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DOLFIN9400 | 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 | 312 EUR | 2.817 EUR |
| Incidence des coûts annuels (*) | 3,1 % | 3,4 % | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 312 EUR | 2.817 EUR |
| Incidencia anual de los costes (*) | 3,1% | 3,4% | | | Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 312 EUR | 2.817 EUR |
| Incidence des coûts annuels (*) | 3,1 % | 3,4 % | | fr | es |
DOLFIN9401 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Vous êtes sur le point d’acheter un produit qui n’est pas simple et qui peut être difficile à comprendre. EN QUOI CONSISTE CE PRODUIT ?
Type: Organismes de placement collectif en valeurs mobilières
Terme du produit: Période de détention minimum recommandée : 5 année(s)
Objectif: L’objectif d’investissement du Fonds est la croissance du capital à long terme. Le Fonds cherche principalement à atteindre l’objectif d’investissement en acquérant une exposition directe et indirecte (via des positions longues et/ou courtes) aux actions et titres liés à des actions du monde entier cotés ou négociés sur un Marché reconnu. Le Fonds peut aussi acquérir une exposition aux actions à travers des investissements dans des IFD. Le Gestionnaire par délégation adopte une approche fondamentale ascendante de l’analyse d’investissement et cherche à identifier des opportunités d’investissement parmi trois grands thèmes du développement durable (la consommation, l’efficacité et la création de ressources / la réduction des déchets). L’accent est mis sur les sociétés qui offrent des solutions perturbatrices de marché ou axées sur le marché pour relever les défis mondiaux relatifs au développement durable. Le Fonds est géré activement, ce qui signifie que le Gestionnaire par délégation prend des décisions d’investissement actives pour le Fonds. Le Fonds n’est pas géré par rapport à un indice de référence. Des informations supplémentaires sont détaillées dans le prospectus: https://www.heptagon-capital.com/documents/prospectus .
Investisseur de détail visé: L’investisseur visé par ce Fonds doit avoir des connaissances de base sur les instruments financiers concernés. | # Está a punto de adquirir un producto que no es sencillo y que puede ser difícil de comprender.
¿QUÉ ES ESTE PRODUCTO?
Tipo: Organismos de inversión colectiva en valores mobiliarios
Plazo del producto: Período de mantenimiento mínimo recomendado: 5 año(s)
Objetivo: El objetivo de inversión del Fondo es conseguir crecimiento del capital a largo plazo. El Fondo trata de alcanzar el objetivo de inversión principalmente mediante la adquisición de una exposición directa e indirecta (a largo y/o corto plazo) a valores de renta variable mundial y valores relacionados con la renta variable que coticen o se negocien en un Mercado Reconocido. El Fondo también puede adquirir exposición a valores de renta variable mediante la inversión en FDI. El Gestor delegado de inversiones aplica un enfoque fundamental y ascendente al análisis de las inversiones y trata de identificar oportunidades de inversión en tres grandes temas dentro de la sostenibilidad (consumo, eficiencia y generación de recursos/reducción de residuos). La atención se centra en las empresas que ofrecen soluciones que perjudican el mercado o que se adaptan al mismo para los desafíos de la sostenibilidad mundial. El Fondo se gestiona de forma activa, lo que significa que el Subgestor de Inversiones adopta activamente decisiones de inversión para el Fondo. El Fondo no se gestiona en función de ningún índice de referencia. En el Folleto se ofrece información adicional: https://www.heptagon-capital.com/documents/prospectus .
Inversor minorista al que va dirigido: El inversor al que va dirigido este Fondo debe tener conocimientos básicos de los instrumentos financieros pertinentes. | # Vous êtes sur le point d’acheter un produit qui n’est pas simple et qui peut être difficile à comprendre. EN QUOI CONSISTE CE PRODUIT ?
Type: Organismes de placement collectif en valeurs mobilières
Terme du produit: Période de détention minimum recommandée : 5 année(s)
Objectif: L’objectif d’investissement du Fonds est la croissance du capital à long terme. Le Fonds cherche principalement à atteindre l’objectif d’investissement en acquérant une exposition directe et indirecte (via des positions longues et/ou courtes) aux actions et titres liés à des actions du monde entier cotés ou négociés sur un Marché reconnu. Le Fonds peut aussi acquérir une exposition aux actions à travers des investissements dans des IFD. Le Gestionnaire par délégation adopte une approche fondamentale ascendante de l’analyse d’investissement et cherche à identifier des opportunités d’investissement parmi trois grands thèmes du développement durable (la consommation, l’efficacité et la création de ressources / la réduction des déchets). L’accent est mis sur les sociétés qui offrent des solutions perturbatrices de marché ou axées sur le marché pour relever les défis mondiaux relatifs au développement durable. Le Fonds est géré activement, ce qui signifie que le Gestionnaire par délégation prend des décisions d’investissement actives pour le Fonds. Le Fonds n’est pas géré par rapport à un indice de référence. Des informations supplémentaires sont détaillées dans le prospectus: https://www.heptagon-capital.com/documents/prospectus .
Investisseur de détail visé: L’investisseur visé par ce Fonds doit avoir des connaissances de base sur les instruments financiers concernés. | fr | es |
DOLFIN9402 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Interest on bonds and debt securities is recorded using the interest received method.
VII – REMUNERATION
The Management Company’s remuneration policy has been designed to protect clients’ interests, to prevent conflicts of interest and to ensure that there is no incentive to take excessive risks.
It applies the following principles: paying for performance, sharing wealth creation, aligning the long-term interests of employees and the company and encouraging an element of employee financial participation in risks.
Details of the up-to-date remuneration policy, including, in particular, the persons responsible for allocating remuneration and benefits and a description of how these are calculated, are available online at http://www.bnpparibas-am.com/en/remuneration-policy/. Paper copies are available free of charge from the Management Company, on written request.
Prospectus publication date: 1 April 2021 | Les intérêts sur obligations et titres de créances sont enregistrés selon la méthode des intérêts encaissés.
VII - REMUNERATION
La politique de rémunération de la société de gestion a été conçue pour protéger les intérêts des clients, éviter les conflits d’intérêts et garantir qu’il n’y a pas d’incitation à une prise de risque excessive.
Elle met en œuvre les principes suivants : payer pour la performance, partager la création de richesse, aligner à long terme les intérêts des collaborateurs et de l’entreprise et promouvoir un élément d’association financière des collaborateurs aux risques.
Les détails de la politique de rémunération actualisée, comprenant notamment les personnes responsables de l’attribution des rémunérations et des avantages et une description de la manière dont ils sont calculés, sont disponibles sur le site internet http://www.bnpparibas-am.com/fr/politique-de-remuneration/. Un exemplaire sur papier est également mis à disposition gratuitement sur simple demande écrite auprès de la société de gestion.
Date de publication du prospectus : 1er avril 2021 | Interest on bonds and debt securities is recorded using the interest received method.
VII – REMUNERATION
The Management Company’s remuneration policy has been designed to protect clients’ interests, to prevent conflicts of interest and to ensure that there is no incentive to take excessive risks.
It applies the following principles: paying for performance, sharing wealth creation, aligning the long-term interests of employees and the company and encouraging an element of employee financial participation in risks.
Details of the up-to-date remuneration policy, including, in particular, the persons responsible for allocating remuneration and benefits and a description of how these are calculated, are available online at http://www.bnpparibas-am.com/en/remuneration-policy/. Paper copies are available free of charge from the Management Company, on written request.
Prospectus publication date: 1 April 2021 | en | fr |
DOLFIN9403 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# EN QUOI CONSISTE CE PRODUIT ?
## Type
Ce produit est un organisme de placement collectif en valeurs mobilières (OPCVM) qualifié de fonds indiciel coté (ETF). Il est constitué sous la forme d’un compartiment de BNP PARIBAS EASY, une société d’investissement à capital variable (SICAV) régies par les dispositions de la partie I de la loi luxembourgeoise du 17 décembre 2010 (la « Loi 2010 » ) relative aux organismes de placement collectif ainsi que par la directive OPCVM 2009/65.
## Durée
Ce Produit n’a pas de date d’échéance.
BNPP AM Luxembourg n’est pas autorisé à résilier le Produit unilatéralement. Le Conseil d’administration de la SICAV a le pouvoir de décider de la fusion, de la scission, de la liquidation ou de la clôture du compartiment. En outre, la SICAV peut être liquidée sur décision d’une assemblée générale extraordinaire des actionnaires.
## Objectifs
Le Fonds est un fonds indiciel géré passivement.
Le Fonds cherche à répliquer (avec un écart de suivi* maximum de 1 %) la performance de l’Indice Low Carbon 100 Europe PAB® (NTR) (l’Indice) en investissant dans les actions émises par des sociétés composant l’Indice, tout en respectant les pondérations de l’Indice (réplication totale), ou dans un échantillon d’actions émises par des sociétés composant l’Indice (réplication optimisée).
Lors d’un investissement dans un échantillon d’actions, l’écart de suivi du compartiment peut être plus élevé.
L’Indice est composé de sociétés européennes sélectionnées sur la base des opportunités et des risques liés à la transition climatique, tout en visant à respecter les objectifs du Paris Aligned Benchmark (PAB), à savoir réduire l’intensité carbone d’au moins 50 % par rapport à l’univers d’investissement initial et atteindre un objectif supplémentaire de décarbonisation de 7 % chaque année. Par conséquent, les activités liées aux combustibles fossiles sont exclues de l’Indice.
Le type d’approche mis en œuvre ici est « Best-in-Class » (l’approche Best-in-Class identifie les leaders dans chaque secteur en fonction des meilleures pratiques environnementales, sociales et de gouvernance (ESG), tout en évitant ceux qui présentent des niveaux de risque élevés et qui ne respectent pas les normes ESG minimales selon l’administrateur de l’indice et ses partenaires spécialisés). La stratégie extra-financière de l’Indice peut comporter des limites méthodologiques telles que le risque lié à l’investissement ESG ou le rebalancement de l’Indice. De plus amples informations sur l’Indice, sa composition, son calcul, sa méthodologie et les règles de contrôle et de rebalancement périodiques sont disponibles sur www.euronext.com.
* L’écart de suivi est un indicateur de risque qui mesure l’écart entre la performance d’un fonds et celle de son indice. Les revenus sont réinvestis de manière systématique.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
## Investisseurs de détail visés
Ce Produit est conçu pour des investisseurs de détail qui n’ont ni expertise financière ni connaissance spécifique pour comprendre le Produit, mais peuvent néanmoins supporter une perte totale du capital. Il est approprié pour des clients cherchant à accroître leur capital. Les investisseurs potentiels devraient avoir un horizon de placement d’au moins 5 années.
## Informations pratiques
Dépositaire : BNP PARIBAS, Luxembourg Branch
Ce document d’informations clés décrit un compartiment de la SICAV BNP PARIBAS EASY. D’autres informations sur le compartiment figurent dans le prospectus et les rapports périodiques de la SICAV. En vertu de la Loi de 2010, l’actif et le passif des différents compartiments de la SICAV sont ségrégués.
De plus amples informations concernant le Produit, y compris les derniers prospectus, document d’informations clés, valeurs nettes d’inventaire ainsi que les derniers cours d’actions publiés, rapport annuel et description d’investissement, peuvent être obtenues, sans coûts, en anglais, auprès de BNPP AM Luxembourg ou en ligne sur le site https://www.bnpparibas-am.com. | # ¿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 1 %) la rentabilidad del Low Carbon 100 Europe PAB® (NTR) (el «Índice») mediante la inversión en acciones emitidas por sociedades incluidas en el Índice, respetando las ponderaciones del Índice (reproducción total) o invirtiendo en una muestra de acciones emitidas por empresas incluidas en el Índice (reproducción optimizada).
Cuando se invierte en una muestra de acciones, el error de seguimiento del subfondo puede ser mayor.
El Índice se compone de empresas europeas seleccionadas en función de las oportunidades y los riesgos asociados a la transición climática, para cumplir con los objetivos del índice de referencia armonizado con el Acuerdo de París (PAB, por sus siglas en inglés) de reducir las emisiones de carbono en al menos un 50 % con respecto al universo de inversión inicial y lograr un objetivo adicional de descarbonización del 7 % anual. En consecuencia, las actividades relacionadas con los combustibles fósiles quedan excluidas del Índice.
Se aplica el tipo de enfoque denominado «Mejor de su clase»; este enfoque identifica a los líderes de cada sector en función de las mejores prácticas ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés), al tiempo que evita aquellos que presentan altos niveles de riesgo y no cumplen con los estándares mínimos de ESG, según el criterio del administrador del índice y sus socios especializados. La estrategia extrafinanciera del Índice puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice. Encontrará más información acerca del Índice, su composición, cálculo, metodología y las normas para la supervisión y el reequilibrio periódicos en www.euronext.com.
* El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. 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. | # EN QUOI CONSISTE CE PRODUIT ?
## Type
Ce produit est un organisme de placement collectif en valeurs mobilières (OPCVM) qualifié de fonds indiciel coté (ETF). Il est constitué sous la forme d’un compartiment de BNP PARIBAS EASY, une société d’investissement à capital variable (SICAV) régies par les dispositions de la partie I de la loi luxembourgeoise du 17 décembre 2010 (la « Loi 2010 » ) relative aux organismes de placement collectif ainsi que par la directive OPCVM 2009/65.
## Durée
Ce Produit n’a pas de date d’échéance.
BNPP AM Luxembourg n’est pas autorisé à résilier le Produit unilatéralement. Le Conseil d’administration de la SICAV a le pouvoir de décider de la fusion, de la scission, de la liquidation ou de la clôture du compartiment. En outre, la SICAV peut être liquidée sur décision d’une assemblée générale extraordinaire des actionnaires.
## Objectifs
Le Fonds est un fonds indiciel géré passivement.
Le Fonds cherche à répliquer (avec un écart de suivi* maximum de 1 %) la performance de l’Indice Low Carbon 100 Europe PAB® (NTR) (l’Indice) en investissant dans les actions émises par des sociétés composant l’Indice, tout en respectant les pondérations de l’Indice (réplication totale), ou dans un échantillon d’actions émises par des sociétés composant l’Indice (réplication optimisée).
Lors d’un investissement dans un échantillon d’actions, l’écart de suivi du compartiment peut être plus élevé.
