholders’ meeting, contribute all or part of the assets, rights and obligations of the dissolved company to another company, or transfer such assets, rights and obligations to a company or to any other person.
## The net proceeds from the liquidation, after settlement of liabilities, shall be distributed in cash or securities among the shareholders.
During the liquidation process, the duly constituted shareholders’ meeting shall retain the same authority as during the life of the company, including in particular the power to approve the liquidation accounts and discharge the liquidator.
Title VIII - Disputes | en | es |
DOLFIN9007 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
L’objectif d’investissement principal du Fonds est d’être exposé aux actions des marchés émergents du monde entier, en appliquant systématiquement le processus d’investissement développé par la Société de gestion dans le but de surperformer l’indice de référence en limitant au maximum la concentration des facteurs de risque par le biais d’un portefeuille aussi diversifié que possible.
Le choix des actions repose sur des modèles quantitatifs et systématiques visant à optimiser le niveau de diversification par rapport à l’indicateur de référence. Ces modèles déterminent le portefeuille modèle optimal, y compris la liste des actions admissibles et leur pondération au sein du portefeuille.
Le Fonds est géré en référence à l’indice MSCI Daily TR Net Emerging Markets. Le Fonds n’utilise pas de stratégie de gestion basée sur un indice ; il est géré activement. En conséquence, sa performance peut différer sensiblement de l’indicateur de référence, qui est utilisé pour définir l’univers d’investissement et déterminer le profil de risque global du Fonds. Une majorité des titres de l’indicateur de référence composeront le Fonds. Les pondérations des participations du portefeuille du Fonds pourront s’écarter sensiblement de leur pondération équivalente dans l’indice. La progression de la valeur liquidative pourra être comparée à celle de l’indice MSCI Daily TR Net Emerging Markets. Dans des conditions de marché normales, au moins 90 % des actifs du Fonds sont exposés à des marchés d’actions émergents, y compris des marchés émergents de capitalisation faible, moyenne et grande. | # Objetivos y política de inversión
El principal objetivo de inversión del Fondo es mostrar exposición a la renta variable de países emergentes de todo el mundo mediante la aplicación sistemática del proceso de inversión desarrollado por la Sociedad gestora para obtener un rendimiento superior al del índice de referencia, minimizando la concentración de factores de riesgo a través de una cartera de máxima diversificación.
La selección de valores se basa en modelos cuantitativos y sistemáticos que pretenden optimizar el nivel de diversificación alcanzado en relación con el indicador de referencia. Dichos modelos determinan la cartera modelo óptima, incluyendo tanto la lista de acciones aptas como sus ponderaciones en la cartera.
El Fondo está gestionado respecto al MSCI Daily TR Net Emerging Markets Index. El Fondo no utiliza una estrategia de gestión basada en índices, sino que se gestiona activamente. En consecuencia, su rendimiento puede diferir sustancialmente del índice de referencia, que se utiliza para definir el universo de inversión y determinar el perfil de riesgo global del Fondo. Una mayoría de los valores de renta variable del índice de referencia serán componentes del Fondo. Las ponderaciones de las tenencias de la cartera del Fondo podrán diferir significativamente de su ponderación equivalente en el índice. La revalorización del patrimonio neto se comparará con el MSCI Daily TR Net Emerging Markets Index.
En condiciones normales del mercado, al menos el 90% de los activos del Fondo estarán expuestos a los mercados de renta variable emergentes, incluidos los mercados de gran, mediana y pequeña capitalización. | # Objectifs et politique d’investissement
L’objectif d’investissement principal du Fonds est d’être exposé aux actions des marchés émergents du monde entier, en appliquant systématiquement le processus d’investissement développé par la Société de gestion dans le but de surperformer l’indice de référence en limitant au maximum la concentration des facteurs de risque par le biais d’un portefeuille aussi diversifié que possible.
Le choix des actions repose sur des modèles quantitatifs et systématiques visant à optimiser le niveau de diversification par rapport à l’indicateur de référence. Ces modèles déterminent le portefeuille modèle optimal, y compris la liste des actions admissibles et leur pondération au sein du portefeuille.
Le Fonds est géré en référence à l’indice MSCI Daily TR Net Emerging Markets. Le Fonds n’utilise pas de stratégie de gestion basée sur un indice ; il est géré activement. En conséquence, sa performance peut différer sensiblement de l’indicateur de référence, qui est utilisé pour définir l’univers d’investissement et déterminer le profil de risque global du Fonds. Une majorité des titres de l’indicateur de référence composeront le Fonds. Les pondérations des participations du portefeuille du Fonds pourront s’écarter sensiblement de leur pondération équivalente dans l’indice. La progression de la valeur liquidative pourra être comparée à celle de l’indice MSCI Daily TR Net Emerging Markets. Dans des conditions de marché normales, au moins 90 % des actifs du Fonds sont exposés à des marchés d’actions émergents, y compris des marchés émergents de capitalisation faible, moyenne et grande. | fr | es |
DOLFIN9008 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
* Commenced operations 1 March 2022. Prior to 25 March 2022, the expense cap was 0.89%.
** Commenced operations 1 March 2022.
*** Commenced operations 31 May 2022.
Note 8: Depositary, Administrative, Registrar and Transfer Agent and Director’s Fees
The duties of depositary, central administrator, principal paying agent, listing agent, registrar and transfer agent are delegated to State Street. State Street is entitled to receive fees out of the net assets of the Sub-Fund, pursuant to the relevant agreement between State Street and the Company and in accordance with usual market practice in Luxembourg. The maximum fee payable to the Depositary is 0.55% per annum and to the administrative agent the maximum fixed fee is 0.045% per annum (exclusive specific fees payable for the processing of multiple Classes), in each case based on the Net Asset Value of the relevant Sub-Fund. There is a minimum fixed fee payable to the administrative agent of $6,000 per month, per Sub-Fund.
The Independent Director received a fixed fee of $20,000 which does not include any variable remuneration dependent upon the performance of the Fund.
Note 9: Investment in Derivative Transactions
Each Sub-Fund may, for the purpose of efficient portfolio management of its assets or for providing protection against exchange rate risks, employ techniques and instruments relating to transferable securities. The Sub-Funds may invest, as a part of their investment policy and within certain limits, in FDIs provided that the exposure to the underlying assets does not exceed in aggregate certain investment limits. The types of derivative transactions each of the Sub-Funds may invest in are outlined in the Fund’s Prospectus.
An Eligible Counterparty is a counterparty which is a first class financial institution having its registered office in an EU Member State, in the United States or in a country where it is subject to prudential supervision rules considered by the CSSF equivalent to those prescribed by Community law.
Note 10: Transaction Costs
For the period ended 30 June 2022, the Fund incurred transaction costs (composed of broker fees and stamp duties) relating to the purchase or sale of investment securities. The brokerage charges are part of the acquisition cost / sale price of the related assets and, for the period from 1 January 2022 to 30 June 2022, amounts are as follows (in USD): | * Début des opérations le 1er mars 2022. Avant le 25 mars 2022, le plafond des frais était de 0,89 %.
** Début des opérations le 1er mars 2022.
*** Début des opérations le 31 mai 2022.
Note 8 : Commissions du Dépositaire, de l’Agent administratif, de l’Agent de registre et de transfert et des Administrateurs
Les fonctions de dépositaire, agent administratif central, agent payeur principal, agent de cotation, agent de registre et de transfert sont déléguées à State Street. State Street est en droit de percevoir des commissions prélevées sur l’actif net du Compartiment en vertu du contrat pertinent conclu entre State Street et la Société et conformément aux pratiques habituelles de marché au Luxembourg. La commission maximale payable au Dépositaire est de 0,55 % par an et la commission maximale payable à l’Agent administratif est de 0,045 % par an (hors commissions spécifiques payables pour le traitement de Catégories multiples), dans chaque cas sur la base de la Valeur d’actif net du Compartiment concerné. Une commission fixe minimum payable à l’agent administratif de 6 000 USD par mois et par Compartiment s’applique.
L’Administrateur indépendant a perçu une commission fixe de 20 000 USD qui n’inclut pas la rémunération variable subordonnée à la performance du Fonds.
Note 9 : Investissement dans des opérations sur instruments dérivés
Chaque Compartiment peut, afin de gérer son portefeuille d’actifs de manière efficace ou de se protéger contre le risque de change, employer des techniques et instruments portant sur des valeurs mobilières. Les Compartiments peuvent investir, dans le cadre de leur politique d’investissement et dans certaines limites, dans des IFD sous réserve que l’exposition totale aux actifs sous-jacents ne dépasse pas certaines limites d’investissement. Les types d’opérations sur instruments dérivés dans lesquelles chaque Compartiment peut investir sont précisés dans le Prospectus du Fonds.
Une contrepartie admissible est une contrepartie, s’agissant d’un établissement financier de premier ordre ayant son siège social dans un État membre de l’UE, aux États-Unis ou dans un pays dans lequel elle est assujettie à des règles de surveillance prudentielles, que la CSSF juge équivalentes aux règles prescrites par le droit communautaire.
Note 10 : Coûts de transaction
Pour la période clôturée le 30 juin 2022, le Fonds a encouru des frais de transaction (composés des frais de courtage et des droits de timbre) relatifs à la vente ou l’achat de titres de placement. Ces frais de courtage sont inclus dans le coût d’acquisition/prix de vente des actifs connexes et, pour la période courant du 1er janvier 2022 au 30 juin 2022, ils s’établissent comme suit (en USD) : | * Commenced operations 1 March 2022. Prior to 25 March 2022, the expense cap was 0.89%.
** Commenced operations 1 March 2022.
*** Commenced operations 31 May 2022.
Note 8: Depositary, Administrative, Registrar and Transfer Agent and Director’s Fees
The duties of depositary, central administrator, principal paying agent, listing agent, registrar and transfer agent are delegated to State Street. State Street is entitled to receive fees out of the net assets of the Sub-Fund, pursuant to the relevant agreement between State Street and the Company and in accordance with usual market practice in Luxembourg. The maximum fee payable to the Depositary is 0.55% per annum and to the administrative agent the maximum fixed fee is 0.045% per annum (exclusive specific fees payable for the processing of multiple Classes), in each case based on the Net Asset Value of the relevant Sub-Fund. There is a minimum fixed fee payable to the administrative agent of $6,000 per month, per Sub-Fund.
The Independent Director received a fixed fee of $20,000 which does not include any variable remuneration dependent upon the performance of the Fund.
Note 9: Investment in Derivative Transactions
Each Sub-Fund may, for the purpose of efficient portfolio management of its assets or for providing protection against exchange rate risks, employ techniques and instruments relating to transferable securities. The Sub-Funds may invest, as a part of their investment policy and within certain limits, in FDIs provided that the exposure to the underlying assets does not exceed in aggregate certain investment limits. The types of derivative transactions each of the Sub-Funds may invest in are outlined in the Fund’s Prospectus.
An Eligible Counterparty is a counterparty which is a first class financial institution having its registered office in an EU Member State, in the United States or in a country where it is subject to prudential supervision rules considered by the CSSF equivalent to those prescribed by Community law.
Note 10: Transaction Costs
For the period ended 30 June 2022, the Fund incurred transaction costs (composed of broker fees and stamp duties) relating to the purchase or sale of investment securities. The brokerage charges are part of the acquisition cost / sale price of the related assets and, for the period from 1 January 2022 to 30 June 2022, amounts are as follows (in USD): | en | fr |
DOLFIN9009 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The Candriam committees responsible for validating the assessments:
- two committees : one dedicated to the universe of private sector issuers and one dedicated to the universe of sovereign issuers,
- consist of credit analysts and portfolio managers,
- are chaired by the risk management department which validates the assessments of the money market issuers and / or instruments,
- formalise the decisions by updating the list of authorised issuers and / or instruments,
- validate the assessments of the issuers and / or instruments,
- vote collegially (only credit analysts). | - Die für die Validierung der Bewertungen zuständigen Ausschüsse von Candriam:
- zwei Ausschüsse: ein Ausschuss ist zuständig für das Universum aus Emittenten des privaten Sektors, der andere für das Universum aus Emittenten des öffentlichen Sektors.
- bestehen aus Credit-Analysten und Portfoliomanagern,
- werden unter dem Vorsitz der Abteilung für Risikomanagement geführt, die die Bewertungen der Emittenten von Geldmarktpapieren und/oder -Instrumenten,
- formalisieren die Beschlüsse durch Aktualisierung der Liste der zulässigen Emittenten und/oder Instrumente,
- validieren die Bewertungen der Emittenten und/oder Instrumente,
- stimmen gleichberechtigt ab (nur Credit-Analysten). | - The Candriam committees responsible for validating the assessments:
- two committees : one dedicated to the universe of private sector issuers and one dedicated to the universe of sovereign issuers,
- consist of credit analysts and portfolio managers,
- are chaired by the risk management department which validates the assessments of the money market issuers and / or instruments,
- formalise the decisions by updating the list of authorised issuers and / or instruments,
- validate the assessments of the issuers and / or instruments,
- vote collegially (only credit analysts). | en | de |
DOLFIN9010 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The assets received by a sub-fund as part of a reverse repurchase agreement shall be money market instruments that fulfil the requirements set out above and shall not be sold, reinvested, pledged or otherwise transferred.
The assets received by a sub-fund as part of a reverse repurchase agreement shall be sufficiently diversified with a maximum exposure to a given issuer of 15% of the NAV of the sub-fund, except where those assets take the form of money market instruments that fulfil the requirements of point 2 (ii) of Diversification Rules of the Prospectus. The assets received in this context shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
A sub-fund that enters into a reverse repurchase agreement shall ensure that it is able to recall the full amount of cash at any time on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time on a mark-to- market basis, the mark-to-market value of the reverse repurchase agreement shall be used for the calculation of the NAV of the sub-fund.
By way of derogation from point above, a sub-fund may receive as part of a reverse repurchase agreement liquid transferable securities or money market instruments other than those that fulfil the requirements set out in point above provided that those assets comply with one of the following conditions:
- they are issued or guaranteed by the European Union, a central authority or central bank of a Member State, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility provided that a favourable assessment has been received regarding the credit quality assessment. The assets received as part of a reverse repurchase agreement in this respect shall be disclosed to the shareholders and shall fulfil the requirements of point 2 (ii) of Diversification Rules of the Prospectus.
- they are issued or guaranteed by a central authority or central bank of a Third Country, provided that a favourable assessment has been received regarding the credit quality assessment. | Le attività ricevute dal comparto nel quadro di un'operazione di pronti contro termine attiva consistono in strumenti del mercato monetario che soddisfano i requisiti di cui sopra e non devono essere vendute, reinvestite, impegnate né altrimenti trasferite.
Le attività ricevute dal comparto nel quadro di un'operazione di pronti contro termine attiva sono sufficientemente diversificate e l'esposizione a un dato emittente non supera il 15% del NAV del comparto, tranne quando tali attività assumono la forma di strumenti del mercato monetario che soddisfano i requisiti di cui al punto 2 (ii) delle Regole di diversificazione del Prospetto informativo. Le attività ricevute in questo contesto devono essere emesse da un'entità indipendente dalla controparte e che si presume non presenti un'elevata correlazione con la performance di quest'ultima.
Il comparto che effettua un'operazione di pronti contro termine attiva deve assicurare di essere in grado di ritirare l'intero importo in contanti in qualsiasi momento, sulla base del principio della competenza o secondo l'approccio mark-to- market. Quando la liquidità può essere ritirata in qualsiasi momento secondo l'approccio mark-to-market, il valore mark- to-market dell'operazione di pronti contro termine attiva viene utilizzato per calcolare il NAV del comparto.
In deroga al punto che precede, nel quadro di un'operazione di pronti contro termine attiva il comparto può ricevere valori mobiliari liquidi o strumenti del mercato monetario diversi da quelli che soddisfano i requisiti del precedente punto, purché tali attività soddisfino una delle condizioni seguenti:
- siano emesse o garantite dall'Unione europea, da un'autorità centrale o dalla banca centrale di uno Stato membro, dalla Banca centrale europea, dalla Banca europea per gli investimenti, dal Meccanismo europeo di stabilità o dal Fondo europeo di stabilità finanziaria, a condizione che abbiano ottenuto una valutazione favorevole in riferimento alla loro qualità creditizia. Le attività con queste caratteristiche ricevute nel quadro di un'operazione di pronti contro termine attiva devono essere oggetto di comunicazione agli azionisti e devono rispettare i requisiti di cui al punto 2 (ii) delle Regole di diversificazione del Prospetto informativo.
- siano emesse o garantite da un'autorità centrale o dalla banca centrale di un Paese terzo, a condizione che abbiano ottenuto una valutazione favorevole in riferimento alla loro qualità creditizia. | The assets received by a sub-fund as part of a reverse repurchase agreement shall be money market instruments that fulfil the requirements set out above and shall not be sold, reinvested, pledged or otherwise transferred.
The assets received by a sub-fund as part of a reverse repurchase agreement shall be sufficiently diversified with a maximum exposure to a given issuer of 15% of the NAV of the sub-fund, except where those assets take the form of money market instruments that fulfil the requirements of point 2 (ii) of Diversification Rules of the Prospectus. The assets received in this context shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
A sub-fund that enters into a reverse repurchase agreement shall ensure that it is able to recall the full amount of cash at any time on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time on a mark-to- market basis, the mark-to-market value of the reverse repurchase agreement shall be used for the calculation of the NAV of the sub-fund.
By way of derogation from point above, a sub-fund may receive as part of a reverse repurchase agreement liquid transferable securities or money market instruments other than those that fulfil the requirements set out in point above provided that those assets comply with one of the following conditions:
- they are issued or guaranteed by the European Union, a central authority or central bank of a Member State, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility provided that a favourable assessment has been received regarding the credit quality assessment. The assets received as part of a reverse repurchase agreement in this respect shall be disclosed to the shareholders and shall fulfil the requirements of point 2 (ii) of Diversification Rules of the Prospectus.
- they are issued or guaranteed by a central authority or central bank of a Third Country, provided that a favourable assessment has been received regarding the credit quality assessment. | en | it |
DOLFIN9011 | 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 FTSE World Government Bond Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The benchmark index measures the performance of bonds issued by governments globally, including government agencies, and supranationals (e.g. the International Bank for Reconstruction and Development). The bonds will, at the time of inclusion in the benchmark index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses techniques to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain securities that make up the benchmark index. They 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 may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo 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 FTSE World Government Bond, el índice de referencia del Fondo.
El Fondo se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y realizable, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El índice de referencia mide la rentabilidad de los bonos emitidos por gobiernos de todo el mundo, incluidos los organismos estatales, y entidades supranacionales (p. ej., el Banco Internacional de Reconstrucción y Desarrollo). Los bonos tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el índice de referencia.
El Fondo utiliza técnicas para lograr una rentabilidad similar a su índice de referencia. Estas pueden incluir la selección estratégica de ciertos valores que componen el índice de referencia. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to 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 FTSE World Government Bond Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The benchmark index measures the performance of bonds issued by governments globally, including government agencies, and supranationals (e.g. the International Bank for Reconstruction and Development). The bonds will, at the time of inclusion in the benchmark index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses techniques to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain securities that make up the benchmark index. They 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 may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9012 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### VOLUNTARY SWITCHING AND/OR CONVERSION OF SHARES
Subject to the following conditions, Shareholders have the right on any Valuation Day to switch some or all of their Shares to Shares in another class free of charge (whether in the same or a different Sub-Fund) as follows:
- Shares of a particular class may be switched or converted for Shares of the same class but with a different denominated currency within the same or adifferent Sub-Fund (for example, class “Euro A” Shares may be switched for class “USD A” Shares);
- Shares of a particular class may be switched for Shares of the same class with the same denominatedcurrency but in a different Sub-Fund (for example, class “Euro A” Shares in one Sub-Fund may be switched for class “Euro A” Shares in another Sub- Fund);
- Switching or converting between share classes that charge a performance fee and share classes that do not charge a Performance Fee is not permitted;
- Switching from a Sub-Fund with a settlement period of T+3 to a Sub-Fund with a settlement period T+2 is not permitted
- Switching from a Sub-Fund with a settlement period of T+4 to a Sub-Fund with a settlement period T+3 is not permitted. | ### SCAMBIO E/O CONVERSIONE DI AZIONI SU BASE VOLONTARIA
Gli Azionisti hanno il diritto, nel rispetto delle condizioni più avanti elencate, di scambiare, in qualsiasi Giorno di Valutazione, alcune o tutte le loro Azioni con Azioni di un'altra classe senza spese (sia nello stesso che in un altro Comparto), come segue:
- Le Azioni di una particolare classe possono essere scambiate o convertite con Azioni della stessa classe, ma in una diversa valuta di denominazione, all'interno di uno stesso o differente Comparto (ad esempio, la classe di Azioni "Euro A" può essere scambiata con la classe di Azioni "USD A");
- Le Azioni di una particolare classe possono essere scambaite con Azioni della stessa classe con la stessa valuta di denominazione ma in un diverso Comparto (ad esempio, la classe di Azioni "Euro A" di un Comparto può essere scambiata con la classe di Azioni "Euro A" di un altro Comparto);
- Non sono consentiti scambi o conversioni tra classi di azioni che addebitano una Commissione di Performance e classi di azioni che non la addebitano.
- Non è consentito lo scambio da un Comparto con periodo di liquidazione di T+3 a un Comparto con periodo di liquidazione di T+2.
- Non è consentito lo scambio da un Comparto con periodo di liquidazione di T+4 a un Comparto con periodo di liquidazione di T+3. | ### VOLUNTARY SWITCHING AND/OR CONVERSION OF SHARES
Subject to the following conditions, Shareholders have the right on any Valuation Day to switch some or all of their Shares to Shares in another class free of charge (whether in the same or a different Sub-Fund) as follows:
- Shares of a particular class may be switched or converted for Shares of the same class but with a different denominated currency within the same or adifferent Sub-Fund (for example, class “Euro A” Shares may be switched for class “USD A” Shares);
- Shares of a particular class may be switched for Shares of the same class with the same denominatedcurrency but in a different Sub-Fund (for example, class “Euro A” Shares in one Sub-Fund may be switched for class “Euro A” Shares in another Sub- Fund);
- Switching or converting between share classes that charge a performance fee and share classes that do not charge a Performance Fee is not permitted;
- Switching from a Sub-Fund with a settlement period of T+3 to a Sub-Fund with a settlement period T+2 is not permitted
- Switching from a Sub-Fund with a settlement period of T+4 to a Sub-Fund with a settlement period T+3 is not permitted. | en | it |
DOLFIN9013 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Durée I L'OPC a été créé le 31/12/2009 et sa durée d'existence prévue est de 99 ans.
Objectifs I Echiquier Short Term Credit est un compartiment dont l’objectif est d’obtenir une performance égale ou supérieure à celle de son indice de référence par la sélection de produits de taux via une gestion rigoureuse du risque de crédit.
L’indicateur de référence d’Echiquier Short Term Credit est l’indice composé de 65% d’€STER Capitalisé et 35% IBOXX EURO CORPORATE 1-3 ANS. L’OPCVM n’étant pas indiciel, le fonds ne vise en aucune manière à répliquer la composition de cet indice.
L'€STER (Euro Short Term Rate) est un taux quotidien qui reflète les coûts d'emprunt au jour le jour en euros non garantis pour les banques de la zone euro. L’indice IBOXX EURO CORPORATE 1-3 ANS est représentatif de la performance des emprunts privés en Euros. Il est calculé coupons réinvestis et en Euros.
Echiquier Short Term Credit met en œuvre une gestion active et discrétionnaire qui s’appuie sur une sélection rigoureuse de titres (obligations et titres de créances) libellés en euros sans contrainte d’allocation par type d’émetteurs, souverains ou privés, de pays ou de secteurs. Le gérant privilégie toutefois les émissions privées et en Euros, l’exposition à d’autres devises devant rester accessoire.La gestion est réalisée à l’aide de stratégies variées qui combinent :
- une approche de type «top down» (étude du contexte économique de la zone Euro puis sélection de titres), fondée sur des critères macro- économiques, pour l’établissement de la stratégie d’exposition au risque de taux d’intérêt.
- une approche de type «Bottom up» (analyse des caractéristiques de chaque émetteur et de chaque émission), fondée sur des critères micro- économiques et sur l’analyse financière interne ou externe, pour déterminer l’exposition du portefeuille aux risques spécifiques (secteurs, émetteurs, titres). | ## Duración I El OIC se creó el 31/12/2009 y su vigencia prevista es de 99 años.
Objetivos | Echiquier Short Term Credit es un compartimento destinado a obtener una rentabilidad igual o superior a la de su índice de referencia mediante la selección de productos de renta fija a través de una gestión rigurosa del riesgo crediticio.
El índice de referencia de Echiquier Short Term Credit está compuesto en un 65 % por el €STER Capitalizado y en un 35 % por el IBOXX EURO CORPORATE 1-3 AÑOS. Dado que el OICVM no está vinculado a ningún índice, el fondo no busca en modo alguno replicar la composición del mismo.
El €STER (Euro Short Term Rate) es un índice diario que refleja el tipo de interés del dinero tomado a préstamo a un día en euros no garantizado por los bancos de la zona euro. El índice IBOXX EURO CORPORATE 1-3 AÑOS es representativo de la rentabilidad de los bonos corporativos en euros. Se calcula con reinversión de cupones y en euros.
Echiquier Short Term Credit aplica una gestión activa y discrecional basada en una estricta selección de títulos (bonos e instrumentos de deuda) denominados en euros sin restricciones de asignación por tipo de emisores —públicos o privados—, países o sectores. Sin embargo, el gestor prioriza los bonos corporativos y denominados en EUR, dado que la exposición a otras monedas ha de continuar siendo secundaria. La gestión se realiza mediante diversas estrategias que combinan:
- un enfoque de tipo descendente (análisis del contexto económico de la zona euro y, a continuación, selección de títulos), basado en criterios macroeconómicos, para el establecimiento de la estrategia de exposición al riesgo de tipos de interés.
- un enfoque de tipo ascendente (análisis de las características de cada emisor y de cada emisión), basado en criterios microeconómicos y en el análisis financiero interno o externo, para determinar la exposición de la cartera a los riesgos específicos (sectores, emisores, títulos). | ## Durée I L'OPC a été créé le 31/12/2009 et sa durée d'existence prévue est de 99 ans.
Objectifs I Echiquier Short Term Credit est un compartiment dont l’objectif est d’obtenir une performance égale ou supérieure à celle de son indice de référence par la sélection de produits de taux via une gestion rigoureuse du risque de crédit.
L’indicateur de référence d’Echiquier Short Term Credit est l’indice composé de 65% d’€STER Capitalisé et 35% IBOXX EURO CORPORATE 1-3 ANS. L’OPCVM n’étant pas indiciel, le fonds ne vise en aucune manière à répliquer la composition de cet indice.
L'€STER (Euro Short Term Rate) est un taux quotidien qui reflète les coûts d'emprunt au jour le jour en euros non garantis pour les banques de la zone euro. L’indice IBOXX EURO CORPORATE 1-3 ANS est représentatif de la performance des emprunts privés en Euros. Il est calculé coupons réinvestis et en Euros.
Echiquier Short Term Credit met en œuvre une gestion active et discrétionnaire qui s’appuie sur une sélection rigoureuse de titres (obligations et titres de créances) libellés en euros sans contrainte d’allocation par type d’émetteurs, souverains ou privés, de pays ou de secteurs. Le gérant privilégie toutefois les émissions privées et en Euros, l’exposition à d’autres devises devant rester accessoire.La gestion est réalisée à l’aide de stratégies variées qui combinent :
- une approche de type «top down» (étude du contexte économique de la zone Euro puis sélection de titres), fondée sur des critères macro- économiques, pour l’établissement de la stratégie d’exposition au risque de taux d’intérêt.
- une approche de type «Bottom up» (analyse des caractéristiques de chaque émetteur et de chaque émission), fondée sur des critères micro- économiques et sur l’analyse financière interne ou externe, pour déterminer l’exposition du portefeuille aux risques spécifiques (secteurs, émetteurs, titres). | fr | es |
DOLFIN9014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 2, 2017.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 2 de octubre de 2017. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: October 2, 2017.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | en | es |
DOLFIN9015 | 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?
## Indicateur de risque
| 1 2 3 | 4 | 5 6 7 |
| --- | --- | --- |
| Risque plus faible Risque plus élevé L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. ! |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, il est possible que de très mauvaises conditions de marché aient une incidence sur la capacité à vous payer.
### Les points suivants s’appliquent si vous souscrivez ou réglez des actions dans une devise différente de celle du fonds ou de la classe d'actions : Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie
Les risques suivants pourraient être particulièrement importants pour le fonds : Risques opérationnels, Risque de concentration, Risque pays Chine. Vous trouverez une description plus détaillée des risques ainsi que d'autres informations dans la / les rubrique(s) « Risques » du prospectus de vente. Vous pouvez perdre une partie ou la totalité de votre investissement. Votre risque est limité au montant investi. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. I nous ne sommes pas en mesure de vous verser les sommes dues, vous pouvez perdre l'intégralité de votre investissement.
## Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision. Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit approprié au cours des 10,00 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Scénarios |
| Vähintään | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.000 CHF -80,0 % | 4.530 CHF -14,6 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.440 CHF -15,6 % | 9.590 CHF -0,8 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.750 CHF 7,5 % | 13.190 CHF 5,7 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 14.080 CHF 40,8 % | 15.380 CHF 9,0 % |
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Période de détention recommandée: Ce type de scénario (Favorable, Intermédiaire, Défavorable) s’est produit pour un investissement entre (Favorable: 31.07.2017-29.07.2022, Intermédiaire: 30.11.2016-30.11.2021, Défavorable: 31.03.2015-31.03.2020). | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de riesgo
| 1 2 3 | 4 | 5 6 7 |
| --- | --- | --- |
| Menor riesgo Mayor riesgo El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. ! |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. Hemos clasificado este producto en la clase de riesgo 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, y unas condiciones del mercado muy desfavorables podrían afectar a la capacidad de efectuar los pagos que se le deban.
### En caso de que suscriba o liquide acciones en una moneda diferente de la que corresponde al fondo o la clase de acciones, será de aplicación lo siguiente: Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Riesgos operativos, Riesgo de concentración, Riesgo país de China. Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. Puede perder parte o la totalidad de su inversión. El riesgo que asume se limita a la cantidad invertida. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. Si no se puede podemos pagarle lo que se le debe, podría perder toda su inversión.
## Escenarios de rentabilidad
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto adecuado durante los últimos 10,00 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 2.000 CHF -80,0 % | 4.530 CHF -14,6 % |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.440 CHF -15,6 % | 9.590 CHF -0,8 % |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.750 CHF 7,5 % | 13.190 CHF 5,7 % |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 14.080 CHF 40,8 % | 15.380 CHF 9,0 % |
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. Período de mantenimiento recomendado: Este tipo de escenario (Favorable, Moderado, Desfavorable) se produjo para una inversión entre (Favorable: 31.07.2017-29.07.2022, Moderado: 30.11.2016-30.11.2021, Desfavorable: 31.03.2015-31.03.2020). | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| 1 2 3 | 4 | 5 6 7 |
| --- | --- | --- |
| Risque plus faible Risque plus élevé L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. ! |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, il est possible que de très mauvaises conditions de marché aient une incidence sur la capacité à vous payer.
### Les points suivants s’appliquent si vous souscrivez ou réglez des actions dans une devise différente de celle du fonds ou de la classe d'actions : Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie
Les risques suivants pourraient être particulièrement importants pour le fonds : Risques opérationnels, Risque de concentration, Risque pays Chine. Vous trouverez une description plus détaillée des risques ainsi que d'autres informations dans la / les rubrique(s) « Risques » du prospectus de vente. Vous pouvez perdre une partie ou la totalité de votre investissement. Votre risque est limité au montant investi. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. I nous ne sommes pas en mesure de vous verser les sommes dues, vous pouvez perdre l'intégralité de votre investissement.
## Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision. Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit approprié au cours des 10,00 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Scénarios |
| Vähintään | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.000 CHF -80,0 % | 4.530 CHF -14,6 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.440 CHF -15,6 % | 9.590 CHF -0,8 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.750 CHF 7,5 % | 13.190 CHF 5,7 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 14.080 CHF 40,8 % | 15.380 CHF 9,0 % |
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Période de détention recommandée: Ce type de scénario (Favorable, Intermédiaire, Défavorable) s’est produit pour un investissement entre (Favorable: 31.07.2017-29.07.2022, Intermédiaire: 30.11.2016-30.11.2021, Défavorable: 31.03.2015-31.03.2020). | fr | es |
DOLFIN9016 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les coûts de transaction facturés par le Dépositaire lors du règlement des achats et ventes d’investissements sont compris dans les commissions de la Société d’administration et du Dépositaire figurant à l’état du résultat global de chaque Compartiment.
Les coûts de transaction afférents à l'achat et la vente d'obligations et d’autres instruments dérivés sont inclus dans le prix d'achat et de vente de l'investissement. Ils ne peuvent être regroupés de manière pratique et fiable, étant donné qu’ils sont intégrés dans le coût de l’investissement et ne peuvent pas être vérifiés et identifiés séparément.
Les coûts de transaction sur les achats et les ventes d’actions et d’organismes de placement collectif sont indiqués dans la Note 5 pour chaque Compartiment.
- Créances pour les investissements/actions de participation rachetables venéchéances et payables pour les investissements achetés/actions de participation rachetables rachetéesLes créances pour investissements / actions participatives rachetables venéchéances représentent les créances pour titres / actions participatives rachetables venéchéances qui ont été contractées mais qui n'ont pas encore été réglées ou livrées à la date de l'État de la situation financière. Ces montants sont comptabili sés initialement à la juste valeur et sont ensuite évalués au coût amorti. | Los costes de transacción cobrados por el Depositario por la liquidación de las compras y ventas de inversiones se indican dentro de las comisiones del administrador y del depositario en el Estado de resultado global para cada Fondo.
Los costes de transacción por la compra y venta de valores de renta fija y otros instrumentos derivados se incluyen en el precio de compra y venta de la inversión. Dichos costes no pueden calcularse de forma práctica o fiable, ya que están integrados en el coste de la inversión y no pueden comprobarse o indicarse separadamente.
Los costes de transacción sobre compras y ventas de valores y esquemas de inversión colectiva se indican en la Nota 5 para cada Fondo.
- Cuentas por cobrar por inversiones/acciones participativas reembolsables vendidas y pagaderas por inversiones compradas/acciones participativas reembolsables readquiridasLas cuentas por cobrar de inversiones/acciones participativas rescatables vendidas representan cuentas por cobrar por valores /acciones participativas rescatables que se han contratado, pero que aún no se han liquidado o entregado en la fecha del Estado de situación financiera. Estas cantidades se reconocen inicialmente al valor razonable y posteriormente se miden a coste amortizado. | Les coûts de transaction facturés par le Dépositaire lors du règlement des achats et ventes d’investissements sont compris dans les commissions de la Société d’administration et du Dépositaire figurant à l’état du résultat global de chaque Compartiment.
Les coûts de transaction afférents à l'achat et la vente d'obligations et d’autres instruments dérivés sont inclus dans le prix d'achat et de vente de l'investissement. Ils ne peuvent être regroupés de manière pratique et fiable, étant donné qu’ils sont intégrés dans le coût de l’investissement et ne peuvent pas être vérifiés et identifiés séparément.
Les coûts de transaction sur les achats et les ventes d’actions et d’organismes de placement collectif sont indiqués dans la Note 5 pour chaque Compartiment.
