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DOLFIN9300 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Par ailleurs, dans le cadre de la réalisation d’opérations d’investissement, la SICAV, la Société de Gestion et, le cas échéant, l’entité à laquelle la fonction de gestion de portefeuille est déléguée, doivent effectuer une analyse du risque blanchiment de capitaux et de financement du terrorisme présenté par l’investissement et effectuer des mesures de vigilance adaptées au risque évalué et documenté.
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## Valeur de l’actif net | Además, en el marco de la realización de operaciones de inversión, la SICAV, la Sociedad Gestora y, si procede, la entidad en la que se ha delegado la función de gestión de la cartera deben efectuar un análisis del riesgo de blanqueo de capitales y de financiación del terrorismo que presenta la inversión y adoptar medidas de vigilancia adaptadas al riesgo evaluado y documentado.
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## Valor liquidativo | Par ailleurs, dans le cadre de la réalisation d’opérations d’investissement, la SICAV, la Société de Gestion et, le cas échéant, l’entité à laquelle la fonction de gestion de portefeuille est déléguée, doivent effectuer une analyse du risque blanchiment de capitaux et de financement du terrorisme présenté par l’investissement et effectuer des mesures de vigilance adaptées au risque évalué et documenté.
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## Valeur de l’actif net | fr | es |
DOLFIN9301 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Vous êtes détenteurs d’actions de l’OPCVM Echiquier Patrimoine – compartiment de la SICAV Echiquier de droit français – dont la société de gestion est La Financière de l’Echiquier.
Nous avons souhaité faire évoluer le process de gestion. Quelques aménagements de la documentation réglementaire de l’OPCVM sont donc nécessaires, vous trouverez le descriptif ci-dessous. Par la même occasion, nous allons procéder à une modification de la structure de frais de l’action A de ce compartiment.
- | # Usted es accionista del OICVM Echiquier Patrimoine, subfondo de la SICAV Echiquier de derecho francés, cuya sociedad gestora es La Financière de l’Echiquier.
Le comunicamos que hemos decidido realizar cambios en el proceso de gestión. Por tanto, es necesario realizar algunas modificaciones en la documentación reglamentaria del OICVM que describimos a continuación. Al mismo tiempo, procederemos a modificar la estructura de gastos de la acción A de este subfondo.
- | # Vous êtes détenteurs d’actions de l’OPCVM Echiquier Patrimoine – compartiment de la SICAV Echiquier de droit français – dont la société de gestion est La Financière de l’Echiquier.
Nous avons souhaité faire évoluer le process de gestion. Quelques aménagements de la documentation réglementaire de l’OPCVM sont donc nécessaires, vous trouverez le descriptif ci-dessous. Par la même occasion, nous allons procéder à une modification de la structure de frais de l’action A de ce compartiment.
- | fr | es |
DOLFIN9302 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Each share entitles the holder to one vote. Fractions of shares have no voting rights.
Matters that affect the Investment Company as a whole are voted on jointly by all shareholders. However, separate votes are held on matters that only affect one or more sub-funds or one or more share classes.
In principle, the general meeting’s resolutions are binding on all shareholders, provided these resolutions comply with Luxembourg law and these Articles of Association, in particular insofar as they do not interfere with the rights of the separate meetings of shareholders of a particular share class. Where a separate vote is held for one or more share classes, the resolutions passed are in principle binding on all shareholders of the share class or classes in question. | ##### Jede Aktie gibt das Recht auf eine Stimme. Aktienbruchteile sind nicht stimmberechtigt.
Bei Fragen, welche die Investmentgesellschaft als Ganzes betreffen, stimmen die Aktionäre gemeinsam ab. Eine getrennte Abstimmung erfolgt jedoch bei Fragen, die nur einen oder mehrere Teilfonds oder eine oder mehrere Aktienklasse(n) betreffen.
Die Beschlüsse der Generalversammlung sind grundsätzlich bindend für alle Aktionäre, sofern diese Beschlüsse in Übereinstimmung mit dem Luxemburger Gesetz und dieser Satzung stehen, insbesondere sofern sie nicht in die Rechte der getrennten Versammlungen der Aktionäre einer bestimmten Aktienklasse eingreifen. Findet eine getrennte Abstimmung für eine oder mehrere Aktienklasse(n) statt, binden die Beschlüsse grundsätzlich alle Aktionäre der Aktienklasse(n). | #### Each share entitles the holder to one vote. Fractions of shares have no voting rights.
Matters that affect the Investment Company as a whole are voted on jointly by all shareholders. However, separate votes are held on matters that only affect one or more sub-funds or one or more share classes.
In principle, the general meeting’s resolutions are binding on all shareholders, provided these resolutions comply with Luxembourg law and these Articles of Association, in particular insofar as they do not interfere with the rights of the separate meetings of shareholders of a particular share class. Where a separate vote is held for one or more share classes, the resolutions passed are in principle binding on all shareholders of the share class or classes in question. | en | de |
DOLFIN9303 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Adaptation of this information to the G FUND
To apply this policy to the G FUND, the above quantitative elements are recalculated pro rata the proportion of the G FUND's assets under management relative to Groupama Asset Management's total assets under management as at 31/12/21, which gives a pro rata percentage of 2.8% (€3.3bn / €117.2bn).
The following information is based on Groupama Asset Management's Annual Salary Statement at 31 December 2021. | Adaptation de ces informations à la SICAV G FUND
Pour l’application de cette politique à la SICAV G FUND, les éléments quantitatifs précédents sont recalculés par application d’un prorata correspondant à la proportion des encours de G FUND par rapport aux encours totaux gérés par Groupama Asset Management au 31/12/2021, soit un prorata de 2,8% (=3,3 Md€ / 117,2 Md€).
Les informations suivantes sont basées sur la déclaration annuelle des salaires (DSN) de Groupama Asset Management au 31 décembre 2021. | Adaptation of this information to the G FUND
To apply this policy to the G FUND, the above quantitative elements are recalculated pro rata the proportion of the G FUND's assets under management relative to Groupama Asset Management's total assets under management as at 31/12/21, which gives a pro rata percentage of 2.8% (€3.3bn / €117.2bn).
The following information is based on Groupama Asset Management's Annual Salary Statement at 31 December 2021. | en | fr |
DOLFIN9304 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Share Class Benchmark Bloomberg Euro Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | Índice de referencia de la Clase de Acciones Bloomberg Euro Aggregate Index (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo. | Share Class Benchmark Bloomberg Euro Aggregate Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | en | es |
DOLFIN9305 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Des exemplaires de l’ensemble des documents susmentionnés sont disponibles pour consultation au siège social de la Société situé Guild House, Guild Street, IFSC, Dublin 1, D01E4XO, Irlande.
Le 14 décembre 2011, l’Irish Funds Industry Association (« IF ») a publié un code de gouvernance d’entreprise (le « Code IF ») disponible sur son site Internet (www.irishfunds.ie). Il convient de noter que le Code IF reflète les politiques de gouvernance d’entreprise imposées actuellement aux organismes de placement collectif irlandais agréés.
Les Administrateurs ont examiné le Code IF et l’ont adopté le 20 décembre 2012, après avoir évalué la cohérence des mesures de ce Code avec les principes et procédures de gouvernance d’entreprise actuels de la Société pour l’exercice. Conformément au cadre réglementaire applicable aux sociétés de fonds d’investissement comme la Société (et contrairement aux sociétés d’exploitation normales possédant une direction exécutive et des salariés à temps plein), la Société, par conséquent, opère selon un modèle délégué en vertu duquel elle délègue les fonctions de gestion (y compris la gestion d’investissement), d’administration et de distribution à des tiers sans abroger la responsabilité globale des Administrateurs. Les Administrateurs disposent de mécanismes permettant de contrôler l’exercice de ces fonctions déléguées, qui sont toujours assujetties à leur surveillance et à leur autorité. Ces délégations de fonctions et la désignation de tierces parties réglementées sont décrites en détail dans le prospectus de la Société. En résumé, elles se présentent comme suit :
- La Société a nommé BNY Mellon Fund Management (Luxembourg) S.A. en tant que son Gestionnaire conformément à la Convention de gestion. Selon les termes de la Convention de gestion, le Gestionnaire est responsable de la gestion et de l’administration des affaires de la Société et de la distribution des actions des Compartiments. Le Gestionnaire est agréé et réglementé par la Commission de Surveillance du Secteur Financier (« CSSF »).
- Le Gestionnaire a délégué l’exercice des fonctions de gestion d’investissement relatives à la Société et à ses Compartiments aux Gestionnaires de portefeuille respectifs décrits dans le prospectus et énumérés dans le répertoire joint aux présents états financiers. | Existen copias de todos los documentos anteriores disponibles para su inspección en el domicilio social de la Sociedad, sito en One Dockland Central, Guild Street, IFSC, Dublín 1, D01E4X0 (Irlanda).
El 14 de diciembre de 2011, la Asociación Irlandesa de la Industria de Fondos («IF») publicó un código de gobierno corporativo («Código IF») que puede consultarse u obtenerse en el sitio web de IF (www.irishfunds.ie). Téngase en cuenta que el Código IF refleja las políticas de gobierno corporativo existentes impuestas a los organismos de inversión colectiva autorizados en Irlanda.
Los Consejeros han revisado el Código IF y lo han adoptado el 20 de diciembre de 2012, tras valorar que las medidas incluidas en este son coherentes con sus principios y procedimientos de gobierno corporativo existentes en el ejercicio. De forma coherente con el marco normativo aplicable a las sociedades de fondos de inversión, como la Sociedad (y a diferencia de las sociedades que operan normalmente, con su dirección ejecutiva y sus empleados a tiempo completo), en consecuencia, la Sociedad opera con arreglo al modelo delegado por el que delegada las funciones de gestión (incluida la gestión de inversiones), administración y distribución a terceros, sin abandonar la responsabilidad general del Consejo de administración. El Consejo de administración tiene establecidos mecanismos para efectuar un seguimiento del ejercicio de estas funciones delegadas, que están siempre sujetas a su supervisión y dirección. Esta delegación de funciones y el nombramiento de terceras entidades reguladas se describen con detalle en el Folleto de la Sociedad. De forma resumida, son:
- La Sociedad ha nombrado a BNY Mellon Fund Management (Luxembourg) S.A. como Sociedad gestora con arreglo al Contrato de gestión. Con arreglo a lo dispuesto en el Contrato de gestión, la Sociedad gestora se encarga de la gestión y administración de los asuntos de la Sociedad y la distribución de las acciones de los Fondos. La Sociedad gestora está autorizada y regulada por la Commission de Surveillance du Secteur Financier («CSSF»).
- La Sociedad gestora ha delegado el desempeño de las funciones de gestión de inversiones con respecto a la Sociedad y sus Fondos, en las Gestoras de inversiones correspondientes, tal como se detalla en el Folleto y se recoge en el directorio de los presentes estados financieros. | Des exemplaires de l’ensemble des documents susmentionnés sont disponibles pour consultation au siège social de la Société situé Guild House, Guild Street, IFSC, Dublin 1, D01E4XO, Irlande.
Le 14 décembre 2011, l’Irish Funds Industry Association (« IF ») a publié un code de gouvernance d’entreprise (le « Code IF ») disponible sur son site Internet (www.irishfunds.ie). Il convient de noter que le Code IF reflète les politiques de gouvernance d’entreprise imposées actuellement aux organismes de placement collectif irlandais agréés.
Les Administrateurs ont examiné le Code IF et l’ont adopté le 20 décembre 2012, après avoir évalué la cohérence des mesures de ce Code avec les principes et procédures de gouvernance d’entreprise actuels de la Société pour l’exercice. Conformément au cadre réglementaire applicable aux sociétés de fonds d’investissement comme la Société (et contrairement aux sociétés d’exploitation normales possédant une direction exécutive et des salariés à temps plein), la Société, par conséquent, opère selon un modèle délégué en vertu duquel elle délègue les fonctions de gestion (y compris la gestion d’investissement), d’administration et de distribution à des tiers sans abroger la responsabilité globale des Administrateurs. Les Administrateurs disposent de mécanismes permettant de contrôler l’exercice de ces fonctions déléguées, qui sont toujours assujetties à leur surveillance et à leur autorité. Ces délégations de fonctions et la désignation de tierces parties réglementées sont décrites en détail dans le prospectus de la Société. En résumé, elles se présentent comme suit :
- La Société a nommé BNY Mellon Fund Management (Luxembourg) S.A. en tant que son Gestionnaire conformément à la Convention de gestion. Selon les termes de la Convention de gestion, le Gestionnaire est responsable de la gestion et de l’administration des affaires de la Société et de la distribution des actions des Compartiments. Le Gestionnaire est agréé et réglementé par la Commission de Surveillance du Secteur Financier (« CSSF »).
- Le Gestionnaire a délégué l’exercice des fonctions de gestion d’investissement relatives à la Société et à ses Compartiments aux Gestionnaires de portefeuille respectifs décrits dans le prospectus et énumérés dans le répertoire joint aux présents états financiers. | fr | es |
DOLFIN9306 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### The share of issuers analysed under the ESG criteria in the portfolio is greater than 90%.
The methodology adopted by the management company for taking into account extra-financial criteria has a weakness relating to the quality of the information collected by the ESG Research Team as well as the transparency of the various issuers.
The Sub-fund invests primarily in bonds of global companies. The Sub-fund invests up to 100% in Investment Grade issues (with a rating higher or equal to BBB- at Standard & Poor’s or Baa3 at Moody’s or the equivalent according to the analysis of the Management Company) and up to 70% High Yield issues (i.e. greater than or equal to B- at Standard & Poor’s or B3 according to Moody's or an equivalent rating of the Management Company). The management company shall not exclusively or automatically rely on external ratings but may, upon the issuance of such a rating, take it into consideration for its credit analysis. If the rating of a bond already present in the portfolio deteriorates and falls below the minimum rating, the sub-fund may keep the security in the portfolio; these downgrades may concern up to 5% of the total assets. | #### La part des émetteurs analysés au titre des critères ESG dans le portefeuille est supérieure à 90% des titres en portefeuille.
La méthodologie qui a été retenue par la société de gestion sur la prise en compte de critères extra-financiers a une limite qui porte sur la qualité des informations collectées par l’Equipe de Recherche ESG et la transparence des différents émetteurs.
Le Compartiment investit principalement dans des obligations d’entreprises globales. Le Compartiment investit jusqu'à 100% dans des émissions notées « Investment Grade » (supérieure ou égale à BBB- selon Standard & Poor’s ou à Baa3 selon Moody’s ou équivalent selon l’analyse de la société de gestion) et jusqu'à 70% dans des obligations High Yield (supérieure ou égale à B- selon Standard ou B3 selon Moody’s ou équivalent selon l’analyse de la société de gestion). La société de gestion ne recourra pas exclusivement ou mécaniquement à des notations externes mais pourra, lorsqu’une telle notation est émise, en tenir compte dans son analyse crédit. Si la notation d’une obligation déjà présente dans le portefeuille se dégrade et devient inférieure à la notation minimum, le compartiment peut conserver le titre dans le portefeuille, ces dégradations peuvent concerner au global jusqu’à 5% de l’actif. | #### The share of issuers analysed under the ESG criteria in the portfolio is greater than 90%.
The methodology adopted by the management company for taking into account extra-financial criteria has a weakness relating to the quality of the information collected by the ESG Research Team as well as the transparency of the various issuers.
The Sub-fund invests primarily in bonds of global companies. The Sub-fund invests up to 100% in Investment Grade issues (with a rating higher or equal to BBB- at Standard & Poor’s or Baa3 at Moody’s or the equivalent according to the analysis of the Management Company) and up to 70% High Yield issues (i.e. greater than or equal to B- at Standard & Poor’s or B3 according to Moody's or an equivalent rating of the Management Company). The management company shall not exclusively or automatically rely on external ratings but may, upon the issuance of such a rating, take it into consideration for its credit analysis. If the rating of a bond already present in the portfolio deteriorates and falls below the minimum rating, the sub-fund may keep the security in the portfolio; these downgrades may concern up to 5% of the total assets. | en | fr |
DOLFIN9307 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
## Type
Le Fonds est une société d'investissement à capital variable (SICAV) enregistrée en vertu de la Partie II de la loi luxembourgeoise du 17 décembre 2010 relative aux organismes de placement collectif. Le Fonds est considéré comme un fonds d'investissement alternatif (« FIA ») au sens de la Directive sur les gestionnaires de fonds d'investissement alternatifs et modifiant les directives antérieures (« AIFMD »). Le Fonds est également un fonds d'investissement européen à long terme (ELTIF) en vertu du Règlement (UE) 2015/760 du Parlement européen et du Conseil du 29 avril 2015 relatif aux fonds européens d'investissement à long terme (le « Règlement ELTIF »).
Sauf dissolution anticipée ou résiliation tel que prévu dans les statuts, le Fonds sera dissous dix ans après l'offre finale des actions, étant entendu que le com- mandité peut étendre cette durée de deux périodes supplémentaires d'un an. Cette échéance constitue la fin de vie au sens du Règlement ELTIF. Le Fonds peut à tout moment être liquidé sur résolution de l'assemblée générale des actionnaires prise dans les mêmes conditions que celles requises par la loi pour modifier les statuts. Le commandité peut proposer à tout moment aux actionnaires de liquider le Fonds.
## Objectifs
Le Fonds a pour objectif de dégager une performance et d'atteindre une croissance du capital à moyen et long terme. Les actifs du Fonds seront investis dans des titres de private equity cotés ou non cotés, de dette privée, d'immobilier privé et d'infrastructure privée. Le Fonds n'investira pas plus de 10 % de ses actifs dans un seul investissement. Le Fonds prévoit actuellement de couvrir en partie son exposition au risque de change, mais n'en a nullement l'obligation. Les rendements de chaque type d'investissements dépendent essentiellement de la performance financière des investissements sous-jacents du Fonds. Si la per- formance des investissements sous-jacents est positive, celle du Fonds le sera aussi. À l'inverse, si la performance des investissements sous-jacents est négative, celle du Fonds le sera aussi.
## Investisseur de détail visés
Le Fonds est destiné à une commercialisation auprès d'investisseurs particuliers en quête d'une exposition à des marchés privés. Les investisseurs particuliers doivent viser une croissance du capital sur un horizon d'investissement à long terme et pouvoir investir au moins USD 20'000. Les investisseurs individuels doivent avoir une expérience suffisante et une connaissance théorique des marchés privés. Les investisseurs particuliers doivent avoir une grande tolérance au risque et être à même de supporter la perte de l'intégralité de leur investissement. | # ¿Qué es este producto?
## Tipo
El Fondo es una sociedad de inversión de capital variable (société d'investissement à capital variable - SICAV) registrada de conformidad con la Parte II de la Ley luxemburguesa de 17 de diciembre de 2010 sobre los organismos de inversión colectiva. El Fondo se considera un fondo de inversión alternativa ("AIF", por sus siglas en inglés) de conformidad con la Directiva relativa a los Gestores de fondos de inversión alternativos y sus posteriores modificaciones ("AIFMD", por sus siglas en inglés). El Fondo también se considera un fondo de inversión a largo plazo europeo (fonds d'investissement européen à long-terme - ELTIF), en virtud del Reglamento (UE) 2015/760 del Parlamento Europeo y del Consejo, de 29 de abril de 2015, sobre los fondos europeos de inversión a largo plazo (el "Reglamento ELTIF").
A menos de que se produzca su disolución o extinción temprana de conformidad con lo expuesto en sus estatutos, el Fondo se extinguirá transcurridos diez años de la oferta final de las acciones, teniendo en cuenta que el socio colectivo puede ampliar el plazo a un máximo de dos periodos adicionales de un año. Este plazo constituye el fin de su periodo de vida, de conformidad con el Reglamento ELTIF. El Fondo podrá, en cualquier momento, liquidarse mediante acuerdo en una junta general de accionistas en virtud de las mismas condiciones requeridas por la ley para modificar los estatutos. El socio colectivo podrá proponer en cualquier momento a los accionistas la liquidación del Fondo.
## Objetivos
El objetivo del Fondo es obtener rendimientos y lograr un crecimiento del capital a medio y largo plazo. Los activos del Fondo se invertirán en renta variable privada (tanto cotizada en Bolsa como no cotizada), deuda privada, bienes inmuebles privados e infraestructuras privadas. El Fondo no invertirá más del 10 % de su patrimonio en una sola inversión. En la actualidad, el Fondo trata de cubrir parcialmente su exposición al tipo de cambio, pero no tiene la obligación de hacerlo. Los rendimientos de cada tipo de inversión dependen en última instancia de la rentabilidad financiera de las inversiones subyacentes realizadas por el Fondo; si la rentabilidad de las inversiones subyacentes es positiva, también lo será la del Fondo. Por el contrario, si la rentabilidad de las inversiones subya- centes es negativa, también lo será la del Fondo.
## Inversor minorista al que va dirigido
El Fondo está destinado a comercializarse a inversores minoristas que están buscando exposición a mercados privados. Los inversores minoristas deberían buscar el crecimiento del capital en un horizonte de inversión a largo plazo y deberían poder invertir al menos USD 20'000. Los inversores minoristas deberían tener suficiente experiencia y conocimientos teóricos sobre los mercados privados. Los inversores minoristas deberían tener una elevada tolerancia al riesgo y la capacidad de asumir la pérdida total de la inversión. | # En quoi consiste ce produit?
## Type
Le Fonds est une société d'investissement à capital variable (SICAV) enregistrée en vertu de la Partie II de la loi luxembourgeoise du 17 décembre 2010 relative aux organismes de placement collectif. Le Fonds est considéré comme un fonds d'investissement alternatif (« FIA ») au sens de la Directive sur les gestionnaires de fonds d'investissement alternatifs et modifiant les directives antérieures (« AIFMD »). Le Fonds est également un fonds d'investissement européen à long terme (ELTIF) en vertu du Règlement (UE) 2015/760 du Parlement européen et du Conseil du 29 avril 2015 relatif aux fonds européens d'investissement à long terme (le « Règlement ELTIF »).
Sauf dissolution anticipée ou résiliation tel que prévu dans les statuts, le Fonds sera dissous dix ans après l'offre finale des actions, étant entendu que le com- mandité peut étendre cette durée de deux périodes supplémentaires d'un an. Cette échéance constitue la fin de vie au sens du Règlement ELTIF. Le Fonds peut à tout moment être liquidé sur résolution de l'assemblée générale des actionnaires prise dans les mêmes conditions que celles requises par la loi pour modifier les statuts. Le commandité peut proposer à tout moment aux actionnaires de liquider le Fonds.
## Objectifs
Le Fonds a pour objectif de dégager une performance et d'atteindre une croissance du capital à moyen et long terme. Les actifs du Fonds seront investis dans des titres de private equity cotés ou non cotés, de dette privée, d'immobilier privé et d'infrastructure privée. Le Fonds n'investira pas plus de 10 % de ses actifs dans un seul investissement. Le Fonds prévoit actuellement de couvrir en partie son exposition au risque de change, mais n'en a nullement l'obligation. Les rendements de chaque type d'investissements dépendent essentiellement de la performance financière des investissements sous-jacents du Fonds. Si la per- formance des investissements sous-jacents est positive, celle du Fonds le sera aussi. À l'inverse, si la performance des investissements sous-jacents est négative, celle du Fonds le sera aussi.
## Investisseur de détail visés
Le Fonds est destiné à une commercialisation auprès d'investisseurs particuliers en quête d'une exposition à des marchés privés. Les investisseurs particuliers doivent viser une croissance du capital sur un horizon d'investissement à long terme et pouvoir investir au moins USD 20'000. Les investisseurs individuels doivent avoir une expérience suffisante et une connaissance théorique des marchés privés. Les investisseurs particuliers doivent avoir une grande tolérance au risque et être à même de supporter la perte de l'intégralité de leur investissement. | fr | es |
DOLFIN9308 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The registered office of the Company is in the city of Luxembourg.
By simple resolution of the Board of Directors of the Investment Company ("Board of Directors"), the registered office may be moved to another location within the city of Luxembourg, and branch offices and representations may be opened at other municipalities within the Grand Duchy of Luxembourg and in foreign countries.
In the event of the existence or the imminent threat of political, military or other emergency due to force majeure beyond the control, responsibility, or influence of the Investment Company, as a result of which normal business dealings at the registered office, or the smooth execution of transactions between the registered office and other countries are impeded, the Board of Directors may, by simple resolution, transfer the registered office temporarily to a foreign country until such time as normal circumstances are restored. In such case, the Investment Company shall nevertheless remain a national of Luxembourg. | # Gesellschaftssitz ist in Luxemburg.
Durch einfachen Beschluss des Verwaltungsrates der Investmentgesellschaft („Verwaltungsrat“) kann der Gesellschaftssitz an einen anderen Ort innerhalb der Stadt Luxemburg verlegt werden und können Niederlassungen und Repräsentanzen an einem anderen Ort innerhalb des Großherzogtums Luxemburg sowie im Ausland gegründet oder eröffnet werden.
Aufgrund eines bestehenden oder unmittelbar drohenden politischen, militärischen oder anderen Notfalls von höherer Gewalt außerhalb der Kontrolle, Verantwortlichkeit und Einflussmöglichkeit der Investmentgesellschaft, der die normale Geschäftsabwicklung am Gesellschaftssitz oder den reibungslosen Verkehr zwischen dem Gesellschaftssitz und dem Ausland beeinträchtigt, kann der Verwaltungsrat durch einen einfachen Beschluss den Gesellschaftssitz vorübergehend bis zur Wiederherstellung von normalen Verhältnissen ins Ausland verlegen. In diesem Falle wird die Investmentgesellschaft die luxemburgische Nationalität jedoch beibehalten. | # The registered office of the Company is in the city of Luxembourg.
By simple resolution of the Board of Directors of the Investment Company ("Board of Directors"), the registered office may be moved to another location within the city of Luxembourg, and branch offices and representations may be opened at other municipalities within the Grand Duchy of Luxembourg and in foreign countries.
In the event of the existence or the imminent threat of political, military or other emergency due to force majeure beyond the control, responsibility, or influence of the Investment Company, as a result of which normal business dealings at the registered office, or the smooth execution of transactions between the registered office and other countries are impeded, the Board of Directors may, by simple resolution, transfer the registered office temporarily to a foreign country until such time as normal circumstances are restored. In such case, the Investment Company shall nevertheless remain a national of Luxembourg. | en | de |
DOLFIN9309 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Russell 2500 NR is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital appreciation over the long term. It mainly invests in equity securities of small and mid-capitalization companies based in the United States of America.
In selecting investments, the Investment Manager will look for companies with strong management teams, competitive advantages and/or attractive industry structures such that they can sustain strong returns on
capital over the long term. | ### Obiettivi e politica d'investimento
Il Comparto è gestito attivamente. Il Russell 2500 NR è utilizzato a fini di confronto della performance e degli indicatori di rischio interni, ma non comporta vincoli particolari per gli investimenti del Comparto.
Il Comparto punta alla crescita del capitale nel lungo periodo.
Investe principalmente in titoli azionari di società a piccola e media capitalizzazione con sede negli Stati Uniti.
Nella selezione degli investimenti il Gestore ricercherà società con validi team di gestione, vantaggi competitivi e/o strutture industriali attrattive, capaci di sostenere elevati rendimenti sul capitale investito nel lungo
termine. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Russell 2500 NR is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital appreciation over the long term. It mainly invests in equity securities of small and mid-capitalization companies based in the United States of America.
In selecting investments, the Investment Manager will look for companies with strong management teams, competitive advantages and/or attractive industry structures such that they can sustain strong returns on
capital over the long term. | en | it |
DOLFIN9310 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The Directors may, in their sole discretion, charge up to 0.40% (“Subscription Charge”) on net subscriptions to the Fund. | €0 |
| Exit costs | The Directors may, in their sole discretion, charge up to 0.35% (“Redemption Charge”) on net redemptions to the Fund. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.40% of the value of the investment per year. This is an estimate based on actual costs over the last year. | €140 |
| Transaction costs | 0.06% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Fund. The actual amount will vary depending on how much we buy and sell. | €6 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | Gli Amministratori possono, a loro esclusiva discrezione, addebitare fino allo 0,40% ("Commissione di sottoscrizione") sulle sottoscrizioni nette del Fondo. | €0 |
| Costi di uscita | Gli Amministratori possono, a loro esclusiva discrezione, addebitare fino allo 0,35% ("Commissione di rimborso") sui rimborsi netti del Fondo. | €0 |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,40% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | €140 |
| Costi di transazione | 0,06% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il Fondo. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | €6 |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance | Per questo prodotto non si applicano le commissioni di performance. | €0 | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The Directors may, in their sole discretion, charge up to 0.40% (“Subscription Charge”) on net subscriptions to the Fund. | €0 |
| Exit costs | The Directors may, in their sole discretion, charge up to 0.35% (“Redemption Charge”) on net redemptions to the Fund. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.40% of the value of the investment per year. This is an estimate based on actual costs over the last year. | €140 |
| Transaction costs | 0.06% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Fund. The actual amount will vary depending on how much we buy and sell. | €6 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | en | it |
DOLFIN9311 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Other relevant information
The prospectus, the articles of incorporation as well as the annual report of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com . These documents are available in English and French.
The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud-am.com/ en/responsibly-sustainable.
The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its Third Party Suppliers and has been licensed for use by Mirabaud Asset Management (Suisse) SA. ICE Data and its Third Party Suppliers accept noliability in connection with its use.
You can find information related to the Product past performance on the last 9 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU0862027355_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0862027355_en.pdf. | ## Otros datos de interés
El folleto, los estatutos sociales y el informe anual del Fondo pueden obtenerse gratuitamente en el domicilio social del Fondo, en la Sociedad de Gestión, en los representantes y los distribuidores del Fondo en países en donde está autorizada la distribución pública del Fondo, o en www.mirabaud-am.com. Estos documentos están disponibles en inglés y en francés.
La respuesta completa a la política de transparencia de SRI se puede consultar en el sitio web de Mirabaud Asset Management: https:// www.mirabaud-am.com/en/responsibly-sustainable.
Los datos del índice mencionados en el presente documento son propiedad de ICE Data Indices, LLC, sus empresas asociadas («ICE Data») o proveedores de terceros, y han sido autorizados para que Mirabaud Asset Management (Suisse) SA haga uso de ellos. ICE Data y sus proveedores de terceros no aceptan responsabilidad alguna en relación con su uso.
Puede encontrar información sobre la rentabilidad histórica del Producto en los últimos 9 años en https://www.mirabaud-am.com/uploads/ tx_mirabaudmam/funds/legal/PRIIP-PP/KID_annex_PP_LU0862027355_en.pdf y sobre los cálculos de los escenarios de rentabilidad anterior en https://www.mirabaud-am.com/uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0862027355_en.pdf. | ## Other relevant information
The prospectus, the articles of incorporation as well as the annual report of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com . These documents are available in English and French.
The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud-am.com/ en/responsibly-sustainable.
The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its Third Party Suppliers and has been licensed for use by Mirabaud Asset Management (Suisse) SA. ICE Data and its Third Party Suppliers accept noliability in connection with its use.
You can find information related to the Product past performance on the last 9 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU0862027355_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0862027355_en.pdf. | en | es |
DOLFIN9312 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The Directors may decline to recognise any instrument of transfer unless:-
- the instrument of transfer is accompanied by the certificate (if issued) for the shares to which it relates (if issued) and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer (save where the transferor is a Stock Exchange Nominee);
- the instrument of transfer is in respect of one class of share only;
- the instrument of transfer is in favour of not more than four transferees; and
- the instrument of transfer is lodged at the Office or at such other place as the Directors may appoint. | - Die Verwaltungsratsmitglieder können die Anerkennung einer Übertragungsurkunde ablehnen, es sei denn, dass
- die Übertragungsurkunde gemeinsam mit dem entsprechenden Anteilschein (falls ausgestellt) sowie anderen Nachweisen über die Übertragungsmacht des Übertragenden, die die Verwaltungsratsmitglieder billigerweise verlangen können, eingereicht wird (außer wenn der Übertragende ein Börsen-Nominee ist),
- die Übertragungsurkunde sich nur auf eine Anteilsklasse bezieht,
- die Übertragungsurkunde zugunsten von nicht mehr als vier Erwerbern ausgestellt ist,
- die Übertragungsurkunde am Sitz bzw. bei der von den Verwaltungsratsmitgliedern bezeichneten Stelle eingereicht wird. | - The Directors may decline to recognise any instrument of transfer unless:-
- the instrument of transfer is accompanied by the certificate (if issued) for the shares to which it relates (if issued) and such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer (save where the transferor is a Stock Exchange Nominee);
- the instrument of transfer is in respect of one class of share only;
- the instrument of transfer is in favour of not more than four transferees; and
- the instrument of transfer is lodged at the Office or at such other place as the Directors may appoint. | en | de |
DOLFIN9313 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Le fonds a pour objectif de faire croître l'investissement des actionnaires sur le moyen à long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les titres qui semblent offrir des opportunités d'investissement supérieures. Les PIN sont pris en compte dans le cadre du processus d'investissement.
Le fonds investit principalement dans des obligations norvégiennes.
Plus précisément, le fonds investit au moins deux tiers de ses actifs totaux dans des titres de créance qui sont émis par des pouvoirs publics, ou par des sociétés domiciliées ou exerçant la majeure partie de leur activité en Norvège. Le fonds peut investir dans, ou s'exposer à, des titres adossés à des actifs et à des créances hypothécaires à concurrence de 10% de ses actifs totaux.
La principale exposition en devises du fonds concerne la devise de référence, même s'il peut également être exposé (par le biais d'investissements ou de positions en liquidités) à d'autres devises.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | # Objetivos y política de inversión
El fondo tiene por objetivo proporcionar a los accionistas un crecimiento de la inversión a medio y largo plazo.
Al gestionar activamente la cartera del fondo, el equipo de gestión selecciona los valores que parecen ofrecer mejores oportunidades de inversión. Las PIAS se tienen en cuenta en el marco del proceso de inversión.
El fondo invierte principalmente en bonos noruegos.
En concreto, el fondo invierte al menos dos tercios de su patrimonio total en títulos de deuda emitidos por autoridades públicas o empresas que estén domiciliadas o realicen la mayor parte de su actividad en Noruega. El fondo podrá invertir o mantener una exposición de hasta un 10% de su patrimonio total en bonos de titulización de activos y bonos de titulización hipotecaria.
La principal exposición cambiaria del fondo es a la moneda base, aunque el fondo también podrá estar expuesto (mediante inversiones o efectivo) a otras divisas.
El fondo podrá utilizar derivados y otras técnicas con fines de cobertura (reducción de riesgos), a efectos de lograr una gestión eficaz de la cartera y obtener ganancias de inversión. Un derivado es un instrumento financiero cuyo valor se deriva del valor de un activo subyacente. El uso de derivados no está exento de costes o riesgos. | # Objectifs et politique d'investissement
Le fonds a pour objectif de faire croître l'investissement des actionnaires sur le moyen à long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les titres qui semblent offrir des opportunités d'investissement supérieures. Les PIN sont pris en compte dans le cadre du processus d'investissement.
Le fonds investit principalement dans des obligations norvégiennes.
Plus précisément, le fonds investit au moins deux tiers de ses actifs totaux dans des titres de créance qui sont émis par des pouvoirs publics, ou par des sociétés domiciliées ou exerçant la majeure partie de leur activité en Norvège. Le fonds peut investir dans, ou s'exposer à, des titres adossés à des actifs et à des créances hypothécaires à concurrence de 10% de ses actifs totaux.
La principale exposition en devises du fonds concerne la devise de référence, même s'il peut également être exposé (par le biais d'investissements ou de positions en liquidités) à d'autres devises.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | fr | es |
DOLFIN9314 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
individuellement ou de gré à gré, comme les contrats de swap ou de change à terme, sont sujets au risque de contrepartie qui est le risque que l’autre partie au contrat ne puisse pas remplir ses obligations contractuelles, pouvant ainsi causer des pertes ou des coûts supplémentaires pour un Compartiment.
- Le risque de responsabilité croisée : bien qu’il n’existe pas de responsabilité croisée entre les Compartiments en droit luxembourgeois, il ne saurait être garanti que ces dispositions de la loi luxembourgeoise s’appliquent dans d’autres pays. Il existe une responsabilité croisée entre les Catégories d’un même Compartiment.
- Le risque opérationnel fait référence à une défaillance ou un retard dans les systèmes, les processus et les contrôles du Compartiment ou de ses prestataires de services (y compris la conservation des actifs), ce qui pourrait entraîner des pertes pour le Compartiment. | negociados a título individual o extrabursátiles, como los contratos de permutas financieras o los contratos a plazo de divisas, están sujetos al riesgo de contraparte, que es el relativo a que la contraparte del contrato incumpla sus obligaciones contractuales, lo que puede generar pérdidas o gastos adicionales a un subfondo.
- Riesgo de responsabilidades recíprocas: Pese a que no existen responsabilidades recíprocas entre los subfondos con arreglo a la legislación de Luxemburgo, no pueden ofrecerse garantías de que estas disposiciones recogidas en la legislación luxemburguesa sean efectivas en otras jurisdicciones. Existen responsabilidades recíprocas entre las clases del mismo subfondo.
- El riesgo operativo se refiere a un fallo o demora de los sistemas, procesos y controles del subfondo o sus proveedores de servicios (incluida toda custodia de activos) que pueda generar pérdidas al subfondo. | individuellement ou de gré à gré, comme les contrats de swap ou de change à terme, sont sujets au risque de contrepartie qui est le risque que l’autre partie au contrat ne puisse pas remplir ses obligations contractuelles, pouvant ainsi causer des pertes ou des coûts supplémentaires pour un Compartiment.
- Le risque de responsabilité croisée : bien qu’il n’existe pas de responsabilité croisée entre les Compartiments en droit luxembourgeois, il ne saurait être garanti que ces dispositions de la loi luxembourgeoise s’appliquent dans d’autres pays. Il existe une responsabilité croisée entre les Catégories d’un même Compartiment.
- Le risque opérationnel fait référence à une défaillance ou un retard dans les systèmes, les processus et les contrôles du Compartiment ou de ses prestataires de services (y compris la conservation des actifs), ce qui pourrait entraîner des pertes pour le Compartiment. | fr | es |
DOLFIN9315 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company has a remuneration policy ("the Policy") within the meaning of Article 111bis of the Law of 2010 and in compliance with the principles laid down by Article 111ter of the Law of 2010.
The Policy aims essentially to prevent risk-taking incompatible with sound and effective risk management, with the economic strategy, objectives, values and interests of the Management Company or the SICAV, with the interests of the SICAV’s shareholders, to avoid conflicts of interest and to uncouple the decisions on control operations from the performance obtained. The Policy includes an assessment of the performance within a multiannual framework adapted to the holding period recommended to the SICAV’s investors so as to ensure that the assessment process is based on the SICAV’s long-term performance and investment risks. The variable component of remuneration is also based on a number of other qualitative and quantitative factors. The Policy contains an appropriate balance of fixed and variable components of the total remuneration.
This Policy is adopted by the Board of Directors of the Management Company which is also responsible for its implementation and supervision. It applies to all benefits paid by the Management Company, and to all amounts paid directly by the SICAV itself including any performance commission, and to any transfer of shares in the SICAV to a category of personnel governed by the Policy.