L’Indice est composé de sociétés européennes sélectionnées sur la base des opportunités et des risques liés à la transition climatique, tout en visant à respecter les objectifs du Paris Aligned Benchmark (PAB), à savoir réduire l’intensité carbone d’au moins 50 % par rapport à l’univers d’investissement initial et atteindre un objectif supplémentaire de décarbonisation de 7 % chaque année. Par conséquent, les activités liées aux combustibles fossiles sont exclues de l’Indice.
Le type d’approche mis en œuvre ici est « Best-in-Class » (l’approche Best-in-Class identifie les leaders dans chaque secteur en fonction des meilleures pratiques environnementales, sociales et de gouvernance (ESG), tout en évitant ceux qui présentent des niveaux de risque élevés et qui ne respectent pas les normes ESG minimales selon l’administrateur de l’indice et ses partenaires spécialisés). La stratégie extra-financière de l’Indice peut comporter des limites méthodologiques telles que le risque lié à l’investissement ESG ou le rebalancement de l’Indice. De plus amples informations sur l’Indice, sa composition, son calcul, sa méthodologie et les règles de contrôle et de rebalancement périodiques sont disponibles sur www.euronext.com.
* L’écart de suivi est un indicateur de risque qui mesure l’écart entre la performance d’un fonds et celle de son indice. Les revenus sont réinvestis de manière systématique.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
## Investisseurs de détail visés
Ce Produit est conçu pour des investisseurs de détail qui n’ont ni expertise financière ni connaissance spécifique pour comprendre le Produit, mais peuvent néanmoins supporter une perte totale du capital. Il est approprié pour des clients cherchant à accroître leur capital. Les investisseurs potentiels devraient avoir un horizon de placement d’au moins 5 années.
## Informations pratiques
Dépositaire : BNP PARIBAS, Luxembourg Branch
Ce document d’informations clés décrit un compartiment de la SICAV BNP PARIBAS EASY. D’autres informations sur le compartiment figurent dans le prospectus et les rapports périodiques de la SICAV. En vertu de la Loi de 2010, l’actif et le passif des différents compartiments de la SICAV sont ségrégués.
De plus amples informations concernant le Produit, y compris les derniers prospectus, document d’informations clés, valeurs nettes d’inventaire ainsi que les derniers cours d’actions publiés, rapport annuel et description d’investissement, peuvent être obtenues, sans coûts, en anglais, auprès de BNPP AM Luxembourg ou en ligne sur le site https://www.bnpparibas-am.com. | fr | es |
DOLFIN9404 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Foreign Account Tax Compliance Act (FATCA)
Pursuant to the U.S. Foreign Account Tax Compliance Act (“FATCA”) of the US Hiring Incentives to Restore Employment (“HIRE”) Act, and in order to avoid a U.S. withholding tax being imposed on U.S. source income and proceeds of disposition received by the Company, the Company is a registered deemed compliant Foreign Financial Institution (“FFI”) under FATCA and the equivalent Luxembourg domestic law following the signing of an Inter- Governmental Agreement (“IGA”) with the US Treasury.
The Company will take any actions necessary to comply with this status, including, but not limited to, fulfilling the reporting and/or withholding obligations. In this context, Shareholders of the Company may be required to provide identity, residency and citizenship information to the Company which, for those who meet the criteria of a reportable account under FATCA, will be provided by the Company to the Luxembourg tax authorities and subsequently to the U.S. tax authorities together with annual income and transaction information.
By investing in the Company and providing the Company with their identity and residency information, the Shareholders will be deemed to have consented to the Company disclosing such information to U.S. tax authorities. In addition, Shareholders that are distributors or financial intermediaries will be required, as FFI, to provide evidence of their FATCA compliant status (Participating FFI, Deemed Compliant FFI or exempt). If a Shareholder does not provide such requested information and documentation in a timely manner, he will qualify as “recalcitrant account” or “non-participating FFI”, and, in addition to its reporting obligations, the Company may have to withhold the 30% tax on the payments processed to his account and/or redeem securities held by the Shareholder or on account of the Shareholder.
As a result of these regulations, the Company, the Management Company and the Administrative Manager may be obliged to collect and transmit to relevant tax authorities Shareholders’ financial account information as appropriate. | ## Foreign Account Tax Compliance Act (FATCA)
Conformément au Foreign Account Tax Compliance Act (« FATCA ») du Hiring Incentives to Restore Employment (« HIRE ») Act et pour éviter des retenues d’impôt américaines sur des sources de revenu et des produits de disposition américains reçus par la Société, la Société est une institution financière étrangère (Foreign Financial Institution, « FFI ») enregistrée, considérée comme conforme au titre de la loi FATCA et de la loi nationale équivalente du Luxembourg, suite à la signature d’un accord intergouvernemental (« IGA ») avec le Trésor américain.
La Société prendra toute action nécessaire pour se conformer à ce statut, y compris sans toutefois s’y limiter, l’établissement de rapports et/ou la retenue d’obligations. Dans ce contexte, il pourra être demandé aux Actionnaires de la Société de fournir des informations d’identité, de résidence et de citoyenneté à la Société, lesquelles, en ce qui concerne les Actionnaires qui satisfont aux critères d’un compte à déclarer conformément à la loi FATCA, seront communiquées par la Société aux autorités fiscales luxembourgeoises et, ensuite, aux autorités fiscales américaines conjointement avec les informations de revenu annuel et de transactions.
En investissant dans la Société et en fournissant des informations d’identité et de résidence à la Société, il est entendu que les Actionnaires autorisent la Société à divulguer ces informations aux autorités fiscales américaines. Par ailleurs, les Actionnaires qui sont distributeurs ou intermédiaires financiers devront, au titre de la loi FFI, fournir une preuve de leur statut de conformité FATCA (FFI participant, FFI considéré conforme ou exempt). Si un Actionnaire ne fournit pas ces informations et la documentation demandées en temps opportun, il sera considéré comme un « compte récalcitrant » ou « FFI non participant » et, outre ses obligations de déclaration, la Société pourra retenir 30 % des paiements traités sur son compte et/ou racheter des titres détenus par l’Actionnaire ou pour le compte de ce dernier.
En conséquence de ces réglementations, la Société, la Société de Gestion et le Gérant Administratif peuvent se voir obligés de collecter et de transmettre aux autorités fiscales pertinentes des informations sur les comptes financiers des Actionnaires, comme il convient. | ## Foreign Account Tax Compliance Act (FATCA)
Pursuant to the U.S. Foreign Account Tax Compliance Act (“FATCA”) of the US Hiring Incentives to Restore Employment (“HIRE”) Act, and in order to avoid a U.S. withholding tax being imposed on U.S. source income and proceeds of disposition received by the Company, the Company is a registered deemed compliant Foreign Financial Institution (“FFI”) under FATCA and the equivalent Luxembourg domestic law following the signing of an Inter- Governmental Agreement (“IGA”) with the US Treasury.
The Company will take any actions necessary to comply with this status, including, but not limited to, fulfilling the reporting and/or withholding obligations. In this context, Shareholders of the Company may be required to provide identity, residency and citizenship information to the Company which, for those who meet the criteria of a reportable account under FATCA, will be provided by the Company to the Luxembourg tax authorities and subsequently to the U.S. tax authorities together with annual income and transaction information.
By investing in the Company and providing the Company with their identity and residency information, the Shareholders will be deemed to have consented to the Company disclosing such information to U.S. tax authorities. In addition, Shareholders that are distributors or financial intermediaries will be required, as FFI, to provide evidence of their FATCA compliant status (Participating FFI, Deemed Compliant FFI or exempt). If a Shareholder does not provide such requested information and documentation in a timely manner, he will qualify as “recalcitrant account” or “non-participating FFI”, and, in addition to its reporting obligations, the Company may have to withhold the 30% tax on the payments processed to his account and/or redeem securities held by the Shareholder or on account of the Shareholder.
As a result of these regulations, the Company, the Management Company and the Administrative Manager may be obliged to collect and transmit to relevant tax authorities Shareholders’ financial account information as appropriate. | en | fr |
DOLFIN9405 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PART XVIII - DIVIDENDS AND RESERVES
-
## Declaration of dividends
- The Directors at such times as they think fit may declare such dividends on any class of shares as appear to the Directors to be justified by the profits of the relevant Fund being;
- the accumulated revenue (consisting of all revenue accrued including interest and dividends) less expenses; and/or
- realised and unrealised capital gains on the disposal/valuation of Investments and other funds less realised and unrealised accumulated capital losses of the relevant Fund; and/or
- as disclosed in the Supplement for the relevant Fund. | # PARTIE XVIII – DIVIDENDES ET RÉSERVES
-
## Déclaration des dividendes
- Les Administrateurs pourront lorsqu’ils le jugeront approprié déclarer les dividendes sur les actions de toute catégorie s'il leur apparaît que les bénéfices du Fonds concerné le justifient ;
- les recettes cumulées (constituées par l'ensemble des recettes cumulées incluant intérêts et dividendes) moins les dépenses ; et/ou
- les plus-values réalisées et latentes sur cession/valorisation des Investissements etautres fonds moins les moins-values cumulées réalisées et latentes du Fonds concerné ; et/ou
- Tel qu’indiqué dans le Supplément du Fonds concerné. | # PART XVIII - DIVIDENDS AND RESERVES
-
## Declaration of dividends
- The Directors at such times as they think fit may declare such dividends on any class of shares as appear to the Directors to be justified by the profits of the relevant Fund being;
- the accumulated revenue (consisting of all revenue accrued including interest and dividends) less expenses; and/or
- realised and unrealised capital gains on the disposal/valuation of Investments and other funds less realised and unrealised accumulated capital losses of the relevant Fund; and/or
- as disclosed in the Supplement for the relevant Fund. | en | fr |
DOLFIN9406 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In connection with over-the-counter derivative transactions, and in accordance with Position paper 201306 issued by the French financial markets regulator (Autorité des Marchés Financiers - AMF), the sub-fund may receive collateral in the form of securities (such as bonds or other securities issued or guaranteed by a State or issued by international financing agencies and bonds or securities issued by high quality corporate issuers), or cash. Any cash collateral received is reinvested in accordance with the applicable rules. All such assets must be from high-quality issuers that are not an entity of the counterparty or its group, and must be liquid and diversified with low volatility. Discounts may be applied to the collateral received; they take into account the quality of credit and the price volatility of the securities.
-
### RISK PROFILE | En el marco de operaciones en instrumentos derivados extrabursátiles, y conforme a la posición de la AMF 2013-06, la IIC podrá recibir valores a título de garantía (tales como, concretamente, bonos o títulos emitidos o garantizados por un Estado o emitidos por instituciones financieras internacionales, y bonos o títulos emitidos por emisores privados de alta calidad), así como efectivo. Las garantías recibidas en efectivo se reinvierten conforme a las reglas aplicables. Todos estos activos deben ser de emisores de alta calidad, líquidos, poco volátiles, diversificados y no ser de una entidad de la contraparte o de su grupo. Podrá aplicarse un descuento a la garantía recibida, teniendo en cuenta en particular la calidad crediticia y la volatilidad del precio de los valores.
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### PERFIL DE RIESGO | In connection with over-the-counter derivative transactions, and in accordance with Position paper 201306 issued by the French financial markets regulator (Autorité des Marchés Financiers - AMF), the sub-fund may receive collateral in the form of securities (such as bonds or other securities issued or guaranteed by a State or issued by international financing agencies and bonds or securities issued by high quality corporate issuers), or cash. Any cash collateral received is reinvested in accordance with the applicable rules. All such assets must be from high-quality issuers that are not an entity of the counterparty or its group, and must be liquid and diversified with low volatility. Discounts may be applied to the collateral received; they take into account the quality of credit and the price volatility of the securities.
-
### RISK PROFILE | en | es |
DOLFIN9407 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Equity Sub-fund is actively managed with reference to the Stoxx Europe 50 Net Return Index in EUR Benchmark aiming to achieve the highest possible return with a limited number of holdings and taking into consideration the risk diversification, security of the invested capital, and the liquidity of the assets. The Benchmark is exclusively used for performance and internal risk indicators comparison. The Benchmark is not used for individual stock selection and it does not necessarily reflect the portfolio holdings of the Sub-fund. There are no restrictions on the extent to which the Sub-fund’s portfolio and performance may deviate from the ones of the Benchmark. Such deviation may be material. The Sub-fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund will invest at least two thirds of its assets in listed equities and equity-type securities, which are domiciled or operate in Europe, including Eastern European developing markets. This Share class makes regular distributions. The Sub-fund shall bear the costs of standard brokerage charges and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear an average investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este subfondo de renta variable se gestiona activamente con referencia al índice de referencia Stoxx Europe 50 Net Return Index en EUR con el objetivo de lograr el mayor rendimiento posible con un número limitado de posiciones y teniendo en cuenta la diversificación del riesgo, la seguridad del capital invertido y la liquidez de los activos. El índice de referencia se utiliza exclusivamente para la comparación de indicadores de rendimiento e indicadores de riesgo internos. El índice de referencia no se utiliza para la selección de títulos concretos y no refleja necesariamente las participaciones de la cartera del subfondo. No hay restricciones en cuanto a la desviación que pueden tener la cartera y la rentabilidad del subfondo con respecto al índice de referencia. Esta desviación puede ser considerable. El subfondo promueve criterios medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del subfondo sobre ESG publicados en el sitio web. El subfondo invertirá al menos dos tercios de sus activos en acciones cotizadas y valores similares de emisores domiciliados o que operen en Europa, incluidos los mercados en desarrollo de Europa del Este. Esta clase de acciones realiza distribuciones regulares. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión media y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Equity Sub-fund is actively managed with reference to the Stoxx Europe 50 Net Return Index in EUR Benchmark aiming to achieve the highest possible return with a limited number of holdings and taking into consideration the risk diversification, security of the invested capital, and the liquidity of the assets. The Benchmark is exclusively used for performance and internal risk indicators comparison. The Benchmark is not used for individual stock selection and it does not necessarily reflect the portfolio holdings of the Sub-fund. There are no restrictions on the extent to which the Sub-fund’s portfolio and performance may deviate from the ones of the Benchmark. Such deviation may be material. The Sub-fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund will invest at least two thirds of its assets in listed equities and equity-type securities, which are domiciled or operate in Europe, including Eastern European developing markets. This Share class makes regular distributions. The Sub-fund shall bear the costs of standard brokerage charges and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear an average investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | en | es |
DOLFIN9408 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Valeur liquidative par Action sera normalement disponible 20 Jours ouvrables après le Jour de transaction concerné.