- Créances pour les investissements/actions de participation rachetables venéchéances et payables pour les investissements achetés/actions de participation rachetables rachetéesLes créances pour investissements / actions participatives rachetables venéchéances représentent les créances pour titres / actions participatives rachetables venéchéances qui ont été contractées mais qui n'ont pas encore été réglées ou livrées à la date de l'État de la situation financière. Ces montants sont comptabili sés initialement à la juste valeur et sont ensuite évalués au coût amorti. | fr | es |
DOLFIN9017 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Article 9 – Restrictions on and suspension of the issue of units
- The Management Company may, at its sole discretion, without giving any reason and at any time, reject a subscription order or temporarily restrict, suspend or permanently discontinue the issue of units or buy back the units in return for payment of the redemption price if this is deemed necessary in the interest of investors, the public interest or for the protection of the fund or respective sub-fund, in particular if:
- there is a suspicion that, by purchasing the units, the relevant unit holder is engaging in market timing, late trading or other market techniques that could harm all of the investors,
- the investor does not meet the conditions for buying the units, or
- the units are acquired by a person with indications of a US link, the units were distributed in a state or acquired by a person (e.g. US citizen) in such a state in which the fund is not authorised for distribution or the acquisition of units by such persons is not authorised. | #### Article 9 – Limitation et suspension de l’émission des parts
- La société de gestion peut à tout moment, à son entière et absolue discrétion et sans avoir à se justifier, refuser une demande de souscription, limiter ou suspendre temporairement, ou mettre fin définitivement à l’émission de parts, ou racheter des parts contre paiement du prix de rachat dans la mesure où cela apparaît nécessaire dans l’intérêt des investisseurs ou du public ou de la protection du fonds ou des compartiments, notamment dans les cas suivants :
- lorsqu’il y a matière à croire que le porteur de parts se livre à des pratiques de « market timing », de « late trading » ou autres techniques de marché susceptibles de léser les investisseurs dans leur ensemble ;
- lorsque l’investisseur ne remplit pas les conditions requises pour la souscription de parts ; ou
- lorsque les parts sont achetées par une personne ayant un lien avec les États-Unis, lorsque les parts sont dis- tribuées dans un État dans lequel le fonds n’est pas autorisé à la distribution ou achetées dans un État par une personne (comme un ressortissant américain) qui n’est pas habilitée à les acheter. | #### Article 9 – Restrictions on and suspension of the issue of units
- The Management Company may, at its sole discretion, without giving any reason and at any time, reject a subscription order or temporarily restrict, suspend or permanently discontinue the issue of units or buy back the units in return for payment of the redemption price if this is deemed necessary in the interest of investors, the public interest or for the protection of the fund or respective sub-fund, in particular if:
- there is a suspicion that, by purchasing the units, the relevant unit holder is engaging in market timing, late trading or other market techniques that could harm all of the investors,
- the investor does not meet the conditions for buying the units, or
- the units are acquired by a person with indications of a US link, the units were distributed in a state or acquired by a person (e.g. US citizen) in such a state in which the fund is not authorised for distribution or the acquisition of units by such persons is not authorised. | en | fr |
DOLFIN9018 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- units of UCITS and/or of other UCIs within the meaning of the first and second indent of Article 1(2) of the UCITS Directive whether situated in a Member State or not, provided that:
- such other UCIs have been authorised under the laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in Community law, and that cooperation between authorities is sufficiently ensured (which include UCIs that have been authorised under the lawsof any member country of the European Union or under the laws of Canada, Hong Kong, Japan, Norway, Switzerland or the United States),
- the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities and Money Market Instruments are equivalent to the requirements of the UCITS Directive,
- the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period,
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs; and/or | - Actions d’OPCVM et/ou d’autres OPC au sens des premier et deuxième alinéas de l’article 1 (2 ) de la Directive OPCVM, que ceux-ci soient situés dans un État membre ou non, à condition :
- que lesdits autres OPC aient été autorisés en vertu du droit qui prévoit qu’ils sont assujettis à une supervision jugée par la CSSF comme équivalente à celle prévue par le droit de l’UE, et que la coopération entre ces autorités soit suffisamment garantie (ce qui inclut les OPC qui ont été autorisés en vertu du droit d’un pays membre de l’Union européenne ou en vertu du droit canadien, de Hong Kong, japonais, norvégien, suisse ou américain),
- que le niveau de protection des porteurs de parts de ces autres OPC soit équivalent à celui accordé aux porteurs de parts d’un OPCVM et, en particulier, que les règles concernant la séparation des actifs, les emprunts, les prêts ou les ventes à découvert de Valeurs mobilières et d’Instruments du marché monétaire soient équivalentes aux exigences de la Directive OPCVM,
- que l’activité de ces autres OPC soit déclarée dans des rapports annuels et semestriels afin de permettre une évaluation de l’actif et du passif, des revenus et des a ct ivités pendant l’exercice révisé,
- qu’un maximum de 10 % des actifs de l’OPCVM ou des autres OPC dont l’acquisition est envisagée puisse, selon leurs documents de constitution, être collectivement investis dans des parts d’autres OPCVM ou d’autres OPC ; et/ou en | - units of UCITS and/or of other UCIs within the meaning of the first and second indent of Article 1(2) of the UCITS Directive whether situated in a Member State or not, provided that:
- such other UCIs have been authorised under the laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in Community law, and that cooperation between authorities is sufficiently ensured (which include UCIs that have been authorised under the lawsof any member country of the European Union or under the laws of Canada, Hong Kong, Japan, Norway, Switzerland or the United States),
- the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities and Money Market Instruments are equivalent to the requirements of the UCITS Directive,
- the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period,
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs; and/or | en | fr |
DOLFIN9019 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type
Ce Fonds est une Société d'Investissement à Capital Variable (SICAV) de droit luxembourgeois.
Ce fonds est un compartiment de Capital International Fund, une structure à compartiments multiples composée de différents compartiments. Le présent document est spécifique au fonds et à la classe d'actions définie au début du présent document. Le prospectus ainsi que les rapports annuels et semestriels sont préparés pour la structure à compartiments multiples.
L'actif et le passif de chaque fonds sont isolés conformément à la loi, ce qui signifie qu'aucun fonds individuel ne sera responsable des dettes d'un autre fonds appartenant à la structure à compartiments multiples.
Les investisseurs peuvent échanger leurs actions dans le fonds pour des actions appartenant au même ou à un autre compartiment au sein de la structure à compartiments multiples, sous réserve de répondre à certaines exigences définies dans le prospectus.
Objectif d'investissement
Croissance à long terme et préservation du capital avec une volatilité des rendements inférieure à celle des actions des marchés émergents, en investissant essentiellement dans des actions, des titres hybrides, des obligations (tant d'entreprises que souveraines) et des instruments à court terme normalement cotés ou négociés sur d'autres marchés réglementés d'émetteurs situés dans des pays éligibles à l'investissement. Les titres de Marchés Émergents sont définis comme étant les suivants : (1) des titres d'émetteurs situés sur des marchés émergents ; (2) des titres principalement négociés sur des marchés émergents ; (3) des titres libellés dans des devises de marchés émergents ; ou (4) des titres d'émetteurs réputés appropriés pour le Fonds du fait de leur importante exposition économique, actuelle ou prévue, aux marchés émergents (par le biais d'actifs, de revenus ou de bénéfices). Des titres non cotés peuvent également être achetés.
Le Fonds peut investir jusqu'à 10°% de ses actifs dans des titres d'émetteurs qui ne sont pas des émetteurs de marchés émergents. Pour dissiper tout doute, et nonobstant la limite de 10 % définie ci-dessus, le Fonds peut, au lieu d'investir dans des liquidités, investir dans les
instruments de dettes souveraines de ces émetteurs notés AAA par Standard & Poor's ou Fitch, ou Aaa par Moody's, sans qu'ils soient considérés comme des titres d'émetteurs de pays autres les pays éligibles à l'investissement.
Le Fonds peut investir jusqu'à 10 % de ses actifs dans des titres en
difficulté.
Investisseur particulier visé
Le Fonds est géré activement et convient particulièrement aux investisseurs qui recherchent des rendements semblables à ceux des actions, avec une volatilité inférieure à celle d'un fonds d'actions de marchés émergents traditionnel. Étant donné que les investissements comportent un risque de perte, un investisseur doit avoir une connaissance de base des instruments financiers pour comprendre les risques associés, qui sont définis dans la section « Quels sont les risques et que puis-je obtenir en retour ? » du Fonds. Le Fonds convient aux investisseurs ayant un horizon de placement à moyen ou long terme et ne nécessite pas d'expérience préalable avec les PRIIP ou des investissements similaires.
Le Fonds est géré activement et sans contrainte d'indice de référence. Toute information relative à un indice fourni est indiquée à des fins de gestion des risques, de contexte et d'illustration uniquement.
Vous pouvez choisir de racheter votre investissement à tout moment avant la période de détention recommandée. Vous trouverez des détails sur la procédure à suivre dans le prospectus du Fonds.
Le fonds n'a pas de date d'échéance. Le fabricant du PRIIP n'a pas le droit de mettre fin au PRIIP de manière unilatérale. Les investisseurs du Fonds peuvent acheter et vendre des actions durant tout jour de négociation (comme défini dans le Prospectus). Si vous investissez dans une classe d'actions de distribution, le revenu des investissements vous sera versé. Si vous investissez dans une classe d'actions de capitalisation, le revenu sera réinvesti.
Dépositaire
J.P. Morgan SE - Luxembourg Branch | # ¿Qué es este producto?
Tipo
Este fondo es una SICAV (Société d'Investissement à Capital Variable) luxemburguesa de tipo abierto.
Este fondo es un subfondo de Capital International Fund, una estructura paraguas que incluye diferentes subfondos. Este documento es específico del fondo y la clase de acciones indicada al comienzo de este documento. El folleto y los informes anual y semestral se elaboran para el fondo paraguas.
Los activos y pasivos de cada fondo están separados por ley, lo que significa que ningún fondo a título individual será responsable con sus activos y pasivos de otros fondos del fondo paraguas.
Los inversores podrán canjear sus acciones del fondo por acciones del mismo subfondo u otro subfondo del fondo paraguas, siempre y cuando cumplan ciertos requisitos que se estipulan en el folleto.
Objetivo de inversión
Crecimiento a largo plazo y conservación del capital con una volatilidad de las rentabilidades inferior a la de la renta variable de los mercados emergentes, invirtiendo principalmente en renta variable, valores híbridos, bonos (privados y del Estado) e instrumentos a corto plazo cotizados o negociados normalmente en otros mercados regulados de emisores de países que cumplen los requisitos de inversión. Los valores de emisores de Mercados emergentes se definen como: (1) valores de emisores de mercados emergentes; (2) valores negociados principalmente en mercados emergentes; (3) valores denominados en divisas de mercados emergentes; o (4) valores de emisores considerados aptos para el fondo porque tienen o se espera que tengan una exposición económica significativa a los mercados emergentes (a través de activos, ingresos o beneficios). También pueden comprarse valores no cotizados.
El fondo puede invertir hasta el 10 % de sus activos en valores de emisores que no sean emisores de mercados emergentes. Para evitar cualquier duda, y sin perjuicio del límite anterior del 10 %, el fondo puede invertir en instrumentos de deuda soberana de dichos emisores con calificación AAA de Standard & Poor's o Fitch, o Aaa de Moody's en
lugar de en efectivo, sin que se los considere valores de emisores de países distintos de los países que cumplen los requisitos de inversión. El fondo puede invertir hasta el 10 % en valores en dificultades.
Inversor minorista previsto
El fondo se gestiona de forma activa y resulta especialmente adecuado para inversores que buscan una rentabilidad similar a la de la renta variable, con una volatilidad menor que la de un fondo de renta variable tradicional de un mercado emergente. Dado que las inversiones conllevan un riesgo de pérdida, un inversor debe tener unos conocimientos básicos de los instrumentos financieros para comprender los riesgos relacionados, que se definen en el apartado
«¿Qué riesgos corro y qué podría obtener a cambio?» del fondo. El fondo es adecuado para inversores con un horizonte de inversión de medio a largo plazo y no requiere ninguna experiencia previa con PRIIP o inversiones similares.
El fondo se gestiona de forma activa y sin restricciones respecto a un índice de referencia. Cualquier información en relación con un índice se ofrece únicamente con fines de gestión de riesgos y a modo ilustrativo y de contexto.
Puede optar por solicitar el reembolso de su inversión en cualquier momento antes la finalización del periodo de tenencia recomendado. Puede encontrar más información sobre el procedimiento necesario para llevar a cabo esta acción en el folleto del fondo.
El fondo no tiene fecha de vencimiento. El productor del PRIIP no tiene derecho a rescindirlo unilateralmente. Los inversores del fondo podrán comprar y vender acciones en cualquier día de negociación (tal como se define en el Folleto). Si invierte en una clase de acciones de distribución, se le abonarán los ingresos derivados de las inversiones. Si invierte en una clase de acciones de capitalización, los ingresos se reinvertirán.
Depositario
J.P. Morgan SE - Luxembourg Branch | # En quoi consiste ce produit?
Type
Ce Fonds est une Société d'Investissement à Capital Variable (SICAV) de droit luxembourgeois.
Ce fonds est un compartiment de Capital International Fund, une structure à compartiments multiples composée de différents compartiments. Le présent document est spécifique au fonds et à la classe d'actions définie au début du présent document. Le prospectus ainsi que les rapports annuels et semestriels sont préparés pour la structure à compartiments multiples.
L'actif et le passif de chaque fonds sont isolés conformément à la loi, ce qui signifie qu'aucun fonds individuel ne sera responsable des dettes d'un autre fonds appartenant à la structure à compartiments multiples.
Les investisseurs peuvent échanger leurs actions dans le fonds pour des actions appartenant au même ou à un autre compartiment au sein de la structure à compartiments multiples, sous réserve de répondre à certaines exigences définies dans le prospectus.
Objectif d'investissement
Croissance à long terme et préservation du capital avec une volatilité des rendements inférieure à celle des actions des marchés émergents, en investissant essentiellement dans des actions, des titres hybrides, des obligations (tant d'entreprises que souveraines) et des instruments à court terme normalement cotés ou négociés sur d'autres marchés réglementés d'émetteurs situés dans des pays éligibles à l'investissement. Les titres de Marchés Émergents sont définis comme étant les suivants : (1) des titres d'émetteurs situés sur des marchés émergents ; (2) des titres principalement négociés sur des marchés émergents ; (3) des titres libellés dans des devises de marchés émergents ; ou (4) des titres d'émetteurs réputés appropriés pour le Fonds du fait de leur importante exposition économique, actuelle ou prévue, aux marchés émergents (par le biais d'actifs, de revenus ou de bénéfices). Des titres non cotés peuvent également être achetés.
Le Fonds peut investir jusqu'à 10°% de ses actifs dans des titres d'émetteurs qui ne sont pas des émetteurs de marchés émergents. Pour dissiper tout doute, et nonobstant la limite de 10 % définie ci-dessus, le Fonds peut, au lieu d'investir dans des liquidités, investir dans les
instruments de dettes souveraines de ces émetteurs notés AAA par Standard & Poor's ou Fitch, ou Aaa par Moody's, sans qu'ils soient considérés comme des titres d'émetteurs de pays autres les pays éligibles à l'investissement.
Le Fonds peut investir jusqu'à 10 % de ses actifs dans des titres en
difficulté.
Investisseur particulier visé
Le Fonds est géré activement et convient particulièrement aux investisseurs qui recherchent des rendements semblables à ceux des actions, avec une volatilité inférieure à celle d'un fonds d'actions de marchés émergents traditionnel. Étant donné que les investissements comportent un risque de perte, un investisseur doit avoir une connaissance de base des instruments financiers pour comprendre les risques associés, qui sont définis dans la section « Quels sont les risques et que puis-je obtenir en retour ? » du Fonds. Le Fonds convient aux investisseurs ayant un horizon de placement à moyen ou long terme et ne nécessite pas d'expérience préalable avec les PRIIP ou des investissements similaires.
Le Fonds est géré activement et sans contrainte d'indice de référence. Toute information relative à un indice fourni est indiquée à des fins de gestion des risques, de contexte et d'illustration uniquement.
Vous pouvez choisir de racheter votre investissement à tout moment avant la période de détention recommandée. Vous trouverez des détails sur la procédure à suivre dans le prospectus du Fonds.
Le fonds n'a pas de date d'échéance. Le fabricant du PRIIP n'a pas le droit de mettre fin au PRIIP de manière unilatérale. Les investisseurs du Fonds peuvent acheter et vendre des actions durant tout jour de négociation (comme défini dans le Prospectus). Si vous investissez dans une classe d'actions de distribution, le revenu des investissements vous sera versé. Si vous investissez dans une classe d'actions de capitalisation, le revenu sera réinvesti.
Dépositaire
J.P. Morgan SE - Luxembourg Branch | fr | es |
DOLFIN9020 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,473
-5.3%
CHF 10,363
0.7% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 473 CHF
-5,3%
10 363 CHF
0,7% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,473
-5.3%
CHF 10,363
0.7% | en | es |
DOLFIN9021 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le niveau d’effet de levier est mesuré par (i) la somme des valeurs notionnelles de tous les instruments dérivés financiers contractés par le Compartiment exprimée en pourcentage de la Valeur liquidative du Compartiment et (ii) tout effet de levier supplémentaire généré par le réinvestissement d’espèces reçues en garantie grâce à des techniques de gestion efficace de portefeuille.
Cette méthodologie :
- ne fait pas de distinction entre les instruments dérivés financiers utilisés à des fins d’investissement et à des fins de couverture. En conséquence, les stratégies qui visent à réduire le risque contribueront à augmenter le niveau d’effet de levier pour le Compartiment ;
- n’autorise pas les opérations de compensation des instruments dérivés. En conséquence, les refinancements d’instruments dérivés et stratégies qui reposent sur une combinaison de positions longues et courtes peuvent contribuer à une forte augmentation du niveau d’effet de levier voire une augmentation (modérée ou significative) du risque global pour le Compartiment ;
- ne prend pas en compte la volatilité des actifs sous- jacents dérivés ni ne fait de distinction entre les actifs à maturité courte ou longue. En conséquence, un Compartiment qui affiche un haut niveau d’effetde levier n’est pas forcément plus risqué qu’un Compartiment avec un faible niveau d’effet de levier. | El nivel de apalancamiento se mide como (i) la suma de los nocionales de todos los contratos de derivados financieros contraídos por el Fondo expresada como un porcentaje del Valor liquidativo del fondo y (ii) cualquier apalancamiento adicional generado por la reinversión de garantía en relación a transacciones de gestión eficiente de la cartera.
Esta metodología:
- No hace distinciones entre los instrumentos financieros derivados utilizados con fines de inversión o de cobertura. En consecuencia, las estrategias que pretenden reducir el riesgo contribuirán a aumentar el nivel de apalancamiento del Fondo.
- No permite la compensación de posiciones de derivados. En consecuencia, las refinanciaciones y estrategias de derivados basadas en una combinación de posiciones largas y cortas pueden contribuir a un mayor aumento del nivel de apalancamiento cuando no aumentan el riesgo general del Fondo u ocasionan solamente un aumento moderado del mismo.
- No tiene en cuenta la volatilidad de los activos derivados subyacentes ni distingue entre activos a corto y largo plazo. En consecuencia, un Fondo que presenta un alto nivel de apalancamiento no es necesariamente más arriesgado que un Fondo que presenta un bajo nivel de apalancamiento. | Le niveau d’effet de levier est mesuré par (i) la somme des valeurs notionnelles de tous les instruments dérivés financiers contractés par le Compartiment exprimée en pourcentage de la Valeur liquidative du Compartiment et (ii) tout effet de levier supplémentaire généré par le réinvestissement d’espèces reçues en garantie grâce à des techniques de gestion efficace de portefeuille.
Cette méthodologie :
- ne fait pas de distinction entre les instruments dérivés financiers utilisés à des fins d’investissement et à des fins de couverture. En conséquence, les stratégies qui visent à réduire le risque contribueront à augmenter le niveau d’effet de levier pour le Compartiment ;
- n’autorise pas les opérations de compensation des instruments dérivés. En conséquence, les refinancements d’instruments dérivés et stratégies qui reposent sur une combinaison de positions longues et courtes peuvent contribuer à une forte augmentation du niveau d’effet de levier voire une augmentation (modérée ou significative) du risque global pour le Compartiment ;
- ne prend pas en compte la volatilité des actifs sous- jacents dérivés ni ne fait de distinction entre les actifs à maturité courte ou longue. En conséquence, un Compartiment qui affiche un haut niveau d’effetde levier n’est pas forcément plus risqué qu’un Compartiment avec un faible niveau d’effet de levier. | fr | es |
DOLFIN9022 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Redemption instructions may also be given through the Authorised Distributors, although the instructions will only be effective, and the relevant time limits commence, once the Registrar and Transfer Agent itself has received the instructions.
Redemption orders must be signed and include the following information:
- The number of Shares or the amount and currency to be redeemed;
- The Fund to be redeemed;
- The Class and sub-class of Shares to be redeemed;
- The currency in which the redemption proceeds should be paid (the default will be the currency of the Class or sub-class of Shares being redeemed);
- The name and Account Number in which the Shares are registeredSuch redemption order will be treated as definitive and irrevocable in respect of Shares for which the subscription and the applicable subscription fees have been fully paid. | ##### Rücknahmeanweisungen können auch durch die zugelassenen Vertriebsstellen erteilt werden, wobei die Anweisungen jedoch erst wirksam werden und die betreffenden Fristen zu laufen beginnen, wenn die Register- und Transferstelle selbst alle maßgeblichen Informationen erhalten hat.
Rücknahmeanträge müssen unterzeichnet werden und folgende Informationen enthalten:
- Die Anzahl der zurückzunehmenden Anteile oder zurückzunehmender Betrag und Währung.
- Den zurückzunehmenden Fonds.
- Die Klasse und die Unterklasse der zurückzunehmenden Anteile.
- Die Währung, in der die Erlöse aus der Anteilrücknahme ausgezahlt werden sollen (Standard ist die Währung der Klasse oder Unterklasse, deren Anteile zurückgegeben werden).
- Den Namen des Antragstellers und die Kontonummer, auf die die Anteile registriert werden sollenEin solcher Rücknahmeauftrag wird als definitiv und unwiderruflich anerkannt, wenn er sich auf Anteile bezieht, für die die Zeichnung und der jeweilige Ausgabeaufschlag voll gezahlt worden sind. | ##### Redemption instructions may also be given through the Authorised Distributors, although the instructions will only be effective, and the relevant time limits commence, once the Registrar and Transfer Agent itself has received the instructions.
Redemption orders must be signed and include the following information:
- The number of Shares or the amount and currency to be redeemed;
- The Fund to be redeemed;
- The Class and sub-class of Shares to be redeemed;
- The currency in which the redemption proceeds should be paid (the default will be the currency of the Class or sub-class of Shares being redeemed);
- The name and Account Number in which the Shares are registeredSuch redemption order will be treated as definitive and irrevocable in respect of Shares for which the subscription and the applicable subscription fees have been fully paid. | en | de |
DOLFIN9023 | 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 ?
Indicateur de risque
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L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
La duration moyenne du portefeuille de ce fonds sera normalement comprise dans une fourchette de (plus ou moins) deux ans par rapport à celle de l’Indice. La duration mesure la sensibilité des actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte.
Le fonds investit principalement dans des titres de qualité « investment grade », mais pourra investir jusqu’à 10 % dans des titres de qualité « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds valorisera les caractéristiques environnementales en s’impliquant activement auprès des entreprises et des émetteurs et en appliquant un filtrage tel que décrit dans la section du Supplément au Prospectus intitulée « Promotion of Environmental Characteristics ».
Le fonds peut investir dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés.
Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents. Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises, avec une exposition de change hors USD limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement réel en combinant revenu et croissance du capital tout en cherchant à se protéger contre l’évolution des taux d’inflation. Ils cherchent également à construire une exposition diversifiée aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le Risque de taux d’intérêt, le Risque lié aux titres à revenu fixe et le Risque de change.
Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
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El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
fondo podrá estar totalmente invertido en valores que no forman parte del Índice.
La duración media de la cartera de este fondo oscilará normalmente entre dos años más y dos años menos que la duración del Índice. La duración mide la sensibilidad de los activos al riesgo de tipos de interés. Cuanto mayor es la duración, mayor es la sensibilidad a las variaciones de los tipos de interés.
El fondo invierte principalmente en valores con «grado de inversión», pero puede invertir hasta el 10% en valores «sin grado de inversión». Se considera que los valores «sin grado de inversión» son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
El fondo promoverá características medioambientales a través del diálogo activo con empresas y emisores, y de la selección de exclusiones, tal y como se recoge más detalladamente en el suplemento del folleto titulado «Promotion of Environmental Characteristics» (Promoción de características medioambientales).
El fondo puede invertir en mercados emergentes, que, en términos de inversión, son aquellas economías que no están plenamente desarrolladas.
El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes. Los activos que posee el fondo pueden estar denominados en una amplia variedad de divisas, y la exposición a divisas distintas del dólar estadounidense estará limitada al 20% de los activos totales. El asesor de inversiones puede usar divisas e instrumentos derivados relacionados para cubrir o abrir posiciones en divisas.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad real mediante una combinación de ingresos y crecimiento del capital y busca una protección contra las tasas de inflación, así como una exposición diversificada a los mercados mundiales de renta fija y está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media-baja y es poco probable que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de tipos de interés, el riesgo de renta fija y el riesgo de cambio. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
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L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
La duration moyenne du portefeuille de ce fonds sera normalement comprise dans une fourchette de (plus ou moins) deux ans par rapport à celle de l’Indice. La duration mesure la sensibilité des actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte.
Le fonds investit principalement dans des titres de qualité « investment grade », mais pourra investir jusqu’à 10 % dans des titres de qualité « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds valorisera les caractéristiques environnementales en s’impliquant activement auprès des entreprises et des émetteurs et en appliquant un filtrage tel que décrit dans la section du Supplément au Prospectus intitulée « Promotion of Environmental Characteristics ».
Le fonds peut investir dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés.
Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents. Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises, avec une exposition de change hors USD limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement réel en combinant revenu et croissance du capital tout en cherchant à se protéger contre l’évolution des taux d’inflation. Ils cherchent également à construire une exposition diversifiée aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le Risque de taux d’intérêt, le Risque lié aux titres à revenu fixe et le Risque de change.
Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN9024 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Regarding (iv) correlation, collateral received should be issued by an entity that is independent from the counterparty. There should be a reasonable ground for the responsible person to expect that it would not display a high correlation with the performance of the counterparty.
Regarding (v) diversification (asset concentration):
- subject to subparagraph (b) collateral should be sufficiently diversified in terms of country, markets and issuers with a maximum exposure to a given issuer of 20% of the net asset value of a Fund. When a Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a single issuer.
- A Fund may be fully collateralised in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its local authorities, a third country, or a public international body to which one or more EU Member States belong. Such Fund should receive securities from at least 6 different issues, but securities from any single issue should not account for more than 30 per cent of the Fund’s net value. A Fund that intend to be fully collateralised in securities issued or guaranteed by an EU Member State should disclose this fact in the supplement of the Fund. The EU Member States, local authorities, or public international bodies or guaranteeing securities which a Fund is able to accept as collateral for more than 20% of its net asset value are those listed in section 2.12 of Appendix I to the Prospectus. | Per quanto attiene (iv) alla correlazione, la garanzia ricevuta deve essere emessa da un'entità indipendente dalla controparte. Il soggetto responsabile deve avere ragionevole motivo di ritenere che essa non presenterà un'elevata correlazione con la prestazione della controparte.
Per quanto attiene (v) alla diversificazione (concentrazione delle attività):
- fatta salva la lettera (b) le garanzie collaterali devono presentare una sufficiente diversificazione in termini di paese, mercati ed emittenti, con un'esposizione massima verso un singolo emittente pari al 20% del valore patrimoniale netto del Fondo. Se un Fondo è esposto verso più controparti, ai fini del calcolo del limite del 20% di esposizione verso un singolo emittente, i differenti panieri di garanzie collaterali devono essere aggregati.
- Un Fondo può ricevere una garanzia integrale sotto forma di differenti valori mobiliari e strumenti del mercato monetario emessi o garantiti da uno Stato membro, o dai relativi enti locali, uno Stato terzo o un ente pubblico internazionale di cui uno o più Stati membri dell'UE siano membri. Il Fondo deve ricevere i valori mobiliari di almeno6 differenti emissioni, e i valori immobiliari emessi nell'ambito di una specifica emissione non possono rappresentare oltre il 30 percento del valore patrimoniale netto del Fondo. Un Fondo che intenda essere totalmente garantito con valori mobiliari emessi o garantiti da uno Stato membro dell'UE deve farne menzione nel proprio supplemento. Gli Stati membri dell'UE, gli enti locali o gli enti pubblici internazionali che emettono o garantiscono i valori mobiliari che un Fondo può accettare a garanzia per oltre il 20% del proprio valore patrimoniale netto sono elencati nella sezione 2.12 dell'Appendice I al Prospetto. | Regarding (iv) correlation, collateral received should be issued by an entity that is independent from the counterparty. There should be a reasonable ground for the responsible person to expect that it would not display a high correlation with the performance of the counterparty.
Regarding (v) diversification (asset concentration):
- subject to subparagraph (b) collateral should be sufficiently diversified in terms of country, markets and issuers with a maximum exposure to a given issuer of 20% of the net asset value of a Fund. When a Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a single issuer.
- A Fund may be fully collateralised in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its local authorities, a third country, or a public international body to which one or more EU Member States belong. Such Fund should receive securities from at least 6 different issues, but securities from any single issue should not account for more than 30 per cent of the Fund’s net value. A Fund that intend to be fully collateralised in securities issued or guaranteed by an EU Member State should disclose this fact in the supplement of the Fund. The EU Member States, local authorities, or public international bodies or guaranteeing securities which a Fund is able to accept as collateral for more than 20% of its net asset value are those listed in section 2.12 of Appendix I to the Prospectus. | en | it |
DOLFIN9025 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Information relating to changes in fund manager, investment objective, benchmark and corporate action information
The full track record of the previous index has been kept and chain linked to the new one. Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark.
The Benchmark performance is shown in the base currency of the fund. To enable comparison between the performance of this Hedged share class and the Benchmark, and to show the effect of the currency hedge, the equivalent unhedged base currency share class performance is also shown. The equivalent unhedged share class and benchmark will be blank if the inception date is different to the hedged share class inception date. The fund's performance should be assessed against its target benchmark, being to exceed the FTSE EPRA NAREIT Developed index (Net TR, USD). The fund's investment universe is expected to overlap materially with the components of the target benchmark. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark. The investment manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the fund. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. On 21.06.2021 the FTSE EPRA NAREIT Developed index (Net TR, USD) replaced the US Consumer Price index plus 3%.
Benchmarks:
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. On 01.12.2016, the fund, previously named Schroder ISF Global Property Securities, changed its name to Schroder ISF Global Cities Real Estate. On 21.06.2021 Schroder ISF Global Cities Real Estate changed its name to Schroder ISF Global Cities. | # Informazioni sulle modifiche apportate alle informazioni su gestore dei fondi, obiettivo di investimento, benchmark e operazioni sul capitale
Il track record del benchmark precedente è stato mantenuto e legato al nuovo.
La performance del benchmark è visualizzata nella valuta di riferimento del fondo. Per consentire un confronto tra la performance di questa classe di azioni con copertura e il benchmark e per evidenziare gli effetti della copertura valutaria, viene visualizzata anche la performance della classe di azioni nella valuta di riferimento senza copertura equivalente.
Il benchmark e l'equivalente classe di azioni senza copertura non conterranno dati se la data di lancio è diversa dalla data di lancio della classe di azioni senza copertura. Potranno verificarsi differenze tra la performance del fondo e quella del benchmark dato che il rendimento del fondo è calcolato in un punto di valutazione diverso rispetto al benchmark. La performance del fondo deve essere valutata rispetto al suo benchmark target, che consiste nel superare l'indice FTSE EPRA NAREIT Developed (Net TR, USD). Si prevede che l'universo di investimento del fondo si sovrapponga, in misura consistente, agli elementi costitutivi del benchmark target. Il gestore degli investimenti investe su base discrezionale e non vi sono limiti alla misura in cui il portafoglio e la performance del fondo possono discostarsi dal benchmark target. Il gestore degli investimenti investirà in società o settori non inclusi nel benchmark target per sfruttare opportunità d'investimento specifiche. Il benchmark o i benchmark non tengono conto delle caratteristiche ambientali e sociali o dell'obiettivo sostenibile (se rilevante) del fondo. Il benchmark target è stato selezionato in quanto rappresentativo del tipo di investimenti in cui il fondo potrebbe investire ed è pertanto un target appropriato in relazione al rendimento che il medesimo si prefigge di ottenere. Il 21.06.2021, l'indice US Consumer Price index plus 3% è stato sostituito con il FTSE EPRA NAREIT Developed index (Net TR, USD) quale benchmark del comparto.
Indici di riferimento
Il gestore degli investimenti investe su base discrezionale e non vi sono limiti alla misura in cui il portafoglio e la performance del comparto possono discostarsi dal benchmark. Il gestore degli investimenti investirà in società o settori non inclusi nel benchmark per sfruttare opportunità d'investimento specifiche.
I nomi dei benchmark nel presente documento possono essere abbreviati. Fare riferimento ai documenti legali dei comparti per il nome completo dei benchmark. Il 01.12.2016, il comparto, predecentemente denominato Schroder ISF Global Property Securities, ha cambiato denominazione in Schroder ISF Global Cities Real Estate. Il 21.06.2021 Schroder ISF Global Cities Real Estate ha cambiato denominazione in Schroder ISF Global Cities. | # Information relating to changes in fund manager, investment objective, benchmark and corporate action information
The full track record of the previous index has been kept and chain linked to the new one. Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark.
The Benchmark performance is shown in the base currency of the fund. To enable comparison between the performance of this Hedged share class and the Benchmark, and to show the effect of the currency hedge, the equivalent unhedged base currency share class performance is also shown. The equivalent unhedged share class and benchmark will be blank if the inception date is different to the hedged share class inception date. The fund's performance should be assessed against its target benchmark, being to exceed the FTSE EPRA NAREIT Developed index (Net TR, USD). The fund's investment universe is expected to overlap materially with the components of the target benchmark. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark. The investment manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities. The benchmark(s) does/do not take into account the environmental and social characteristics or sustainable objective (as relevant) of the fund. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. On 21.06.2021 the FTSE EPRA NAREIT Developed index (Net TR, USD) replaced the US Consumer Price index plus 3%.
Benchmarks:
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. On 01.12.2016, the fund, previously named Schroder ISF Global Property Securities, changed its name to Schroder ISF Global Cities Real Estate. On 21.06.2021 Schroder ISF Global Cities Real Estate changed its name to Schroder ISF Global Cities. | en | it |
DOLFIN9026 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les frais d’entrée et de sortie communiqués sont des maximums et peuvent être moindres dans certains cas. Vous pouvez obtenir de votre conseiller financier, ou de votre distributeur, la communication du montant exact des frais d’entrée et de sortie qui s’appliquent à votre investissement, ou si vous avez investi directement auprès de nous, nous contacter aux coordonnées figurant dans la section Informations pratiques.
Les frais courants communiqués sont calculés à partir des frais de l’exercice période / précédent, clos le 30 septembre 2021. Ce montant peut changer d’une année sur l’autre. Il ne tient pas compte des coûts de transaction du portefeuille.
Pour des informations plus détaillées sur les frais, veuillez consulter les parties concernées du Prospectus à l’adresse suivante : www.mandg.fr/documentation
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund JPM CEMBI Broad Diversified Index
- Les performances passées ne constituent pas une indication des performances futures.
- Les performances passées ont été calculées en incluant les taxes, les frais courants et la commission de performance à l’exception des frais d’entrée et de sortie.
- Le fonds a été lancé le 25 juillet 2019 et les EUR Class LI-H Accumulation ont été lancées le 25 juillet 2019.
- Les performances passées sont calculées sur la base des actions de capitalisation de EUR Class LI-H.
- L’indice de référence ne tient pas compte de la couverture de change. Il peut y avoir une plus grande différence entre la performance passée de la catégorie d’actions couverte et celle de l’indice de référence que pour les catégories d’actions non couvertes du fonds.
- La performance de l’indice de référence est calculée en EUR.
- Le fonds a changé de nom, d’objectif d’investissement et de stratégie d’investissement le 29 octobre 2021, comme indiqué dans la section Objectif et politique d’investissement à la page 1. Avant cette date, le fonds était nommé M&G (Lux) Emerging Markets Corporate ESG Bond Fund. La performance du fonds avant cette date a donc été obtenue dans des contextes différents. | Las comisiones de entrada y salida mostrados son las cantidades máximas, por lo que es posible que, en determinados casos, pague menos. Para conocer los gastos exactos aplicados a su inversión, póngase en contacto con su distribuidor o asesor financiero o, si ha invertido directamente con nosotros, puede ponerse en contacto con nosotros siguiendo las indicaciones proporcionadas en el apartado de información útil.
El gasto corriente se basa en los gastos del ejercicio/periodo finalizado el 30 septiembre 2021. Esta cifra puede cambiar de un año a otro. Se excluyen los gastos de operaciones de cartera.
Para obtener más información sobre los gastos, consulte los apartados pertinentes del Folleto en www.mandg.es/documentacion
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund JPM CEMBI Broad Diversified Index
- Las rentabilidades pasadas no son un indicativo de las rentabilidades futuras.
- A pesar de que el cálculo del rendimiento histórico incluye los impuestos, los gastos recurrentes y la comisión por rendimiento, no incluye las comisiones por acceso y salida.
- El fondo se lanzó el 25 julio 2019 y la EUR Class LI-H Accumulation se lanzó el 25 julio 2019.
- Tidigare resultat har beräknats med hjälp av EUR Class LI-H-ackumuleringsandelar.
- El índice de referencia no tiene en cuenta la cobertura de divisas. Puede haber una mayor diferencia entre la rentabilidad histórica de la clase de acciones cubierta y el índice de referencia que para las clases de acciones no cubiertas del fondo.
- La rentabilidad del índice de referencia se ha calculado en EUR.
- Tal y como se indica en la sección “Objetivo y política de inversión” de la página 1, el fondo cambió su nombre, su objetivo y su estrategia de inversión el 29 de octubre de 2021. Antes de dicha fecha, el fondo se denominaba M&G (Lux) Emerging Markets Corporate ESG Bond Fund. Por tanto, la rentabilidad obtenida antes de ella se alcanzó bajo circunstancias distintas. | Les frais d’entrée et de sortie communiqués sont des maximums et peuvent être moindres dans certains cas. Vous pouvez obtenir de votre conseiller financier, ou de votre distributeur, la communication du montant exact des frais d’entrée et de sortie qui s’appliquent à votre investissement, ou si vous avez investi directement auprès de nous, nous contacter aux coordonnées figurant dans la section Informations pratiques.
Les frais courants communiqués sont calculés à partir des frais de l’exercice période / précédent, clos le 30 septembre 2021. Ce montant peut changer d’une année sur l’autre. Il ne tient pas compte des coûts de transaction du portefeuille.
Pour des informations plus détaillées sur les frais, veuillez consulter les parties concernées du Prospectus à l’adresse suivante : www.mandg.fr/documentation
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
M&G (Lux) Sustainable Emerging Markets Corporate Bond Fund JPM CEMBI Broad Diversified Index
- Les performances passées ne constituent pas une indication des performances futures.
- Les performances passées ont été calculées en incluant les taxes, les frais courants et la commission de performance à l’exception des frais d’entrée et de sortie.
- Le fonds a été lancé le 25 juillet 2019 et les EUR Class LI-H Accumulation ont été lancées le 25 juillet 2019.