Its general principles are assessed at a minimum on an annual basis by the board of directors of the Management Company, and are established in accordance with the size of the Management Company and/or the size of the UCITS managed by it.
Details of the up-to-date Policy of the Management Company can be found on the www.dpas.lu website (“Investor Information” section). A hard copy can be obtained free-of-charge on request.
-
##### Subscription form | La Société de Gestion applique une politique de rémunération (la « Politique ») au sens de l’article 111bis de la Loi de 2010 et respectant les principes établis par l’article 111ter de la Loi de 2010.
La Politique vise essentiellement à prévenir des prises de risques incompatibles avec une gestion saine et efficace des risques, avec la stratégie économique, aux objectifs, aux valeurs et aux intérêts de la Société de Gestion ou de la SICAV, avec les intérêts des actionnaires de la SICAV, à éviter d’éventuels conflits d’intérêts et à décorréler les décisions relatives à des opérations de contrôle, des performances obtenues. La Politique comprend une évaluation de la performance qui s'inscrit dans un cadre pluriannuel adapté à la période de détention recommandée aux investisseurs de la SICAV afin de veiller à ce que le processus d'évaluation est basé sur la performance à long terme de la SICAV et de ses risques d'investissement. La composante variable de la rémunération est également basée sur un certain nombre d'autres facteurs qualitatifs et quantitatifs. La Politique contient un équilibre approprié des composantes fixes et variables de la rémunération totale.
Cette Politique est adoptée par le conseil d’administration de la Société de Gestion qui est également responsable de sa mise en œuvre et de sa supervision. Elle s’applique à tout type d'avantage payé par la Société de Gestion, ainsi qu’à tout montant payé directement par la SICAV elle-même, y compris les commissions de performance éventuelles, et à tout transfert d’actions de la SICAV, effectués en faveur d’une catégorie de personnel visée par la Politique.
Ses principes généraux sont évalués au moins annuellement par le conseil d’administration de la Société de Gestion et sont fonction de la taille de la Société de Gestion et/ou de la taille des OPCVM gérés par celle-ci.
Les détails de la Politique actualisée de la Société de Gestion sont disponibles sur le site internet www.dpas.lu (section « Investor Information »). Un exemplaire sur papier sera mis à disposition gratuitement sur demande.
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##### Bulletin de souscription | The Management Company has a remuneration policy ("the Policy") within the meaning of Article 111bis of the Law of 2010 and in compliance with the principles laid down by Article 111ter of the Law of 2010.
The Policy aims essentially to prevent risk-taking incompatible with sound and effective risk management, with the economic strategy, objectives, values and interests of the Management Company or the SICAV, with the interests of the SICAV’s shareholders, to avoid conflicts of interest and to uncouple the decisions on control operations from the performance obtained. The Policy includes an assessment of the performance within a multiannual framework adapted to the holding period recommended to the SICAV’s investors so as to ensure that the assessment process is based on the SICAV’s long-term performance and investment risks. The variable component of remuneration is also based on a number of other qualitative and quantitative factors. The Policy contains an appropriate balance of fixed and variable components of the total remuneration.
This Policy is adopted by the Board of Directors of the Management Company which is also responsible for its implementation and supervision. It applies to all benefits paid by the Management Company, and to all amounts paid directly by the SICAV itself including any performance commission, and to any transfer of shares in the SICAV to a category of personnel governed by the Policy.
Its general principles are assessed at a minimum on an annual basis by the board of directors of the Management Company, and are established in accordance with the size of the Management Company and/or the size of the UCITS managed by it.
Details of the up-to-date Policy of the Management Company can be found on the www.dpas.lu website (“Investor Information” section). A hard copy can be obtained free-of-charge on request.
-
##### Subscription form | en | fr |
DOLFIN9316 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
6. Shares of other Sub-Funds of the Fund
Must meet all requirements in row 5.
The target Sub-Fund cannot invest, in turn, in the acquiring Sub-Fund (reciprocal ownership).
The acquiring Sub-Fund surrenders all voting rights in Shares it acquires.
The Shares do not count as assets of the acquiring Sub- Fund for purposes of minimum asset thresholds imposed by the 2010 Law. | 6. Azioni di altri Comparti del Fondo
Devono soddisfare tutti i requisiti della riga 5.
Il Comparto target non può investire, a sua volta, nel Comparto acquirente (proprietà reciproca).
Il Comparto acquirente cede tutti i diritti di voto collegati alle Azioni che acquisisce.
Le Azioni non concorrono al patrimonio del Comparto acquirente ai fini del calcolo delle soglie patrimoniali minime imposte dalla Legge del 2010. | 6. Shares of other Sub-Funds of the Fund
Must meet all requirements in row 5.
The target Sub-Fund cannot invest, in turn, in the acquiring Sub-Fund (reciprocal ownership).
The acquiring Sub-Fund surrenders all voting rights in Shares it acquires.
The Shares do not count as assets of the acquiring Sub- Fund for purposes of minimum asset thresholds imposed by the 2010 Law. | en | it |
DOLFIN9317 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Subscriptions performed by way of a Plan may be subject to other conditions (i.e. number, frequency and amounts of payments, details of commissions) than Single Payment subscriptions provided these conditions are not less favourable or more restrictive for the Fund.
The Management Company Board may notably decide that the amount of subscription may be inferior to the minimum amount of subscription applicable to Single Payment subscriptions.
Terms and conditions of a Plan offered to the subscribers are fully described in separate leaflets offered to subscribers in countries, if any, where a Plan is available. The last version of the Prospectus, the Semi-annual Reports and Annual Reports are attached to such leaflets, or such leaflets describe how the Prospectus, the Semi-annual Reports and Annual Reports might be obtained.
Terms and conditions of a Plan do not interfere with the right of any subscribers to redeem their Units in accordance with section 17 of this Prospectus.
The fees and commissions deducted in connection with the Plan may not constitute more than a third of the total amount paid by the investors during the first year of saving.
- Payment procedurePayment for Units shall be received by the Depositary no later than two (2) Luxembourg Business Days following the applicable Valuation Day. | Le sottoscrizioni effettuate tramite un Piano possono essere soggette a condizioni (ossia numero, frequenza e importi dei pagamenti, dettagli delle commissioni) diverse rispetto alle sottoscrizioni con Versamento in unica soluzione, purché tali condizioni non siano meno favorevoli o più restrittive per il Fondo.
Il Consiglio di amministrazione della Società di gestione potrebbe in particolare decidere che l’importo di sottoscrizione possa essere inferiore all’importo minimo di sottoscrizione applicabile alle sottoscrizioni con Versamento in unica soluzione.
I termini e le condizioni di un Piano offerti ai sottoscrittori sono descritti in maggiore dettaglio in brochure separate a disposizione dei sottoscrittori nei paesi in cui è eventualmente disponibile un Piano. L’ultima versione del Prospetto informativo e delle Relazioni semestrali e annuali è allegata a tali brochure, oppure in tali brochure è descritto il modo in cui possono essere ottenuti detti documenti.
I termini e condizioni di un Piano non interferiscono con il diritto di qualsiasi sottoscrittore di chiedere il rimborso delle proprie Quote in conformità alla sezione 17 del presente Prospetto informativo.
Le commissioni e provvigioni detratte in relazione al Piano non possono costituire oltre un terzo dell'ammontare totale corrisposto dagli investitori durante il primo anno di risparmio.
- Procedura di pagamentoIl pagamento delle Quote dovrà pervenire al Depositario entro due (2) Giorni Lavorativi Lussemburghesi successivi al Giorno di Valutazione applicabile. | Subscriptions performed by way of a Plan may be subject to other conditions (i.e. number, frequency and amounts of payments, details of commissions) than Single Payment subscriptions provided these conditions are not less favourable or more restrictive for the Fund.
The Management Company Board may notably decide that the amount of subscription may be inferior to the minimum amount of subscription applicable to Single Payment subscriptions.
Terms and conditions of a Plan offered to the subscribers are fully described in separate leaflets offered to subscribers in countries, if any, where a Plan is available. The last version of the Prospectus, the Semi-annual Reports and Annual Reports are attached to such leaflets, or such leaflets describe how the Prospectus, the Semi-annual Reports and Annual Reports might be obtained.
Terms and conditions of a Plan do not interfere with the right of any subscribers to redeem their Units in accordance with section 17 of this Prospectus.
The fees and commissions deducted in connection with the Plan may not constitute more than a third of the total amount paid by the investors during the first year of saving.
- Payment procedurePayment for Units shall be received by the Depositary no later than two (2) Luxembourg Business Days following the applicable Valuation Day. | en | it |
DOLFIN9318 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Product
## Aviva Investors - Climate Transition Global Credit Fund a sub-fund of Aviva Investors - Share class S EUR The Fund is managed by Aviva Investors Luxembourg S.A.
## ISIN: LU2299074844
## Consult: www.avivainvestors.com Telephone: (+352) 40 28 20 4
## The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising Aviva Investors Luxembourg S.A. in relation to this Key Information Document.
## This Key Information Document is dated 07/03/2023.
## You are about to purchase a product that is not simple and may be difficult to understand. | # Prodotto
## Aviva Investors - Climate Transition Global Credit Fund un comparto di Aviva Investors - Categoria di azioni S EUR Il Fondo è gestito da Aviva Investors Luxembourg S.A.
## ISIN: LU2299074844
## Consultare: www.avivainvestors.com Telefono: (+352) 40 28 20 4
## La Commission de Surveillance du Secteur Financier (CSSF) è responsabile della supervisione di Aviva Investors Luxembourg S.A. in relazione al presente Documento contenente le informazioni chiave.
## Il presente Documento contenente le informazioni chiave è datato 07/03/2023.
## State per acquistare un prodotto che non è semplice e può essere di difficile comprensione. | # Product
## Aviva Investors - Climate Transition Global Credit Fund a sub-fund of Aviva Investors - Share class S EUR The Fund is managed by Aviva Investors Luxembourg S.A.
## ISIN: LU2299074844
## Consult: www.avivainvestors.com Telephone: (+352) 40 28 20 4
## The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising Aviva Investors Luxembourg S.A. in relation to this Key Information Document.
## This Key Information Document is dated 07/03/2023.
## You are about to purchase a product that is not simple and may be difficult to understand. | en | it |
DOLFIN9319 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,770.00 USD | 2,560.00 USD |
| | Average return each year | -72.32% | -23.83% |
| Unfavourable scenario | What you might get back after costs | 6,810.00 USD | 7,740.00 USD |
| | Average return each year | -31.91% | -4.99% |
| Moderate scenario | What you might get back after costs | 10,540.00 USD | 13,680.00 USD |
| | Average return each year | 5.43% | 6.47% |
| Favourable scenario | What you might get back after costs | 15,920.00 USD | 19,320.00 USD |
| | Average return each year | 59.24% | 14.08% | | | Investimento: 10.000 USD Scenari | 1 anno | 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Minimo | Non è previsto un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Scenario di stress | Possibile rimborso al netto dei costi | 2,770.00 USD | 2,560.00 USD |
| | Rendimento medio per ciascun anno | -72.32% | -23.83% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 6,810.00 USD | 7,740.00 USD |
| | Rendimento medio per ciascun anno | -31.91% | -4.99% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10,540.00 USD | 13,680.00 USD |
| | Rendimento medio per ciascun anno | 5.43% | 6.47% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 15,920.00 USD | 19,320.00 USD |
| | Rendimento medio per ciascun anno | 59.24% | 14.08% | | | Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,770.00 USD | 2,560.00 USD |
| | Average return each year | -72.32% | -23.83% |
| Unfavourable scenario | What you might get back after costs | 6,810.00 USD | 7,740.00 USD |
| | Average return each year | -31.91% | -4.99% |
| Moderate scenario | What you might get back after costs | 10,540.00 USD | 13,680.00 USD |
| | Average return each year | 5.43% | 6.47% |
| Favourable scenario | What you might get back after costs | 15,920.00 USD | 19,320.00 USD |
| | Average return each year | 59.24% | 14.08% | | en | it |
DOLFIN9320 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Securities Lending Fee
Allocation The Securities Lending Agent shall receive a fee for the services provided in respect of any Securities Lending Transactions
Securities Lending Revenue To the extent the Fund undertakes securities lending to reduce costs,
the Fund will ultimately be allocated 70% of the associated revenue generated, the Sub- Portfolio Manager will be allocated 15%, and the Securities Lending Agent will be allocated 15%. To facilitate this, the Fund will initially receive 85% of the associated revenue generated from which the Sub-Portfolio Manager will receive their allocation. The Securities Lending Agent acts as the Company's agent in relation to securities lending transactions and the Sub-Portfolio Manager provides risk monitoring services to the Company in relation to securities lending transactions. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the figures set out under "Fees and Expenses" below.
Significant Market means a Direct Replication Significant Market. | # Allocation de Commission de prêt de titres
L’Agent de prêt de titres se verra verser une commission pour les services fournis en rapport avec toute Transaction de prêt de titres
Revenu issu du prêt de titres Dans la mesure où le Compartiment recourt aux prêts de titres pour
réduire les coûts, le Compartiment recevra finalement 70 % des revenus connexes générés ; 15 % seront alloués au Gestionnaire de portefeuille délégué et l’Agent de prêt de titres recevra les 15 % restants. Pour faciliter cette répartition, le Compartiment recevra initialement 85 % des revenus connexes générés, dont une part reviendra au Gestionnaire de Portefeuille Délégué. L’Agent de prêt de titres agit en qualité d’agent de la société eu égard aux transactions de prêt de titres et le Gestionnaire de Portefeuille Délégué assure des services de surveillance des risques pour la Société en lien avec les transactions de prêt de titres. Étant donné que le partage du revenu issu du prêt de titres n’augmente pas les coûts d’exploitation du Compartiment, il a été exclu des chiffres figurant dans la section « Commissions et charges » ci-dessous.
Marché important Désigne un Marché important à réplication directe. | # Securities Lending Fee
Allocation The Securities Lending Agent shall receive a fee for the services provided in respect of any Securities Lending Transactions
Securities Lending Revenue To the extent the Fund undertakes securities lending to reduce costs,
the Fund will ultimately be allocated 70% of the associated revenue generated, the Sub- Portfolio Manager will be allocated 15%, and the Securities Lending Agent will be allocated 15%. To facilitate this, the Fund will initially receive 85% of the associated revenue generated from which the Sub-Portfolio Manager will receive their allocation. The Securities Lending Agent acts as the Company's agent in relation to securities lending transactions and the Sub-Portfolio Manager provides risk monitoring services to the Company in relation to securities lending transactions. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the figures set out under "Fees and Expenses" below.
Significant Market means a Direct Replication Significant Market. | en | fr |
DOLFIN9321 | 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
Threadneedle (Lux) est un OPCVM au titre de la directive européenne 2009/65/CE. Il est constitué en tant que société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : Citibank Europe plc, succursale de Luxembourg. Vous pouvez obtenir de plus amples informations sur le Fonds et la SICAV, son prospectus, les derniers rapports annuels et les éventuels rapports semestriels ultérieurs gratuitement auprès de l’Initiateur. Ces documents sont disponibles en allemand, anglais, espagnol, français, italien et portugais. Vous pouvez obtenir d’autres informations pratiques, y compris les cours des actions en vigueur, sur www.columbiathreadneedle.com.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
L’objectif du Fonds est de générer un revenu assorti de la possibilité de faire croître à long terme le montant que vous avez investi. Le Fonds investit au moins deux tiers de ses actifs dans des obligations de premier ordre ou dont la notation est inférieure à la qualité de premier ordre (qui sont semblables à des prêts et versent un taux d’intérêt fixe ou variable) émises par des États et des sociétés dans les marchés émergents. Les obligations dont la notation est inférieure à la qualité de premier ordre ont reçu des notations moins élevées de la part des agences internationales qui les fournissent et sont considérées comme plus risquées que les obligations mieux notées mais rapportent traditionnellement un plus haut niveau de revenus. Les investissements sur les marchés émergents sont généralement plus volatils et présentent un risque plus élevé que ceux effectués sur les marchés plus établis. Les investisseurs doivent tenir compte de ce risque supplémentaire lors de l’évaluation des avantages potentiels d’un investissement dans ce Fonds. Le Fonds peut investir jusqu’à 10 % de ses actifs en obligations négociées sur le China Interbank Bond Market via Bond Connect. Le Fonds peut avoir recours à des dérivés (instruments complexes) à des fins de couverture et peut également investir dans des catégories d’actifs et des instruments différents de ceux indiqués ci-dessus. Le Fonds est activement géré en fonction de l’indice J.P. Morgan EMBI Global. L’indice est représentatif de l’ensemble des titres dans lesquels le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche de revenus et d’une potentielle croissance du capital et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit dans des titres à revenu fixe, dont le profil de risque tend à être plus élevé que celui des titres du marché monétaire en raison d’un risque de crédit et de taux d’intérêt plus important concernant les entreprises, mais moins élevé toutefois que sur les marchés boursiers.
PAGE 1 SUR 3 | # ¿Qué es este producto?
## Tipo
Threadneedle (Lux) es un OICVM con arreglo a la Directiva 2009/65/CE del Parlamento Europeo y del Consejo. Está constituida como sociedad de inversión con capital variable («société d'investissement à capital variable» o SICAV) con arreglo a la legislación luxemburguesa.
Depositario: Citibank Europe plc, sucursal de Luxemburgo. Puede obtener información adicional sobre el Fondo y la SICAV, su folleto, los últimos informes anuales y cualquier informe semestral posterior de manera gratuita a través del Productor. Estos documentos están disponibles en inglés, francés, alemán, portugués, italiano y español. Puede obtener otra información práctica, incluidos los precios actuales de las acciones, en www.columbiathreadneedle.com.
## Plazo
No existe una fecha de vencimiento fija. Los inversores pueden mantener su inversión el tiempo que quieran, pero se recomiendan 5 años. El Productor podrá cerrar el fondo con previo aviso.
## Objetivo y política de inversión
El Fondo trata de proporcionar ingresos con el potencial de aumentar el importe invertido a largo plazo. El Fondo invierte al menos dos tercios de sus activos en bonos con calificación de grado de inversión o inferior (los cuales son similares a un préstamo y pagan un tipo de interés fijo o variable) emitidos por gobiernos y empresas de mercados emergentes. Los bonos con calificación inferior al grado de inversión son bonos que han recibido calificaciones inferiores de las agencias internacionales que proporcionan dichas calificaciones. Se considera que estos bonos presentan un mayor riesgo que los bonos de mayor calificación, pero generalmente pagan ingresos más elevados. Las inversiones en mercados emergentes suelen ser más volátiles y presentan un mayor riesgo que las inversiones en mercados más consolidados. Los inversores deben tener en cuenta este riesgo adicional a la hora de evaluar los posibles beneficios de invertir en este Fondo. El Fondo podrá invertir hasta un 10 % de sus activos en bonos negociados en el Mercado interbancario de bonos de China a través de Bond Connect. El Fondo podrá usar derivados (instrumentos complejos) con fines de cobertura y también podrá invertir en clases de activos e instrumentos distintos a los mencionados anteriormente. El Fondo se gestiona activamente en referencia al J.P. Morgan EMBI Global Index. El índice es ampliamente representativo de los títulos en los que invierte el Fondo y proporciona un índice de referencia objetivo adecuado, con el que se medirá y evaluará el rendimiento del Fondo a lo largo del tiempo. El gestor del Fondo está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice y que no estén en el índice, y el Fondo puede mostrar una divergencia significativa con respecto al mismo.
Usted recibirá los ingresos que genere el Fondo, salvo que haya optado por su reinversión.
Usted podrá comprar o vender acciones del Fondo cualquier día que sea hábil en Luxemburgo a menos que los consejeros hayan decidido que no hay suficientes mercados abiertos. Puede encontrar más detalles sobre el objetivo y la política de inversión del Fondo en el folleto. Para obtener más información sobre los términos de inversión empleados en el presente documento, consulte el Glosario disponible en columbiathreadneedle.com.
## Inversor minorista al que va dirigido
Este fondo está dirigido a clientes Minoristas y Profesionales, y a Contrapartes aptas que tengan al menos un nivel básico de conocimientos y experiencia en la inversión en fondos. Está diseñado para inversores que buscan ingresos y la posibilidad de cierto crecimiento del capital, y que puedan invertir su dinero durante al menos 5 años. Su capital no está garantizado, lo que significa que los inversores podrían perder hasta el 100 % de la cantidad invertida. El fondo invierte en valores de renta fija que tienden a tener un perfil de riesgo más alto que los valores del mercado monetario debido a un mayor riesgo de tipos de interés y de crédito específico de las empresas, pero un perfil de riesgo más bajo que los mercados de renta variable.
PÁGINA 1 DE 3 | # En quoi consiste ce produit?
## Type
Threadneedle (Lux) est un OPCVM au titre de la directive européenne 2009/65/CE. Il est constitué en tant que société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : Citibank Europe plc, succursale de Luxembourg. Vous pouvez obtenir de plus amples informations sur le Fonds et la SICAV, son prospectus, les derniers rapports annuels et les éventuels rapports semestriels ultérieurs gratuitement auprès de l’Initiateur. Ces documents sont disponibles en allemand, anglais, espagnol, français, italien et portugais. Vous pouvez obtenir d’autres informations pratiques, y compris les cours des actions en vigueur, sur www.columbiathreadneedle.com.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
L’objectif du Fonds est de générer un revenu assorti de la possibilité de faire croître à long terme le montant que vous avez investi. Le Fonds investit au moins deux tiers de ses actifs dans des obligations de premier ordre ou dont la notation est inférieure à la qualité de premier ordre (qui sont semblables à des prêts et versent un taux d’intérêt fixe ou variable) émises par des États et des sociétés dans les marchés émergents. Les obligations dont la notation est inférieure à la qualité de premier ordre ont reçu des notations moins élevées de la part des agences internationales qui les fournissent et sont considérées comme plus risquées que les obligations mieux notées mais rapportent traditionnellement un plus haut niveau de revenus. Les investissements sur les marchés émergents sont généralement plus volatils et présentent un risque plus élevé que ceux effectués sur les marchés plus établis. Les investisseurs doivent tenir compte de ce risque supplémentaire lors de l’évaluation des avantages potentiels d’un investissement dans ce Fonds. Le Fonds peut investir jusqu’à 10 % de ses actifs en obligations négociées sur le China Interbank Bond Market via Bond Connect. Le Fonds peut avoir recours à des dérivés (instruments complexes) à des fins de couverture et peut également investir dans des catégories d’actifs et des instruments différents de ceux indiqués ci-dessus. Le Fonds est activement géré en fonction de l’indice J.P. Morgan EMBI Global. L’indice est représentatif de l’ensemble des titres dans lesquels le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche de revenus et d’une potentielle croissance du capital et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit dans des titres à revenu fixe, dont le profil de risque tend à être plus élevé que celui des titres du marché monétaire en raison d’un risque de crédit et de taux d’intérêt plus important concernant les entreprises, mais moins élevé toutefois que sur les marchés boursiers.
PAGE 1 SUR 3 | fr | es |
DOLFIN9322 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Hurdle Rate will be prorated for Performance Periods less than one year. The Hurdle NAV per Share will be adjusted for any appropriate dividend paid. Net Gain
With respect to each relevant Share class, the "Net Gain per Share" is the difference between the Ending NAV per Share and the higher of (1) the Hurdle NAV per Share and (2) the High Water Mark. “Net Gain” is the Net Gain per Share multiplied by the average number of Shares of the relevant class in issue during the period commencing on the date on which the then current Performance Period began and ending on the accrual date. The average number of Shares will be adjusted to take account of redemptions during the relevant period.
Performance Period
The first “Performance Period” for each relevant Share class shall commence as of the first Business Day following the closure of the Initial Offer Period for that class and end on the last Valuation Point of the then current calendar year. Each subsequent Performance Period shall commence immediately on the end of the prior Performance Period and end on the last Valuation Point of the next following calendar year (or otherwise on the date by reference to which the last Net Asset Value for the relevant Share class is calculated).
Prevailing Exchange Rate
"Prevailing Exchange Rate" means the exchange rate prevailing as between the currency in which the relevant Unhedged Share Class is denominated and the Fund Base Currency. | Für Leistungsperioden unterhalb eines Jahres wird die Hurdle Rate anteilig berechnet.
Der Hurdle-NIW pro Anteil wird etwaigen entsprechenden ausgeschütteten Dividenden angepasst.
Nettogewinn
In Bezug auf alle betreffenden Anteilklassen ist der „Nettogewinn pro Anteil“ die Differenz zwischen dem Abschluss-NIW pro Anteil und dem jeweils höheren der Werte (1) Hurdle-NIW pro Anteil und (2) Hochwassermarke. „Nettogewinn“ ist der Nettogewinn pro Anteil multipliziert mit der Durchschnittsanzahl der ausgegebenen Anteile der betreffenden Klasse während des Zeitraums, welcher mit dem Datum der aktuellen Leistungsperiode beginnt und mit dem Abgrenzungsdatum endet. Die Durchschnittsanzahl der Anteile wird angepasst, um Rücknahmen während des entsprechenden Zeitraums zu berücksichtigen.
Performancezeitraum
Die erste „Leistungsperiode“ für die jeweilige Anteilklasse beginnt mit dem ersten Geschäftstag nach Ablauf des Erstausgabezeitraums für diese Anteilklasse und endet an dem letzten Bewertungstermin für das dann laufende Kalenderjahr. Jede darauf folgende Leistungsperiode beginnt sofort nach dem Ende der vorherigen Leistungsperiode und endet am letzten Bewertungspunkt des folgenden Kalenderjahres (oder ansonsten zu dem Zeitpunkt, für den der letzte Nettoinventarwert der betreffenden Anteilklasse berechnet wird).
Vorherrschender Wechselkurs
“Vorherrschender Wechselkurs“ bezeichnet den Wechselkurs, der zwischen der Währung, auf die die nicht abgesicherte Anteilklasse lautet, und der Basiswährung des Fonds vorherrscht. | The Hurdle Rate will be prorated for Performance Periods less than one year. The Hurdle NAV per Share will be adjusted for any appropriate dividend paid. Net Gain
With respect to each relevant Share class, the "Net Gain per Share" is the difference between the Ending NAV per Share and the higher of (1) the Hurdle NAV per Share and (2) the High Water Mark. “Net Gain” is the Net Gain per Share multiplied by the average number of Shares of the relevant class in issue during the period commencing on the date on which the then current Performance Period began and ending on the accrual date. The average number of Shares will be adjusted to take account of redemptions during the relevant period.
Performance Period
The first “Performance Period” for each relevant Share class shall commence as of the first Business Day following the closure of the Initial Offer Period for that class and end on the last Valuation Point of the then current calendar year. Each subsequent Performance Period shall commence immediately on the end of the prior Performance Period and end on the last Valuation Point of the next following calendar year (or otherwise on the date by reference to which the last Net Asset Value for the relevant Share class is calculated).
Prevailing Exchange Rate
"Prevailing Exchange Rate" means the exchange rate prevailing as between the currency in which the relevant Unhedged Share Class is denominated and the Fund Base Currency. | en | de |
DOLFIN9323 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 54 USD | 344 USD |
| Incidence des coûts annuels (*) | 0,54 % | 0,56 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 54 USD | 344 USD |
| Incidencia anual de los costes (*) | 0,54 % | 0,56 % | | | Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 54 USD | 344 USD |
| Incidence des coûts annuels (*) | 0,54 % | 0,56 % | | fr | es |
DOLFIN9324 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | $659 | $1738 |
| Annual cost impact (*) | 6.6% | 2.7% each year | | | | Wenn Sie nach 1 Jahr aussteigen | Wenn Sie nach 5 Jahren aussteigen |
| --- | --- | --- |
| Kosten insgesamt | $659 | $1738 |
| Jährliche Auswirkungen der Kosten (*) | 6.6% | 2.7% pro Jahr | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | $659 | $1738 |
| Annual cost impact (*) | 6.6% | 2.7% each year | | en | de |
DOLFIN9325 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The management company and the custodian shall also have a right to reimbursement of the following expenditures, which have accrued to them in carrying out their functions:
- Costs for the preparation, printout and forwarding of the annual reports and mid-year reports as well as additional legally re- quired publications:
- Costs for publishing the UCITS' announcements to investors in the official publications and any additional newspapers or elec- tronic media specified by the Fund, including exchange publica- tions;
- Fees and costs for permits and supervision of the UCITS in Liechtenstein and abroad;
- All taxes that are levied on the assets of the UCITS, as well as its profits and related expenses of the UCITS;
- The fees related to the listing of a UCITS and the sale, domestic and abroad, (e.g. advisory, legal and translation costs);
- Fees, costs and remunerations in connection with the calcula- tion and publication of tax factors for the countries of the EU/EEA and/or all countries where sales permits and/or private placements exist, according to the effective expenditures at market-rate carrying values.
- Fees for paying agents, deputies and other representatives with a comparable function in-country and abroad;
- An appropriate share in the costs of printed matter and advertis- ing, which accrue in direct relation to the offering and sale of shares;
- Auditors’ and tax consultants’ fees, provided these expenditures were made in the interest of the investors;
- Costs for the preparing, printing and dispatch of any risk report- ings to investors;
- Costs and expenses for the preparation of statements and reports to insurance companies, pension funds, foundations, other financial services companies, rating agencies (e.g. GroMiKV, Solvency II, MiFID II, VAG, ESG/SRI report and ratings, etc.). | ## Die Verwaltungsgesellschaft und die Verwahrstelle haben ausserdem Anspruch auf Ersatz der folgenden Auslagen, die ihnen in Ausübung ihrer Funktion entstanden sind:
- Kosten für die Vorbereitung, den Druck und den Versand der Geschäfts- und Halbjahresberichte sowie weiterer gesetzlich vorgeschriebener Publikationen;
- Kosten für die Veröffentlichung der an die Anleger in den Publikationsorganen und evtl. zusätzlichen von der Verwaltungsgesellschaft bestimmten Zeitungen oder elektronischen Medien gerichteten Mitteilungen des OGAW einschliesslich Kurspublikationen;
- Gebühren und Kosten für Bewilligungen und die Aufsicht über den OGAW in Liechtenstein und im Ausland;
- alle Steuern, die auf das Vermögen des OGAW sowie dessen Erträge und Aufwendungen zulasten des OGAW erhoben werden;
- Gebühren, die im Zusammenhang mit einer allfälligen Kotierung des OGAW und mit dem Vertrieb im In- und Ausland anfallen (z.B. Beratungs-, Rechts-, Übersetzungskosten);
- Gebühren, Kosten und Honorare im Zusammenhang mit der Ermittlung und Veröffentlichung von Steuerfaktoren für die Länder der EU/EWR und/oder sämtliche Länder, wo Vertriebszulassungen bestehen und/oder Privatplatzierungen vorliegen, nach Massgabe der effektiven Aufwendungen zu marktmässigen Ansätzen.
- Gebühren für Zahlstellen, Vertreter und andere Repräsentanten mit vergleichbarer Funktion im In- und Ausland;
- ein angemessener Anteil an Kosten für Drucksachen und Werbung, welche direkt im Zusammenhang mit dem Anbieten und Verkauf von Anteilen anfallen;
- Honorare des Wirtschaftsprüfers und von Steuerberatern, soweit diese Aufwendungen im Interesse der Anleger getätigt werden;
- Kosten für die Vorbereitung, den Druck und den Versand etwaiger Risiko-Reportings an die Investoren;
- Kosten und Aufwendungen zur Erstellung von Berichten und Reportings u.a. an Versicherungsunternehmen, Vorsorgewerke, Stiftungen, andere Finanzdienstleistungsunternehmen, Ratingagenturen (z.B. GroMiKV, Solvency II, MiFID II, VAG, ESG-/SRI-Report bzw. Ratings etc.). | ## The management company and the custodian shall also have a right to reimbursement of the following expenditures, which have accrued to them in carrying out their functions:
- Costs for the preparation, printout and forwarding of the annual reports and mid-year reports as well as additional legally re- quired publications:
- Costs for publishing the UCITS' announcements to investors in the official publications and any additional newspapers or elec- tronic media specified by the Fund, including exchange publica- tions;
- Fees and costs for permits and supervision of the UCITS in Liechtenstein and abroad;
- All taxes that are levied on the assets of the UCITS, as well as its profits and related expenses of the UCITS;
- The fees related to the listing of a UCITS and the sale, domestic and abroad, (e.g. advisory, legal and translation costs);
- Fees, costs and remunerations in connection with the calcula- tion and publication of tax factors for the countries of the EU/EEA and/or all countries where sales permits and/or private placements exist, according to the effective expenditures at market-rate carrying values.
- Fees for paying agents, deputies and other representatives with a comparable function in-country and abroad;
- An appropriate share in the costs of printed matter and advertis- ing, which accrue in direct relation to the offering and sale of shares;
- Auditors’ and tax consultants’ fees, provided these expenditures were made in the interest of the investors;
- Costs for the preparing, printing and dispatch of any risk report- ings to investors;
- Costs and expenses for the preparation of statements and reports to insurance companies, pension funds, foundations, other financial services companies, rating agencies (e.g. GroMiKV, Solvency II, MiFID II, VAG, ESG/SRI report and ratings, etc.). | en | de |
DOLFIN9326 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
€STR capitalisé :
L'€STR (Euro Short Term Rate) est un taux d’intérêt calculé et administré par la Banque Centrale Européenne et qui reflète le prix en euro des emprunts au jour le jour d’un échantillon de banques de la zone euro.
Toutes les informations sur le taux €STR (Euro Short Term Rate) sont disponibles sur le site internet de la Banque Centrale Européenne (BCE) : https//www.ecb.europa.eu/.
FED Funds capitalisé :
Le Fed Funds est le taux d'intérêt représentatif du marché monétaire américain.
La gestion de l'OPCVM n’étant pas indicielle, la performance de l'OPCVM pourra s’éloigner de l’indicateur de référence qui n’est qu’un indicateur de comparaison a posteriori.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de l’indicateur inclut les coupons.
-
### Stratégie d’investissement : | €STER capitalizado:
El €STR (tipo de interés a corto plazo del euro o Euro Short Term Rate) es un tipo de interés, calculado y gestionado por el Banco Central Europeo (BCE), que refleja el coste de los préstamos interbancarios en euros a un día de la zona euro.
Toda la información relativa al tipo €STR se encuentra disponible en el sitio web del Banco Central Europeo (BCE): https://www.ecb.europa.eu/.
Fondos federales capitalizados:
Los Fondos federales son el tipo de interés representativo del mercado monetario estadounidense.
Puesto que la gestión del OICVM no está indexada, la rentabilidad de este podrá diferir del índice de referencia, que solo es un índice comparativo a posteriori.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad del índice incluye los cupones.
-
### Estrategia de inversión: | €STR capitalisé :
L'€STR (Euro Short Term Rate) est un taux d’intérêt calculé et administré par la Banque Centrale Européenne et qui reflète le prix en euro des emprunts au jour le jour d’un échantillon de banques de la zone euro.
Toutes les informations sur le taux €STR (Euro Short Term Rate) sont disponibles sur le site internet de la Banque Centrale Européenne (BCE) : https//www.ecb.europa.eu/.
FED Funds capitalisé :
Le Fed Funds est le taux d'intérêt représentatif du marché monétaire américain.
La gestion de l'OPCVM n’étant pas indicielle, la performance de l'OPCVM pourra s’éloigner de l’indicateur de référence qui n’est qu’un indicateur de comparaison a posteriori.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de l’indicateur inclut les coupons.
-
### Stratégie d’investissement : | fr | es |
DOLFIN9327 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The risks associated with this type of instrument are:
- Risk related to the trigger threshold: each instrument has its own characteristics. The level of conversion risk may vary, for example depending on the distance between the issuer's Tier 1 ratio and a threshold defined in the terms of issue. The occurrence of the contingent event may result in a conversion into Shares or even a temporary or definitive writing off of all or part of the debt.
- Conversion risk: the behaviour of this instrument in the event of conversion may be unpredictable. The manager may be required to sell its securities in the event of a conversion into Shares in order to comply with the Sub-Fund's investment policy.
- Impairment risk: the conversion mechanism of certain contingent convertible bonds may result in a total or partial loss of the initial investment.
- Risk of loss of coupon: with certain types of CoCo Bonds, the payment of coupons is discretionary and may be cancelled by the issuer at any time and for an indeterminate period.
- Risk of inversion of the capital structure: unlike the conventional capital hierarchy, under certain circumstances investors in CoCo Bonds may bear a loss greater than that of the Shareholders. This is particularly the case when the trigger threshold is set at a high level.
- Risk of non-exercise of the repayment option by the issuer: as CoCo Bonds can be issued as perpetual instruments, investors may not be able to recover their capital on the optional reimbursement dates provided for in the terms of issue.
- Risk of concentration in a single industry: to the extent that CoCo Bonds are issued by a single category of issuer, adverse events in the industry could affect investments in this type of instrument in a global manner.
- Risk linked to the complexity of the instrument: as these instruments are relatively recent, their behaviour during a period of stress and testing of conversion levels may be highly unpredictable.
- Liquidity risk: as with the high-yield bond market, the liquidity of CoCo Bonds may be affected significantly in the event of a period of turmoil in the markets.
- Valuation risk: the attractive return on this type of instrument may not be the only criterion guiding the valuation and the investment decision. It should be viewed as a complexity and risk premium. | #### Los riesgos vinculados a este tipo de instrumentos son los siguientes:
- Riesgo vinculado al factor desencadenante: cada instrumento presenta rasgos característicos propios. El nivel del riesgo de conversión puede variar en función de, por ejemplo, la distancia entre el ratio Tier 1 del emisor y un nivel específico previamente definido en las condiciones de la emisión. El acaecimiento de la contingencia puede traer consigo la conversión en acciones o incluso la cancelación temporal o definitiva de la totalidad o parte de la deuda.
- Riesgo de conversión: el comportamiento de este instrumento en caso de conversión puede ser impredecible. Con el fin de respetar la política de inversión del Subfondo, el Gestor de inversiones podrá verse en la tesitura de tener que vender los títulos en caso de conversión en acciones.
- Riesgo de depreciación: el mecanismo de conversión de determinados CoCo puede acarrear la pérdida total o parcial de la inversión inicial.
- Riesgo de pérdida del cupón: en el caso de determinados tipos de CoCo, el pago del cupón es discrecional y puede ser cancelado por el emisor en cualquier momento y durante un periodo de tiempo indefinido.
- Riesgo de inversión de la estructura de capital: a diferencia de la típica estructura jerárquica del capital, en determinadas circunstancias los inversores en CoCo pueden experimentar pérdidas superiores a las de los Accionistas. Esto suele suceder, sobre todo, cuando el nivel del factor desencadenante se establece en cotas elevadas.
- Riesgo de que la entidad emisora no ejerza la opción de recompra: los CoCo pueden emitirse en forma de instrumentos perpetuos, por lo que los inversores podrían hallarse en la situación de no poder recuperar su capital en las fechas de recompra opcionales previstas en las condiciones de la emisión.
- Riesgo de concentración en un solo sector: cuando los CoCo pertenecen a una misma categoría de emisores, los acontecimientos desfavorables que afectan al sector podrán tener un efecto combinado en la inversión en este tipo de instrumentos.