Aux fins du calcul de la Valeur liquidative par Action, la Société utilisera les dernières informations disponibles, qui ne coïncideront souvent pas avec un Jour de transaction, et peuvent probablement différer des informations reçues ultérieurement pour la préparation des États financiers de la Société. La Société n’ajustera pas rétrospectivement les Valeurs liquidatives publiées un Jour de transaction donné en conséquence des États financiers audités publiés par la suite.
Afin d’obtenir un traitement juste pour tous les Actionnaires, la Société de gestion peut procéder à des ajustements de la Valeur liquidative du Compartiment afin de prévoir certaines dépenses, certains frais liés aux transactions et toute TVA en rapport avec ces coûts et dépenses, lesquels seront amortis sur une période de cinq ans (ou une autre période jugée appropriée).
En outre, la Société de gestion peut, si elle le juge nécessaire, procéder à des ajustements supplémentaires de la Valeur liquidative du Compartiment afin de refléter la manière selon laquelle les investissements sous-jacents seront normalement cédés. Il peut notamment s’agir d’ajustements :
- visant à refléter la juste valeur des économies réalisées sur les coûts d’achat attendus sur la base de la réalisation de la valeur par le biais de la vente d’actions d’une société propriétaire de biens immobiliers qui ne sont pas reconnues en vertu des principes comptables ;
- qui peuvent être nécessaires pour inclure l’impôt différé sur les plus-values latentes qui peut ne pas être comptabilisé en vertu des principes comptables ; et
- nécessaires au provisionnement des coûts de cession qui peuvent ne pas être comptabilisés en vertu des principes comptables. | El Valor liquidativo por Participación estará normalmente disponible 20 Días hábiles después del Día de negociación correspondiente.
A efectos de calcular el Valor liquidativo por Participación, la Sociedad utilizará la información disponible más reciente, que con frecuencia no coincidirá con un Día de negociación, y es probable que difiera de la información recibida posteriormente para la elaboración de los estados financieros de la Sociedad. La Sociedad no ajustará de forma retroactiva los Valores liquidativos publicados en un Día de negociación como consecuencia de la emisión posterior de estados financieros auditados.
Para tratar de forma equitativa a todos los Partícipes, la Sociedad gestora podrá ajustar el Valor liquidativo del Fondo para cubrir determinados gastos, costes relacionados con las transacciones y cualquier IVA relacionado con dichos costes y gastos, que se amortizarán durante un periodo de cinco años (u otro periodo que se considere apropiado).
Además, la Sociedad gestora podrá realizar los ajustes adicionales que considere necesarios en el Valor liquidativo del Fondo para reflejar la forma prevista de enajenación de las inversiones subyacentes. Dichos ajustes pueden incluir, entre otros:
- Reflejar el valor razonable de los ahorros de los costes de adquisición previstos basándose en la liquidación del valor a través de la venta de acciones no reconocidas con arreglo a los principios contables de una empresa propietaria de bienes inmuebles.
- La posible necesidad de incluir el impuesto diferido sobre las plusvalías latentes que pueden no ser reconocidas con arreglo a los principios contables.
- La necesidad de devengar los costes de enajenación que pueden no ser reconocidos en virtud de los principios contables. | La Valeur liquidative par Action sera normalement disponible 20 Jours ouvrables après le Jour de transaction concerné.
Aux fins du calcul de la Valeur liquidative par Action, la Société utilisera les dernières informations disponibles, qui ne coïncideront souvent pas avec un Jour de transaction, et peuvent probablement différer des informations reçues ultérieurement pour la préparation des États financiers de la Société. La Société n’ajustera pas rétrospectivement les Valeurs liquidatives publiées un Jour de transaction donné en conséquence des États financiers audités publiés par la suite.
Afin d’obtenir un traitement juste pour tous les Actionnaires, la Société de gestion peut procéder à des ajustements de la Valeur liquidative du Compartiment afin de prévoir certaines dépenses, certains frais liés aux transactions et toute TVA en rapport avec ces coûts et dépenses, lesquels seront amortis sur une période de cinq ans (ou une autre période jugée appropriée).
En outre, la Société de gestion peut, si elle le juge nécessaire, procéder à des ajustements supplémentaires de la Valeur liquidative du Compartiment afin de refléter la manière selon laquelle les investissements sous-jacents seront normalement cédés. Il peut notamment s’agir d’ajustements :
- visant à refléter la juste valeur des économies réalisées sur les coûts d’achat attendus sur la base de la réalisation de la valeur par le biais de la vente d’actions d’une société propriétaire de biens immobiliers qui ne sont pas reconnues en vertu des principes comptables ;
- qui peuvent être nécessaires pour inclure l’impôt différé sur les plus-values latentes qui peut ne pas être comptabilisé en vertu des principes comptables ; et
- nécessaires au provisionnement des coûts de cession qui peuvent ne pas être comptabilisés en vertu des principes comptables. | fr | es |
DOLFIN9409 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Income statement
| | 31/12/2020 | | 31/12/2019 |
| --- | --- | --- | --- |
| Income from financial transactions | | | |
| Income from deposits and financial accounts | - | | - |
| Income from equities and equivalent securities | 41,461.39 | | - |
| Income from equities and equivalent securities | - | | - |
| Income from debt securities | - | | - |
| Income from securities financing transactions | - | | - |
| Income from financial contracts | - | | - |
| Other financial income | - | | - |
| Total (I) | 41,461.39 | | - |
| Expenses related to financial transactions Charges on temporary purchases and sales of financial securities | - | | - |
| Charges on financial contracts | - | | - |
| Charges on financial debt | 503.22 | | - |
| Other financial charges | - | | - |
| Total (II) | 503.22 | | - |
| Income from financial transactions (I - II) | 40,958.17 | | - |
| Other income (III) | - | | - |
| Management fees and depreciation and amortisation (IV) | 210,121.64 | | 112,953.75 |
| Net income for the financial year (L.214-17-1 ) (I - II + III - IV) | -169,163.47 | | -112,953.75 |
| Income equalisation for the financial year (V) | 5,524.46 | | 3,855.19 |
| Interim dividends paid on net income for the financial year (VI) | - | | - |
| Net income (I - II + III - IV +/- V - VI) | -163,639.01 | | -109,098.56 | | # Compte de résultat
| | 31.12.2020 | | 31.12.2019 |
| --- | --- | --- | --- |
| Produits sur opérations financières | | | |
| Produits sur dépôts et sur comptes financiers | - | | - |
| Produits sur actions et valeurs assimilées | 41 461,39 | | - |
| Produits sur obligations et valeurs assimilées | - | | - |
| Produits sur titres de créances | - | | - |
| Produits sur acquisitions et cessions temporaires de titres financiers | - | | - |
| Produits sur contrats financiers | - | | - |
| Autres produits financiers | - | | - |
| TOTAL (I) | 41 461,39 | | - |
| Charges sur opérations financières Charges sur acquisitions et cessions temporaires de titres financiers | - | | - |
| Charges sur contrats financiers | - | | - |
| Charges sur dettes financières | 503,22 | | - |
| Autres charges financières | - | | - |
| TOTAL (II) | 503,22 | | - |
| Résultat sur opérations financières (I - II) | 40 958,17 | | - |
| Autres produits (III) | - | | - |
| Frais de gestion et dotations aux amortissements (IV) | 210 121,64 | | 112 953,75 |
| Résultat net de l’exercice (L. 214-17-1) (I - II + III - IV) | -169 163,47 | | -112 953,75 |
| Régularisation des revenus de l’exercice (V) | 5 524,46 | | 3 855,19 |
| Acomptes sur résultat versés au titre de l’exercice (VI) | - | | - |
| Résultat (I - II + III - IV +/- V - VI) | -163 639,01 | | -109 098,56 | | # Income statement
| | 31/12/2020 | | 31/12/2019 |
| --- | --- | --- | --- |
| Income from financial transactions | | | |
| Income from deposits and financial accounts | - | | - |
| Income from equities and equivalent securities | 41,461.39 | | - |
| Income from equities and equivalent securities | - | | - |
| Income from debt securities | - | | - |
| Income from securities financing transactions | - | | - |
| Income from financial contracts | - | | - |
| Other financial income | - | | - |
| Total (I) | 41,461.39 | | - |
| Expenses related to financial transactions Charges on temporary purchases and sales of financial securities | - | | - |
| Charges on financial contracts | - | | - |
| Charges on financial debt | 503.22 | | - |
| Other financial charges | - | | - |
| Total (II) | 503.22 | | - |
| Income from financial transactions (I - II) | 40,958.17 | | - |
| Other income (III) | - | | - |
| Management fees and depreciation and amortisation (IV) | 210,121.64 | | 112,953.75 |
| Net income for the financial year (L.214-17-1 ) (I - II + III - IV) | -169,163.47 | | -112,953.75 |
| Income equalisation for the financial year (V) | 5,524.46 | | 3,855.19 |
| Interim dividends paid on net income for the financial year (VI) | - | | - |
| Net income (I - II + III - IV +/- V - VI) | -163,639.01 | | -109,098.56 | | en | fr |
DOLFIN9410 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais Les frais que vous acquittez servent à couvrir les coûts d’exploitation du Fonds, y compris les coûts de commercialisation et de distribution de ses parts. Ces frais réduisent la croissance potentielle des investissements. | Frais de transfert (concernant le transfert dans le Fonds à partir d'un autre fonds) 0,00%. Les frais courants se fondent sur les frais de l'exercice précédent et peuvent varier d'un exercice à l'autre. Ils excluent les coûts d'achat |
| --- | --- |
| Frais ponctuels prélevés avant ou après investissement | ou de vente des actifs pour le Fonds (à moins que ces actifs ne soient des actions d'un autre fonds). |
| Frais d'entrée 5,00% Frais de sortie 0,00% Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi et avant que le revenu de votre investissement ne vous soit distribué. Dans certains cas, vous pourriez payer moins de frais ; vous devriez en parler à votre conseiller financier. | Concernant les frais courants, le chiffre communiqué se fonde sur les frais de l’exercice clos à fin avril 2022. Ce montant peut varier d’un exercice à l’autre. Sont exclus de ce montant: - les commissions de performance | | Gastos Los gastos que usted paga están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de la inversión. | Gastos de conversión (por la conversión al Fondo de otro fondo) 0,00%. Los gastos corrientes se basan en los gastos del ejercicio precedente y pueden variar de un año a otro. No incluye los gastos de la compra |
| --- | --- |
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión | o venta de activos para el Fondo (a menos que estos activos sean acciones de otro fondo). |
| Gastos de entrada 5,00% Gastos de salida 0,00% Este es el máximo que puede detraerse de su capital, antes de proceder a la inversión y antes de abonar el producto de la inversión. En algunos casos podría pagar menos, consulte con su asesor financiero. | La cifra de los gastos corrientes se basa en los gastos del ejercicio finalizado en abril 2022. Esta cifra puede variar de un año a otro. No incluye: - Comisiones de rentabilidad | | Frais Les frais que vous acquittez servent à couvrir les coûts d’exploitation du Fonds, y compris les coûts de commercialisation et de distribution de ses parts. Ces frais réduisent la croissance potentielle des investissements. | Frais de transfert (concernant le transfert dans le Fonds à partir d'un autre fonds) 0,00%. Les frais courants se fondent sur les frais de l'exercice précédent et peuvent varier d'un exercice à l'autre. Ils excluent les coûts d'achat |
| --- | --- |
| Frais ponctuels prélevés avant ou après investissement | ou de vente des actifs pour le Fonds (à moins que ces actifs ne soient des actions d'un autre fonds). |
| Frais d'entrée 5,00% Frais de sortie 0,00% Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi et avant que le revenu de votre investissement ne vous soit distribué. Dans certains cas, vous pourriez payer moins de frais ; vous devriez en parler à votre conseiller financier. | Concernant les frais courants, le chiffre communiqué se fonde sur les frais de l’exercice clos à fin avril 2022. Ce montant peut varier d’un exercice à l’autre. Sont exclus de ce montant: - les commissions de performance | fr | es |
DOLFIN9411 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If any, net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies and foreign cash equivalent; (ii) gains and losses between trade date and settlement date on securities transactions and forward currency exchange contracts; (iii) gains and losses arising from the difference between amounts of interest recorded and the amounts actually received; and (iv) gains and losses arising from the foreign exchange difference between the amounts of expenses accrued and the amounts actually paid. The resulting gains and losses on translation, if any, would be included in “Net realised gain/(loss) on currency exchange” or in the “Net change in unrealised appreciation/(depreciation) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on forward currency exchange contracts”. When a contract is closed, the realised gain/(loss) is recorded under “Net realised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Net unrealised appreciation/(depreciation) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | Si corresponde, las plusvalías o minusvalías netas materializadas y latentes sobre operaciones con divisas representan: (i) las plusvalías o minusvalías por diferencias de cambio resultantes de la venta y tenencia de monedas extranjeras y equivalentes de efectivo en moneda extranjera; (ii) las plusvalías o minusvalías entre la fecha de negociación y la fecha de liquidación de operaciones con valores y contratos de divisas a plazo; (iii) las plusvalías y minusvalías que resulten de la diferencia entre el importe contable de los intereses y dividendos y el importe efectivamente recibido; y (iv) las plusvalías y minusvalías que resulten de la diferencia por cambio de divisa entre los importes de gastos contabilizados y los importes realmente abonados. Las plusvalías o minusvalías resultantes de la conversión, si las hay, se incluyen en la partida “Plusvalías/(minusvalías) netas materializadas sobre cambio de divisas” o “Variación neta sobre la revalorización/(devaluación) latente sobre cambio de divisas” de la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales.