- Les performances passées sont calculées sur la base des actions de capitalisation de EUR Class LI-H.
- L’indice de référence ne tient pas compte de la couverture de change. Il peut y avoir une plus grande différence entre la performance passée de la catégorie d’actions couverte et celle de l’indice de référence que pour les catégories d’actions non couvertes du fonds.
- La performance de l’indice de référence est calculée en EUR.
- Le fonds a changé de nom, d’objectif d’investissement et de stratégie d’investissement le 29 octobre 2021, comme indiqué dans la section Objectif et politique d’investissement à la page 1. Avant cette date, le fonds était nommé M&G (Lux) Emerging Markets Corporate ESG Bond Fund. La performance du fonds avant cette date a donc été obtenue dans des contextes différents. | fr | es |
DOLFIN9027 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk Level
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Lower Risk Higher Risk | # Livello di rischio
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Rischio meno Elevato Rischio più Elevato | # Risk Level
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Lower Risk Higher Risk | en | it |
DOLFIN9028 | 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?
Indicateur de risque
## Risque le plus faible Risque le plus élevé
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur de risque suppose que vous conserverez le produit pendant 5 ans.
Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, si la situation venait à se détériorer sur les marchés, il est possible que la capacité à vous payer en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Il existe d'autres risques matériellement pertinents pour le PRIIP qui ne sont pas intégrés dans l'indicateur synthétique de risque. Pour de plus amples informations, veuillez consulter le prospectus. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
## Riesgo más bajo Riesgo más alto
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
El indicador de riesgo presupone que usted mantendrá el producto durante 5 años.
El riesgo real puede variar significativamente si usted reembolsa el producto anticipadamente, en cuyo caso podría recuperar una cantidad inferior.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 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, y unas condiciones de mercado adversas podrían repercutir en la capacidad para pagarle.
Tenga presente el riesgo de cambio. Usted recibirá pagos en una moneda diferente, por lo que el rendimiento final que obtenga dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador mostrado más arriba.
Existen otros riesgos de importancia significativa para el PRIIP que no están reflejados en el indicador resumido de riesgo. Para obtener más información, consulte el folleto. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
## Risque le plus faible Risque le plus élevé
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur de risque suppose que vous conserverez le produit pendant 5 ans.
Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, si la situation venait à se détériorer sur les marchés, il est possible que la capacité à vous payer en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Il existe d'autres risques matériellement pertinents pour le PRIIP qui ne sont pas intégrés dans l'indicateur synthétique de risque. Pour de plus amples informations, veuillez consulter le prospectus. | fr | es |
DOLFIN9029 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Hedging transactions may limit the opportunity for gain if the value of the portfolio position should increase. In the event of an imperfect correlation between a position in a hedging instrument and the portfolio position that it is intended to protect, the desired protection may not be obtained, and a Fund may be exposed to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.
- Synthetic Short Selling RiskA Fund may use financial derivative instruments to implement synthetic short positions. If the price of the instrument or market which the Fund has taken a short position on increases, then the Fund will incur a loss in relation to the increase in price from the time that the short position was entered into plus any premiums and interest paid to a counterparty. Therefore, taking short positions involves the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.
- RMB Hedged Share Classes RiskSince 2005, the RMB exchange rate is no longer pegged to the USD. RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of the RMB against other major currencies in the inter- bank foreign exchange market is allowed to float within a narrow band around the central parity published by the People's Republic of China. RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and repatriation restrictions imposed by the Chinese government in coordination with the Hong Kong Monetary Authority (HKMA). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions. | Absicherungsgeschäfte können die möglichen Gewinne im Fall des Wertanstiegs der Portfolioposition einschränken. Im Fall einer unvollständigen Korrelation zwischen einer Position in einem Absicherungsinstrument und der Portfolioposition, die es absichern soll, wird der gewünschte Schutz eventuell nicht erzielt und ein Fonds kann einem Verlustrisiko ausgesetzt sein. Darüber hinaus ist gegen kein Risiko eine vollständige oder perfekte Absicherung möglich, und die Absicherung ist mit ihren eigenen Kosten verbunden.
- Risiko in Verbindung mit synthetischen LeerverkäufenEin Fonds kann derivative Finanzinstrumente einsetzen, um synthetische Short-Positionen aufzubauen. Wenn der Kurs des Instruments oder des Marktes, in dem der Fonds eine Short-Position aufgebaut hat, steigt, entsteht dem Fonds ein Verlust in Bezug auf diesen Kursanstieg ab dem Zeitpunkt, zu dem die Short-Position aufgebaut wurde, zuzüglich aller an einen Kontrahenten gezahlten Prämien und Zinsen. Daher ist der Aufbau von Short-Positionen mit dem Risiko verbunden, dass Verluste überhöht werden, so dass eventuell ein über die tatsächlichen Kosten der Anlage hinausgehender Betrag verloren wird.
- Risiko von in RMB abgesicherten AnteilsklassenSeit 2005 ist der Wechselkurs des RMB nicht mehr an den US- Dollar gebunden. Der RMB ist inzwischen zu einem gesteuerten Wechselkurs auf der Grundlage des Angebots und der Nachfrage auf dem Markt unter Bezug auf einen Fremdwährungskorb übergegangen. Es wird erlaubt, dass sich der tägliche Handelskurs des RMB gegenüber anderen bedeutenden Währungen am Interbanken-Devisenmarkt innerhalb einer engen Spanne um den von der Volksrepublik China veröffentlichten zentralen Paritätskurs bewegt. Die Konvertierbarkeit des RMB von Offshore-RMB (CNH) in Onshore-RMB (CNY) hängt von einem verwalteten Devisenprozess ab, der Devisenkontrollen und Rückführungsbeschränkungen unterliegt, welche durch die chinesische Regierung in Zusammenarbeit mit der Hong Kong Monetary Authority (HKMA) auferlegt werden. Der Wert des CNH könnte aufgrund zahlreicher Faktoren, zu denen unter anderem besagte Devisenkontrollen und Rückführungsbeschränkungen zählen, – gegebenenfalls erheblich – vom Wert des CNY abweichen. | Hedging transactions may limit the opportunity for gain if the value of the portfolio position should increase. In the event of an imperfect correlation between a position in a hedging instrument and the portfolio position that it is intended to protect, the desired protection may not be obtained, and a Fund may be exposed to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.
- Synthetic Short Selling RiskA Fund may use financial derivative instruments to implement synthetic short positions. If the price of the instrument or market which the Fund has taken a short position on increases, then the Fund will incur a loss in relation to the increase in price from the time that the short position was entered into plus any premiums and interest paid to a counterparty. Therefore, taking short positions involves the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.
- RMB Hedged Share Classes RiskSince 2005, the RMB exchange rate is no longer pegged to the USD. RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of the RMB against other major currencies in the inter- bank foreign exchange market is allowed to float within a narrow band around the central parity published by the People's Republic of China. RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and repatriation restrictions imposed by the Chinese government in coordination with the Hong Kong Monetary Authority (HKMA). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions. | en | de |
DOLFIN9030 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Shareholder Approval
Changes to the investment objective of the Fund as described above cannot be made without the approval of an ordinary resolution of the Shareholders of the Fund.
For this purpose, the Meeting is being convened and will take place at 25/28 North Wall Quay, Dublin 1, Ireland on 4 February 2022, at the times set out in the attached notice. Formal notice of the Meeting and Proxy form are attached hereto (as Appendix 2).
The quorum for the Meeting is one Shareholder present (in person or by proxy) entitled to vote upon
the business to be transacted. If a quorum is not present within half an hour of the time appointed for the Meeting, or if during the Meeting a quorum ceases to be present, the Meeting will stand adjourned until 9:00 a.m. (Dublin time) on 11 February 2022 without any further notice to Shareholders. The quorum at the adjourned meeting shall be those Shareholders present at the adjourned meeting in person or by proxy and one person entitled to be counted in a quorum present at any adjourned meeting shall be quorum. The resolution will be proposed at the adjourned meeting in the same manner as described above.
The notice sets out the text of the resolution to be proposed at the Meeting. The resolution will be proposed as an ordinary resolution, meaning more than 50% of the total number of votes cast is required for the resolution to be passed by the Meeting. If the resolutions are passed by the requisite majority, they will be binding on all Shareholders in the Fund irrespective of how (or whether) they voted and the proposed changes would be expected to take effect and reflected in a revised Supplement on or around 23 February 2022. The Supplements will be published on www.Xtrackers.com. | ## Aprobación de los Accionistas
Los cambios en el objetivo de inversión del Fondo, como el descrito anteriormente, no pueden implantarse sin la aprobación de los Accionistas del Fondo en virtud de la correspondiente resolución ordinaria.
A tal efecto, se ha decidido proceder a convocar la mencionada Junta, que se celebrará en el 25/28 North Wall Quay, Dublín 1, Irlanda el 4 de febrero de 2022, a la hora fijada en la notificación anexa. Se adjuntan en el Anexo 2 al presente una notificación formal de la Junta y un Formulario de apoderamiento.
El cuórum para la celebración de la Junta será de un Accionista (presente o representado) con derecho a voto sobre el orden del día. En caso de que no se alcance un cuórum en el plazo de media hora desde la hora fijada para la celebración de la Junta —o, si en el transcurso de la misma, dicho cuórum dejase de estar presente—, esta se aplazará hasta las 09.00 horas (hora de Dublín) del 11 de febrero de 2022 sin que deba practicarse notificación adicional alguna a los Accionistas. El cuórum en la junta aplazada se entenderá alcanzado siempre que comparezcan en ella aquellos Accionistas presentes o representados en la junta celebrada en primera convocatoria. No obstante, se considerará que dicho cuórum ha sido alcanzado cuando comparezca una persona facultada para ser computada a efectos del mismo en cualquier junta aplazada. La propuesta de resolución en la junta aplazada deberá realizarse conforme al mismo procedimiento descrito anteriormente.
La notificación contiene el texto de la resolución que se propondrá en la Junta. Dado que dicha resolución se propondrá como resolución ordinaria, será necesario contar con más del 50% del número total de votos emitidos para su aprobación por parte de la Junta. En caso de que las resoluciones se aprueben por la mayoría exigida, estas serán vinculantes para todos los Accionistas del Fondo con independencia del sentido de su voto y del hecho de si han votado o no, y está previsto que los cambios propuestos entren en vigor y se reflejen en un Suplemento revisado el 23 de febrero de 2022 o en una fecha próxima a esta. Los Suplementos se publicarán en www.Xtrackers.com. | ## Shareholder Approval
Changes to the investment objective of the Fund as described above cannot be made without the approval of an ordinary resolution of the Shareholders of the Fund.
For this purpose, the Meeting is being convened and will take place at 25/28 North Wall Quay, Dublin 1, Ireland on 4 February 2022, at the times set out in the attached notice. Formal notice of the Meeting and Proxy form are attached hereto (as Appendix 2).
The quorum for the Meeting is one Shareholder present (in person or by proxy) entitled to vote upon
the business to be transacted. If a quorum is not present within half an hour of the time appointed for the Meeting, or if during the Meeting a quorum ceases to be present, the Meeting will stand adjourned until 9:00 a.m. (Dublin time) on 11 February 2022 without any further notice to Shareholders. The quorum at the adjourned meeting shall be those Shareholders present at the adjourned meeting in person or by proxy and one person entitled to be counted in a quorum present at any adjourned meeting shall be quorum. The resolution will be proposed at the adjourned meeting in the same manner as described above.
The notice sets out the text of the resolution to be proposed at the Meeting. The resolution will be proposed as an ordinary resolution, meaning more than 50% of the total number of votes cast is required for the resolution to be passed by the Meeting. If the resolutions are passed by the requisite majority, they will be binding on all Shareholders in the Fund irrespective of how (or whether) they voted and the proposed changes would be expected to take effect and reflected in a revised Supplement on or around 23 February 2022. The Supplements will be published on www.Xtrackers.com. | en | es |
DOLFIN9031 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# OTHER RELEVANT INFORMATION
The sub-fund's prospectus, the latest version of the KID as well as the latest annual report and information on past performance for the last ten years when the data is available, can be obtained free of charge on the manufacturer's website: www.carmignac.com, directly from the initiator or www.fundinfo.com.
Depending on your tax status, any capital gains and income resulting from the ownership of units of the sub-fund may be subject to tax. We advise you to obtain further information in this regard from the promoter of the Fund or from your tax advisor.
Carmignac Gestion Luxembourg may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus.
The sub-fund may comprise other types of unit. You can find more information on these units in the prospectus or on the website: www.carmignac.com.
This sub-fund's units have not been registered under the US Securities Act of 1933. They may not be offered or sold, directly or indirectly, to or on behalf of a US person as defined in US Regulation S. | # AUTRES INFORMATIONS PERTINENTES
Le prospectus du compartiment, la dernière version du DIC, ainsi que le dernier rapport annuel et, le cas échéant, les informations relatives aux performances enregistrées lors des dix dernières années peuvent être obtenus gratuitement sur le site Internet de l'initiateur (www.carmignac.com), directement auprès de ce dernier ou sur www.fundinfo.com.
Selon votre régime fiscal, les plus-values et revenus éventuels liés à la détention de parts du compartiment peuvent être soumis à taxation. Nous vous conseillons de vous renseigner à ce sujet auprès du promoteur du Fonds ou de votre conseiller fiscal.
La responsabilité de Carmignac Gestion Luxembourg ne peut être engagée que sur la base des déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus.
Le compartiment peut comporter d'autres types de parts. Vous pouvez trouver plus d'informations sur ces parts dans le prospectus ou sur le site internet : www.carmignac.com.
Les parts de ce compartiment n'ont pas été enregistrées en vertu de la loi US Securities Act de 1933. Elles ne peuvent pas être offertes ou vendues, directement ou indirectement, au bénéfice ou pour le compte d'une « U.S. person », selon la définition de la réglementation américaine « Regulation S ». | # OTHER RELEVANT INFORMATION
The sub-fund's prospectus, the latest version of the KID as well as the latest annual report and information on past performance for the last ten years when the data is available, can be obtained free of charge on the manufacturer's website: www.carmignac.com, directly from the initiator or www.fundinfo.com.
Depending on your tax status, any capital gains and income resulting from the ownership of units of the sub-fund may be subject to tax. We advise you to obtain further information in this regard from the promoter of the Fund or from your tax advisor.
Carmignac Gestion Luxembourg may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus.
The sub-fund may comprise other types of unit. You can find more information on these units in the prospectus or on the website: www.carmignac.com.
This sub-fund's units have not been registered under the US Securities Act of 1933. They may not be offered or sold, directly or indirectly, to or on behalf of a US person as defined in US Regulation S. | en | fr |
DOLFIN9032 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If the Fund invests in the units or shares of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same Management Company or by any other company to which the Management Company is linked, that Management Company or other company may not charge subscription or redemption fees on account of the Fund’s investment in the units or shares of other UCITS and/or other UCI.
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### DEPOSITARY AND PAYING AGENT, ADMINISTRATOR, REGISTRAR AND TRANSFER AGENT | Bei Investitionen des Fonds in Anteile oder Aktien anderer OGAW und/oder OGA, die von derselben Verwaltungsgesellschaft oder von einem anderen Unternehmen, mit dem die Gesellschaft verbunden ist, direkt oder durch Delegation verwaltet werden, kann diese Verwaltungsgesellschaft oder das andere Unternehmen für die Investition des Fonds in die Anteile oder Aktien anderer OGAW und/oder OGA keine Ausgabeaufschläge oder Rücknahmeabschläge erheben.
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### DEPOTBANK UND ZAHLSTELLE, ADMINISTRATOR, REGISTERSTELLE UND TRANSFERAGENT | If the Fund invests in the units or shares of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same Management Company or by any other company to which the Management Company is linked, that Management Company or other company may not charge subscription or redemption fees on account of the Fund’s investment in the units or shares of other UCITS and/or other UCI.
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### DEPOSITARY AND PAYING AGENT, ADMINISTRATOR, REGISTRAR AND TRANSFER AGENT | en | de |
DOLFIN9033 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
DILUTION ADJUSTMENT
A dilution adjustment may be applied to the Net Asset Value per Share of the Fund on a dealing day (i) if net subscriptions or redemptions exceed a pre-determined threshold relating to the Fund’s Net Asset Value (where such a threshold has been pre-determined for the Fund from time to time by the Manager) or (ii) in any other cases where there are net subscriptions or redemptions in the Fund and the Manager or their delegate reasonably believes that imposing a dilution adjustment is in the best interests of existing Shareholders.
CLASSES OF SHARES
As more particularly described in the Prospectus under “The Shares”, the Company offers 11 Classes of Shares with various distribution policies, distribution frequencies, hedging policies and currencies in each Class. The name of each Class of Shares offered by the Company enables Shareholders to identify the distribution policy, distribution frequency, hedging policy and currency of a Class by reference to sub- classifications. The table below sets out details of the Classes of Shares approved by the Central Bank, and the Classes which are available for purchase as at the date of this Supplement. The Company issues Shares in multiple classes in respect of the Fund.
Where a Class of Shares in any Fund has not previously been issued or is being re-offered, then initial subscriptions for such Shares will be accepted: (i) on such date(s) to be determined by the Manager and notified in advance to the Central Bank; and (ii) the initial offer price and re-offer price as set out in the Prospectus under “Initial offers of share classes”. Alternatively, in the case of a Fund which already has one or more Classes of Shares in issue, the initial offer price per Share for subsequent Classes of Shares issued in respect of that Fund may be the net asset value per Share of such other Class of Shares of that Fund as may be determined by the Manager and notified in advance to the Central Bank and potential Shareholders. | AJUSTEMENT DE DILUTION
Un ajustement de dilution peut être appliqué à la Valeur liquidative par Action du Fonds au cours d’un jour de négociation (i) si les souscriptions ou rachats nets dépassent le seuil déterminé à l’avance relatif à la Valeur liquidative du Fonds (lorsqu’un tel seuil est ponctuellement déterminé à l’avance pour le Fonds par le Gestionnaire) ou (ii) dans tout autre cas impliquant des souscriptions ou des rachats nets dans le Fonds, si le Gestionnaire ou ses délégués estiment raisonnablement que l’imposition d’un ajustement de dilution s’inscrira dans l’intérêt des Actionnaires existants.
CATÉGORIES D’ACTIONS
Comme décrit plus particulièrement dans la section « Les Actions » du Prospectus, la Société propose 11 Catégories d’Actions avec diverses politiques de distribution, fréquences de distribution, politiques de couverture et devises dans chaque Catégorie. Le nouveau nom de chaque Catégorie d’Actions offertes par la Société permet aux Actionnaires d’identifier la politique de distribution, la fréquence de distribution, la politique de couverture et la devise d’une Catégorie en fonction de sous-classifications. Le tableau ci-dessous apporte des précisions sur les Catégories d’Actions approuvées par la Banque Centrale, ainsi que sur les Catégories disponibles à l’achat à la date du présent Supplément. La Société émet des Actions dans diverses catégories propres au Fonds.
Si, pour une catégorie d’actions donnée d’un Compartiment donné, aucune émission n’a préalablement été faite ou s’il est procédé à une réémission, une souscription initiale sera alors possible : (i) à la/aux date(s) devant être déterminée(s) par le Gestionnaire et communiquée(s) à l’avance à la Banque centrale et (ii) au prix de l’offre initiale et au prix de réémission stipulés dans le Prospectus à la section intitulée « Offres initiales de catégories d’actions ». Dans le cas d’un Fonds au titre duquel une ou plusieurs Catégories d’Actions sont déjà émises, le prix de l’offre initiale par Action pour toute Catégorie d’Actions supplémentaire émise en rapport avec ledit Fonds pourra correspondre à la valeur liquidative par Action desdites autres Catégories d’Actions du Fonds concerné tel que fixé par le Gestionnaire et communiqué à l’avance à la Banque Centrale, ainsi qu’aux Actionnaires potentiels. | DILUTION ADJUSTMENT
A dilution adjustment may be applied to the Net Asset Value per Share of the Fund on a dealing day (i) if net subscriptions or redemptions exceed a pre-determined threshold relating to the Fund’s Net Asset Value (where such a threshold has been pre-determined for the Fund from time to time by the Manager) or (ii) in any other cases where there are net subscriptions or redemptions in the Fund and the Manager or their delegate reasonably believes that imposing a dilution adjustment is in the best interests of existing Shareholders.
CLASSES OF SHARES
As more particularly described in the Prospectus under “The Shares”, the Company offers 11 Classes of Shares with various distribution policies, distribution frequencies, hedging policies and currencies in each Class. The name of each Class of Shares offered by the Company enables Shareholders to identify the distribution policy, distribution frequency, hedging policy and currency of a Class by reference to sub- classifications. The table below sets out details of the Classes of Shares approved by the Central Bank, and the Classes which are available for purchase as at the date of this Supplement. The Company issues Shares in multiple classes in respect of the Fund.
Where a Class of Shares in any Fund has not previously been issued or is being re-offered, then initial subscriptions for such Shares will be accepted: (i) on such date(s) to be determined by the Manager and notified in advance to the Central Bank; and (ii) the initial offer price and re-offer price as set out in the Prospectus under “Initial offers of share classes”. Alternatively, in the case of a Fund which already has one or more Classes of Shares in issue, the initial offer price per Share for subsequent Classes of Shares issued in respect of that Fund may be the net asset value per Share of such other Class of Shares of that Fund as may be determined by the Manager and notified in advance to the Central Bank and potential Shareholders. | en | fr |
DOLFIN9034 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Business days, cut-off times and processing schedule
Requests to buy, exchange or sell shares that are received and accepted by the transfer agent by 3:00 PM CET on any day that is a business day for the relevant fund are ordinarily processed that day, using the same day NAV. A list of business days is available at columbiathreadneedle.com.
Settlement ordinarily occurs no later than 3 business days after a request has been processed. Note that distributors or local agents can set earlier cut-off times.
Shares may in principle be subscribed for or redeemed on any business day. For the list of the business days, go to columbiathreadneedle.com.
Except during suspensions in share transactions, requests that have been received and accepted by the transfer agent by the cut-off time on a given business day will be processed on the same business day, at the NAV per share of the relevant share class of the fund that is calculated on any day that is a business day for the fund and according to the method described in the section “How we calculate NAV” below, plus any applicable entry fee, dilution adjustment or taxes and less any redemption fee or dilution adjustment where applicable. Orders that arrive after the cut-off time on any given business day will be accepted on the next business day. In unusual circumstances, we may decide to accept a late-arriving order if it can be documented that it was transmitted before the cut-off time.
Note that the NAV at which any request is processed cannot be known at the time a request is placed.
A confirmation notice will be sent by mail or fax to the registered shareholder or the shareholder’s agent or the electronic platform, within one month after the request was processed.
Settlement times may be delayed by market or currency holidays relevant to a fund’s portfolio holdings or to any currency conversion involved in a transaction in fund shares. | ##### Geschäftstage, Annahmeschluss und Bearbeitungszeiten
Anträge auf Kauf, Umtausch oder Verkauf von Anteilen, die bis 15:00 Uhr MEZ an einem Geschäftstag des Fonds bei der Transferstelle eingehen und angenommen werden, werden normalerweise am selben Tag zum NIW dieses Tages bearbeitet. Eine Liste der Geschäftstage finden Sie unter columbiathreadneedle.com.
Die Abwicklung erfolgt normalerweise spätestens drei Geschäftstage nach der Bearbeitung eines Auftrags. Zu beachten ist, dass Vertriebsstellen oder lokale Vermittler frühere Annahmeschlusszeiten festlegen können.
Grundsätzlich können Anteile an jedem Geschäftstag gezeichnet oder zurückgegeben werden. Eine Aufstellung der Geschäftstage finden Sie unter columbiathreadneedle.com.
Mit Ausnahme von Zeiten, zu denen Transaktionen mit Anteilen ausgesetzt sind, werden Anträge, die bis zum Annahmeschluss an einem Geschäftstag bei der Transferstelle eingegangen sind und von dieser akzeptiert wurden, am selben Tag zum NIW je Anteil der entsprechenden Anteilsklasse des Fonds, der an jedem Geschäftstag gemäß der im nachfolgenden Abschnitt „Wie wir den NIW berechnen“ angegebenen Methode berechnet wird, zuzüglich aller anwendbaren Ausgabeaufschläge, Verwässerungsanpassungen oder Steuern bzw. abzüglich aller Rücknahmegebühren oder Verwässerungsanpassungen, bearbeitet. Aufträge, die nach Annahmeschluss an einem Geschäftstag eingehen, werden zum nächsten Geschäftstag angenommen. Unter ungewöhnlichen Umständen können wir beschließen, spät eingehende Aufträge anzunehmen, wenn belegt werden kann, dass sie vor Annahmeschluss übermittelt wurden.
Zu beachten ist, dass der NIW, zu dem ein Antrag bearbeitet wird, zum Zeitpunkt der Platzierung des Auftrags nicht bekannt ist.
Eine Bestätigungsnachricht wird innerhalb eines Monats nach Bearbeitung des Auftrags per Post oder Fax an den eingetragenen Anteilinhaber, den Vermittler des Anteilinhabers oder an die elektronische Plattform versandt.
Die Abrechnungszeiten können sich durch Feiertage in Bezug auf den Markt oder die Währung, die für die Portfoliobestände eines Fonds oder für die Währungsumrechnung in Bezug auf eine Transaktion mit Anteilen des Fonds maßgeblich sind, verzögern. | ##### Business days, cut-off times and processing schedule
Requests to buy, exchange or sell shares that are received and accepted by the transfer agent by 3:00 PM CET on any day that is a business day for the relevant fund are ordinarily processed that day, using the same day NAV. A list of business days is available at columbiathreadneedle.com.
Settlement ordinarily occurs no later than 3 business days after a request has been processed. Note that distributors or local agents can set earlier cut-off times.
Shares may in principle be subscribed for or redeemed on any business day. For the list of the business days, go to columbiathreadneedle.com.
Except during suspensions in share transactions, requests that have been received and accepted by the transfer agent by the cut-off time on a given business day will be processed on the same business day, at the NAV per share of the relevant share class of the fund that is calculated on any day that is a business day for the fund and according to the method described in the section “How we calculate NAV” below, plus any applicable entry fee, dilution adjustment or taxes and less any redemption fee or dilution adjustment where applicable. Orders that arrive after the cut-off time on any given business day will be accepted on the next business day. In unusual circumstances, we may decide to accept a late-arriving order if it can be documented that it was transmitted before the cut-off time.
Note that the NAV at which any request is processed cannot be known at the time a request is placed.
A confirmation notice will be sent by mail or fax to the registered shareholder or the shareholder’s agent or the electronic platform, within one month after the request was processed.
Settlement times may be delayed by market or currency holidays relevant to a fund’s portfolio holdings or to any currency conversion involved in a transaction in fund shares. | en | de |
DOLFIN9035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Reference Currency of the Fund is the Euro.
For indicative purposes only, the Fund’s performance may be compared to a composite index of 15% MSCI World Index Net Return, 5% MSCI Europe Index Net Return, 20% FTSE MTS Eurozone Government Bond Index and 60% Bloomberg Barclays Euro Aggregate Corporate Index Net Return. The Fund is unconstrained by the reference index and may therefore significantly deviate from it.
Shareholders may redeem Shares on demand on any business day in Luxembourg. Income derived from the Fund is distributed for distributing Shares and reinvested for accumulating Shares, as further detailed in this document. Please refer to the section entitled “Subscription, Transfer, Conversion and Redemption of Shares” of the Prospectus for additional information. | # La divisa de referencia del fondo es el Euro.
A efectos exclusivamente indicativos, la rentabilidad del fondo se puede comparar con un índice compuesto por un 15% del MSCI World Index Net Return, un 5% del MSCI Europe Index Net Return, un 20% del FTSE MTS Eurozone Government Bond Index y un 60% del Bloomberg Barclays Euro Aggregate Corporate Index Net Return. El Fondo no está sujeto a limitaciones por el índice de referencia y, por consiguiente, puede desviarse sustancialmente de este.
Los accionistas pueden reembolsar acciones previa solicitud en cualquier día hábil en Luxemburgo. Los ingresos derivados del fondo se distribuyen en el caso de las acciones de distribución y se reinvierten en el caso de las acciones de acumulación, como se explica en este documento. Para obtener más información consúltese la sección “Suscripción, transferencia, canje y reembolso de acciones” del folleto. | # The Reference Currency of the Fund is the Euro.
For indicative purposes only, the Fund’s performance may be compared to a composite index of 15% MSCI World Index Net Return, 5% MSCI Europe Index Net Return, 20% FTSE MTS Eurozone Government Bond Index and 60% Bloomberg Barclays Euro Aggregate Corporate Index Net Return. The Fund is unconstrained by the reference index and may therefore significantly deviate from it.
Shareholders may redeem Shares on demand on any business day in Luxembourg. Income derived from the Fund is distributed for distributing Shares and reinvested for accumulating Shares, as further detailed in this document. Please refer to the section entitled “Subscription, Transfer, Conversion and Redemption of Shares” of the Prospectus for additional information. | en | es |
DOLFIN9036 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## People’s Republic of China
Investors should note that the risks of investing in the PRC also apply. Investments in the PRC are currently subject to certain additional risks, particularly regarding the ability to deal in securities in the PRC. As a result, the Company may choose to gain exposure to PRC securities indirectly and may be unable to gain full exposure to the PRC markets. The PRC is one of the world’s largest global emerging markets. Investing in the securities markets in the PRC is subject to the risks of investing in Emerging Markets generally as well as to specific risks relating to the PRC market.
The economy in the PRC, which has been in a state of transition from a planned economy to a more market orientated economy, differs from the economies of most developed countries and investing in the PRC may be subject to greater risk of loss than investments in developed markets. Any political changes, social instability and adverse diplomatic developments which may take place in, or in relation to, the PRC could result in significant fluctuation in the price of Chinese securities and a negative impact on investments in the PRC market. Given the short history of the PRC system of commercial laws, the PRC regulatory and legal framework may not be as well developed as those of developed countries. As the PRC legal system develops, no assurance can be given that changes in such laws and regulations, their interpretation or their enforcement will not have a material adverse effect on the Company’s onshore investments. Chinese accounting standards and practices may deviate significantly from international accounting standards. The settlement and clearing systems of the PRC securities markets may not be well tested and may be subject to increased risks of error or inefficiency. There are risks and uncertainties associated with the current PRC tax laws, regulations and practice on any Fund’s investments in the PRC. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
The RMB, the lawful currency of the PRC, is not currently a freely convertible currency and is subject to exchange control imposed by the PRC government. Such control of currency conversion and movements in the RMB exchange rates may adversely affect the operations and financial results of companies in the PRC.
Insofar as the Company may invest in the PRC, it will be subject to the risk of the PRC government’s imposition of restrictions on the repatriation of funds or other assets out of the country, limiting the ability of the Company to satisfy payments to investors. This may impact the liquidity of the relevant Fund and its ability to meet redemption requests upon demand. | ## Volksrepublik China
Anleger sollten beachten, dass auch für Anlagen in der VRC Risiken bestehen. Für Anlagen in der VRC bestehen aktuell bestimmte zusätzliche Risiken, insbesondere bezüglich der Fähigkeit, in der VRC mit Wertpapieren zu handeln. In der Folge kann die Gesellschaft beschließen, indirekt in Wertpapieren der VRC zu investieren, wodurch sie womöglich nicht in der Lage ist, ein vollständiges Investment in den Märkten der VRC zu erreichen. Die VRC stellt einen der weltweit größten Schwellenmärkte dar. Anlagen in die Wertpapiermärkte der VRC unterliegen dem allgemeinen Risiko von Anlagen in Schwellenmärkte sowie den spezifischen Risiken des Marktes der VRC.
Die Volkswirtschaft der VRC, die sich von einer Planwirtschaft zu einer stärker marktorientierten Wirtschaft entwickelt hat, unterscheidet sich von den Volkswirtschaften der meisten Industrieländer und Anlagen in der VRC können größeren Verlustrisiken ausgesetzt sein als Anlagen in Industrieländern. Politische Veränderungen, soziale Instabilität und negative diplomatische Entwicklungen in oder im Zusammenhang mit der VRC könnten zu erheblichen Preisschwankungen chinesischer Wertpapiere und negativen Folgen für Anlagen in den Markt der VRC führen. Angesichts der kurzen Geschichte des Systems von Handelsgesetzen in der VRC ist das regulatorische und rechtliche Rahmenwerk der VRC unter Umständen nicht so weit entwickelt wie das von Industrieländern. Es kann nicht garantiert werden, dass im Zuge der Entwicklung des Rechtssystems der VRC Änderungen der entsprechenden Gesetze und Verordnungen, ihrer Auslegung oder Durchsetzung nicht zu erheblichen negativen Folgen für die Onshore-Anlagen der Gesellschaft führen werden. Chinesische Rechnungslegungsstandards und -verfahren können erheblich von internationalen Rechnungslegungsstandards abweichen. Die Abwicklungs- und Clearing-Systeme der Wertpapiermärkte der VRC sind unter Umständen nicht ausreichend getestet worden und können zu einem erhöhten Risiko von Fehlern und Ineffizienzen führen. Die aktuellen Steuergesetze, -vorschriften und -verfahren der VRC führen zu Risiken und Unsicherheiten für die Anlagen aller Fonds in der VRC. Alle Erhöhungen der Steuerverbindlichkeiten des Fonds können den Wert des Fonds beeinträchtigen.
Der RMB, die rechtmäßige Währung der VRC, ist aktuell keine frei konvertierbare Währung und unterliegt Devisenkontrollen durch die Regierung der VRC. Diese Kontrollen der Währungsumrechnung und der Wechselkursentwicklung des RMB können die Tätigkeiten und Finanzergebnisse von Unternehmen in der VRC negativ beeinflussen.
Insofern die Gesellschaft in die VRC investiert, wird sie dem Risiko ausgesetzt sein, dass die Regierung der VRC die Rückführung von Mitteln oder anderer Vermögenswerte aus dem Land heraus einschränkt und so die Fähigkeit der Gesellschaft verringert, Zahlungsverpflichtungen an Anleger zu erfüllen. Hierdurch kann die Liquidität des entsprechenden Fonds sowie seine Fähigkeit zum Nachkommen von Rücknahmeanträgen beeinträchtigt werden. | ## People’s Republic of China
Investors should note that the risks of investing in the PRC also apply. Investments in the PRC are currently subject to certain additional risks, particularly regarding the ability to deal in securities in the PRC. As a result, the Company may choose to gain exposure to PRC securities indirectly and may be unable to gain full exposure to the PRC markets. The PRC is one of the world’s largest global emerging markets. Investing in the securities markets in the PRC is subject to the risks of investing in Emerging Markets generally as well as to specific risks relating to the PRC market.
The economy in the PRC, which has been in a state of transition from a planned economy to a more market orientated economy, differs from the economies of most developed countries and investing in the PRC may be subject to greater risk of loss than investments in developed markets. Any political changes, social instability and adverse diplomatic developments which may take place in, or in relation to, the PRC could result in significant fluctuation in the price of Chinese securities and a negative impact on investments in the PRC market. Given the short history of the PRC system of commercial laws, the PRC regulatory and legal framework may not be as well developed as those of developed countries. As the PRC legal system develops, no assurance can be given that changes in such laws and regulations, their interpretation or their enforcement will not have a material adverse effect on the Company’s onshore investments. Chinese accounting standards and practices may deviate significantly from international accounting standards. The settlement and clearing systems of the PRC securities markets may not be well tested and may be subject to increased risks of error or inefficiency. There are risks and uncertainties associated with the current PRC tax laws, regulations and practice on any Fund’s investments in the PRC. Any increased tax liabilities on the Fund may adversely affect the Fund’s value.
The RMB, the lawful currency of the PRC, is not currently a freely convertible currency and is subject to exchange control imposed by the PRC government. Such control of currency conversion and movements in the RMB exchange rates may adversely affect the operations and financial results of companies in the PRC.
Insofar as the Company may invest in the PRC, it will be subject to the risk of the PRC government’s imposition of restrictions on the repatriation of funds or other assets out of the country, limiting the ability of the Company to satisfy payments to investors. This may impact the liquidity of the relevant Fund and its ability to meet redemption requests upon demand. | en | de |
DOLFIN9037 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Only FDI included in the RMP will be utilised by the Asia Pac ex Japan Fund until suchtime as a revision of the RMP is provided to the Central Bank".
- The section entitled "Currency Hedging Policy" in a number of Fund Details has been revised to reflect that the relevant Fund will use "Share Class Hedging" to hedge against exchange rate fluctuation risks between the share class currency and the base currency, and that the Company will seek to hedge 100% of currency exposure and does not intend to have under-hedged or over-hedged positions, however, due to market movements and factors outside the control of the Company, under-hedged and over-hedged positions may arise. Those Fund Details also now state that the Investment Manager will ensure that under-hedged positions do not fall short of 95% of the Net Asset Value of the relevant specified Share Class and that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant specified Share Class. | # Der Asia Pac ex Japan Fund wird ausschließlich FDIs nutzen, die im RMP enthaltensind, bis bei der Zentralbank eine revidierte Fassung des RMP eingereicht wird“.