- Riesgo vinculado a la complejidad del instrumento: puesto que se trata de un instrumento relativamente nuevo, su comportamiento en periodos de tensión y de prueba de los niveles de conversión puede ser sumamente imprevisible.
- Riesgo de liquidez: al igual que en el mercado de deuda de alto rendimiento, la liquidez de los CoCo podrá verse notablemente afectada en el supuesto de inestabilidad de los mercados.
- Riesgo de valoración: la atractiva rentabilidad que ofrece este tipo de instrumentos no debe representar el único criterio para determinar su valoración ni para fundamentar la decisión de invertir. Debe entenderse como una prima de complejidad y de riesgo. | #### The risks associated with this type of instrument are:
- Risk related to the trigger threshold: each instrument has its own characteristics. The level of conversion risk may vary, for example depending on the distance between the issuer's Tier 1 ratio and a threshold defined in the terms of issue. The occurrence of the contingent event may result in a conversion into Shares or even a temporary or definitive writing off of all or part of the debt.
- Conversion risk: the behaviour of this instrument in the event of conversion may be unpredictable. The manager may be required to sell its securities in the event of a conversion into Shares in order to comply with the Sub-Fund's investment policy.
- Impairment risk: the conversion mechanism of certain contingent convertible bonds may result in a total or partial loss of the initial investment.
- Risk of loss of coupon: with certain types of CoCo Bonds, the payment of coupons is discretionary and may be cancelled by the issuer at any time and for an indeterminate period.
- Risk of inversion of the capital structure: unlike the conventional capital hierarchy, under certain circumstances investors in CoCo Bonds may bear a loss greater than that of the Shareholders. This is particularly the case when the trigger threshold is set at a high level.
- Risk of non-exercise of the repayment option by the issuer: as CoCo Bonds can be issued as perpetual instruments, investors may not be able to recover their capital on the optional reimbursement dates provided for in the terms of issue.
- Risk of concentration in a single industry: to the extent that CoCo Bonds are issued by a single category of issuer, adverse events in the industry could affect investments in this type of instrument in a global manner.
- Risk linked to the complexity of the instrument: as these instruments are relatively recent, their behaviour during a period of stress and testing of conversion levels may be highly unpredictable.
- Liquidity risk: as with the high-yield bond market, the liquidity of CoCo Bonds may be affected significantly in the event of a period of turmoil in the markets.
- Valuation risk: the attractive return on this type of instrument may not be the only criterion guiding the valuation and the investment decision. It should be viewed as a complexity and risk premium. | en | es |
DOLFIN9328 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Issue of Shares
The Shares shall be at the disposal of the Directors and they may (subject to the provisions of the Act) allot, offer or otherwise deal with or dispose of them to such persons, at such times and on such terms as they may consider in the best interests of the Company.
The Shares in the Company are issued in certificated form. The Company will issue a Global Share Certificate registered in the name of the Common Depository’s Nominee. Please see the section entitled “Dealing” for information on title to Shares.
The subscription price at which Shares shall be issued shall be in accordance with the Net Asset Value as determined in accordance with articles 16 to 19 of the articles of association contained within the Constitution (as summarised below). | ##### Ausgabe von Anteilen
Die Anteile stehen den Verwaltungsratsmitgliedern zur Verfügung, und sie können (vorbehaltlich der Bestimmungen des Gesetzes) sie solchen Personen zuweisen, anbieten oder anderweitig mit ihnen handeln oder die Anteile abstossen, wie sie es im besten Interesse der Gesellschaft halten.
Die Anteile der Gesellschaft werden in verbriefter Form ausgegeben. Die Gesellschaft wird ein Global Share Certificate ausstellen, das auf den Namen des Nominee der gemeinsamen Verwahrstelle eingetragen ist. Bitte beachten Sie den Abschnitt mit dem Titel «Handeln» für Informationen zum Eigentum an Anteilen.
Der Zeichnungspreis, zu dem die Anteile ausgegeben werden, entspricht dem gemäss den Artikeln 16 bis 19 der Satzung (wie nachfolgend zusammengefasst) ermittelten Nettoinventarwert. | ##### Issue of Shares
The Shares shall be at the disposal of the Directors and they may (subject to the provisions of the Act) allot, offer or otherwise deal with or dispose of them to such persons, at such times and on such terms as they may consider in the best interests of the Company.
The Shares in the Company are issued in certificated form. The Company will issue a Global Share Certificate registered in the name of the Common Depository’s Nominee. Please see the section entitled “Dealing” for information on title to Shares.
The subscription price at which Shares shall be issued shall be in accordance with the Net Asset Value as determined in accordance with articles 16 to 19 of the articles of association contained within the Constitution (as summarised below). | en | de |
DOLFIN9329 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs at entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 4.0% of the amount invested. This is the maximum amount you could be required to pay. The person selling you the product will inform you of the actual costs. | Up to 400 CHF |
| Exit costs | We do not charge exit costs. | 0 CHF |
| Recurring costs incurred each year | |
| Management fees and other administrative and operating costs | 1.1% of the value of your investment per year. This estimate is based on actual costs over the past year. | 109 CHF |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on how much we buy and sell. | 18 CHF |
| Incidental costs incurred under specific conditions | |
| Performance-related fees | There are no performance fees for this product. | 0 CHF | | | Costes únicos de entrada o salida | Si sale después de 1 año |
| --- | --- |
| Costes de entrada | 4,0% del importe invertido. Se trata de la cantidad máxima que se le podría cobrar. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 400 CHF |
| Costes de salida | No cargamos costes de salida. | 0 CHF |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,1% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 109 CHF |
| Costes de operación | 0,2% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 18 CHF |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 CHF | | | One-off costs at entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 4.0% of the amount invested. This is the maximum amount you could be required to pay. The person selling you the product will inform you of the actual costs. | Up to 400 CHF |
| Exit costs | We do not charge exit costs. | 0 CHF |
| Recurring costs incurred each year | |
| Management fees and other administrative and operating costs | 1.1% of the value of your investment per year. This estimate is based on actual costs over the past year. | 109 CHF |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on how much we buy and sell. | 18 CHF |
| Incidental costs incurred under specific conditions | |
| Performance-related fees | There are no performance fees for this product. | 0 CHF | | en | es |
DOLFIN9330 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Informations sur la durabilité: pour obtenir plus d’informations sur la manière dont il convient d’interpréter les résultats de la section de ce rapport consacrée à la durabilité, veuillez visiter la page www.credit-suisse.com/sustainabilityreporting.
- Pour les fonds et les solutions activement gérées de Credit Suisse, le taux indique la conformité avec les exclusions basées sur des critères normatifs de Credit Suisse en ce qui concerne les armes soumises à controverse, et les exclusions basées sur des valeurs concernant certaines activités commerciales controversées;www.credit-suisse.com/sustainability.
- Intégration ESG: indique si le fonds intègre les facteurs ESG dans le processus de placement, en combinaison avec l’analyse financière. Approche de premier ordre (FCP uniquement): indique si le fonds applique une méthodologie de premier ordre à sa stratégie d’investissement. Score ESG exclusif (FCP uniquement): indique si le fonds applique un score ESG exclusif.
- Alignement sur les ODD: indique si le fonds est aligné sur les 17 Objectifs de développement durable (ou sur plusieurs d’entre eux) définis par les Nations Unies. Informations détaillées sur les ODD: indique sur quels ODD la stratégie d’investissement du fonds est principalement alignée; https://sustainabledevelopment.un.org.
- Vote: indique les pratiques actives de l’actionnariat du fonds; indique le comportement de vote du fonds selon les données publiées. Engagement: indique les données publiées sur les activités d’engagement du fonds; l’engagement comprend toutes les interactions entre l’investisseur et les sociétés en portefeuille sur les questions de durabilité et de stratégies adéquates, dans le but d’améliorer les pratiques; indique si l’engagement fait partie de la stratégie du fonds.
- Principes IFC: indique si le fonds est conforme aux principes IFC de gestion d’impact (https://www.ifc.org). Intention et stratégie: indique s’il existe une intention, une stratégie, une capacité et une gouvernance visant à générer un impact de la part de l’investisseur. Mesure et reporting: indique si la contribution et l’impact de l’investisseur sont mesurés et s’il en est fait état au niveau du fonds.
- Positions qui montrent de graves faiblesses dans la conduite des affaires, telles que la violation des droits de l’homme, la dégradation de l’environnement ou la corruption.
- Les armes soumises à controverse comprennent sans s’y limiter les armes nucléaires, les armes biologiques et les armes chimiques, les bombes à fragmentation et les mines terrestres, interdites en vertu des traités internationaux, et sont par conséquent indiquées séparément des autres domaines soumis à controverse. Les fonds dont la stratégie n’exclut pas explicitement les armes soumises à controverse s’afficheront, même s’ils ne sont pas actuellement investis dans des entreprises en lien avec de telles armes.
- Le score ESG fourni par MSCI ESG est mesuré suivant une échelle allant de 0 (très mauvais) à 10 (très bon). ESG signifie «Environnemental» (E), «Social» (S) et«Gouvernance» (G). Pour de plus amples informations concernant les critères ESG d’investissement et les aspects liés à la durabilité du fonds, conformément au règlement (UE) 2019/2088, veuillez vous référer aux documents juridiques et réglementaires du fonds (tels que, par exemple, le prospectus) et à la page www.credit-suisse.com/esg. Outre les aspects liés à la durabilité, la décision d’investir dans le fonds devrait prendre en compte tous les objectifs et toutes les caractéristiques du fonds tels qu’ils sont décrits dans le prospectus.
- Toutes les participations en portefeuille sont classées. Les catégories «Evite de nuire» à «Impact Investing» désignent les produits durables selon le cadre d’investissement durable du Credit Suisse. «Traditionnel» renvoie aux titres traditionnels sans intérêt en matière de durabilité, «Non durable» représente les titres dont la durabilité est préoccupante. | Información sobre sostenibilidad: para más información sobre cómo interpretar los resultados de la sección sobre sostenibilidad del presente informe, puede visitar www.credit-suisse.com/sustainabilityreporting.
- En fondos de Credit Suisse y soluciones con gestión activa, indica conformidad con las exclusiones de Credit Suisse basadas en normas sobre armas controvertidas y con las exclusiones basadas en valores sobre determinadas actividades de negocio controvertidas; www.credit-suisse.com/sustainability.
- Integración ESG: indica si el fondo tiene integrados en su proceso de inversión factores ESG en combinación con los análisis financieros. Mejores en su categoría (solamente fondos de inversión): indica si el fondo aplica en su estrategia de inversión una metodología de «mejores en su categoría». Puntuación ESG propia (solamente fondos de inversión): indica si el fondo aplica una puntuación ESG propia.
- Alineación con ODS: indica si el fondo está alineado con los diecisiete (o algunos de ellos) Objetivos de Desarrollo Sostenible (ODS) fijados por Naciones Unidas. ODS en detalle: indica con qué ODS está alineada principalmente la estrategia del fondo; https://sustainabledevelopment.un.org.
- Voto: indica que el fondo ejerce prácticas de propiedad activa y que informa públicamente sobre sus decisiones de cara al voto. Compromiso: indica presentación de informes de actividades en las que el fondo se compromete; el compromiso capta las interacciones entre el inversor y las empresas en cartera sobre cuestiones de sostenibilidad y las estrategias pertinentes, con el objetivo de mejorar las prácticas; indica si el compromiso forma parte de la estrategia del fondo.
- Principios de la CFI: indica si el fondo es conforme con los Principios Operativos de la CFI para la Gestión del Impacto (https://www.ifc.org). Intención y estrategia: indica si el inversor tiene intención, estrategia, capacidades y gobernanza para generar impacto. Medición y rendición de informes: indica si, en el nivel del fondo, existen mediciones e informes acerca del impacto del inversor y su contribución.
- Posiciones que muestran debilidades serias en cuanto a conducta empresarial, tales como violación de los derechos humanos, degradación medioambiental o corrupción.
- En armas controvertidas se incluyen, por ejemplo, en un listado no exhaustivo, armas nucleares, biológicas o químicas, bombas de racimo y minas terrestres prohibidas en virtud de tratados internacionales; por ello se muestran aparte de otros campos de negocio controvertidos. Aparecerán los fondos que no excluyan expresamente de su estrategia las armas controvertidas, y ello también, aunque en el momento no estén invirtiendo en empresas implicadas en armamento controvertido.
- La puntuación ESG proporcionada por MSCI ESG se mide en una escala de 0 (muy pobre) a 10 (muy buena). ESG es la abreviatura de Environmental, Social and Governance (medio ambiente, asuntos sociales y gobernanza). Para obtener más información sobre los criterios de inversión ESG y los aspectos relacionados con la sostenibilidad del fondo, de conformidad con el Reglamento (UE) 2019/2088, consulte los documentos legales y reglamentarios del fondo (como, por ejemplo, el folleto) y https://credit-suisse.com/sfdr. Además de los aspectos relacionados con la sostenibilidad, la decisión de invertir en el fondo debe tener en cuenta todos los objetivos y características del fondo, tal como se describen en su folleto.
- Todas las participaciones de la cartera están clasificadas. Las categorías “Sin nocividad” a “Inversiones de impacto” indican productos sostenibles según el Marco de Trabajo de Credit Suisse para la Inversión Sostenible. El “Tradicionales” indica que un valor es tradicional, sin mérito alguno en materia de sostenibilidad, y el “No sostenibles” representa graves problemas de sostenibilidad. | Informations sur la durabilité: pour obtenir plus d’informations sur la manière dont il convient d’interpréter les résultats de la section de ce rapport consacrée à la durabilité, veuillez visiter la page www.credit-suisse.com/sustainabilityreporting.
- Pour les fonds et les solutions activement gérées de Credit Suisse, le taux indique la conformité avec les exclusions basées sur des critères normatifs de Credit Suisse en ce qui concerne les armes soumises à controverse, et les exclusions basées sur des valeurs concernant certaines activités commerciales controversées;www.credit-suisse.com/sustainability.
- Intégration ESG: indique si le fonds intègre les facteurs ESG dans le processus de placement, en combinaison avec l’analyse financière. Approche de premier ordre (FCP uniquement): indique si le fonds applique une méthodologie de premier ordre à sa stratégie d’investissement. Score ESG exclusif (FCP uniquement): indique si le fonds applique un score ESG exclusif.
- Alignement sur les ODD: indique si le fonds est aligné sur les 17 Objectifs de développement durable (ou sur plusieurs d’entre eux) définis par les Nations Unies. Informations détaillées sur les ODD: indique sur quels ODD la stratégie d’investissement du fonds est principalement alignée; https://sustainabledevelopment.un.org.
- Vote: indique les pratiques actives de l’actionnariat du fonds; indique le comportement de vote du fonds selon les données publiées. Engagement: indique les données publiées sur les activités d’engagement du fonds; l’engagement comprend toutes les interactions entre l’investisseur et les sociétés en portefeuille sur les questions de durabilité et de stratégies adéquates, dans le but d’améliorer les pratiques; indique si l’engagement fait partie de la stratégie du fonds.
- Principes IFC: indique si le fonds est conforme aux principes IFC de gestion d’impact (https://www.ifc.org). Intention et stratégie: indique s’il existe une intention, une stratégie, une capacité et une gouvernance visant à générer un impact de la part de l’investisseur. Mesure et reporting: indique si la contribution et l’impact de l’investisseur sont mesurés et s’il en est fait état au niveau du fonds.
- Positions qui montrent de graves faiblesses dans la conduite des affaires, telles que la violation des droits de l’homme, la dégradation de l’environnement ou la corruption.
- Les armes soumises à controverse comprennent sans s’y limiter les armes nucléaires, les armes biologiques et les armes chimiques, les bombes à fragmentation et les mines terrestres, interdites en vertu des traités internationaux, et sont par conséquent indiquées séparément des autres domaines soumis à controverse. Les fonds dont la stratégie n’exclut pas explicitement les armes soumises à controverse s’afficheront, même s’ils ne sont pas actuellement investis dans des entreprises en lien avec de telles armes.
- Le score ESG fourni par MSCI ESG est mesuré suivant une échelle allant de 0 (très mauvais) à 10 (très bon). ESG signifie «Environnemental» (E), «Social» (S) et«Gouvernance» (G). Pour de plus amples informations concernant les critères ESG d’investissement et les aspects liés à la durabilité du fonds, conformément au règlement (UE) 2019/2088, veuillez vous référer aux documents juridiques et réglementaires du fonds (tels que, par exemple, le prospectus) et à la page www.credit-suisse.com/esg. Outre les aspects liés à la durabilité, la décision d’investir dans le fonds devrait prendre en compte tous les objectifs et toutes les caractéristiques du fonds tels qu’ils sont décrits dans le prospectus.
- Toutes les participations en portefeuille sont classées. Les catégories «Evite de nuire» à «Impact Investing» désignent les produits durables selon le cadre d’investissement durable du Credit Suisse. «Traditionnel» renvoie aux titres traditionnels sans intérêt en matière de durabilité, «Non durable» représente les titres dont la durabilité est préoccupante. | fr | es |
DOLFIN9331 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Article 8 and Article 9 SFDR Funds are subject to particular disclosure requirements, with the purpose of providing transparency to show how the Fund’s environmental and/or social characteristics are met or how the sustainable investment objective is achieved.
HSBC Asset Management’s investment process will use bespoke sustainability frameworks, to assess the investments to be made in line with the relevant Fund’s SFDR categorisation as an Article 8 or Article 9 SFDR Fund. The Investment Manager will use all relevant information available to it to manage the Funds in line with the ESG characteristics of the stated investment objective.
However, the required disclosures may not always include the data required by the SFDR and/or Taxonomy Regulation due to the unavailability of such data. A lack of data could arise because a company does not provide this data at an entity and/or product level, or because the company’s circumstances change and it ceases to provide particular information in future.
In such a situation, the Investment Manager will aim to disclose as much information about the Fund’s portfolio as possible in order to provide as much transparency as it is able to about the alignment between the existing investments and the environmental and/or social characteristics promoted by the Fund or the Fund’s sustainable investment objective. | Les Compartiments relevant des Articles 8 et 9 du SFDR sont soumis à des exigences particulières en matière de publication d’informations, afin d’assurer la transparence sur la manière dont leurs caractéristiques environnementales et/ou sociales sont respectées ou leur objectif d’investissement durable est atteint.
Le processus d’investissement de HSBC Asset Management s’effectuera en appliquant des cadres de durabilité élaborés sur mesure, afin d’évaluer les investissements à réaliser conformément à la classification SFDR des Compartiments relevant de l’Article 8 ou de l’Article 9. Le Gestionnaire d’investissement utilisera toutes les informations pertinentes à sa disposition afin de gérer les Compartiments conformément aux caractéristiques ESG de l’objectif d’investissement déclaré.
Cependant, la publication d’informations requise n’inclut pas toujours les données exigées par le SFDR et/ou le règlement sur la taxonomie en raison de l’indisponibilité de ces données. Une telle absence de données peut survenir dans le cas où une entreprise ne fournit pas ces données au niveau d’une entité et/ou d’un produit, ou parce que la situation de l’entreprise change et qu’elle cesse de fournir des informations particulières.
Dans une telle situation, le Gestionnaire d’investissement s’efforcera de publier autant d’informations que possible sur le portefeuille du Compartiment afin de faire preuve de la plus grande transparence possible sur l’alignement entre les investissements existants et les caractéristiques environnementales et/ou sociales promues par le Compartiment ou son objectif d’investissement durable. | Article 8 and Article 9 SFDR Funds are subject to particular disclosure requirements, with the purpose of providing transparency to show how the Fund’s environmental and/or social characteristics are met or how the sustainable investment objective is achieved.
HSBC Asset Management’s investment process will use bespoke sustainability frameworks, to assess the investments to be made in line with the relevant Fund’s SFDR categorisation as an Article 8 or Article 9 SFDR Fund. The Investment Manager will use all relevant information available to it to manage the Funds in line with the ESG characteristics of the stated investment objective.
However, the required disclosures may not always include the data required by the SFDR and/or Taxonomy Regulation due to the unavailability of such data. A lack of data could arise because a company does not provide this data at an entity and/or product level, or because the company’s circumstances change and it ceases to provide particular information in future.
In such a situation, the Investment Manager will aim to disclose as much information about the Fund’s portfolio as possible in order to provide as much transparency as it is able to about the alignment between the existing investments and the environmental and/or social characteristics promoted by the Fund or the Fund’s sustainable investment objective. | en | fr |
DOLFIN9332 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# SUBSCRIBER SHARES
- Subscriber Shares shall only be issued at €1.25 per share, fully paid.
- Any Subscriber Shares not held by the Investment Manager for the time being or its nominees shall be subject to requisition under Article 35 hereof. | # ZEICHNUNGSANTEILE
- Zeichnungsanteile werden nur voll eingezahlt zu 1,25 Euro je Anteil ausgegeben.
- Zeichnungsanteile, die gegenwärtig nicht vom Anlageverwalter oder dessen Bevollmächtigten gehalten werden, unterliegen der Einforderung laut Artikel 35 dieser Satzung. | # SUBSCRIBER SHARES
- Subscriber Shares shall only be issued at €1.25 per share, fully paid.
- Any Subscriber Shares not held by the Investment Manager for the time being or its nominees shall be subject to requisition under Article 35 hereof. | en | de |
DOLFIN9333 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans |
| --- |
| Exemple d'investissement: €10000 |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2180 | €1170 |
| Rendement annuel moyen | -78.21% | -34.85% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €5080 | €1170 |
| Rendement annuel moyen | -49.23% | -34.85% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10300 | €14800 |
| Rendement annuel moyen | 3.04% | 8.16% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €17200 | €26770 |
| Rendement annuel moyen | 71.99% | 21.76% | | | Periodo de mantenimiento recomendado: 5 años |
| --- |
| Ejemplo de inversión: €10000 |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2180 | €1170 |
| Rendimiento medio cada año | -78.21% | -34.85% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €5080 | €1170 |
| Rendimiento medio cada año | -49.23% | -34.85% |
| Moderado | Lo que podría recibir tras deducir los costes | €10300 | €14800 |
| Rendimiento medio cada año | 3.04% | 8.16% |
| Favorable | Lo que podría recibir tras deducir los costes | €17200 | €26770 |
| Rendimiento medio cada año | 71.99% | 21.76% | | | Période de détention recommandée: 5 ans |
| --- |
| Exemple d'investissement: €10000 |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2180 | €1170 |
| Rendement annuel moyen | -78.21% | -34.85% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €5080 | €1170 |
| Rendement annuel moyen | -49.23% | -34.85% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10300 | €14800 |
| Rendement annuel moyen | 3.04% | 8.16% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €17200 | €26770 |
| Rendement annuel moyen | 71.99% | 21.76% | | fr | es |
DOLFIN9334 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Global High Yield Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 3.73%. Over the same period, the ICE BofA Global High Yield Constrained Index (Total Return, Hedged, USD) (the “Index”) returned 3.04%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The global high yield bond market finished 2021 with solid returns driven by improving economic activity, better-than-expected earnings, and accommodative central bankers who more recently have focused on plans to remove the massive monetary stimulus as a result of much higher inflation.
The economic recovery was strong in 2021 even as a new COVID-19 variant (“Omicron”) caused a resurgence in the number of COVID-19 cases globally. Despite the rising threat of Omicron later in the year, the global economy is estimated to have grown at well above 5% in real terms for 2021. Along with the strong growth came higher inflation. Headline and core inflation rates have increased rapidly, but in many cases, rising inflation reflects pandemic- related supply-demand imbalances and higher commodity prices. Rising inflation expectations have prompted a faster than-anticipated trajectory for monetary normalisation in advanced economies with the Bank of England already hiking rates by 15 basis points in December 2021 and the US Federal Reserve admittedly behind the curve on fighting inflation with multiple rate hikes expected in 2022. US 10-Year Treasury yields, and other bellwether longer-dated government bonds, moved higher in 2021 as economies continued to expand and inflation reached multi-year highs. This type of environment did not derail the improvement in credit fundamentals for high yield issuers as many were able to pass on price increases given strong end demand.
Moreover, with high yield corporate fundamentals markedly improving—evidenced by default rates declining to all-time lows—high yield spreads tightened over the period. Additionally, attractive yields and lower relative duration fueled investor demand for the asset class.
In global high yield, lower quality securities, such as those rated CCC and below in the ICE BofA Global High Yield Index (Total Return, Hedged, USD) saw much better performance with returns of 8.75%, whereas BB and B securities returned 2.97% and 1.22%, respectively for the full year. This compares to the Index overall return of 3.04%.
The trailing 12-month default rate as of December reached a new all-time low of 0.27% which compares to the prior low of 0.38% in December 2007. The default outlook continues to remain benign as evidenced by the rate of upgrades relative to downgrades and the very low share of distressed issuers. In December, the number of issuers upgraded exceeded the number downgraded for the twelfth consecutive month. The share of US High Yield bonds trading at distressed levels (+1,000 basis points or wider) was just 2.0% at year-end which also bodes well for the default outlook. For context, the long-term average default rate is 3.50% (based on annual default rates back to 1980 according to JP Morgan). While global high yield spreads remain in a relatively narrow range—which is not uncommon for this point in the credit cycle with such low defaults—we continue to find attractive investment opportunities across credit ratings and regions from an individual security selection perspective. While defaults and the share of distressed issuers remain low, we continue to be vigilant in avoiding credit deterioration and issuers that do not meet our disciplined credit underwriting standards.
During the year, security selection within Real Estate & Homebuilders, security selection within and an overweight to Diversified Financial Services and security selection within Healthcare were the most beneficial to performance. In contrast, security selection within and an underweight to Energy and security selection within Theaters & Entertainment and Steel were the largest detractors. Within the Portfolio’s ratings positioning, security selection within B, an overweight to CCC and below, and security selection within BB and Not Rated issuers were the most beneficial to performance. In contrast, security selection within CCC and below, an overweight to B and Not Rated, an underweight to BB and security selection within BBB and above rated issuers were the detractors from a ratings perspective.
Global high yield spreads tightened in 2021 from 2020’s elevated levels, but we believe valuations are more than compensating investors for the increasingly benign default outlook. While the persistence of inflation in many countries has been acknowledged by central banks, the trajectory of real GDP growth and improved pricing power should remain supportive of issuer fundamentals. Healthy consumer balance sheets, growing wages, businesses working to rebuild inventories and rehire plus more clarity on monetary policy normalisation should support economic activity and financial conditions. Even with the uncertainty of the pandemic, higher inflation and potential political risk which could result in pockets of short-term volatility, we believe our bottom-up, fundamental credit research process focused on security selection while seeking to avoid credit deterioration and putting only our “best ideas” into portfolios, position us well to take advantage of any volatility.
ANNUAL REPORT 2021 81
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Global High Yield Bond – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 3,73%. En el mismo período, el índice ICE BofA Global High Yield Constrained (rentabilidad total en USD con cobertura) (el “Índice”) registró un 3,04%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El mercado de bonos de alta rentabilidad global cerró 2021 con excelentes resultados, gracias a la mejora de la actividad económica, a unos beneficios mejores de los esperado y a la política acomodaticia de los bancos centrales, que más recientemente se han centrado en sus planes de retirada de los estímulos monetarios masivos como resultado del fuerte aumento de la inflación.
La recuperación económica fue sólida en 2021, a pesar de que una nueva variante de la COVID-19 ("ómicron") provocó un repunte del número de casos en todo el mundo. A pesar de la creciente amenaza de ómicron más avanzado el año, se estima que la economía mundial creció muy por encima del 5% en términos reales en 2021. El fuerte crecimiento trajo asociado un aumento de la inflación. Las tasas de inflación general y subyacente han aumentado rápidamente, pero en muchos casos este incremento refleja desequilibrios entre oferta y demanda relacionados con la pandemia y el aumento de precios de las materias primas. El aumento de las expectativas de inflación ha dado lugar a una evolución de la normalización monetaria en las economías avanzadas más rápida de lo previsto: el Banco de Inglaterra ya subió los tipos en 15 puntos básicos en diciembre de 2021 y se prevé que la Reserva Federal estadounidense, claramente "detrás de la curva" en la lucha contra la inflación, aplicará múltiples subidas en 2022. Las rentabilidades de los bonos del Tesoro estadounidense a 10 años, así como las de otros bonos de deuda pública a largo plazo de referencia, subieron en 2021 debido a que las economías continuaron creciendo y la inflación alcanzó máximos en varios años. Este tipo de entorno no deterioró la mejora de los fundamentales del crédito en el caso de los emisores de deuda de alta rentabilidad, dado que muchos de ellos pudieron repercutir los aumentos de precios gracias a la fuerte demanda final. Sin embargo, tras la marcada mejora de los fundamentales de la deuda corporativa de alta rentabilidad ——reflejada por el descenso hasta mínimos históricos de las tasas de impago—, los diferenciales del segmento de alta rentabilidad se contrajeron durante el periodo. Por otra parte, las rentabilidades atractivas y una menor duración relativa impulsaron la demanda de esta clase de activos por parte de los inversores.
Por lo que respecta a la deuda de alta rentabilidad global, los valores de calidad inferior, como aquellos con una calificación CCC e inferior del ICE BofA Global High Yield Index (rentabilidad total en USD, con cobertura) obtuvieron resultados muy superiores, con rentabilidades del 8,75%, mientras que sus homólogos con calificación BB y B rindieron un 2,97% y 1,22%, respectivamente, en el conjunto del año. Esto contrasta con la rentabilidad general del Índice del 3,04%.
La tasa de impago de los últimos 12 meses alcanzó un nuevo mínimo histórico del 0,27% en diciembre, que contrasta con el anterior mínimo del 0,38% de diciembre de 2007. Las perspectivas para la tasa de impago siguen siendo favorables, habida cuenta de la proporción de mejoras/rebajas de las calificaciones y del bajo número de emisores en dificultades. En diciembre, el número de emisores que se beneficiaron de una mejora de calificación superó al de emisores que sufrieron una rebaja de calificación por duodécimo mes consecutivo. La proporción de bonos de alta rentabilidad de EE. UU. que cotizaban en niveles de dificultad (+1.000 puntos básicos o más) era solo del 2,0% al cierre del ejercicio, lo que supone un buen augurio para las perspectivas de impagos. Por ponerlo en contexto, cabe señalar que la tasa de morosidad media a largo plazo se sitúa en el 3,50% (basada en las tasas de morosidad anuales desde 1980, según JP Morgan). A pesar de que los diferenciales de la deuda de alta rentabilidad global se mantienen en un intervalo relativamente estrecho —lo que no resulta poco habitual en esta fase del ciclo del crédito con unas tasas de impago tan bajas—, seguimos encontrando oportunidades de inversión atractivas entre las diferentes calificaciones crediticias y regiones desde la perspectiva de la selección de títulos individuales. A pesar de que las tasas de impagos y emisores en dificultades se mantienen en niveles bajos, seguimos alerta para evitar el deterioro del crédito y a aquellos emisores que no satisfacen nuestros estrictos estándares de suscripción de crédito.
Durante el año, lo que más benefició a la rentabilidad fueron la selección de valores en el sector inmobiliario y de construcción de viviendas, la selección de valores y una sobreponderación en servicios financieros diversificados y la selección de valores en atención sanitaria. Por contra, los mayores lastres para la rentabilidad fueron la selección de valores y una infraponderación en energía, así como la selección de valores en salas de exhibición y ocio. Por lo que respecta al posicionamiento de la Cartera por calificaciones, la selección de valores en calificaciones B, una sobreponderación en calificaciones CCC e inferiores, y la selección de valores en BB y emisores sin calificación fueron las que más beneficiaron a la rentabilidad. Por contra, la selección de valores en calificaciones CCC e inferiores, una sobreponderación en calificaciones B y emisores sin calificación, una infraponderación en calificaciones BB y la selección de valores en calificaciones BBB y emisores con calificaciones superiores lastraron los resultados.
Los diferenciales del mercado de alta rentabilidad global se estrecharon en 2021 respecto de los elevados niveles de 2020, pero creemos que las valoraciones compensan sobradamente a los inversores por unas perspectivas de impago cada vez más benignas. A pesar de que los bancos centrales han reconocido la persistencia de la inflación en muchos países, cabe esperar que la trayectoria de crecimiento del PIB real y la mejora de la capacidad de fijación de precios sigan favoreciendo a los fundamentales de los emisores. Los saneados balances de los consumidores, los crecientes salarios, el trabajo de las empresas para restablecer inventarios y volver a contratar, además de una mayor claridad con respecto a la normalización de la política monetaria deberían favorecer la actividad económica y las condiciones financieras. A pesar de la incertidumbre de la pandemia, del aumento de la inflación y del potencial riesgo político que podrían dar lugar a episodios de volatilidad a corto plazo, creemos que nuestro proceso de análisis fundamental del crédito, con un enfoque ascendente y centrado en la selección de títulos, al tiempo que trata de evitar el deterioro del crédito y de incluir solo nuestras "mejores ideas” en las carteras, nos permite estar bien posicionados para aprovechar cualquier volatilidad.
INFORME ANUAL 2021 81
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Global High Yield Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 3.73%. Over the same period, the ICE BofA Global High Yield Constrained Index (Total Return, Hedged, USD) (the “Index”) returned 3.04%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The global high yield bond market finished 2021 with solid returns driven by improving economic activity, better-than-expected earnings, and accommodative central bankers who more recently have focused on plans to remove the massive monetary stimulus as a result of much higher inflation.
The economic recovery was strong in 2021 even as a new COVID-19 variant (“Omicron”) caused a resurgence in the number of COVID-19 cases globally. Despite the rising threat of Omicron later in the year, the global economy is estimated to have grown at well above 5% in real terms for 2021. Along with the strong growth came higher inflation. Headline and core inflation rates have increased rapidly, but in many cases, rising inflation reflects pandemic- related supply-demand imbalances and higher commodity prices. Rising inflation expectations have prompted a faster than-anticipated trajectory for monetary normalisation in advanced economies with the Bank of England already hiking rates by 15 basis points in December 2021 and the US Federal Reserve admittedly behind the curve on fighting inflation with multiple rate hikes expected in 2022. US 10-Year Treasury yields, and other bellwether longer-dated government bonds, moved higher in 2021 as economies continued to expand and inflation reached multi-year highs. This type of environment did not derail the improvement in credit fundamentals for high yield issuers as many were able to pass on price increases given strong end demand.
Moreover, with high yield corporate fundamentals markedly improving—evidenced by default rates declining to all-time lows—high yield spreads tightened over the period. Additionally, attractive yields and lower relative duration fueled investor demand for the asset class.
In global high yield, lower quality securities, such as those rated CCC and below in the ICE BofA Global High Yield Index (Total Return, Hedged, USD) saw much better performance with returns of 8.75%, whereas BB and B securities returned 2.97% and 1.22%, respectively for the full year. This compares to the Index overall return of 3.04%.
The trailing 12-month default rate as of December reached a new all-time low of 0.27% which compares to the prior low of 0.38% in December 2007. The default outlook continues to remain benign as evidenced by the rate of upgrades relative to downgrades and the very low share of distressed issuers. In December, the number of issuers upgraded exceeded the number downgraded for the twelfth consecutive month. The share of US High Yield bonds trading at distressed levels (+1,000 basis points or wider) was just 2.0% at year-end which also bodes well for the default outlook. For context, the long-term average default rate is 3.50% (based on annual default rates back to 1980 according to JP Morgan). While global high yield spreads remain in a relatively narrow range—which is not uncommon for this point in the credit cycle with such low defaults—we continue to find attractive investment opportunities across credit ratings and regions from an individual security selection perspective. While defaults and the share of distressed issuers remain low, we continue to be vigilant in avoiding credit deterioration and issuers that do not meet our disciplined credit underwriting standards.
During the year, security selection within Real Estate & Homebuilders, security selection within and an overweight to Diversified Financial Services and security selection within Healthcare were the most beneficial to performance. In contrast, security selection within and an underweight to Energy and security selection within Theaters & Entertainment and Steel were the largest detractors. Within the Portfolio’s ratings positioning, security selection within B, an overweight to CCC and below, and security selection within BB and Not Rated issuers were the most beneficial to performance. In contrast, security selection within CCC and below, an overweight to B and Not Rated, an underweight to BB and security selection within BBB and above rated issuers were the detractors from a ratings perspective.
Global high yield spreads tightened in 2021 from 2020’s elevated levels, but we believe valuations are more than compensating investors for the increasingly benign default outlook. While the persistence of inflation in many countries has been acknowledged by central banks, the trajectory of real GDP growth and improved pricing power should remain supportive of issuer fundamentals. Healthy consumer balance sheets, growing wages, businesses working to rebuild inventories and rehire plus more clarity on monetary policy normalisation should support economic activity and financial conditions. Even with the uncertainty of the pandemic, higher inflation and potential political risk which could result in pockets of short-term volatility, we believe our bottom-up, fundamental credit research process focused on security selection while seeking to avoid credit deterioration and putting only our “best ideas” into portfolios, position us well to take advantage of any volatility.
ANNUAL REPORT 2021 81
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN9335 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after: | 1 year | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 201 | 1,286 |
| Annual cost impact (%)² | 2.0% | 2.1% | | | Si vous sortez après : | 1 an | 5 ans¹ |
| --- | --- | --- |
| Coûts totaux (EUR) | 201 | 1.286 |
| Incidence des coûts annuels (%)² | 2,0 % | 2,1 % | | | If you exit after: | 1 year | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 201 | 1,286 |
| Annual cost impact (%)² | 2.0% | 2.1% | | en | fr |
DOLFIN9336 | 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) Japan Smaller Companies Fund Benchmark
- 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 26 octobre 2018 et les actions de capitalisation de Catégorie A en EUR ont été lancées le 26 octobre 2018.
- La performance avant le lancement de la catégorie d’actions est celle de la catégorie d’actions de capitalisation A EUR du M&G Japan Smaller Companies Fund, laquelle a été absorbée par la présente catégorie d’actions.
- La performance de l’indice de référence est calculée en EUR. | 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) Japan Smaller Companies Fund Benchmark
- 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 26 octubre 2018 y la Clase de acciones de acumulación Clase A EUR se lanzó el 26 octubre 2018.
- La rentabilidad antes del lanzamiento de la clase de acciones es la de la clase de acciones Clase A de acumulación en Euros del M&G Japan Smaller Companies Fund que se fusionó en esta clase de acciones.
- La rentabilidad del índice de referencia se ha calculado en EUR. | 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) Japan Smaller Companies Fund Benchmark
- 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 26 octobre 2018 et les actions de capitalisation de Catégorie A en EUR ont été lancées le 26 octobre 2018.
- La performance avant le lancement de la catégorie d’actions est celle de la catégorie d’actions de capitalisation A EUR du M&G Japan Smaller Companies Fund, laquelle a été absorbée par la présente catégorie d’actions.
- La performance de l’indice de référence est calculée en EUR. | fr | es |
DOLFIN9337 | 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 : Actions d’un Compartiment d’LYXOR INVESTMENT FUNDS, une SICAV.
Durée : Le Compartiment est de type ouvert. La société de gestion peut dissoudre le fonds par liquidation ou par fusion avec un autre fonds dans l’intérêt des investisseurs et conformément au Prospectus.
Objectifs :
Ce Fonds est un OPCVM actif.