- Contratos de divisas a plazoLas plusvalías o minusvalías no materializadas sobre contratos de cambio de divisas a plazo en curso se valoran conforme a los tipos de cambio vigentes en la Fecha de Valoración pertinente. Las variaciones en dichas cantidades se incluyen en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales en la partida «Variación neta en la apreciación/(depreciación) no materializada sobre contratos de cambio de divisas a plazo». Al cierre de un contrato, las plusvalías/(minusvalías) materializadas se registran en la partida «Plusvalías/(minusvalías) netas materializadas sobre contratos de cambio de divisas a plazo» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. Las plusvalías o minusvalías no materializadas se registran en la partida«Apreciación/(depreciación) neta no materializada sobre contratos de cambio de divisas a plazo» en la Cuenta consolidada del patrimonio neto
- Contratos de futuros financieros sobre valores e índices bursátilesLos contratos de futuros financieros reglamentados se valoran al precio de liquidación cotizado en bolsa. Los depósitos de margen iniciales se efectúan al celebrarse los contratos y pueden consistir en efectivo o valores. Durante el período en que están abiertos los contratos, los cambios en su valor se reconocen como plusvalías y minusvalías latentes mediante el ajuste al valor de mercado («marking-to-market») efectuado todos los días para reflejar el valor de mercado de los contratos al cierre de cada Día hábil. Se abonan o reciben pagos en concepto de margen de variación en función de si se producen plusvalías o minusvalías. La frecuencia de dichos pagos de margen puede diferir en función de la fecha en que se negoció el contrato. Cuando se cierra un contrato, la SICAV registra una plusvalía o minusvalía materializada equivalente a la diferencia entre el producto o el coste de la operación de cierre y el coste inicial del contrato en la partida«Plusvalías/(minusvalías) netas materializadas sobre contratos de futuros financieros» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. | If any, net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign currencies and foreign cash equivalent; (ii) gains and losses between trade date and settlement date on securities transactions and forward currency exchange contracts; (iii) gains and losses arising from the difference between amounts of interest recorded and the amounts actually received; and (iv) gains and losses arising from the foreign exchange difference between the amounts of expenses accrued and the amounts actually paid. The resulting gains and losses on translation, if any, would be included in “Net realised gain/(loss) on currency exchange” or in the “Net change in unrealised appreciation/(depreciation) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on forward currency exchange contracts”. When a contract is closed, the realised gain/(loss) is recorded under “Net realised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Net unrealised appreciation/(depreciation) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | en | es |
DOLFIN9412 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Special features regarding purchases of fund units
The Fund indirectly or directly bears the charges of target funds; in addition to the management fees, these specifically include custodian fees, performance fees, other fees, entry and exit charges, expense reimbursements or other charges.
Entry and exit charges levied on the Fund during each reporting period for the purchase and redemption of units in target funds are disclosed in the annual and half-yearly reports. Also disclosed are fees charged to the Fund by domestic and foreign companies and by companies to which the Company is related via a material direct or indirect shareholding as manage- ment fees for target fund units held by the Fund. | ## Besonderheiten beim Erwerb von Investmentanteilen
Neben der Verwaltungsvergütung wird der Fonds mittelbar oder unmittelbar mit den Kosten des Zielfonds, insbesondere der Ver- wahrstellenvergütung, erfolgsbezogenen Vergütungen, sonstigen Vergütungen, Ausgabeaufschlägen und Rücknahmeabschlägen, Aufwendungserstattungen und sonstigen Kosten belastet.
Im Jahres- und Halbjahresbericht werden die Ausgabeauf- schläge und Rücknahmeabschläge offen gelegt, die dem Fonds im Berichtszeitraum für den Erwerb und die Rücknahme von Anteilen an Zielfonds berechnet worden sind. Ferner wird die Vergütung offen gelegt, die dem Fonds von einer in- oder aus- ländischen Gesellschaft oder einer Gesellschaft, mit der die Gesellschaft durch eine wesentliche unmittelbare oder mittel- bare Beteiligung verbunden ist, als Verwaltungsvergütung für die im Fonds gehaltenen Zielfondsanteile berechnet wurde. | ## Special features regarding purchases of fund units
The Fund indirectly or directly bears the charges of target funds; in addition to the management fees, these specifically include custodian fees, performance fees, other fees, entry and exit charges, expense reimbursements or other charges.
Entry and exit charges levied on the Fund during each reporting period for the purchase and redemption of units in target funds are disclosed in the annual and half-yearly reports. Also disclosed are fees charged to the Fund by domestic and foreign companies and by companies to which the Company is related via a material direct or indirect shareholding as manage- ment fees for target fund units held by the Fund. | en | de |
DOLFIN9413 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Schedule of Significant Portfolio Changes for SPDR MSCI USA Small Cap Value Weighted UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2022 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost USD |
| --- | --- |
| Reinsurance Group of America | 1,751,835 |
| First Horizon National | 1,209,304 |
| Genworth Financial | 1,138,810 |
| Plains GP Holdings | 1,104,527 |
| Rocket Cos | 1,033,867 |
| RenaissanceRe Holdings | 1,009,780 |
| SYNNEX | 977,000 |
| Pinnacle West Capital | 975,483 |
| Flex | 967,263 |
| Unum Group | 950,348 |
| World Fuel Services | 946,302 |
| DXC Technology | 923,978 |
| DT Midstream | 922,213 |
| Qurate Retail | 917,205 |
| Marathon Oil | 860,740 |
| Voya Financial | 829,775 |
| Comerica | 812,885 |
| Kohl’s | 792,977 |
| PROG Holdings | 760,334 |
| HF Sinclair | 747,405 |
| Portfolio Sales | Proceeds USD |
| GameStop | 3,519,997 |
| Macy’s | 1,969,685 |
| Diamondback Energy | 1,780,901 |
| Avis Budget Group | 1,718,011 |
| Signature Bank | 1,604,963 |
| Ovintiv | 1,376,912 |
| Marathon Oil | 1,260,336 |
| Kimco Realty | 1,149,849 |
| Antero Resources | 967,658 |
| L Brands | 962,885 |
| CIT Group | 927,674 |
| First Citizens BancShares | 923,253 |
| Alcoa | 918,943 |
| Kohl’s | 900,598 |
| Sterling Bancorp | 897,841 |
| Rocket Cos | 897,482 |
| Cimarex Energy | 826,495 |
| PBF Energy | 816,560 |
| Transocean | 791,495 |
| United States Steel | 763,315 |
| A copy of the list of changes in the portfolio during the financial year may be obtained free of charge from the Administrator. | | | # Tableau des mouvements importants du portefeuille du Compartiment SPDR MSCI USA Small Cap Value Weighted UCITS ETF (non audité)
La liste ci-dessous contient les plus grandes acquisitions et cessions cumulées réalisées pendant l’exercice financier clôturé le 31 mars 2022, dont le montant dépasse 1 % des acquisitions totales ou 1 % des cessions totales. Les 20 principaux achats et les 20 principales ventes au minimum doivent être communiqués, ou le total des achats et des ventes s’il est inférieur à 20.
| Achats du Portefeuille | Coût USD |
| --- | --- |
| Reinsurance Group of America | 1 751 835 |
| First Horizon National | 1 209 304 |
| Genworth Financial | 1 138 810 |
| Plains GP Holdings | 1 104 527 |
| Rocket Cos | 1 033 867 |
| RenaissanceRe Holdings | 1 009 780 |
| SYNNEX | 977 000 |
| Pinnacle West Capital | 975 483 |
| Flex | 967 263 |
| Unum Group | 950 348 |
| World Fuel Services | 946 302 |
| DXC Technology | 923 978 |
| DT Midstream | 922 213 |
| Qurate Retail | 917 205 |
| Marathon Oil | 860 740 |
| Voya Financial | 829 775 |
| Comerica | 812 885 |
| Kohl’s | 792 977 |
| PROG Holdings | 760 334 |
| HF Sinclair | 747 405 |
| Ventes du Portefeuille | Produits USD |
| GameStop | 3 519 997 |
| Macy’s | 1 969 685 |
| Diamondback Energy | 1 780 901 |
| Avis Budget Group | 1 718 011 |
| Signature Bank | 1 604 963 |
| Ovintiv | 1 376 912 |
| Marathon Oil | 1 260 336 |
| Kimco Realty | 1 149 849 |
| Antero Resources | 967 658 |
| L Brands | 962 885 |
| CIT Group | 927 674 |
| First Citizens BancShares | 923 253 |
| Alcoa | 918 943 |
| Kohl’s | 900 598 |
| Sterling Bancorp | 897 841 |
| Rocket Cos | 897 482 |
| Cimarex Energy | 826 495 |
| PBF Energy | 816 560 |
| Transocean | 791 495 |
| United States Steel | 763 315 |
Une copie de la liste des mouvements importants du portefeuille survenus pendant l’exercice financier peut être obtenue sur simple demande auprès de l’Agent administratif. | # Schedule of Significant Portfolio Changes for SPDR MSCI USA Small Cap Value Weighted UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2022 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost USD |
| --- | --- |
| Reinsurance Group of America | 1,751,835 |
| First Horizon National | 1,209,304 |
| Genworth Financial | 1,138,810 |
| Plains GP Holdings | 1,104,527 |
| Rocket Cos | 1,033,867 |
| RenaissanceRe Holdings | 1,009,780 |
| SYNNEX | 977,000 |
| Pinnacle West Capital | 975,483 |
| Flex | 967,263 |
| Unum Group | 950,348 |
| World Fuel Services | 946,302 |
| DXC Technology | 923,978 |
| DT Midstream | 922,213 |
| Qurate Retail | 917,205 |
| Marathon Oil | 860,740 |
| Voya Financial | 829,775 |
| Comerica | 812,885 |
| Kohl’s | 792,977 |
| PROG Holdings | 760,334 |
| HF Sinclair | 747,405 |
| Portfolio Sales | Proceeds USD |
| GameStop | 3,519,997 |
| Macy’s | 1,969,685 |
| Diamondback Energy | 1,780,901 |
| Avis Budget Group | 1,718,011 |
| Signature Bank | 1,604,963 |
| Ovintiv | 1,376,912 |
| Marathon Oil | 1,260,336 |
| Kimco Realty | 1,149,849 |
| Antero Resources | 967,658 |
| L Brands | 962,885 |
| CIT Group | 927,674 |
| First Citizens BancShares | 923,253 |
| Alcoa | 918,943 |
| Kohl’s | 900,598 |
| Sterling Bancorp | 897,841 |
| Rocket Cos | 897,482 |
| Cimarex Energy | 826,495 |
| PBF Energy | 816,560 |
| Transocean | 791,495 |
| United States Steel | 763,315 |
| A copy of the list of changes in the portfolio during the financial year may be obtained free of charge from the Administrator. | | | en | fr |
DOLFIN9414 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## the Valuation Day redemptions are paid out rather than the net asset value per share of when the relevant redemption requests were made.
If with respect to any given Valuation Day, redemption requests amount to the total number of Shares in issue in any Class(es) of Shares or Sub-Funds or if the remaining number of Shares in issue in that Sub-Fund or Class of Shares after such redemptions would represent a total net asset value below the minimum level of assets under management required for such Sub-Fund or Class of Shares to be operated in an efficient manner, the Board of Directors may decide to terminate and liquidate the Sub-Fund or Class of Shares in accordance with the provisions in the Articles of Incorporation. For the purpose of determining the redemption price, the calculation of the net asset value per share of the relevant Sub-Funds or class(es) of shares shall take into consideration all liabilities that will be incurred in terminating and liquidating said class(es) of shares or Sub-Funds.
Redemption of Shares of a given Sub-Fund shall be suspended whenever the determination of the net asset value per Share of such Sub-Fund is suspended by the Fund (see Section 4.7. “Temporary Suspension of the calculation of net asset value, Issues, Redemptions and Conversions”).
The Fund shall have the right, if the Board of Directors so determines, to satisfy in kind the payment of the redemption price to any shareholder who agrees by allocating to the shareholder investments from the portfolio of assets of the Fund or the relevant Sub- Fund(s) equal to the value of the shares to be redeemed. The assets to be transferred in such case shall be determined on a fair and reasonable basis and without prejudicing the interests of the other shareholders of the Fund or the relevant Sub-Fund(s) and the valuation used shall be confirmed by a special report of an independent auditor save as otherwise provided for under applicable laws. All costs associated with a redemption in kind shall be borne by the shareholder requesting the redemption or by such other party as agreed by the Fund or in any other way which the Board of Directors considers fair to all shareholders of the Sub-Fund.
Shareholders are required to notify the Registrar and Transfer Agent immediately in the event that they are or become US Persons or hold Shares for the account or benefit of US Persons or otherwise hold Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund. If the Board of Directors becomes aware that a Shareholder (a) is a US Person or is holding Shares for the account of a US Person, (b) is holding Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund, the Board of Directors may redeem the Shares in accordance with the provisions of the Articles of Incorporation.
From time to time it may be necessary for the Fund to borrow on a temporary basis to fund redemptions. For restrictions applicable to the Fund’s ability to borrow, see Section 10.1. “Investment Restrictions”. | ## cours duquel les remboursements sont versés, et non à la Valeur liquidative par action correspondant au jour au cours duquel les demandes de rachat en question sont formulées.
Si, pour un jour d’évaluation donné, les demandes de rachat correspondent au nombre d’Actions émises dans une/des Catégorie(s) d’Actions ou de Compartiments ou si le nombre restant d’Actions émises dans ce Compartiment ou Catégorie d’Actions après ce rachat représente une Valeur liquidative inférieure au niveau minimum d’actifs sous gestion requis pour que le Compartiment ou la Catégorie d’Actions puisse être géré efficacement, le Conseil d’Administration peut décider de clôturer ou de liquider le Compartiment ou la Catégorie d’Actions conformément aux dispositions des Statuts. En ce qui concerne le prix de remboursement, le calcul de la Valeur liquidative par action des Compartiments ou de la/des catégorie(s) d’actions concernés prendra en considération tous les passifs qui découleront de la clôture et de la liquidation de ladite/desdites catégorie(s)d’actions ou dudit/desdits Compartiment(s).
Le remboursement des Actions d’un Compartiment donné sera suspendu chaque fois que le Fonds suspendra la détermination de la Valeur liquidative par Action de ce compartiment (voir Section 4.7. « Suspension temporaire du calcul de la Valeur liquidative, des émissions, remboursements et conversions »).