- Der Abschnitt „Währungsabsicherung“ in einer Reihe von Fondsinformationen wurde überarbeitet, um der Tatsache Rechnung zu tragen, dass die betreffenden Fonds eine„Absicherung von Anteilsklassen“ zur Absicherung gegen Wechselkursrisiken zwischen der Währung der Anteilsklasse und der Basiswährung durchführt, und dass die Gesellschaft bestrebt sein wird, 100 % des Währungsrisikos abzusichern und nicht beabsichtigt, unterbesicherte bzw. überbesicherte Positionen zu halten, dass jedoch aufgrund von Marktschwankungen und Faktoren, die außerhalb der Einflusssphäre der Gesellschaft liegen, solche unterbesicherten bzw. überbesicherten Positionen auftreten können. Diese Fondsinformationen schreiben nun Folgendes vor: Der Anlageverwalter stellt sicher, dass die unterbesicherten Positionen nicht unter 95 % des Nettoinventarwerts der betreffenden angegebenen Anteilsklasse fallen und dass überbesicherte Positionen nicht über 105 % des Nettovermögens der betreffenden angegebenen Anteilsklasse steigen. | # Only FDI included in the RMP will be utilised by the Asia Pac ex Japan Fund until suchtime as a revision of the RMP is provided to the Central Bank".
- The section entitled "Currency Hedging Policy" in a number of Fund Details has been revised to reflect that the relevant Fund will use "Share Class Hedging" to hedge against exchange rate fluctuation risks between the share class currency and the base currency, and that the Company will seek to hedge 100% of currency exposure and does not intend to have under-hedged or over-hedged positions, however, due to market movements and factors outside the control of the Company, under-hedged and over-hedged positions may arise. Those Fund Details also now state that the Investment Manager will ensure that under-hedged positions do not fall short of 95% of the Net Asset Value of the relevant specified Share Class and that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant specified Share Class. | en | de |
DOLFIN9038 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The favourable scenario occurred for an investment between 29/03/2013 and 29/03/2018.
The assets of the subfunds are held separately from the assets of the fund management company and the depositary. Therefore, in case of insolvency of Universal-Investments-Luxembourg S.A you will not lose your investment. | # Das optimistische Szenario trat für eine Anlage zwischen dem 29.03.2013 und dem 29.03.2018 ein.
Die Vermögenswerte der Teilfonds werden separat von den Vermögenswerten der Verwaltungsgesellschaft und der Verwahrstelle gehalten. Sollte Universal- Investments-Luxembourg S.A. zahlungsunfähig werden, verlieren Sie daher nicht Ihre Anlage. | # The favourable scenario occurred for an investment between 29/03/2013 and 29/03/2018.
The assets of the subfunds are held separately from the assets of the fund management company and the depositary. Therefore, in case of insolvency of Universal-Investments-Luxembourg S.A you will not lose your investment. | en | de |
DOLFIN9039 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PAST PERFORMANCE
25%
15%
5%
-5%
-15%
-25%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Please be aware that past performance is not a reliable indicator of future results.
The fees for the ongoing Fund charges are included in the calculation of past performance. The entry/exit fees are excluded from the calculation of past performance.
The Fund was launched in 2010 and the share class was launched in 2010.
Past performance has been calculated in USD.
Fund Index
During the course of 2013 the Fund changed from tracking the dbX Systematic Alpha Index to investing in shares in accordance with the Strategy. No performance has been shown for the dbX Systematic Alpha Index from 2013 onwards.
As from 11-01-2020, the management company changed from DWS Investment S.A. to Alma Capital Investment Management. | # PERFORMANCES PASSÉES
25%
15%
5%
-5%
-15%
-25%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Les performances passées ne constituent pas une indication fiable des performances futures.
Les frais courants du Fonds sont inclus dans le calcul des performances passées. Les frais d'entrée et de sortie sont exclus du calcul des performances passées.
Le Fonds et la catégorie d'actions ont été lancés en 2010.
Les performances passées ont été calculées en dollars américains.
Fonds Indice
Au cours de l'année 2013, le Fonds a cessé de suivre l'indice dbX Systematic Alpha pour investir dans des actions conformément à la Stratégie. Aucune performance n'est indiquée au titre de l'indice dbX Systematic Alpha à partir de 2013.
À partir du 11/01/2020, la société de gestion, DWS Investment S.A., a été remplacée par Alma Capital Investment Management. | # PAST PERFORMANCE
25%
15%
5%
-5%
-15%
-25%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Please be aware that past performance is not a reliable indicator of future results.
The fees for the ongoing Fund charges are included in the calculation of past performance. The entry/exit fees are excluded from the calculation of past performance.
The Fund was launched in 2010 and the share class was launched in 2010.
Past performance has been calculated in USD.
Fund Index
During the course of 2013 the Fund changed from tracking the dbX Systematic Alpha Index to investing in shares in accordance with the Strategy. No performance has been shown for the dbX Systematic Alpha Index from 2013 onwards.
As from 11-01-2020, the management company changed from DWS Investment S.A. to Alma Capital Investment Management. | en | fr |
DOLFIN9040 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Candriam se réserve le droit d’utiliser d’autres projets sous-jacents de REV.
Les projets sélectionnés répondront aux normes les plus strictes de certification du marché (y compris Gold Standard ou VCS) et seront inscrits dans un registre indépendant reconnu (Markit ou équivalent).
Des informations complémentaires sur les projets sélectionnés ainsi que sur l’intermédiaire sont disponibles sur le site Internet de Candriam : https://www.candriam.com/fr/professional/about- us/responsibility/candriam-offsetting-projects2.
L’attention des actionnaires est attirée sur le fait que les REV peuvent être retirées en cas d’événements exceptionnels (erreurs, fraudes, risques politiques, etc.) affectant les projets à l’origine de l’émission des REV, ce qui pourrait avoir un impact sur le mécanisme de compensation carbone. | Candriam se reserva el derecho de utilizar otros proyectos subyacentes de VER.
Los proyectos seleccionados cumplirán las normas más estrictas de certificación del mercado (como Gold Standard o VCS) y figurarán con un registro independiente reconocido (Markit o equivalente).
La información adicional sobre los proyectos seleccionados, así como sobre el intermediario, está disponible en el sitio web de Candriam: https://www.candriam.com/en/professional/about- us/responsibility/candriam-offsetting-projects2.
Los accionistas deben tener en cuenta que que las VER pueden retirarse en caso de hechos excepcionales (errores, fraude, riesgo político, etc.) que afecten a los proyectos en el origen de la VER, lo que podría tener un impacto en el sistema de compensación de carbono. | Candriam se réserve le droit d’utiliser d’autres projets sous-jacents de REV.
Les projets sélectionnés répondront aux normes les plus strictes de certification du marché (y compris Gold Standard ou VCS) et seront inscrits dans un registre indépendant reconnu (Markit ou équivalent).
Des informations complémentaires sur les projets sélectionnés ainsi que sur l’intermédiaire sont disponibles sur le site Internet de Candriam : https://www.candriam.com/fr/professional/about- us/responsibility/candriam-offsetting-projects2.
L’attention des actionnaires est attirée sur le fait que les REV peuvent être retirées en cas d’événements exceptionnels (erreurs, fraudes, risques politiques, etc.) affectant les projets à l’origine de l’émission des REV, ce qui pourrait avoir un impact sur le mécanisme de compensation carbone. | fr | es |
DOLFIN9041 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Le quorum de l’assemblée générale annuelle de la Société est de deux Actionnaires présents (votant en personne ou par procuration).
Si, dans la demi-heure qui suit l’heure fixée pour l’assemblée générale annuelle, le quorum n’est pas atteint, l’assemblée sera ajournée au même jour de la semaine suivante, mêmes heure et lieu, ou à tous autres jour, heure et lieu que les Administrateurs peuvent déterminer.
Si vous détenez des Actions nominatives, vous recevrez un formulaire de procuration avec la présente circulaire. Veuillez lire les notes figurant sur le formulaire, elles vous aideront à le remplir, et nous le renvoyer. Pour être valable, la nomination d’un mandataire doit parvenir au plus tard 48 heures avant l’heure fixée pour l’assemblée générale annuelle, c’est-à-dire au plus tard à 12 h 00 le 12 septembre 2022 (heure d’Irlande). Vous pouvez assister et voter à l’assemblée générale annuelle même si vous avez désigné un mandataire.
- Commissions et fraisLes frais juridiques et administratifs de rédaction et d’application de la modification proposée des Statuts de la Société seront supportés par le Gestionnaire de la Société, PIMCO Global Advisors (Ireland) Limited.
- Recommandation des AdministrateursNous pensons que les résolutions proposées sont dans le meilleur intérêt de l’ensemble des Actionnaires et nous vous recommandons donc de voter en faveur des propositions. Ces propositions ne modifient pas la valeur de vos placements. Nous proposons que la modification des Statuts de la Société telle que suggérée plus haut soit approuvée à l’assemblée générale annuelle de la Société dans le cadre des Affaires spéciales, après que les Affaires générales auront été prises en compte. Nous vous conseillons également de consulter vos propres conseillers fiscaux et juridiques si vous avez des doutes quant à l’action à prendre. | # El quórum necesario para la junta general anual de la Sociedad es de dos Accionistas presentes (en persona o representado por medio de un poder).
Si en la media hora a partir de la hora fijada para la celebración de la junta general anual no hubiera quórum, la junta tendrá lugar el mismo día de la semana siguiente, a la misma hora y en el mismo lugar, u otro día, a otra hora y a otro lugar, según lo determinen los Consejeros.
Si es titular registrado de Acciones, recibirá con esta circular un formulario de representación. Lea las notas impresas en el formulario, que le ayudarán a completarlo y envíenoslo completado. Para que sea válida, la designación de su representante debe ser recibida, como mínimo, 48 horas antes de la hora de celebración de la junta general anual, es decir, a las 12:00 horas del 12 de septiembre de 2022 (hora de Irlanda), a más tardar. Recuerde que siempre puede asistir y votar en la junta general anual aunque haya designado un representante.
- Comisiones y gastosLos costes legales y administrativos incurridos al elaborar e implementar el cambio propuesto en los Estatutos de la Sociedad serán asumidos por la Sociedad Gestora, PIMCO Global Advisors (Ireland) Limited.
- Recomendación del ConsejeroConsideramos que las resoluciones sugeridas son en beneficio de los Accionistas en su conjunto y, por lo tanto, recomendamos que vote a favor de las propuestas. Estas propuestas no cambian el valor de sus inversiones. Proponemos que los cambios sugeridos en los Estatutos de la Sociedad, tal como se mencionó anteriormente, sean aprobados en la junta general anual de la Sociedad bajo la modalidad de asuntos especiales, luego de que se hayan tratado los puntos referidos a los asuntos generales. Si tiene alguna duda respecto a las acciones que debe tomar, le recomendamos que consulte a sus asesores fiscales y legales. | # Le quorum de l’assemblée générale annuelle de la Société est de deux Actionnaires présents (votant en personne ou par procuration).
Si, dans la demi-heure qui suit l’heure fixée pour l’assemblée générale annuelle, le quorum n’est pas atteint, l’assemblée sera ajournée au même jour de la semaine suivante, mêmes heure et lieu, ou à tous autres jour, heure et lieu que les Administrateurs peuvent déterminer.
Si vous détenez des Actions nominatives, vous recevrez un formulaire de procuration avec la présente circulaire. Veuillez lire les notes figurant sur le formulaire, elles vous aideront à le remplir, et nous le renvoyer. Pour être valable, la nomination d’un mandataire doit parvenir au plus tard 48 heures avant l’heure fixée pour l’assemblée générale annuelle, c’est-à-dire au plus tard à 12 h 00 le 12 septembre 2022 (heure d’Irlande). Vous pouvez assister et voter à l’assemblée générale annuelle même si vous avez désigné un mandataire.
- Commissions et fraisLes frais juridiques et administratifs de rédaction et d’application de la modification proposée des Statuts de la Société seront supportés par le Gestionnaire de la Société, PIMCO Global Advisors (Ireland) Limited.
- Recommandation des AdministrateursNous pensons que les résolutions proposées sont dans le meilleur intérêt de l’ensemble des Actionnaires et nous vous recommandons donc de voter en faveur des propositions. Ces propositions ne modifient pas la valeur de vos placements. Nous proposons que la modification des Statuts de la Société telle que suggérée plus haut soit approuvée à l’assemblée générale annuelle de la Société dans le cadre des Affaires spéciales, après que les Affaires générales auront été prises en compte. Nous vous conseillons également de consulter vos propres conseillers fiscaux et juridiques si vous avez des doutes quant à l’action à prendre. | fr | es |
DOLFIN9042 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# NUMBER OF UNITS OUTSTANDING AND NET ASSET VALUE PER UNIT
| Unit | Type of unit | Net assets per unit | Number of units outstanding | Net asset value per unit |
| --- | --- | --- | --- | --- |
| NATIXIS SOLUTIONS SEEYOND PROTECT 85 R units | A | 10,073,661.31 | 9,713.787 | 1,037.04 |
- SECURITIES PORTFOLIO ITEMS
| Securities portfolio items | Percentage of net assets* | Total percentage of assets** |
| --- | --- | --- |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. And B) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. | 77.73 | 70.79 |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market in a third country that is regulated, operates regularly and is recognised and open to the public, provided that said stock exchange or market does not appear on a list drawn up by the AMF (Autorité des marchés financiers — French Financial Markets Authority) or that the selection of said stock exchange or market is made in accordance with the law or the regulations or articles of association of the undertaking for collective investment in transferable securities. | 4.30 | 3.92 |
| D) Newly issued eligible financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. | 0.00 | 0.00 |
| E) Other assets. | 9.51 | 8.66 |
* Please refer to f) in the statement of net assets.
** Please refer to d) in the statement of net assets.
- | # NOMBRE DE PARTS EN CIRCULATION ET VALEUR NETTE D'INVENTAIRE PAR PART
| Part | Type de part | Actif net par part | Nombre de parts en circulation | Valeur nette d'inventaire par part |
| --- | --- | --- | --- | --- |
| NATIXIS SOLUTIONS SEEYOND PROTECT 85 Part R | C | 10 073 661,31 | 9 713,787 | 1 037,04 |
- ELÉMENTS DU PORTEFEUILLE TITRES
| Eléments du portefeuille titres | Pourcentage actif net * | Pourcentage total des actifs ** |
| --- | --- | --- |
| A) Les titres financiers éligibles et les instruments du marché monétaire admis à la négociation sur un marché réglementé au sens de l'article L. 422-1 du code monétaire et financier. Et B) Les titres financiers éligibles et les instruments du marché monétaire admis à la négociation sur un autre marché réglementé, en fonctionnement régulier, reconnu, ouvert au public et dont le siège est situé dans un Etat membre de l'Union européenne ou dans un autre Etat partie à l'accord sur l'Espace économique européen. | 77,73 | 70,79 |
| C) Les titres financiers éligibles et les instruments du marché monétaire admis à la cote officielle d'une bourse de valeurs d'un pays tiers ou négociés sur un autre marché d'un pays tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public, pour autant que cette bourse ou ce marché ne figure pas sur une liste établie par l'Autorité des marchés financiers ou que le choix de cette bourse ou de ce marché soit prévu par la loi ou par le règlement ou les statuts de l'organisme de placement collectif en valeurs mobilières. | 4,30 | 3,92 |
| D) Les titres financiers éligibles nouvellement émis mentionnés au 4° du I de l'article R. 214-11 du code monétaire et financier. | 0,00 | 0,00 |
| E) Les autres actifs. | 9,51 | 8,66 |
* Se reporter au f) de l’état du patrimoine
** Se reporter au d) de l’état du patrimoine
- | # NUMBER OF UNITS OUTSTANDING AND NET ASSET VALUE PER UNIT
| Unit | Type of unit | Net assets per unit | Number of units outstanding | Net asset value per unit |
| --- | --- | --- | --- | --- |
| NATIXIS SOLUTIONS SEEYOND PROTECT 85 R units | A | 10,073,661.31 | 9,713.787 | 1,037.04 |
- SECURITIES PORTFOLIO ITEMS
| Securities portfolio items | Percentage of net assets* | Total percentage of assets** |
| --- | --- | --- |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. And B) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. | 77.73 | 70.79 |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market in a third country that is regulated, operates regularly and is recognised and open to the public, provided that said stock exchange or market does not appear on a list drawn up by the AMF (Autorité des marchés financiers — French Financial Markets Authority) or that the selection of said stock exchange or market is made in accordance with the law or the regulations or articles of association of the undertaking for collective investment in transferable securities. | 4.30 | 3.92 |
| D) Newly issued eligible financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. | 0.00 | 0.00 |
| E) Other assets. | 9.51 | 8.66 |
* Please refer to f) in the statement of net assets.
** Please refer to d) in the statement of net assets.
- | en | fr |
DOLFIN9043 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to low. Liquidity risks may arise when a specific underlying investment is difficult to sell. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment. Hedging share classes, a method to try to manage specific currency risk, may lead to additional credit risk and to residual market risk depending on the effectiveness of the hedging performed. | Puede que los datos históricos, como los empleados para el cálculo de este indicador, no ofrezcan una indicación fiable del perfil de riesgo futuro de este fondo. No existen garantías de que el indicador del riesgo se mantenga sin cambios, ya que puede variar con el tiempo. La categoría de riesgo mínima no implica que la inversión esté exenta de riesgo.
Este fondo es de categoría 6, debido al comportamiento del producto durante el periodo analizado. El riesgo de mercado general, teniendo en cuenta la rentabilidad histórica y la posible evolución de los mercados en el futuro, asociado con los valores y/o instrumentos financieros empleados para alcanzar el objetivo de inversión se considera alto.
Son varios los factores que afectan a estos instrumentos financieros. Entre ellos se incluyen, a título meramente enunciativo, la evolución del mercado financiero, la evolución económica de los emisores de dichos instrumentos financieros, que a su vez se ven afectados por la situación económica mundial en general, y las condiciones políticas y económicas de cada país. El riesgo de liquidez del subfondo se considera bajo.
Pueden surgir riesgos de liquidez en aquellos casos en que una inversión subyacente concreta sea difícil de vender. Las inversiones en una región geográfica específica están más concentradas que las realizadas en varias regiones. No se ofrece ninguna garantía con respecto a la recuperación de la inversión inicial. La cobertura de las clases de acciones, un método para tratar de gestionar el riesgo de divisas específico, puede provocar un riesgo de crédito adicional y un mayor riesgo de mercado, en función de la cobertura constituida. | Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
These financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of these financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to low. Liquidity risks may arise when a specific underlying investment is difficult to sell. Investments in a specific geographic area are more concentrated than investments in various geographic areas. No guarantee is provided as to the recovery of the initial investment. Hedging share classes, a method to try to manage specific currency risk, may lead to additional credit risk and to residual market risk depending on the effectiveness of the hedging performed. | en | es |
DOLFIN9044 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Key Information Document
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.
Pilatus Invest Income EUR Klasse I
ISIN: CH0252818072 | Basisinformationsblatt
Dieses Informationsblatt stellt Ihnen wesentliche Informationen über dieses Anlageprodukt zur Verfügung. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen dabei zu helfen, die Art, das Risiko, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen, und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen.
Pilatus Invest Income EUR Klasse I
ISIN: CH0252818072 | Key Information Document
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.
Pilatus Invest Income EUR Klasse I
ISIN: CH0252818072 | en | de |
DOLFIN9045 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- a credit institution authorised within a signatory state, other than a Member State of the EEA, to the Basel Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan, United States);
- a credit institution authorised in Jersey, Guernsey, the Isle of Man, Australia or New Zealand;
- an investment firm, authorised in accordance with the Markets in Financial Instruments Directive;
- a group company of an entity issued with a bank holding company licence from the Federal Reserve of the United States of America where that group company is subject to bank holding company consolidated supervision by that Federal Reserve.
| | - una entidad de crédito autorizada en un Estado signatario (distinto de los Estados miembros del EEE) del Acuerdo sobre Convergencia del Capital de Basilea de julio de 1988 (Suiza, Canadá, Japón, Estados Unidos);
- una entidad de crédito autorizada en Jersey, Guernsey, la Isla de Man, Australia o Nueva Zelanda;
- una sociedad de inversión autorizada con arreglo a la Directiva sobre Mercados de Instrumentos Financieros;
- una empresa perteneciente a un grupo de una entidad que cuenta con licencia de holding bancario de la Reserva Federal de Estados Unidos cuando dicha empresa está sujeta a la supervisión consolidada de holdings bancarios por parte de la Reserva Federal.
| | - a credit institution authorised within a signatory state, other than a Member State of the EEA, to the Basel Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan, United States);
- a credit institution authorised in Jersey, Guernsey, the Isle of Man, Australia or New Zealand;
- an investment firm, authorised in accordance with the Markets in Financial Instruments Directive;
- a group company of an entity issued with a bank holding company licence from the Federal Reserve of the United States of America where that group company is subject to bank holding company consolidated supervision by that Federal Reserve.
| | en | es |
DOLFIN9046 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The counterparty of the above swap contracts are MORGAN STANLEY BANK AG GERMANY and J.P. MORGAN AG FRANKFURT.
The unrealised gain/(loss) result on Credit Default Swaps contracts as at September 30, 2021 is included in the statement of net assets of the Sub-Fund.
As at September 30, 2021, the following Inflation Swaps contracts were outstanding: | Les contreparties aux contrats de swaps ci-dessus sont MORGAN STANLEY BANK AG GERMANY et J.P. MORGAN AG FRANKFURT.
La plus-value (moins-value) non réalisée sur les contrats de CDS au 30 septembre 2021 figure dans l'état des actifs nets du Compartiment.
Au 30 septembre 2021, les contrats Inflation Swaps suivants sont en cours: | The counterparty of the above swap contracts are MORGAN STANLEY BANK AG GERMANY and J.P. MORGAN AG FRANKFURT.
The unrealised gain/(loss) result on Credit Default Swaps contracts as at September 30, 2021 is included in the statement of net assets of the Sub-Fund.
As at September 30, 2021, the following Inflation Swaps contracts were outstanding: | en | fr |
DOLFIN9047 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Implications of the merger of investment funds
Mergers of a domestic investment fund with another domestic investment fund which are subject to the same partial exemption rate do not result in the disclosure of hidden reserves either at investor level or at the level of the investment funds concerned; in other words, this process is tax-neutral. If the investors in the transferring investment fund receive a cash payment as stipulated in the merger plan8, this shall be treated in the same manner as a distribution.
If the applicable partial exemption rate for the transferring investment fund differs from that of the absorbing investment fund, then investment units in the transferring investment fund are deemed to be sold and those in the absorbing investment fund are deemed to be purchased. The profit arising from the fictitious sale is deemed to have accrued only when the investment unit in the absorbing investment fund is actually sold. | # Folgen der Verschmelzung von Investmentfonds
In den Fällen der Verschmelzung eines inländischen Investmentfonds auf einen anderen inländischen Investmentfonds, bei denen derselbe Teilfreistellungssatz zur Anwendung kommt, kommt es weder auf der Ebene der Anleger noch auf der Ebene der beteiligten Investmentfonds zu einer Aufdeckung von stillen Reserven, d.h. dieser Vorgang ist steuerneutral. Erhalten die Anleger des übertragenden Investmentfonds eine im Verschmelzungsplan vorgesehene Barzahlung,8 ist diese wie eine Ausschüt- tung zu behandeln.
Weicht der anzuwendende Teilfreistellungssatz des übertragenden von demjenigen des übernehmen- den Investmentfonds ab, dann gilt der Investmentanteil des übertragenden Investmentfonds als veräu- ßert und der Investmentanteil des übernehmenden Investmentfonds als angeschafft. Der Gewinn aus der fiktiven Veräußerung gilt erst als zugeflossen, sobald der Investmentanteil des übernehmenden Investmentfonds tatsächlich veräußert wird. | # Implications of the merger of investment funds
Mergers of a domestic investment fund with another domestic investment fund which are subject to the same partial exemption rate do not result in the disclosure of hidden reserves either at investor level or at the level of the investment funds concerned; in other words, this process is tax-neutral. If the investors in the transferring investment fund receive a cash payment as stipulated in the merger plan8, this shall be treated in the same manner as a distribution.
If the applicable partial exemption rate for the transferring investment fund differs from that of the absorbing investment fund, then investment units in the transferring investment fund are deemed to be sold and those in the absorbing investment fund are deemed to be purchased. The profit arising from the fictitious sale is deemed to have accrued only when the investment unit in the absorbing investment fund is actually sold. | en | de |
DOLFIN9048 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increaseThere is no capital guarantee and no capital protection. | I dati storici utilizzati per la determinazione della categoria di rischio e rendimento non possono essere considerati un'indicazione attendibile del profilo di rischio futuro.
La categoria di rischio e rendimento indicata può essere soggetta a variazioni. L'inserimento in una categoria può variare nel corso del tempo.
La categoria di rischio più bassa non può essere equiparata a un investimento privo di rischi.
Criteri per la classificazione nelle cat. di rischio e rendimento:
- Curva dei tassi
- Maggiorazione del tasso d'interesseNon esiste alcuna garanzia o protezione del capitale. | The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increaseThere is no capital guarantee and no capital protection. | en | it |
DOLFIN9049 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Where a Sub-Fund enters into OTC financial derivative transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure shall comply with the following criteria at all times:
- any collateral received other than cash shall be highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing in order that it can be sold quickly at a price that is close to pre-sale valuation. Collateral received shall also comply with the provisions of section “Investment Restrictions” paragraph C. (b) above.
- collateral received shall be valued in accordance with the rules described under section “Determination of the Net Asset Value” on at least a daily basis. Assets that exhibit high price volatility shall not be accepted as collateral unless suitably conservative haircuts are in place.
- collateral received shall be of high quality.
- the collateral received shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
- collateral shall be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if the Company receives from a counterparty of efficient portfolio management and over-the-counter financial derivative transactions a basket of collateral with a maximum exposure to a given issuer of 20% of its net asset value. When the Company is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a single issuer.
- Where there is a title transfer, the collateral received shall be held by the Custodian. For other types of collateral arrangement, the collateral can be held by a third party Depositary which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- Collateral received shall be capable of being fully enforced by the relevant Sub-Fund at any time without reference to or approval from the counterparty.
- Non-cash collateral received shall not be sold, re-invested or pledged. | Qualora un Comparto effettui operazioni finanziarie in derivati OTC o utilizzi tecniche di gestione efficiente del portafoglio, tutte le garanzie utilizzate per ridurre l'esposizione al rischio di controparte devono costantemente rispettare i seguenti criteri:
- qualsiasi garanzia ricevuta, diversa dal denaro contante, deve essere altamente liquidabile e negoziata in un mercato regolamentato o in un sistema multilaterale di negoziazione con prezzi trasparenti, in modo che possa essere venduta rapidamente e ad un prezzo vicino a quello di pre-vendita. Le garanzie ricevute devono inoltre soddisfare anche le disposizioni dell’Appendice "Restrizioni agli Investimenti", paragrafo C. (b).
- la garanzia ricevuta deve essere valutata secondo le regole descritte nella sezione "Valore Patrimoniale Netto" almeno su base giornaliera. Le attività che presentano elevata volatilità dei prezzi non saranno accettate come collaterale a meno che non vengano poste in essere adeguati meccanismi di riduzione prudenziale del valore.
- la garanzia ricevuta deve essere di elevata qualità.
- la garanzia ricevuta deve essere emessa da un'entità indipendente dalla controparte e non deve mostrare un'elevata correlazione con le performance della controparte.
- la garanzia deve essere sufficientemente diversificata in termini di paese, mercati ed emittenti. Il criterio di diversificazione sufficiente, rispetto alla concentrazione degli emittenti, si considera rispettato se la Società riceve da una controparte un paniere di garanzie, con un’esposizione massima ad uno specifico emittente non superiore al 20% del suo valore patrimoniale netto. Quando la Società è esposta a diverse controparti, i diversi panieri di garanzie devono essere aggregati per calcolare il limite del 20% di esposizione a un singolo emittente.
- In caso di trasferimento del titolo, la garanzia ricevuta sarà detenuta presso la Banca Depositaria. Per altri tipi di contratto di garanzia, la garanzia potrà essere detenuta presso un terzo depositario, posto che lo stesso sia soggetto a vigilanza prudenziale e che sia indipendente dal fornitore della garanzia.
- la garanzia ricevuta deve essere pienamente escutibile dal relativo Comparto in qualsiasi momento, senza alcun necessità di preventiva approvazione della controparte.
- le garanzia non fornita in contanti non sarà ceduta, reinvestita o costituita in pegno. | Where a Sub-Fund enters into OTC financial derivative transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure shall comply with the following criteria at all times:
- any collateral received other than cash shall be highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing in order that it can be sold quickly at a price that is close to pre-sale valuation. Collateral received shall also comply with the provisions of section “Investment Restrictions” paragraph C. (b) above.
- collateral received shall be valued in accordance with the rules described under section “Determination of the Net Asset Value” on at least a daily basis. Assets that exhibit high price volatility shall not be accepted as collateral unless suitably conservative haircuts are in place.
- collateral received shall be of high quality.
- the collateral received shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
- collateral shall be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if the Company receives from a counterparty of efficient portfolio management and over-the-counter financial derivative transactions a basket of collateral with a maximum exposure to a given issuer of 20% of its net asset value. When the Company is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a single issuer.
- Where there is a title transfer, the collateral received shall be held by the Custodian. For other types of collateral arrangement, the collateral can be held by a third party Depositary which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- Collateral received shall be capable of being fully enforced by the relevant Sub-Fund at any time without reference to or approval from the counterparty.
- Non-cash collateral received shall not be sold, re-invested or pledged. | en | it |
DOLFIN9050 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement : 10 000 EUR | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 352 EUR | 1942 EUR |
| Incidence des coûts annuels (*) | 3,83 % | 2,97 % | | | Inversión: 10 000 EUR | En caso de salida después de 1 Año | En caso de salida después de 5 Años |
| --- | --- | --- |
| Costes totales | 352 EUR | 1942 EUR |
| Incidencia anual de los costes (*) | 3,83 % | 2,97 % | | | Investissement : 10 000 EUR | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 352 EUR | 1942 EUR |
| Incidence des coûts annuels (*) | 3,83 % | 2,97 % | | fr | es |
DOLFIN9051 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio Activity
### The underweight exposure to duration was slightly increased.
### Overall, the spread duration overweight was slightly increased. The overweight exposure to government-related bonds was increased, particularly within developed markets. | # ATTIVITÀ DEL PORTAFOGLIO
### La sottoesposizione alla duration è stata leggermente incrementata.
### Nel complesso, il sovrappeso nella spread duration è stato leggermente aumentato. Il sovrappeso nei titoli di enti pubblici è stato aumentato, sia nei mercati sviluppati che nei mercati emergenti. | # Portfolio Activity
### The underweight exposure to duration was slightly increased.
### Overall, the spread duration overweight was slightly increased. The overweight exposure to government-related bonds was increased, particularly within developed markets. | en | it |
DOLFIN9052 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS COMPLEMENTAIRES
© 2022 Morningstar. Tous droits réservés. Les informations contenues dans le présent document : (1) appartiennent exclusivement à Morningstar et/ou à ses fournisseurs de contenus ; (2) ne peuvent être copiées ni distribuées ; et (3) peuvent ne pas se révéler exactes, complètes ou actuelles. Ni Morningstar ni ses fournisseurs de contenus ne sont responsables des dommages ou des pertes engendrés par l’utilisation de ces informations. La performance passée n’est pas une garantie des résultats futurs. Pour plus d’informations concernant la méthodologie de classement, rendez-vous sur www.morningstar.com
« Bloomberg® » et « Bloomberg Global Aggregate – Corporate Bond Index Hedged to USD » sont des marques de service de Bloomberg Finance L.P. et de ses filiales, y compris Bloomberg Index Services Limited (« BISL »), l'administrateur de l'indice (collectivement, « Bloomberg ») et ont fait l'objet d'une licence d'utilisation pour certaines utilisations par T. Rowe Price. Bloomberg n'est pas affilié à T. Rowe Price, et Bloomberg
n'approuve, ne soutient, n'examine ni ne recommande le fonds T. Rowe Price Funds SICAV Responsible Global Investment Grade Corporate Bond Fund. Bloomberg ne garantit pas l’à-propos, l'exactitude ou l'exhaustivité des données ou informations relatives au fonds T. Rowe Price Funds SICAV Responsible Global Investment Grade Corporate Bond Fund.
Certains chitfres mentionnés dans ce rapport sont susceptibles de ne pas fournir un compte juste en raison des arrondis et/ou de l'exclusion des liquidités. | # INFORMACIÓN ADICIONAL
© 2022 Morningstar. Todos los derechos reservados. La información contenida aquí: (1) es propiedad de Morningstar y/o de sus proveedores de contenido; (2) no puede ser copiada ni distribuida; y (3) no se garantiza que sea correcta, completa o actualizada. Ni Morningstar ni sus proveedores de contenido se hacen responsables de ningún perjuicio o pérdida derivados de la utilización de esta información. La rentabilidad anterior no es garantía de resultados futuros. Para más información sobre la metodología de las calificaciones, visite www.morningstar.com
“Bloomberg®” y Bloomberg Global Aggregate – Corporate Bond Index Hedged to USD son marcas de servicio de Bloomberg Finance L.P. y sus filiales, incluida Bloomberg Index Services Limited (“BISL”), la administradora del índice (conjuntamente, “Bloomberg”) y T. Rowe Price ha obtenido una licencia de uso de los mismos para ciertos fines. Bloomberg no es una filial de T. Rowe Price, ni aprueba, respalda o recomienda el fondo Responsible Global Investment Grade Corporate Bond de T. Rowe Price Funds SICAV. Bloomberg no garantiza que los datos o la información referente al fondo Responsible Global Investment Grade Corporate Bond de T. Rowe Price Funds SICAV estén actualizados, sean exactos o exhaustivos.
Algunos números de este informe pueden no coincidir debido al redondeo y/o la exclusión del efectivo. | # INFORMATIONS COMPLEMENTAIRES
© 2022 Morningstar. Tous droits réservés. Les informations contenues dans le présent document : (1) appartiennent exclusivement à Morningstar et/ou à ses fournisseurs de contenus ; (2) ne peuvent être copiées ni distribuées ; et (3) peuvent ne pas se révéler exactes, complètes ou actuelles. Ni Morningstar ni ses fournisseurs de contenus ne sont responsables des dommages ou des pertes engendrés par l’utilisation de ces informations. La performance passée n’est pas une garantie des résultats futurs. Pour plus d’informations concernant la méthodologie de classement, rendez-vous sur www.morningstar.com
« Bloomberg® » et « Bloomberg Global Aggregate – Corporate Bond Index Hedged to USD » sont des marques de service de Bloomberg Finance L.P. et de ses filiales, y compris Bloomberg Index Services Limited (« BISL »), l'administrateur de l'indice (collectivement, « Bloomberg ») et ont fait l'objet d'une licence d'utilisation pour certaines utilisations par T. Rowe Price. Bloomberg n'est pas affilié à T. Rowe Price, et Bloomberg
n'approuve, ne soutient, n'examine ni ne recommande le fonds T. Rowe Price Funds SICAV Responsible Global Investment Grade Corporate Bond Fund. Bloomberg ne garantit pas l’à-propos, l'exactitude ou l'exhaustivité des données ou informations relatives au fonds T. Rowe Price Funds SICAV Responsible Global Investment Grade Corporate Bond Fund.
Certains chitfres mentionnés dans ce rapport sont susceptibles de ne pas fournir un compte juste en raison des arrondis et/ou de l'exclusion des liquidités. | fr | es |
DOLFIN9053 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As used in the Prospectus, but subject to such changes as may be communicated to applicants for or transferees of Shares, ‘three percent owner’ means any person, firm or corporate body which as a legal or beneficial holder owns more than three percent of the number of Shares in the Fund from time to time outstanding.
As used in the Prospectus, but subject to US applicable law and to such changes as may be communicated to applicants for or transferees of Shares, ‘US Person’ means:
- a citizen or resident of the United States of America;
- a partnership, corporation, limited liability company or similar entity, organised or incorporated under the laws of the United States of America, or an entity taxed as such or subject to filing a tax return as such under the United States federal income tax laws;
- any estate or trust the executor, administrator or trustee of which is a US Person unless, in the case of trusts of which any professional fiduciary acting as trustee is a US Person, a trustee who is not a US Person has sole or shared investment discretion with respect to trust assets, the trust has not elected to be a US Person for US federal income tax purposes, and no beneficiary of the trust (and no settlor if the trust is revocable) is a US Person;
- any estate or trust the income of which from sources without the United States of America is includible in gross income for purposes of computing United States income tax payable by it;
- any agency or branch of a foreign entity located in the United States of America;
- any discretionary or non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary located within or outside the United States of America for the benefit or account of a US Person;
- any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organised, incorporated or (if an individual) resident in the United States of America, except that any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-US Person by a dealer or other professional fiduciary organised, incorporated or (if an individual) resident in the United States of America shall not be deemed a US Person;
- any firm, corporation or other entity, regardless of citizenship, domicile, situs or residence if, under the income tax laws of the United States of America from time to time in effect, any portion of the income thereof would be taxable to a US Person even if not distributed, other than a passive foreign investment company;
- any partnership, corporation or other entity if (A) organised or incorporated under the laws of any foreign jurisdiction and (B) owned or formed by a US Person or Persons principally for the purpose of investing in securities not registered under the US Securities Act of 1933 (including but not limited to Shares of the Fund);
- any employee benefit plan unless such employee benefit plan is established and administered in accordance with the law of a country other than the United States of America and customary practices and documentation of such country and is maintained primarily for the benefit of persons substantially all of whom are non-resident aliens with respect to the United States of America; and
- any other person or entity whose ownership of Shares or solicitation for ownership of Shares that Fidelity Investments Institutional Services Company Inc., FIL Distributors International Limited or the Fund, acting through their officers or directors, shall determine may violate any securities law of the United States of America or any state or other jurisdiction thereof. | Secondo quanto precisato nel Prospetto, e ferme restando le variazioni eventualmente comunicate a chi richiede la registrazione o il trasferimento di Azioni, con “proprietario del tre per cento” s’intende qualsiasi soggetto, persona fisica o giuridica, che come proprietario legale o beneficiario detenga più del tre per cento del numero di Azioni della SICAV al momento in circolazione.