L’objectif d’investissement du Fonds est de fournir une appréciation nette du capital (en tenant compte de tous les frais et dépenses attribuables au Fonds) supérieure au taux en euros à court terme (le « STR ») ou au taux du marché monétaire équivalent dans la devise concernée de la Catégorie d’Actions (l’« Indice de référence »), sur un horizon de 3 à 5 ans avec un niveau cible de volatilité annuelle de 3 %. Le Fonds adopte une approche d’investissement souple pour générer des performances dans la plupart des environnements de marché. Il investira dans un portefeuille diversifié d’instruments liquides.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante de l’investissement dans des fonds et qui sont prêts à assumer un niveau de risque élevé sur leur capital initial.
Remboursement et opérations de rachat : Les actions peuvent être vendues (remboursées) comme indiqué dans le prospectus au prix de transaction correspondant (valeur d’actif nette). De plus amples détails sont exposés dans le prospectus d’LYXOR INVESTMENT FUNDS.
Politique de distribution : Comme il s’agit d’une catégorie d’actions de non-distribution, les revenus de l’investissement sont réinvestis.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur le Compartiment, y compris le prospectus et les rapports financiers, gratuitement sur demande auprès de : Amundi Asset Management, au 91-93 boulevard Pasteur, 75015 Paris - France.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : Société Générale Luxembourg. | # ¿Qué es este producto?
Tipo: Acciones de un Subfondo de LYXOR INVESTMENT FUNDS, una SICAV.
Plazo: El Subfondo es de capital variable. La sociedad de gestión podrá poner fin al Fondo mediante la liquidación o la fusión con otro Fondo en el mejor interés de los inversores y de conformidad con el folleto.
Objetivos:
El Fondo es un OICVM activo.
El objetivo de inversión del Fondo es proporcionar una revalorización neta del capital (teniendo en cuenta todas las comisiones y gastos atribuibles al Fondo) por encima del tipo de interés a corto plazo del euro (el “STR”) o el tipo equivalente del mercado monetario en la divisa correspondiente de la Clase de Acciones (el “Índice de referencia”), en un horizonte de 3 a 5 años con un nivel de volatilidad anual objetivo del 3 %. El Fondo tiene un enfoque de inversión flexible para generar rentabilidad en la mayoría de los entornos de mercado. Invertirá en una cartera diversificada de instrumentos líquidos.
Inversor minorista al que va dirigido: Este producto está destinado a inversores con un conocimiento básico y poca o ninguna experiencia en inversiones en fondos, y que estén dispuestos a asumir un nivel de riesgo alto respecto a su capital original.
Reembolso y negociación: Las acciones se pueden vender (reembolsar) según se indica en el folleto al precio de negociación correspondiente (valor liquidativo). Puede encontrar más información en el folleto de LYXOR INVESTMENT FUNDS.
Política de distribución: Debido a que se trata de una clase de acciones que no es de distribución, los ingresos de las inversiones se reinvierten.
Más información: Puede obtener más información sobre el Subfondo y solicitar el folleto y los informes financieros, que están disponibles de forma gratuita previa petición a través de: Amundi Asset Management, 91-93 boulevard Pasteur, 75015 París, Francia.
El valor liquidativo del Subfondo está disponible en www.mundi.lu.
Depositario: Société Générale Luxembourg. | # En quoi consiste ce produit ?
Type : Actions d’un Compartiment d’LYXOR INVESTMENT FUNDS, une SICAV.
Durée : Le Compartiment est de type ouvert. La société de gestion peut dissoudre le fonds par liquidation ou par fusion avec un autre fonds dans l’intérêt des investisseurs et conformément au Prospectus.
Objectifs :
Ce Fonds est un OPCVM actif.
L’objectif d’investissement du Fonds est de fournir une appréciation nette du capital (en tenant compte de tous les frais et dépenses attribuables au Fonds) supérieure au taux en euros à court terme (le « STR ») ou au taux du marché monétaire équivalent dans la devise concernée de la Catégorie d’Actions (l’« Indice de référence »), sur un horizon de 3 à 5 ans avec un niveau cible de volatilité annuelle de 3 %. Le Fonds adopte une approche d’investissement souple pour générer des performances dans la plupart des environnements de marché. Il investira dans un portefeuille diversifié d’instruments liquides.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante de l’investissement dans des fonds et qui sont prêts à assumer un niveau de risque élevé sur leur capital initial.
Remboursement et opérations de rachat : Les actions peuvent être vendues (remboursées) comme indiqué dans le prospectus au prix de transaction correspondant (valeur d’actif nette). De plus amples détails sont exposés dans le prospectus d’LYXOR INVESTMENT FUNDS.
Politique de distribution : Comme il s’agit d’une catégorie d’actions de non-distribution, les revenus de l’investissement sont réinvestis.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur le Compartiment, y compris le prospectus et les rapports financiers, gratuitement sur demande auprès de : Amundi Asset Management, au 91-93 boulevard Pasteur, 75015 Paris - France.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : Société Générale Luxembourg. | fr | es |
DOLFIN9338 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives and Investment Policy
The fund seeks long-term capital appreciation by investing at least two-thirds of its total assets in equity securities of US companies of any market capitalization, and up to one-third of its total assets in equity securities of Non-US Issuers through ADRs, CDRs, EDRs, GDRs, IDRs and similar depositary receipts as well as equities denominated in US Dollars issued by Non-US Issuers. U.S. equity securities are securities issued by companies with their principal office in the United States or exercising a predominant part of their economic activities in the United States.
The fund invests principally in the equity securities of approximately 30 to 40 US companies that the Sub-Adviser believes offer the potential for capital growth. The fund may invest in the equity securities of companies of any market capitalisation. The fund may use futures, forward contracts, options or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The fund invests in equity securities of companies that it believes are underpriced yet have attractive growth prospects using analysis that is based on the determination of a company’s “private market value,” which is the price an investor would be willing to pay for the entire company.
This share class does not distribute dividends. Income is reinvested in the fund.
You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading (a “Business Day”).
The fund is actively managed but uses the Russell 2000® Index for performance comparison. The investments of the fund may deviate significantly from the components of and their respective weightings in the benchmark. | ## Objectifs et politique d’investissement
Le fonds vise une appréciation du capital à long terme en investissant au moins deux tiers du total de ses actifs dans des titres de capital de sociétés américaines de toute capitalisation boursière et jusqu’à un tiers du total de ses actifs dans des titres de capital d’émetteurs hors Etats-Unis par l’intermédiaire d’ADR, CDR, EDR, GDR, IDR et autres certificats de dépôt du même type ainsi que dans des titres de capital libellés en dollars US d’émetteurs hors Etats-Unis. Les titres de capital américains sont des valeurs émises par des sociétés ayant leur siège social aux Etats-Unis ou exerçant une part prépondérante de leurs activités économiques aux Etats-Unis.
Le fonds investit principalement dans les titres de capital d’environ 30 à 40 sociétés américaines dont le Conseiller par délégation estime qu’elles offrent un potentiel de croissance du capital. Le fonds peut investir dans des titres de capital de sociétés toutes capitalisations confondues. Le fonds peut utiliser des contrats à terme standardisés, contrats à terme de gré à gré, options ou swaps ainsi que d’autres instruments dérivés à des fins de couverture ou de gestion efficace de portefeuille.
Le fonds investit dans des titres de capital de sociétés dont il estime qu’ils sont sous-évalués, mais possèdent des perspectives de croissance intéressantes grâce à une analyse fondée sur la détermination de la « valeur de marché privée » d’une société, c’est-à-dire le prix qu’un investisseur serait prêt à payer pour la société dans sa globalité.
Cette catégorie d’actions ne distribue pas de dividendes. Les revenus sont réinvestis dans le fonds.
Les actions peuvent être vendues chaque jour ouvré correspondant à un jour d’ouverture normal des banques au Luxembourg et de la Bourse de New York (NYSE) (un « Jour ouvré »).
Le fonds est géré activement, mais utilise l’indice Russell 2000® Index pour la comparaison des rendements. Les placements du fonds peuvent s’écarter considérablement des composantes de l’indice de référence et de leurs pondérations respectives. | ## Objectives and Investment Policy
The fund seeks long-term capital appreciation by investing at least two-thirds of its total assets in equity securities of US companies of any market capitalization, and up to one-third of its total assets in equity securities of Non-US Issuers through ADRs, CDRs, EDRs, GDRs, IDRs and similar depositary receipts as well as equities denominated in US Dollars issued by Non-US Issuers. U.S. equity securities are securities issued by companies with their principal office in the United States or exercising a predominant part of their economic activities in the United States.
The fund invests principally in the equity securities of approximately 30 to 40 US companies that the Sub-Adviser believes offer the potential for capital growth. The fund may invest in the equity securities of companies of any market capitalisation. The fund may use futures, forward contracts, options or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The fund invests in equity securities of companies that it believes are underpriced yet have attractive growth prospects using analysis that is based on the determination of a company’s “private market value,” which is the price an investor would be willing to pay for the entire company.
This share class does not distribute dividends. Income is reinvested in the fund.
You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading (a “Business Day”).
The fund is actively managed but uses the Russell 2000® Index for performance comparison. The investments of the fund may deviate significantly from the components of and their respective weightings in the benchmark. | en | fr |
DOLFIN9339 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 126 EUR | 659 EUR |
| Annual cost impact (*) | 1.3% | 1.3% each year | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 126 EUR | 659 EUR |
| Incidence des coûts annuels (*) | 1.3% | 1.3% chaque année | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 126 EUR | 659 EUR |
| Annual cost impact (*) | 1.3% | 1.3% each year | | en | fr |
DOLFIN9340 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Risk Factors
GENERAL
Investors should note the following risk factors before making any decision to invest in the Company. The following statements summarise some of the risks, but are not exhaustive and should not be construed as advice on the suitability of any investment.
An investment in the Shares should form only a part of a complete investment programme and an investor must be able to bear the loss of its entire investment. Investors should carefully consider whether an investment in the Shares is suitable for them in light of their circumstances and financial resources. In addition, investors should consult their own tax advisers regarding the potential tax consequences of the activities and investments of the Company and/or each Fund.
All investments involve risks and there can be no guarantee against loss resulting from an investment in any Shares. There is no guarantee of the repayment of principal. Investors should therefore ensure (prior to any investment being made) that they are satisfied with the risk profile of the overall objectives disclosed. The past performance is not a guide to future performance. When past performance of benchmark(s) are disclosed alongside the past performance of a Fund which is managed by reference to a benchmark, this does not mean that the Fund is tracking the performance of that benchmark. The Funds should be regarded as long term investments. The Funds' investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Funds may suffer losses. | # Facteurs de risque
ASPECTS D’ORDRE GENERAL
Les investisseurs sont tenus de prendre connaissance des facteurs de risque décrits ci-après avant de décider d’un investissement dans la Société. Les déclarations suivantes récapitulent certains des risques, mais elles ne sont pas exhaustives et ne doivent pas être interprétées comme des conseils quant à la pertinence d'un investissement donné.
Un investissement en Actions ne doit pas constituer la totalité d'un programme d'investissement et l'investisseur doit pouvoir assumer la perte de la totalité de son investissement. Les investisseurs sont priés d'analyser attentivement la pertinence d’un investissement en Actions au vu de leur situation personnelle et de leurs ressources financières. En outre, les investisseurs sont priés de consulter leurs propres conseillers fiscaux quant aux potentielles conséquences fiscales des activités et des investissements de la Société et/ou de chaque Compartiment.
Tous les investissements comportent des risques et il est possible de subir des pertes en investissant dans des Actions. Rien ne garantit que le principal sera remboursé. Pour ces raisons, il appartient aux investisseurs (avant d’effectuer tout investissement) de vérifier qu’ils acceptent le profil de risque des objectifs généraux. Les performances passées ne sauraient préjuger de la performance future. Lorsque les performances passées d’un ou de plusieurs indices de référence sont mentionnées parallèlement aux performances d’un Compartiment géré par référence à cet ou à ces indices, cela ne signifie pas que le Compartiment vise à reproduire la performance de l’indice de référence. Les Compartiments doivent être considérés comme des investissements à long terme. La valeur du portefeuille d'investissements des Compartiments peut diminuer en raison des principaux facteurs de risque décrits ci-dessous et, pour cette raison, vos investissements au sein des Compartiments peuvent subir des pertes. | # Risk Factors
GENERAL
Investors should note the following risk factors before making any decision to invest in the Company. The following statements summarise some of the risks, but are not exhaustive and should not be construed as advice on the suitability of any investment.
An investment in the Shares should form only a part of a complete investment programme and an investor must be able to bear the loss of its entire investment. Investors should carefully consider whether an investment in the Shares is suitable for them in light of their circumstances and financial resources. In addition, investors should consult their own tax advisers regarding the potential tax consequences of the activities and investments of the Company and/or each Fund.
All investments involve risks and there can be no guarantee against loss resulting from an investment in any Shares. There is no guarantee of the repayment of principal. Investors should therefore ensure (prior to any investment being made) that they are satisfied with the risk profile of the overall objectives disclosed. The past performance is not a guide to future performance. When past performance of benchmark(s) are disclosed alongside the past performance of a Fund which is managed by reference to a benchmark, this does not mean that the Fund is tracking the performance of that benchmark. The Funds should be regarded as long term investments. The Funds' investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Funds may suffer losses. | en | fr |
DOLFIN9341 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Customer satisfaction surveys
- 2021: Sub-fund (59%) Index (47%);
- 2020: Sub-fund (38%) Index (52%) ISRD sustainability indicator 2021 (0-100)/Risk scale (from 1 to 5): 28/3Mandarine Gestion undertakes to provide comprehensive information on the Sub-fund’s alignment with the European Taxonomy, if companies have communicated [this] in their public documentation, by the end of 2023. | - Enquêtes de satisfaction clients
- 2021 : Compartiment (59%) Indice (47%) ;
- 2020: Compartiment (38%) Indice (52%) Indicateur de durabilité "ISRD" 2021 (0-100) / Echelle de risques de (1 à 5) : 28/3Mandarine Gestion s’engage à fournir l'exhaustivité des informations sur l'alignement du Compartiment à la Taxonomie européenne lorsque les entreprises auront communiqué dans leurs documentations publiques, d'ici fin 2023. | - Customer satisfaction surveys
- 2021: Sub-fund (59%) Index (47%);
- 2020: Sub-fund (38%) Index (52%) ISRD sustainability indicator 2021 (0-100)/Risk scale (from 1 to 5): 28/3Mandarine Gestion undertakes to provide comprehensive information on the Sub-fund’s alignment with the European Taxonomy, if companies have communicated [this] in their public documentation, by the end of 2023. | en | fr |
DOLFIN9342 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
It is intended that the Distributing Units will be a distributing Class of Units. The Directors of the Manager in consultation with the Investment Adviser may determine in their sole discretion to declare dividends in respect of the Distributing Units, and dividends, will be declared on one or more Distribution Dates in every Accounting Period and normally be paid within 6 months of the Accounting Date. It is expected that the Distribution Date for the Distributing Units will be the final Business Day in each calendar year and any other dates as selected by the Directors from time to time.
Distributing Units will pay out the total net income (being the total revenues of the Distributing Units net of remuneration, commissions and fees) of those Units. Dividends which are not claimed or collected within six years of payment shall revert to and form part of the assets of the Sub-Fund.
Dividends will generally be paid to Unitholders in cash unless the Directors of the Manager resolve that dividends paid will be automatically re-invested on behalf of Unitholders in the Distributing Units on which dividends are being paid. In such case, Unitholders will be notified of this resolution and additional Units in the class will be issued to Unitholders in respect of the dividend payment. Details of all dividends paid will be included in the annual accounts of the Sub-Fund.
- Section 13 of the Supplement entitled “Fees and Expenses” “The Manager” will be amended by inserting the following paragraph as the last paragraph of that section:USD B Class (Distributing)The Manager shall be entitled to receive an annual fee of up to 0.55% of the Net Asset Value of the Sub-Fund attributable to the USD B Class (Distributing) (the “Management Fee”), accrued at each Valuation Point and payable monthly in arrears at the rate (plus VAT, if any) in relation to the provision of performance attribution, performance measurement, risk analyses and research services to the Sub-Fund. The Manager shall also be entitled to be repaid all of its out of pocket expenses charged at normal commercial rates out of the assets of the Sub-Fund. | Il est prévu que les Parts de Distribution seront une Classe de Parts procédant à des distributions. Les Administrateurs du Gestionnaire, en concertation avec le Conseiller en Investissements, peuvent décider, à leur seule discrétion, de déclarer des dividendes en ce qui concerne les Parts de Distribution, et des dividendes seront déclarés à une ou plusieurs Dates de Distribution au cours de chaque Période Comptable et seront normalement payés dans les 6 mois de la Date Comptable. Il est prévu que la Date de Distribution des Parts de Distribution sera le dernier Jour Ouvrable de chaque année civile et d’éventuelles autres dates choisies par les Administrateurs de temps à autre.
Les Parts de Distribution paieront le revenu net total (celui-ci étant le total des revenus des Parts de Distribution net de la rémunération, des commissions et des frais) de ces Parts. Les dividendes qui ne sont ni réclamés ni perçus dans un délai de six ans à compter de leur paiement reviendront aux actifs du Compartiment et en feront partie intégrante. Les dividendes seront généralement versés aux Détenteurs de Parts en numéraire à moins que les Administrateurs du Gestionnaire ne décident que les dividendes versés seront automatiquement réinvestis au nom des Détenteurs de Parts dans les Parts de Distribution pour lesquelles des dividendes sont versés. Dans un tel cas, les Détenteurs de Parts seront notifiés de cette décision et des Parts supplémentaires de la classe seront émises aux Détenteurs de Parts en ce qui concerne le paiement du dividende. Des informations détaillées sur l’intégralité des dividendes payés seront incluses dans les comptes annuels du Compartiment.
- La Section 13 du Supplément intitulée « Commissions et frais » « Le Gestionnaire » sera modifiée par l'insertion du paragraphe suivant comme dernier paragraphe de cette section :Classe USD B (Distribution)Le Gestionnaire aura le droit de percevoir une commission annuelle plafonnée à 0,55 % de la Valeur d'Actif Net du Compartiment attribuable à la Classe USD B (Distribution) (la« Commission de gestion »), comptabilisée à chaque Point de Valorisation et payable mensuellement à terme échu au taux (majoré de la TVA éventuelle) en rapport avec la fourniture de services d'attribution de performance, de mesure de performance, d'analyses de risques et de recherche au Compartiment. Le Gestionnaire aura également le droit de se faire rembourser ses menues dépenses facturées aux tarifs appliqués dans les conditions normales de marché par prélèvement sur les actifs du Compartiment. | It is intended that the Distributing Units will be a distributing Class of Units. The Directors of the Manager in consultation with the Investment Adviser may determine in their sole discretion to declare dividends in respect of the Distributing Units, and dividends, will be declared on one or more Distribution Dates in every Accounting Period and normally be paid within 6 months of the Accounting Date. It is expected that the Distribution Date for the Distributing Units will be the final Business Day in each calendar year and any other dates as selected by the Directors from time to time.
Distributing Units will pay out the total net income (being the total revenues of the Distributing Units net of remuneration, commissions and fees) of those Units. Dividends which are not claimed or collected within six years of payment shall revert to and form part of the assets of the Sub-Fund.
Dividends will generally be paid to Unitholders in cash unless the Directors of the Manager resolve that dividends paid will be automatically re-invested on behalf of Unitholders in the Distributing Units on which dividends are being paid. In such case, Unitholders will be notified of this resolution and additional Units in the class will be issued to Unitholders in respect of the dividend payment. Details of all dividends paid will be included in the annual accounts of the Sub-Fund.
- Section 13 of the Supplement entitled “Fees and Expenses” “The Manager” will be amended by inserting the following paragraph as the last paragraph of that section:USD B Class (Distributing)The Manager shall be entitled to receive an annual fee of up to 0.55% of the Net Asset Value of the Sub-Fund attributable to the USD B Class (Distributing) (the “Management Fee”), accrued at each Valuation Point and payable monthly in arrears at the rate (plus VAT, if any) in relation to the provision of performance attribution, performance measurement, risk analyses and research services to the Sub-Fund. The Manager shall also be entitled to be repaid all of its out of pocket expenses charged at normal commercial rates out of the assets of the Sub-Fund. | en | fr |
DOLFIN9343 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Redex (Reduction of Duration Exposure) Classes of Shares
The underlying investment objective of the redex share classes is, as for the other share classes of the Sub- Funds, to achieve the investment objective of the Sub-Fund, while, only in the case of the relevant share class to mitigate the Fund's exposure to an increase or decrease of interest rates curves. Such an overlay strategy will be managed through the tracking of listed derivatives.
To the extent applicable, the Company is allowed, for the purposes of the Redex Classes of Shares to invest in the following financial instruments traded on regulated or OTC markets:
- Listed or OTC futures,
- Repurchase agreements, and
- Securities lending. | ### Clases de acciones Redex (reducción de la exposición a la duración)
El objetivo de inversión subyacente de las clases de acciones redex consiste, al igual que en el caso de demás clases de acciones del Subfondo, en alcanzar el objetivo de inversión del Subfondo, reduciendo al mismo tiempo -únicamente en el caso de las clases de acciones pertinentes- el impacto de la exposición del Fondo al alza o a la baja de las curvas de tipos de interés. Esta estrategia de overlay se gestionará mediante el seguimiento de derivados cotizados.
En la medida aplicable, a los efectos de las clases de acciones REDEX, la Sociedad puede invertir en los siguientes instrumentos financieros que se negocian en mercados regulados o extrabursátiles (OTC):
- Futuros cotizados o extrabursátiles (OTC),
- Pactos de recompra, y
- Préstamos de valores. | ### Redex (Reduction of Duration Exposure) Classes of Shares
The underlying investment objective of the redex share classes is, as for the other share classes of the Sub- Funds, to achieve the investment objective of the Sub-Fund, while, only in the case of the relevant share class to mitigate the Fund's exposure to an increase or decrease of interest rates curves. Such an overlay strategy will be managed through the tracking of listed derivatives.
To the extent applicable, the Company is allowed, for the purposes of the Redex Classes of Shares to invest in the following financial instruments traded on regulated or OTC markets:
- Listed or OTC futures,
- Repurchase agreements, and
- Securities lending. | en | es |
DOLFIN9344 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# FUND PERFORMANCE AND ATTRIBUTION
- The Fund underperformed the S&P 500 Index in August
- 1
- . Challenging stock selection in the industrials, communication services, and health care sectors was partially offset by stronger relative performance in the financials, information technology, and consumer discretionary sectors.
- In the industrials sector, an out-of-benchmark position in Builders FirstSource was among top detractors. Shares of Builders FirstSource, a manufacturer and supplier of building materials, fell during the period. Despite reporting second-quarter net sales above expectations, driven by improved core organic growth and EBITDA margins, the company lowered its full-year 2022 base business sales growth outlook to 8% to 12% from a prior guidance of 10% to 14%.
- In the communication services sector, an out-of-benchmark position in Bumble was among top detractors. Shares of Bumble fell in August despite reporting higher sales during the second quarter. The company lowered full-year guidance due to negative foreign currency impacts as well as timeline adjustments to Bumble’s product roadmap. Underlying app Badoo was a drag on performance driven by foreign exchange headwinds as well as a revenue decline from ceasing operations in Russia and Belarus because of the war on Ukraine.
- In the financials sector, an out-of-benchmark position in Ares Management was among top contributors. Shares of Ares Management rose after the alternatives asset manager announced a target to double assets under management by 2025 to $500 million, despite recent challenging economic conditions. The company also announced it acquired Atlas Crane Service during the month, which primarily serves the wind industry.
- In the information technology sector, an underweight position in NVIDIA was among top contributors. Shares of NVIDIA fell during the period after the chipmaker announced a fiscal second-quarter revenue forecast that was far lower than an earlier estimate due to a weaker outlook in the gaming industry. The company expects revenue of $6.7 billion compared to an earlier outlook of $8.1 billion. | # PERFORMANCE E ANDAMENTO DEL FONDO
- Ad agosto, il Fondo ha sottoperformato l'indice S&P 500
- 1
- . Le difficoltà evidenziate dalla selezione dei titoli nei settori industriale, dei servizi di comunicazione e sanitario è stata parzialmente compensata dalla migliore performance relativa nei settori finanziario, informatico e dei beni di consumo voluttuari.
- Nel settore industriale, uno dei maggiori contributi negativi è giunto dalla posizione fuori benchmark in Builders FirstSource. Le azioni di Builders FirstSource, produttore e fornitore di materiali da costruzione, hanno subito un calo durante il periodo. Nonostante le vendite nette del secondo trimestre siano al di sopra delle aspettative, trainate dal miglioramento della crescita organica essenziale e dai margini EBITDA, la società ha rivisto al ribasso le previsioni di crescita delle vendite aziendali di base per l'intero 2022 all'8%-12%, rispetto alla precedente previsione del 10%-14%.
- Nel settore dei servizi di comunicazione, uno dei maggiori contributi negativi è giunto dalla posizione fuori benchmark in Bumble. Ad agosto, nonostante l'aumento delle vendite nel secondo trimestre, le azioni di Bumble hanno subito un calo. La società ha rivisto al ribasso le previsioni per l'intero anno a causa dell'impatto negativo della valuta estera e delle modifiche alle tempistiche riguardanti la roadmap dei prodotti Bumble. L'app sottostante Badoo ha prodotto effetti negativi sulla performance a causa dei venti contrari sui tassi di cambio, nonché di un calo dei ricavi dovuto alla cessazione delle operazioni in Russia e Bielorussia a causa della guerra in Ucraina.
- Nel settore finanziario, uno dei maggiori contributi positivi è giunto dalla posizione fuori benchmark in Ares Management. Le azioni di Ares Management sono salite in seguito all'annuncio del gestore di asset alternativi di puntare a raddoppiare il patrimonio gestito entro il 2025, raggiungendo così i 500 milioni di dollari, nonostante le recenti condizioni economiche avverse. Nel corso del mese, la società ha inoltre annunciato l'acquisizione di Atlas Crane Service, che opera principalmente nel settore dell'eolico.
- Nel settore informatico, uno dei maggiori contributi positivi è giunto dalla posizione sottopesata in NVIDIA. Le azioni di NVIDIA hanno subito un calo in seguito all'annuncio del produttore di chip di una previsione di ricavi per il secondo trimestre fiscale molto più bassa rispetto alle stime precedenti, a causa di un indebolimento delle prospettive nel settore videoludico. La società prevede ricavi per 6,7 miliardi di dollari rispetto alla previsione precedente di 8,1 miliardi di dollari. | # FUND PERFORMANCE AND ATTRIBUTION
- The Fund underperformed the S&P 500 Index in August
- 1
- . Challenging stock selection in the industrials, communication services, and health care sectors was partially offset by stronger relative performance in the financials, information technology, and consumer discretionary sectors.
- In the industrials sector, an out-of-benchmark position in Builders FirstSource was among top detractors. Shares of Builders FirstSource, a manufacturer and supplier of building materials, fell during the period. Despite reporting second-quarter net sales above expectations, driven by improved core organic growth and EBITDA margins, the company lowered its full-year 2022 base business sales growth outlook to 8% to 12% from a prior guidance of 10% to 14%.
- In the communication services sector, an out-of-benchmark position in Bumble was among top detractors. Shares of Bumble fell in August despite reporting higher sales during the second quarter. The company lowered full-year guidance due to negative foreign currency impacts as well as timeline adjustments to Bumble’s product roadmap. Underlying app Badoo was a drag on performance driven by foreign exchange headwinds as well as a revenue decline from ceasing operations in Russia and Belarus because of the war on Ukraine.
- In the financials sector, an out-of-benchmark position in Ares Management was among top contributors. Shares of Ares Management rose after the alternatives asset manager announced a target to double assets under management by 2025 to $500 million, despite recent challenging economic conditions. The company also announced it acquired Atlas Crane Service during the month, which primarily serves the wind industry.
- In the information technology sector, an underweight position in NVIDIA was among top contributors. Shares of NVIDIA fell during the period after the chipmaker announced a fiscal second-quarter revenue forecast that was far lower than an earlier estimate due to a weaker outlook in the gaming industry. The company expects revenue of $6.7 billion compared to an earlier outlook of $8.1 billion. | en | it |
DOLFIN9345 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectif et politique d'investissement
Objectif : obtenir une croissance du capital, avec un contrôle rigoureux du risque. Le Fonds visera un rendement absolu (performance supérieure à zéro, quelles que soient les conditions de marché) sur des périodes glissantes de 12 mois.
Politique d'investissement : pour atteindre son objectif d'investissement, le Fonds vise à générer un rendement, net de frais, supérieur au taux cible des fonds fédéraux sur des fenêtres glissantes de 3 ans. À des fins de mesure de la performance, l'indice des liquidités sera différent pour les catégories non libellées dans la devise de base. Le fonds cherche également à atteindre son objectif dans une limite de volatilité annualisée de 6 %. | # Objetivo y política de inversión
Objetivo: revalorización del capital con un control riguroso del riesgo. El Fondo también trata de ofrecer una rentabilidad absoluta (superior a cero, con independencia de las condiciones del mercado) en periodos sucesivos de doce meses.
Política: para alcanzar su objetivo de inversión, el Fondo tratará de proporcionar una rentabilidad después de comisiones superior al tipo objetivo de los fondos de la Reserva Federal en periodos rotatorios de tres años. A efectos de medición de la rentabilidad, el índice de referencia del tipo de depósito será diferente para las clases en divisas no denominadas en la moneda de referencia. El Fondo también trata de alcanzar su objetivo de inversión por debajo de un límite de volatilidad anualizada del 6%. | # Objectif et politique d'investissement
Objectif : obtenir une croissance du capital, avec un contrôle rigoureux du risque. Le Fonds visera un rendement absolu (performance supérieure à zéro, quelles que soient les conditions de marché) sur des périodes glissantes de 12 mois.
Politique d'investissement : pour atteindre son objectif d'investissement, le Fonds vise à générer un rendement, net de frais, supérieur au taux cible des fonds fédéraux sur des fenêtres glissantes de 3 ans. À des fins de mesure de la performance, l'indice des liquidités sera différent pour les catégories non libellées dans la devise de base. Le fonds cherche également à atteindre son objectif dans une limite de volatilité annualisée de 6 %. | fr | es |
DOLFIN9346 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 2.9 | -2.6 | 5.1 | -0.1 | 0.5 | 1.1 | -1.3 | 5.9 | 4.6 | -2.3 |
| Constraint †¹ | 2.6 | -1.5 | 6.1 | 1.6 | 1.6 | 2.5 | 1.0 | 6.7 | 4.0 | -1.2 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 2,9 | -2,6 | 5,1 | -0,1 | 0,5 | 1,1 | -1,3 | 5,9 | 4,6 | -2,3 |
| Limitación †¹ | 2,6 | -1,5 | 6,1 | 1,6 | 1,6 | 2,5 | 1,0 | 6,7 | 4,0 | -1,2 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 09 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 2.9 | -2.6 | 5.1 | -0.1 | 0.5 | 1.1 | -1.3 | 5.9 | 4.6 | -2.3 |
| Constraint †¹ | 2.6 | -1.5 | 6.1 | 1.6 | 1.6 | 2.5 | 1.0 | 6.7 | 4.0 | -1.2 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022 | en | es |
DOLFIN9347 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risks
-
### The Fund may not achieve its investment objective and the value of shares in the Fund may fall.
- Neither First Trust Global Portfolios Management Limited (“FTGPM”) nor any of its affiliates, guarantees the performance or the future returns of the Fund.
- The Fund may be subject to information technology companies risk. Information technology companies are generally subject to the following risks: rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly those involved with the Internet, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.
- The Fund may be subject to Chinese investment risks, including risk related to variable interest entities (“VIEs”). In China, direct ownership of companies in certain sectors by foreign individuals and entities is prohibited, and VIE structures are put in place to allow indirect foreign investment, including an investment by the Fund. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. Intervention by the Chinese government with respect to VIEs could cause the market value of the Fund’s associated holdings to suffer significant, and possibly permanent, effects which could negatively impact the Fund’s Net Asset Value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of a Fund’s shares.
- There is no assurance that the Index will continue to be calculated and published on the basis described in the Prospectus. In addition, the Fund’s return may not match the return of the Index.
- See also the description of the risks applicable to the Fund in “Risk Factors” in the Prospectus. | # Rischi
-
### È possibile che il Fondo non raggiunga il proprio obiettivo di investimento e che il valore delle sue azioni diminuisca.
- Né First Trust Global Portfolios Management Limited (“FTGPM”), né alcuna delle sue affiliate garantiscono i risultati o i rendimenti futuri del Fondo.
- Il Fondo può essere soggetto al rischio relativo alle società di informatica. Le società di informatica sono generalmente soggette ai seguenti rischi: tecnologie in rapida evoluzione, cicli di vita brevi dei prodotti, una concorrenza spietata, una determinazione dei prezzi aggressiva e margini di profitto ridotti, la perdita di tutele brevettuali, del copyright e marchio commerciale, modelli di mercato ciclici, standard di settore in evoluzione e frequenti immissioni di nuovi prodotti. Le società di informatica possono essere società più piccole e con meno esperienza, con mercati, risorse finanziarie o linee di prodotto limitate e un numero inferiore di personale nella dirigenza o nel marketing. Le azioni delle società di informatica, in particolare quelle coinvolte nel settore di internet, hanno registrato oscillazioni estreme di prezzi e volumi, che spesso non sono collegate con l’andamento dell’attività.
- Il Fondo può essere soggetto ai rischi di investimento in titoli cinesi, compreso il rischio legato a entità di interesse variabile (“VIE”). In Cina, la detenzione diretta di società di alcuni settori da parte di entità e soggetti esteri è proibita: le strutture VIE sono introdotte per permettere l’investimento estero indiretto, compreso un investimento da parte del Fondo. Sebbene i VIE siano una pratica di lunga data conosciuta dai funzionari e regolatori cinesi, essi non sono formalmente riconosciuti ai sensi della legge cinese. Un intervento da parte del governo cinese relativamente ai VIE potrebbe ripercuotersi sensibilmente sul valore di mercato delle partecipazioni associate al fondo, possibilmente in modo permanente, con un impatto negativo sul Valore patrimoniale netto del Fondo e perdite sostanziali. Inoltre, non è chiaro se verranno adottate leggi, regole o normative riguardanti le strutture VIE e, nel caso vengano adottate, quale sarebbe l’impatto sul valore delle azioni di un Fondo.
- Non vi è alcuna garanzia che l’Indice continuerà a essere calcolato e pubblicato in base ai criteri descritti nel Prospetto. Inoltre, il rendimento del Fondo potrebbe non corrispondere al rendimento dell’Indice.
- Vedere la descrizione dei rischi applicabile al Fondo nei “Fattori di rischio” del Prospetto. | # Risks
-
### The Fund may not achieve its investment objective and the value of shares in the Fund may fall.
- Neither First Trust Global Portfolios Management Limited (“FTGPM”) nor any of its affiliates, guarantees the performance or the future returns of the Fund.
- The Fund may be subject to information technology companies risk. Information technology companies are generally subject to the following risks: rapidly changing technologies; short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly those involved with the Internet, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.
- The Fund may be subject to Chinese investment risks, including risk related to variable interest entities (“VIEs”). In China, direct ownership of companies in certain sectors by foreign individuals and entities is prohibited, and VIE structures are put in place to allow indirect foreign investment, including an investment by the Fund. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. Intervention by the Chinese government with respect to VIEs could cause the market value of the Fund’s associated holdings to suffer significant, and possibly permanent, effects which could negatively impact the Fund’s Net Asset Value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of a Fund’s shares.
- There is no assurance that the Index will continue to be calculated and published on the basis described in the Prospectus. In addition, the Fund’s return may not match the return of the Index.
- See also the description of the risks applicable to the Fund in “Risk Factors” in the Prospectus. | en | it |
DOLFIN9348 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The SICAV, the Management Company, the Transfer Agent, and the selling agents must at all times comply with the rules in Luxembourg relating to the combating of money-laundering and financing of terrorism and the prevention of the use of the financial sector for these purposes.
With regard to the combating of money-laundering and financing of terrorism, the SICAV, the Management Company and the Transfer Agent will ensure that the applicable Luxembourg legislation in this area is respected, and will satisfy themselves that subscribers are identified in Luxembourg in accordance with the legislation which is in force, including but not limited to Directive (EU) 2015/849, the Law of 12 November 2004 and CSSF Regulation No 12-02 of 14 December 2012, as amended from time to time.
The Transfer Agent has a duty to comply with rules in Luxembourg when it receives subscription applications. As such, when a shareholder or future shareholder submits a request, the Transfer Agent is required to identify the customer and the effective beneficiaries, and to verify their identity on the basis of documents, data or information from reliable and independent sources, applying a risk-based approach.
When the shares are subscribed by an intermediary acting on behalf of others, the Transfer Agent must put in place extra vigilance measures specifically seeking to analyse the robustness of the monitoring structures in the combating of money-laundering and financing of terrorism.
If there are any doubts as to the identity of a person making a subscription or redemption application due to a lack, irregularity or insufficiency of proof regarding that person's identity, it is the responsibility of the Transfer Agent to suspend or even reject the subscription application for the reasons set out above. In such circumstances, the Transfer Agent will not be liable for any costs or interest.
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### Identification of the risk level of the investment | La SICAV, la Société de Gestion, l’Agent de Transfert, et tous les agents de la vente doivent à tout moment se conformer à la réglementation luxembourgeoise relative à la lutte contre le blanchiment de capitaux et le financement du terrorisme ainsi qu’à la prévention de l’utilisation du système financier à ces fins.
Dans le cadre de la lutte contre le blanchiment de capitaux et le financement du terrorisme, la SICAV, la Société de Gestion et l’Agent de Transfert veilleront au respect de la législation luxembourgeoise applicable en la matière et s’assureront que l’identification des souscripteurs soit effectuée à Luxembourg conformément à la règlementation en vigueur, comme (liste non- exhaustive) la Directive (EU) 2015/849, la loi du 12 novembre 2004 et le règlement CSSF N° 1202 du 14 décembre 2012, tels que modifiés de temps à autre.
L’Agent de transfert a le devoir de respecter la réglementation luxembourgeoise lorsqu’il reçoit des demandes de souscription. À ce titre, lorsqu’un actionnaire ou un futur actionnaire présente une demande, l’Agent de transfert est tenu d’identifier le client et les bénéficiaires effectifs, et de vérifier leur identité sur la base de documents, de données ou d’informations de sources fiables et indépendantes, en approche basée sur le risque.
Lorsque les actions sont souscrites par un intermédiaire agissant pour le compte de tiers, l’Agent de transfert doit mettre en place des mesures de vigilance supplémentaires, en cherchant spécifiquement à analyser la solidité des structures de contrôle dans la lutte contre le blanchiment de capitaux et le financement du terrorisme.
En cas de doute sur l’identité de celui qui demande à souscrire ou à se faire racheter ses actions en raison du manque, de l’irrégularité ou de l’insuffisance de preuves concernant son identité, il appartient à l’Agent de Transfert de suspendre cette demande, et même de rejeter la demande de souscription pour les raisons exposées ci-avant. Dans une telle hypothèse, l’Agent de Transfert ne sera redevable d’aucun frais ou intérêt.