Le Fonds aura le droit, si le Conseil d’administration le spécifie, de satisfaire en nature le paiement du prix de rachat à tout actionnaire qui l’accepte en allouant à l’actionnaire des investissements du portefeuille d’actifs du Fonds ou du/des Compartiment(s) concerné(s) équivalents à la valeur des actions à racheter. Les actifs à transférer dans un tel cas seront déterminés de manière juste et raisonnable et sans porter préjudice aux intérêts des autres actionnaires du Fonds ou du/des Compartiment(s) concerné(s) et l’évaluation utilisée sera confirmée dans un rapport spécial établi par un réviseur d’entreprise indépendant sauf disposition contraire aux lois en vigueur. Tous les coûts associés au remboursement en nature seront supportés par l’actionnaire requérant le rachat ou par tout autre tiers tel que convenu par le Fonds ou de toute autre manière que le Conseil d’administration aura estimée équitable pour tous les actionnaires du Compartiment.
Les Actionnaires sont tenus d’informer immédiatement l’Agent de tenue de registres et de transfert s’ils sont ou deviennent des Personnes américaines (US Persons) ou s’ils détiennent des Actions pour le compte ou au bénéfice de Personnes américaines ou détiennent autrement des Actions en infraction à toute loi ou réglementation ou autrement dans des circonstances ayant ou susceptibles d’avoir des conséquences réglementaires ou fiscales défavorables pour le Fonds ou aux Actionnaires ou susceptibles d’être autrement préjudiciables aux intérêts du Fonds. Si le Conseil d’administration apprend qu’un Actionnaire (a) est une Personne américaine ou détient des Actions pour le compte d’une Personne américaine, (b) détient des Actions en infraction à toute loi ou réglementation ou autrement dans des circonstances ayant ou susceptibles d’avoir des conséquences réglementaires ou fiscales défavorables pour le Fonds ou les Actionnaires ou autrement susceptibles de porter préjudice aux intérêts du Fonds, le Conseil d’administration pourra racheter les Actions conformément aux dispositions des Statuts.
Il peut occasionnellement s’avérer nécessaire pour le Fonds d’emprunter à titre temporaire pour financer les rachats. Pour les restrictions applicables à la capacité d’emprunter du Fonds, se reporter à la Section 10.1. intitulée « Restrictions d’investissement ». | ## the Valuation Day redemptions are paid out rather than the net asset value per share of when the relevant redemption requests were made.
If with respect to any given Valuation Day, redemption requests amount to the total number of Shares in issue in any Class(es) of Shares or Sub-Funds or if the remaining number of Shares in issue in that Sub-Fund or Class of Shares after such redemptions would represent a total net asset value below the minimum level of assets under management required for such Sub-Fund or Class of Shares to be operated in an efficient manner, the Board of Directors may decide to terminate and liquidate the Sub-Fund or Class of Shares in accordance with the provisions in the Articles of Incorporation. For the purpose of determining the redemption price, the calculation of the net asset value per share of the relevant Sub-Funds or class(es) of shares shall take into consideration all liabilities that will be incurred in terminating and liquidating said class(es) of shares or Sub-Funds.
Redemption of Shares of a given Sub-Fund shall be suspended whenever the determination of the net asset value per Share of such Sub-Fund is suspended by the Fund (see Section 4.7. “Temporary Suspension of the calculation of net asset value, Issues, Redemptions and Conversions”).
The Fund shall have the right, if the Board of Directors so determines, to satisfy in kind the payment of the redemption price to any shareholder who agrees by allocating to the shareholder investments from the portfolio of assets of the Fund or the relevant Sub- Fund(s) equal to the value of the shares to be redeemed. The assets to be transferred in such case shall be determined on a fair and reasonable basis and without prejudicing the interests of the other shareholders of the Fund or the relevant Sub-Fund(s) and the valuation used shall be confirmed by a special report of an independent auditor save as otherwise provided for under applicable laws. All costs associated with a redemption in kind shall be borne by the shareholder requesting the redemption or by such other party as agreed by the Fund or in any other way which the Board of Directors considers fair to all shareholders of the Sub-Fund.
Shareholders are required to notify the Registrar and Transfer Agent immediately in the event that they are or become US Persons or hold Shares for the account or benefit of US Persons or otherwise hold Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund. If the Board of Directors becomes aware that a Shareholder (a) is a US Person or is holding Shares for the account of a US Person, (b) is holding Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund, the Board of Directors may redeem the Shares in accordance with the provisions of the Articles of Incorporation.
From time to time it may be necessary for the Fund to borrow on a temporary basis to fund redemptions. For restrictions applicable to the Fund’s ability to borrow, see Section 10.1. “Investment Restrictions”. | en | fr |
DOLFIN9415 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### India
The Company has not offered or sold and will not offer or sell in India, by means of any document, any Shares in circumstances which would constitute an offering to the public in India within the meaning of the 2013 Companies Act; and the Company represents and agrees that any document by means of which it offers the Shares will not be generally distributed or circulated to the general public in India.
This Prospectus is strictly personal to the recipient and neither this Prospectus nor the relevant Supplement is calculated to result, directly or indirectly, in the Shares becoming available for subscription or purchase by persons who constitute the general public in India. No general solicitation or offering to persons in India is made hereby and this Prospectus has not been made available to the public in India.
The Shares have not been approved by the SEBI, Reserve Bank of India or any other regulatory authority of India, nor have the foregoing authorities approved this Prospectus or confirmed the accuracy or determined the adequacy of the information contained in this Prospectus. This Prospectus has not been and will not be registered as a prospectus or a statement in lieu of prospectus with the Registrar of Companies in India. | ### India
La Società non ha offerto né venduto e non offrirà né venderà in India, per mezzo di qualsivoglia documento, alcuna Azione in circostanze che costituirebbero un'offerta al pubblico in India ai sensi del Companies Act 2013; inoltre, la Società dichiara e conviene che qualsivoglia documento per mezzo del quale offre le Azioni non sarà generalmente distribuito o diffuso al pubblico in generale in India. Il presente Prospetto è strettamente riservato al destinatario e né il presente Prospetto né il relativo Supplemento sono stati predisposti in modo tale da rendere le Azioni disponibili, direttamente o indirettamente, per la sottoscrizione o l'acquisto da parte di soggetti che costituiscono il pubblico in generale in India. Il presente documento non rappresenta alcuna sollecitazione generale o offerta a soggetti in India e non è stato reso disponibile al pubblico in India.
Le Azioni non sono state approvate dalla SEBI, dalla Reserve Bank of India o da qualsivoglia altra autorità di vigilanza indiana, né le suddette autorità hanno approvato il presente Prospetto o confermato l'accuratezza o stabilito l'adeguatezza delle informazioni contenute nel presente Prospetto. Il presente Prospetto non è stato né sarà registrato come prospetto o dichiarazione sostitutiva di prospetto presso il Registro delle Imprese in India. | ### India
The Company has not offered or sold and will not offer or sell in India, by means of any document, any Shares in circumstances which would constitute an offering to the public in India within the meaning of the 2013 Companies Act; and the Company represents and agrees that any document by means of which it offers the Shares will not be generally distributed or circulated to the general public in India.
This Prospectus is strictly personal to the recipient and neither this Prospectus nor the relevant Supplement is calculated to result, directly or indirectly, in the Shares becoming available for subscription or purchase by persons who constitute the general public in India. No general solicitation or offering to persons in India is made hereby and this Prospectus has not been made available to the public in India.
The Shares have not been approved by the SEBI, Reserve Bank of India or any other regulatory authority of India, nor have the foregoing authorities approved this Prospectus or confirmed the accuracy or determined the adequacy of the information contained in this Prospectus. This Prospectus has not been and will not be registered as a prospectus or a statement in lieu of prospectus with the Registrar of Companies in India. | en | it |
DOLFIN9416 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund will seek to achieve its objectives by investing at least two thirds of its total net assets in equities and equity-related instruments issued by all cap companies worldwide which (i) are leaders in the reduction of gender-gap and foster diversity, (ii) have a high representation of women in management and leadership and/ or (iii) demonstrate a strong commitment to empower women in their board and management according to the "United Nations Women Empowerment Principles" and implement women friendly policies.
Investment decisions are based on a combination of macro- economic, sector and company specific analysis. The securities selection process relies on a rigorous analysis of the companies' business model, management quality, growth prospects and risk/ return profile, with a focus on medium to long-term benefits from the companies which demonstrates a strong commitment to promote women leadership. The process also relies on responsible investments filters and analysis as well as impact appraisal, monitoring and measurement to verify and demonstrate that the desired outcome could be attained.
There is no predetermined geographical asset allocation and the Sub-Fund may invest its nets assets in either developed or emerging markets. | ## Política de inversión
El Subfondo tratará de lograr sus objetivos invirtiendo como mínimo dos tercios de su patrimonio neto total en renta variable y en instrumentos relacionados con la renta variable, emitidos por sociedades internacionales de todo tipo de capitalización que i) lideren la reducción de las disparidades entre hombres y mujeres y fomenten la diversidad, ii) cuenten con una representación elevada de mujeres dentro de su gestión y su liderazgo y/o iii) demuestren un sólido compromiso en potenciar a las mujeres dentro de su consejo y su gestión, según los «Principios para el empoderamiento de las mujeres de las Naciones Unidas» e implanten políticas adaptadas a las mujeres.
Las decisiones de inversión se basan en una combinación de análisis específicos macroeconómicos, sectoriales y empresariales. El proceso de selección de títulos está basado en un análisis riguroso del modelo de negocio de las empresas, la calidad de su gestión, las perspectivas de crecimiento, y el perfil general de riesgo y rendimiento, con especial atención a las ventajas a medio y largo plazo de aquellas empresas que demuestren un compromiso sólido en la promoción del liderazgo de las mujeres. El proceso también se basa en filtros y análisis de las inversiones responsables, así como en la valoración, el seguimiento y la medición del impacto para verificar y demostrar que puede alcanzarse el resultado deseado.
No existe una asignación geográfica de activos predeterminada y el Subfondo puede invertir su patrimonio neto tanto en los mercados desarrollados como en los emergentes. | ## Investment Policy
The Sub-Fund will seek to achieve its objectives by investing at least two thirds of its total net assets in equities and equity-related instruments issued by all cap companies worldwide which (i) are leaders in the reduction of gender-gap and foster diversity, (ii) have a high representation of women in management and leadership and/ or (iii) demonstrate a strong commitment to empower women in their board and management according to the "United Nations Women Empowerment Principles" and implement women friendly policies.
Investment decisions are based on a combination of macro- economic, sector and company specific analysis. The securities selection process relies on a rigorous analysis of the companies' business model, management quality, growth prospects and risk/ return profile, with a focus on medium to long-term benefits from the companies which demonstrates a strong commitment to promote women leadership. The process also relies on responsible investments filters and analysis as well as impact appraisal, monitoring and measurement to verify and demonstrate that the desired outcome could be attained.
There is no predetermined geographical asset allocation and the Sub-Fund may invest its nets assets in either developed or emerging markets. | en | es |
DOLFIN9417 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
As at 31 December 2017, the total market Value on Upfront Premium Options Contracts purchased amounted to EUR 0.88. The broker of these options is SOCIETE GENERALE.
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#### Pioneer Funds - Absolute Return Bond | Mit Stand vom 31. Dezember 2017 betrug der Marktwert der gekauften Optionskontrakte mit Abschlussprämie insgesamt 0,88 EUR. Der Broker dieser Optionen ist SOCIETE GENERALE.
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#### Pioneer Funds - Absolute Return Bond | As at 31 December 2017, the total market Value on Upfront Premium Options Contracts purchased amounted to EUR 0.88. The broker of these options is SOCIETE GENERALE.
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#### Pioneer Funds - Absolute Return Bond | en | de |
DOLFIN9418 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Impact of the Russian invasion in Ukraine:
Although energy prices have fallen compared with the start of the conflict, the European economy remains fragile due to its overdependence on gas and oil. Further rises in commodity prices cannot be ruled out. Energy prices remain one of the main channels for transmitting risk in the global economy, notably through inflation. Although it has peaked in both Europe and the USA, inflation could remain persistently higher than in the last two decades. As a result, central banks have raised interest rates sharply, but the hikes may not be over yet. This is a difficult balancing act for central banks, as it can be dangerous to tighten monetary policy too much to contain inflation and push the economy into recession at the same time.
Russia has isolated itself from Western economies, and the negative effects of economic sanctions could begin to be felt in Russia over the coming months. We can't rule out a consequent hardening of the conflict, which could produce further negative effects.
It is virtually impossible for Russia to regain its former position in equity or bond indices. This war will leave its mark for a long time to come, but it's impossible to predict a short- or medium-term scenario. The informed investor will take all these uncertainties into account when considering his investments. | #### Impact de l’invasion russe en Ukraine :
Même si les prix énergétiques ont diminué par rapport au début du conflit, l’économie européenne reste fragile à cause de sa trop grande dépendance au gaz et au pétrole. De nouvelles hausses des prix des matières premières ne peuvent être exclues. Les prix de l’énergie restent un des premiers canaux de transmission de risque dans l’économie mondiale, notamment au travers de l’inflation. Bien qu’elle ait atteint un pic tant en Europe qu’aux Etats-Unis, l’inflation pourrait rester durablement plus élevée qu’au cours des deux dernières décennies. En conséquence les banques centrales ont fortement relevé les taux d’intérêt mais les hausses ne sont peut-être pas terminées. L’équilibre est difficile pour les banques centrales car il peut être dangereux de trop resserrer la politique monétaire pour contenir l’inflation et pousser en même temps l’économie en récession.
La Russie s’est isolée des économies occidentales et les effets négatifs des sanctions économiques pourraient commencer à se faire sentir en Russie dans les mois à venir. On ne peut exclure un durcissement du conflit en conséquence, ce qui pourrait produire de nouveaux effets négatifs.
Il est pratiquement impossible que la Russie retrouve la position qui était la sienne dans les indices d’actions ou dans les indices obligataires. Cette guerre laissera des traces pour une longue période mais il est impossible de prévoir un scénario à court ou moyen terme. L’investisseur averti tiendra compte de l’ensemble de ces incertitudes pour considérer ses investissements. | #### Impact of the Russian invasion in Ukraine:
Although energy prices have fallen compared with the start of the conflict, the European economy remains fragile due to its overdependence on gas and oil. Further rises in commodity prices cannot be ruled out. Energy prices remain one of the main channels for transmitting risk in the global economy, notably through inflation. Although it has peaked in both Europe and the USA, inflation could remain persistently higher than in the last two decades. As a result, central banks have raised interest rates sharply, but the hikes may not be over yet. This is a difficult balancing act for central banks, as it can be dangerous to tighten monetary policy too much to contain inflation and push the economy into recession at the same time.