Secondo quanto precisato nel Prospetto, ma subordinatamente alle leggi statunitensi applicabili e ai cambiamenti che possano essere comunicati ai richiedenti o ai trasferenti le azioni, il termine “Soggetto statunitense” indica:
- un cittadino o residente degli Stati Uniti d’America;
- una società di persone, società di capitali, società a responsabilità limitata o entità simile, organizzata o costituita ai sensi del diritto degli Stati Uniti d’America oppure un’entità tassata come tale o assoggettata come tale a dichiarazione delle imposte ai sensi della legislazione statunitense delle imposte sul reddito;
- un patrimonio o un trust il cui esecutore, curatore o fiduciario sia un Soggetto statunitense a meno che, nel caso di trust il cui fiduciario sia un affidatario di professione rispondente ai criteri di Soggetto statunitense, un fiduciario che non sia Soggetto statunitense abbia discrezionalità esclusiva o condivisa in materia di investimenti in relazione all’attivo del trust, il trust non abbia scelto di essere un Soggetto statunitensi ai fini dell’imposta federale sul reddito, e nessun beneficiario del trust (e nessun costituente se il trust è revocabile) sia un Soggetto statunitense;
- un patrimonio o trust il cui reddito da fonti esterne agli Stati Uniti d’America si possa includere nel reddito lordo ai fini del calcolo delle imposte statunitensi sul reddito da esso dovute;
- un’agenzia o filiale di un’entità straniera situata negli Stati Uniti d’America;
- un conto amministrato o non amministrato oppure un conto simile (ad eccezione di un patrimonio o un trust) tenuto da un intermediario o altro fiduciario situato negli o al di fuori degli Stati Uniti d’America a favore o per conto di un Soggetto statunitense;
- un conto amministrato o un conto simile (ad eccezione di un patrimonio o un trust) tenuto da un intermediario o altro fiduciario organizzato, costituito o (se persona fisica) residente negli Stati Uniti d’America, a eccezione di un conto amministrato o conto simile (ad eccezione di un patrimonio o trust) tenuto a favore o per conto di un Soggetto non statunitense da un intermediario o altro fiduciario professionista organizzato, costituito o (se persona fisica) residente negli Stati Uniti d’America, che non sarà considerato Soggetto statunitense;
- un’impresa, società o altra entità, indipendentemente da cittadinanza, domicilio, stato o residenza qualora, ai sensi della legislazione statunitense delle imposte sul reddito al momento vigente, una percentuale del reddito corrispondente sia tassabile per un Soggetto statunitense anche in caso di mancata distribuzione, ad eccezione di una società d’investimento estera passiva;
- una società di persone, società di capitali o altra entità se (A) organizzata o costituita ai sensi del diritto di qualsiasi paese estero e (B) posseduta o formata da un Soggetto statunitense o da Soggetti statunitensi principalmente al fine di investire in titoli non registrati ai sensi dello US Securities Act del 1933 (incluse – senza intento limitativo – Azioni della SICAV);
- un piano previdenziale per i dipendenti, a meno che siffatto piano non sia costituito e amministrato in conformità alle leggi di un paese diverso dagli Stati Uniti d’America e alla documentazione e prassi consuete in tale paese e sia tenuto principalmente a favore di soggetti tutti sostanzialmente stranieri non residenti in riferimento agli Stati Uniti d’America, e
- qualsiasi altra persona fisica o giuridica il cui possesso di Azioni o la cui richiesta di possedere Azioni in Fidelity Investments Institutional Services Company Inc., FIL Distributors International Limited o SICAV, agendo tramite i rispettivi funzionari o amministratori, possa violare il diritto dei valori mobiliari degli Stati Uniti d’America o di qualsiasi stato o giurisdizione statunitense. | As used in the Prospectus, but subject to such changes as may be communicated to applicants for or transferees of Shares, ‘three percent owner’ means any person, firm or corporate body which as a legal or beneficial holder owns more than three percent of the number of Shares in the Fund from time to time outstanding.
As used in the Prospectus, but subject to US applicable law and to such changes as may be communicated to applicants for or transferees of Shares, ‘US Person’ means:
- a citizen or resident of the United States of America;
- a partnership, corporation, limited liability company or similar entity, organised or incorporated under the laws of the United States of America, or an entity taxed as such or subject to filing a tax return as such under the United States federal income tax laws;
- any estate or trust the executor, administrator or trustee of which is a US Person unless, in the case of trusts of which any professional fiduciary acting as trustee is a US Person, a trustee who is not a US Person has sole or shared investment discretion with respect to trust assets, the trust has not elected to be a US Person for US federal income tax purposes, and no beneficiary of the trust (and no settlor if the trust is revocable) is a US Person;
- any estate or trust the income of which from sources without the United States of America is includible in gross income for purposes of computing United States income tax payable by it;
- any agency or branch of a foreign entity located in the United States of America;
- any discretionary or non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary located within or outside the United States of America for the benefit or account of a US Person;
- any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organised, incorporated or (if an individual) resident in the United States of America, except that any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-US Person by a dealer or other professional fiduciary organised, incorporated or (if an individual) resident in the United States of America shall not be deemed a US Person;
- any firm, corporation or other entity, regardless of citizenship, domicile, situs or residence if, under the income tax laws of the United States of America from time to time in effect, any portion of the income thereof would be taxable to a US Person even if not distributed, other than a passive foreign investment company;
- any partnership, corporation or other entity if (A) organised or incorporated under the laws of any foreign jurisdiction and (B) owned or formed by a US Person or Persons principally for the purpose of investing in securities not registered under the US Securities Act of 1933 (including but not limited to Shares of the Fund);
- any employee benefit plan unless such employee benefit plan is established and administered in accordance with the law of a country other than the United States of America and customary practices and documentation of such country and is maintained primarily for the benefit of persons substantially all of whom are non-resident aliens with respect to the United States of America; and
- any other person or entity whose ownership of Shares or solicitation for ownership of Shares that Fidelity Investments Institutional Services Company Inc., FIL Distributors International Limited or the Fund, acting through their officers or directors, shall determine may violate any securities law of the United States of America or any state or other jurisdiction thereof. | en | it |
DOLFIN9054 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | Exposure |
| --- | --- |
| Developed Markets | |
| North America | 88.96% |
| Europe | 8.90% |
| Middle East & Africa | 0.59% |
| Net Liquid Assets | |
| Net Liquid Assets | 5.63% |
| Emerging Markets | |
| Asia Pacific | 3.79% |
| Other | -2.92% |
| Other | |
| Other | -64.67% |
| For entire portfolio including derivatives | | | | | Exposición |
| --- | --- |
| Mercados desarrollados | |
| América del Norte | 88,96 % |
| Europa | 8,90 % |
| Middle East & Africa | 0,59 % |
| Activos líquidos netos | |
| Activos líquidos netos | 5,63 % |
| Mercados Emergentes | |
| Asia Pacific | 3,79 % |
| Otros | -2,92 % |
| Otros | |
| Otros | -64,67 % |
| Para toda la cartera, incluidos los derivados | | | | | Exposure |
| --- | --- |
| Developed Markets | |
| North America | 88.96% |
| Europe | 8.90% |
| Middle East & Africa | 0.59% |
| Net Liquid Assets | |
| Net Liquid Assets | 5.63% |
| Emerging Markets | |
| Asia Pacific | 3.79% |
| Other | -2.92% |
| Other | |
| Other | -64.67% |
| For entire portfolio including derivatives | | | en | es |
DOLFIN9055 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Teneur de Registre et Agent de Transfert International Financial Data Services (Luxembourg) S.A., Bishops Square Redmond’s Hill Dublin 2 Irlande Téléphone : +353 1 242 5453 Fax : +353 1 562 5537 | Investisseurs suisses Représentant et agent payeur BNP Paribas Succursale de Zurich Selnaustrasse 16 8002 Zurich Vous pouvez obtenir gratuitement l’extrait du prospectus, les documents d’informations clés pour l’investisseur en Suisse, les statuts de la Société, ainsi que les rapports annuels et semestriels auprès du représentant et de l’agent payeur pour la Suisse. |
| --- | --- |
| Investisseurs allemands Prestataire de services de facilités Janus Henderson Investors Europe S.A. 2 Rue de Bitbourg, L-123, Luxembourg Les Prospectus et DICI pertinents, le Certificat d’immatriculation et les Statuts, ainsi que les rapports annuels et semestriels, sont disponibles gratuitement au format papier. | Investisseurs belges Agent des facilités Janus Henderson Investors Europe S.A. 2 Rue de Bitbourg, L-1273, Luxembourg Les DICI (en français et en anglais), le Prospectus, les Statuts, les comptes annuels révisés et le rapport (en anglais) de la Société sont disponibles gratuitement auprès du siège social de la Société et de l’agent de facilités. |
| Investisseurs singapouriens Représentant à Singapour Janus Henderson Investors (Singapore) Limited, Level 34 - Unit 03-04, 138 Market Street, CapitaGreen Singapour 048946 Le Prospectus, le Feuillet d’information sur les produits, les Statuts, ainsi que les rapports annuel et semestriel de la Société peuvent être obtenus gratuitement auprès de notre représentant à Singapour. | | | | Agente de registro y transferencias International Financial Data Services (Luxembourg) S.A., Bishops Square Redmond’s Hill Dublín 2 Irlanda Número de teléfono: +353 1 242 5453 Número de fax: +353 1 562 5537 | Inversores suizos Representante y Agente de pagos BNP Paribas Sucursal de Zúrich Selnaustrasse 16, 8002 Zúrich El Extracto del folleto, los Documentos de datos fundamentales para el inversor suizo (KIID, por sus siglas en inglés), los Estatutos sociales y los Informes anuales y semestrales pueden obtenerse de forma gratuita a través del representante y agente de pagos en Suiza. |
| --- | --- |
| Inversores alemanes Proveedor de servicios Janus Henderson Investors Europe S.A. 2 Rue de Bitbourg, L-123, Luxemburgo El Folleto, los Documentos de datos fundamentales para el inversor (KIID, por sus siglas en inglés), el Acta de constitución y los Estatutos sociales, así como los informes anuales y semestrales correspondientes, están disponibles de forma gratuita y en papel en la dirección estipulada. | Inversores belgas Agente de servicios Janus Henderson Investors Europe S.A. 2 Rue de Bitbourg, L-1273, Luxemburgo Los Documentos de datos fundamentales para el inversor (KIID, por sus siglas en inglés) (versiones en inglés y francés), el Folleto, los Estatutos, y el informe y las cuentas anuales auditadas (en inglés) de la Sociedad pueden obtenerse de forma gratuita en el domicilio social de la Sociedad, así como a través del agente de servicios. |
| Inversores de Singapur Representante en Singapur Janus Henderson Investors (Singapore) Limited, Level 34 - Unit 03-04, 138 Market Street, CapitaGreen Singapur 048946 El Folleto, la Ficha de aspectos destacados del producto («PHS», por sus siglas en inglés), los Estatutos, así como los informes anuales y semestrales de la Sociedad, podrán obtenerse de forma gratuita del representante en Singapur. | | | | Teneur de Registre et Agent de Transfert International Financial Data Services (Luxembourg) S.A., Bishops Square Redmond’s Hill Dublin 2 Irlande Téléphone : +353 1 242 5453 Fax : +353 1 562 5537 | Investisseurs suisses Représentant et agent payeur BNP Paribas Succursale de Zurich Selnaustrasse 16 8002 Zurich Vous pouvez obtenir gratuitement l’extrait du prospectus, les documents d’informations clés pour l’investisseur en Suisse, les statuts de la Société, ainsi que les rapports annuels et semestriels auprès du représentant et de l’agent payeur pour la Suisse. |
| --- | --- |
| Investisseurs allemands Prestataire de services de facilités Janus Henderson Investors Europe S.A. 2 Rue de Bitbourg, L-123, Luxembourg Les Prospectus et DICI pertinents, le Certificat d’immatriculation et les Statuts, ainsi que les rapports annuels et semestriels, sont disponibles gratuitement au format papier. | Investisseurs belges Agent des facilités Janus Henderson Investors Europe S.A. 2 Rue de Bitbourg, L-1273, Luxembourg Les DICI (en français et en anglais), le Prospectus, les Statuts, les comptes annuels révisés et le rapport (en anglais) de la Société sont disponibles gratuitement auprès du siège social de la Société et de l’agent de facilités. |
| Investisseurs singapouriens Représentant à Singapour Janus Henderson Investors (Singapore) Limited, Level 34 - Unit 03-04, 138 Market Street, CapitaGreen Singapour 048946 Le Prospectus, le Feuillet d’information sur les produits, les Statuts, ainsi que les rapports annuel et semestriel de la Société peuvent être obtenus gratuitement auprès de notre représentant à Singapour. | | | fr | es |
DOLFIN9056 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Sales Prospectus was updated with effect from 19 February 2021. The following amendments entered into force:
- Adjustment with reference to the Disclosure Regulation (SFDR):
- The fund has been classified as an Art. 8 fund and the ESG strategy has been accordingly included under the investment objectives.
- Alignments to template and editorial changes | Le prospectus a été retravaillé avec effet au 19 février 2021. Les modifications suivantes ont été apportées :
- Modification liée au règlement sur la publication d’informations (SFDR) :
- Le fonds a été classé comme relevant de l’article 8, de sorte qu’une stratégie ESG est venue compléter les objectifs d’investissement.
- Ajustements de forme et modifications rédactionnelles | The Sales Prospectus was updated with effect from 19 February 2021. The following amendments entered into force:
- Adjustment with reference to the Disclosure Regulation (SFDR):
- The fund has been classified as an Art. 8 fund and the ESG strategy has been accordingly included under the investment objectives.
- Alignments to template and editorial changes | en | fr |
DOLFIN9057 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Fund | Benchmark | | | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 4.37 | 4.26 | | Information Technology | 23.33 | 21.73 | | United States | 58.26 | 58.66 |
| Amazon | 3.86 | 2.75 | | Financials | 14.59 | 12.85 | | Japan | 5.72 | 6.63 |
| Microsoft | 3.61 | 3.07 | | Health Care | 14.04 | 12.30 | | Switzerland | 5.32 | 2.71 |
| Lonza Group | 2.55 | 0.09 | | Consumer Discretionary | 11.31 | 12.80 | | China | 4.62 | 5.14 |
| Abbott Laboratories | 2.26 | 0.36 | | Communication Services | 8.88 | 9.49 | | Netherlands | 2.72 | 1.14 |
| ASML | 2.19 | 0.30 | | Consumer Staples | 8.12 | 7.84 | | Taiwan | 2.65 | 1.51 |
| Thermo Fisher | 2.00 | 0.32 | | Industrials | 7.54 | 9.44 | | Spain | 2.07 | 0.61 |
| Visa | 1.95 | 0.68 | | Real Estate | 3.30 | 2.73 | | Finland | 2.04 | 0.28 |
| Walt Disney | 1.92 | 0.45 | | Utilities | 2.81 | 3.00 | | Sweden | 2.04 | 0.87 |
| Alphabet | 1.82 | 0.92 | | Materials | 2.60 | 4.69 | | United Kingdom | 1.94 | 3.62 |
| | | | | Energy | 2.18 | 3.13 | | | | | | | | Fondo | Benchmark | | | Fondo | Benchmark | | | Fondo | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 4,37 | 4,26 | | Informatica | 23,33 | 21,73 | | Stati Uniti | 58,26 | 58,66 |
| Amazon | 3,86 | 2,75 | | Finanza | 14,59 | 12,85 | | Giappone | 5,72 | 6,63 |
| Microsoft | 3,61 | 3,07 | | Sanità | 14,04 | 12,30 | | Svizzera | 5,32 | 2,71 |
| Lonza Group | 2,55 | 0,09 | | Beni voluttuari | 11,31 | 12,80 | | Cina | 4,62 | 5,14 |
| Abbott Laboratories | 2,26 | 0,36 | | Servizi di Comunicazione | 8,88 | 9,49 | | Paesi Bassi | 2,72 | 1,14 |
| ASML | 2,19 | 0,30 | | Beni di prima necessità | 8,12 | 7,84 | | Taiwan | 2,65 | 1,51 |
| Thermo Fisher | 2,00 | 0,32 | | Industria | 7,54 | 9,44 | | Spagna | 2,07 | 0,61 |
| Visa | 1,95 | 0,68 | | Beni immobili | 3,30 | 2,73 | | Finlandia | 2,04 | 0,28 |
| Walt Disney | 1,92 | 0,45 | | Servizi di pubblica utilità | 2,81 | 3,00 | | Svezia | 2,04 | 0,87 |
| Alphabet | 1,82 | 0,92 | | Materiali | 2,60 | 4,69 | | Regno Unito | 1,94 | 3,62 |
| | | | | Energia | 2,18 | 3,13 | | | | | | | | Fund | Benchmark | | | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 4.37 | 4.26 | | Information Technology | 23.33 | 21.73 | | United States | 58.26 | 58.66 |
| Amazon | 3.86 | 2.75 | | Financials | 14.59 | 12.85 | | Japan | 5.72 | 6.63 |
| Microsoft | 3.61 | 3.07 | | Health Care | 14.04 | 12.30 | | Switzerland | 5.32 | 2.71 |
| Lonza Group | 2.55 | 0.09 | | Consumer Discretionary | 11.31 | 12.80 | | China | 4.62 | 5.14 |
| Abbott Laboratories | 2.26 | 0.36 | | Communication Services | 8.88 | 9.49 | | Netherlands | 2.72 | 1.14 |
| ASML | 2.19 | 0.30 | | Consumer Staples | 8.12 | 7.84 | | Taiwan | 2.65 | 1.51 |
| Thermo Fisher | 2.00 | 0.32 | | Industrials | 7.54 | 9.44 | | Spain | 2.07 | 0.61 |
| Visa | 1.95 | 0.68 | | Real Estate | 3.30 | 2.73 | | Finland | 2.04 | 0.28 |
| Walt Disney | 1.92 | 0.45 | | Utilities | 2.81 | 3.00 | | Sweden | 2.04 | 0.87 |
| Alphabet | 1.82 | 0.92 | | Materials | 2.60 | 4.69 | | United Kingdom | 1.94 | 3.62 |
| | | | | Energy | 2.18 | 3.13 | | | | | | en | it |
DOLFIN9058 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### INVESTMENT MANAGER (specified in each Sub-Fund)
- The Management Company, or
- Carmignac Gestion S.A., 24, Place Vendôme, 75001 Paris, France | ##### GESTORE DEGLI INVESTIMENTI (specificato per ciascun Comparto)
- La Società di gestione, o
- Carmignac Gestion S.A., 24, Place Vendôme, 75001 Parigi, Francia | ##### INVESTMENT MANAGER (specified in each Sub-Fund)
- The Management Company, or
- Carmignac Gestion S.A., 24, Place Vendôme, 75001 Paris, France | en | it |
DOLFIN9059 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The ESG approach implemented is detailed in the UCITS 'Transparency Code. Unitholders are informed that they can refer to the Transparency Code on the Management Company's website.
- /Basicresearchvaluebyvalue:The financial analysis is carried out according to the micro- and macroeconomic forecasts of the management company (growth level, deficit level, inflation level, etc.) and to credit research recommendations on issuers (analysis using quantitative data (sales, debt, etc.) or qualitative data (rating, quality of issuer management), with the aim of building a portfolio of debt securities and money market instruments. The UCITS may invest directly and up to 100% in this type of asset.
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
Financial and extra financial analysis is therefore systematically taken into account by the Fund Manager when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the investment manager may use techniques and instruments relating to transferable securities that it believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, and use of forward financial instruments to hedge and/or expose the portfolio to/against interest rate, currency, credit and currency risks).
Given the maturity of the financial instruments and the duration sought by the management team, the portfolio is actively managed and regularly reviewed the selected debt securities. Depending on market conditions, arbitrage transactions may be more frequent (for example, when interest rates rise or credit spreads widen). | # El enfoque ESG aplicado se detalla en el Código de Transparencia del OICVM. Se informa a los partícipes de que pueden remitirse al Código de transparencia en la página web de la sociedad gestora.
- /Investigación fundamental valor por valor:El análisis financiero se efectúa en función de las previsiones micro y macroeconómicas de la Sociedad gestora (nivel de crecimiento, nivel de déficit, nivel de inflación, etc.) y de las recomendaciones a partir de los análisis del crédito de los emisores (análisis a partir de los datos cuantitativos -cifra de negocios,endeudamiento, etc.- o cualitativos -calificación, calidad de la gestión de los emisores), con el objetivo de elaborar una cartera de instrumentos de deuda e instrumentos del mercado monetario. El OICVM puede invertir directamente y hasta un 100% en este tipo de activos.
Además, el Gestor de inversiones utiliza los datos ESG como parte de la construcción del universo de selección. Las notas ESG permiten también orientar la construcción de la cartera hacia valores que demuestren características ESG superiores.
Los datos ASG utilizados en el proceso de inversión se basan en metodologías ASG que se basan parcialmente en datos proporcionados por terceros, y en algunos casos se desarrollan internamente. Son subjetivas y pueden cambiar con el tiempo. A pesar de varias iniciativas, la falta de definiciones armonizadas puede hacer que los criterios ESG sean heterogéneos. Por lo tanto, las diferentes estrategias de inversión que utilizan los criterios ESG y los informes ESG son difícilmente comparables entre sí. Las estrategias que integran los criterios ASG y las que integran los criterios de desarrollo sostenible pueden utilizar datos ASG que parecen similares pero que conviene distinguir porque su método de cálculo puede ser diferente.
Las diferentes metodologías ASG de AXA IM descritas anteriormente pueden evolucionar en el futuro para tener en cuenta cualquier mejora en la disponibilidad y la fiabilidad de los datos, o cualquier evolución en la normativa o en otros marcos o iniciativas externos, entre otros.
- /Construcción de carteras:El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera. Dicha ponderación dependerá de las cualidades de la sociedad en lo que respecta a la gestión, la estrategia de crecimiento de la empresa y su gobernanza.
Al elegir la ponderación del título en la cartera, el gestor también podrá tener en cuenta las medidas adoptadas por la sociedad para reducir los riesgos ESG existentes, la capacidad de la sociedad para orientar su crecimiento hacia oportunidades medioambientales y también la calidad de la comunicación de la sociedad sobre las cuestiones ESG.
Este proceso está diseñado para tener en cuenta la exposición a los factores de cada título como complemento a la calificación ESG. Naturalmente, orienta la cartera de estos OIC hacia títulos con mejores puntuaciones ESG al tiempo que mantiene la exposición a los factores deseada.
De este modo, el Gestor financiero tiene en cuenta sistemáticamente el análisis financiero y extrafinanciero a la hora de determinar la ponderación de un título en la cartera. Sin embargo, la decisión de mantener, comprar o vender un valor no se basa automática y exclusivamente en sus criterios de calificación ESG y se basa en un análisis interno del gestor.
Además, el gestor financiero podrá utilizar técnicas e instrumentos relacionados con los valores mobiliarios que considere que contribuirán económicamente a la gestión óptima de la cartera (compras/ventas de instrumentos financieros, suscripciones/reembolsos de participaciones o acciones de OIC franceses o extranjeros, fondos de inversión del Grupo AXA o no, utilización de instrumentos financieros a plazo destinados a cubrir y/o exponer la cartera a/contra los riesgos vinculados a los tipos, cambio, crédito y divisas).
Habida cuenta del vencimiento de los instrumentos financieros y de la duración pretendida por el equipo de gestión, la cartera se gestiona activamente y se revisa periódicamente los instrumentos de deuda seleccionados. En función de las condiciones de mercado, las operaciones de arbitraje podrán ser más frecuentes (por ejemplo, en caso de subida del nivel de los tipos de interés o de ampliación de los spreads de crédito). | # The ESG approach implemented is detailed in the UCITS 'Transparency Code. Unitholders are informed that they can refer to the Transparency Code on the Management Company's website.
- /Basicresearchvaluebyvalue:The financial analysis is carried out according to the micro- and macroeconomic forecasts of the management company (growth level, deficit level, inflation level, etc.) and to credit research recommendations on issuers (analysis using quantitative data (sales, debt, etc.) or qualitative data (rating, quality of issuer management), with the aim of building a portfolio of debt securities and money market instruments. The UCITS may invest directly and up to 100% in this type of asset.
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance.
In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues.
This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors.
Financial and extra financial analysis is therefore systematically taken into account by the Fund Manager when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis.
Furthermore, the investment manager may use techniques and instruments relating to transferable securities that it believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, and use of forward financial instruments to hedge and/or expose the portfolio to/against interest rate, currency, credit and currency risks).
Given the maturity of the financial instruments and the duration sought by the management team, the portfolio is actively managed and regularly reviewed the selected debt securities. Depending on market conditions, arbitrage transactions may be more frequent (for example, when interest rates rise or credit spreads widen). | en | es |
DOLFIN9060 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- Aims to provide long-term capital growth.
- At least 70% invested in shares and related instruments that provide exposure to companies that have their head office or main part of their activity in Europe.
- 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.
- Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is actively managed. The Investment Manager will reference MSCI Europe Index (Net) (the ‘‘Index’’) by seeking to outperform it. The fund’s performance should 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in 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. | # Objetivos y política de inversión
- Tiene como objetivo obtener un crecimiento del capital a largo plazo.
- Como mínimo un 70% se invierte en acciones e instrumentos relacionados que proporcionen exposición a empresas cuya sede se encuentre en Europa, o que lleven a cabo una parte fundamental de su actividad en dicho continente.
- 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.
- Puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales de acuerdo con el perfil de riesgo del Subfondo. También podrá hacer un amplio uso de los derivados (incluidos instrumentos o estrategias de mayor complejidad) para cumplir el objetivo de inversión, lo que puede generar apalancamiento. En tal caso, la rentabilidad puede experimentar un incremento o disminución mayor del que hubiera obtenido de otro modo, con lo que reflejará dicha exposición adicional.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo se gestiona de manera activa. El Gestor de Inversiones tomará como referencia el MSCI Europe Index (Net) (en adelante, el«Índice») e intentará superarlo. La rentabilidad del Subfondo debe 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, sectores y valores 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. | # Objectives and Investment Policy
- Aims to provide long-term capital growth.
- At least 70% invested in shares and related instruments that provide exposure to companies that have their head office or main part of their activity in Europe.
- 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.
- Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is actively managed. The Investment Manager will reference MSCI Europe Index (Net) (the ‘‘Index’’) by seeking to outperform it. The fund’s performance should 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in 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. | en | es |
DOLFIN9061 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €590 | €880 |
| Annual cost impact (*) | 5.9% each year | 2.8% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi totali | €590 | €880 |
| Incidenza annuale dei costi (*) | 5,9% ogni anno | 2,8% ogni anno | | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €590 | €880 |
| Annual cost impact (*) | 5.9% each year | 2.8% each year | | en | it |
DOLFIN9062 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L'indicateur de risque suppose que vous conserverez le produit pendant 5 ans.
Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la capacité à vous payer en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Il existe d'autres risques matériellement pertinents pour le PRIIP qui ne sont pas intégrés dans l'indicateur synthétique de risque. Pour de plus amples informations, veuillez consulter le prospectus. | El indicador de riesgo presupone que usted mantendrá el producto durante 5 años.
El riesgo real puede variar significativamente si usted reembolsa el producto anticipadamente, en cuyo caso podría recuperar una cantidad inferior.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio-alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media- alta, siendo probable que unas condiciones de mercado adversas repercutan en la capacidad para pagarle.
Tenga presente el riesgo de cambio. Usted recibirá pagos en una moneda diferente, por lo que el rendimiento final que obtenga dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador mostrado más arriba.
Existen otros riesgos de importancia significativa para el PRIIP que no están reflejados en el indicador resumido de riesgo. Para obtener más información, consulte el folleto. | L'indicateur de risque suppose que vous conserverez le produit pendant 5 ans.
Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la capacité à vous payer en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Il existe d'autres risques matériellement pertinents pour le PRIIP qui ne sont pas intégrés dans l'indicateur synthétique de risque. Pour de plus amples informations, veuillez consulter le prospectus. | fr | es |
DOLFIN9063 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Eligibility of the sub-fundThe sub-fund is eligible for PEA as defined in the section entitled Taxation in the Prospectus.
- Risk factors specific to the sub-fund and risk management
- Risk factors specific to the sub-fund | - Erfüllte Voraussetzungen des TeilfondsDer Teilfonds erfüllt die Voraussetzungen für den PEA, wie im Kapitel Besteuerung des Prospekts näher erläutert.
- Besondere Risikofaktoren des Teilfonds und Risikomanagement
- Besondere Risikofaktoren des Teilfonds | - Eligibility of the sub-fundThe sub-fund is eligible for PEA as defined in the section entitled Taxation in the Prospectus.
- Risk factors specific to the sub-fund and risk management
- Risk factors specific to the sub-fund | en | de |
DOLFIN9064 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Article 3 – Le dépositaire
- La Société de gestion a désigné un seul dépositaire pour le Fonds, la DZ PRIVATBANK S.A. La désignation du dépositaire est convenue par écrit dans le contrat de dépositaire. La DZ PRIVATBANK S.A. est une so- ciété anonyme régie par le droit du Grand-Duché de Luxembourg dont le siège social est situé au 4, rue Thomas Edison, L-1445 Strassen, Luxembourg et qui exerce des activités bancaires. Les droits et obliga- tions du dépositaire sont régis par la loi du 17 décembre 2010, par le contrat de dépositaire, par les rè- glements en vigueur, par ce règlement de gestion ainsi que par le prospectus (avec annexe).
- Le dépositaire
- garantit que la vente, l’émission, le rachat, le paiement et l’annulation de parts du Fonds se font conformément aux directives légales applicables ainsi que conformément à la procédure définie dans le règlement de gestion ;
- garantit que le calcul de la valeur unitaire du Fonds se fait conformément aux directives légales applicables ainsi que conformément à la procédure définie dans le règlement de gestion ;
- donne suite aux directives de la Société de gestion, sauf si ces directives sont contraires aux direc- tives légales applicables ou au règlement de gestion ;
- garantit que la contre-valeur est versée au Fonds dans les délais habituels en cas de transactions avec des actifs du Fonds ;
- garantit que les revenus du Fonds sont utilisés conformément aux directives légales applicables ainsi que conformément au règlement de gestion.
- Le dépositaire s'assure que les flux de trésorerie du Fonds sont surveillés en bonne et due forme et il garantit notamment que tous les paiements effectués par des investisseurs lors de la souscription à des parts du Fonds ou au nom des investisseurs sont entrés et que tous les fonds du Fonds ont été compta- bilisés sur les comptes de caisse qui :
- ont été ouverts au nom du Fonds, au nom de la Société de gestion agissant pour le Fonds ou au nom du dépositaire agissant pour le Fonds ;
- sont ouverts dans un établissement cité dans l'article 18, paragraphe 1, points a, b et c de la direc- tive 2006/73/CE du 10 août 2006 portant mesures d'exécution de la directive 2004/39/CE du Par- lement européen et du Conseil en ce qui concerne les exigences organisationnelles et les condi- tions d'exercice applicables aux entreprises d'investissement et la définition de certains termes aux fins de ladite directive (« directive 2006/73/CE ») et
- sont gérés conformément aux principes définis dans l'article 16 de la directive 2006/73/CE.
Si les comptes de caisse sont ouverts au nom du dépositaire agissant pour le Fonds, ni des fonds de l'or- ganisme cité au nº 3, point b) ni des fonds du dépositaire à proprement parler ne sont comptabilisés sur ces comptes.
- L'actif du Fonds est confié à la garde du dépositaire comme suit :
- Pour des instruments financiers pouvant être reçus en dépôt, les points suivants s'appliquent :
- le dépositaire conserve tous les instruments financiers pouvant être comptabilisés dans le dépôt sur un compte pour instruments financiers et tous les instruments financiers pouvant être transférés physiquement au dépositaire ;
- le dépositaire s'assure que les instruments financiers pouvant être comptabilisés dans le dé- pôt sur un compte pour instruments financiers sont enregistrés, conformément aux principesdéfinis dans l'article 16 de la directive 2006/73/CE, dans les livres comptables du dépositaire sur des comptes spéciaux ouverts au nom du Fonds ou de la Société de gestion agissant pour le Fonds de manière à ce que les instruments financiers puissent être clairement identifiés à tout moment comme des instruments détenus par le Fonds conformément au droit appli- cable.
- Pour d'autres actifs, les points suivants s'appliquent :
- le dépositaire vérifie si le Fonds ou la Société de gestion agissant pour le Fonds est proprié- taire des actifs concernés en constatant, sur la base des documents ou des informations fournis par le Fonds ou la Société de gestion et à l'aide de justificatifs externes, le cas échéant, si le Fonds ou la Société de gestion agissant pour le Fonds est propriétaire ;
- le dépositaire dresse des relevés sur les actifs pour lesquels il s'est assuré que le Fonds ou la Société de gestion agissant pour le Fonds est propriétaire et il tient ses registres à jour.
- Le dépositaire transmet régulièrement à la Société de gestion une liste exhaustive de tous les actifs du Fonds.
- Les actifs conservés par le dépositaire ne sont pas réutilisés pour son propre compte par le dépositaire ou tout tiers auquel a été transférée la fonction de conservation. Est considérée comme réutilisation, toute transaction d'actifs gardés, y compris le transfert, la mise en gage, la vente et le prêt. | # Artículo 3 – El agente de custodia
- La sociedad gestora solo ha contratado un agente de custodia para el fondo, DZ PRIVATBANK S.A. La contratación del agente de custodia se ha acordado por escrito en el contrato del agente de custodia. DZ PRIVATBANK S.A. es una sociedad anónima conforme al Derecho del Gran Ducado de Luxemburgo con domicilio social en 4, rue Thomas Edison, L-1445 Strassen (Luxemburgo), que realiza actividades banca- rias. Los derechos y obligaciones del agente de custodia estarán sujetos a la Ley de 17 de diciembre de 2010, a las disposiciones vigentes, al contrato del agente de custodia, al reglamento de gestión y a este folleto informativo (junto con el anexo).
- El agente de custodia
- garantiza que la venta, emisión, reembolso, pago y anulación de participaciones se realice según las disposiciones legales vigentes y según el procedimiento especificado en el reglamento de ges- tión;
- garantiza que el cálculo del valor de la participación del fondo se realice según las disposiciones legales vigentes y según el procedimiento especificado en el reglamento de gestión;
- sigue las indicaciones de la sociedad gestora, a no ser que dichas indicaciones contradigan las dis- posiciones legales vigentes o el reglamento de gestión;
- garantiza que, en caso de transacciones con activos del fondo, se transfiera el contravalor al fondo en los plazos habituales;
- garantiza que los rendimientos del fondo se usan según las disposiciones legales vigentes y según el procedimiento especificado en el reglamento de gestión.
- El agente de custodia garantiza que los flujos de caja del fondo se supervisan adecuadamente y asegura especialmente que en caso de titularizaciones de participaciones del fondo por parte de inversores o en nombre de inversores se hayan realizado los pagos aportados y que todo el dinero del fondo se haya contabilizado en cuentas monetarias que:
- se han abierto a nombre del fondo, de la sociedad gestora que actúa para el fondo o a nombre del agente de custodia que actúa para el fondo;
- se abrirán a nombre de un agente indicado en el artículo 18, apartado 1, letras a, b y c de la Direc- tiva 2006/73/CE de la Comisión, de 10 de agosto de 2006, por la que se aplica la Directiva 2004/39/CE del Parlamento Europeo y del Consejo en lo relativo a los requisitos organizativos y las condiciones de funcionamiento de las empresas de inversión, y términos definidos a efectos de dicha Directiva («Directiva 2006/73/CE»), y
- se gestionan según los principios establecidos en el artículo 16 de la Directiva 2006/73/CE.
Si las cuentas monetarias se abren a nombre del agente de custodia que actúa para el fondo, entonces en esta cuenta no se contabilizarán importes del agente especificado en el punto 3, letra b) ni importes del propio agente de custodia.
- El patrimonio del fondo se le confía al agente de custodia para su custodia bajo los siguientes términos:
- Para instrumentos financieros que se pueden custodiar se aplica lo siguiente:
- el agente de custodia custodia todos los instrumentos financieros, que se pueden contabilizar en la cuenta de valores en una cuenta para instrumentos financieros y todos los instrumentos financieros que se pueden transmitir físicamente al agente de custodia;
- el agente de custodia garantiza que los instrumentos financieros que se pueden contabilizar en la cuenta de valores en una cuenta para instrumentos financieros se registran, según esta-blecen los principios especificados en el artículo 16 de la Directiva 2006/73/CE, en los libros del agente de custodia, en cuentas especiales que han sido abiertas a nombre del fondo o de la sociedad gestora que actúa para el fondo, de manera que los instrumentos financieros se puedan identificar en todo momento como instrumentos pertenecientes a la propiedad del fondo según las leyes vigentes.
- Para otros activos se aplica lo siguiente:
- el agente de custodia comprueba si el fondo o la sociedad gestora que actúa para el fondo son propietarios de los activos afectados, asegurando que el fondo o la sociedad gestora que actúa para el fondo sean propietarios según la información y documentación facilitada por el fondo o la sociedad gestora y, si es posible, según pruebas externas;
- el agente de custodia lleva registros de los activos, en los que se ha asegurado de que el fon- do o la sociedad gestora que actúa para el fondo son los propietarios y mantiene sus registros siempre actualizados.
- El agente de custodia le transmitirá a la sociedad gestora regularmente una relación completa de todos los activos del fondo.