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### Identification du niveau de risque de l’investissement | The SICAV, the Management Company, the Transfer Agent, and the selling agents must at all times comply with the rules in Luxembourg relating to the combating of money-laundering and financing of terrorism and the prevention of the use of the financial sector for these purposes.
With regard to the combating of money-laundering and financing of terrorism, the SICAV, the Management Company and the Transfer Agent will ensure that the applicable Luxembourg legislation in this area is respected, and will satisfy themselves that subscribers are identified in Luxembourg in accordance with the legislation which is in force, including but not limited to Directive (EU) 2015/849, the Law of 12 November 2004 and CSSF Regulation No 12-02 of 14 December 2012, as amended from time to time.
The Transfer Agent has a duty to comply with rules in Luxembourg when it receives subscription applications. As such, when a shareholder or future shareholder submits a request, the Transfer Agent is required to identify the customer and the effective beneficiaries, and to verify their identity on the basis of documents, data or information from reliable and independent sources, applying a risk-based approach.
When the shares are subscribed by an intermediary acting on behalf of others, the Transfer Agent must put in place extra vigilance measures specifically seeking to analyse the robustness of the monitoring structures in the combating of money-laundering and financing of terrorism.
If there are any doubts as to the identity of a person making a subscription or redemption application due to a lack, irregularity or insufficiency of proof regarding that person's identity, it is the responsibility of the Transfer Agent to suspend or even reject the subscription application for the reasons set out above. In such circumstances, the Transfer Agent will not be liable for any costs or interest.
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### Identification of the risk level of the investment | en | fr |
DOLFIN9349 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate and favourable scenarios shown are merely examples that show the product's worst, average and best performance in the last 10 years. The markets may develop quite differently in the future.
| Recommended holding period: | 3 years |
| --- | --- |
| Exam ple Investment: | 10000 CHF |
| | If you exit after 1 year | If you exit after 3 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 3 year(s). You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8410 CHF | 8450 CHF |
| Average return each year | -15.9% | -5.5% |
| Unfavourable | What you might get back after costs | 9230 CHF | 9330 CHF |
| Average return each year | -7.7% | -2.3% |
| Moderate | What you might get back after costs | 10030 CHF | 9900 CHF |
| Average return each year | 0.3% | -0.3% |
| Favourable | What you might get back after costs | 10540 CHF | 10550 CHF |
| Average return each year | 5.4% | 1.8% | | # Gli importi dei rimborsi varieranno a seconda degli sviluppi futuri dei mercati. Gli sviluppi futuri dei mercati sono incerti e non possono essere previsti con esattezza.
Gli scenari riportati (sfavorevole, moderato e favorevole) sono semplici esempi che illustrano la performance peggiore, media e migliore del prodotto negli ultimi 10 anni. I mercati potrebbero comportarsi in modo molto diverso in futuro.
| Periodo di detenzione raccomandato: | 3 anni |
| --- | --- |
| Esem pio di investimento: | 10000 CHF |
| | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| Scenari |
| Minimo | Non è previsto un rendimento minimo garantito se ponete fine al vostro investimento prima di 3 anno/i. Potreste perdere il vostro intero investimento o parte di esso. |
| Stress | Possibile rimborso al netto dei costi | 8410 CHF | 8450 CHF |
| Rendimento medio per ciascun anno | -15.9% | -5.5% |
| Sfavorevole | Possibile rimborso al netto dei costi | 9230 CHF | 9330 CHF |
| Rendimento medio per ciascun anno | -7.7% | -2.3% |
| Moderato | Possibile rimborso al netto dei costi | 10030 CHF | 9900 CHF |
| Rendimento medio per ciascun anno | 0.3% | -0.3% |
| Favorevole | Possibile rimborso al netto dei costi | 10540 CHF | 10550 CHF |
| Rendimento medio per ciascun anno | 5.4% | 1.8% | | # What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate and favourable scenarios shown are merely examples that show the product's worst, average and best performance in the last 10 years. The markets may develop quite differently in the future.
| Recommended holding period: | 3 years |
| --- | --- |
| Exam ple Investment: | 10000 CHF |
| | If you exit after 1 year | If you exit after 3 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 3 year(s). You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8410 CHF | 8450 CHF |
| Average return each year | -15.9% | -5.5% |
| Unfavourable | What you might get back after costs | 9230 CHF | 9330 CHF |
| Average return each year | -7.7% | -2.3% |
| Moderate | What you might get back after costs | 10030 CHF | 9900 CHF |
| Average return each year | 0.3% | -0.3% |
| Favourable | What you might get back after costs | 10540 CHF | 10550 CHF |
| Average return each year | 5.4% | 1.8% | | en | it |
DOLFIN9350 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# L’Indicateur de risque suggère que vous conserviez le Produit pendant 7 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. Nous avons classé ce Produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne et le scénario dans lequel les conditions de marché défavorables plausible. Attention au risque de change si votre monnaie de référence est différente de la monnaie du Produit. Vous pourriez recevoir des paiements dans une monnaie différente, le rendement final que vous obtiendrez dépend donc du taux de change entre les deux monnaies. Les investisseurs doivent noter que le Produit peut être exposé à d’autres risques tels que des risques opérationnels, de contrepartie, politiques, de durabilité et juridiques qui ne sont pas inclus dans l’indicateur synthétique de risque. Ce Produit ne prévoyant pas de protection contre les aléas du marché, vous pourriez perdre tout ou partie de votre investissement. | # El indicador de riesgo presupone que usted mantendrá el producto durante 7 años. El riesgo real puede variar considerablemente en caso de reembolso anticipado, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados. Hemos clasificado este producto en la clase de riesgo 4 en una escala de 7, en la que el riesgo es medio y es probable que una mala coyuntura de mercado influya en nuestra capacidad para pagarle como posible. Tenga presente el riesgo cambiario si su moneda de referencia no es la misma que la moneda del producto. Es posible que reciba los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Los inversores deben tener en cuenta que es posible que el producto esté expuesto a riesgos adicionales, como riesgos operativos, de contraparte, políticos, de sostenibilidad y legales, que no están incluidos en el indicador resumido de riesgo. 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. | # L’Indicateur de risque suggère que vous conserviez le Produit pendant 7 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. Nous avons classé ce Produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne et le scénario dans lequel les conditions de marché défavorables plausible. Attention au risque de change si votre monnaie de référence est différente de la monnaie du Produit. Vous pourriez recevoir des paiements dans une monnaie différente, le rendement final que vous obtiendrez dépend donc du taux de change entre les deux monnaies. Les investisseurs doivent noter que le Produit peut être exposé à d’autres risques tels que des risques opérationnels, de contrepartie, politiques, de durabilité et juridiques qui ne sont pas inclus dans l’indicateur synthétique de risque. Ce Produit ne prévoyant pas de protection contre les aléas du marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN9351 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The AIFM is entitled on occasion to use other appropriate valuation methods in the event that those stated above appear inappropriate or unworkable in the light of extraordinary events.
-
## Provisions governing amendments
-
#### Preconditions for amendments to the constituent documents | #### Der AIFM ist berechtigt, zeitweise andere adäquate Bewer- tungsgrundsätze anzuwenden, falls die oben erwähnten aufgrund aussergewöhnlicher Ereignisse unmöglich oder unzweckmässig erscheinen.
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## Regelungen zu Änderungen
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#### Voraussetzungen für Änderungen der konstituie- renden Dokumente | #### The AIFM is entitled on occasion to use other appropriate valuation methods in the event that those stated above appear inappropriate or unworkable in the light of extraordinary events.
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## Provisions governing amendments
-
#### Preconditions for amendments to the constituent documents | en | de |
DOLFIN9352 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Entry costs | We do not charge an entry fee. | 0 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.21 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 21 EUR |
| Transaction costs | 0.13 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 13 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product | 0 EUR | | | Costi di ingresso | Non addebitiamo una commissione di ingresso. | 0 EUR |
| --- | --- | --- |
| Costi di uscita | Non addebitiamo una tassa di uscita per questo prodotto. | 0 EUR |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,21 % del valore dell’investimento all’anno. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 21 EUR |
| Costi di transazione | 0,13 % del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 13 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Per questo prodotto non si applicano le commissioni di performance. | 0 EUR | | | Entry costs | We do not charge an entry fee. | 0 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.21 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 21 EUR |
| Transaction costs | 0.13 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 13 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product | 0 EUR | | en | it |
DOLFIN9353 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Our internal ESG analysis process is twofold:
- “best-in-universe”: the management team favours the highest rated issuers regardless of their size and sector of activity.
- “best effort”: the management team values the progress made over time by issuers, thanks to direct dialogue with them. | ### Notre processus d’analyse ESG interne combine deux approches :
- « best-in-universe » : l’équipe de gestion privilégie les émetteurs les mieux notés quels que soit la taille et le secteur d’activité.
- « best effort » : l’équipe de gestion valorise les démarches de progrès dans le temps chez les émetteurs, grâce au dialogue direct avec eux. | ### Our internal ESG analysis process is twofold:
- “best-in-universe”: the management team favours the highest rated issuers regardless of their size and sector of activity.
- “best effort”: the management team values the progress made over time by issuers, thanks to direct dialogue with them. | en | fr |
DOLFIN9354 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In respect to hedged classes the performance benchmark is expressed hedged to the denomination currency of the relevant unit class.
For further information on performance fees, please refer to the Prospectus.
- Summary of fee rates per unit class and Total Expense Ratios (TER)The investment management fees, distribution fees, administrative fee and ongoing charges rates (which is the sum of those three fee types) applicable to each of the unit classes of each of the Funds for the financial period ended June 30, 2020 are outlined below. Details of unit class launches and closures during the financial period ended June 30, 2020 are listed in the relevant Investment Manager’s Report. | Eu égard aux catégories couvertes, l’indice de référence de la performance est exprimé couvert dans la devise de la catégorie de parts concernée.
Pour de plus amples informations concernant les commissions de performance, veuillez consulter le Prospectus.
- Synthèse des taux de frais par catégorie de parts et Total des frais sur encours (TFE)Les taux des commissions de gestion, des commissions de distribution, des frais administratifs et des frais récurrents (qui sont la somme de ces trois types de frais) applicables à chacune des catégories de parts de chacun des Compartiments pour la période financière clôturée le 30 juin 2020 sont décrits ci-dessous. Le détail des lancements et fermetures de catégories de parts au cours de la période financière clôturée le 30 juin 2020 figure dans le Rapport du Gestionnaire d’investissement correspondant. | In respect to hedged classes the performance benchmark is expressed hedged to the denomination currency of the relevant unit class.
For further information on performance fees, please refer to the Prospectus.
- Summary of fee rates per unit class and Total Expense Ratios (TER)The investment management fees, distribution fees, administrative fee and ongoing charges rates (which is the sum of those three fee types) applicable to each of the unit classes of each of the Funds for the financial period ended June 30, 2020 are outlined below. Details of unit class launches and closures during the financial period ended June 30, 2020 are listed in the relevant Investment Manager’s Report. | en | fr |
DOLFIN9355 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The assets in the portfolio are selected via a proprietary process of the management company. The selection criteria are as follows:
- Exposure to fixed income markets: 100% of net assets
- fixed-rate debt securities, variable-rate debt securities and negotiable debt securities
- private bonds: up to 20% maximum of net assets
- bonds denominated in euros and issued or guaranteed by the government of France or a country with a rating of AAA (Standard & Poor's or equivalent according to analysis of the management company) or Aaa (Moody's or equivalent according to analysis of the management company),
- issuers with no rating provided that their issues meet the rating condition
- any OECD member countryIf a security rated investment grade is downgraded to sub-investment grade ( "speculative securities"), the asset concerned will not be sold unless the management company considers this sale to be in unitholders' interests. In total, these sub-investment grade assets may not exceed 10% of the fund's assets. | ###### Le choix des actifs en portefeuille fait l’objet d’un processus de sélection propre à la société de gestion. Les critères de sélection sont les suivants :
- Exposition aux marchés de taux : 100% de l’actif net
- titres de créances à taux fixe, à taux variable ainsi que des titres de créance négociables
- obligations privées : maximum 20% de l'actif net
- titres libellés en euros et émis ou garantis par l’État français ou un Etat dont la notation est AAA (selon Standard & Poor’s ou équivalent selon l’analyse de la société de gestion) ou Aaa (selon Moody’s ou équivalent selon l’analyse de la société de gestion),
- émetteurs n’ayant aucune notation à condition que les émissions de ces mêmes émetteurs remplissent la condition de notation
- tout Etat membre de l'OCDESi un titre noté investment grade est rétrogradé à la notation sub-investment grade (titres dits spéculatifs), l’actif concerné ne fera pas l’objet d’une vente sauf si la société de gestion considère que cette vente est dans l’intérêt des porteurs. Ces actifs notés sub- investment grade ne peuvent excéder au total 10% des actifs du Fonds. | ###### The assets in the portfolio are selected via a proprietary process of the management company. The selection criteria are as follows:
- Exposure to fixed income markets: 100% of net assets
- fixed-rate debt securities, variable-rate debt securities and negotiable debt securities
- private bonds: up to 20% maximum of net assets
- bonds denominated in euros and issued or guaranteed by the government of France or a country with a rating of AAA (Standard & Poor's or equivalent according to analysis of the management company) or Aaa (Moody's or equivalent according to analysis of the management company),
- issuers with no rating provided that their issues meet the rating condition
- any OECD member countryIf a security rated investment grade is downgraded to sub-investment grade ( "speculative securities"), the asset concerned will not be sold unless the management company considers this sale to be in unitholders' interests. In total, these sub-investment grade assets may not exceed 10% of the fund's assets. | en | fr |
DOLFIN9356 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Associated risks with the sub-fund’s strategy
Because the bulk of the sub-fund’s assets are invested in debt securities and other debt instruments as well as money market instruments from issuers in the emerging markets, this type of investment is exposed to a heightened risk of price fluctuations, i.e. the danger that the value of the underlying investments might fluctuate to a greater degree and possibly for longer periods as a result of market and/or issuer risks. Other risks, such as currency risk, country risk and interest rate risk, may also have an impact.
The use of derivative financial instruments for purposes other than hedging may give rise to heightened risks.
Investors should note that a number of risks are associated with investments in securities issued by companies based or commercially active in the emerging markets and that these risks do not normally arise in connection with investments on more developed securities markets. In particular the attention of investors is drawn to the following potential risks (N.B. this list is not exhaustive and this Prospectus makes no claim to offer a comprehensive description of all the associated risks or other significant considerations). Before making investment decisions, investors should consult a professional financial advisor. | Mit der Fondsstrategie einhergehende Risiken
Aufgrund der überwiegenden Investition des Vermögens des Teilfonds in Forderungspapiere und -rechte sowie Geldmarktinstrumente in den Emerging Markets (Schwellenländer) besteht bei diesem Anlagetyp eine erhöhte Gefahr stärkerer Kursschwankungen, d.h. dass der Wert der zugrunde liegenden Anlagen aufgrund des Markt- und/oder Emittentenrisikos, auch über längere Zeiträume, stärker schwanken kann. Daneben können auch andere Risiken wie etwa das Währungsrisiko, das Länderrisiko und das Zinsänderungsrisiko in Erscheinung treten.
Durch den Einsatz von derivativen Finanzinstrumenten, die nicht der Absicherung dienen, kann es zu erhöhten Risiken kommen.
Die Anleger sollten sich bewusst sein, dass mit der Anlage in Wertpapiere von Unternehmen mit Sitz oder Geschäftstätigkeit in Ländern der Emerging Markets verschiedene Risiken verbunden sind, die mit der Investition in besser entwickelte Wertpapiermärkte üblicherweise nicht auftreten. Die Anleger werden insbesondere auf folgende mögliche Risiken hingewiesen, wobei die Aufzählung keinen Anspruch erhebt, eine vollständige Erläuterung aller Risiken und wesentlichen Überlegungen in diesem Prospekt zu umfassen. Anleger sollten vor einer Anlageentscheidung einen professionellen Finanzberater konsultieren. | Associated risks with the sub-fund’s strategy
Because the bulk of the sub-fund’s assets are invested in debt securities and other debt instruments as well as money market instruments from issuers in the emerging markets, this type of investment is exposed to a heightened risk of price fluctuations, i.e. the danger that the value of the underlying investments might fluctuate to a greater degree and possibly for longer periods as a result of market and/or issuer risks. Other risks, such as currency risk, country risk and interest rate risk, may also have an impact.
The use of derivative financial instruments for purposes other than hedging may give rise to heightened risks.
Investors should note that a number of risks are associated with investments in securities issued by companies based or commercially active in the emerging markets and that these risks do not normally arise in connection with investments on more developed securities markets. In particular the attention of investors is drawn to the following potential risks (N.B. this list is not exhaustive and this Prospectus makes no claim to offer a comprehensive description of all the associated risks or other significant considerations). Before making investment decisions, investors should consult a professional financial advisor. | en | de |
DOLFIN9357 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe excluding the United Kingdom.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details, please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The term Europe refers to European countries including, Eastern Europe and the former Soviet Union countries but excludes the United Kingdom.
Depending on market conditions, the Fund will aim to invest in equity securities of companies that are, in the investment adviser’s (IA)opinion, undervalued (i.e. their share price does not reflect their underlying worth) or have good growth potential.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so the IA will refer to the FTSE World Europe ex UK Index when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, e invirtiendo de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) aplicados a la inversión.
El Fondo invierte al menos el 70% de su activo total en valores de renta variable (como acciones) de empresas domiciliadas o que desarrollen una parte predominante de su actividad económica en Europa, excluido el Reino Unido.
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información, consulte el folleto y el sitio web de BlackRock: https://www.blackrock.com/baselinescreens.
El término «Europa» hace referencia a los países europeos, incluidos los países de Europa del Este y los países de la extinta Unión Soviética, aunque no se incluye el Reino Unido.
En función de las condiciones del mercado, el Fondo tratará de invertir en valores de renta variable de empresas que, en opinión del asesor de inversiones (AI), estén infravaloradas (es decir, que el precio de sus acciones no refleje su valor intrínseco como inversión) o tengan un buen potencial de crecimiento.
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo y/o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento del mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al FTSE World Europe ex UK Index para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (anualmente se pagarán ingresos por dividendo sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe excluding the United Kingdom.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details, please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The term Europe refers to European countries including, Eastern Europe and the former Soviet Union countries but excludes the United Kingdom.
Depending on market conditions, the Fund will aim to invest in equity securities of companies that are, in the investment adviser’s (IA)opinion, undervalued (i.e. their share price does not reflect their underlying worth) or have good growth potential.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so the IA will refer to the FTSE World Europe ex UK Index when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9358 | 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 | 80 EUR | 535 EUR |
| Incidence des coûts annuels (*) | 0,8 % | 0,8 % | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 80 EUR | 535 EUR |
| Incidencia anual de los costes (*) | 0,8% | 0,8% | | | Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 80 EUR | 535 EUR |
| Incidence des coûts annuels (*) | 0,8 % | 0,8 % | | fr | es |
DOLFIN9359 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000 | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 120 | EUR 790 |
| Impact on return (RIY) per year | 1.2% | 1.3% | | | Anlage 10.000 EUR | Wenn Sie nach 1 Jahr aussteigen | Wenn Sie nach 5 Jahr aussteigen (empfohlene Haltedauer) |
| --- | --- | --- |
| Kosten insgesamt | 120 EUR | 790 EUR |
| Auswirkungen auf die Rendite (RIY) pro Jahr | 1,2 % | 1,3 % | | | Investment EUR 10,000 | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 120 | EUR 790 |
| Impact on return (RIY) per year | 1.2% | 1.3% | | en | de |
DOLFIN9360 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Company may engage in foreign exchange, spot or swap transactions on behalf of the Investment Company through an affiliated company of the Depositary. In such cases, the affiliated company acts as the principal and not as a broker, contractor or trustee of the Investment Company. The affiliated company will seek to generate profits through these transactions and is entitled to retain profits and not notify the Invest- ment Company. The affiliated company shall enter into such transactions under the terms and condi- tions agreed with the Investment Company.
If the cash of the Investment Company is depos- ited with an affiliated company which is a bank, a potential conflict arises with respect to the interest (if any) credited or charged by the affiliat- ed company to this account and the fees or other benefits it could derive from holding such cash as a bank rather than as a trustee.
The Management Company may also be a client or counterparty of the Depositary or its affiliated companies.
Conflicts arising from the use of sub-depositaries by the Depositary may be assigned to four general categories:
- conflicts arising from the choice of sub-de- positaries and the allocation of assets among multiple sub-depositaries which, in addition to objective evaluation criteria, are influenced by (a) cost factors such as the lowest fees charged, discounts and similar incentives, and (b) the broad mutual business relation- ships in which the Depositary may operate on the basis of the economic value of the broader business relationship;
- affiliated or non-affiliated sub-depositaries acting on behalf of other clients and in their own interest, which may lead to conflicts of interest with the interests of the client;
- affiliated or non-affiliated sub-depositaries maintaining only indirect relationships with clients, and considering the Depositary to be their counterparty, which may encourage the Depositary to act in its own interest or in the interest of other clients to the detriment of clients; and
- sub-depositaries potentially having market- based creditor rights with respect to clients’ assets, which they may be interested in enforcing if they do not receive payment for securities transactions. | La sociedad de inversión puede efectuar a través de una empresa asociada de la entidad depositaria operaciones de divisas, al contado o de swaps por cuenta de la sociedad de inversión. En tales casos, la empresa asociada actúa como mandante y no como intermediaria, mandataria o fiduciaria de la sociedad de inversión. La empresa asociada intentará obtener un beneficio con estas operacio- nes y tiene derecho a conservar los beneficios y a no informar de ellos a la sociedad de inversión. La empresa asociada celebra estas operaciones en las condiciones y según las normas acordadas con la sociedad de inversión.
Si se depositan recursos en efectivo de la socie- dad de inversión en una empresa asociada que sea un banco, se genera un conflicto potencial en relación con los (posibles) intereses que la empresa asociada abone o cargue en esa cuenta, así como con las comisiones u otras ven- tajas que pudiera obtener por el hecho de mante- ner esos recursos como banco y no como fidu- ciaria.
La sociedad gestora también puede actuar como cliente o contraparte de la entidad depositaria o sus empresas asociadas.
Los conflictos que pueden originarse por la utili- zación de subcustodios por parte de la entidad depositaria pueden clasificarse en cuatro catego- rías generales:
- conflictos como consecuencia de la elección de los subcustodios y la distribución de los activos entre varios de ellos; estas acciones se ven influidas, además de por criterios objetivos de valoración, por (a) factores de coste, tales como comisiones más bajas, descuentos sobre las comisiones y otros incentivos similares, y (b) la relación comer- cial recíproca global, en la cual la entidad depositaria puede actuar basándose en el valor económico de la relación comercial más amplia;
- los subcustodios asociados o no asociados actúan por cuenta de otros clientes, así como en su propio interés, a raíz de lo cual pueden originarse conflictos con respecto a los intere- ses de los clientes;
- los subcustodios asociados o no asociados mantienen únicamente relaciones indirectas con los clientes y consideran a la entidad depositaria su contraparte, por lo cual esta última puede tener el incentivo de actuar en su propio interés o en interés de unos clien- tes y en perjuicio de otros clientes, y
- los subcustodios pueden disponer de dere chos acreedores con respecto a los activos de los clientes que pueden estar interesados en ejercer en caso de no recibir ningún pago por las operaciones con valores. | The Investment Company may engage in foreign exchange, spot or swap transactions on behalf of the Investment Company through an affiliated company of the Depositary. In such cases, the affiliated company acts as the principal and not as a broker, contractor or trustee of the Investment Company. The affiliated company will seek to generate profits through these transactions and is entitled to retain profits and not notify the Invest- ment Company. The affiliated company shall enter into such transactions under the terms and condi- tions agreed with the Investment Company.
If the cash of the Investment Company is depos- ited with an affiliated company which is a bank, a potential conflict arises with respect to the interest (if any) credited or charged by the affiliat- ed company to this account and the fees or other benefits it could derive from holding such cash as a bank rather than as a trustee.
The Management Company may also be a client or counterparty of the Depositary or its affiliated companies.
Conflicts arising from the use of sub-depositaries by the Depositary may be assigned to four general categories:
- conflicts arising from the choice of sub-de- positaries and the allocation of assets among multiple sub-depositaries which, in addition to objective evaluation criteria, are influenced by (a) cost factors such as the lowest fees charged, discounts and similar incentives, and (b) the broad mutual business relation- ships in which the Depositary may operate on the basis of the economic value of the broader business relationship;
- affiliated or non-affiliated sub-depositaries acting on behalf of other clients and in their own interest, which may lead to conflicts of interest with the interests of the client;
- affiliated or non-affiliated sub-depositaries maintaining only indirect relationships with clients, and considering the Depositary to be their counterparty, which may encourage the Depositary to act in its own interest or in the interest of other clients to the detriment of clients; and
- sub-depositaries potentially having market- based creditor rights with respect to clients’ assets, which they may be interested in enforcing if they do not receive payment for securities transactions. | en | es |
DOLFIN9361 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Authorised transactions involving financial derivatives:
Futures contracts on European stock market indices of property companies (euro zone) in order to achieve the investment objectives. These contracts (such as the FTSE EPRA/NAREIT Eurozone Capped Net Return) are intended to supplement equity positions and to enable full investment without disrupting the structure of the portfolio when issuing and redeeming units. This does not lead to significant changes in the risk profile.
While the composition of the portfolio must comply with general rules and limits prescribed by law or the Articles of Association, the fact remains that a concentration of risk may occur in asset classes or in more restricted economic or geographic sectors.
Derivative products, if any, used to achieve the investment objectives of the sub-fund will not be used to promote the environmental and/or social characteristics of the sub- fund, as described below. | ##### Opérations sur instruments financiers dérivés autorisées :
Contrats futures sur indices boursiers du marché européen des actions de sociétés immobilières (zone Euro) en vue de la réalisation des objectifs d’investissement. Ces contrats (comme le FTSE EPRA/NAREIT Eurozone Capped Net Return) permettent de compléter des positions en actions et d’être ainsi pleinement investi sans perturber la structure du portefeuille lors des émissions et des remboursements. Le profil de risque n’est pas modifié de manière significative.
Si la composition du portefeuille doit respecter des règles et limites générales prescrites par la loi ou les statuts, il n'en reste pas moins qu'une concentration de risques peut se produire dans des catégories d'actifs ou dans des secteurs économiques ou géographiques plus restreints.
Les produits dérivés utilisés, le cas échéant, dans un but de réalisation des objectifs d’investissement du compartiment ne seront pas utilisés aux fins de promouvoir les caractéristiques environnementales et/ou sociales du compartiment, telles que décrites ci-dessous. | ##### Authorised transactions involving financial derivatives:
Futures contracts on European stock market indices of property companies (euro zone) in order to achieve the investment objectives. These contracts (such as the FTSE EPRA/NAREIT Eurozone Capped Net Return) are intended to supplement equity positions and to enable full investment without disrupting the structure of the portfolio when issuing and redeeming units. This does not lead to significant changes in the risk profile.
While the composition of the portfolio must comply with general rules and limits prescribed by law or the Articles of Association, the fact remains that a concentration of risk may occur in asset classes or in more restricted economic or geographic sectors.
Derivative products, if any, used to achieve the investment objectives of the sub-fund will not be used to promote the environmental and/or social characteristics of the sub- fund, as described below. | en | fr |
DOLFIN9362 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares) and fixed income (FI) securities in normal market conditions. FI securities include bonds and money market instruments (i.e. debt securities with short term maturities). It may also hold deposits and cash.
Subject to the above, the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions.
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may include securities with a relatively low credit rating or which are unrated.
The Fund may also invest in companies that are small in size and are at a relatively early stage in their development.
The Fund will generally aim to invest in securities of undervalued companies (i.e. their market price does not reflect their underlying worth).
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid quarterly on the shares). The dividend payable will be determined with reference to a minimum percentage set on an annual basis by a dedicated committee. The total annual payment is intended to be greater than the minimum percentage but this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Australian Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial, en condiciones normales del mercado, al menos el 70% de sus activos totales en valores de renta variable (como acciones) y de renta fija (RF). Los valores de RF abarcan los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo). También podrá mantener depósitos y efectivo.
Teniendo en cuenta lo anterior, las clases de activos, y la medida en que el Fondo invierta en ellas, podrán variar sin límites, dependiendo de las condiciones del mercado.
Los valores de RF podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Desarrollo) y entre ellos podría haber valores con una calificación de solvencia relativamente baja, o que carecen de calificación.
El Fondo podrá también invertir en empresas que son de pequeña dimensión y se encuentran en una fase relativamente temprana de desarrollo.
El Fondo tratará generalmente de invertir en valores de empresas infravaloradas (es decir, cuyo precio de mercado no refleja su valor intrínseco como inversión).
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos por dividendo sobre las acciones). El dividendo a pagar será calculado por un comité designado a tal efecto que establecerá anualmente un porcentaje mínimo. El objetivo es que el pago anual total sea superior al porcentaje mínimo, aunque esto no se puede garantizar. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares australianos. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares) and fixed income (FI) securities in normal market conditions. FI securities include bonds and money market instruments (i.e. debt securities with short term maturities). It may also hold deposits and cash.
Subject to the above, the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions.
The FI securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may include securities with a relatively low credit rating or which are unrated.
The Fund may also invest in companies that are small in size and are at a relatively early stage in their development.
The Fund will generally aim to invest in securities of undervalued companies (i.e. their market price does not reflect their underlying worth).
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid quarterly on the shares). The dividend payable will be determined with reference to a minimum percentage set on an annual basis by a dedicated committee. The total annual payment is intended to be greater than the minimum percentage but this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Australian Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9363 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A company that is included in a group for the purposes of consolidated accounts, as defined in Directive 83/349/EEC or in accordance with recognised international accounting rules, is regarded as a single body for the purpose of calculating the investment limits referred to above in this paragraph 4.
The Company may invest up to 20% of the net assets of any Fund in transferable securities and/or money market instruments within the same group.
- Risk management and monitoring of financial derivatives instrumentsThe Company will ensure that each Fund’s global exposure relating to derivative instruments does not exceed its total net assets. The global exposure to the underlying assets must not exceed the investment limits referred to in this Section II. When a transferable security or money market instrument embeds a derivative, the latter must be taken into account when complying with this paragraph 5. Exposure is calculated taking into account the current value of the underlying assets, the counterparty risk, future market movements and the time available to liquidate the position. | Eine Gesellschaft, die zum Zweck eines konsolidierten Jahresabschlusses Teil einer Gruppe ist, entweder gemäß Definition in Richtlinie 83/349/EWG oder gemäß anerkannter internationaler Rechnungslegungsstandards, wird für die Berechnung der oben in Absatz 4 beschriebenen Anlagegrenzen als einzelne Einrichtung betrachtet.
Die Gesellschaft kann bis zu 20 % des Nettovermögens eines Fonds in übertragbare Wertpapiere und/oder Geldmarktinstrumente derselben Gruppe anlegen.
- Risikomanagement und Überwachung von FinanzderivatenDie Gesellschaft wird sicherstellen, dass die Gesamtposition des Fonds gegenüber derivativen Instrumenten sein Nettovermögen nicht übersteigt. Die Gesamtposition gegenüber den zugrunde liegenden Vermögenswerten darf die in Abschnitt II beschriebenen Anlagegrenzen nicht übersteigen. Enthält ein übertragbares Wertpapier oder ein Geldmarktinstrument ein Derivat, muss letzteres gemäß diesem Absatz 5 berücksichtigt werden. Bei der Berechnung des Risikos werden der aktuelle Wert der zugrunde liegenden Wertpapiere, das Gegenparteirisiko, künftige Marktbewegungen und die verfügbare Zeit für die Liquidation der Position berücksichtigt. | A company that is included in a group for the purposes of consolidated accounts, as defined in Directive 83/349/EEC or in accordance with recognised international accounting rules, is regarded as a single body for the purpose of calculating the investment limits referred to above in this paragraph 4.
The Company may invest up to 20% of the net assets of any Fund in transferable securities and/or money market instruments within the same group.
- Risk management and monitoring of financial derivatives instrumentsThe Company will ensure that each Fund’s global exposure relating to derivative instruments does not exceed its total net assets. The global exposure to the underlying assets must not exceed the investment limits referred to in this Section II. When a transferable security or money market instrument embeds a derivative, the latter must be taken into account when complying with this paragraph 5. Exposure is calculated taking into account the current value of the underlying assets, the counterparty risk, future market movements and the time available to liquidate the position. | en | de |
DOLFIN9364 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Unaudited semi-annual report for the period from January 1, 2021 to June 30, 2021
No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter.
Société d’Investissement à Capital Variable
R.C.S. Luxembourg B-46235 | ## Rapport semi-annuel non révisé pour la période du 1er janvier 2021 au 30 juin 2021
Aucune souscription ne peut être reçue sur la base des rapports financiers. Les souscriptions ne sont valables que si elles sont reçues sur la base du prospectus d’émission accompagné du dernier rapport annuel et, après sa parution, du dernier rapport semestriel.
Société d’Investissement à Capital Variable
R.C.S. Luxembourg B-46235 | ## Unaudited semi-annual report for the period from January 1, 2021 to June 30, 2021
No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter.
Société d’Investissement à Capital Variable
R.C.S. Luxembourg B-46235 | en | fr |
DOLFIN9365 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Sub-Fund will not invest in assets rated below B-/B3. In the case of a downgrade on an existing investment below B-/B3, the downgraded assets must be sold by the Sub-Adviser in an orderly and timely manner in accordance with the general applicable principles.
The Sub-Adviser may also use futures, forward contracts, options, or swap agreements, as well as other derivatives, for hedging, efficient portfolio management or investment purposes.
The Sub-Adviser’s fundamental credit research combined with active top-down allocation decisions within a controlled risk framework seek to generate superior investment returns.
The EUR Short Duration Credit Fund is actively managed but uses the Bloomberg Euro Aggregate Corporate Bonds 1-5 Yr. Index (EUR Unhedged) for performance comparison. The investments of the Sub-Fund may deviate significantly from the components of and their respective weightings in the benchmark.
In addition to the investment objectives, policies and strategies described above, the EUR Short Duration Credit Fund is further subject to the investment powers and restrictions contained under the heading "INVESTMENT RESTRICTIONS" in the Prospectus.
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## Risk Factors | Il Comparto non investirà in attività aventi rating inferiore a B-/B3. In caso di declassamento di un investimento esistente a un rating inferiore a B-/B3, il Sub-consulente deve vendere le attività declassate in modo disciplinato e tempestivo in conformità ai principi generali applicabili.
Il Sub-consulente può anche utilizzare future, contratti a termine, opzioni oppure contratti swap, così come altri derivati, a fini di copertura, di gestione efficiente del portafoglio o d’investimento.
Il Sub-consulente conduce una ricerca sul credito fondamentale che, in combinazione con decisioni di allocazione attiva top-down, entro un quadro di rischio controllato, mira a generare livelli superiori di rendimento degli investimenti.
Il Comparto EUR Short Duration Credit Fund è gestito attivamente, ma utilizza il Bloomberg Euro Aggregate Corporate Bonds 1-5 Yr. Index (EUR Unhedged) per il confronto delle performance. Gli investimenti del Comparto possono discostarsi in maniera significativa dai componenti dell’indice di riferimento e dalle rispettive ponderazioni.
Oltre agli obiettivi, alle politiche e alle strategie d’investimento sopra descritti, il Comparto EUR Short Duration Credit Fund è altresì soggetto alle restrizioni e ai poteri d’investimento di cui alla sezione “RESTRIZIONI AGLI INVESTIMENTI” del Prospetto.
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## Fattori di rischio | The Sub-Fund will not invest in assets rated below B-/B3. In the case of a downgrade on an existing investment below B-/B3, the downgraded assets must be sold by the Sub-Adviser in an orderly and timely manner in accordance with the general applicable principles.
The Sub-Adviser may also use futures, forward contracts, options, or swap agreements, as well as other derivatives, for hedging, efficient portfolio management or investment purposes.
The Sub-Adviser’s fundamental credit research combined with active top-down allocation decisions within a controlled risk framework seek to generate superior investment returns.
The EUR Short Duration Credit Fund is actively managed but uses the Bloomberg Euro Aggregate Corporate Bonds 1-5 Yr. Index (EUR Unhedged) for performance comparison. The investments of the Sub-Fund may deviate significantly from the components of and their respective weightings in the benchmark.
In addition to the investment objectives, policies and strategies described above, the EUR Short Duration Credit Fund is further subject to the investment powers and restrictions contained under the heading "INVESTMENT RESTRICTIONS" in the Prospectus.
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## Risk Factors | en | it |
DOLFIN9366 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Class D Shares may only be acquired by Distributors appointed by the Management Company and purchasing Shares on behalf of their clients.
The Class E, G, Cap R and R Shares will be restricted to financial intermediaries or Distributors who, as a result of applicable law and regulation, are ineligible to, or do not wish to receive commission or retrocession. Class G Shares may only be acquired by financial intermediaries and Distributors investing (i) on their own behalf, (ii) in their own name but on behalf of any of their clients on the basis of a discretionary management mandate or (iii) on behalf of Institutional Investors.
S Share Classes close permanently to subscriptions and switches in from new investors after the launch date of the relevant Sub-Fund.
The Class X Shares may only be acquired by investors who are clients of the Management Company or any of its affiliated companies (JPMorgan Chase & Co.) which meet the minimum account maintenance or qualification requirements established from time to time for JPMorgan Chase & Co. client accounts. The Class X Shares are designed to accommodate an alternative charging structure whereby an Annual Management and Advisory Fee normally charged to the Fund and then passed on in the Share price is instead administratively levied and collected by the Management Company or the appropriate JPMorgan Chase & Co. entity directly from the Shareholder.
The sale of Shares of X, Capital, Institutional, Agency, Premier, Morgan, Reserves and S Classes are restricted to Institutional Investors only, which are defined as follows:
- Institutional Investors, such as banks and other professionals of the financial sector, insurance and reinsurance companies, social security institutions and pension funds,industrial, commercial and financial group companies, all subscribing on their own behalf, and the structures which such Institutional Investors put into place for the management of their own assets.
- Credit institutions and other professionals of the financial sector investing in their own name but on behalf of Institutional Investors as defined above.
- Credit institutions or other professionals of the financial sector established in Luxembourg or abroad which invest in their own name but on behalf of their clients on the basis of a discretionary management mandate.
- Collective investment schemes established in Luxembourg or abroad.
- Holding companies or similar entities, whether Luxembourg-based or not, whose shareholders are Institutional Investors as described in the foregoing paragraphs.
- Holding companies or similar entities, whether Luxembourg-based or not, whose shareholder/beneficial owners are individual person(s) who are extremely wealthy and may reasonably be regarded as sophisticated investors and where the purpose of the holding company is to hold important financial interests/investments for an individual or a family.
- A holding company or similar entity, whether Luxembourg-based or not, which as a result of its structure, activity and substance constitutes an Institutional Investor in its own right. | Les Actions de Classe D ne peuvent être acquises que par des Distributeurs désignés par la Société de gestion et qui achètent des Actions pour le compte de leurs clients.