Russia has isolated itself from Western economies, and the negative effects of economic sanctions could begin to be felt in Russia over the coming months. We can't rule out a consequent hardening of the conflict, which could produce further negative effects.
It is virtually impossible for Russia to regain its former position in equity or bond indices. This war will leave its mark for a long time to come, but it's impossible to predict a short- or medium-term scenario. The informed investor will take all these uncertainties into account when considering his investments. | en | fr |
DOLFIN9419 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
As at 31 May 2022 and 30 November 2021, the liquidity risk arises at Fund level.
Liquidity risk is the risk that a Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.
Liquidity risk exists when a particular instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid as is the case with many privately negotiated derivatives, it may not be possible to negotiate or liquidate a position at an advantageous price, or at all. The Investment Manager is satisfied that the approved counterparties will close out their swaps at any time at fair value.
Liquidity is managed by investing predominantly in UCITS eligible listed securities that are traded in an active market and can be readily disposed. The liquidity of these equities can be utilised in responding to changes in the notional value of the swaps of the Funds.
The Investment Manager monitors the 10 days average daily trading volume of the underlying equity stocks for the OTC derivatives (swaps) to ensure that sufficient liquidity remains in the market for these securities.
Redeemable Shares are redeemed on demand at the Shareholder’s option.
Even though the Shares may be listed on one or more relevant stock exchanges, there can be no certainty that there will be liquidity in the Shares on any relevant stock exchange or that the market price at which the Shares may be traded on a relevant stock exchange will be the same as or approximately equal to the Net Asset Value per Share.
As the Shares may be dealt in by means of subscription and redemption, the Directors consider that large discounts or premiums in the Net Asset Value of a Fund would not be sustainable. There can be no guarantee that once the Shares are listed on a relevant stock exchange they will remain listed or that the conditions of listing will not change.
Trading in Shares on a relevant stock exchange may be halted or suspended due to market conditions or for the reason that, in the relevant stock exchange's view, trading in the Shares is inadvisable, or otherwise pursuant to the relevant stock exchange's rules. If trading on a relevant stock exchange is halted, investors may not be able to sell their Shares until trading resumes however such investors should be able to apply to the Company to redeem Shares in accordance with the provisions set out in the Prospectus. | Au 31 mai 2022 et au 30 novembre 2021, le risque de liquidité se présente au niveau du Fonds.
Le risque de liquidité correspond au risque qu’un Fonds ne puisse générer suffisamment de ressources liquides pour régler intégralement ses obligations lorsqu’elles parviennent à échéance, ou que le règlement de ses obligations soit effectué à des conditions très désavantageuses.
Le risque de liquidité apparaît dès lors que l’achat ou la vente d’un instrument en particulier se révèle difficile. Lorsqu’une transaction sur dérivés est particulièrement importante ou lorsque le marché concerné est illiquide comme c’est le cas pour de nombreux dérivés négociés de manière privée, il peut se révéler difficile, voire impossible, de négocier ou de liquider une position à un cours avantageux. Le Gestionnaire d’investissement est convaincu que les Contreparties agréées clôtureront le swap à tout moment à la juste valeur.
La liquidité est gérée en investissant principalement sur des titres cotés éligibles OPCVM négociés sur un marché actif et qui peuvent être aisément liquidés. La liquidité de ces titres de participation peut être utilisée pour répondre aux variations de la valeur théorique des swaps des Fonds.
Le Gestionnaire d’investissement contrôle le volume de transactions quotidien moyen sur 10 jours d’actions sous-jacentes pour les dérivés de gré à gré (swaps) afin d’assurer une liquidité suffisante sur le marché pour ces titres.
Les Actions rachetables sont rachetées sur demande au gré des Actionnaires.
Bien que les Actions puissent être cotées sur une ou plusieurs Bourses, il est impossible de garantir que les liquidités seront suffisantes ou que le cours de marché auquel les Actions pourront se négocier sera identique ou approximativement équivalent à la Valeur liquidative par Action.
Compte tenu du fait que les Actions peuvent être négociées par voie de souscription ou de rachat, les Administrateurs estiment que d’importantes décotes ou primes sur la Valeur liquidative d’un Fonds ne seraient pas viables. Rien ne garantit que les Actions cotées sur une Bourse des valeurs correspondante le restent ou que les conditions de cotation ne soient pas modifiées.
Les transactions d’Actions effectuées sur une Bourse de valeurs correspondante peuvent être interrompues ou suspendues en raison des conditions de marché, ou lorsque la Bourse de valeurs correspondante estime que les transactions sont déconseillées, ou autrement au titre des réglementations de la Bourse de valeurs correspondante. Lorsque les opérations sont interrompues sur une Bourse des valeurs correspondante, les investisseurs peuvent ne pas être en mesure de vendre leurs actions jusqu’à ce que les transactions reprennent, mais peuvent en revanche requérir le rachat des Actions auprès de la Société, conformément aux dispositions définies dans le Prospectus. | As at 31 May 2022 and 30 November 2021, the liquidity risk arises at Fund level.
Liquidity risk is the risk that a Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.
Liquidity risk exists when a particular instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid as is the case with many privately negotiated derivatives, it may not be possible to negotiate or liquidate a position at an advantageous price, or at all. The Investment Manager is satisfied that the approved counterparties will close out their swaps at any time at fair value.
Liquidity is managed by investing predominantly in UCITS eligible listed securities that are traded in an active market and can be readily disposed. The liquidity of these equities can be utilised in responding to changes in the notional value of the swaps of the Funds.
The Investment Manager monitors the 10 days average daily trading volume of the underlying equity stocks for the OTC derivatives (swaps) to ensure that sufficient liquidity remains in the market for these securities.
Redeemable Shares are redeemed on demand at the Shareholder’s option.
Even though the Shares may be listed on one or more relevant stock exchanges, there can be no certainty that there will be liquidity in the Shares on any relevant stock exchange or that the market price at which the Shares may be traded on a relevant stock exchange will be the same as or approximately equal to the Net Asset Value per Share.
As the Shares may be dealt in by means of subscription and redemption, the Directors consider that large discounts or premiums in the Net Asset Value of a Fund would not be sustainable. There can be no guarantee that once the Shares are listed on a relevant stock exchange they will remain listed or that the conditions of listing will not change.
Trading in Shares on a relevant stock exchange may be halted or suspended due to market conditions or for the reason that, in the relevant stock exchange's view, trading in the Shares is inadvisable, or otherwise pursuant to the relevant stock exchange's rules. If trading on a relevant stock exchange is halted, investors may not be able to sell their Shares until trading resumes however such investors should be able to apply to the Company to redeem Shares in accordance with the provisions set out in the Prospectus. | en | fr |
DOLFIN9420 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le fonds maître gère activement son exposition aux marchés des taux d’intérêt et des changes.
Le fonds maître a largement recours aux instruments dérivés à des fins de réduction de différents risques, de gestion efficace de portefeuille et d’exposition (à court terme ou à long terme) à divers actifs, marchés ou autres opportunités d’investissement (y compris des instruments dérivés axés sur le crédit et le change).
Le revenu net du fonds maître est automatiquement distribué et ses plus-
values nettes réalisées sont automatiquement réinvesties ou distribuées chaque année.
Processus de gestion : Le Compartiment intègre des Facteurs de durabilité dans son processus d’investissement, comme décrit plus en détail à la section « Investissement durable » du Prospectus. L’équipe d’investissement du fonds maître a recours à un large éventail de positions stratégiques et tactiques, y compris l’arbitrage entre les marchés du crédit, des taux d’intérêt et des devises, pour constituer un portefeuille hautement diversifié.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante des investissements dans des fonds visant à accroître la valeur de leur investissement et à recevoir des revenus sur la période de détention recommandée et qui sont prêts à assumer un niveau de risque élevé pour leur capital d’origine.
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’Amundi 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 Luxembourg S.A., 5, allée Scheffer 2520 Luxembourg, Luxembourg.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : CACEIS Bank, succursale de Luxembourg. | El fondo principal gestiona activamente su exposición a los mercados de tipos de interés y divisas.
El fondo principal realiza un uso extensivo de derivados para reducir diferentes riesgos, para lograr una gestión eficiente de la cartera y como un modo de obtener exposición (larga o corta) a diferentes activos, mercados u otras oportunidades de inversión (como derivados centrados en
instrumentos de crédito y divisas).
Los ingresos netos del fondo principal se repartirán automáticamente y sus plusvalías netas obtenidas se reinvertirán automáticamente o se repartirán anualmente.
Proceso de gestión: El Subfondo integra factores de sostenibilidad en su proceso de inversión, tal y como se describe con más detalle en la sección “Inversión sostenible” del Folleto. El equipo de inversión del fondo principal utiliza una amplia gama de posiciones estratégicas y tácticas, incluido el arbitraje en los mercados de crédito, de tipos de interés y de divisas, con el fin de constituir una cartera altamente diversificada.
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, que busquen aumentar el valor de su inversión durante el período de mantenimiento recomendado 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 Amundi 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 Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxemburgo.
El valor liquidativo del Subfondo está disponible en www.mundi.lu.
Depositario: CACEIS Bank, Luxembourg Branch. | Le fonds maître gère activement son exposition aux marchés des taux d’intérêt et des changes.
Le fonds maître a largement recours aux instruments dérivés à des fins de réduction de différents risques, de gestion efficace de portefeuille et d’exposition (à court terme ou à long terme) à divers actifs, marchés ou autres opportunités d’investissement (y compris des instruments dérivés axés sur le crédit et le change).
Le revenu net du fonds maître est automatiquement distribué et ses plus-
values nettes réalisées sont automatiquement réinvesties ou distribuées chaque année.
Processus de gestion : Le Compartiment intègre des Facteurs de durabilité dans son processus d’investissement, comme décrit plus en détail à la section « Investissement durable » du Prospectus. L’équipe d’investissement du fonds maître a recours à un large éventail de positions stratégiques et tactiques, y compris l’arbitrage entre les marchés du crédit, des taux d’intérêt et des devises, pour constituer un portefeuille hautement diversifié.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante des investissements dans des fonds visant à accroître la valeur de leur investissement et à recevoir des revenus sur la période de détention recommandée et qui sont prêts à assumer un niveau de risque élevé pour leur capital d’origine.
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’Amundi 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 Luxembourg S.A., 5, allée Scheffer 2520 Luxembourg, Luxembourg.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : CACEIS Bank, succursale de Luxembourg. | fr | es |
DOLFIN9421 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In particular, transferable debt securities and similar securities that are not traded in large volumes are valued by means of an actuarial method; the reference rate used is that applied to issues of equivalent securities plus or minus, where applicable, a differential reflecting the issuer’s specific characteristics. Nevertheless, transferable debt securities with low sensitivity and a residual maturity of less than or equal to three months may be valued using the straight-line method.
- financial contracts (futures, options or swap transactions concluded on over-the-counter markets) are valued at their market value or at a value estimated according to the terms and conditions determined by the Management Company. The method for valuing off-balance sheet commitments consists in valuing futures contracts at their market price and in converting options into the equivalent value of the underlying.
- Financial guarantees: for the purposes of optimal counterparty risk management while also factoring in operational constraints, the Management Company applies a daily margin call system, per fund and per counterparty, with an activation threshold set at a maximum of EUR 100,000, based on an evaluation of the mark-to-market price. | En particulier, les titres de créances et assimilés négociables qui ne font pas l'objet de transactions significatives sont évalués par l'application d'une méthode actuarielle, le taux retenu étant celui des émissions de titres équivalents affecté, le cas échéant, d'un écart représentatif des caractéristiques intrinsèques de l'émetteur du titre. Toutefois, les titres de créances négociables d'une durée de vie résiduelle inférieure ou égale à trois mois et en l'absence de sensibilité particulière pourront être évalués selon la méthode linéaire.
- les contrats financiers (les opérations à terme, fermes ou conditionnelles, ou les opérations d'échange conclues sur les marchés de gré à gré) sont évalués à leur valeur de marché ou à une valeur estimée selon les modalités arrêtées par la Société de Gestion. La méthode d'évaluation des engagements hors bilan est une méthode qui consiste en une évaluation au cours de marché des contrats à terme fermes et en une traduction en équivalent sous-jacent des opérations conditionnelles.
- Garanties financières: aux fins de limiter au mieux le risque de contrepartie tout en tenant compte de contraintes opérationnelles, la Société de Gestion applique un système d’appel de marge par jour, par fonds et par contrepartie avec un seuil d’activation fixé à un maximum de 100 K€, fondé sur une évaluation au prix de marché (mark-to-market). | In particular, transferable debt securities and similar securities that are not traded in large volumes are valued by means of an actuarial method; the reference rate used is that applied to issues of equivalent securities plus or minus, where applicable, a differential reflecting the issuer’s specific characteristics. Nevertheless, transferable debt securities with low sensitivity and a residual maturity of less than or equal to three months may be valued using the straight-line method.
- financial contracts (futures, options or swap transactions concluded on over-the-counter markets) are valued at their market value or at a value estimated according to the terms and conditions determined by the Management Company. The method for valuing off-balance sheet commitments consists in valuing futures contracts at their market price and in converting options into the equivalent value of the underlying.
- Financial guarantees: for the purposes of optimal counterparty risk management while also factoring in operational constraints, the Management Company applies a daily margin call system, per fund and per counterparty, with an activation threshold set at a maximum of EUR 100,000, based on an evaluation of the mark-to-market price. | en | fr |
DOLFIN9422 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company’s management. Unobservable inputs reflect the Company’s management’s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability based on the best information available in the circumstances. However, the determination of what constitutes ‘‘observable’’ requires significant judgment by the Company’s management. Company’s management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s management’s perceived risk of that instrument.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity- specific measure. Therefore, even when market assumptions are not readily available, the Company’s management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Company management uses prices and inputs that are current as of the measurement date, including in periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Funds classify their investment in underlying funds based on the ability to redeem at the NAV supplied by the underlying fund’s administrator and considerations for any restrictions on liquidity imposed by the underlying funds.