- Los valores custodiados por el agente de custodia no serán reutilizados por este o por un tercero al que se le ha encargado la función de custodia para su propia facturación. Como reutilización se entiende cualquier transacción de activos custodiados, incluidos la transmisión, el empeño, la venta y el préstamo. | # Article 3 – Le dépositaire
- La Société de gestion a désigné un seul dépositaire pour le Fonds, la DZ PRIVATBANK S.A. La désignation du dépositaire est convenue par écrit dans le contrat de dépositaire. La DZ PRIVATBANK S.A. est une so- ciété anonyme régie par le droit du Grand-Duché de Luxembourg dont le siège social est situé au 4, rue Thomas Edison, L-1445 Strassen, Luxembourg et qui exerce des activités bancaires. Les droits et obliga- tions du dépositaire sont régis par la loi du 17 décembre 2010, par le contrat de dépositaire, par les rè- glements en vigueur, par ce règlement de gestion ainsi que par le prospectus (avec annexe).
- Le dépositaire
- garantit que la vente, l’émission, le rachat, le paiement et l’annulation de parts du Fonds se font conformément aux directives légales applicables ainsi que conformément à la procédure définie dans le règlement de gestion ;
- garantit que le calcul de la valeur unitaire du Fonds se fait conformément aux directives légales applicables ainsi que conformément à la procédure définie dans le règlement de gestion ;
- donne suite aux directives de la Société de gestion, sauf si ces directives sont contraires aux direc- tives légales applicables ou au règlement de gestion ;
- garantit que la contre-valeur est versée au Fonds dans les délais habituels en cas de transactions avec des actifs du Fonds ;
- garantit que les revenus du Fonds sont utilisés conformément aux directives légales applicables ainsi que conformément au règlement de gestion.
- Le dépositaire s'assure que les flux de trésorerie du Fonds sont surveillés en bonne et due forme et il garantit notamment que tous les paiements effectués par des investisseurs lors de la souscription à des parts du Fonds ou au nom des investisseurs sont entrés et que tous les fonds du Fonds ont été compta- bilisés sur les comptes de caisse qui :
- ont été ouverts au nom du Fonds, au nom de la Société de gestion agissant pour le Fonds ou au nom du dépositaire agissant pour le Fonds ;
- sont ouverts dans un établissement cité dans l'article 18, paragraphe 1, points a, b et c de la direc- tive 2006/73/CE du 10 août 2006 portant mesures d'exécution de la directive 2004/39/CE du Par- lement européen et du Conseil en ce qui concerne les exigences organisationnelles et les condi- tions d'exercice applicables aux entreprises d'investissement et la définition de certains termes aux fins de ladite directive (« directive 2006/73/CE ») et
- sont gérés conformément aux principes définis dans l'article 16 de la directive 2006/73/CE.
Si les comptes de caisse sont ouverts au nom du dépositaire agissant pour le Fonds, ni des fonds de l'or- ganisme cité au nº 3, point b) ni des fonds du dépositaire à proprement parler ne sont comptabilisés sur ces comptes.
- L'actif du Fonds est confié à la garde du dépositaire comme suit :
- Pour des instruments financiers pouvant être reçus en dépôt, les points suivants s'appliquent :
- le dépositaire conserve tous les instruments financiers pouvant être comptabilisés dans le dépôt sur un compte pour instruments financiers et tous les instruments financiers pouvant être transférés physiquement au dépositaire ;
- le dépositaire s'assure que les instruments financiers pouvant être comptabilisés dans le dé- pôt sur un compte pour instruments financiers sont enregistrés, conformément aux principesdéfinis dans l'article 16 de la directive 2006/73/CE, dans les livres comptables du dépositaire sur des comptes spéciaux ouverts au nom du Fonds ou de la Société de gestion agissant pour le Fonds de manière à ce que les instruments financiers puissent être clairement identifiés à tout moment comme des instruments détenus par le Fonds conformément au droit appli- cable.
- Pour d'autres actifs, les points suivants s'appliquent :
- le dépositaire vérifie si le Fonds ou la Société de gestion agissant pour le Fonds est proprié- taire des actifs concernés en constatant, sur la base des documents ou des informations fournis par le Fonds ou la Société de gestion et à l'aide de justificatifs externes, le cas échéant, si le Fonds ou la Société de gestion agissant pour le Fonds est propriétaire ;
- le dépositaire dresse des relevés sur les actifs pour lesquels il s'est assuré que le Fonds ou la Société de gestion agissant pour le Fonds est propriétaire et il tient ses registres à jour.
- Le dépositaire transmet régulièrement à la Société de gestion une liste exhaustive de tous les actifs du Fonds.
- Les actifs conservés par le dépositaire ne sont pas réutilisés pour son propre compte par le dépositaire ou tout tiers auquel a été transférée la fonction de conservation. Est considérée comme réutilisation, toute transaction d'actifs gardés, y compris le transfert, la mise en gage, la vente et le prêt. | fr | es |
DOLFIN9065 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs.
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | ## El Subfondo no invertirá más del 10% de su activo neto en participaciones de OICVM y/u otros OIC.
Dentro del límite del 200% de los activos netos del Subfondo, la estrategia de inversión puede llevarse a cabo con inversiones directas y/o por medio de derivados, especialmente formalizando contratos de permuta financiera de incumplimiento crediticio (Credit Default Swaps o CDS). También pueden utilizarse derivados con fines de cobertura.
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la divisa de referencia del Subfondo y la divisa de la clase de acción, a través de la utilización de instrumentos derivados mientras se mantiene la exposición a la Política de Inversión descrita más arriba. | ## The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs.
Within the limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | en | es |
DOLFIN9066 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Sustainability Risk Disclosures under SFDR
Under Article 6 of SFDR, the management company, as delegated to the investment manager of each fund, is required to disclose the manner in which sustainability risks are integrated into its investment decision- making process as well as fund specific disclosures on the likely impacts of sustainability risks on the returns of each fund. Sustainability risk is defined as “an environmental, social or governance (“ESG”) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment”.
Please see the “Risk Descriptions” section of this prospectus for detailed disclosures on the Sustainability Risk Assessment and Sustainability Risk Integration that apply to the funds. | ### Offenlegung des Nachhaltigkeitsrisikos gemäß SFDR
Gemäß Artikel 6 der SFDR muss die Verwaltungsgesellschaft, wie an den Anlageverwalter jedes Fonds delegiert, angeben, wie Nachhaltigkeitsrisiken in den Anlageentscheidungsprozess einbezogen werden, und fondsspezifische Angaben zu den erwarteten Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen jedes Fonds machen. Das Nachhaltigkeitsrisiko ist definiert als „ein Ereignis oder ein Umstand in den Bereichen Umwelt, Soziales oder Unternehmensführung (environmental, social or governance, ESG), dessen Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte.“
Nähere Angaben zur Nachhaltigkeitsrisikobeurteilung und zur Einbeziehung des Nachhaltigkeitsrisikos, die für die Fonds gelten, finden Sie im Abschnitt
„Risikobeschreibungen“ dieses Prospekts. | ### Sustainability Risk Disclosures under SFDR
Under Article 6 of SFDR, the management company, as delegated to the investment manager of each fund, is required to disclose the manner in which sustainability risks are integrated into its investment decision- making process as well as fund specific disclosures on the likely impacts of sustainability risks on the returns of each fund. Sustainability risk is defined as “an environmental, social or governance (“ESG”) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment”.
Please see the “Risk Descriptions” section of this prospectus for detailed disclosures on the Sustainability Risk Assessment and Sustainability Risk Integration that apply to the funds. | en | de |
DOLFIN9067 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# INVESTMENT RISKS
Investment in the Sub-Fund carries with it a degree of risk including the risks described in the “Investment Risks” section in the Prospectus and the specific risk factors set out below. These investment risks are not purported to be exhaustive and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisors before making an application for Shares. Investment in the Sub-Fund is not suitable for investors who cannot afford to lose all or a significant portion of their investment.
An investor should consider their personal tolerance for the daily fluctuations of the market before investing in the Sub-Fund.
GENERAL | # RISQUES ASSOCIÉS AUX INVESTISSEMENTS
Ce Compartiment comporte certains risques, dont ceux qui sont décrits dans la section du Prospectus intitulée « Risques liés aux investissements » et est exposé aux sources spécifiques de risque décrites ci- dessous. Cette description des risques liés aux investissements ne prétend pas à l’exhaustivité et il appartient aux investisseurs potentiels d’examiner attentivement le Prospectus et le présent Supplément et de consulter leurs conseillers professionnels avant de demander à souscrire des Actions. Ce Compartiment ne convient pas aux investisseurs qui ne peuvent se permettre de perdre une part significative, voire la totalité de leur mise de fonds.
Il appartient à tout investisseur de s’interroger sur sa tolérance personnelle aux fluctuations quotidiennes du marché avant d’investir dans le Compartiment.
GÉNÉRALITÉS | # INVESTMENT RISKS
Investment in the Sub-Fund carries with it a degree of risk including the risks described in the “Investment Risks” section in the Prospectus and the specific risk factors set out below. These investment risks are not purported to be exhaustive and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisors before making an application for Shares. Investment in the Sub-Fund is not suitable for investors who cannot afford to lose all or a significant portion of their investment.
An investor should consider their personal tolerance for the daily fluctuations of the market before investing in the Sub-Fund.
GENERAL | en | fr |
DOLFIN9068 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
The average portfolio duration of this fund varies based on the investment advisor's forecast for interest rates and, under normal market conditions, is not expected to exceed two years. Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in interest rates.
The securities will be both “investment grade” and “non-investment grade”. Non-investment grade securities are generally considered to be more risky, but typically produce a higher level of income.
The fund is considered to be actively managed in reference to the J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes. Certain of the fund’s securities may be components of and may have similar weightings to the Index. However, the Index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the Index. The fund may invest in derivative instruments (such as futures, options and swaps) rather than directly in the underlying securities themselves. The derivatives return is linked to movements in the underlying assets.
Dealing Day Shares in the fund can normally be redeemed on a daily basis. Please refer to the section entitled "How to Redeem Shares" in the prospectus.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Intended retail investor
Typical investors in the Fund will be investors who are looking to maximise total return through a combination of both income and capital growth and are looking for a diversified exposure to fixed income markets that are economically tied to emerging market countries and are willing to accept the risks and volatility associated with investing in such markets and who have an investment horizon over the medium to long term.
This classification is subject to change over time.
We have classified this product as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level and poor market conditions are unlikely to impact the value of your investment.
Be aware of currency risk. In some circumstances, you may receive payments in a different currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
Other risks not covered by the risk indicator include Emerging Markets Risk, Interest Rate Risk and Currency Risk. For a full list of risks, please refer to the fund’s prospectus.
This product does not include any protection from future market performance so you could lose some or all of your investment. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
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| --- | --- | --- | --- | --- | --- | --- |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
asesor de inversiones para los tipos de interés y no se espera que, en condiciones normales, supere los dos años. La duración mide la sensibilidad de los activos al riesgo de tipos de interés. Cuanto mayor es la duración, mayor es la sensibilidad a las variaciones de los tipos de interés.
Los valores podrán ser títulos tanto con «grado de inversión» como «sin grado de inversión». Se suele considerar que los valores sin grado de inversión son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
Se considera que el fondo se gestiona de forma activa por referencia al J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (el «Índice») por el hecho de que se utiliza para calcular la exposición global del fondo aplicando la metodología del valor en riesgo (VaR) relativo y para realizar comparaciones de rentabilidad. Determinados valores en cartera del fondo pueden ser componentes del Índice o tener ponderaciones similares. Sin embargo, el Índice no se utiliza para definir la composición de la cartera del fondo ni un objetivo de rentabilidad, y el fondo podrá estar totalmente invertido en valores que no forman parte del Índice. El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad total mediante una combinación de ingresos y crecimiento del capital, que busca una exposición diversificada a los mercados de renta fija que están vinculados económicamente con países de mercados emergentes y está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media-baja y es poco probable que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de mercados emergentes, el riesgo de tipos de interés y el riesgo de cambio. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
The average portfolio duration of this fund varies based on the investment advisor's forecast for interest rates and, under normal market conditions, is not expected to exceed two years. Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in interest rates.
The securities will be both “investment grade” and “non-investment grade”. Non-investment grade securities are generally considered to be more risky, but typically produce a higher level of income.
The fund is considered to be actively managed in reference to the J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes. Certain of the fund’s securities may be components of and may have similar weightings to the Index. However, the Index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the Index. The fund may invest in derivative instruments (such as futures, options and swaps) rather than directly in the underlying securities themselves. The derivatives return is linked to movements in the underlying assets.
Dealing Day Shares in the fund can normally be redeemed on a daily basis. Please refer to the section entitled "How to Redeem Shares" in the prospectus.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Intended retail investor
Typical investors in the Fund will be investors who are looking to maximise total return through a combination of both income and capital growth and are looking for a diversified exposure to fixed income markets that are economically tied to emerging market countries and are willing to accept the risks and volatility associated with investing in such markets and who have an investment horizon over the medium to long term.
This classification is subject to change over time.
We have classified this product as 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level and poor market conditions are unlikely to impact the value of your investment.
Be aware of currency risk. In some circumstances, you may receive payments in a different currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
Other risks not covered by the risk indicator include Emerging Markets Risk, Interest Rate Risk and Currency Risk. For a full list of risks, please refer to the fund’s prospectus.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN9069 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Industry specialists in action
Below are four examples of how our industry specialists approach stock selection within their respective industries.
BANKS | ## Specialisti di settore in azione
Di seguito sono forniti quattro esempi di approccio alla selezione dei titoli da parte dei nostri specialisti, nell’ambito dei rispettivi settori:
BANCHE | ## Industry specialists in action
Below are four examples of how our industry specialists approach stock selection within their respective industries.
BANKS | en | it |
DOLFIN9070 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy:
The Fund will make significant use of derivative instruments (financial contracts that derive their values from those of other investment instruments) for investment purposes to gain exposure globally across the full range of permitted assets including equity (e.g. shares) and fixed income securities (securities that are intended to provide fixed periodic interest payments and the eventual return of the principal at a future date) and currencies. The Fund may also invest in eligible exchange traded notes (non-interest bearing debt securities that are designed to track the return of an underlying index or asset) that qualify as transferable securities within the meaning of article 41(1) of the 2010 Law as amended, to gain indirect exposure to commodities.
The Fund has a flexible approach towards asset allocation which means that the Fund’s allocation to any given asset class is expected to vary over time. The Fund may gain exposure to the equity securities and currencies of emerging market countries. The Fund’s exposure to fixed income securities will be investment grade at the time that the exposure is taken. Investment grade fixed income securities are securities rated at least BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Services, Inc.), an equivalent rating by Fitch ratings or if unrated, determined by the Investment Manager to be of equivalent quality.
To support the Fund’s use of derivative instruments and to provide the Fund with liquidity, the Fund invests primarily in money market instruments, short-term debt securities and cash and cash equivalents. This may include, among others, certificates of deposit, commercial paper, U.S. treasury bills, corporate debt securities and short-term | # Política de inversión:
El fondo utilizará los instrumentos derivados de manera significativa (contratos financieros que obtienen su valor de aquellos de otros instrumentos de inversión) para fines de inversión para lograr una exposición globalmente en todo el rango de activos permitidos, incluida la renta variable (acciones) y los valores de renta fija (valores que tienen el propósito de proporcionar pagos de intereses periódicos fijos y la eventual rentabilidad del capital en el futuro) y las divisas. El fondo también puede invertir en pagarés negociados en bolsa admisibles (valores de deuda que no devengan intereses diseñados para darle seguimiento a la rentabilidad de un activo o índice subyacente) que califican como valores transferibles dentro del significado del artículo 41(1) de la ley de 2010, y sus enmiendas, para obtener una exposición indirecta a materias primas.
El fondo tiene un enfoque flexible hacia la asignación de activos, esto significa que se prevé que la asignación del fondo a una clase de activos determinada varíe con el tiempo. El fondo puede lograr exposición a los valores de renta variable y las divisas de los países de mercados emergentes. La exposición del fondo a los valores de renta fija tendrá grado de inversión en el momento en que se efectúa la exposición. Los títulos de renta fija con grado de inversión son valores cuya calificación es al menos de BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), una calificación equivalente de Fitch Ratings o, de no recibir calificación, que el gestor de inversiones considere que son de calidad equivalente.
Para respaldar el uso del fondo de instrumentos derivados y para proporcionar liquidez al fondo, el fondo invierte principalmente en instrumentos del mercado monetario, valores de deuda a corto plazo y efectivo y equivalentes en efectivo. Esto puede incluir, entre otros, certificados de depósito, papel comercial, letras del tesoro de los EE. UU., valores de deuda corporativa y bonos a corto plazo emitidos o garantizados por gobiernos soberanos, organismos públicos | # Investment policy:
The Fund will make significant use of derivative instruments (financial contracts that derive their values from those of other investment instruments) for investment purposes to gain exposure globally across the full range of permitted assets including equity (e.g. shares) and fixed income securities (securities that are intended to provide fixed periodic interest payments and the eventual return of the principal at a future date) and currencies. The Fund may also invest in eligible exchange traded notes (non-interest bearing debt securities that are designed to track the return of an underlying index or asset) that qualify as transferable securities within the meaning of article 41(1) of the 2010 Law as amended, to gain indirect exposure to commodities.
The Fund has a flexible approach towards asset allocation which means that the Fund’s allocation to any given asset class is expected to vary over time. The Fund may gain exposure to the equity securities and currencies of emerging market countries. The Fund’s exposure to fixed income securities will be investment grade at the time that the exposure is taken. Investment grade fixed income securities are securities rated at least BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Services, Inc.), an equivalent rating by Fitch ratings or if unrated, determined by the Investment Manager to be of equivalent quality.
To support the Fund’s use of derivative instruments and to provide the Fund with liquidity, the Fund invests primarily in money market instruments, short-term debt securities and cash and cash equivalents. This may include, among others, certificates of deposit, commercial paper, U.S. treasury bills, corporate debt securities and short-term | en | es |
DOLFIN9071 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Gestionnaire : la Société de gestion et/ou le(s) gestionnaire(s) nommé(s) par la Société ou par la Société de gestion au nom de la Société.
Document d’information clé pour l’investisseur : un document standardisé, pour chaque Classe d’Actions de la Société, résumant les informations clés pour les Actionnaires conformément à la Loi de 2010.
Loi de 2010 : la loi luxembourgeoise du 17 décembre 2010 relative aux organismes de placement collectif, telle que modifiée et complétée en tant que de besoin, notamment par la loi luxembourgeoise du 10 mai 2016 transposant la Directive 2014/91/UE du Parlement européen et du Conseil du 23 juillet 2014 modifiant la Directive 2009/65/CE portant sur la coordination de lois, de réglementations et de dispositions administratives relatives aux organismes de placement collectif en valeurs mobilières (OPCVM) concernant les fonctions de dépositaire, les politiques de rémunération et les sanctions.
Société de gestion : l’entité qui a été désignée en tant que société de gestion de la Société au sens de la Loi de 2010 et à qui a été déléguée la responsabilité de la gestion des investissements, de l’administration et de la commercialisation. | ##### Gestora de inversiones: La Sociedad gestora y/o la(s) Gestora(s) de inversiones nombrada(s) por la Sociedad o por la Sociedad gestora en nombre de la Sociedad.
Documento de datos fundamentales para el inversor: Un documento estandarizado para cada Clase de Acciones de la Sociedad, que resume la información fundamental para los Accionistas, de conformidad con la Ley de 2010.
Ley de 2010: La Ley luxemburguesa de 17 de diciembre de 2010 relativa a los organismos de inversión colectiva, oportunamente modificada y completada, que incluye la Ley luxemburguesa de 10 de mayo de 2016 que incorpora la Directiva 2014/91/UE del Parlamento Europeo y del Consejo de 23 de julio de 2014 que modifica la Directiva 2009/65/CE por la que se coordinan las disposiciones legales, reglamentarias y administrativas sobre determinados organismos de inversión colectiva en valores mobiliarios (OICVM) en lo que se refiere a las funciones del depositario, las políticas de remuneración y las sanciones.
Sociedad gestora: La entidad designada por la Sociedad como sociedad gestora, con arreglo a la Ley de 2010, en la que se ha delegado la responsabilidad de la gestión de inversiones, administración y comercialización. | ##### Gestionnaire : la Société de gestion et/ou le(s) gestionnaire(s) nommé(s) par la Société ou par la Société de gestion au nom de la Société.
Document d’information clé pour l’investisseur : un document standardisé, pour chaque Classe d’Actions de la Société, résumant les informations clés pour les Actionnaires conformément à la Loi de 2010.
Loi de 2010 : la loi luxembourgeoise du 17 décembre 2010 relative aux organismes de placement collectif, telle que modifiée et complétée en tant que de besoin, notamment par la loi luxembourgeoise du 10 mai 2016 transposant la Directive 2014/91/UE du Parlement européen et du Conseil du 23 juillet 2014 modifiant la Directive 2009/65/CE portant sur la coordination de lois, de réglementations et de dispositions administratives relatives aux organismes de placement collectif en valeurs mobilières (OPCVM) concernant les fonctions de dépositaire, les politiques de rémunération et les sanctions.
Société de gestion : l’entité qui a été désignée en tant que société de gestion de la Société au sens de la Loi de 2010 et à qui a été déléguée la responsabilité de la gestion des investissements, de l’administration et de la commercialisation. | fr | es |
DOLFIN9072 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If redemption requests on any dealing day exceed 10% of the shares in issue in respect of any Fund, the Company may defer the excess redemption requests to subsequent dealing days and shall redeem such shares rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all the shares to which the original redemption requests related have been redeemed.
The Company may temporarily suspend the determination of the net asset value and the sale or redemption of shares in any Fund during:
- any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Fund’s investments, or when trading thereon is restricted or suspended;
- any period when any emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the Fund is not practically feasible or if feasible would be possible only on terms materially disadvantageous to shareholders;
- any period when for any reason the prices of any investments of the Fund cannot be reasonably, promptly or accurately ascertained by the Company;
- any period when remittance of monies which will, or may be, involved in the realisation of, or in the payment for, investments of the Fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- any period when the proceeds of the sale or redemption of the shares cannot be transmitted to or from the Fund’s account. | Si las solicitudes de rescate en cualquier día de negociación superan el 10 % de las acciones emitidas con respecto a cualquier Fondo, la Sociedad podrá aplazar las solicitudes de rescate en exceso a días de negociación posteriores y amortizará dichas acciones de forma proporcional y las solicitudes de rescate se tratarán como si se hubieran recibido en cada día de negociación posterior hasta que todas las acciones a las que se hayan reembolsado las solicitudes de rescate originales relacionadas.
La Sociedad podrá suspender temporalmente la determinación del valor liquidativo y la venta o rescate de acciones de cualquier Fondo durante:
- cualquier periodo (excepto vacaciones ordinarias o cierres de fin de semana habituales) en el que se cierre cualquier mercado que sea el mercado principal para una parte significativa de las inversiones del Fondo, o cuando se restrinja o suspenda la negociación con el mismo;
- cualquier periodo en el que exista una emergencia como resultado de la cual la enajenación por parte de la Sociedad de inversiones que constituyan una parte sustancial de los activos del Fondo no sea prácticamente factible o, de ser factible, solo sea posible en términos sustancialmente desfavorables para los accionistas;
- cualquier periodo en el que, por cualquier motivo, la Sociedad no pueda determinar de forma razonable, inmediata o precisa los precios de cualquier inversión del Fondo;
- cualquier periodo en el que la remesa de dinero que participe, o pueda participar, en la realización o en el pago de inversiones del Fondo no pueda, en opinión de los Consejeros, llevarse a cabo a los tipos de cambio normales; o
- cualquier periodo en el que el producto de la venta o rescate de las acciones no pueda transmitirse a o desde la cuenta del Fondo. | If redemption requests on any dealing day exceed 10% of the shares in issue in respect of any Fund, the Company may defer the excess redemption requests to subsequent dealing days and shall redeem such shares rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all the shares to which the original redemption requests related have been redeemed.
The Company may temporarily suspend the determination of the net asset value and the sale or redemption of shares in any Fund during:
- any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Fund’s investments, or when trading thereon is restricted or suspended;
- any period when any emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the Fund is not practically feasible or if feasible would be possible only on terms materially disadvantageous to shareholders;
- any period when for any reason the prices of any investments of the Fund cannot be reasonably, promptly or accurately ascertained by the Company;
- any period when remittance of monies which will, or may be, involved in the realisation of, or in the payment for, investments of the Fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- any period when the proceeds of the sale or redemption of the shares cannot be transmitted to or from the Fund’s account. | en | es |
DOLFIN9073 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# INFORMATION TO SHAREHOLDERS
- The net asset value, the issue price and the redemption price of shares shall be available each bank working day in Luxembourg at the Company's head office, at the head office of the Administrative Agent and institutions designated by the Management company, in the reference currency of the sub-fund.
They may be published in newspapers chosen by the Board of Directors.
- Each year, the Company publishes a detailed report on its activity and the management of its assets. This report includes the balance sheet and the consolidated profit and loss account expressed in euros, the detailed composition of the assets of each sub-fund and the report from the Company's approved Company Auditor. Furthermore, after the end of each half- year, it publishes a report that includes the composition of the portfolio, movements in the portfolio over the period, the number of shares in circulation and the number of shares issued and repurchased since the last publication.
The annual reports will be available within four months following closure of the accounting period.
The half-yearly reports will be made public within two months following the end of the half- year in question.
The financial reports will be sent to registered shareholders within the legal deadlines.
Separate financial statements will be established for each sub-fund in their reference currency.
These financial statements will be consolidated in the reference currency of the Company to establish its balance sheet, namely in euros (EUR).
These periodic reports contain the financial information relative to the Company, the composition and evolution of its assets, and its consolidated situation.
- Other information intended for shareholders will be published in the Mémorial, if this publication is required by the law dated 10 August 1915 on commercial companies and the Law of 2010, the Articles of Incorporation or the present prospectus.
- Within the framework of the application of FATCA and AEI / DAC, the account holder information identified as reportable according to these two regulations shall be the subject of an annual declaration to the tax authorities of Luxembourg. If applicable, they will be informed thereof by the Administrative Agent at the very least before the declaration is sent and in sufficient time to exercise their data protection rights.
- | # INFORMATION DES ACTIONNAIRES
- La valeur nette d'inventaire, le prix d'émission et de remboursement des actions seront disponibles chaque jour ouvré bancaire à Luxembourg au siège social de la Société, au siège social de l’Agent Administratif et des établissements désignés par la Société de Gestion dans la devise de référence du compartiment.
Ils peuvent être publiés dans des journaux au choix du Conseil d'Administration.
- La Société publie annuellement un rapport détaillé sur son activité et la gestion de ses avoirs. Ce rapport comprend le bilan et le compte de profits et pertes consolidé exprimés en euros, la composition détaillée des avoirs de chaque compartiment et le rapport du Réviseur d'Entreprises agréé de la Société. En outre, elle procède, après la fin de chaque semestre, à la publication d'un rapport comprenant notamment la composition du portefeuille, les mouvements dans le portefeuille sur la période, le nombre d'actions en circulation et le nombre d'actions émises et rachetées depuis la dernière publication.
Les rapports annuels seront disponibles dans les quatre mois qui suivent la clôture de l'exercice.
Les rapports semestriels seront rendus publics dans les deux mois qui suivent la fin du semestre considéré.
Les rapports financiers seront envoyés aux actionnaires nominatifs dans les délais légaux.
Des états financiers séparés seront établis pour chaque compartiment dans leur devise de référence.
Ces états financiers seront consolidés dans la devise de référence de la Société pour établir son bilan, soit en euro (EUR).
Ces rapports périodiques contiennent les informations financières relatives à la Société, à la composition et à l'évolution de ses avoirs, ainsi que sa situation consolidée.
- Les autres informations destinées aux actionnaires seront publiées au Mémorial, si cette publication est prescrite par loi du 10 août 1915 sur les sociétés commerciales et la Loi de 2010, les Statuts ou le présent prospectus.
- Dans le cadre de l’application de FATCA et EAI / DAC, les informations des titulaires de comptes identifiés comme reportables aux sens de ces deux réglementations feront l’objet d’une déclaration annuelle aux autorités fiscales luxembourgeoises. Le cas échéant, ils en seront informés par l’Agent Administratif à tout le moins avant l’envoi effectif de la déclaration et dans un délai suffisant pour faire valoir leurs droits à la protection des données.
- | # INFORMATION TO SHAREHOLDERS
- The net asset value, the issue price and the redemption price of shares shall be available each bank working day in Luxembourg at the Company's head office, at the head office of the Administrative Agent and institutions designated by the Management company, in the reference currency of the sub-fund.
They may be published in newspapers chosen by the Board of Directors.
- Each year, the Company publishes a detailed report on its activity and the management of its assets. This report includes the balance sheet and the consolidated profit and loss account expressed in euros, the detailed composition of the assets of each sub-fund and the report from the Company's approved Company Auditor. Furthermore, after the end of each half- year, it publishes a report that includes the composition of the portfolio, movements in the portfolio over the period, the number of shares in circulation and the number of shares issued and repurchased since the last publication.
The annual reports will be available within four months following closure of the accounting period.
The half-yearly reports will be made public within two months following the end of the half- year in question.
The financial reports will be sent to registered shareholders within the legal deadlines.
Separate financial statements will be established for each sub-fund in their reference currency.
These financial statements will be consolidated in the reference currency of the Company to establish its balance sheet, namely in euros (EUR).
These periodic reports contain the financial information relative to the Company, the composition and evolution of its assets, and its consolidated situation.
- Other information intended for shareholders will be published in the Mémorial, if this publication is required by the law dated 10 August 1915 on commercial companies and the Law of 2010, the Articles of Incorporation or the present prospectus.
- Within the framework of the application of FATCA and AEI / DAC, the account holder information identified as reportable according to these two regulations shall be the subject of an annual declaration to the tax authorities of Luxembourg. If applicable, they will be informed thereof by the Administrative Agent at the very least before the declaration is sent and in sufficient time to exercise their data protection rights.
- | en | fr |
DOLFIN9074 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Consequently, there is a risk that the assets in the PRC will not be as well protected as if they were registered only in the name of the Sub-Fund.
When, in application of the investment strategy, the delegate investment manager processes the acquisition and/or disposal of A-Shares through the Stock Connect Programmes, the sub-custody related to these transactions may be carried out by a sub-custodian other than Bank of China Limited (the “Third Party Sub-Custodian”). In this context, the Sub-Fund's accounts opened in the books of the Third- Party Sub-Custodian shall be opened under the joint name of the Depositary and the Sub-Fund.
- Risk of temporary suspension of listingThe securities comprising the benchmark may be subject to a temporary suspension of listing, resulting in the inability of the Sub-Fund to value them correctly and/or to buy or sell such securities. | Par conséquent il existe un risque que les actifs en RPC ne soient pas aussi bien protégés que s’ils étaient enregistres seulement au nom du Compartiment.
Lorsque, en application de la stratégie d’investissement, le gérant financier par délégation traite des opérations d’acquisition et/ou de cession d’actions de type A par le biais des Programmes Stock Connect, la sous-conservation liée à ces opérations pourra être effectuée par un autre sous conservateur que Bank of China Limited (le « Sous Conservateur Tiers »). Dans ce cadre, les comptes du Compartiment ouverts dans les livres du Sous Conservateur Tiers seront ouverts sous le nom conjoint du Dépositaire et du Compartiment.
- Risque de suspension temporaire de cotationLes titres composant l’indice de référence peuvent faire l’objet de suspension temporaire de cotation, entraînant l’incapacité pour le Compartiment à les valoriser correctement et/ou à procéder à des opérations d’achats ou de ventes de ces titres. | Consequently, there is a risk that the assets in the PRC will not be as well protected as if they were registered only in the name of the Sub-Fund.
When, in application of the investment strategy, the delegate investment manager processes the acquisition and/or disposal of A-Shares through the Stock Connect Programmes, the sub-custody related to these transactions may be carried out by a sub-custodian other than Bank of China Limited (the “Third Party Sub-Custodian”). In this context, the Sub-Fund's accounts opened in the books of the Third- Party Sub-Custodian shall be opened under the joint name of the Depositary and the Sub-Fund.
- Risk of temporary suspension of listingThe securities comprising the benchmark may be subject to a temporary suspension of listing, resulting in the inability of the Sub-Fund to value them correctly and/or to buy or sell such securities. | en | fr |
DOLFIN9075 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Prélèvement sur chaque transaction | - 0,02% TTC du montant de la transaction sur les achats et ventes d’obligations ou de titres de créance négociables.
- de 10 à 50 € par transaction pour les autres typesd’opérations.
| | | Deducción en cada transacción | - 0,02%, gastos incluidos, del importe de la transacción sobre las compras y ventas de obligaciones y otros títulos de crédito.
- entre 10 y 50€ por transacción para los demás tipos de operaciones.
| | | Prélèvement sur chaque transaction | - 0,02% TTC du montant de la transaction sur les achats et ventes d’obligations ou de titres de créance négociables.
- de 10 à 50 € par transaction pour les autres typesd’opérations.
| | fr | es |
DOLFIN9076 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Notwithstanding the ceilings set forth above, each Sub-Fund is authorized to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, or by a non-Member State accepted by the CSSF (being at the date of this Prospectus any member state of the Organization for Economic Cooperation and Development ("OECD"), Singapore or any member state of the G20), by a public international body of which one or more Member State(s) are member(s), provided that (i) such securities are part of at least six different issues and (ii) the securities from any such issue do not account for more than 30% of the net assets of such Sub-Fund.
- Without prejudice to the limits set forth hereunder under III.2., the limits set forth in (1) are raised to a maximum of 20% for investments in shares and/or bonds issued by the same body when the aim of the Sub-Fund's investment policy is to replicate the composition of a certain stock or bond index which is recognised by the Regulatory Authority, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner.
The limit of 20% is raised to 35% where that proves to be justified by exceptional market conditions in particular in Regulated Markets where certain Transferable Securities or Money Market Instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
- Bank Deposits
- A Sub-Fund may not invest more than 20% of its net assets in deposits made with the same body.
- Derivative Instruments
- The risk exposure to a counterparty in an OTC derivative transaction may not exceed 10% of the Sub-Fund's net assets when the counterparty is a credit institution referred to in I (6) above or 5% of its net assets in other cases.
- Investment in financial derivative instruments shall only be made provided that the exposure to the underlying assets does not exceed in aggregate the investment limits set forth in (1) to (5), (8), (9), (13) and (14). When the Sub-Fund invests in index-based financial derivative instruments, these investments do not have to be combined to the limits set forth in (1) to (5), (8), (9), (13) and (14).
- When a Transferable Security or Money Market Instrument embeds a derivative, the latter must be taken into account when complying with the requirements of I (7) (ii) and III (1) above as well as with the risk exposure and information requirements laid down in the Prospectus.
- Units of Open-Ended Funds
- No Sub-Fund may invest more than 20% of its net assets in the units of a single UCITS or other UCI.
- Combined limits
- Notwithstanding the individual limits laid down in (1), (8) and (9) above, a Sub-Fund may not combine:
- investments in Transferable Securities or Money Market Instruments issued by,
- deposits made with, and/or
- exposures arising from OTC derivative transactions and efficient portfolio management techniques undertaken witha single body in excess of 20% of its net assets.
- The limits set out in (1), (3), (4), (8), (9) and (13) above may not be combined, and thus investments in Transferable Securities or Money Market Instruments issued by the same body, in deposits or derivative instruments made with this body carried out in accordance with (1), (3), (4), (8), (9) and (13) above may not exceed a total of 35 % of the net assets of the Sub-Fund.
- | # Nonobstant les plafonds définis ci-avant, chaque Compartiment est autorisé à placer, selon le principe de la répartition des risques, jusqu’à 100 % de son actif net dans des Valeurs mobilières et Instruments du marché monétaire émis ou garantis par un État membre, par un ou plusieurs de ses pouvoirs publics, par tout Autre État agréé par la CSSF (soit, à la date de publication du Prospectus, tout État membre de l’Organisation de coopération et de développement économiques (« OCDE »), Singapour et tout autre État membre du G20) ou par un organisme international à caractère public dont font partie un ou plusieurs États membres, pour autant que (i) ces titres appartiennent à six émissions différentes au moins et (ii) les titres appartenant à une même émission ne dépassent pas 30 % de l’actif net total dudit Compartiment.
- Sans préjudice des limites ci-dessous au point III.2, les limites fixées au point (1) sont portées à un maximum de 20 % pour les placements en actions et/ou obligations émises par une même entité, lorsque la politique d’investissement du Compartiment consiste à reproduire la composition d’un indice d’actions ou d’obligations donné reconnu par l’Autorité de réglementation, sur la base suivante :
- la composition de l’indice est suffisamment diversifiée,
- l’indice constitue un étalon représentatif du marché auquel il se réfère,
- l’indice fait l’objet d’une publication appropriée.
La limite de 20 % est portée à 35 % lorsque cela s’avère justifié par des conditions exceptionnelles sur les marchés, notamment sur des marchés réglementés où certaines Valeurs mobilières ou certains Instruments du marché monétaire sont largement dominants. L’investissement jusqu’à cette limite n’est permis que pour un seul émetteur.
- Dépôts bancaires
- Un OPCVM ne peut investir plus de 20 % de son actif net dans des dépôts effectués auprès d’un même organisme.
- Instruments dérivés
- L’exposition au risque de contrepartie dans une opération sur instruments dérivés de gré à gré ne peut excéder 10 % de l’actif net du Compartiment concerné lorsque la contrepartie est un établissement de crédit visé au point I (6) ou 5 % de son actif net dans les autres cas.