Les Actions de Classe E, G, Cap R et R sont réservées aux intermédiaires financiers ou aux Distributeurs qui, en raison de la réglementation et de la législation applicables, ne sont pas habilités à ou ne souhaitent pas percevoir de commission ou de rétrocession. Les Actions de Classe G ne peuvent être acquises que par des intermédiaires financiers et des Distributeurs qui investissent (i) pour leur compte propre, (ii) en leur nom propre, mais pour le compte de l'un de leurs clients sur la base d'un mandat de gestion discrétionnaire ou (iii) pour le compte d'Investisseurs institutionnels.
Les Classes d'Actions S sont fermées définitivement aux souscriptions et aux conversions émanant de nouveaux investisseurs après la date de lancement du Compartiment concerné.
Les Actions de Classe X ne peuvent être acquises que par des clients de la Société de gestion ou de l'une de ses sociétés affiliées (JPMorgan Chase & Co.) qui satisfont aux critères de qualification et de participation minimum établis ponctuellement pour les comptes clients de JPMorgan Chase & Co. Les Actions de Classe X sont conçues pour offrir une structure de coût alternative, au titre de laquelle la Commission annuelle de gestion et de conseil, normalement supportée par la SICAV et grevée ensuite sur la Valeur liquidative, est en fait administrativement perçue et collectée par la Société de gestion ou par l'intermédiaire de l'entité appropriée de JPMorgan Chase & Co. directement auprès de l'Actionnaire.
Les Classes d'Actions X, Capital, Institutional, Agency, Premier, Morgan, Reserves et S sont exclusivement réservées aux Investisseurs institutionnels, tels que définis ci-après :
- Investisseurs institutionnels tels que les banques ou autres professionnels du secteur financier, compagnies d'assurance et de réassurance, organismes de sécurité sociale et fonds de pension, sociétés de groupes industriels, commerciaux et financiers souscrivant pour leur compte propre, ainsi que les structures que ces Investisseurs institutionnels érigent afin de gérer leurs propres actifs ;
- Établissements de crédit et autres professionnels du secteur financier investissant en leur nom propre, mais pour le compte d'Investisseurs institutionnels tels que définis ci- dessus.
- établissements de crédit ou autres professionnels du secteur financier établis au Luxembourg ou à l'étranger et qui investissent en leur nom propre, mais pour le compte de leurs clients sur la base d'un mandat de gestion discrétionnaire ;
- organismes de placement collectif constitués au Luxembourg ou à l'étranger ;
- holdings ou entités similaires, basées ou non au Luxembourg, dont les actionnaires sont des Investisseurs institutionnels au sens des précédents paragraphes ;
- holdings ou entités similaires, basées ou non au Luxembourg, dont les actionnaires/bénéficiaires économiques sont des particuliers extrêmement fortunés et peuvent raisonnablement être considérés comme des investisseurs sophistiqués et dont la finalité est de détenir d'importants intérêts financiers/investissements pour le compte de particuliers ou de familles.
- holding ou entité similaire, basée ou non au Luxembourg, qui, du fait de sa structure, de son activité ou de sa nature, relève de plein droit de la définition d'un Investisseur institutionnel. | The Class D Shares may only be acquired by Distributors appointed by the Management Company and purchasing Shares on behalf of their clients.
The Class E, G, Cap R and R Shares will be restricted to financial intermediaries or Distributors who, as a result of applicable law and regulation, are ineligible to, or do not wish to receive commission or retrocession. Class G Shares may only be acquired by financial intermediaries and Distributors investing (i) on their own behalf, (ii) in their own name but on behalf of any of their clients on the basis of a discretionary management mandate or (iii) on behalf of Institutional Investors.
S Share Classes close permanently to subscriptions and switches in from new investors after the launch date of the relevant Sub-Fund.
The Class X Shares may only be acquired by investors who are clients of the Management Company or any of its affiliated companies (JPMorgan Chase & Co.) which meet the minimum account maintenance or qualification requirements established from time to time for JPMorgan Chase & Co. client accounts. The Class X Shares are designed to accommodate an alternative charging structure whereby an Annual Management and Advisory Fee normally charged to the Fund and then passed on in the Share price is instead administratively levied and collected by the Management Company or the appropriate JPMorgan Chase & Co. entity directly from the Shareholder.
The sale of Shares of X, Capital, Institutional, Agency, Premier, Morgan, Reserves and S Classes are restricted to Institutional Investors only, which are defined as follows:
- Institutional Investors, such as banks and other professionals of the financial sector, insurance and reinsurance companies, social security institutions and pension funds,industrial, commercial and financial group companies, all subscribing on their own behalf, and the structures which such Institutional Investors put into place for the management of their own assets.
- Credit institutions and other professionals of the financial sector investing in their own name but on behalf of Institutional Investors as defined above.
- Credit institutions or other professionals of the financial sector established in Luxembourg or abroad which invest in their own name but on behalf of their clients on the basis of a discretionary management mandate.
- Collective investment schemes established in Luxembourg or abroad.
- Holding companies or similar entities, whether Luxembourg-based or not, whose shareholders are Institutional Investors as described in the foregoing paragraphs.
- Holding companies or similar entities, whether Luxembourg-based or not, whose shareholder/beneficial owners are individual person(s) who are extremely wealthy and may reasonably be regarded as sophisticated investors and where the purpose of the holding company is to hold important financial interests/investments for an individual or a family.
- A holding company or similar entity, whether Luxembourg-based or not, which as a result of its structure, activity and substance constitutes an Institutional Investor in its own right. | en | fr |
DOLFIN9367 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 202.00 USD | 1,288.00 USD |
| Impact on return (RIY) per year | 2.02% | 2.10% | | | Investimento: 10.000 USD | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 202.00 USD | 1,288.00 USD |
| Impatto sul rendimento (RIY) annuo | 2.02% | 2.10% | | | Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 202.00 USD | 1,288.00 USD |
| Impact on return (RIY) per year | 2.02% | 2.10% | | en | it |
DOLFIN9368 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment Policy
Credit Suisse (Lux) Global Value Equity Fund pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are listed worldwide on regulated and accessible markets. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World (NR) Index as a long- term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. | # Politica d’investimento
Il Credit Suisse (Lux) Global Value Equity Fund persegue un approccio «deep value» basato sulla disciplina classica di Graham & Dodd. Con tale obiettivo, il fondo investe in società sottovalutate di tutto il mondo, quotate in mercati regolati e accessibili. Anche se le decisioni d’investimento non sono orientate a un benchmark, per la performance di lungo termine gli investitori possono fare riferimento all’indice MSCI World (NR). Questo approccio basato sulla valutazione ha un potenziale di rendimento superiore alla media nel lungo periodo, poiché impone di non pagare un prezzo troppo alto per gli investimenti. | # Investment Policy
Credit Suisse (Lux) Global Value Equity Fund pursues a "deep value" approach based on the classic Graham & Dodd discipline. To this end the fund invests in undervalued companies which are listed worldwide on regulated and accessible markets. The investment decisions are not made on the basis of a benchmark; nevertheless, investors can use the MSCI World (NR) Index as a long- term yardstick. The value approach can deliver above-average results over a long period because it disciplines investors not to pay too much for an investment. | en | it |
DOLFIN9369 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 3 Years Investment 10 000 USD |
| --- |
| Survival Scenarios Minimum: | | 1 Year | 3 Years (recommended holding period) |
| Stress scenario | What you might get back after costs | 6 370 USD | 6 770 USD |
| | Average return each year | - 36.3 % | - 12.21 % |
| Unfavourable scenario | What you might get back after costs | 7 810 USD | 7 670 USD |
| | Average return each year | - 21.86% | - 8.47% |
| Moderate scenario | What you might get back after costs | 10 430 USD | 11 050 USD |
| | Average return each year | 4.34% | 3.38% |
| Favourable scenario | What you might get back after costs | 13 420 USD | 13 560 USD |
| | Average return each year | 34.23% | 10.69% | | | Periodo di detenzione raccomandato: 3 Anni Investimento: 10 000 USD |
| --- |
| Scenari di sopravvivenza Minimo: | | 1 Anno | 3 Anni (periodo di detenzione raccomandato) |
| Scenario di stress | Possibile rimborso al netto dei costi | 6 370 USD | 6 770 USD |
| | Rendimento medio per ciascun anno | - 36,3 % | - 12,21 % |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 7 810 USD | 7 670 USD |
| | Rendimento medio per ciascun anno | - 21,86% | - 8,47% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10 430 USD | 11 050 USD |
| | Rendimento medio per ciascun anno | 4,34% | 3,38% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 13 420 USD | 13 560 USD |
| | Rendimento medio per ciascun anno | 34,23% | 10,69% | | | Recommended minimum holding period: 3 Years Investment 10 000 USD |
| --- |
| Survival Scenarios Minimum: | | 1 Year | 3 Years (recommended holding period) |
| Stress scenario | What you might get back after costs | 6 370 USD | 6 770 USD |
| | Average return each year | - 36.3 % | - 12.21 % |
| Unfavourable scenario | What you might get back after costs | 7 810 USD | 7 670 USD |
| | Average return each year | - 21.86% | - 8.47% |
| Moderate scenario | What you might get back after costs | 10 430 USD | 11 050 USD |
| | Average return each year | 4.34% | 3.38% |
| Favourable scenario | What you might get back after costs | 13 420 USD | 13 560 USD |
| | Average return each year | 34.23% | 10.69% | | en | it |
DOLFIN9370 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risks
The fund invests in bonds, which may be subject to significant fluctuations in value. Bonds are subject to issuer risk, credit risk and interest rate risk.
The fund may invest in assets denominated in various currencies, giving rise to exchange rate risks which may be hedged. If the currency in which the past performance is displayed differs from the currency of the country in which an investor resides, due to exchange rate fluctuations, the performance shown may increase or decrease if converted into the investor's local currency.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. | # Rischi
Il Fondo investe in obbligazioni, che possono subire ampie oscillazioni di valore. Le obbligazioni sono soggette al rischio emittente, di credito e di tasso d'interesse.
Il Fondo può investire in attività denominate in diverse valute; pertanto è esposto a un rischio di cambio, che può essere oggetto di copertura. Se la valuta in cui è visualizzata la performance precedente è diversa dalla valuta del paese di residenza dell'investitore, la performance indicata può aumentare o diminuire se convertita nella valuta locale dell'investitore, a causa delle fluttuazioni dei tassi di cambio.
Capitale a rischio. Ogni strumento finanziario implica un elemento di rischio. Pertanto, il valore dell'investimento così come il rendimento dello stesso sono soggetti a variazioni e il valore iniziale dell'investimento non può essere garantito. | # Risks
The fund invests in bonds, which may be subject to significant fluctuations in value. Bonds are subject to issuer risk, credit risk and interest rate risk.
The fund may invest in assets denominated in various currencies, giving rise to exchange rate risks which may be hedged. If the currency in which the past performance is displayed differs from the currency of the country in which an investor resides, due to exchange rate fluctuations, the performance shown may increase or decrease if converted into the investor's local currency.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. | en | it |
DOLFIN9371 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The rate of the custodian bank fee actually charged is stated in the annual and semi-annual reports.
- Furthermore, the fund management company and the custodian bank are entitled to reimbursement of the following costs incurred in executing the fund contract:
- Costs for the purchase and sale of investments, namely customary brokerage fees, commissions, taxes and duties, as well as costs for the review and maintenance of quality standards for physical investments;
- the supervisory authority’s fees in relation to the establishment, amendment, liquidation or merger of the fund;
- the supervisory authority's annual fees;
- the audit firm’s fees for annual auditing as well as certification in the case of establishment, amendments, liquidation or mergers of the fund;
- fees for legal and tax advisors in connection with the establishment, amendment, liquidation or merger of the fund, as well as generally upholding the interests of the fund and its investors;
- the cost of publishing the net asset value of the fund, together with all the costs of providing notices to Investors, including translation costs, provided such costs cannot be ascribed to any failure on the part of the fund management company;
- the cost of printing legal documents, as well as the fund’s annual and semi-annual reports;
- the cost of any registration of the fund with a foreign supervisory authority, and specifically the commissions levied by the foreign supervisory authority, translation costs, and remuneration for the representative or paying agent abroad;
- costs relating to the exercising of voting rights or creditors’ rights by the fund, including the cost of fees paid to external advisors;
- costs and fees relating to intellectual property registered in the name of the fund or with rights of use for the fund;
- all costs incurred though any extraordinary steps taken to safeguard the interests of investors by the fund management company, asset manager of collective investment schemes or custodian bank. | ##### Der effektiv angewandte Satz der Depotbankkommission ist jeweils aus dem Jahres- und Halbjahresbericht ersichtlich.
- Fondsleitung und Depotbank haben ausserdem Anspruch auf Ersatz der folgenden Auslagen, die ihnen in Ausführung des Fondsvertrages entstanden sind:
- Kosten für den An- und Verkauf von Anlagen, namentlich marktübliche Courtagen, Kommissionen, Steuern und Abgaben, sowie Kosten für die Überprüfung und Aufrechterhaltung von Qualitätsstandards bei physischen Anlagen;
- Abgaben der Aufsichtsbehörde für die Gründung, Änderung, Liquidation, Fusion oder Vereinigung des Anlagefonds;
- Jahresgebühr der Aufsichtsbehörde;
- Honorare der Prüfgesellschaft für die jährliche Prüfung sowie für Bescheinigungen im Rahmen der Gründung, Änderungen, Liquidation, Fusion oder Vereinigungen des Anlagefonds;
- Honorare für Rechts- und Steuerberater im Zusammenhang mit der Gründung, Änderungen, Liquidation, Fusion oder Vereinigung des Anlagefonds sowie der allgemeinen Wahrnehmung der Interessen des Anlagefonds und seiner Anleger;
- Kosten für die Publikation des Nettoinventarwertes des Anlagefonds sowie sämtliche Kosten für Mitteilungen an die Anleger einschliesslich der Übersetzungskosten, welche nicht einem Fehlverhalten der Fondsleitung zuzuschreiben sind;
- Kosten für den Druck juristischer Dokumente sowie Jahres- und Halbjahresberichte des Anlagefonds;
- Kosten für eine allfällige Eintragung des Anlagefonds bei einer ausländischen Aufsichtsbehörde, namentlich von der ausländischen Aufsichtsbehörde erhobene Kommissionen, Übersetzungskosten sowie die Entschädigung des Vertreters oder der Zahlstelle im Ausland;
- Kosten im Zusammenhang mit der Ausübung von Stimmrechten oder Gläubigerrechten durch den Anlagefonds, einschliesslich der Honorarkosten für externe Berater;
- Kosten und Honorare im Zusammenhang mit im Namen des Fonds eingetragenem geistigen Eigentum oder mit Nutzungsrechten des Fonds;
- alle Kosten, die durch die Ergreifung ausserordentlicher Schritte zur Wahrung der Anlegerinteressen durch die Fondsleitung, den Vermögensverwalter kollektiver Kapitalanlagen oder die Depotbank verursacht werden. | #### The rate of the custodian bank fee actually charged is stated in the annual and semi-annual reports.
- Furthermore, the fund management company and the custodian bank are entitled to reimbursement of the following costs incurred in executing the fund contract:
- Costs for the purchase and sale of investments, namely customary brokerage fees, commissions, taxes and duties, as well as costs for the review and maintenance of quality standards for physical investments;
- the supervisory authority’s fees in relation to the establishment, amendment, liquidation or merger of the fund;
- the supervisory authority's annual fees;
- the audit firm’s fees for annual auditing as well as certification in the case of establishment, amendments, liquidation or mergers of the fund;
- fees for legal and tax advisors in connection with the establishment, amendment, liquidation or merger of the fund, as well as generally upholding the interests of the fund and its investors;
- the cost of publishing the net asset value of the fund, together with all the costs of providing notices to Investors, including translation costs, provided such costs cannot be ascribed to any failure on the part of the fund management company;
- the cost of printing legal documents, as well as the fund’s annual and semi-annual reports;
- the cost of any registration of the fund with a foreign supervisory authority, and specifically the commissions levied by the foreign supervisory authority, translation costs, and remuneration for the representative or paying agent abroad;
- costs relating to the exercising of voting rights or creditors’ rights by the fund, including the cost of fees paid to external advisors;
- costs and fees relating to intellectual property registered in the name of the fund or with rights of use for the fund;
- all costs incurred though any extraordinary steps taken to safeguard the interests of investors by the fund management company, asset manager of collective investment schemes or custodian bank. | en | de |
DOLFIN9372 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The oil market is still in deficit in January 2022
Based on falling global inventories, we have calculated that the oil market ended 2021 with a shortfall of around 1m-1.5m b/d. Saudi Aramco calculates that gas shortages are adding 0.5mb/d to crude demand, the winter deficit is therefore likely to be somewhat larger.
Further, OPEC+ is not able to increase its production by 400,000 b/d per month as planned, due to a variety of problems ranging from attacks on facilities (Libya), investment/decline problems (Russia), and structural problems (Angola, Nigeria). The OPEC+ production increases have only been in the order of 250,000 b/d during the last two months.
Once the OPEC+ inventory overhang is corrected this summer, the crude oil should start price in a risk premium ($10(?) or $20(?) per barrel), because every time there is a geostrategic issue, oil prices will skyrocket. Interesting times.
In the longer term, two very relevant news items summarize how complicated increasing the oil supply in the coming years will be:
- Aramco has declared that its maximum production capacity might not exceed the 12-13 million bpd that it estimates achieving in 2027. Its current capacity stands at 11m bpd, which means we cannot count on the world's largest exporter to increase the supply substantially.
- Russia's energy minister has recently commented that most of its reserves will be difficult to recover, requiring huge investments. We recommend looking at the Vostok project (or projects already completed, such as Yamal LNG, Power of Siberia, etc.) to understand the scale and risks of these projects. | # Der Ölmarkt ist im Januar 2022 immer noch im Defizit
Ausgehend von den weltweit sinkenden Lagerbeständen haben wir berechnet, dass der Ölmarkt 2021 mit einem Defizit von etwa 1 Mio. bis 1,5 Mio. b/d abschliessen wird. Saudi Aramco geht davon aus, dass die Gasverknappung die Rohölnachfrage um 0,5 Mio. Tagestonnen erhöht, so dass das Winterdefizit wahrscheinlich etwas grösser ausfallen wird.
Ausserdem ist die OPEC+ nicht in der Lage, ihre Produktion wie geplant um 400'000 b/d pro Monat zu steigern, was auf eine Vielzahl von Problemen zurückzuführen ist, die von Angriffen auf Anlagen (Libyen) über Investitions-/Rückgangsprobleme (Russland) bis hin zu strukturellen Problemen (Angola, Nigeria) reichen. Die OPEC+ Produktionssteigerungen lagen in den letzten beiden Monaten in der Grössenordnung von nur 250'000 b/d.
Sobald der Überhang der OPEC+ Lagerbestände in diesem Sommer abgebaut ist, dürfte der Rohölpreis eine Risikoprämie ($ 10(?) oder $ 20(?) pro Barrel) einnehmen, denn jedes Mal, wenn es ein geostrategisches Problem gibt, werden die Ölpreise in die Höhe schnellen. Interessante Zeiten.
Längerfristig fassen zwei sehr wichtige Nachrichten zusammen, wie kompliziert die Erhöhung des Ölangebots in den kommenden Jahren sein wird:
- Aramco hat erklärt, dass seine maximale Produktionskapazität die für 2027 geschätzten 12-13 Mio. bpd nicht überschreiten wird. Seine derzeitige Kapazität liegt bei 11 Mio. bpd, was bedeutet, dass wir nicht damit rechnen können, dass der weltgrösste Exporteur das Angebot substanziell erhöhen kann.
- Der russische Energieminister hat kürzlich geäussert, dass die meisten seiner Reserven nur schwer zu fördern sein werden und enorme Investitionen erfordern. Wir empfehlen einen Blick auf das Wostok-Projekt (oder bereits abgeschlossene Projekte wie Yamal LNG, Power of Siberia usw.), um das Ausmass und die Risiken dieser Projekte zu verstehen. | # The oil market is still in deficit in January 2022
Based on falling global inventories, we have calculated that the oil market ended 2021 with a shortfall of around 1m-1.5m b/d. Saudi Aramco calculates that gas shortages are adding 0.5mb/d to crude demand, the winter deficit is therefore likely to be somewhat larger.
Further, OPEC+ is not able to increase its production by 400,000 b/d per month as planned, due to a variety of problems ranging from attacks on facilities (Libya), investment/decline problems (Russia), and structural problems (Angola, Nigeria). The OPEC+ production increases have only been in the order of 250,000 b/d during the last two months.
Once the OPEC+ inventory overhang is corrected this summer, the crude oil should start price in a risk premium ($10(?) or $20(?) per barrel), because every time there is a geostrategic issue, oil prices will skyrocket. Interesting times.
In the longer term, two very relevant news items summarize how complicated increasing the oil supply in the coming years will be:
- Aramco has declared that its maximum production capacity might not exceed the 12-13 million bpd that it estimates achieving in 2027. Its current capacity stands at 11m bpd, which means we cannot count on the world's largest exporter to increase the supply substantially.
- Russia's energy minister has recently commented that most of its reserves will be difficult to recover, requiring huge investments. We recommend looking at the Vostok project (or projects already completed, such as Yamal LNG, Power of Siberia, etc.) to understand the scale and risks of these projects. | en | de |
DOLFIN9373 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Unless otherwise specified in Chapter 22, “Subfunds”, Unitholders of a particular Unit Class of a Subfund may at any time convert all or part of their Units into Units of the same Class of another Subfund or into another Class of the same or another Subfund, provided that the requirements (see Chapter 2, “Summary of Unit Classes”) for the Unit Class into which such Units are converted are complied with. The fee charged for such conversions shall not exceed half the initial sales charge of the Class into which the Units are converted.
Unless otherwise specified in Chapter 22, “Subfunds”, conversion applications must be completed and submitted to the Central Administration or the Distributor before the cut-off time as specified for the relevant Subfund in Chapter 23, “Subfunds” on a Banking Day (except on 24 December and 31 December where the Subfunds are closed for new conversion applications). Conversion applications received after the cut-off time shall be dealt with on the following Banking Day. Conversion shall take place on the basis of the applicable Net Asset Value per Unit calculated on the date which is defined as valuation day (“Valuation Day”) (as defined in Chapter 8, “Net Asset Value”). Conversions of Units will only be made on a Valuation Day, if the Net Asset Value in both relevant Unit Classes is calculated.
Where processing an application for the conversion of Units would result in the relevant Unitholder’s holding in a particular Class of Units falling below the minimum holding requirement for that Class set out in Chapter 2, “Summary of Unit Classes”, the Management Company may, without further notice to the Unitholder, treat such conversion application as though it were an application for the conversion of all Units held by the Unitholder in that Class of Units.
Where Units denominated in one currency are converted into Units denominated in another currency, the foreign exchange and conversion fees incurred will be taken into consideration and deducted. Conversion into or from Unit Classes issued in currencies with limited or non-convertibility, will be converted into or from USD respectively as necessary.
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## Suspension of the Subscription, Redemption, Conversion of Units and the Calculation of the Net Asset Value | Sauf mention contraire au chapitre 22 «Les compartiments», les porteurs de parts d’une catégorie donnée d’un compartiment peuvent convertir en tout temps la totalité ou une partie de leurs parts contre des parts de la même catégorie d’un autre compartiment, ou contre des parts d’une autre catégorie du même compartiment ou d’un autre compartiment, à condition que les exigences (voir chapitre 2 «Récapitulatif des catégories de parts») requises pour la catégorie de parts contre laquelle ils convertissent leurs parts soient remplies. La commission prélevée le cas échéant ne doit pas dépasser la moitié de la commission d’émission initiale de la catégorie dans laquelle les parts sont converties.
Sauf mention contraire au chapitre 22 «Les compartiments», les demandes de conversion doivent parvenir par écrit à l’administration centrale ou à un autre distributeur avant l’heure limite indiquée pour le compartiment concerné au chapitre 22 «Les compartiments» un jour bancaire (à l’exception du 24 décembre et du 31 décembre, dates auxquelles les demandes de nouvelles conversions de parts des compartiments ne pourront être reçues). Les demandes de conversion reçues après l’heure limite seront décomptées le jour bancaire suivant. La conversion se fait sur la base des valeurs nettes d’inventaire des parts concernées, calculées à la date définie comme jour d’évaluation (le «jour d’évaluation») (tel que défini au chapitre 8 «Valeur nette d’inventaire»). Les conversions de parts ne seront effectuées qu’un jour d’évaluation, si la valeur nette d’inventaire des deux catégories de parts concernées est calculée.
Si, du fait de l’exécution d’une demande de conversion, la part détenue par un porteur de parts dans une catégorie déterminée tombe au- dessous du seuil minimum fixé au chapitre 2 «Récapitulatif des catégories de parts», la société de gestion peut, sans en avertir le porteur de parts, traiter une telle demande de conversion comme une demande de conversion de toutes les parts détenues par le porteur de parts dans la catégorie considérée. Lorsque des parts libellées dans une monnaie déterminée sont converties contre des parts libellées dans une autre monnaie, les commissions de change et de conversion des parts seront prises en compte et déduites. Pour les catégories de parts émises dans des monnaies à convertibilité limitée ou dans des monnaies non convertibles, la conversion s’effectue, selon les cas, en USD.
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## Suspension de la souscription, du rachat, de la conversion des parts et du calcul de la valeur nette d’inventaire | Unless otherwise specified in Chapter 22, “Subfunds”, Unitholders of a particular Unit Class of a Subfund may at any time convert all or part of their Units into Units of the same Class of another Subfund or into another Class of the same or another Subfund, provided that the requirements (see Chapter 2, “Summary of Unit Classes”) for the Unit Class into which such Units are converted are complied with. The fee charged for such conversions shall not exceed half the initial sales charge of the Class into which the Units are converted.
Unless otherwise specified in Chapter 22, “Subfunds”, conversion applications must be completed and submitted to the Central Administration or the Distributor before the cut-off time as specified for the relevant Subfund in Chapter 23, “Subfunds” on a Banking Day (except on 24 December and 31 December where the Subfunds are closed for new conversion applications). Conversion applications received after the cut-off time shall be dealt with on the following Banking Day. Conversion shall take place on the basis of the applicable Net Asset Value per Unit calculated on the date which is defined as valuation day (“Valuation Day”) (as defined in Chapter 8, “Net Asset Value”). Conversions of Units will only be made on a Valuation Day, if the Net Asset Value in both relevant Unit Classes is calculated.
Where processing an application for the conversion of Units would result in the relevant Unitholder’s holding in a particular Class of Units falling below the minimum holding requirement for that Class set out in Chapter 2, “Summary of Unit Classes”, the Management Company may, without further notice to the Unitholder, treat such conversion application as though it were an application for the conversion of all Units held by the Unitholder in that Class of Units.
Where Units denominated in one currency are converted into Units denominated in another currency, the foreign exchange and conversion fees incurred will be taken into consideration and deducted. Conversion into or from Unit Classes issued in currencies with limited or non-convertibility, will be converted into or from USD respectively as necessary.
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## Suspension of the Subscription, Redemption, Conversion of Units and the Calculation of the Net Asset Value | en | fr |
DOLFIN9374 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Eurozone Capped (NTR) index (Bloomberg: NR0EUE index) ( the Index ) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication).
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo
Este producto es un organismo de inversión colectiva en valores mobiliarios (UCITS) calificado como fondo indexado cotizado (ETF). Es un subfondo de BNP PARIBAS EASY, una sociedad de inversión de capital variable (société d’investissement à capital variable o SICAV) regida por lo dispuesto en la partede la Ley de 17 de diciembre de 2010 relativa a los organismos de inversión colectiva, así como por la Directiva 2009/65 sobre OICVM.
## Plazo
Este producto no tiene fecha de vencimiento.
BNP PARIBAS ASSET MANAGEMENT Luxembourg no tiene derecho a extinguir el producto de forma unilateral. El Consejo de Administración puede decidir sobre las fusiones, las escisiones y la liquidación o el cierre del subfondo. Además, se podrá liquidar la SICAV si se decide en una junta general extraordinaria de accionistas.
## Objetivos
El Fondo es un fondo indexado que se gestiona de forma pasiva.
El Fondo pretende reproducir (con un error de seguimiento* máximo del 1el rendimiento del FTSE EPRA Nareit Eurozone Capped (NTR) Index (Bloomberg: NR0EUE Index) (el «Índice»), mediante la inversión en acciones emitidas por sociedades incluidas en el Índice, respetando las ponderaciones del mismo (reproducción total).
*error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice de referencia. Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto.
## Inversor minorista al que va dirigido
Este producto está diseñado para inversores minoristas que no tengan experiencia financiera ni conocimientos específicos para comprender el producto, pero que, no obstante, puedan soportar una pérdida total del capital. Es adecuado para clientes que quieran revalorizar su capital mediante la inversión. Los inversores potenciales deben tener un horizonte de inversión de al menos 5ños.
## Información práctica
Depositario: BNP PARIBAS, Luxembourg Branch
Este documento de datos fundamentales se ha elaborado para la clase de acciones o participaciones susodicha y proporciona información sobre un subfondo de BNP PARIBAS EASY Funds. El folleto y los informes periódicos que se emiten a nivel de la SICAV incluyen más información sobre el producto. Según la legislación luxemburguesa, el pasivo está segregado entre los subfondos, lo que significa que los activos del subfondo no estarán disponibles para atender una reclamación de un acreedor u otro tercero contra otro subfondo.
Si desea obtener más información sobre el producto, puede consultar en inglés y de forma gratuita las versiones más actualizadas del folleto, el documento de datos fundamentales, los valores liquidativos, los precios publicados de las acciones o participaciones, el informe anual y la descripción de la inversión. Para ello, puede solicitar estos documentos a BNP PARIBAS ASSET MANAGEMENT Luxembourg o visitar la páginahttps://www.bnpparibas-am.com. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the FTSE EPRA Nareit Eurozone Capped (NTR) index (Bloomberg: NR0EUE index) ( the Index ) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication).
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | es |
DOLFIN9375 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The following is a summary of certain material Luxembourg tax consequences of purchasing, owning and disposing of Shares. It does not purport to be a complete analysis of all possible tax situations that may be relevant to a decision to purchase, own or sell Shares. It is included herein solely for preliminary information purposes. It is not intended to be, nor should it be construed to be, legal or tax advice. This summary does not allow any conclusion to be drawn with respect to issues not specifically addressed. The following description of Luxembourg tax law is based on the Luxembourg law and regulations in effect and as interpreted by the Luxembourg tax authorities on the date of the Prospectus. These laws and interpretations are subject to change that may occur after such date, even with retroactive or retrospective effect. It is expected that Shareholders will be resident for tax purposes in many different countries. Consequently, investors should consult their own tax adviser as to the particular tax consequences of subscribing, purchasing, holding and disposing of the Shares, including the application and effect of any federal, state or local taxes under the tax laws of the Grand Duchy of Luxembourg and each country of which they are residents or citizens. Investors should be aware that the residence concept used under the respective headings applies for Luxembourg tax assessment purposes only. Any reference in this Section 11 to a tax, duty, levy, impost or other charge or withholding of a similar nature refers to Luxembourg tax law and/or concepts only. Investors should also note that a reference to Luxembourg income tax generally encompasses corporate income tax (impôt sur le revenu des collectivités), municipal business tax (impôt commercial communal), a solidarity surcharge (contribution au fonds pour l’emploi) as well as personal income tax (impôt sur le revenu des personnes physiques). Corporate Shareholders may further be subject to net wealth tax (impôt sur la fortune), as well as other duties, levies or taxes. Corporate income tax, municipal business tax and the solidarity surcharge invariably apply to most corporate taxpayers resident in Luxembourg for tax purposes. Individual taxpayers are generally subject to personal income tax and a solidarity surcharge. Under certain circumstances, where an individual taxpayer acts in the course of the management of a professional or business undertaking, municipal business tax may apply in addition.
German investors should inform themselves at the registered office of the Fund which Classes are certified for German tax purposes.
The Fund is intended to be managed and controlled in such a manner that it should not be treated as a resident in the UK for UK tax purposes.
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## The Fund | Es folgt eine Zusammenfassung bestimmter wesentlicher Luxemburger Steuerfolgen beim Kauf, Besitz und Verkauf von Anteilen. Die Zusammenfassung stellt keine umfassende Analyse aller möglichen steuerlichen Auswirkungen dar, die für eine Entscheidung hinsichtlich des Erwerbs, des Besitzes oder der Veräußerung von Anteilen relevant sein könnten. Sie ist nur in diesem Dokument enthalten, um vorläufige Informationen zu bieten. Sie ist nicht als rechtliche oder steuerliche Beratung gedacht und sollte nicht als solche ausgelegt werden. Diese Zusammenfassung lässt keine Schlussfolgerungen im Hinblick auf Themenbereiche zu, die nicht speziell angesprochen werden. Die nachfolgende Beschreibung des Luxemburger Steuerrechts beruht auf den geltenden Luxemburger Gesetzen und Verordnungen und deren Auslegung durch die Luxemburger Steuerbehörden zum Datum des Prospekts. Diese Gesetze und Auslegungen unterliegen Änderungen, die nach diesem Datum auch rückwirkend wirksam werden können. Es ist damit zu rechnen, dass Anteilinhaber in vielen verschiedenen Ländern steueransässig sind. Somit sollten Anleger mit ihrem Steuerberater Rücksprache zu der Frage halten, welche besonderen steuerlichen Folgen die Zeichnung, der Kauf, der Besitz und die Veräußerung der Anteile für sie haben, einschließlich der Anwendung und Wirksamkeit von Bundes-, Landes- und kommunalen Steuern gemäß den Steuergesetzen des Großherzogtums Luxemburg und des jeweiligen Landes, dessen Einwohner oder Staatsbürger sie sind. Anleger sollten beachten, dass das unter den jeweiligen Überschriften verwendete Ansässigkeitskonzept ausschliesslich für Luxemburger Steuerschätzungszwecke Anwendung findet. Jeder Verweis in diesem Abschnitt 11 auf eine Steuer, Abgabe oder sonstige Gebühr oder Einbehaltung ähnlicher Natur bezieht sich ausschliesslich auf das Luxemburger Steuerrecht und/oder Luxemburger Konzepte. Anleger sollten ferner beachten, dass ein Verweis auf die Luxemburger Ertragsteuer im Allgemeinen die Körperschaftsteuer (impôt sur le revenu des collectivités), die Gewerbesteuer (impôt commercial communal), einen Solidaritätszuschlag (contribution au fonds pour l’emploi) sowie die Einkommensteuer (impôt sur le revenu des personnes physiques) umfasst. Körperschaftliche Anteilinhaber können außerdem der Vermögensteuer (impôt sur la fortune) sowie anderen Gebühren, Abgaben oder Steuern unterliegen. Die Körperschaftsteuer, die Gewerbesteuer und der Solidaritätszuschlag finden ausnahmslos auf die meisten für steuerliche Zwecke in Luxemburg ansässigen steuerpflichtigen Unternehmen Anwendung. Steuerzahler, bei denen es sich um natürliche Personen handelt, unterliegen in der Regel der Einkommensteuer und einem Solidaritätszuschlag. Unter bestimmten Umständen kann für diese Steuerzahler, wenn diese im Management eines Unternehmens tätig sind, zusätzlich die Gewerbesteuer anfallen.
Deutsche Anleger sollten sich am eingetragenen Sitz des Fonds erkundigen, welche Klassen für deutsche Steuerzwecke zugelassen sind.
Der Fonds soll in einer Weise gemanagt und kontrolliert werden, dass er nicht als für steuerliche Zwecke in Großbritannien ansässig behandelt wird.
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## Der Fonds | The following is a summary of certain material Luxembourg tax consequences of purchasing, owning and disposing of Shares. It does not purport to be a complete analysis of all possible tax situations that may be relevant to a decision to purchase, own or sell Shares. It is included herein solely for preliminary information purposes. It is not intended to be, nor should it be construed to be, legal or tax advice. This summary does not allow any conclusion to be drawn with respect to issues not specifically addressed. The following description of Luxembourg tax law is based on the Luxembourg law and regulations in effect and as interpreted by the Luxembourg tax authorities on the date of the Prospectus. These laws and interpretations are subject to change that may occur after such date, even with retroactive or retrospective effect. It is expected that Shareholders will be resident for tax purposes in many different countries. Consequently, investors should consult their own tax adviser as to the particular tax consequences of subscribing, purchasing, holding and disposing of the Shares, including the application and effect of any federal, state or local taxes under the tax laws of the Grand Duchy of Luxembourg and each country of which they are residents or citizens. Investors should be aware that the residence concept used under the respective headings applies for Luxembourg tax assessment purposes only. Any reference in this Section 11 to a tax, duty, levy, impost or other charge or withholding of a similar nature refers to Luxembourg tax law and/or concepts only. Investors should also note that a reference to Luxembourg income tax generally encompasses corporate income tax (impôt sur le revenu des collectivités), municipal business tax (impôt commercial communal), a solidarity surcharge (contribution au fonds pour l’emploi) as well as personal income tax (impôt sur le revenu des personnes physiques). Corporate Shareholders may further be subject to net wealth tax (impôt sur la fortune), as well as other duties, levies or taxes. Corporate income tax, municipal business tax and the solidarity surcharge invariably apply to most corporate taxpayers resident in Luxembourg for tax purposes. Individual taxpayers are generally subject to personal income tax and a solidarity surcharge. Under certain circumstances, where an individual taxpayer acts in the course of the management of a professional or business undertaking, municipal business tax may apply in addition.
German investors should inform themselves at the registered office of the Fund which Classes are certified for German tax purposes.
The Fund is intended to be managed and controlled in such a manner that it should not be treated as a resident in the UK for UK tax purposes.
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## The Fund | en | de |
DOLFIN9376 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- based on a written agreement between the institutional investor and UBS Asset Management Switzerland AG (or one of its authorised contractual partners) or written approval by UBS Asset Management Switzerland AG (or one its authorised contractual partners), the investor’s total assets managed by UBS or its holdings in UBS collective investment schemes must be more than CHF 30 million (or foreign currency equivalent); or
- the institutional investor must be an institution for occupational retirement provision that is part of UBS Group AG or must be one of its wholly-owned group companies.
The Management Company may waive the minimum subscription amount if the total assets managed by UBS or the amount held in UBS collective investment schemes for institutional investors is more than CHF 30 million within a defined period. | | - sur la base d’une convention écrite entre l’investisseur institutionnel et UBS Asset Management Switzerland AG ou l’un de ses partenaires contractuels agréés, ou d'une autorisation écrite d'UBS Asset Management Switzerland AG ou de l’un de ses partenaires contractuels agréés, l'actif total dudit investisseur géré par UBS ou sa participation dans des organismes de placement collectif d'UBS doit représenter un montant supérieur à 30 millions CHF (ou l’équivalent dans une autre devise) ; ou
- l'investisseur institutionnel doit être une institution de prévoyance professionnelle faisant partie d'UBS Group AG ou l'une des sociétés de son groupe détenues à 100%.