The following table presents information about the inputs used to value the Company’s assets and liabilities measured at fair value as of 30 June 2021: | Les hypothèses sont employées en appliquant les diverses techniques d’évaluation et se rapportent globalement à celles que les opérateurs de marché utilisent afin de déterminer des valorisations, y compris les hypothèses concernant le risque. Elles comprennent notamment les informations sur les prix, statistiques de volatilité, données de crédit générales et spécifiques, statistiques de liquidité et autres facteurs. Le niveau de classement d’un instrument financier au sein de la classification de juste valeur est déterminé par le niveau le moins élevé de toute forme d’hypothèse ayant une incidence notable sur l’évaluation de la juste valeur.
Les hypothèses observables sont celles que les opérateurs de marché utiliseraient afin de déterminer le prix de l’actif ou du passif sur la base des données de marché obtenues auprès de sources indépendantes de la direction de la Société. Les hypothèses inobservables reflètent les suppositions formulées de bonne foi par la direction de la Société sur les hypothèses qu’utiliseraient les opérateurs de marché afin de déterminer le prix de l’actif ou du passif, sur la base des informations les plus pertinentes disponibles dans ces circonstances. Néanmoins, la détermination de ce qui constitue une hypothèse « observable » relève du jugement des dirigeants de la Société. Ces derniers jugent « observables » les données de marché immédiatement disponibles, distribuées ou mises à jour régulièrement, fiables et vérifiables, non exclusives à une entité et fournies par des sources indépendantes activement engagées sur le marché en question. Le classement d’un instrument financier au sein d’une catégorie se fait selon le degré de transparence de son prix et ne correspond pas nécessairement au risque perçu par la direction de la Société sur ledit instrument.
La juste valeur est une mesure basée sur les cours de marché prise dans l’optique d’un opérateur de marché plutôt qu’une mesure propre à une entité. Par conséquent, même lorsqu’aucune hypothèse de marché n’est pas immédiatement disponible, la direction de la Société doit formuler ses propres hypothèses en cherchant à refléter celles que les opérateurs de marché emploieraient afin de déterminer le prix de l’actif ou du passif à la date d’évaluation. Les dirigeants de la Société utilisent les prix et données en cours à la date de mesure, y compris lors des périodes de perturbations des marchés. Durant ces périodes, les prix et hypothèses de nombreux titres peuvent être plus difficilement observables. Un titre pourrait par conséquent être déclassé au sein des différentes catégories de juste valeur. Les Compartiments classent leurs investissements dans des compartiments sous-jacents en fonction de la capacité de rachat à la Valeur nette d’inventaire établie par l’agent administratif du compartiment sous-jacent, ainsi que selon les considérations relatives à toute restriction de liquidité imposée par les compartiments sous-jacents.
Le tableau ci-dessous apporte des informations sur les hypothèses retenues afin d’évaluer les éléments d’actif et de passif de la Société à leur juste valeur au 30 juin 2021 : | Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company’s management. Unobservable inputs reflect the Company’s management’s assumptions, made in good faith, about the inputs market participants would use in pricing the asset or liability based on the best information available in the circumstances. However, the determination of what constitutes ‘‘observable’’ requires significant judgment by the Company’s management. Company’s management considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s management’s perceived risk of that instrument.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity- specific measure. Therefore, even when market assumptions are not readily available, the Company’s management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Company management uses prices and inputs that are current as of the measurement date, including in periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy. The Funds classify their investment in underlying funds based on the ability to redeem at the NAV supplied by the underlying fund’s administrator and considerations for any restrictions on liquidity imposed by the underlying funds.
The following table presents information about the inputs used to value the Company’s assets and liabilities measured at fair value as of 30 June 2021: | en | fr |
DOLFIN9423 | 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
Risque plus faible Risque plus élevé
Rendements généralement plus faibles Rendements généralement plus élevés
Cet indicateur reflète la volatilité du cours des actions du fonds au cours des cinq dernières années, qui à son tour reflète la volatilité des actifs sous-jacents dans lesquels le fonds investit. Les données historiques peuvent ne pas être une indication fiable pour l'avenir.
La note actuelle n'est pas garantie et peut changer si la volatilité des actifs dans lesquels le fonds investit change. La note la plus basse n'est pas synonyme d'absence de risque.
Le fonds est noté 6 en raison du degré d'application des facteurs de risque suivants :
2 Le fonds investit dans des actions et des titres assimilés. Ces titres sont sensibles aux variations des marchés boursiers, qui peuvent être volatils, et varier considérablement sur de courtes périodes.
2 L'application de critères relatifs à l'ESG et à la durabilité dans le processus d'investissement peut entraîner l'exclusion de titres inclus dans l'indice de référence ou dans l'univers d'investissements potentiels d'un fonds. L'interprétation des critères relatifs à l'ESG et à la durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Le fonds investit dans des actions et/ou des obligations des marchés émergents. Investir dans des marchés émergents comporte un risque de perte plus important qu'investir sur des marchés plus développés, en raison, entre autres facteurs, de risques politiques, fiscaux, économiques, de change, de liquidité et réglementaires plus élevés.
2 Les instruments dérivés comportent le risque d'une liquidité moindre,
- Les leaders durables sont considérés comme étant les entreprises ayant les meilleurs critères ESG ou des produits et services qui répondent aux défis environnementaux et sociétaux à l'échelle mondiale, tandis que les améliorateurs sont typiquement des sociétés avec une direction, des pratiques de gestion et de divulgation ESG de qualité moyenne, et qui présentent un potentiel d'amélioration.
- L'implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d'actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- L'indice de référence est utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n'inclut aucun critère de durabilité.
- Afin d'atteindre son objectif, le Fonds ouvrira des positions dont les pondérations divergent de celles de l'indice de référence ou investira dans des titres qui n'y figurent pas. Les investissements du Fonds sont susceptibles de dévier de façon significative des composants de l'indice de référence et de leurs pondérations.
- En raison de la nature active et durable du processus de gestion, le profil de performance du Fonds peut dévier de façon significative de celui de l'indice de référence sur le long terme.
### Produits dérivés et techniques
- Le Fonds peut utiliser des instruments financiers dérivés à des fins de couverture et/ou d'investissement, ou pour gérer les risques de change. L'utilisation d'instruments dérivés à des fins d'investissement devrait être très limitée et se fera principalement en réponse à des entrées importantes dans le fonds, de sorte que les liquidités puissent être investies tout en conservant l'investissement en actions et titres assimilés.
Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun. Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui permet de réduire, mais pas d'éliminer, le risque de change. En particulier, la devise couverte n'est pas nécessairement liée aux devises du Fonds. De telles techniques engendrent également des risques et des coûts supplémentaires. | # PERFIL DE RIESGO Y REMUNERACIÓN
Riesgo más bajo Riesgo más alto
Retribuciones normalmente más bajas Retribuciones normalmente más altas
Este indicador refleja la volatilidad del precio de las participaciones del fondo a lo largo de los últimos cinco años, lo que a su vez refleja la volatilidad de los activos subyacentes en los que el fondo invierte. Los datos históricos podrían no ser una indicación fiable para el futuro.
La calificación actual no está garantizada y puede cambiar si la volatilidad de los activos en los que el fondo invierte cambia. La calificación más baja no significa que no exista riesgo.
El fondo tiene una calificación de 6 debido ala medida en que son aplicables los siguientes factores de riesgo:
2 El fondo invierte en renta variable y en títulos relacionados con renta variable. Estos son sensibles a las fluctuaciones de los mercados de renta variable, que pueden ser volátiles y cambiar sustancialmente en periodos cortos de tiempo.
2 La aplicación de criterios ESG y de sostenibilidad en el proceso de inversión puede resultar en la exclusión de valores dentro del índice de referencia del fondo o del universo de inversiones potenciales. La interpretación de los criterios ESG y de sostenibilidad es subjetiva, lo que significa que el fondo puede invertir en empresas en las que fondos similares no invierten (y por tanto evolucionar de manera diferente) y que no se alinean con las opiniones personales de ningún inversor individual.
2 El fondo invierte en renta variable y/o bonos de mercados emergentes. La inversión en mercados emergentes implica un mayor riesgo de pérdida que la inversión en mercados más desarrollados debido a, entre otros factores, mayores riesgos políticos, fiscales, económicos, de divisas, de liquidez y regulatorios.
2 El uso de derivados conlleva el riesgo de una liquidez reducida,
mejoradores suelen ser empresas con prácticas promedio de gestión en el ámbito ESG y de gobierno y una divulgación con potencial de mejora.
- La implicación con los equipos directivos externos de la empresa se utiliza para evaluar las estructuras de propiedad, gobierno y calidad de gestión de esas empresas con el fin de informar la confección de carteras.
- El índice de referencia también se utiliza como un punto de referencia para la confección de carteras y como base para establecer restricciones de riesgo, pero no incorpora ningún criterio sostenible.
- Con el fin de lograr su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergirán del índice de referencia o invertirá en valores que no estarán incluidos en el índice de referencia. Las inversiones del fondo podrán diferir significativamente de los componentes del índice de referencia y sus respectivas ponderaciones.
- Debido a la naturaleza activa y sostenible del proceso de gestión, el perfil de rentabilidad del fondo podría desviarse significativamente del rendimiento del índice de referencia
### Derivados y técnicas
- El fondo puede utilizar instrumentos financieros derivados para fines de cobertura y/o inversión o para gestionar riesgos de divisas. Se prevé que el uso de derivados para fines de inversión sea sumamente limitado, principalmente a los casos en que existan importantes entradas en el fondo de manera que pueda invertirse efectivo y a la vez mantenerse las inversiones en renta variable y valores relacionados con la renta variable.
Los inversores del fondo pueden comprar y vender participaciones en cualquier día de negociación (tal como se define en el folleto).
Si usted invierte en participaciones de ingresos, se le pagarán los ingresos generados por las inversiones en el fondo. Si invierte en participaciones de acumulación, los ingresos se sumarán al valor de sus participaciones.
Recomendación: el fondo podría no ser apropiado para inversores que prevean retirar su dinero en el transcurso de cinco años. Antes de invertir, los inversores deberían cerciorarse de que su actitud frente al riesgo está en línea con el perfil de riesgo de este fondo.
pérdidas importantes y una mayor volatilidad en condiciones del mercado adversas, tales como la quiebra de participantes en el mercado. El uso de derivados puede tener como consecuencia que el fondo se apalanque (es decir, que la exposición al mercado y, por tanto, el potencial de pérdida del fondo superen el importe que ha invertido) y, en esas condiciones del mercado, el apalancamiento incrementaría las pérdidas.
Todas las inversiones entrañan riesgos. Este fondo no ofrece ninguna garantía contra pérdidas ni con respecto a la consecución de los objetivos del fondo.
El precio de los activos y los ingresos que estos generan pueden disminuir o aumentar y no se pueden garantizar; es posible que un inversor recupere un importe menor que el invertido originalmente. La inflación reduce el poder adquisitivo de su inversión y sus ingresos. El valor de los activos mantenidos en el fondo puede subir o bajar a consecuencia de las fluctuaciones de los tipos de cambio.
El fondo podría perder dinero si una entidad (contraparte) con la que hace negocios se niega o no puede satisfacer sus obligaciones frente al fondo.
En condiciones extremas del mercado puede resultar difícil vender ciertos valores, o venderlos al precio deseado. Esto podría afectar la capacidad del fondo de satisfacer los reembolsos oportunamente. El fondo podría perder dinero a consecuencia de una interrupción o retraso de los procesos y sistemas operativos, incluidas, sin carácter limitativo, la quiebra de proveedores externos o su declaración de suspensión de pagos.
Cuando la clase de participaciones se describe como "cubierta", ello significa que se emplean técnicas de cobertura de divisas, las cuales reducen, pero no eliminan, el riesgo de tipos de cambio. En particular, la divisa que se cubre no está necesariamente relacionada con las divisas del fondo. Tales técnicas también dan lugar a riesgos y costes adicionales. | # PROFIL DE RISQUE ET DE RENDEMENT
Risque plus faible Risque plus élevé
Rendements généralement plus faibles Rendements généralement plus élevés
Cet indicateur reflète la volatilité du cours des actions du fonds au cours des cinq dernières années, qui à son tour reflète la volatilité des actifs sous-jacents dans lesquels le fonds investit. Les données historiques peuvent ne pas être une indication fiable pour l'avenir.
La note actuelle n'est pas garantie et peut changer si la volatilité des actifs dans lesquels le fonds investit change. La note la plus basse n'est pas synonyme d'absence de risque.
Le fonds est noté 6 en raison du degré d'application des facteurs de risque suivants :
2 Le fonds investit dans des actions et des titres assimilés. Ces titres sont sensibles aux variations des marchés boursiers, qui peuvent être volatils, et varier considérablement sur de courtes périodes.
2 L'application de critères relatifs à l'ESG et à la durabilité dans le processus d'investissement peut entraîner l'exclusion de titres inclus dans l'indice de référence ou dans l'univers d'investissements potentiels d'un fonds. L'interprétation des critères relatifs à l'ESG et à la durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Le fonds investit dans des actions et/ou des obligations des marchés émergents. Investir dans des marchés émergents comporte un risque de perte plus important qu'investir sur des marchés plus développés, en raison, entre autres facteurs, de risques politiques, fiscaux, économiques, de change, de liquidité et réglementaires plus élevés.
2 Les instruments dérivés comportent le risque d'une liquidité moindre,
- Les leaders durables sont considérés comme étant les entreprises ayant les meilleurs critères ESG ou des produits et services qui répondent aux défis environnementaux et sociétaux à l'échelle mondiale, tandis que les améliorateurs sont typiquement des sociétés avec une direction, des pratiques de gestion et de divulgation ESG de qualité moyenne, et qui présentent un potentiel d'amélioration.
- L'implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d'actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- L'indice de référence est utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n'inclut aucun critère de durabilité.
- Afin d'atteindre son objectif, le Fonds ouvrira des positions dont les pondérations divergent de celles de l'indice de référence ou investira dans des titres qui n'y figurent pas. Les investissements du Fonds sont susceptibles de dévier de façon significative des composants de l'indice de référence et de leurs pondérations.
- En raison de la nature active et durable du processus de gestion, le profil de performance du Fonds peut dévier de façon significative de celui de l'indice de référence sur le long terme.