- Les investissements dans des instruments financiers dérivés peuvent être réalisés pour autant que, globalement, les risques auxquels sont exposés les actifs sous-jacents n’excèdent pas les limites d’investissement fixées aux points (1) à (5), (8), (9), (13) et (14). Lorsqu’un Compartiment investit dans des instruments financiers dérivés fondés sur un indice, ces investissements ne sont pas nécessairement combinés aux limites fixées dans aux points (1) à (5), (8), (9), (13) et (14).
- Lorsqu’une Valeur mobilière ou un Instrument du marché monétaire englobe un instrument dérivé, ce dernier doit être pris en compte aux fins de respecter les exigences des points I (7)(ii) et III (1) ci-dessus ainsi que les exigences en matière d’exposition au risque et d’information fixées dans le Prospectus.
- Parts de fonds à capital variable
- Aucun Compartiment ne peut investir plus de 20 % de son actif net en parts d’un même OPCVM ou autre OPC.
- Limites combinées
- Nonobstant les limites individuelles fixées aux points (1), (8) et (9) ci-dessus, un Compartiment ne peut pas combiner :
- des placements en Valeurs mobilières ou en Instruments du marché monétaire émis par un même organisme,
- des dépôts auprès d’un même organisme,
- une exposition découlant d’opérations sur dérivés de gré à gré et de techniques d’optimisation de gestion de portefeuille appliquéesauprès d’une même entité dépassant 20 % de son actif net.
- Les limites prévues aux points (1), (3), (4), (8), (9) et (13) ne peuvent être combinées et, par conséquent, les investissements dans des Valeurs mobilières ou des Instruments du marché monétaire émis par la même entité ou dans des dépôts ou des instruments dérivés effectués avec cette entité conformément aux points (1), (3), (4), (8), (9) et (13) ci-dessus ne peuvent pas dépasser au total 35 % des actifs du Compartiment.
- | # Notwithstanding the ceilings set forth above, each Sub-Fund is authorized to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, or by a non-Member State accepted by the CSSF (being at the date of this Prospectus any member state of the Organization for Economic Cooperation and Development ("OECD"), Singapore or any member state of the G20), by a public international body of which one or more Member State(s) are member(s), provided that (i) such securities are part of at least six different issues and (ii) the securities from any such issue do not account for more than 30% of the net assets of such Sub-Fund.
- Without prejudice to the limits set forth hereunder under III.2., the limits set forth in (1) are raised to a maximum of 20% for investments in shares and/or bonds issued by the same body when the aim of the Sub-Fund's investment policy is to replicate the composition of a certain stock or bond index which is recognised by the Regulatory Authority, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner.
The limit of 20% is raised to 35% where that proves to be justified by exceptional market conditions in particular in Regulated Markets where certain Transferable Securities or Money Market Instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
- Bank Deposits
- A Sub-Fund may not invest more than 20% of its net assets in deposits made with the same body.
- Derivative Instruments
- The risk exposure to a counterparty in an OTC derivative transaction may not exceed 10% of the Sub-Fund's net assets when the counterparty is a credit institution referred to in I (6) above or 5% of its net assets in other cases.
- Investment in financial derivative instruments shall only be made provided that the exposure to the underlying assets does not exceed in aggregate the investment limits set forth in (1) to (5), (8), (9), (13) and (14). When the Sub-Fund invests in index-based financial derivative instruments, these investments do not have to be combined to the limits set forth in (1) to (5), (8), (9), (13) and (14).
- When a Transferable Security or Money Market Instrument embeds a derivative, the latter must be taken into account when complying with the requirements of I (7) (ii) and III (1) above as well as with the risk exposure and information requirements laid down in the Prospectus.
- Units of Open-Ended Funds
- No Sub-Fund may invest more than 20% of its net assets in the units of a single UCITS or other UCI.
- Combined limits
- Notwithstanding the individual limits laid down in (1), (8) and (9) above, a Sub-Fund may not combine:
- investments in Transferable Securities or Money Market Instruments issued by,
- deposits made with, and/or
- exposures arising from OTC derivative transactions and efficient portfolio management techniques undertaken witha single body in excess of 20% of its net assets.
- The limits set out in (1), (3), (4), (8), (9) and (13) above may not be combined, and thus investments in Transferable Securities or Money Market Instruments issued by the same body, in deposits or derivative instruments made with this body carried out in accordance with (1), (3), (4), (8), (9) and (13) above may not exceed a total of 35 % of the net assets of the Sub-Fund.
- | en | fr |
DOLFIN9077 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### WHY WELLINGTON ASIA TECHNOLOGY FUND?
Unlike global technology funds that have a large concentration in the
well-known mega-cap names, the Wellington Asia Technology Fund seeks to provide exposure to the Asian companies that are driving the evolution of technology. The resulting portfolio is, we believe, highly differentiated among technology-focused funds.
Key features
- Provides differentiated exposure to the technology sector outside the well-known global mega-cap technology stocks
- Fundamentally driven, high-conviction approach seeks to access rapid innovators at an early stage in their journey and invests in these companies with a genuinely long-term focus to capture more of the growth of these firms
- Managed by specialists in Asia technology investing, with on-the-ground access to these growing companies1Source: World Population Prospects 2019, United Nations. | #### PERCHÉ INVESTIRE IN WELLINGTON ASIA TECHNOLOGY FUND?
A differenza dei fondi tecnologici globali con un’ampia concentrazione in società ben note a mega capitalizzazione, il Wellington Asia Technology Fund punta a offrire esposizione alle imprese asiatiche che stanno determinando
l’evoluzione della tecnologia. Il portafoglio risultante è, a nostro avviso, altamente differenziato tra i fondi incentrati sulla tecnologia.
Caratteristiche principali
- Il fondo offre un'esposizione differenziata al settore tecnologico, che va oltre i ben noti titoli tecnologici globali a mega capitalizzazione.
- Un approccio determinato dai fondamentali e ad alta convinzione che punta all’accesso a innovatori rapidi nelle prime fasi del loro percorso, investendo in imprese con un orizzonte di lungo termine al fine di coglierne una maggiore porzione di crescita.
- Gestito da specialisti di investimenti nel settore tecnologico asiatico, con accesso diretto a queste imprese in ascesa. | #### WHY WELLINGTON ASIA TECHNOLOGY FUND?
Unlike global technology funds that have a large concentration in the
well-known mega-cap names, the Wellington Asia Technology Fund seeks to provide exposure to the Asian companies that are driving the evolution of technology. The resulting portfolio is, we believe, highly differentiated among technology-focused funds.
Key features
- Provides differentiated exposure to the technology sector outside the well-known global mega-cap technology stocks
- Fundamentally driven, high-conviction approach seeks to access rapid innovators at an early stage in their journey and invests in these companies with a genuinely long-term focus to capture more of the growth of these firms
- Managed by specialists in Asia technology investing, with on-the-ground access to these growing companies1Source: World Population Prospects 2019, United Nations. | en | it |
DOLFIN9078 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Internal control and risk management systems (continued)
The annual and semi-annual Financial Statements of the Company are required to be approved by the Board and filed with the Central Bank of Ireland and the relevant Stock Exchange within the relevant respective time periods. The statutory Financial Statements are required to be audited by independent auditors who report annually to the Board on their findings.
The Board evaluates and discusses significant accounting and reporting issues as the need arises. The Board reviews the Financial Statements prior to their approval. The annual Financial Statements are subject to independent audit by KPMG (the “Auditor”) and the Board receives and considers a report from the Auditor as to the audit process.
This report includes observations as to the extent to which (i) the annual Financial Statements provide a true and fair view (ii) adjustments were made to the accounting records maintained by the Administrator in order to provide Financial Statements giving a true and fair view and (iii) potential significant control weaknesses identified by the Auditor during the audit process. The Auditor presents this report at the board meeting at which the Financial Statements are presented to the Board for approval. The Board also invites the Auditor to attend the board meeting prior to the commencement of the audit, at which the Auditor presents the audit plan to the Board. | ## Interne Kontroll- und Risikomanagementsysteme (Fortsetzung)
Die Jahres- und Halbjahresabschlüsse der Gesellschaft müssen vom Verwaltungsrat genehmigt und bei der irischen Zentralbank und der relevanten Börse innerhalb der relevanten jeweiligen Zeiträume eingereicht werden. Der gesetzliche Abschluss muss von Abschluss- und Berichtsprüfern geprüft werden, die dem Verwaltungsrat jährlich über ihre Feststellungen Bericht erstatten.
Der Verwaltungsrat bewertet und diskutiert bei Bedarf wesentliche Fragen der Rechnungslegung und Berichterstattung. Der Verwaltungsrat prüft den Abschluss vor der Genehmigung. Der Abschluss wird einer unabhängigen Prüfung durch KPMG (der „Abschluss- und Berichtsprüfer“) unterzogen, und der Verwaltungsrat erhält und prüft einen Bericht vom Abschluss- und Berichtsprüfer gemäß dem Prüfungsablauf.
Dieser Bericht enthält Beobachtungen in Bezug darauf, inwieweit (i) der Jahresabschluss ein den tatsächlichen Verhältnissen entsprechendes Bild vermittelt, (ii) Berichtigungen in den vom Administrator geführten Geschäftsbüchern erfolgten, um einen Abschluss vorzulegen, der ein den tatsächlichen Verhältnissen entsprechendes Bild vermittelt, und (iii) über potenzielle, vom Abschluss- und Berichtsprüfer während des Prüfungsprozesses identifizierte Kontrollschwächen. Der Abschluss- und Berichtsprüfer legt diesen Bericht auf der Verwaltungsratssitzung vor, auf der der Abschluss dem Verwaltungsrat zur Genehmigung vorgelegt wird. Der Verwaltungsrat lädt den Abschluss- und Berichtsprüfer auch zur Teilnahme an der Verwaltungsratssitzung vor Beginn der Prüfung ein, auf der der Abschluss- und Berichtsprüfer dem Verwaltungsrat den Prüfungsplan vorlegt. | ## Internal control and risk management systems (continued)
The annual and semi-annual Financial Statements of the Company are required to be approved by the Board and filed with the Central Bank of Ireland and the relevant Stock Exchange within the relevant respective time periods. The statutory Financial Statements are required to be audited by independent auditors who report annually to the Board on their findings.
The Board evaluates and discusses significant accounting and reporting issues as the need arises. The Board reviews the Financial Statements prior to their approval. The annual Financial Statements are subject to independent audit by KPMG (the “Auditor”) and the Board receives and considers a report from the Auditor as to the audit process.
This report includes observations as to the extent to which (i) the annual Financial Statements provide a true and fair view (ii) adjustments were made to the accounting records maintained by the Administrator in order to provide Financial Statements giving a true and fair view and (iii) potential significant control weaknesses identified by the Auditor during the audit process. The Auditor presents this report at the board meeting at which the Financial Statements are presented to the Board for approval. The Board also invites the Auditor to attend the board meeting prior to the commencement of the audit, at which the Auditor presents the audit plan to the Board. | en | de |
DOLFIN9079 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Based on the manager’s expectations of equity market trends, the UCITS may invest in debt securities and money market instruments traded on international markets, subject to a limit of 25% of the net assets. These securities, rated at least “investment grade” (i.e. for which the risk of issuer default is lowest) at the time of purchase on the Standard & Poor’s rating scale or any other equivalent rating assigned by another independent agency, or which have an equivalent internal rating from the Management Company, but with no maximum duration, are selected based on their expected yield.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Between 75% and 110% of the UCITS’ assets will be exposed to Japanese equities, directly and/or on an ancillary basis via UCIs, and/or through the use of financial contracts. The UCITS may also invest up to 10% of its net assets in Asian equities outside of Japan.
Between 0% and 100% of the UCITS’ net assets may be invested in financial contracts traded on international regulated, organised or over-the-counter markets.
. Instruments used:
- Equities:Between 75% and 110% of the portfolio’s net assets is exposed to Japanese equities without restriction in terms of economic sector. Small-cap companies (less than €150 million) shall not account for more than 25% of net assets. The selected securities may or may not have voting rights. | Je nach Einschätzung des Verwalters bezüglich der Entwicklung der Aktienmärkte kann der OGAW bis zu einer Höhe von 25 % seines Nettovermögens in internationale Forderungspapiere und Geldmarktinstrumente investieren. Diese Titel, die beim Kauf ein Mindestrating von „Investment Grade“ (also Titel, bei denen das Zahlungsausfallrisiko hinsichtlich des Emittenten am geringsten ist) entsprechend der Ratingskala von Standard & Poor's oder ein beliebiges vergleichbares Rating einer anderen unabhängigen Ratingagentur oder ein internes entsprechendes Rating der Verwaltungsgesellschaft aufweisen müssen, jedoch keinen Laufzeitbeschränkungen unterliegen, werden aufgrund ihrer erwarteten Rendite ausgewählt.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Der OGAW wird mindestens 75 % und höchstens 110 % seines Nettovermögens in japanische Aktien anlegen, direkt und/oder indirekt über OGA und/oder durch die Verwendung von Finanzkontrakten. Der OGAW kann darüber hinaus bis zu einer Höhe von 10 % seines Nettovermögens in asiatische Aktien anlegen, die nicht aus Japan stammen.
Zwischen 0 % und 100 % des Nettovermögens kann der OGAW Positionen in Finanzkontrakten aufbauen, die auf internationalen, geregelten, organisierten Märkten oder außerbörslich gehandelt werden.
. Eingesetzte Instrumente:
- Aktien:Das Portfolio investiert zwischen 75 % und 110 % des Nettovermögens in japanische Aktien ohne Beschränkung des Wirtschaftssektors. Im Übrigen können Unternehmen mit geringer Marktkapitalisierung (unter 150 Millionen Euro) nicht mehr als 25 % des Nettovermögens darstellen. Die ausgewählten Werte werden mit einem Stimmrecht verbunden sein oder nicht. | Based on the manager’s expectations of equity market trends, the UCITS may invest in debt securities and money market instruments traded on international markets, subject to a limit of 25% of the net assets. These securities, rated at least “investment grade” (i.e. for which the risk of issuer default is lowest) at the time of purchase on the Standard & Poor’s rating scale or any other equivalent rating assigned by another independent agency, or which have an equivalent internal rating from the Management Company, but with no maximum duration, are selected based on their expected yield.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Between 75% and 110% of the UCITS’ assets will be exposed to Japanese equities, directly and/or on an ancillary basis via UCIs, and/or through the use of financial contracts. The UCITS may also invest up to 10% of its net assets in Asian equities outside of Japan.
Between 0% and 100% of the UCITS’ net assets may be invested in financial contracts traded on international regulated, organised or over-the-counter markets.
. Instruments used:
- Equities:Between 75% and 110% of the portfolio’s net assets is exposed to Japanese equities without restriction in terms of economic sector. Small-cap companies (less than €150 million) shall not account for more than 25% of net assets. The selected securities may or may not have voting rights. | en | de |
DOLFIN9080 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: April 6, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 6 de abril de 2020. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: April 6, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
15%
10%
5%
0% | en | es |
DOLFIN9081 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Stoxx ex-UK Small Return TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests mainly in equity securities issued by small and mid cap companies, incorporated or exercising a prominent part of their business activity in countries whose currency is the EUR. Hence it excludes UK investments.In selecting the individual stocks, the Investment Manager is guided by its own fundamental analysis of companies. Company visits and top management assessments are critical to the Investment Manager, that firmly believes in companies with a strong competitive position (product or market leaders) and consistent growth. The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice Stoxx ex-UK Small Return TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. Este subfondo invierte principalmente en títulos de renta variable emitidos por empresas de pequeña y mediana capitalización constituidas o que ejercen una parte predominante de su actividad comercial en países cuya moneda es el EUR. Por ello, no incluye inversiones en el Reino Unido.Al seleccionar los títulos individuales, el gestor de inversiones se guía por su propio análisis fundamental de empresas. Las visitas a empresas y las evaluaciones de la alta dirección son cruciales para el gestor de inversiones, que cree firmemente en empresas que muestran una posición competitiva fuerte (líderes de productos o mercados) y crecimiento constante. El gestor de inversiones está autorizado a utilizar
instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Stoxx ex-UK Small Return TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests mainly in equity securities issued by small and mid cap companies, incorporated or exercising a prominent part of their business activity in countries whose currency is the EUR. Hence it excludes UK investments.In selecting the individual stocks, the Investment Manager is guided by its own fundamental analysis of companies. Company visits and top management assessments are critical to the Investment Manager, that firmly believes in companies with a strong competitive position (product or market leaders) and consistent growth. The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN9082 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The office of a Director shall be vacated by a Director in any of the following events, namely:-
- if he/she resigns his/her office by notice in writing signed by him and left at the registered office of the Company;
- if he/she becomes bankrupt or makes any arrangement or composition with his/her creditors generally;
- if he/she becomes of unsound mind;
- if he/she ceases to be a Director by virtue of, or becomes prohibited from being a Director by reason of an order made under the provisions of any law or enactment;
- if he/she is requested by a majority of the other Directors (not being less than twoin number) to vacate office;
- if he/she is removed from office by an Ordinary Resolution;
- if he/she is absent from four successive meetings without leave expressed by a resolution of the Directors;
- if, subsequent to his/her appointment, he/she becomes resident in the U.K. and as a result thereof a majority of the Directors are resident in the U.K.
-
## Clause 21(h) shall be included in the Memorandum of Association as follows: | # L’incarico di un Amministratore rimarrà vacante in una delle seguenti circostanze:
- in caso di sue dimissioni dall’incarico con una comunicazione scritta che firma e deposita presso la sede legale della Società;
- in caso di suo fallimento o di concordato preventivo con la generalità dei suoi creditori;
- in caso di sua intervenuta incapacità di intendere o volere;
- in caso di cessazione della sua funzione di Amministratore, o divieto a ricoprire tale incarico, per effetto di un ordine emesso ai sensi delle disposizioni di qualsiasi legge o atto normativo;
- in caso di richiesta di sue dimissioni avanzata dalla maggioranza degli altri Amministratori (in numero non inferiore a due);
- in caso disua rimozione dall’incarico mediante Delibera ordinaria;
- in caso di sua assenza a quattro riunioni consecutive senza espressa autorizzazione mediante delibera del Consiglio di amministrazione;
- in caso divenga residente nel Regno Unito successivamente alla sua nomina, rendendo di conseguenza residenti nel Regno Unito la maggioranza degli Amministratori.
-
## Si inserisce la clausola 21(h) nell’Atto costitutivo come segue: | # The office of a Director shall be vacated by a Director in any of the following events, namely:-
- if he/she resigns his/her office by notice in writing signed by him and left at the registered office of the Company;
- if he/she becomes bankrupt or makes any arrangement or composition with his/her creditors generally;
- if he/she becomes of unsound mind;
- if he/she ceases to be a Director by virtue of, or becomes prohibited from being a Director by reason of an order made under the provisions of any law or enactment;
- if he/she is requested by a majority of the other Directors (not being less than twoin number) to vacate office;
- if he/she is removed from office by an Ordinary Resolution;
- if he/she is absent from four successive meetings without leave expressed by a resolution of the Directors;
- if, subsequent to his/her appointment, he/she becomes resident in the U.K. and as a result thereof a majority of the Directors are resident in the U.K.
-
## Clause 21(h) shall be included in the Memorandum of Association as follows: | en | it |
DOLFIN9083 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Reject or cancel any request to buy shares, whether for an initial or additional investment, for any reason. We can reject the entire request or part of it.
Refuse your investment if we do not receive all documentation we consider necessary to open your account. Without prejudice to other specific rules (see “Fight Against Money Laundering and Financing of Terrorism”), we will return your initial investment money without interests.
Redeem your shares and send you the proceeds or switch your holding to another class if you no longer meet the qualifying criteria for the share class you hold. We will give you 30 calendar days' notice before doing so, to allow you time to switch to another class or redeem the shares.
Request proof of eligibility to hold shares or compel an ineligible shareholder to relinquish ownership. If we believe that shares are being held in whole or in part by an ineligible owner, or that the circumstances of ownership may cause the SICAV to be taxed by jurisdictions other than Luxembourg, we may redeem the shares without the owner's consent. At our option, we may request certain information from the owner to establish eligibility, but we may still at any time proceed with forcible redemption. The SICAV will not be held liable for any gain or loss associated with these redemptions. | ### Rejet ou annulation de toute demande de souscription, initiale ou supplémentaire, pour n’importe quelle raison. Nous pouvons rejeter tout ou partie de la demande.
Rejet de votre demande de souscription en l’absence de la documentation nécessaire à l’ouverture de votre compte. Sous réserve d’autres règles spécifiques (voir « Lutte contre le blanchiment de capitaux et le financement du terrorisme »), nous vous remboursons alors votre investissement initial, intérêts non compris.
Rachat de vos actions et versement à votre crédit des produits de rachat, ou conversion de votre participation en actions d’une autre classe si vous n’êtes plus admissible à la classe d’actions actuelle. Nous vous donnerons un préavis de 30 jours pour vous permettre de basculer sur une autre classe ou de faire racheter vos actions.
Demande d’une preuve d’admissibilité à la détention d’action, obligation faite à un actionnaire non admissible de renoncer à sa participation. Si nous considérons que des actions sont détenues par une personne non admissible, ou que la situation de cette dernière peut se traduire pour la SICAV par des prélèvements fiscaux autres que luxembourgeois, nous pourrons procéder au rachat de ses parts sans son accord. Nous pouvons demander certaines informations au porteur à des fins de contrôle de son admissibilité, mais sommes en droit de procéder à un rachat forcé à tout moment. La SICAV ne saurait être tenue pour responsable de toutes plus-values/moins-values liées à ces rachats. | ### Reject or cancel any request to buy shares, whether for an initial or additional investment, for any reason. We can reject the entire request or part of it.
Refuse your investment if we do not receive all documentation we consider necessary to open your account. Without prejudice to other specific rules (see “Fight Against Money Laundering and Financing of Terrorism”), we will return your initial investment money without interests.
Redeem your shares and send you the proceeds or switch your holding to another class if you no longer meet the qualifying criteria for the share class you hold. We will give you 30 calendar days' notice before doing so, to allow you time to switch to another class or redeem the shares.
Request proof of eligibility to hold shares or compel an ineligible shareholder to relinquish ownership. If we believe that shares are being held in whole or in part by an ineligible owner, or that the circumstances of ownership may cause the SICAV to be taxed by jurisdictions other than Luxembourg, we may redeem the shares without the owner's consent. At our option, we may request certain information from the owner to establish eligibility, but we may still at any time proceed with forcible redemption. The SICAV will not be held liable for any gain or loss associated with these redemptions. | en | fr |
DOLFIN9084 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: June 25, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
Because the Class has been launched for less than one calendar year, there is insufficient data to provide a useful indication of past performance.
The performance prior to 25 June 2018 is derived from the historical performance of Credit Suisse (Lux) Global Prestige Equity Fund, a UCITS, authorised by the Commission de Surveillance du Secteur Financier (CSSF), which has been merged into the Sub-Fund as of 25 June 2018 (the “Merger”). The investment policy has not undergone any material change as a result of the Merger. | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 25 de junio de 2018. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en GBP.
Como la Clase de acciones no ha completado un año completo, los datos de rentabilidad no están disponibles.
El rendimiento anterior al 25 de junio de 2018 se ha obtenido del rendimiento histórico de Credit Suisse (Lux) Global Prestige Equity Fund, un OICVM, autorizado por la Commission de Surveillance du Secteur Financier (CSSF), el cual se fusionó con el subfondo el 25 de junio de 2018 (la «Fusión»). La política de inversión no ha registrado variaciones sustanciales como resultado de la Fusión. | ### Launch Date and Currency
Sub-Fund's launch date: June 25, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
Because the Class has been launched for less than one calendar year, there is insufficient data to provide a useful indication of past performance.
The performance prior to 25 June 2018 is derived from the historical performance of Credit Suisse (Lux) Global Prestige Equity Fund, a UCITS, authorised by the Commission de Surveillance du Secteur Financier (CSSF), which has been merged into the Sub-Fund as of 25 June 2018 (the “Merger”). The investment policy has not undergone any material change as a result of the Merger. | en | es |
DOLFIN9085 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A performance fee in respect of any Share Class will be paid if:
- the Net Asset Value per Share as at the end of the Crystallisation Period exceeds the latest applicable HWM Net Asset Value; and
- the performance of the Net Asset Value per Share exceeds the performance of the reference indicator over the Crystallisation Period (the “Excess Return”). | Une commission de performance sera versée au titre de toute Catégorie d’actions :
- si la Valeur nette d’inventaire par action à la fin de la Période de cristallisation dépasse la dernière Valeur nette d’inventaire HWM applicable ; et
- si la performance de la Valeur nette d’inventaire par action est supérieure à celle de l’indice de référence sur la Période de cristallisation (la « Surperformance »). | A performance fee in respect of any Share Class will be paid if:
- the Net Asset Value per Share as at the end of the Crystallisation Period exceeds the latest applicable HWM Net Asset Value; and
- the performance of the Net Asset Value per Share exceeds the performance of the reference indicator over the Crystallisation Period (the “Excess Return”). | en | fr |
DOLFIN9086 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio breakdown by credit rating (Source: Amundi) *
### % of assets
50 %
40 %
30 %
20 %
### The holdings listed should not be considered recommendations to buy or sell any particular security listed. | # Ripartizione per Rating (Fonte : Amundi) *
### In percentuale dell’attivo
50 %
40 %
30 %
20 %
### Le partecipazioni quotate non devono essere considerate raccomandazioni per l'acquisto o la vendita di un determinato titolo quotato. | # Portfolio breakdown by credit rating (Source: Amundi) *
### % of assets
50 %
40 %
30 %
20 %
### The holdings listed should not be considered recommendations to buy or sell any particular security listed. | en | it |
DOLFIN9087 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Sustainability profile – ESG
MIV Asset Management identifies, moni- tors and mitigates ESG risks that are, or could become, material to the perfor- mance of medical technology companies. The approach is based on the following factors:
- Integration: The consideration of sus- tainability criteria (ESG) is integrated into the research, analysis and investment process.
- Exclusion: The MIV Global Medtech Fund invests globally in listed medical technology companies. Investments in controverse industries are excluded (in particular pornography, alcohol, cluster munitions, gambling, landmines, min- ing, nuclear power, tobacco and arma- ment dealing).
- Best-in-class approach: Diversified eq- uity portfolio with below-average ESG risk. Investments with a Sustainalytics Controversy Rating of 5 (high) as well as a Sustainalytics ESG Risk Rating above 40 (severe) are excluded. The MIV Glob- al Medtech Fund invests partially in «sus- tainable investments with a social ob- jective».
- Dialogue: MIV Asset Management maintains close and regular contact with the management of actual and poten- tial investments, amongst other, with the goal of improving ESG practices and dis- closure at these companies.
- Ownership rights: The active owner- ship approach includes exercising the MIV Global Medtech Fund’s voting rights. These are delegated to the ISS proxy with Sustainability Policy. In case of controversial decisions, MIV Asset Man- agement gets directly involved. | # Nachhaltigkeitsprofil – ESG
MIV Asset Management identifiziert, überwacht und mindert ESG-Risiken, die für die Performance von Medizintechnik- Unternehmen wesentlich sind oder wer- den könnten. Die Vorgehensweise beruht auf den folgenden Faktoren:
- Integration: Nachhaltigkeitskriterien (ESG) sind in den Research-, Analyse- und Anlageprozess integriert.
- Ausschluss: Der MIV Global Medtech Fund investiert weltweit in Aktien ko- tierter Gesellschaften der Medizintech- nik. Anlagen in kontroverse Branchen sind ausgeschlossen (insbesondere Pornographie, Alkohol, Streumuni- tion, Glücksspiel, Landminen, Bergbau, Atomkraft, Tabak, Waffenhandel).
- Best-in-Class-Ansatz: Diversifiziertes Aktienportfolio mit unterdurchschnittli- chem ESG-Risiko. Ausgeschlossen wer- den insbesondere Anlagen mit einemSustainalytics-Controversy-Score von 5 (hoch) sowie einem Sustainalytics-ESG- Risk-Rating über 40 (schwerwiegend). Ein Teil des MIV Global Medtech Fund wird investiert in «nachhaltige Investiti- onen mit einem sozialen Ziel».
- Dialog: MIV Asset Management pflegt engen und regelmässigen Kontakt mit dem Management aktueller und po- tenzieller Beteiligungen, unter anderem mit dem Ziel, die ESG-Praktiken und die ESG-Offenlegung bei diesen Unterneh- men zu verbessern.
- Eigentümerrechte: Der Ansatz des ak- tiven Eigentümers beinhaltet die Aus- übung der Stimmrechte des MIV Glo- bal Medtech Fund. Diese sind delegiert an den Stimmrechtsvertreter ISS gemäss Nachhaltigkeitsvorgaben. Bei kontro- versen Entscheiden involviert sich MIV Asset Management direkt. | # Sustainability profile – ESG
MIV Asset Management identifies, moni- tors and mitigates ESG risks that are, or could become, material to the perfor- mance of medical technology companies. The approach is based on the following factors:
- Integration: The consideration of sus- tainability criteria (ESG) is integrated into the research, analysis and investment process.
- Exclusion: The MIV Global Medtech Fund invests globally in listed medical technology companies. Investments in controverse industries are excluded (in particular pornography, alcohol, cluster munitions, gambling, landmines, min- ing, nuclear power, tobacco and arma- ment dealing).
- Best-in-class approach: Diversified eq- uity portfolio with below-average ESG risk. Investments with a Sustainalytics Controversy Rating of 5 (high) as well as a Sustainalytics ESG Risk Rating above 40 (severe) are excluded. The MIV Glob- al Medtech Fund invests partially in «sus- tainable investments with a social ob- jective».
- Dialogue: MIV Asset Management maintains close and regular contact with the management of actual and poten- tial investments, amongst other, with the goal of improving ESG practices and dis- closure at these companies.
- Ownership rights: The active owner- ship approach includes exercising the MIV Global Medtech Fund’s voting rights. These are delegated to the ISS proxy with Sustainability Policy. In case of controversial decisions, MIV Asset Man- agement gets directly involved. | en | de |
DOLFIN9088 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| COMPOSITION OF COSTS | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | CHF 0 | CHF 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | CHF 0 | CHF 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | CHF 7 271 | CHF 40 769 |
| Transaction costs | This is the amount you will pay based on 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. Additional fees linked to investment into underlying funds may also be charged. | CHF 1 453 | CHF 8 149 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | CHF 0 | CHF 0 | | | COMPOSICIÓN DE LOS COSTES | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Costes de entrada | Este es el importe que pagará usted al realizar esta inversión. | CHF 0 | CHF 0 |
| Costes de salida | Este es el importe de su inversión que se deduce antes de que se le pague. | CHF 0 | CHF 0 |
| Costes corrientes detraídos cada año | | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Este es el importe que pagará con base en una estimación de todas las comisiones de gestión y costes de funcionamiento (aparte de los costes de operación). | CHF 7 271 | CHF 40 769 |
| Costes de operación | Este es el importe que pagará con base en una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. También se podrán cargar comisiones adicionales vinculadas a la inversión en fondos subyacentes. | CHF 1 453 | CHF 8 149 |
| Costes accesorios | | | |
| Comisiones de rendimiento | El importe real variará en función de lo buenos que sean los resultados de su inversión. | CHF 0 | CHF 0 | | | COMPOSITION OF COSTS | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | CHF 0 | CHF 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | CHF 0 | CHF 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | CHF 7 271 | CHF 40 769 |
| Transaction costs | This is the amount you will pay based on 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. Additional fees linked to investment into underlying funds may also be charged. | CHF 1 453 | CHF 8 149 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | CHF 0 | CHF 0 | | en | es |
DOLFIN9089 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Other Fees
- Securities transactions are inherent to the execution of the investment objective and policy. Costs linked to these transactions including but not be limited to, broker commissions, registration costs and taxes, will be borne by the portfolio. Higher portfolio turnover may lead to higher costs borne by the portfolio, affecting the performance of the Sub-Fund. These costs of transactions are not part of the Sub-Fund’s ongoing charges. In those cases where a high portfolio turnover ratio is inherent to the execution of the investment objective and policy of the Sub-Fund, such fact shall be disclosed in the relevant Sub-Fund factsheet under “additional information”. The Portfolio turnover ratio can be found in the annual report of the Company.
- The Management Company and/or the Investment Manager(s) aim to unbundle the costs for financial research from other costs linked to transactions inherent to the execution of the investment objective and policy. In line with this and as a general rule, the costs for financial research are borne by the Investment Manager(s). Some Sub-Funds, however, are managed by third party Investment Manager(s) outside the European Union that are not in-scope for the purpose of MiFID II and will be subject to local laws and market practices governing financial research in the applicable jurisdiction of the relevant third party Investment Manager. The latter may have chosen or be required not to bear these costs and/or not allowed to pay (cash transactions) for research due to legal restrictions. This means that costs of financial research may continue to be met out of the assets of these Sub-Funds. When and where a third party Investment Manager of a Sub-Fund will indeed pay for the cost of research through the transactions of the Sub-Fund this shall be specifically mentioned in the factsheets of the relevant Sub-Funds. In those specific cases the Investment Manager(s) may receive compensation from the trading initiated by them on behalf of the Sub-Fund because of the business they do with the Counterparties (e.g., bank, broker, dealer, OTC counterparty, futures merchant, intermediary, etc.). Under certain circumstances and in line with the Management Company and/or Investment Managers’ best execution policies, the Management Company and/or the Investment Manager(s) will be permitted to engage a Sub-Fund to pay higher transaction costs to a Counterparty comparing to another Counterparty because of the research they received. This can take the following forms:
- Bundled brokerage fees – In these cases, the Counterparties embed the price for their proprietary research, such as analysts' opinions, comments, reports, analytics, or trade ideas, in the transaction costs for most financial instruments, including fixed income. In some cases, they may provide this service free of charge. The Counterparties do not explicitly price their research as a distinct service and therefore do not require their customers, such as the Company, Management Company and/or Investment Manager(s), to enter into contractual agreements to engage in any specific business with them. The Company, Management Company and/or Investment Manager(s)’ volume of transactions do not expressly correspond to the quantity or quality of research offered by the Counterparties. The research may be available to some or all of the Counterparties’ customers at no additional cost (aside from the transaction cost for trading).
- Commission sharing agreements (CSA’s) – The Management Company and/or Investment Manager(s)may have entered into contractual agreements with the Counterparties, whereby the Counterparties are asked to separate part of the commissions generated by some of the Sub-Fund’s equity transactions (called ‘unbundling’) to pay for research provided by independent research providers. Unlike bundled brokerage fees, the volume of CSA transactions has a direct impact on the amount of research the Management Company and/or the Investment Manager(s) are able to purchase from independent research providers. CSA’s are generally not available for fixed income transaction. | ## Altri costi
- Le operazioni sui titoli attengono all’attuazione dell’obiettivo e della politica d’investimento. I costi derivanti da tali operazioni, tra cui, a titolo non esaustivo, le commissioni degli intermediari, le spese di registrazione e le imposte, saranno a carico del portafoglio. Una maggiore rotazione del portafoglio potrebbe comportare un aumento dei costi sostenuti dal portafoglio, con ripercussioni sulla performance del Comparto. Tali costi di transazione non sono inclusi negli oneri correnti del Comparto. Nei casi in cui un elevato tasso di rotazione del portafoglio attenga l’attuazione dell’obiettivo e della politica d’investimento del Comparto, tale circostanza dovrà essere indicato nella scheda informativa del Comparto pertinente alla voce “informazioni supplementari”. Il Tasso di rotazione del portafoglio è indicato nella relazione annuale della Società.
- La Società di gestione e/o il Gestore o i Gestori degli investimenti mirano a separare i costi per la ricerca finanziaria da altri costi legati a operazioni che attengono all’attuazione dell’obiettivo e della politica d’investimento. In linea con quanto sopra e come regola generale, i costi per la ricerca finanziaria sono a carico del Gestore (o dei Gestori) degli Investimenti. Tuttavia, alcuni Comparti sono gestiti da Gestori degli Investimenti di terza parte situati al di fuori dell'Unione europea che non sono soggetti alla normativa MiFID II e che invece dovranno rispettare le leggi e le prassi di mercato che disciplinano la ricerca finanziaria nellagiurisdizione applicabile a tali Gestore degli Investimenti di terza parte. Quest'ultimo, per scelta o stando a quanto stabilito dalla legge, potrebbe non farsi carico di tali costi e/o non avere la facoltà di corrispondere pagamenti (tramite operazioni in contanti) per la ricerca a causa di restrizioni legali. Ciò significa che nel caso dei Comparti interessati, si potrebbe continuare a far pronte ai costi associati alla ricerca finanziaria con le attività del comparto. Laddove un Gestore degli Investimenti di terza parte di un Comparto si faccia carico del prezzo della ricerca attraverso le operazioni del Comparto, tale circostanza dovrà essere specificamente menzionata nelle schede informative dei Comparti interessati. In quei casi specifici, il/i Gestore/i degli investimenti può/possono essere remunerato/i per le operazioni da egli/loro realizzate per conto del Comparto in forza delle loro attività con le Controparti (come banche, agenti, intermediari, controparti OTC, negoziatori di futures, ecc.). In determinate circostanze e in linea con le politiche di best execution della Società di gestione e/o dei Gestori degli investimenti, la Società di gestione e/o il Gestore o i Gestori degli investimenti saranno autorizzati a incaricare un Comparto di pagare a una controparte costi di operazione più elevati rispetto a un’altra controparte, in funzione delle ricerche ricevute. Ciò può avvenire nelle forme seguenti:
- Pacchetto di commissioni di brokeraggio – In tali casi, le controparti integrano il prezzo della loro ricerca proprietaria, come opinioni, commenti, relazioni, analisi o idee d'investimento di analisti nei costi di transazione di molti strumenti finanziari, compreso il reddito fisso. In alcuni casi, possono fornire tali servizi gratuitamente. Le controparti non attribuiscono un prezzo esplicito alla ricerca come servizio separato e quindi non chiedono ai clienti, come la Società, la Società di gestione e/o il/i Gestore/i degli investimenti di sottoscrivere un contratto specifico. I volumi di operazioni della Società, della Società di gestione e/o del/dei Gestore/i degli investimenti non corrispondono direttamente alla quantità o alla qualità della ricerca fornita dalle Controparti. La ricerca può essere offerta ad alcuni o a tutti i clienti delle Controparti senza costi aggiuntivi (oltre a quelli di transazione per le operazioni).