La Société de gestion peut renoncer à l'application du montant minimum de souscription lorsque l'actif total géré par UBS ou la participation dans des organismes de placement collectif d'UBS d'investisseurs institutionnels représente un montant supérieur à 30 millions CHF durant une période déterminée. | | - based on a written agreement between the institutional investor and UBS Asset Management Switzerland AG (or one of its authorised contractual partners) or written approval by UBS Asset Management Switzerland AG (or one its authorised contractual partners), the investor’s total assets managed by UBS or its holdings in UBS collective investment schemes must be more than CHF 30 million (or foreign currency equivalent); or
- the institutional investor must be an institution for occupational retirement provision that is part of UBS Group AG or must be one of its wholly-owned group companies.
The Management Company may waive the minimum subscription amount if the total assets managed by UBS or the amount held in UBS collective investment schemes for institutional investors is more than CHF 30 million within a defined period. | | en | fr |
DOLFIN9377 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
The synthetic risk reward indicator (the SRRI) rating shows what risk and reward characteristics the Fund has, based on the Fund's historical performance over the last 5 years. Where a 5-year performance history is not available, the history has been simulated on the basis of representative data.
| Lower Risk | Higher Risk |
| --- | --- |
| Typically Lower Rewards | Typically Higher Rewards |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | # Perfil de riesgo y remuneración
La calificación en el indicador sintético de riesgo y rentabilidad (SRRI) muestra las características de riesgo y rentabilidad del fondo con arreglo a su rentabilidad histórica en los últimos 5 años. En los casos en que no se dispone de un historial de rentabilidad para un período de 5 años, este se ha simulado con arreglo a datos representativos.
| Menor riesgo | Mayor riesgo |
| --- | --- |
| Remuneración normalmente menor | Remuneración normalmente |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Esta clase de acciones tiene una calificación de 6 en una escala del 1 (menor riesgo) al 7 (mayor riesgo) debido a su rentabilidad histórica (o datos representativos) y la naturaleza de sus inversiones. Las acciones con una calificación de 6 se ven sometidas a elevadas fluctuaciones de precios. El riesgo se asume a fin de obtener una mayor rentabilidad potencial: cuanto más riesgo asume un fondo, mayor será su potencial rentabilidad, pero también el riesgo de sufrir pérdidas. Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del fondo. La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
El fondo no ofrece una rentabilidad garantizada al inversor. Tampoco garantiza la devolución de la suma invertida por el inversor en el fondo.
Además, el fondo podrá mantener hasta el 20% del valor de inventario neto en efectivo (incluso en divisas distintas a la moneda de cuenta) o activos líquidos accesorios.
Referencia: Índice MSCI ACWI Information Technology NR USD Objeto de la referencia: La referencia únicamente se emplea a efectos de comparar la rentabilidad. El fondo se gestiona de forma activa, y el Gestor de inversiones posee amplias facultades para distanciarse de la composición de la referencia, sus ponderaciones y sus características de riesgo con arreglo al objetivo y la política de inversión del fondo.
Los inversores pueden comprar y vender acciones del fondo en cualquier día hábil.
No percibirá ningún ingreso de su inversión. Cualquier ingreso obtenido se acumulará en el valor de las acciones del fondo.
Recomendación: El fondo debe mantenerse con un horizonte de inversión a largo plazo y puede no ser adecuado para los inversores que prevean retirar su dinero en un plazo de cinco años.
Para obtener más información, consulte las secciones “Objetivo de inversión” y “Política de inversión” del suplemento del fondo.
Este indicador tiene en cuenta los riesgos implicados en el valor de inventario neto del fondo. Estos implican principalmente fluctuaciones del valor de las inversiones. Además de los riesgos que se expresan por medio del indicador, el valor liquidativo del fondo puede verse afectado de forma significativa por los factores siguientes:
Riesgo de concentración: El riesgo de inversión dentro del fondo se concentra en sectores, países, divisas o empresas concretos. Esto significa que el fondo es más sensible a cualquier suceso económico, de mercado, político o normativo localizado.
Derivados: El fondo puede invertir en instrumentos derivados financieros, que pueden dar lugar a mayores fluctuaciones del valor del fondo y provocar que este pierda la totalidad de lo invertido o un importe incluso mayor.
Mercados emergentes: El fondo puede invertir en activos de mercados emergentes. Por lo general los mercados emergentes conllevan un mayor riesgo político, jurídico, de contraparte y operativo. En circunstancias excepcionales el fondo puede tener dificultades para comprar y vender estas inversiones.
Propiedad intelectual: Las inversiones en valores tecnológicos están expuestas a riesgos debido a la ausencia o la pérdida de protecciones de la propiedad intelectual, los rápidos cambios que experimenta la tecnología, la normativa estatal y la competencia.
Para obtener más información sobre los riesgos, remítase a la sección “Risk Factors” (Factores de riesgo) del folleto y el suplemento de los fondos. | # Risk and Reward Profile
The synthetic risk reward indicator (the SRRI) rating shows what risk and reward characteristics the Fund has, based on the Fund's historical performance over the last 5 years. Where a 5-year performance history is not available, the history has been simulated on the basis of representative data.
| Lower Risk | Higher Risk |
| --- | --- |
| Typically Lower Rewards | Typically Higher Rewards |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | en | es |
DOLFIN9378 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The amount of this type of investment in securities with embedded derivatives, excluding contingent convertible bonds, may not exceed 10% of the net assets.
The portfolio manager may invest up to 10% of the net assets in contingent convertible bonds (“CoCos”). These securities often deliver a higher return (in exchange for higher risk) than conventional bonds due to their specific structure and the place they occupy in the capital structure of the issuer (subordinated debt). They are issued by banks under the oversight of a supervisory authority. They may have bond and equity features, being hybrid convertible instruments. They may have a safeguard mechanism that turns them into ordinary shares if a trigger event threatens the issuing bank.
The fund may also invest up to 49% of its net assets in callable bonds and puttable bonds. These negotiable debt securities have an optional component allowing for early redemption subject to certain conditions (holding period, occurrence of a specific event, etc.) on the initiative of the issuer (in the case of callable bonds) or at the request of the investor (in the case of puttable bonds). | #### Die Höhe der Anlagen in Derivate enthaltende Titel, mit Ausnahme von „Contingent Convertible“-Anleihen, darf 10% des Nettovermögens nicht übersteigen.
Im Umfang von bis zu 10% des Nettovermögens kann der Fondsmanager in sogenannte „Contingent Convertible“- Anleihen („CoCos“) investieren. Diese Titel bieten wegen ihrer besonderen Strukturierung und ihrer Position in der Kapitalstruktur des Emittenten (nachrangige Schuld) oftmals höhere Renditen als herkömmliche Anleihen (weisen dafür aber ein höheres Risiko auf). Sie werden von Bankinstituten unter behördlicher Aufsicht begeben. Als wandelbare hybride Anlageinstrumente können sie so die Eigenschaften von Anleihen und Aktien miteinander verbinden. Sie können mit einem Sicherheitsmechanismus verknüpft sein, der dafür sorgt, dass sie im Falle eines auslösenden Ereignisses, das die emittierende Bank bedroht, in Stammaktien umgewandelt werden.
Der Fonds kann auch bis zu 49% seines Nettovermögens in Callable- und Puttable-Anleihen investieren. Diese handelbaren Schuldtitel enthalten ein Optionselement, das unter bestimmten Bedingungen (Haltedauer, Auftreten eines bestimmten Ereignisses usw.) auf Initiative des Emittenten (im Fall von „Callable-Anleihen“) oder auf Aufforderung durch den Anleger (im Fall von „Puttable-Anleihen“) die vorzeitige Kapitalrückzahlung ermöglicht. | #### The amount of this type of investment in securities with embedded derivatives, excluding contingent convertible bonds, may not exceed 10% of the net assets.
The portfolio manager may invest up to 10% of the net assets in contingent convertible bonds (“CoCos”). These securities often deliver a higher return (in exchange for higher risk) than conventional bonds due to their specific structure and the place they occupy in the capital structure of the issuer (subordinated debt). They are issued by banks under the oversight of a supervisory authority. They may have bond and equity features, being hybrid convertible instruments. They may have a safeguard mechanism that turns them into ordinary shares if a trigger event threatens the issuing bank.
The fund may also invest up to 49% of its net assets in callable bonds and puttable bonds. These negotiable debt securities have an optional component allowing for early redemption subject to certain conditions (holding period, occurrence of a specific event, etc.) on the initiative of the issuer (in the case of callable bonds) or at the request of the investor (in the case of puttable bonds). | en | de |
DOLFIN9379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, i.e. the MSCI Europe Net Return EUR Index (M7EU). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The Fund promotes, among other characteristics, environmental and/or social characteristics. The analysis of ESG characteristics covers at least 90% of the portfolio. The Manager undertakes to ensure that the portfolio’s average ESG rating is higher than that of its initial investment universe, which is defined by the benchmark index —the MSCI Europe Net Return EUR Index.
Lack of availability of ESG data or potential inconsistencies therein, particularly when provided by an external provider, are methodological limits of the ESG rating process used. These are detailed in the prospectus. | # Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos.
El objetivo del Fondo es obtener una rentabilidad superior a la de su índice de referencia, el MSCI Europe Net Return EUR Index (M7EU). El Fondo está gestionado activamente, lo que significa que su composición puede diferir significativamente del índice de referencia y que no existe ninguna restricción en cuanto a la medida en que la cartera del Fondo puede desviarse del índice. Dado que el universo de inversión no se limita al índice de referencia, el gestor puede comprar títulos o invertir en sectores que no forman parte del índice de referencia, por ejemplo, para aprovechar oportunidades específicas o adaptarse a las condiciones del mercado.
El Fondo fomenta, entre otras, las características medioambientales y/o sociales. Al menos el 90% de la cartera se analiza en función de las características ESG. El Gestor se compromete a garantizar que la calificación ESG media de la cartera sea superior a la de su universo de inversión inicial, que se define por el índice de referencia MSCI Europe Net Return EUR Index.
Las posibles incoherencias o la falta de disponibilidad de los datos ESG, en particular cuando los proporciona un proveedor externo, constituyen limitaciones metodológicas del proceso de calificación ESG utilizado. Dichas limitaciones se detallan en el folleto. | # For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, i.e. the MSCI Europe Net Return EUR Index (M7EU). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The Fund promotes, among other characteristics, environmental and/or social characteristics. The analysis of ESG characteristics covers at least 90% of the portfolio. The Manager undertakes to ensure that the portfolio’s average ESG rating is higher than that of its initial investment universe, which is defined by the benchmark index —the MSCI Europe Net Return EUR Index.
Lack of availability of ESG data or potential inconsistencies therein, particularly when provided by an external provider, are methodological limits of the ESG rating process used. These are detailed in the prospectus. | en | es |
DOLFIN9380 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The respective sub-fund assets can, if so indicated in the Special Regulations of the sub-fund, invest in shares of undertakings for collective investment intransferable securities (»UCITS«) of the open type within the meaning of the UCITS Directive and/or in shares of other undertakings for collective investment (»UCI«) within the meaning of the said directive, should they be situated in a member state of the European Union or in a third state, if
- these other UCI are authorised under laws which provide that they are subject to supervision considered by the Luxembourg supervisory authority to be equivalent to that laid down in Community law, and that cooperation between authorities is sufficiently assured (currently the USA, Canada, Switzerland, Hong Kong, Japan, Norway and Liechtenstein);
- the level of protection for shareholders in such other UCI is equivalent to that provided for shareholders in a UCITS, and in particular that the provisions on the separate holding of assets, borrowing, lending and short selling of securities and money market instruments are equivalent with the requirements of the UCITS Directive;
- the business of the other UCI is subject of semi-annual and annual reports, which allow an assessment concerning the assets and liabilities, income and operations over the reporting period;
- the UCITS or the other UCI in which shares are to be acquired, may invest according to its terms or its articles of association not more than 10% of its assets in other UCITS or other UCI.
-
## Investment Limits | Das jeweilige Teilfondsvermögen kann, soweit dies im Sonderreglement des Teilfonds vorgesehen ist, in Anteile von Organismen für gemeinsame Anlagen in Wertpapieren (»OGAW«) des offenen Investmenttyps im Sinne der OGAW-Richtlinie und/oder Anteile anderer Organismen für gemeinsame Anlagen (»OGA«) im Sinne der genannten Richtlinie mit Sitz in einem Mitgliedstaat der Europäischen Union oder einem Drittstaat anlegen, sofern
- diese anderen OGA nach Rechtvorschriften zugelassen wurden, die sie einer behördlichen Aufsicht unterstellen, welche nach Auffassung der Luxemburger Aufsichtsbehörde derjenigen nach dem Gemeinschaftsrecht gleichwertig ist und ausreichende Gewähr für die Zusammenarbeit zwischen den Behörden besteht (derzeit die USA, Kanada, die Schweiz, Hongkong, Japan, Norwegen und Liechtenstein);
- das Schutzniveau der Anleger der anderen OGA dem Schutzniveau der Anleger eines OGAW gleichwertig ist und insbesondere die Vorschriften über eine getrennte Verwahrung der Vermögenswerte, die Kreditaufnahme, die Kreditgewährung und Leerverkäufe von Wertpapieren und Geldmarktinstrumenten den Anforderungen der OGAW-Richtlinie gleichwertig sind;
- die Geschäftstätigkeit der 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 dieser andere OGA, dessen Anteile erworben werden sollen, nach seinen Vertragsbedingungen bzw. seiner Satzung insgesamt höchstens 10% seines Fondsvermögens in Anteilen anderer OGAW oder anderer OGA anlegen darf.
-
## Anlagegrenzen | The respective sub-fund assets can, if so indicated in the Special Regulations of the sub-fund, invest in shares of undertakings for collective investment intransferable securities (»UCITS«) of the open type within the meaning of the UCITS Directive and/or in shares of other undertakings for collective investment (»UCI«) within the meaning of the said directive, should they be situated in a member state of the European Union or in a third state, if
- these other UCI are authorised under laws which provide that they are subject to supervision considered by the Luxembourg supervisory authority to be equivalent to that laid down in Community law, and that cooperation between authorities is sufficiently assured (currently the USA, Canada, Switzerland, Hong Kong, Japan, Norway and Liechtenstein);
- the level of protection for shareholders in such other UCI is equivalent to that provided for shareholders in a UCITS, and in particular that the provisions on the separate holding of assets, borrowing, lending and short selling of securities and money market instruments are equivalent with the requirements of the UCITS Directive;
- the business of the other UCI is subject of semi-annual and annual reports, which allow an assessment concerning the assets and liabilities, income and operations over the reporting period;
- the UCITS or the other UCI in which shares are to be acquired, may invest according to its terms or its articles of association not more than 10% of its assets in other UCITS or other UCI.
-
## Investment Limits | en | de |
DOLFIN9381 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 32.0 | 20.0 | 3.9 | 10.8 | 2.1 | 12.4 | -11.3 | 35.0 | 5.9 | 27.1 |
| Benchmark † | 31.7 | 20.1 | 3.5 | 10.8 | 2.2 | 12.2 | -11.2 | 35.2 | 6.1 | 27.1 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 26 January 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 32,0 | 20,0 | 3,9 | 10,8 | 2,1 | 12,4 | -11,3 | 35,0 | 5,9 | 27,1 |
| Índice † | 31,7 | 20,1 | 3,5 | 10,8 | 2,2 | 12,2 | -11,2 | 35,2 | 6,1 | 27,1 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 26 enero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 32.0 | 20.0 | 3.9 | 10.8 | 2.1 | 12.4 | -11.3 | 35.0 | 5.9 | 27.1 |
| Benchmark † | 31.7 | 20.1 | 3.5 | 10.8 | 2.2 | 12.2 | -11.2 | 35.2 | 6.1 | 27.1 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 26 January 2022 | en | es |
DOLFIN9382 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- The global reinsurance company Munich Re (Environmental Services) also outperformed during the month. The shares have previously been held back by concerns that inflationary trends could cause increasing claims costs and whether the company can price the inflation through. However, these concerns have eased lately as indications seem to support a hardening pricing environment.
Bottom Performers: - The producer of packaging and paper products International Paper (Green Consumerism) underperformed during the month as investors increasingly worried about weakening demand for containerboards, high inventories, capacity additions and potential price decreases on the horizon.
- The US infrastructure construction company MasTec (Smart Grid) also underperformed during the month. Some investors fearthat the company’s near term earnings hinge too much on its structurally declining energy infrastructure revenues.
| | - La société mondiale de réassurance Munich Re (Services Environnementaux) a également surperformé au cours du mois. L’action a déjà souffert des craintes sur le fait que les tendances inflationnistes pourraient entraîner une augmentation des coûts des sinistres et la capacité de la société à faire face à l’inflation. Cependant, ces inquiétudes se sont apaisées ces derniers temps, car les indications semblent soutenir un durcissement de l'environnement des prix.
Les moins performants : - Le producteur d'emballages et de produits en papier International Paper (Consumérisme vert) a sous-performé au cours du mois, les investisseurs s'inquiétant de plus en plus de l'affaiblissement de la demande de cartons-caisses, des stocks élevés, des ajouts de capacité et des baisses de prix potentielles à l'horizon.
- La société américaine de construction d'infrastructures MasTec (Réseau Intelligent) a également sous-performé au cours du mois. Certains investisseurs craignent que les bénéfices à court terme de la société dépendent trop de ses revenusd'infrastructures énergétiques en baisse structurelle.
| | - The global reinsurance company Munich Re (Environmental Services) also outperformed during the month. The shares have previously been held back by concerns that inflationary trends could cause increasing claims costs and whether the company can price the inflation through. However, these concerns have eased lately as indications seem to support a hardening pricing environment.
Bottom Performers: - The producer of packaging and paper products International Paper (Green Consumerism) underperformed during the month as investors increasingly worried about weakening demand for containerboards, high inventories, capacity additions and potential price decreases on the horizon.
- The US infrastructure construction company MasTec (Smart Grid) also underperformed during the month. Some investors fearthat the company’s near term earnings hinge too much on its structurally declining energy infrastructure revenues.
| | en | fr |
DOLFIN9383 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Le fonds est géré de façon active. Le fonds n'est pas géré par rapport à un indice de référence. La politique de placement a pour objectif de réaliser une plus-value supérieure à la moyenne. Pour ce faire, le fonds investit principalement dans des titres d'émetteurs nationaux et internationaux qui mettent l'accent sur les questions environnementales, sociales et de gouvernance (ESG), ainsi que d'émetteurs opérant dans un secteur industriel qui peut contribuer directement ou indirectement à l'un des objectifs de développement durable de l'Agenda 2030. Le fonds investit au moins 80 % de sa valeur dans des actions répondant aux conditions mentionnées ci- | # Objetivos y política de inversión
El fondo se gestiona activamente. El fondo se gestiona sin utilizar una referencia. El objetivo de la política de inversión consiste en obtener una revalorización por encima de la media. Para conseguirlo, el fondo invierte principalmente en valores de emisores nacionales y extranjeros que se centren en aspectos medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés), así como emisores que desarrollen su actividad en un sector industrial que pueda contribuir directa o indirectamente a alguno de los objetivos de desarrollo sostenible de la Agenda 2030. El fondo invierte al menos el 80% en acciones | # Objectifs et politique d'investissement
Le fonds est géré de façon active. Le fonds n'est pas géré par rapport à un indice de référence. La politique de placement a pour objectif de réaliser une plus-value supérieure à la moyenne. Pour ce faire, le fonds investit principalement dans des titres d'émetteurs nationaux et internationaux qui mettent l'accent sur les questions environnementales, sociales et de gouvernance (ESG), ainsi que d'émetteurs opérant dans un secteur industriel qui peut contribuer directement ou indirectement à l'un des objectifs de développement durable de l'Agenda 2030. Le fonds investit au moins 80 % de sa valeur dans des actions répondant aux conditions mentionnées ci- | fr | es |
DOLFIN9384 | 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 total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Government All Stocks Gilt Index, the Fund’s benchmark index. A gilt is a fixed income (FI) security such as a bond issued by the British Government.
The Fund will invest in the FI securities that predominantly make up the benchmark index (which comprises gilts).
At the time of purchase, the FI securities will have a credit rating which is the same as the credit rating for the United Kingdom as assigned by Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating.
The benchmark index measures the performance of all conventional (i.e. excluding index-linked) gilts with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the bond) and maturities (i.e. the time until the bond becomes due for repayment).
The Fund is passively managed and intends to replicate the Index by holding the FI securities in substantially similar proportions to that of the benchmark constituents.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may also 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 accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener la rentabilidad total de su inversión, a través de una combinación de revalorización del capital y rendimientos, que refleje la rentabilidad del Índice FTSE Government All Stocks Gilt, el índice de referencia del Fondo. Un Gilt es un valor de renta fija (RF), como un bono, emitido por el Gobierno británico.
El Fondo invertirá en los valores de RF que componen principalmente el índice de referencia (que está integrado por Gilts).
En el momento de la adquisición, los valores de RF tendrán una calificación de solvencia igual a la calificación de solvencia del Reino Unido otorgada por Moody’s, Standard & Poor’s o Fitch Ratings, o que la gestora de inversiones considere que tienen una calificación equivalente.
El índice de referencia mide la rentabilidad de todos los Gilts convencionales (es decir, excluidos los vinculados a índices) con diferentes fechas de reembolso (es decir, la fecha en la que parte o la totalidad del importe principal y los intereses se pagan durante la duración del valor) y vencimientos (es decir, el periodo hasta que la fecha en que el valor se debe reembolsar).
El Fondo se gestiona de forma pasiva y trata de replicar el Índice mediante la inversión en valores de RF en proporciones considerablemente similares a los componentes del índice de referencia.
El Fondo utiliza técnicas con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el índice de referencia, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio para generar rendimientos adicionales y compensar los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en libras esterlinas, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 GBP.
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 total return on your investment, through a combination of capital growth and income, which reflects the return of the FTSE Government All Stocks Gilt Index, the Fund’s benchmark index. A gilt is a fixed income (FI) security such as a bond issued by the British Government.
The Fund will invest in the FI securities that predominantly make up the benchmark index (which comprises gilts).
At the time of purchase, the FI securities will have a credit rating which is the same as the credit rating for the United Kingdom as assigned by Moody’s, Standard & Poor’s or Fitch Ratings or are deemed, by the investment manager, to be of an equivalent rating.
The benchmark index measures the performance of all conventional (i.e. excluding index-linked) gilts with varying redemption dates (i.e. the date on which some, or all, of the principal amount and interest is repaid during the life of the bond) and maturities (i.e. the time until the bond becomes due for repayment).
The Fund is passively managed and intends to replicate the Index by holding the FI securities in substantially similar proportions to that of the benchmark constituents.
The Fund uses techniques for efficient portfolio management purposes or to protect against exchange rate risk. These techniques may include the strategic selection of certain securities that make up the benchmark index or other FI securities which provide similar performance to certain constituent securities. They may also include the use of financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may also 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 accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9385 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class: SPDR MSCI Europe Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BYTH5487)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track of European large and mid-sized companies.
Investment Policy The Fund seeks to track the performance of the MSCI Europe Climate Paris Aligned Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of large and mid capitalisation stocks across developed market countries. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions
in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending. The Fund's shares are issued in Euro.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | # Clase de acción: SPDR MSCI Europe Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BYTH5487)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar a las medianas y grandes empresas europeas.
Política de inversión El Fondo trata de replicar la rentabilidad del MSCI Europe Climate Paris Aligned Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable del Índice MSCI Europe (Índice principal), que se seleccionan y ponderan a fin de reducir la exposición a los riesgos climáticos físicos y de transición, al tiempo que persiguen las oportunidades derivadas de la transición a una economía con menos emisiones de carbono mientras tratan de adaptar la cartera del Fondo al Acuerdo de París, adoptado con arreglo a los requisitos de la Convención Marco de las Naciones Unidas sobre el Cambio Climático (el «Acuerdo de París»).
El Índice principal mide la rentabilidad de las acciones de empresas de gran y mediana capitalización de los países de mercados desarrollados. El Índice excluye empresas que el proveedor del índice considera que toman parte en controversias que tienen un efecto ASG negativo en sus operaciones o productos y servicios, según la puntuación de controversia en materia ASG de MSCI (la «Puntuación de controversia ASG de MSCI»). Los restantes componentes se seleccionan y ponderan a fin de reducir la exposición a los riesgos climáticos físicos y de transición, y aprovechando las oportunidades derivadas de la transición a una economía con menos emisiones de carbono para adaptarse a los objetivos del Acuerdo de París y minimizar el traking error ex ante con respecto al Índice principal.
La metodología de cribado ASG se aplica al menos al 90% de la cartera. La cartera del Fondo está formada principalmente por valores que se adaptan a las normas ASG anteriormente descritas y en la metodología del índice (así como a la hora de garantizar que la cartera está exenta de emisores cuyas actividades podrían perjudicar notablemente este objetivo). Es posible que los datos en materia ASG presenten incoherencias, sean inexactos o no estén disponibles, en especial cuando son proveedores de datos externos los que se encargan de publicarlos. También pueden producirse posibles incoherencias con la metodología de cribado ASG del Índice (criterios, planteamientos o limitaciones). Los pormenores de los límites se describen en el Suplemento.
Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más amplios previstos por el Reglamento de OICVM, que permiten mantener
posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo.
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores. Las acciones del Fondo se emiten en euros.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Share Class: SPDR MSCI Europe Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BYTH5487)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track of European large and mid-sized companies.
Investment Policy The Fund seeks to track the performance of the MSCI Europe Climate Paris Aligned Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of large and mid capitalisation stocks across developed market countries. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions
in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending. The Fund's shares are issued in Euro.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | en | es |
DOLFIN9386 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This document is for information purposes only and does not constitute an offer, solicitation or recommendation to buy or sell shares of the fund/fund units or any investment instruments, to effect any transactions or to conclude any legal act of any kind whatsoever. Subscriptions of shares of the fund should in any event be made solely on the basis of the fund's current sales prospectus (the “Sales Prospectus”), the Key Investor Information Document (“KIID”), its articles of incorporation and the most recent annual and semi-annual report of the fund and after seeking the advice of an independent finance, legal, accounting and tax specialist. Furthermore and before entering into an agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment advisers as to its suitability for you.
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.
Interested parties may obtain the above-mentioned documents free of charge from the authorized distribution agencies and from the offices of the fund at 11-13 Boulevard de la Foire, L-1528 Luxembourg, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, 60329 Frankfurt/Main, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Refer for more information on the fund to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (“KIID”). These documents may also be downloaded from the website at www.tareno-globalwatersolutionsfund.ch. The KIID is available in French and can be obtained from the financial and central administration agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris. The fund is authorized to the commercialization in France since 08/ 08/2014. Refer for more information on the funds to the Document d’Information Clé pour l’Investisseur (DICI). The funds authorized for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number 620373. The KIID can be obtained in English from the facility agent in Great Britain: Carne Financial Services (UK) LLP, Suites 1.15 - 1.16, 1st Floor, 5 Old Bailey, London EC4M 7BA. In Spain, funds authorized for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 1268). The KIID can be obtained in Spanish. This document is not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association are not applicable. Neither this document nor any copy of it may be distributed in any jurisdiction where its distribution may be restricted by law. Persons who receive this document should make themselves aware of and adhere to any such restrictions. In particular, this document must not be distributed or handed over to US persons and must not be distributed in the USA.
The European SRI Transparency logo signifies that Tareno AG commits to provide accurate, adequate and timely information to enable stakeholders, in particular consumers, to understand the Socially Responsible Investment (SRI) policies and practices relating to the fund. Detailed information about the European SRI Transparency Guidelines can be found on www.eurosif.org, and information of the SRI policies and practices of the Tareno Global Water Solutions Fund can be found at: www.tareno-globalwatersolutionsfund.ch. The Transparency Guidelines are managed by Eurosif, an independent organisation. The European SRI Transparency Logo reflects the fund manager’s commitment as detailed above and should not be taken as an endorsement of any particular company, organisation or individual. | Il presente documento ha scopo meramente informativo e non rappresenta un’esortazione, un invito o un consiglio ad acquistare o vendere quote del fondo o qualsivoglia strumento di investimento né a effettuare qualsivoglia operazione o concludere qualsivoglia atto legale di qualsiasi natura. Le sottoscrizioni di quote nel fondo dovranno essere effettuate in ogni caso solo sulla base del prospetto di offerta corrente del fondo (il “Prospetto di offerta”), del Documento contenente le informazioni chiave per gli investitori ("KIID"), dello statuto e della relazione annuale o semestrale più recenti del fondo e dopo essersi consultati con un consulente finanziario, legale, fiscale o contabile indipendente. Prima di sottoscrivere un contratto relativo a un investimento qui menzionato, i potenziali investitori sono inoltre tenuti a valutarne l'idoneità con il loro professionista e/o consulente finanziario di fiducia.
La performance passata non è indicativa della performance corrente e futura. I dati sulla performance non tengono in considerazione eventuali commissioni e costi addebitati quando sono emesse o riscattate, se del caso, le quote del fondo. Il rendimento del fondo può variare sia al rialzo che al ribasso a fronte delle oscillazioni dei tassi di cambio. Il valore dei capitali investiti nel fondo può aumentare o diminuire e non vi è garanzia che tale capitale investito possa essere riscattato, in toto o in parte.
Gli interessati potranno richiedere i predetti documenti, a titolo gratuito, presso le agenzie di distribuzione autorizzate e presso le sedi del fondo all’11-13 Boulevard de la Foire, L-1528 Lussemburgo, al rappresentante del fondo in Svizzera: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurigo, all’agente di pagamento in Svizzera: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurigo, all’agente di pagamento in Germania: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, 60329 Francoforte, all’agente di pagamento in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, all’agente di pagamento in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Per ulteriori informazioni sui fondi, fare riferimento al prospetto più recente, alle relazioni annuali e semestrali e al documento contenente le informazioni chiave per gli investitori (“KIID”). Questi documenti possono inoltre essere scaricati dal sito Internet www.tareno-globalwatersolutionsfund.ch. Il KIID è disponibile in lingua francese e può essere richiesto all’agente amministrativo centrale e finanziario in Francia: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Parigi. Il fondo dispone di autorizzazione alla commercializzazione in Francia dal 08/08/2014. Per ulteriori informazioni sui fondi, fare riferimento al Document d’Information Clé pour l’Investisseur (DICI). I fondi autorizzati per la distribuzione nel Regno Unito sono iscritti nel registro FCA con il numero di riferimento 620373. Il KIID in lingua inglese può essere richiesto all’agente di servizio in Gran Bretagna: Carne Financial Services (UK) LLP, Suites
1.15 - 1.16, 1st Floor, 5 Old Bailey, Londra EC4M 7BA. In Spagna, i fondi autorizzati per la distribuzione sono iscritti nel registro delle società estere di investimento collettivo della CNMV spagnola (al numero 1268). Il KIID è disponibile in lingua spagnola. Il presente documento non è il risultato di un’analisi finanziaria e quindi non vi si applicano le "Direttive sull’indipendenza della ricerca finanziaria" dell’Associazione svizzera dei banchieri. È vietata la distribuzione del presente documento o di copie dello stesso in giurisdizioni che non ne consentano legalmente la distribuzione. Le persone che ricevono il presente documento dovrebbero essere consapevoli di tali limitazioni e rispettarle. In particolare, il documento non deve essere distribuito o trasmesso a una US Person e non deve essere distribuito negli Stati Uniti.
Il Logo europeo per la trasparenza degli investimenti socialmente responsabili dimostra l’impegno di Tareno AG a fornire informazioni accurate, idonee e tempestive per mettere tutti i soggetti interessati, in particolare i clienti, nelle condizioni di comprendere le politiche e le pratiche in materia di investimento socialmente responsabile (SRI) del relativo fondo. Informazioni dettagliate sulle Linee guida europee per la trasparenza dei fondi SRI sono reperibili su www.eurosif.org, mentre ulteriori dati sulle politiche e sulle prassi SRI dei fondi Tareno Global Water Solutions sono reperibili su www.tareno globalwatersolutionsfund.ch. Le Linee guida per la trasparenza sono gestite dall’organizzazione indipendente Eurosif. Il Logo europeo per la trasparenza dei fondi SRI esprime l’impegno del gestore del fondo indicato sopra e non deve essere inteso come una forma di supporto nei confronti di qualsivoglia società, organizzazione o individuo. | This document is for information purposes only and does not constitute an offer, solicitation or recommendation to buy or sell shares of the fund/fund units or any investment instruments, to effect any transactions or to conclude any legal act of any kind whatsoever. Subscriptions of shares of the fund should in any event be made solely on the basis of the fund's current sales prospectus (the “Sales Prospectus”), the Key Investor Information Document (“KIID”), its articles of incorporation and the most recent annual and semi-annual report of the fund and after seeking the advice of an independent finance, legal, accounting and tax specialist. Furthermore and before entering into an agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment advisers as to its suitability for you.
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.
Interested parties may obtain the above-mentioned documents free of charge from the authorized distribution agencies and from the offices of the fund at 11-13 Boulevard de la Foire, L-1528 Luxembourg, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, 60329 Frankfurt/Main, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Refer for more information on the fund to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (“KIID”). These documents may also be downloaded from the website at www.tareno-globalwatersolutionsfund.ch. The KIID is available in French and can be obtained from the financial and central administration agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris. The fund is authorized to the commercialization in France since 08/ 08/2014. Refer for more information on the funds to the Document d’Information Clé pour l’Investisseur (DICI). The funds authorized for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number 620373. The KIID can be obtained in English from the facility agent in Great Britain: Carne Financial Services (UK) LLP, Suites 1.15 - 1.16, 1st Floor, 5 Old Bailey, London EC4M 7BA. In Spain, funds authorized for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 1268). The KIID can be obtained in Spanish. This document is not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association are not applicable. Neither this document nor any copy of it may be distributed in any jurisdiction where its distribution may be restricted by law. Persons who receive this document should make themselves aware of and adhere to any such restrictions. In particular, this document must not be distributed or handed over to US persons and must not be distributed in the USA.
The European SRI Transparency logo signifies that Tareno AG commits to provide accurate, adequate and timely information to enable stakeholders, in particular consumers, to understand the Socially Responsible Investment (SRI) policies and practices relating to the fund. Detailed information about the European SRI Transparency Guidelines can be found on www.eurosif.org, and information of the SRI policies and practices of the Tareno Global Water Solutions Fund can be found at: www.tareno-globalwatersolutionsfund.ch. The Transparency Guidelines are managed by Eurosif, an independent organisation. The European SRI Transparency Logo reflects the fund manager’s commitment as detailed above and should not be taken as an endorsement of any particular company, organisation or individual. | en | it |
DOLFIN9387 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- notwithstanding (i) above, any trust of which any professional fiduciary acting as trustee is a US Person shall not be deemed a US Person if a trustee who is not a US Person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a “US Person”;
- notwithstanding (i) above, an employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country shall not be deemed a “US Person”;
- notwithstanding (i) above, any agency or branch of a US Person located outside the United States shall not be deemed a “US Person” if:
- the agency or branch operates for valid business reasons; and
- the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; | - sans préjudice du point (i) ci-dessus, tout trust dont le fiduciaire professionnel agissant en tant que trustee est une Personne Américaine ne sera pas considéré comme une Personne Américaine si un trustee qui n’est pas une Personne Américaine dispose d’un pouvoir d’investissement discrétionnaire exclusif ou partagé sur les actifs du trust, et si aucun bénéficiaire du trust (et aucun constituant si le trust est révocable) n’est une Personne Américaine ;
- sans préjudice du point (i) ci-dessus, un salarié sous un régime de prestation établi et administré conformément à la loi d’un pays autre que les États-Unis et aux pratiques courantes et à la documentation dudit pays ne sera pas considéré comme une « Personne Américaine » ;
- sans préjudice du point (i) ci-dessus, toute agence ou succursale d’une Personne Américaine située en dehors des États-Unis ne sera pas considérée comme une « Personne Américaine » si :
- l’agence ou la succursale opère pour des raisons commerciales valables ; et
- l’agence ou la succursale exerce des activités d’assurance ou de banque et est soumise à la réglementation locale en matière d’assurance ou de banque, respectivement, dans la juridiction où elle se situe ; | - notwithstanding (i) above, any trust of which any professional fiduciary acting as trustee is a US Person shall not be deemed a US Person if a trustee who is not a US Person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a “US Person”;
- notwithstanding (i) above, an employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country shall not be deemed a “US Person”;
- notwithstanding (i) above, any agency or branch of a US Person located outside the United States shall not be deemed a “US Person” if:
- the agency or branch operates for valid business reasons; and
- the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; | en | fr |
DOLFIN9388 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Other possible investment strategies and techniques
OTC Total Return Swaps. It is anticipated that some Sub-Funds may make use of Total Return Swaps (a particular type of OTC FDI), particularly when accessing certain rule-based and systematic strategies. When doing so, Sub-Funds may make use of such techniques as Portfolio Swaps, either integrated within such Total Return Swaps or on a standalone basis alongside them. Such techniques are further detailed in “Total Return Swaps” in Annex II and any use of them by a particular Sub-Fund will be set out in the Relevant Supplement.
Investment in other Collective Investment Schemes. Where so disclosed in the Relevant Supplement, Sub-Funds may invest in other, UCITS eligible collective investment schemes including other Sub-Funds. However, unless otherwise specified in the Relevant Supplement, any such Sub-Fund's investment in such other, UCITS eligible collective investment schemes will be limited to 10% of the applicable Sub-Fund's Net Asset Value in aggregate.
Hedging at Portfolio Level. A Sub-Fund may enter into transactions for the purposes of portfolio hedging. Examples may be hedging currency exposure of the underlying securities into the relevant Base Currency. Alternatively, FDI such as currency forwards and interest rate futures may be utilised if the Sub-Fund engages in such hedging. The currency exposure of investments will not be allocated to separate Classes.
Currency Hedging at Share Class Level. A Sub-Fund may use FDI on behalf of a specific Class in order to hedge some or all of the foreign exchange risk for such Class. Where Classes denominated in different currencies are created within a Sub-Fund and currency hedging transactions are entered into to hedge relevant currency exposure, each such transaction will be clearly attributable to the specific Class and any hedging transaction costs shall be for the account of that Class only. Accordingly, all such costs and related gains and/or losses will be reflected in the Net Asset Value per Share of such Class. Over-hedged or under-hedged positions may arise unintentionally due to factors outside the control of the ICAV but under- hedged positions will not be permitted to fall below 95% and over-hedged positions will not be permitted to exceed 105% of the Net Asset Value of the Class. This review will incorporate a procedure to ensure that positions materially in excess of 100% of the Net Asset Value of the relevant Class of Shares and any under-hedged positions falling short of the level above will not be carried forward from month to month. A Sub-Fund that hedges foreign exchange risk for any Class may enter into Forward Foreign Exchange Contracts, Swaps, Forwards or Options in order to hedge some or all of the foreign exchange risk for the relevant Class. To the extent that hedging is successful, the overall performance of the relevant Class is likely to move largely in line with the performance of the underlying assets. The use of hedged currency Classes may substantially limit holders of the relevant classes from benefiting if the currency of each of these Classes falls against the Base Currency and/or the currency in which the assets of the Sub-Fund are denominated. | ## Altre possibili strategie e tecniche d'investimento
Total Return Swap OTC. Si prevede che alcuni Comparti possano fare uso di Total Return Swap (un particolare tipo di SFD OTC), in particolare quando accedono a determinate strategie sistematiche e basate su regole. Nel fare ciò, i Comparti possono ricorrere a tecniche quali i Portfolio Swap, integrati in tali Total Return Swap o su base autonoma assieme ad essi. Tali tecniche sono descritte in dettaglio nel capitolo "Total Return Swaps" dell'Allegato II e il loro utilizzo da parte di un particolare Comparto sarà indicato nella Nota integrativa pertinente.