- Accordi di condivisione delle commissioni (CSA) – La Società di gestione e/o il/i Gestore/i degli investimenti possono aver stipulato dei contratti con le controparti per cui esse devono separare una parte delle commissioni generate da certe transazioni azionarie del Comparto (lo "spacchettamento") per pagare la ricerca dei fornitori indipendenti. Diversamente dai pacchetti di commissioni di brokeraggio, il volume delle transazioni CSA ha un impatto diretto sulla quantità di ricerca che la Società di gestione e/o il/i Gestore/i degli investimenti possono comprare dai fornitori indipendenti. In genere non ci sono CSA per la transazione obbligazionaria. | ## Other Fees
- Securities transactions are inherent to the execution of the investment objective and policy. Costs linked to these transactions including but not be limited to, broker commissions, registration costs and taxes, will be borne by the portfolio. Higher portfolio turnover may lead to higher costs borne by the portfolio, affecting the performance of the Sub-Fund. These costs of transactions are not part of the Sub-Fund’s ongoing charges. In those cases where a high portfolio turnover ratio is inherent to the execution of the investment objective and policy of the Sub-Fund, such fact shall be disclosed in the relevant Sub-Fund factsheet under “additional information”. The Portfolio turnover ratio can be found in the annual report of the Company.
- The Management Company and/or the Investment Manager(s) aim to unbundle the costs for financial research from other costs linked to transactions inherent to the execution of the investment objective and policy. In line with this and as a general rule, the costs for financial research are borne by the Investment Manager(s). Some Sub-Funds, however, are managed by third party Investment Manager(s) outside the European Union that are not in-scope for the purpose of MiFID II and will be subject to local laws and market practices governing financial research in the applicable jurisdiction of the relevant third party Investment Manager. The latter may have chosen or be required not to bear these costs and/or not allowed to pay (cash transactions) for research due to legal restrictions. This means that costs of financial research may continue to be met out of the assets of these Sub-Funds. When and where a third party Investment Manager of a Sub-Fund will indeed pay for the cost of research through the transactions of the Sub-Fund this shall be specifically mentioned in the factsheets of the relevant Sub-Funds. In those specific cases the Investment Manager(s) may receive compensation from the trading initiated by them on behalf of the Sub-Fund because of the business they do with the Counterparties (e.g., bank, broker, dealer, OTC counterparty, futures merchant, intermediary, etc.). Under certain circumstances and in line with the Management Company and/or Investment Managers’ best execution policies, the Management Company and/or the Investment Manager(s) will be permitted to engage a Sub-Fund to pay higher transaction costs to a Counterparty comparing to another Counterparty because of the research they received. This can take the following forms:
- Bundled brokerage fees – In these cases, the Counterparties embed the price for their proprietary research, such as analysts' opinions, comments, reports, analytics, or trade ideas, in the transaction costs for most financial instruments, including fixed income. In some cases, they may provide this service free of charge. The Counterparties do not explicitly price their research as a distinct service and therefore do not require their customers, such as the Company, Management Company and/or Investment Manager(s), to enter into contractual agreements to engage in any specific business with them. The Company, Management Company and/or Investment Manager(s)’ volume of transactions do not expressly correspond to the quantity or quality of research offered by the Counterparties. The research may be available to some or all of the Counterparties’ customers at no additional cost (aside from the transaction cost for trading).
- Commission sharing agreements (CSA’s) – The Management Company and/or Investment Manager(s)may have entered into contractual agreements with the Counterparties, whereby the Counterparties are asked to separate part of the commissions generated by some of the Sub-Fund’s equity transactions (called ‘unbundling’) to pay for research provided by independent research providers. Unlike bundled brokerage fees, the volume of CSA transactions has a direct impact on the amount of research the Management Company and/or the Investment Manager(s) are able to purchase from independent research providers. CSA’s are generally not available for fixed income transaction. | en | it |
DOLFIN9090 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Il est rappelé aux investisseurs potentiels qu’Aberdeen Standard Liquidity Fund (Lux) n’est pas soumis aux règles et réglementations édictées en vertu de la FSMA pour la protection des investisseurs. Les investisseurs ne bénéficieront d’aucune protection au titre du Financial Services Compensation Scheme britannique et ne disposeront d’aucun droit d’annulation.
Les plaintes formulées par écrit concernant tout aspect du service, y compris l’exploitation d’Aberdeen Standard Liquidity Fund (Lux) ou les demandes d’obtention d’un exemplaire de la procédure de traitement des plaintes peuvent être adressées aux bureaux au Royaume-Uni, à l’Agent de service, de commercialisation et de vente afin qu’il les transmette au siège social d’Aberdeen Standard Liquidity Fund (Lux).
Le Prospectus et les Documents d’Information Clé pour l’Investisseur (DICI), ainsi que l’Acte constitutif et les Statuts, le Rapport annuel audité et le Rapport semestriel non audité d’Aberdeen Standard Liquidity Fund (Lux) peuvent être obtenus sans frais et au format papier auprès de l’Agent de service, de commercialisation et de vente et auprès de l’Agent de transfert.
En outre, toute information supplémentaire disponible au siège social d’Aberdeen Standard Liquidity Fund (Lux) le sera également auprès de l’Agent de transfert.
Publication du Prix par Action
Les prix de souscription et de rachat sont disponibles sur le site aberdeenstandard.com et dans les bureaux de l’Agent de transfert.
Fiscalité
Les règlementations et les pratiques fiscales des autorités financières sont constamment soumises à changement. Compte tenu de la complexité de la législation fiscale britannique, il est recommandé aux investisseurs de contacter un conseiller fiscal concernant les implications sur leur situation fiscale personnelle.
Rendez-vous sur notre site Internet aberdeenstandard.com
121041807 05/20 | Los inversores potenciales deben tener en cuenta que Aberdeen Standard Liquidity Fund (Lux) no está sujeta a las reglas y normas establecidas de conformidad con la FSMA para la protección de los inversores. Los inversores no tendrán protección alguna según el Plan de compensación de servicios financieros del Reino Unido ni tendrán ningún derecho de cancelación.
Las quejas escritas sobre cualquier aspecto del servicio, incluidas las operaciones de Aberdeen Standard Liquidity Fund (Lux), o las solicitudes para obtener una copia del procedimiento de gestión de quejas pueden dirigirse al Agente de Instalaciones, Comercialización y Ventas del Reino Unido para su posterior presentación a la sede principal de Aberdeen Standard Liquidity Fund (Lux).
El Folleto y los Documentos de datos fundamentales para el inversor, el acta constituida y los estatutos, la Memoria anual auditada y el Informe provisional no auditado de Aberdeen Standard Liquidity Fund (Lux) se pueden solicitar sin cargo en papel al Agente de Instalaciones, Comercialización y Ventas del Reino Unido.
Asimismo, cualquier información adicional que esté disponible en el domicilio social de Aberdeen Standard Liquidity Fund (Lux) estará también disponible a través del Agente de transferencias.
Publicación del Precio por Acción
Los precios de suscripción y de reembolso están disponibles en aberdeenstandard.com y en el domicilio del Agente de transferencias.
Fiscalidad
Las normas fiscales y las prácticas de las autoridades financieras están sujetas a modificaciones permanentemente. Debido a la complejidad de la legislación fiscal del Reino Unido, se recomienda que los inversores se comuniquen con un asesor fiscal en relación con los efectos sobre su situación fiscal personal.
Visit us online aberdeenstandard.com
121041810 05/20 | Il est rappelé aux investisseurs potentiels qu’Aberdeen Standard Liquidity Fund (Lux) n’est pas soumis aux règles et réglementations édictées en vertu de la FSMA pour la protection des investisseurs. Les investisseurs ne bénéficieront d’aucune protection au titre du Financial Services Compensation Scheme britannique et ne disposeront d’aucun droit d’annulation.
Les plaintes formulées par écrit concernant tout aspect du service, y compris l’exploitation d’Aberdeen Standard Liquidity Fund (Lux) ou les demandes d’obtention d’un exemplaire de la procédure de traitement des plaintes peuvent être adressées aux bureaux au Royaume-Uni, à l’Agent de service, de commercialisation et de vente afin qu’il les transmette au siège social d’Aberdeen Standard Liquidity Fund (Lux).
Le Prospectus et les Documents d’Information Clé pour l’Investisseur (DICI), ainsi que l’Acte constitutif et les Statuts, le Rapport annuel audité et le Rapport semestriel non audité d’Aberdeen Standard Liquidity Fund (Lux) peuvent être obtenus sans frais et au format papier auprès de l’Agent de service, de commercialisation et de vente et auprès de l’Agent de transfert.
En outre, toute information supplémentaire disponible au siège social d’Aberdeen Standard Liquidity Fund (Lux) le sera également auprès de l’Agent de transfert.
Publication du Prix par Action
Les prix de souscription et de rachat sont disponibles sur le site aberdeenstandard.com et dans les bureaux de l’Agent de transfert.
Fiscalité
Les règlementations et les pratiques fiscales des autorités financières sont constamment soumises à changement. Compte tenu de la complexité de la législation fiscale britannique, il est recommandé aux investisseurs de contacter un conseiller fiscal concernant les implications sur leur situation fiscale personnelle.
Rendez-vous sur notre site Internet aberdeenstandard.com
121041807 05/20 | fr | es |
DOLFIN9091 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Benchmark use
- performance comparison. For currency hedged share classes, the benchmark index may be hedged to the currency of that share class.
- performance comparison. For currency hedged share classes, the benchmark index may be hedged to the currency of that share class. | Utilizzo del benchmark
- a scopo di raffronto della performance. per le classi di azioni con copertura valutaria, il benchmark può essere coperto nei confronti della valuta di tale classe di azioni.
- a scopo di raffronto della performance. per le classi di azioni con copertura valutaria, il benchmark può essere coperto nei confronti della valuta di tale classe di azioni. | Benchmark use
- performance comparison. For currency hedged share classes, the benchmark index may be hedged to the currency of that share class.
- performance comparison. For currency hedged share classes, the benchmark index may be hedged to the currency of that share class. | en | it |
DOLFIN9092 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Climate Change Equity
Schroder ISF Global Climate Change 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 level of avoided emissions than the MSCI World (Net TR) index, based on the investment manager’s rating system.
Avoided emissions are measured by Schroders’ proprietary tool that provides an estimate of the future emissions saved indirectly by companies’ products and services through the substitution of high carbon activities with low carbon alternatives. It does this by identifying certain carbon-avoiding activities and industries that if adopted would contribute to reducing economy-wide emissions.
The investment manager monitors compliance with this characteristic by reference to the weighted average avoided emissions of the Fund compared against the weighted average avoided emissions of the named benchmark over the previous six month period.
The Fund has maintained a higher overall level of avoided emissions than the MSCI World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
The proprietary tool used to measure avoided emissions 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 Global Climate Change Equity
Schroder ISF Global Climate Change 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 un nivel global de emisiones evitadas superior al del MSCI World (Net TR) Index, según el sistema de calificación de la Gestora de inversiones.
Las emisiones evitadas se miden mediante la herramienta propia de Schroders que proporciona una estimación de las emisiones futuras ahorradas indirectamente por los productos y servicios de las empresas mediante la sustitución de actividades con alto contenido de carbono por alternativas con bajo contenido de carbono. Lo hace identificando ciertas actividades e industrias que evitan el carbono y que si se adoptan contribuirían a reducir las emisiones en toda la economía.
La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la media ponderada de las emisiones evitadas del Fondo en comparación con la media ponderada de las emisiones evitadas del valor de referencia mencionado durante el período de seis meses anterior.
El Fondo ha mantenido un nivel general de emisiones evitadas más alto que el MSCI World (Net TR) Index, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, la herramienta propia utilizada para medir las emisiones evitadas puede no cubrir todas las tenencias del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las tenencias pertinentes del 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 Global Climate Change Equity
Schroder ISF Global Climate Change 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 level of avoided emissions than the MSCI World (Net TR) index, based on the investment manager’s rating system.
Avoided emissions are measured by Schroders’ proprietary tool that provides an estimate of the future emissions saved indirectly by companies’ products and services through the substitution of high carbon activities with low carbon alternatives. It does this by identifying certain carbon-avoiding activities and industries that if adopted would contribute to reducing economy-wide emissions.
The investment manager monitors compliance with this characteristic by reference to the weighted average avoided emissions of the Fund compared against the weighted average avoided emissions of the named benchmark over the previous six month period.
The Fund has maintained a higher overall level of avoided emissions than the MSCI World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
The proprietary tool used to measure avoided emissions 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 |
DOLFIN9093 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Net Asset Value Considerations
The Net Asset Value per Share is expected to fluctuate over time with the performance of the Fund’s investments. A Shareholder may not fully recover his initial investment when he chooses to redeem his Shares or upon compulsory redemption, if the Net Asset Value per Share at the time of such redemption is less than the Subscription Price paid by such Shareholder or if there remain any unamortised costs and expenses of establishing the Company. In addition, where there is any conflict between Luxembourg GAAP and the valuation principles set out in the Articles and this document in relation to the calculation of Net Asset Value, the latter principles shall take precedence.
In calculating a Fund’s Net Asset Value, the Administrator may consult the Investment Manager with respect to the valuation of certain investments. Whilst there is an inherent conflict of interest between the involvement of the Investment Manager in determining the valuation price of each Fund’s investments and the Investment Manager’s other duties and responsibilities in relation to the Funds, the Investment Manager will endeavour to resolve any such conflict of interest fairly. | ##### Erwägungen betreffend den Nettoinventarwert
Der Nettoinventarwert je Anteil wird entsprechend der Performance der Fonds im Laufe der Zeit voraussichtlich schwanken. Ein Anteilsinhaber erhält seinen ursprünglich angelegten Betrag im Falle einer Rückgabe oder einer Zwangsrücknahme seiner Anteile eventuell nicht zurück, wenn der Nettoinventarwert je Anteil zum Zeitpunkt einer solchen Rücknahme niedriger ist als der von dem Anteilsinhaber gezahlte Zeichnungspreis, oder wenn im Zusammenhang mit der Gründung der Gesellschaft Kosten und Ausgaben noch nicht amortisiert sind. Wenn darüber hinaus ein Widerspruch zwischen den Luxemburger GAAP und den in der Satzung und in diesem Dokument enthaltenen Bewertungsgrundsätzen bezüglich der Berechnung des Nettoinventarwerts besteht, haben letztere Vorrang.
Bei der Berechnung des Nettoinventarwerts eines Fonds kann die Verwaltungsstelle den Anlageverwalter hinsichtlich der Bewertung bestimmter Anlagen konsultieren. Besteht zwischen der Einbindung des Investmentmanagers ein inhärenter Interessenkonflikt bezüglich der Festlegung des Bewertungspreises der Anlagen jedes Fonds und den anderen Pflichten und Verantwortungen des Investmentmanagers in Bezug auf die Fonds, wird der Anlageverwalter versuchen, einen solchen Interessenkonflikt fair zu lösen. | #### Net Asset Value Considerations
The Net Asset Value per Share is expected to fluctuate over time with the performance of the Fund’s investments. A Shareholder may not fully recover his initial investment when he chooses to redeem his Shares or upon compulsory redemption, if the Net Asset Value per Share at the time of such redemption is less than the Subscription Price paid by such Shareholder or if there remain any unamortised costs and expenses of establishing the Company. In addition, where there is any conflict between Luxembourg GAAP and the valuation principles set out in the Articles and this document in relation to the calculation of Net Asset Value, the latter principles shall take precedence.
In calculating a Fund’s Net Asset Value, the Administrator may consult the Investment Manager with respect to the valuation of certain investments. Whilst there is an inherent conflict of interest between the involvement of the Investment Manager in determining the valuation price of each Fund’s investments and the Investment Manager’s other duties and responsibilities in relation to the Funds, the Investment Manager will endeavour to resolve any such conflict of interest fairly. | en | de |
DOLFIN9094 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | N/A |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out respectively. |
| Charges taken from the fund over a year |
| Ongoing charge | 2.00% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | N/A | | # Frais
Les frais servent à couvrir les coûts d’exploitation de cette Classe d’actions, y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de l’investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 5,00% |
| Frais de sortie | S.O. |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant qu’il soit investi ou avant que le revenu de votre investissement ne vous soit distribué, selon le cas. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 2,00% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | S.O. | | # Charges
Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | N/A |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out respectively. |
| Charges taken from the fund over a year |
| Ongoing charge | 2.00% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | N/A | | en | fr |
DOLFIN9095 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Market timing and late trading
In accordance with the applicable legal and regulatory provisions, the SICAV does not authorise practices associated with market timing and late trading. The SICAV reserves the right to reject any subscription or conversion orders from an investor whom the SICAV suspects of using such practices, and the SICAV reserves the right to take the necessary measures to protect the other shareholders of the SICAV, where appropriate. Subscriptions, redemptions and conversions take place at an unknown net asset value.
The net asset of each of the SICAV's sub-funds will be valued and the net asset value ("NAV") per share will be calculated in accordance with the provisions of the articles of association on each valuation day indicated in the fact sheet of the sub-fund ("Valuation Day").
The NAV of a share, regardless of the sub-fund and share class in respect of which it is issued, will be determined in the respective currency of the share class. | ## Market Timing / Late Trading
Conformément aux dispositions légales et réglementaires applicables, la SICAV n’autorise pas les pratiques associées au Market Timing et au Late Trading. La SICAV se réserve le droit de rejeter des ordres de souscription et de conversion provenant d’un investisseur que la SICAV suspecte d’employer de telles pratiques et la SICAV se réserve le droit de prendre, le cas échéant, les mesures nécessaires pour protéger les actionnaires de la SICAV. Les souscriptions, remboursements et conversions se font à valeur nette d'inventaire inconnue.
L'évaluation de l'actif net de chaque compartiment de la SICAV ainsi que la détermination de la valeur nette d’inventaire (« VNI ») par action sont réalisées conformément aux dispositions des statuts à chaque jour d’évaluation indiqué dans la fiche signalétique du compartiment (« Jour d’Evaluation »).
La VNI d'une action, quels que soient le compartiment et la classe d’actions au titre desquels elle est émise, sera déterminée dans la devise respective de la classe d’actions. | ## Market timing and late trading
In accordance with the applicable legal and regulatory provisions, the SICAV does not authorise practices associated with market timing and late trading. The SICAV reserves the right to reject any subscription or conversion orders from an investor whom the SICAV suspects of using such practices, and the SICAV reserves the right to take the necessary measures to protect the other shareholders of the SICAV, where appropriate. Subscriptions, redemptions and conversions take place at an unknown net asset value.
The net asset of each of the SICAV's sub-funds will be valued and the net asset value ("NAV") per share will be calculated in accordance with the provisions of the articles of association on each valuation day indicated in the fact sheet of the sub-fund ("Valuation Day").
The NAV of a share, regardless of the sub-fund and share class in respect of which it is issued, will be determined in the respective currency of the share class. | en | fr |
DOLFIN9096 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- the level of protection guaranteed to unitholders in these other UCIs is equivalent to that provided for unitholders of a UCITS and, in particular, that the rules on asset segregation, borrowing, lending and short-selling of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC,
- the activities of these other UCIs are reported in semi-annual and annual reports such that their assets, liabilities, income and activities over the reporting period may be evaluated,
- the proportion of assets that the UCITS or other UCIs whose acquisition is contemplated may invest overall, in accordance with their management rules or their documents of incorporation, in units in other UCITS or other UCIs does not exceed 10%. | - das Schutzniveau der Anteilinhaber dieser anderen OGA dem Schutzniveau der Anteilinhaber eines OGAW entspricht und insbesondere die Vorschriften für die getrennte Verwahrung des Vermögens, die Kreditaufnahme, die Kreditgewährung und Leerverkäufe von Wertpapieren und Geldmarktinstrumenten den Anforderungen der Richtlinie 2009/65/EG gleichwertig sind;
- die Geschäftstätigkeit dieser anderen OGA Gegenstand von Halbjahres- und Jahresberichten ist, die es erlauben, sich ein Urteil über das Vermögen und die Verbindlichkeiten, die Erträge und die Transaktionen im Berichtszeitraum zu bilden;
- der OGAW oder der andere OGA, dessen Anteile erworben werden sollen, nach seinem Verwaltungsreglement oder seinen Gründungsdokumenten insgesamt höchstens 10 % seines Vermögens in Anteilen anderer OGAW oder anderer OGA anlegen darf. | - the level of protection guaranteed to unitholders in these other UCIs is equivalent to that provided for unitholders of a UCITS and, in particular, that the rules on asset segregation, borrowing, lending and short-selling of transferable securities and money market instruments are equivalent to the requirements of Directive 2009/65/EC,
- the activities of these other UCIs are reported in semi-annual and annual reports such that their assets, liabilities, income and activities over the reporting period may be evaluated,
- the proportion of assets that the UCITS or other UCIs whose acquisition is contemplated may invest overall, in accordance with their management rules or their documents of incorporation, in units in other UCITS or other UCIs does not exceed 10%. | en | de |
DOLFIN9097 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, the Management Company will, in principle, not accept any direct subscription from or direct holding by any individual who is a US citizen or a US tax resident or any non-US partnership, non-US trust or similar tax transparent non-US entity that has any partner, beneficiary or owner that is a US Person, US citizen or US tax resident.
Should a Shareholder become a (i) US Person, (ii) US citizen, (iii) US tax resident or (iv) specified US person for purposes of the US Foreign Account Tax Compliance Act (FATCA), he may be subject to US withholding taxes and tax reporting to any relevant tax authority, including the US Internal Revenue Service and he is required to notify the Management Company immediately.
Shares may not be acquired or owned by, or acquired with assets of, (i) any retirement plan subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"); (ii) any individual retirement account or plan subject to Section 4975 of the United States Internal Revenue Code of 1986; and/or (iii) a person or entity the underlying assets of which include the assets of any employee benefit plan or plan by reason of Department of Labour Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA. The Management Company reserves the right to request a written representation from investors stating their compliance with the above restrictions prior to accepting subscription orders.
The Management Company may also limit the distribution of Shares of a given Class or Sub-Fund to specific countries. The issue of Shares of a given Class shall be suspended whenever the determination of the Net Asset Value per Share of such Class is suspended by the Management Company (see "General Information - Temporary Suspension of Issues, Redemptions and Switches").
The Luxembourg law of 19 February 1973 (as amended), the law of 5 April 1993 (as amended), the law of 12 November 2004 (as amended), and associated Grand Ducal and Ministerial Regulations and circulars of the Luxembourg supervisory authority, outline obligations to prevent the use of undertakings for collective investment such as the Fund for money laundering purposes. Within this context, the Management Company has a procedure in place for identification of investors which requires that the application form for investment in the Fund must be accompanied by such documents set out in the current version of the application form.
Such information provided to the Management Company will be held and used in accordance with Luxembourg Privacy laws. In all cases the Management Company reserves the right to request additional information and documentation including translations, certifications and updated versions of such documents to satisfy itself that the identification requirements under Luxembourg law have been fulfilled.
The Management Company may enter into agreements with certain Distributors (as defined hereafter) pursuant to which they agree to act as or appoint nominees for investors subscribing for Shares through their facilities. In such capacity the Distributor may effect subscriptions, switches and redemptions of Shares in a nominee name on behalf of individual investors and request the registration of such operations on the Register of Shareholders of the Fund in such nominee name. The nominee/Distributor maintains its own records and provides the investor with individualised information as to its holdings of Shares in the Fund. Except where local law or custom proscribes the practice, investors may invest directly in the Fund and not avail themselves of a nominee service. Unless otherwise provided by local law, any Shareholder holding Shares in a nominee account with a Distributor has the right to claim, at any time, direct title to such Shares.
The Directors draw the investors’ attention to the fact that any investor will only be able to fully exercise his investor rights directly against the Fund, notably the right to participate in general shareholders’ meetings, if the investor is registered himself and in his own name in the Register of Shareholders for the Fund. In cases where an investor invests in the Fund through an intermediary investing into the Fund in his own name but on behalf of the investor, it may not always be possible for the investor to exercise certain shareholder rights directly against the Fund. Investors are advised to take advice on their rights.
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### Minimum Subscription Amounts and Eligibility for Shares | Asimismo, la Sociedad gestora rechazará en principio cualquier suscripción o posición directa de una persona física que sea ciudadana o residente fiscal en Estados Unidos o cualquier consorcio o fideicomiso no estadounidenses, o cualquier otra persona jurídica no estadounidense similar transparente a efectos fiscales que cuente con un socio, beneficiario o titular que sea una Persona estadounidense, o un ciudadano o residente fiscal de ese país.
En el supuesto de que un Accionista pase a ser (i) Persona estadounidense, (ii) ciudadano estadounidense, (iii) residente fiscal en Estados Unidos o (iv) persona estadounidense a los efectos de la Ley de Cumplimiento fiscal de cuentas extranjeras (FATCA) estadounidense, este Accionista quedará sometido a una retención fiscal en Estados Unidos y contraerá obligaciones declarativas con la autoridad fiscal pertinente, incluida la agencia tributaria estadounidense (Internal Revenue Service o IRS), además de estar obligado a notificar su situación a la Sociedad gestora con carácter inmediato.
Las Acciones no podrán ser adquiridas ni poseídas por, o adquiridas con los activos de, (i) ningún plan de pensiones sujeto al Título I de la Ley estadounidense de Garantía de ingresos por jubilación de los empleados (Employee Retirement Income Security Act) de 1974, en su versión modificada («ERISA»); (ii) ningún plan o cuenta de pensiones concreto sujeto a la Sección 4975 del Código Tributario estadounidense (Internal Revenue Code) de 1986; y/o (iii) ninguna persona o entidad cuyos activos subyacentes incluyan los activos de cualquier plan de prestaciones a los empleados o plan en virtud de la Sección 2510.3-101 del Reglamento del Departamento de Trabajo, en su versión modificada por la Sección 3(42) de ERISA. La Sociedad gestora se reserva el derecho de solicitar una declaración escrita por parte de los inversores en la que se exprese el cumplimiento de las anteriores restricciones antes de aceptar sus solicitudes de suscripción.
Asimismo, la Sociedad gestora también podrá limitar la distribución de Acciones de una determinada Clase de Acciones o Subfondo a países específicos. La emisión de Acciones de una Clase determinada quedará suspendida siempre que la Sociedad gestora suspenda el cálculo del Valor Liquidativo por Acción de dicha Clase (véase el epígrafe «Suspensión temporal de emisiones, reembolsos y canjes» del apartado «Información general»).
La Ley de Luxemburgo de 19 de febrero de 1973 (en su versión modificada), la Ley de 5 de abril de 1993 (en su versión modificada), la Ley de 12 de noviembre de 2004 (en su versión modificada), las circulares de la autoridad supervisora de Luxemburgo y los Reglamentos Ministeriales y del Gran Ducado conexos establecen las obligaciones para prevenir el uso de organismos de inversión colectiva, como el Fondo, con fines de blanqueo de capitales. En este contexto, la Sociedad gestora ha puesto en práctica un procedimiento para la identificación de inversores que exige que el formulario de solicitud para la inversión en el Fondo vaya acompañado de los documentos que se hacen constar en la versión vigente del formulario de solicitud.
Dicha información facilitada a la Sociedad gestora se conservará y utilizará de conformidad con las leyes de protección de datos luxemburguesas. En todos los casos, la Sociedad gestora se reserva el derecho a solicitar información y documentación adicional, incluidos certificados, traducciones y versiones actualizadas de dichos documentos, con el fin de comprobar que se han cumplido los requisitos de identificación previstos por la legislación luxemburguesa.
La Sociedad gestora podrá celebrar contratos con determinados Distribuidores (que se definen más adelante), en virtud de los cuales estos se comprometan a actuar como personas interpuestas, o a nombrar personas interpuestas, para los inversores que suscriban Acciones a través de sus establecimientos. En dicha calidad, el Distribuidor podrá realizar suscripciones, canjes y reembolsos de Acciones a nombre de una persona interpuesta en representación de inversores individuales, y podrá requerir la anotación de dichas operaciones en el Registro de Accionistas del Fondo a nombre de dicha persona interpuesta. La persona interpuesta/el Distribuidor llevará sus propios registros y proporcionará al inversor información personalizada sobre sus posiciones en Acciones del Fondo. Excepto cuando las leyes o costumbres locales lo prohíban, los inversores podrán invertir directamente en el Fondo sin tener que hacer uso de los servicios de una persona interpuesta. Salvo que la legislación local disponga lo contrario, cualquier Accionista que posea Acciones en una cuenta de persona interpuesta con un Distribuidor tiene derecho a reclamar, en cualquier momento, la propiedad directa sobre sus Acciones.
Los Consejeros informan a los inversores de que solo podrán ejercer plenamente sus derechos como inversores directamente frente al Fondo, en particular el derecho a participar en las juntas generales de Accionistas, si se encuentran registrados, en su propio nombre, en el registro de Accionistas del Fondo. Es posible que un inversor no siempre pueda ejercer algunos de sus derechos como Accionista directamente frente al Fondo si invierte a través de un intermediario que invierte en el Fondo en su propio nombre, aunque en representación del inversor. Se recomienda a los inversores que se asesoren sobre sus derechos.
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### Requisitos de admisibilidad e importes mínimos de suscripción de Acciones | In addition, the Management Company will, in principle, not accept any direct subscription from or direct holding by any individual who is a US citizen or a US tax resident or any non-US partnership, non-US trust or similar tax transparent non-US entity that has any partner, beneficiary or owner that is a US Person, US citizen or US tax resident.
Should a Shareholder become a (i) US Person, (ii) US citizen, (iii) US tax resident or (iv) specified US person for purposes of the US Foreign Account Tax Compliance Act (FATCA), he may be subject to US withholding taxes and tax reporting to any relevant tax authority, including the US Internal Revenue Service and he is required to notify the Management Company immediately.
Shares may not be acquired or owned by, or acquired with assets of, (i) any retirement plan subject to Title I of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"); (ii) any individual retirement account or plan subject to Section 4975 of the United States Internal Revenue Code of 1986; and/or (iii) a person or entity the underlying assets of which include the assets of any employee benefit plan or plan by reason of Department of Labour Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA. The Management Company reserves the right to request a written representation from investors stating their compliance with the above restrictions prior to accepting subscription orders.
The Management Company may also limit the distribution of Shares of a given Class or Sub-Fund to specific countries. The issue of Shares of a given Class shall be suspended whenever the determination of the Net Asset Value per Share of such Class is suspended by the Management Company (see "General Information - Temporary Suspension of Issues, Redemptions and Switches").
The Luxembourg law of 19 February 1973 (as amended), the law of 5 April 1993 (as amended), the law of 12 November 2004 (as amended), and associated Grand Ducal and Ministerial Regulations and circulars of the Luxembourg supervisory authority, outline obligations to prevent the use of undertakings for collective investment such as the Fund for money laundering purposes. Within this context, the Management Company has a procedure in place for identification of investors which requires that the application form for investment in the Fund must be accompanied by such documents set out in the current version of the application form.
Such information provided to the Management Company will be held and used in accordance with Luxembourg Privacy laws. In all cases the Management Company reserves the right to request additional information and documentation including translations, certifications and updated versions of such documents to satisfy itself that the identification requirements under Luxembourg law have been fulfilled.
The Management Company may enter into agreements with certain Distributors (as defined hereafter) pursuant to which they agree to act as or appoint nominees for investors subscribing for Shares through their facilities. In such capacity the Distributor may effect subscriptions, switches and redemptions of Shares in a nominee name on behalf of individual investors and request the registration of such operations on the Register of Shareholders of the Fund in such nominee name. The nominee/Distributor maintains its own records and provides the investor with individualised information as to its holdings of Shares in the Fund. Except where local law or custom proscribes the practice, investors may invest directly in the Fund and not avail themselves of a nominee service. Unless otherwise provided by local law, any Shareholder holding Shares in a nominee account with a Distributor has the right to claim, at any time, direct title to such Shares.
The Directors draw the investors’ attention to the fact that any investor will only be able to fully exercise his investor rights directly against the Fund, notably the right to participate in general shareholders’ meetings, if the investor is registered himself and in his own name in the Register of Shareholders for the Fund. In cases where an investor invests in the Fund through an intermediary investing into the Fund in his own name but on behalf of the investor, it may not always be possible for the investor to exercise certain shareholder rights directly against the Fund. Investors are advised to take advice on their rights.
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### Minimum Subscription Amounts and Eligibility for Shares | en | es |
DOLFIN9098 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you have any questions or complaints, please contact your investment advisor first. Complaints can also be submitted in writing to Universal Investment Ireland, Kilmore House,Spencer Dock,NorthWallQuay,Dublin1,D01YE64,Irelandor via e-mail to: Mgt.UII@universal- investment.com. Further details on the complaint process are available at the following website: https://www.universal-investment.com/en/ Corporate/Compliance/Ireland/. | # Wie kann ich mich beschweren?
Bei Fragen und Beschwerden kontaktieren Sie bitte zunächst Ihren Anlageberater. Alternativ können Beschwerden von Anlegern schriftlich bei Universal Investment Ireland,Kilmore House,Spencer Dock,NorthWallQuay,Dublin1,D01YE64,Irelandeingereicht werden oder via E-Mail an: [email protected]. Die weiteren Einzelheiten zum Beschwerdeprozess sind auf der folgenden Webseite verfügbar:https:// www.universal-investment.com/en/Corporate/Compliance/Ireland/. | # How can I complain?
If you have any questions or complaints, please contact your investment advisor first. Complaints can also be submitted in writing to Universal Investment Ireland, Kilmore House,Spencer Dock,NorthWallQuay,Dublin1,D01YE64,Irelandor via e-mail to: Mgt.UII@universal- investment.com. Further details on the complaint process are available at the following website: https://www.universal-investment.com/en/ Corporate/Compliance/Ireland/. | en | de |
DOLFIN9099 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Benefit from attractive yields, strong risk-adjusted return potential and a high level of diversification by investing in issuers from the world’s most dynamic EM frontier countries
UBAM – Emerging Markets Frontier Bond invests primarily in bonds issued by sovereign and quasi-sovereign entities domiciled in, or linked to, frontier countries, and denominated in hard currencies. It is actively managed and aims to take advantage of the attractive yields offered by these under-researched issuers.
Key points
- Invest in issuers from some of the fastest-growing economies in the world
- Benefit from the attractive yields and strong risk-adjusted return potential offered by these under- researched markets
- Active management based on thorough fundamental sovereign analysis
- Experienced investment team with a proven track record in managing EM fixed-income productsInvestment caseFrontier markets are fast-growing emerging economies with typically smaller external debt markets than traditional EM (BRICS) countries. These markets offer a compelling investment opportunity, with returns which have demonstrated their ability to outpace both broader EM sovereign and developed high-yield bond markets. | # Attraktive Renditen, hohes risiko-adjustiertes Ertragspotenzial und ausgeprägte Diversifikation mit Anlagen in die dynamischsten Länder der Frontier Markets
UBAM – Emerging Markets Frontier Bond investiert in erster Linie in Staatsanleihen und Quasi-Staatsanleihen, die in Hartwährung begeben und aus Frontier Markets stammen oder eng mit diesen verbunden sind. Der aktiv verwaltete Fonds soll die attraktiven Renditen dieser wenig analysierten Emittenten nutzen.
Schlüsselmerkmale
- In Emittenten aus einigen der Volkswirtschaften mit dem weltweit schnellsten Wachstum investieren
- Vom attraktiven Rendite- und hohen risiko-adjustierten Ertragspotenzial dieser wenig analysierten Märkte profitieren
- Aktives Management auf der Grundlage eingehender fundamentaler Bewertung staatlicher Emittenten
- Erfahrenes Team mit bewährtem Track-Record in der Verwaltung von festverzinslichen Schwellenmarkt-FondsWarum sich eine Investition lohntFrontier Markets sind schnell wachsende Schwellenländer, die in der Regel eine niedrigere Verschuldung als die traditionellen BRIC-Staaten aufweisen. Sie bestechen durch interessante Investitionsmöglichkeiten und höhere Renditen als Staatsanleihen der übrigen Schwellenländer und hochverzinsliche Anleihen der Industrieländer. | # Benefit from attractive yields, strong risk-adjusted return potential and a high level of diversification by investing in issuers from the world’s most dynamic EM frontier countries
UBAM – Emerging Markets Frontier Bond invests primarily in bonds issued by sovereign and quasi-sovereign entities domiciled in, or linked to, frontier countries, and denominated in hard currencies. It is actively managed and aims to take advantage of the attractive yields offered by these under-researched issuers.
Key points
- Invest in issuers from some of the fastest-growing economies in the world
- Benefit from the attractive yields and strong risk-adjusted return potential offered by these under- researched markets
- Active management based on thorough fundamental sovereign analysis
- Experienced investment team with a proven track record in managing EM fixed-income productsInvestment caseFrontier markets are fast-growing emerging economies with typically smaller external debt markets than traditional EM (BRICS) countries. These markets offer a compelling investment opportunity, with returns which have demonstrated their ability to outpace both broader EM sovereign and developed high-yield bond markets. | en | de |
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