Investimento in altri Organismi d'Investimento Collettivo. Ove indicato nella Nota integrativa pertinente, i Comparti possono investire in altri organismi d'investimento collettivo ammissibili per gli OICVM, compresi altri Comparti. Tuttavia, salvo quanto diversamente specificato nella Nota Integrativa pertinente, l'investimento di tale Comparto in tali altri organismi d'investimento collettivo ammissibili per gli OICVM sarà limitato al 10% in aggregato del Valore Patrimoniale Netto del Comparto in questione.
Copertura a livello di portafoglio. Un Comparto può effettuare operazioni a fini di copertura del portafoglio. Alcuni esempi possono essere la copertura dell'esposizione valutaria dei titoli sottostanti nella relativa Valuta di base. In alternativa, possono essere utilizzati strumenti finanziari derivati quali i contratti a termine su valuta e i futures su tassi d'interesse, se il Comparto è attivo in tali coperture. L’esposizione valutaria degli investimenti non sarà attribuita a Categorie separate.
Copertura valutaria a livello di Categoria di azioni. Un Comparto può utilizzare gli SFD per conto di una specifica Categoria al fine di coprire, in tutto o in parte, il rischio di cambio per tale Categoria. Laddove all'interno di un Comparto vengano create Categorie denominate in valute diverse e vengano effettuate operazioni di copertura valutaria per coprire la relativa esposizione valutaria, ciascuna di tali operazioni sarà chiaramente attribuibile alla Categoria specifica e gli eventuali costi delle operazioni di copertura saranno esclusivamente a carico di tale Categoria. Pertanto, tutti i costi e relativi utili e/o perdite si rifletteranno nel Valore Patrimoniale Netto per Azione di tale Categoria. È possibile che vi siano, involontariamente, posizioni coperte per difetto o in eccesso a causa di fattori al di fuori del controllo dell'ICAV, ma le posizioni coperte per difetto non potranno scendere al di sotto del 95% e le posizioni coperte in eccesso non potranno superare il 105% del Valore Patrimoniale Netto della Categoria. Questa revisione incorporerà una procedura atta a garantire che le posizioni sensibilmente superiori al 100% del Valore Patrimoniale Netto della Categoria di Azioni interessata e qualsiasi posizione coperta per difetto inferiore al livello di cui sopra non saranno riportate di mese in mese. Un Comparto che copre il rischio di cambio per qualsiasi Categoria può stipulare Contratti a termine in cambi, swap, Contratti a termine o Opzioni al fine di coprire in tutto o in parte il rischio di cambio per la relativa Categoria. Nella misura in cui la copertura abbia successo, la performance complessiva della relativa Categoria si muoverà, probabilmente, per lo più in linea con la performance delle attività sottostanti. L'uso di Categorie con copertura valutaria può limitare sensibilmente i vantaggi per i detentori di tali Categorie se la valuta di ciascuna di esse scende rispetto alla Valuta di base e/o alla valuta in cui sono denominate le attività del Comparto. | ## Other possible investment strategies and techniques
OTC Total Return Swaps. It is anticipated that some Sub-Funds may make use of Total Return Swaps (a particular type of OTC FDI), particularly when accessing certain rule-based and systematic strategies. When doing so, Sub-Funds may make use of such techniques as Portfolio Swaps, either integrated within such Total Return Swaps or on a standalone basis alongside them. Such techniques are further detailed in “Total Return Swaps” in Annex II and any use of them by a particular Sub-Fund will be set out in the Relevant Supplement.
Investment in other Collective Investment Schemes. Where so disclosed in the Relevant Supplement, Sub-Funds may invest in other, UCITS eligible collective investment schemes including other Sub-Funds. However, unless otherwise specified in the Relevant Supplement, any such Sub-Fund's investment in such other, UCITS eligible collective investment schemes will be limited to 10% of the applicable Sub-Fund's Net Asset Value in aggregate.
Hedging at Portfolio Level. A Sub-Fund may enter into transactions for the purposes of portfolio hedging. Examples may be hedging currency exposure of the underlying securities into the relevant Base Currency. Alternatively, FDI such as currency forwards and interest rate futures may be utilised if the Sub-Fund engages in such hedging. The currency exposure of investments will not be allocated to separate Classes.
Currency Hedging at Share Class Level. A Sub-Fund may use FDI on behalf of a specific Class in order to hedge some or all of the foreign exchange risk for such Class. Where Classes denominated in different currencies are created within a Sub-Fund and currency hedging transactions are entered into to hedge relevant currency exposure, each such transaction will be clearly attributable to the specific Class and any hedging transaction costs shall be for the account of that Class only. Accordingly, all such costs and related gains and/or losses will be reflected in the Net Asset Value per Share of such Class. Over-hedged or under-hedged positions may arise unintentionally due to factors outside the control of the ICAV but under- hedged positions will not be permitted to fall below 95% and over-hedged positions will not be permitted to exceed 105% of the Net Asset Value of the Class. This review will incorporate a procedure to ensure that positions materially in excess of 100% of the Net Asset Value of the relevant Class of Shares and any under-hedged positions falling short of the level above will not be carried forward from month to month. A Sub-Fund that hedges foreign exchange risk for any Class may enter into Forward Foreign Exchange Contracts, Swaps, Forwards or Options in order to hedge some or all of the foreign exchange risk for the relevant Class. To the extent that hedging is successful, the overall performance of the relevant Class is likely to move largely in line with the performance of the underlying assets. The use of hedged currency Classes may substantially limit holders of the relevant classes from benefiting if the currency of each of these Classes falls against the Base Currency and/or the currency in which the assets of the Sub-Fund are denominated. | en | it |
DOLFIN9389 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# NOTES TO THE FINANCIAL STATEMENTS 30 June 2020 (continued)
- Risk Associated with Financial Instruments (continued)
- Market Risk (continued)
- Currency Risk (continued) | # ERLÄUTERUNGEN ZUM ABSCHLUSS 30. Juni 2020 (Fortsetzung)
- Risiken aus Finanzinstrumenten (Fortsetzung)
- Marktrisiko (Fortsetzung) | # NOTES TO THE FINANCIAL STATEMENTS 30 June 2020 (continued)
- Risk Associated with Financial Instruments (continued)
- Market Risk (continued)
- Currency Risk (continued) | en | de |
DOLFIN9390 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage.
The Fund maintains a higher overall sustainability score than the Bloomberg US Aggregate Bond (TR) index based on the Investment Manager’s rating criteria. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | Der Fonds kann auch bis zu einem Drittel seines Vermögens direkt oder indirekt in andere Wertpapiere (einschließlich anderer Anlageklassen), Länder, Regionen, Branchen oder Währungen, Investmentfonds, Optionsscheine und Geldmarktanlagen investieren sowie Barmittel halten (vorbehaltlich der in Anhang I vorgesehenen Einschränkungen).
Der Fonds kann Derivate long und short einsetzen, um Anlagegewinne zu erzielen, das Risiko zu reduzieren oder den Fonds effizienter zu verwalten. Der Fonds kann von Hebeleffekten Gebrauch machen.
Der Fonds weist basierend auf den Ratingkriterien des Anlageverwalters einen höheren Gesamtnachhaltigkeitswert als Bloomberg US Aggregate Bond (TR) Index auf. Weitere Informationen zum Anlageprozess, mit dem dies erreicht werden soll, finden Sie im Abschnitt „Merkmale des Fonds“.
Der Fonds investiert nicht direkt in bestimmte Aktivitäten, Branchen oder Emittentengruppen oberhalb der Grenzen, die unter „Informationen zur Nachhaltigkeit“ auf der Website des Fonds unter www.schroders.com/en/lu/private- investor/gfc aufgeführt sind. | The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. The Fund may use leverage.
The Fund maintains a higher overall sustainability score than the Bloomberg US Aggregate Bond (TR) index based on the Investment Manager’s rating criteria. More details on the investment process used to achieve this can be found in the Fund Characteristics section.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | de |
DOLFIN9391 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
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Risque plus faible Risque plus élevé
Le fonds promeut des caractéristiques environnementales et/ou sociales, conformément à l'article 8 du Règlement (UE) sur la publication d'informations en matière de durabilité dans le secteur des services financiers (SFDR). Pour de plus amples informations sur la manière dont le fonds prend en considération les critères environnementaux et/ou sociaux, veuillez consulter le prospectus du fonds ou le site web nordea.lu.
Le fonds est soumis à la politique d'investissement responsable définie par Nordea Asset Management.
Chaque investisseur peut demander le rachat de ses actions par le compartiment sur une base quotidienne. Ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les 3 prochaines années.
Bien que la performance du fonds soit comparée à celle de l'indice Bloomberg Series-E Norway Govt All > 1 Yr Bond Index, il jouit de la plus grande liberté au moment de sélectionner les titres dans lesquels il investit. Les caractéristiques de risque du portefeuille du fonds peuvent présenter une certaine ressemblance avec celles de l'indice. Le fonds a recours à un indice de référence qui n'est pas aligné sur les caractéristiques environnementales et sociales du fonds.
Cette classe d'actions ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
Le fonds est libellé en NOK. Les investissements dans cette catégorie d'actions se font en EUR. Les fluctuations du taux de change NOK/EUR peuvent entraîner des différences significatives entre la performance de la catégorie d'actions exprimée en EUR et celle du fonds exprimée en NOK.
Rendement potentiellement plus faible
Rendement potentiellement plus
élevé
L'indicateur mesure le risque de fluctuation de la Valeur nette d'inventaire de la catégorie d'actions sur la base de la volatilité affichée au cours des 5 dernières années et classe le fonds dans la catégorie 4. Cela signifie que le prix des parts acquises au sein du fonds peut modérément fluctuer.
Veuillez noter que la catégorie 1 n'est pas synonyme d'investissement sans risque.
Les données historiques, telles que celles utilisées pour calculer l'indicateur synthétique, pourraient ne pas constituer une indication fiable du profil de risque futur de l'OPCVM, sa catégorie étant susceptible de changer à l'avenir.
Les risques suivants sont importants pour l'OPCVM mais ne sont pas adéquatement pris en considération par l'indicateur synthétique et peuvent donc être à l'origine de pertes plus conséquentes :
2 Risque lié aux ABS/MBS : Les titres adossés à des créances hypothécaires et à des actifs (MBS et ABS) comportent généralement un risque de remboursement anticipé et d'extension de maturité et peuvent également impliquer un risque de liquidité supérieur à la moyenne.
2 Risque de concentration : Lorsque le fonds investit une grande partie de ses actifs dans un nombre limité d'industries, de secteurs, d'émetteurs ou dans une zone géographique limitée, il peut présenter davantage de risques qu'un fonds aux investissements plus diversifiés.
2 Risque lié aux instruments dérivés : Des variations légères de la valeur d'un actif sous-jacent peuvent donner lieu à d'importantes fluctuations de la valeur d'un instrument dérivé. Dans ce contexte, les instruments dérivés sont généralement fortement volatils, et ils exposent le fonds à des pertes potentielles substantiellement plus élevées que le coût d'un instrument dérivé.
Pour de plus amples informations sur les risques auxquels le fonds est exposé, veuillez vous référer à la section « Descriptions des risques » du Prospectus.
Informations clés pour l'investisseur | # Perfil de riesgo y remuneración
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| --- | --- | --- | --- | --- | --- | --- |
Menor riesgo Mayor riesgo
El fondo promociona características ambientales y/o sociales de acuerdo con el artículo 8 del Reglamento (UE) sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (SFDR). Podrá obtener más información sobre la forma en la que el fondo tiene en cuenta criterios ambientales y/o sociales en el folleto del fondo y en el sitio web nordea.lu.
El fondo está sujeto a la política de inversión responsable de Nordea Asset Management.
Los inversores que lo soliciten podrán reembolsar sus acciones del fondo a diario. Este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 3 años.
Si bien el fondo compara su rentabilidad con la del Bloomberg Series- E Norway Govt All > 1 Yr Bond Index, podrá seleccionar libremente los valores en los que invertirá. Las características de riesgo de la cartera del fondo podrán guardar cierta semejanza con las del índice de referencia. El fondo utiliza un índice de referencia, el cual no se ajusta a las características ambientales y sociales del fondo.
Esta clase de acciones no distribuye dividendos. Los ingresos de las inversiones se reinvierten.
La moneda de denominación del fondo es NOK. Las inversiones en esta clase de acciones se realizan en EUR. Las fluctuaciones del cambio NOK/ EUR pueden hacer que la rentabilidad en EUR de la clase de acciones se desvíe significativamente de la rentabilidad del fondo en NOK.
Potencialmente menor remuneración
Potencialmente mayor
remuneración
El indicador mide el riesgo de que se produzcan fluctuaciones en el valor liquidativo de la clase de acciones tomando como base la volatilidad de los 5 últimos años y asigna el fondo a la categoría 4. Consecuentemente, la adquisición de participaciones del fondo está vinculada a un riesgo moderado de que se produzcan tales fluctuaciones.
Tenga en cuenta que la asignación a la categoría 1 no significa que la inversión esté libre de riesgo.
Los datos históricos, tales como los utilizados en el cálculo del indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del OICVM, ya que la categoría podría cambiar en el futuro.
Los riesgos siguientes revisten una importancia significativa para el OICVM pero no están adecuadamente reflejados en el indicador sintético y podrían dar lugar a pérdidas adicionales:
2 Riesgo vinculado a los ABS/MBS: Los bonos de titulización hipotecaria (MBS) y los bonos de titulización de activos (ABS) suelen conllevar un riesgo de reembolso anticipado y prórroga, y pueden presentar un riesgo de liquidez superior a la media.
2 Riesgo de concentración: Si el fondo invierte una parte considerable de su patrimonio en un número reducido de industrias, sectores o emisores, o en una zona geográfica limitada, podría estar sujeto a mayores riesgos que un fondo que invierte de manera más diversificada.
2 Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado.
Para obtener más información sobre los riesgos a los que se expone el fondo, puede consultar el apartado titulado «Descripciones de los riesgos» del Folleto.
Datos fundamentales para el inversor | # Profil de risque et de rendement
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque plus faible Risque plus élevé
Le fonds promeut des caractéristiques environnementales et/ou sociales, conformément à l'article 8 du Règlement (UE) sur la publication d'informations en matière de durabilité dans le secteur des services financiers (SFDR). Pour de plus amples informations sur la manière dont le fonds prend en considération les critères environnementaux et/ou sociaux, veuillez consulter le prospectus du fonds ou le site web nordea.lu.
Le fonds est soumis à la politique d'investissement responsable définie par Nordea Asset Management.
Chaque investisseur peut demander le rachat de ses actions par le compartiment sur une base quotidienne. Ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les 3 prochaines années.
Bien que la performance du fonds soit comparée à celle de l'indice Bloomberg Series-E Norway Govt All > 1 Yr Bond Index, il jouit de la plus grande liberté au moment de sélectionner les titres dans lesquels il investit. Les caractéristiques de risque du portefeuille du fonds peuvent présenter une certaine ressemblance avec celles de l'indice. Le fonds a recours à un indice de référence qui n'est pas aligné sur les caractéristiques environnementales et sociales du fonds.
Cette classe d'actions ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
Le fonds est libellé en NOK. Les investissements dans cette catégorie d'actions se font en EUR. Les fluctuations du taux de change NOK/EUR peuvent entraîner des différences significatives entre la performance de la catégorie d'actions exprimée en EUR et celle du fonds exprimée en NOK.
Rendement potentiellement plus faible
Rendement potentiellement plus
élevé
L'indicateur mesure le risque de fluctuation de la Valeur nette d'inventaire de la catégorie d'actions sur la base de la volatilité affichée au cours des 5 dernières années et classe le fonds dans la catégorie 4. Cela signifie que le prix des parts acquises au sein du fonds peut modérément fluctuer.
Veuillez noter que la catégorie 1 n'est pas synonyme d'investissement sans risque.
Les données historiques, telles que celles utilisées pour calculer l'indicateur synthétique, pourraient ne pas constituer une indication fiable du profil de risque futur de l'OPCVM, sa catégorie étant susceptible de changer à l'avenir.
Les risques suivants sont importants pour l'OPCVM mais ne sont pas adéquatement pris en considération par l'indicateur synthétique et peuvent donc être à l'origine de pertes plus conséquentes :
2 Risque lié aux ABS/MBS : Les titres adossés à des créances hypothécaires et à des actifs (MBS et ABS) comportent généralement un risque de remboursement anticipé et d'extension de maturité et peuvent également impliquer un risque de liquidité supérieur à la moyenne.
2 Risque de concentration : Lorsque le fonds investit une grande partie de ses actifs dans un nombre limité d'industries, de secteurs, d'émetteurs ou dans une zone géographique limitée, il peut présenter davantage de risques qu'un fonds aux investissements plus diversifiés.
2 Risque lié aux instruments dérivés : Des variations légères de la valeur d'un actif sous-jacent peuvent donner lieu à d'importantes fluctuations de la valeur d'un instrument dérivé. Dans ce contexte, les instruments dérivés sont généralement fortement volatils, et ils exposent le fonds à des pertes potentielles substantiellement plus élevées que le coût d'un instrument dérivé.
Pour de plus amples informations sur les risques auxquels le fonds est exposé, veuillez vous référer à la section « Descriptions des risques » du Prospectus.
Informations clés pour l'investisseur | fr | es |
DOLFIN9392 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
CLNs are also subject to the risk of loss and/or delay in the repayment of principal and the periodic interest payment expected to be received in the event that one or more of the underlying debt obligations defaults or no longer performs. Additional risks result from the fact that the documentation of such notes programmes tends to be highly customised. The liquidity of an ELN, CLN or similar notes can be less than that for the underlying security, a regular bond or debt instrument and this may adversely affect either the ability to sell the position or the price at which such a sale is transacted.
- DERIVATIVES/COUNTERPARTY RELATED RISKS
- GeneralThe funds may use various financial derivative instruments to reduce risks or costs or to generate additional capital or income in order to meet their investment objectives. Financial derivative instruments may be used for investment purposes and/or to implement more complex strategies, as further described in their respective investment objectives, depending on the circumstances and the purposes for which the derivatives are used. Entering into financial derivatives instruments for investment purposes may, to some extent, impact the risk profile of a fund. | Les CLN impliquent également un risque de perte et/ou de retard du remboursement du principal et du paiement périodique des intérêts qui devraient être perçus en cas de défaut ou d’absence de performance d’un ou de plusieurs titres de créance sous-jacents. Ces types d’instruments présentent des risques supplémentaires en cela que leur structuration tend à être largement individualisée. La liquidité d’une obligation adossée à des actions, d’obligations adossées à des crédits ou d’obligations semblables peut être moindre que celle pour le titre sous-jacent, une obligation ou un titre de créance ordinaire et cela peut nuire à la capacité à céder la position ou au prix auquel une telle cession est effectuée.
- RISQUES LIÉS AUX DÉRIVÉS/À LA CONTREPARTIE
- Risques générauxLes Compartiments peuvent faire appel à divers instruments financiers dérivés pour réduire les risques ou les coûts ou pour générer un capital ou des revenus supplémentaires afin de remplir leurs objectifs d’investissement. Des instruments financiers dérivés peuvent être utilisés à des fins d’investissement et/ou de mise en œuvre de stratégies plus complexes, comme décrit plus en détail dans les objectifs d’investissement des Compartiments, en fonction des circonstances et des raisons suscitant le recours à de tels instruments. L’utilisation d’instruments financiers dérivés à des fins d’investissement peut, dans une certaine mesure, affecter le profil de risque d’un Compartiment. | CLNs are also subject to the risk of loss and/or delay in the repayment of principal and the periodic interest payment expected to be received in the event that one or more of the underlying debt obligations defaults or no longer performs. Additional risks result from the fact that the documentation of such notes programmes tends to be highly customised. The liquidity of an ELN, CLN or similar notes can be less than that for the underlying security, a regular bond or debt instrument and this may adversely affect either the ability to sell the position or the price at which such a sale is transacted.
- DERIVATIVES/COUNTERPARTY RELATED RISKS
- GeneralThe funds may use various financial derivative instruments to reduce risks or costs or to generate additional capital or income in order to meet their investment objectives. Financial derivative instruments may be used for investment purposes and/or to implement more complex strategies, as further described in their respective investment objectives, depending on the circumstances and the purposes for which the derivatives are used. Entering into financial derivatives instruments for investment purposes may, to some extent, impact the risk profile of a fund. | en | fr |
DOLFIN9393 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Following the initial offer period of a Sub-Fund, any issue of Units shall only be made by the Administrator on a Dealing Day.
The Units shall be issued in registered form. Written confirmations will be issued confirming Unitholders holdings and registration in the register of Unitholders. Certificates for Units will not normally be issued.
US Persons may not purchase Units of any Sub-Fund in the Fund (except in accordance with an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended and the United Stated Investment Company Act of 1940, as amended) and applicants may be required to certify that they are not acquiring Units for, directly or indirectly, US Persons and that such applicants will not sell or offer to sell or transfer such Units to a US Person. | ### Après la période d'offre initiale d'un Compartiment, toute émission de Parts sera uniquement effectuée par l'Agent Administratif au cours d’un Jour de Transaction.
Les Parts seront émises sous forme nominative. Des confirmations écrites seront émises confirmant la participation des Détenteurs de Parts et l'inscription dans le registre des Détenteurs de Parts. Il ne sera en principe pas délivré de certificats de Parts.
Les Personnes des États-Unis ne peuvent acheter des Parts d'aucun des Compartiments du Fonds (sauf conformément à une exemption applicable des obligations d'enregistrement prévues par la loi intituléeUnited States Securities Act de 1933, telle que modifiée, et la loi intitulée United Stated Investment Company Act de 1940, telle que modifiée), et les souscripteurs peuvent être amenés à certifier qu’ils n’acquièrent pas des Parts pour des Personnes des États-Unis, directement ou indirectement, et qu’ils ne vendront, ni ne proposeront de vendre ni ne transféreront ces Parts à une Personne des États-Unis. | ### Following the initial offer period of a Sub-Fund, any issue of Units shall only be made by the Administrator on a Dealing Day.
The Units shall be issued in registered form. Written confirmations will be issued confirming Unitholders holdings and registration in the register of Unitholders. Certificates for Units will not normally be issued.
US Persons may not purchase Units of any Sub-Fund in the Fund (except in accordance with an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended and the United Stated Investment Company Act of 1940, as amended) and applicants may be required to certify that they are not acquiring Units for, directly or indirectly, US Persons and that such applicants will not sell or offer to sell or transfer such Units to a US Person. | en | fr |
DOLFIN9394 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment Objective & Policy
The Fund aims to increase the value of your investment over the long term by investing in companies with strong or improving environmental, social and governance (ESG) characteristics. It looks to outperform the MSCI Emerging Markets Index after the deduction of charges.
The Fund invests at least two-thirds of its assets in shares of companies in emerging markets and/or companies that have significant operations in emerging markets. The Fund’s investment approach means it will typically hold a small number of investments compared with other funds.
The Fund may invest up to 30% of its assets in China A Shares via the China-Hong Kong Stock Connect Programme. The Fund may also invest in asset classes and instruments different from those stated above.
The fund manager focuses on selecting companies with strong or improving ESG characteristics, as outlined in the Fund’s ESG Investment Guidelines. Those companies will demonstrate leadership through strong ESG practices. The fund manager also aims to exclude companies that are unable to satisfy those guidelines.
The Fund’s ESG Investment Guidelines are available on request and on the Columbia Threadneedle Investments website.
The fund manager will use measures that compare the ESG characteristics of the Fund against the MSCI Emerging Markets Index. This index also provides a helpful benchmark against which the financial performance can be compared and has been chosen for these purposes as a good representation of large and medium-sized companies within emerging market countries. The index is not designed to specifically consider environmental or social characteristics.
Deviations from the index, including guidelines on the level of risk relative to the index, will be considered as part of the fund manager’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. In keeping with its ESG Investment Guidelines, the Fund will not invest in some sectors and companies in the index.
The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). | ## Objectif et politique d'investissement
Le Fonds vise à accroître la valeur de votre investissement à long terme en investissant dans des sociétés présentant des caractéristiques environnementales, sociales et de gouvernance (ESG) solides ou en progression. Il cherche à surperformer l’indice MSCI Emerging Markets déduction faite des frais.
Le Fonds investit au moins deux tiers de ses actifs en actions de sociétés des marchés émergents et/ou dans les sociétés y exerçant une partie significative de leurs activités. L’approche d’investissement du Fonds implique qu’il détiendra normalement un nombre limité d’investissements en comparaison avec d’autres fonds.
Le Fonds peut investir jusqu’à 30 % de ses actifs dans des Actions A chinoises par le biais du Programme China-Hong Kong Stock Connect. Le Fonds peut également investir dans des classes d’actifs et instruments qui diffèrent de ceux mentionnés ci-dessus.
Le gestionnaire de fonds se concentre sur la sélection de sociétés présentant des caractéristiques ESG solides ou en progression, comme décrit dans les Directives d’investissement ESG du Fonds.
Ces sociétés feront preuve de leadership par leurs pratiques ESG solides. Le gestionnaire de fonds vise également à exclure les sociétés qui ne sont pas en mesure de respecter ces directives.
Les Directives d’investissement ESG du Fonds sont disponibles sur demande et sur le site Internet de Columbia Threadneedle Investments.
Le gestionnaire de fonds utilisera des outils de mesure qui comparent les caractéristiques ESG du Fonds à l’Indice MSCI Emerging Markets. Cet indice représente également une référence utile par rapport à laquelle la performance financière peut être comparée et a été choisi à ces fins comme la représentation fidèle des grandes et moyennes entreprises des pays émergents. L’indice n’est pas conçu pour tenir compte spécifiquement de caractéristiques environnementales ou sociales.
Les différences par rapport à l’indice, y compris les directives sur les limites appliquées au niveau de risque par rapport à l’indice, seront considérées comme relevant du processus de suivi des risques du gestionnaire d’investissement, afin de garantir que le niveau général des risques est globalement conforme à celui de l’indice. Conformément à la stratégie de gestion active du Fonds, des différences significatives par rapport à l’indice sont possibles. Conformément à ses Directives d’investissement ESG, le Fonds n’investira pas dans certains secteurs et sociétés représentés au sein de l’indice.
Le Fonds est considéré comme un fonds qui promeut des caractéristiques environnementales ou sociales en vertu de l’Article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (SFDR). | ## Investment Objective & Policy
The Fund aims to increase the value of your investment over the long term by investing in companies with strong or improving environmental, social and governance (ESG) characteristics. It looks to outperform the MSCI Emerging Markets Index after the deduction of charges.
The Fund invests at least two-thirds of its assets in shares of companies in emerging markets and/or companies that have significant operations in emerging markets. The Fund’s investment approach means it will typically hold a small number of investments compared with other funds.
The Fund may invest up to 30% of its assets in China A Shares via the China-Hong Kong Stock Connect Programme. The Fund may also invest in asset classes and instruments different from those stated above.
The fund manager focuses on selecting companies with strong or improving ESG characteristics, as outlined in the Fund’s ESG Investment Guidelines. Those companies will demonstrate leadership through strong ESG practices. The fund manager also aims to exclude companies that are unable to satisfy those guidelines.
The Fund’s ESG Investment Guidelines are available on request and on the Columbia Threadneedle Investments website.
The fund manager will use measures that compare the ESG characteristics of the Fund against the MSCI Emerging Markets Index. This index also provides a helpful benchmark against which the financial performance can be compared and has been chosen for these purposes as a good representation of large and medium-sized companies within emerging market countries. The index is not designed to specifically consider environmental or social characteristics.
Deviations from the index, including guidelines on the level of risk relative to the index, will be considered as part of the fund manager’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. In keeping with its ESG Investment Guidelines, the Fund will not invest in some sectors and companies in the index.
The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). | en | fr |
DOLFIN9395 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Credit Default Swaps
A credit default swap allows the transfer of default risk. This allows the Fund to effectively buy insurance on a reference obligation it holds (hedging the investment), or buy protection on a reference obligation it does not physically own in the expectation that the credit will decline in quality. One party, the protection buyer, makes a stream of payments to the seller of the protection, and a payment is due to the buyer if there is a credit event (a decline in credit quality, which will be predefined in the agreement between the parties). If the credit event does not occur the buyer pays all the required premiums and the swap terminates on maturity with no further payments. The risk of the buyer is therefore limited to the value of the premiums paid. In addition, if there is a credit event and the sub-fund does not hold the underlying reference obligation, there may be a market risk as the sub-fund may need time to obtain the reference obligation and deliver it to the counterparty. Furthermore, if the counterparty becomes insolvent, the sub-fund may not recover the full amount due to it from the counterparty. The market for credit default swaps may sometimes be more illiquid than the bond markets. The Company will mitigate this risk by monitoring in an appropriate manner the use of this type of transaction.
Credit default swaps were valued at their intrinsic value. The valuation method involves the current value of the interest-rate series and the current value of the credit spread traded on the market at the closing date. The result of these revaluations together with any interest receivable/payable in relation to credit default swaps is shown in the Statement of Net Assets under ‘Net unrealised appreciation/ (depreciation) on credit default swap contracts’.
On 30 September 2021 the following sub-fund was committed to credit default swap agreements: | #### Swaps de défaut de crédit
Les swaps de défaut de crédit permettent de transférer le risque de défaut. Le Fonds peut ainsi acheter une protection sur une obligation de référence qu’il détient (en couvrant l’investissement) ou qu’il ne détient pas physiquement lorsqu’il estime que sa qualité de crédit est susceptible de baisser. L’une des deux parties, l’acheteur de la protection, verse au vendeur de la protection un flux de paiements et, si un incident de crédit se produit (baisse de la qualité de crédit, tel que convenu préalablement par les parties), un certain montant est dû à l’acheteur. Si aucun incident de crédit ne survient, l’acheteur verse au vendeur toutes les primes requises et le swap prend fin à l’échéance sans qu’aucun autre paiement ne soit dû. Pour l’acheteur, le risque se limite donc au montant des primes versées. Par ailleurs, si un incident de crédit se produit au titre d’une obligation de référence sous-jacente que le compartiment ne détient pas, ce dernier s’expose au risque de marché en ce sens qu’il ne pourra pas forcément se procurer immédiatement l’obligation de référence qu’il doit remettre à la contrepartie. En outre, si la contrepartie est déclarée insolvable, il se peut que le compartiment ne puisse pas récupérer l’intégralité du montant dont elle lui est redevable. Le marché des swaps de défaut de crédit peut parfois s’avérer moins liquide que les marchés obligataires. La Société veillera à réduire ce risque en contrôlant de manière pertinente le recours à ce type de transactions.
Les swaps de défaut de crédit ont été évalués à leur valeur intrinsèque. La méthode d’évaluation tient compte de la valeur actuelle de la série de taux d’intérêt et la valeur actuelle du spread de crédit négocié sur le marché à la date de clôture. Le résultat de ces réévaluations, ainsi que tout intérêt à recevoir ou à payer relativement à des swaps de défaut de crédit, est présenté dans l’État de l’actif net à la rubrique « Plus/(moins)-value nette latente sur les swaps de défaut de crédit ».
Au 30 septembre 2021, le compartiment suivant était partie à des accords de swap de défaut de crédit : | #### Credit Default Swaps
A credit default swap allows the transfer of default risk. This allows the Fund to effectively buy insurance on a reference obligation it holds (hedging the investment), or buy protection on a reference obligation it does not physically own in the expectation that the credit will decline in quality. One party, the protection buyer, makes a stream of payments to the seller of the protection, and a payment is due to the buyer if there is a credit event (a decline in credit quality, which will be predefined in the agreement between the parties). If the credit event does not occur the buyer pays all the required premiums and the swap terminates on maturity with no further payments. The risk of the buyer is therefore limited to the value of the premiums paid. In addition, if there is a credit event and the sub-fund does not hold the underlying reference obligation, there may be a market risk as the sub-fund may need time to obtain the reference obligation and deliver it to the counterparty. Furthermore, if the counterparty becomes insolvent, the sub-fund may not recover the full amount due to it from the counterparty. The market for credit default swaps may sometimes be more illiquid than the bond markets. The Company will mitigate this risk by monitoring in an appropriate manner the use of this type of transaction.
Credit default swaps were valued at their intrinsic value. The valuation method involves the current value of the interest-rate series and the current value of the credit spread traded on the market at the closing date. The result of these revaluations together with any interest receivable/payable in relation to credit default swaps is shown in the Statement of Net Assets under ‘Net unrealised appreciation/ (depreciation) on credit default swap contracts’.
On 30 September 2021 the following sub-fund was committed to credit default swap agreements: | en | fr |
DOLFIN9396 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## La performance est calculée après déduction des frais courants et des commissions de surperformance. Le calcul ne tient pas compte des frais d’entrée ou de sortie.
-40
2016 2017 2018 2019 2020 | ## La rentabilidad se indica después de deducir los gastos corrientes y las comisiones de rentabilidad. Se excluyen del cálculo los gastos de entrada o de salida.
-40
2016 2017 2018 2019 2020 | ## La performance est calculée après déduction des frais courants et des commissions de surperformance. Le calcul ne tient pas compte des frais d’entrée ou de sortie.
-40
2016 2017 2018 2019 2020 | fr | es |
DOLFIN9397 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company may merge the Fund at any time with another domestic or foreign UCITS or absorb another domestic or foreign UCITS on a resolution by the Management Company in accordance with the provisions of Chapter 8 of the Law of 2010.
If the Management Company reaches a resolution to merge the Fund with another UCITS or to absorb another UCITS in accordance with the above paragraph, this must be announced in the RESA subject to notice of 35 days before it comes into effect, and in accordance with the statutory provisions of the countries in which the Fund is approved for public distribution.
Taking account of Article 9 of the Management Regulations, investors of the merging fund and of the absorbing fund have the right to return their units free of charge after publication of the notice to the investors about the merger until five (5) banking days before the date of the merger. | Die Verwaltungsgesellschaft kann den Fonds jederzeit durch Beschluss der Verwaltungsgesellschaft gemäß den Vorschriften des Kapitels 8 des Gesetzes von 2010 mit einem anderen inländischen oder ausländischen OGAW zusammenschließen oder einen anderen inländischen oder ausländischen OGAW aufnehmen.
Fasst die Verwaltungsgesellschaft einen Beschluss zum Zusammenschluss des Fonds mit einem anderen OGAW oder zur Aufnahme eines anderen OGAW gemäß vorstehendem Absatz, so ist dies mit einer Frist von 35 Tagen vor dem Inkrafttreten im RESA und gemäß den gesetzlichen Bestimmungen der Länder zu veröffentlichen, in denen der Fonds zum öffentlichen Vertrieb zugelassen ist.
Unter Berücksichtigung des Artikels 9 des Verwaltungsreglements haben Anleger des verschmelzenden Fonds als auch des aufnehmenden Fonds nach Veröffentlichung der Mitteilung an die Anleger über die Fusion bis fünf (5) Bankarbeitstage vor dem Termin der Verschmelzung das Recht, ihre Anteile kostenfrei zurückzugeben. | The Management Company may merge the Fund at any time with another domestic or foreign UCITS or absorb another domestic or foreign UCITS on a resolution by the Management Company in accordance with the provisions of Chapter 8 of the Law of 2010.
If the Management Company reaches a resolution to merge the Fund with another UCITS or to absorb another UCITS in accordance with the above paragraph, this must be announced in the RESA subject to notice of 35 days before it comes into effect, and in accordance with the statutory provisions of the countries in which the Fund is approved for public distribution.
Taking account of Article 9 of the Management Regulations, investors of the merging fund and of the absorbing fund have the right to return their units free of charge after publication of the notice to the investors about the merger until five (5) banking days before the date of the merger. | en | de |
DOLFIN9398 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | We do not charge an entry fee for this Product. We do not charge an exit fee for this Product. | USD 0 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 1.70% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Product. The actual amount will vary depending on how much we buy and sell. | USD 170 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | USD 216 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | # ¿Cuáles son los costes? (continuación)
## Tabla 2: Composición de los costes
| Costes únicos de entrada o salida Impacto en el rendimiento si sale después de un año |
| --- |
| Costes de entrada Costes de salida | No cobramos comisión de entrada por este Producto. No cobramos comisión de salida por este Producto. | USD 0 USD 0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento Costes de operación | 1,70% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. 0,63% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del Producto. El importe real variará en función de la cantidad que compremos y vendamos. | USD 170 USD 63 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento (y participaciones en cuenta) | Cargamos comisiones de rendimiento de su inversión del 15% de la rentabilidad superior en comparación con la Nueva Apreciación Neta. La cantidad real variará según el rendimiento de su inversión. La estimación de costes agregados anterior incluye el promedio de los últimos 5 años. | USD 216 |
Puede aplicarse una comisión de canje de hasta el 1 % del valor de las Acciones objeto de canje. Esta comisión solo se aplica si canjea las Acciones que posee por otras clases de Acciones de un Subfondo del Fondo. | # What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | We do not charge an entry fee for this Product. We do not charge an exit fee for this Product. | USD 0 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 1.70% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Product. The actual amount will vary depending on how much we buy and sell. | USD 170 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | USD 216 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | en | es |
DOLFIN9399 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# 2-2.2 bis Information relating to OTC financial agreements
Counterparties consist of leading credit institutions. They are selected and regularly assessed in accordance with the counterparty selection procedure, which is available on request from the Management Company. These transactions are systematically covered by a contract signed between the UCITS and the counterparty that defines the procedures for reducing counterparty risk.
The counterparty or counterparties does/do not have any discretionary decision-making powers regarding the composition or management of the UCITS investment portfolio or the derivative’s underlying asset. | # 2-2.2 bis Informations relatives aux contrats financiers de gré à gré
Les contreparties sont des établissements de crédit de premier rang. Elles sont sélectionnées et évaluées régulièrement conformément à la procédure de sélection des contreparties disponible sur simple demande auprès de la société de gestion. Ces opérations font systématiquement l’objet de la signature d’un contrat entre l’OPCVM et la contrepartie définissant les modalités de réduction du risque de contrepartie.
La ou les contreparties ne disposent pas d’un pouvoir de décision discrétionnaire sur la composition ou la gestion du portefeuille d’investissement de l’OPCVM ou sur l’actif sous-jacent de l’instrument dérivé. | # 2-2.2 bis Information relating to OTC financial agreements
Counterparties consist of leading credit institutions. They are selected and regularly assessed in accordance with the counterparty selection procedure, which is available on request from the Management Company. These transactions are systematically covered by a contract signed between the UCITS and the counterparty that defines the procedures for reducing counterparty risk.
The counterparty or counterparties does/do not have any discretionary decision-making powers regarding the composition or management of the UCITS investment portfolio or the derivative’s underlying asset. | en | fr |
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