### Produits dérivés et techniques
- Le Fonds peut utiliser des instruments financiers dérivés à des fins de couverture et/ou d'investissement, ou pour gérer les risques de change. L'utilisation d'instruments dérivés à des fins d'investissement devrait être très limitée et se fera principalement en réponse à des entrées importantes dans le fonds, de sorte que les liquidités puissent être investies tout en conservant l'investissement en actions et titres assimilés.
Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun. Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui permet de réduire, mais pas d'éliminer, le risque de change. En particulier, la devise couverte n'est pas nécessairement liée aux devises du Fonds. De telles techniques engendrent également des risques et des coûts supplémentaires. | fr | es |
DOLFIN9424 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
An Anti-Dilution Levy of up to 1.5% net redemption proceeds may be applied to redemptions.
The ongoing charges figure is an estimate of the charges. An estimate is used because the Fund (or share class) was recently launched or has been launched within the reported period. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund. This includes 1.00% management fees and 0.20% maximum estimated research charge.
The Fund's annual report for each financial year will include details on the exact charges made.
Conversion charge: up to 5.00%
For more information about charges, please see the "Fees and Expenses" section of the prospectus, which is available at www.lumyna.com. | Se puede aplicar a los reembolsos un Recargo Antidilución de hasta el 1,5% de los ingresos netos derivados del reembolso.
La cifra de gastos corrientes es una estimación de los gastos. Se utiliza una estimación porque el Fondo (o el tipo de acciones) fue creado recientemente o su creación tuvo lugar durante el periodo en revisión. Excluye las comisiones de rentabilidad y los costes de transacción de la cartera, salvo en el caso de una comisión de entrada/salida abonada por el Fondo al comprar o vender unidades en otro fondo. Esto incluye las comisiones de gestión de 1,00% y la comisión de investigación máxima estimada del 0,20%.
El informe anual del Fondo correspondiente a cada ejercicio presentará de manera pormenorizada los gastos exactos realizados.
Comisión de canje: hasta el 5,00%
Para obtener más información sobre los gastos, consulte el apartado
«Comisiones y gastos» del folleto, que se encuentra disponible en www.lumyna.com. | An Anti-Dilution Levy of up to 1.5% net redemption proceeds may be applied to redemptions.
The ongoing charges figure is an estimate of the charges. An estimate is used because the Fund (or share class) was recently launched or has been launched within the reported period. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund. This includes 1.00% management fees and 0.20% maximum estimated research charge.
The Fund's annual report for each financial year will include details on the exact charges made.
Conversion charge: up to 5.00%
For more information about charges, please see the "Fees and Expenses" section of the prospectus, which is available at www.lumyna.com. | en | es |
DOLFIN9425 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The fund invests a minimum of 0% in transitional activities and a minimum of 0% in enabling activities.
What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The fund invests a minimum of 2% in sustainable investments with an environmental objective that is not aligned with the EU Taxonomy.
Investments could be aligned with the EU Taxonomy but the Investment Manager is not currently in a position to specify the exact proportion of the fund’s underlying investments which take into account the EU criteria for environmentally sustainable economic activities. However, the position will be kept under review as the underlying rules are finalised and the availability of reliable data increases over time.
¹Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objectives - see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
What is the minimum share of socially sustainable investments?
The fund invests a minimum of 5% in sustainable investments with a social objective.
What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
The remaining investments of the fund will be invested in assets aligned with the financial objective of the fund, cash and cash equivalents for liquidity purposes and derivatives which may be used for investment and efficient portfolio management.
As a minimum environmental and social safeguard, the fund will adhere to the Exclusions. | Der Teilfonds investiert mindestens 0% in Übergangstätigkeiten und ermöglichende Tätigkeiten.
Wie hoch ist der Mindestanteil nachhaltiger Investitionen mit einem Umweltziel, die nicht mit der EU-Taxonomie konform sind?
Der Teilfonds investiert mindestens 2% in nachhaltige Anlagen mit einem Umweltziel, das nicht mit der EU-Taxonomie konform ist.
Die Anlagen können zwar mit der EU-Taxonomie konform sein, aber der Investmentmanager ist derzeit nicht in der Lage, den genauen Anteil der Anlagen des Teilfonds anzugeben, die die EU-Kriterien für ökologisch nachhaltige Wirtschaftstätigkeiten berücksichtigen. Die Position wird jedoch weiterhin überprüft, wenn die zugrunde liegenden Regeln festgelegt sind und im Laufe der Zeit mehr zuverlässige Daten zur Verfügung stehen.
¹ Tätigkeiten im Bereich fossiles Gas und/oder Kernenergie sind nur dann EU-taxonomiekonform, wenn sie zur Eindämmung des Klimawandels („Klimaschutz“) beitragen und kein Ziel der EU-Taxonomie erheblich beeinträchtigen – siehe Erläuterung am linken Rand. Die vollständigen Kriterien für EU-taxonomiekonforme Wirtschaftstätigkeiten im Bereich fossiles Gas und Kernenergie sind in der Delegierten Verordnung (EU) 2022/1214 der Kommission festgelegt.
Wie hoch ist der Mindestanteil der sozial nachhaltigen Investitionen?
Der Teilfonds investiert mindestens 5% in nachhaltige Anlagen mit einem Sozialziel.
Welche Investitionen fallen unter ,,#2 Andere Investitionen", welcher Anlagezweck wird mit ihnen verfolgt und gibt es einen ökologischen oder sozialen Mindestschutz?
Die verbleibenden Anlagen des Teilfonds erfolgen in Instrumenten, die zum Finanzziel des Teilfonds passen, und für Liquiditätszwecke in liquiden Mitteln und liquiden Mitteln gleichstehenden Mitteln sowie in Derivaten, die als Anlagen und für eine effiziente Portfolioverwaltung eingesetzt werden können.
Zur Gewährleistung eines Mindestmaßes an Umwelt- und Sozialabsicherungen wendet der Teilfonds die Ausschlusskriterien an. | The fund invests a minimum of 0% in transitional activities and a minimum of 0% in enabling activities.
What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The fund invests a minimum of 2% in sustainable investments with an environmental objective that is not aligned with the EU Taxonomy.
Investments could be aligned with the EU Taxonomy but the Investment Manager is not currently in a position to specify the exact proportion of the fund’s underlying investments which take into account the EU criteria for environmentally sustainable economic activities. However, the position will be kept under review as the underlying rules are finalised and the availability of reliable data increases over time.
¹Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objectives - see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
What is the minimum share of socially sustainable investments?
The fund invests a minimum of 5% in sustainable investments with a social objective.
What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
The remaining investments of the fund will be invested in assets aligned with the financial objective of the fund, cash and cash equivalents for liquidity purposes and derivatives which may be used for investment and efficient portfolio management.
As a minimum environmental and social safeguard, the fund will adhere to the Exclusions. | en | de |
DOLFIN9426 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Fund Details
## Fund Manager
## Michael Leithead, Camila Astaburuaga
## Inception Date
## 18 September 2009
## AUM (millions)
## USD 1,186.96
## Base Currency
## USD
## Price Reporting
## Financial Times, Bloomberg, Morningstar
## Benchmark / Reference Index
## ICE BofAML Eurodollar Index
## Investment Manager
## EFG Asset Management (UK) Limited
## Subscription/Redemption
## Daily 16:00 (Irish Time)
## Accounting Period
## 30 June
## 105
## 100
## 95
## 90
## 85
## 2018 2019 2020 2021 2022 2023
- Fund ■Benchmark
| -1.88% | 14.99% | 8.94% | -1.09% | -20.54% | 4.10% |
| --- | --- | --- | --- | --- | --- |
| -1.50% | 12.98% | 8.97% | -1.09% | -14.23% | 3.47% |
## ■
## ■
Past performance is not necessarily a guide to the future. The value of your investments and the income from them may fall as well as rise as a result of market as well as currency fluctuations and you may not get back the full amount invested. Fund performance is net of fees and representative of the USD I Inc Share Class and shows a maximum of five previous calendar years and current year to date (computed on a NAV to NAV basis). Where share class inception begins prior to the five previous years the chart has been rebased to 100. Where the Fund has fewer than five full years of performance, returns are shown from the inception date. Source: EFG Asset Management, Bloomberg. As at 31 January 2023. | # Fondsdetails
## Fondsmanager
## Michael Leithead, Camila Astaburuaga
## Datum der Auflegung
## 18 September 2009
## Verwaltetes Vermögen
## USD 1.186,96
## Basiswährung
## USD
## Kursinformationen
## Financial Times, Bloomberg, Morningstar
## Benchmark / Referenzindex
## ICE BofAML Eurodollar Index
## Investmentmanager /Anlagemanager
## EFG Asset Management (UK) Limited
## Zeichnungen/Rücknahmen
## Täglich 16:00 (Irischer Zeit)
## Berichtszeitraum
## 30 Juni
## 105
## 100
## 95
## 90
## 85
## 2018 2019 2020 2021 2022 2023
- Fonds ■Referenzindex
| -1,88% | 14,99% | 8,94% | -1,09% | -20,54% | 4,10% |
| --- | --- | --- | --- | --- | --- |
| -1,50% | 12,98% | 8,97% | -1,09% | -14,23% | 3,47% |
## ■
## ■
Die Wertentwicklung in der Vergangenheit stellt keine Garantie für zukünftige Erträge dar. Der Wert Ihrer Anlagen und der mit ihnen erzielten Erträge kann infolge von Markt- und Währungsschwankungen sowohl sinken als auch steigen, so dass Sie unter Umständen Ihren ursprünglich investierten Anlagebetrag nicht in voller Höhe zurück erhalten. Die Fondsperformance entspricht der USD I Inc Anteilsklasse nach Abzug aller Kosten und ist maximal für die fünf letzten Kalenderjahre sowie seit Jahresbeginn ausgewiesen (Ermittlung auf Basis NIW zu NIW). Falls die Auflegung der Anteilsklasse vor dem letzten Fünfjahreszeitraum erfolgte, wurde die Performance auf 100 umbasiert. Falls der Fonds keine Performancehistorie für volle fünf Jahre aufweist, sind die Renditen ab dem Auflegungsdatum ausgewiesen. Quelle: EFG Asset Management, Bloomberg. Per 31 Januar 2023. | # Fund Details
## Fund Manager
## Michael Leithead, Camila Astaburuaga
## Inception Date
## 18 September 2009
## AUM (millions)
## USD 1,186.96
## Base Currency
## USD
## Price Reporting
## Financial Times, Bloomberg, Morningstar
## Benchmark / Reference Index
## ICE BofAML Eurodollar Index
## Investment Manager
## EFG Asset Management (UK) Limited
## Subscription/Redemption
## Daily 16:00 (Irish Time)
## Accounting Period
## 30 June
## 105
## 100
## 95
## 90
## 85
## 2018 2019 2020 2021 2022 2023
- Fund ■Benchmark
| -1.88% | 14.99% | 8.94% | -1.09% | -20.54% | 4.10% |
| --- | --- | --- | --- | --- | --- |
| -1.50% | 12.98% | 8.97% | -1.09% | -14.23% | 3.47% |
## ■
## ■
Past performance is not necessarily a guide to the future. The value of your investments and the income from them may fall as well as rise as a result of market as well as currency fluctuations and you may not get back the full amount invested. Fund performance is net of fees and representative of the USD I Inc Share Class and shows a maximum of five previous calendar years and current year to date (computed on a NAV to NAV basis). Where share class inception begins prior to the five previous years the chart has been rebased to 100. Where the Fund has fewer than five full years of performance, returns are shown from the inception date. Source: EFG Asset Management, Bloomberg. As at 31 January 2023. | en | de |
DOLFIN9427 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Remuneration Policy
Pursuant to article 111bis of the 2010 Law, the Manager has established and applies a remuneration policy which is consistent with, and promotes, sound and effective risk management. Such policies and practices must not encourage risk taking which is inconsistent with the risk profile, Prospectus or Instrument of Incorporation of the Fund, and must not impair compliance with the Manager’s duty to act in the best interest of the Fund.
The remuneration requirements apply to categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profile of the Manager or the Fund. The remuneration includes a fixed (essentially the base salary) and variable component (annual bonuses). The level of funding of the annual bonus (which can be paid in cash, equity awards or a combination of both) is dependent on overall FRI corporate performance, is approved by a compensation committee and is granted with reference to the actual performance of the relevant individual. A significant portion of the bonus can be deferred for at least three years and payment of bonus is subject to claw back provisions. The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the compensation committee is available on the website: http://www.franklintempleton.lu, by selecting “Our Company”, “Regulatory Information” tabs (a paper copy will be made available free of charge upon request). | # Politique de rémunération
Conformément à l'article 111bis de la loi de 2010, le gérant a élaboré et applique une politique de rémunération compatible avec une gestion des risques saine et efficace, et favorisant une telle gestion. Ces politiques et pratiques ne doivent pas encourager une prise de risque incompatible avec le profil de risque, le prospectus ou les documents constitutifs du fonds, ni ne nuire à l’obligation du gérant d’agir au mieux des intérêts du fonds.
Les exigences en matière de rémunération s'appliquent aux catégories de personnel, y compris la direction générale, les preneurs de risques, les personnes exerçant une fonction de contrôle, et tout salarié qui, au vu de sa rémunération globale, se situe dans la même tranche de rémunération que la direction générale et les preneurs de risques dont les activités professionnelles ont une incidence substantielle sur le profil de risque du gérant du fonds. La rémunération comprend une partie fixe (essentiellement le salaire de base) et une partie variable (les primes annuelles). Le niveau de financement des primes annuelles (qui peuvent être payées en espèces, en actions ou par une combinaison des deux) dépend de la performance globale de la société FRI, est approuvé par un comité des rémunérations et est accordé en fonction de la performance réelle de la personne concernée. Une part importante de la prime peut être différée pendant au moins trois
ans et son paiement est soumis à des clauses de restitution. Les détails de la politique de rémunération en vigueur, y compris, sans limitation toutefois, la description du mode de calcul de la rémunération et des avantages, l'identité des personnes responsables de l'octroi de la rémunération et des avantages ainsi que, notamment, la composition du comité des rémunérations, sont disponibles sur le site internet : http://www.franklintempleton.lu, en suivant les liens « Our Company », « Regulatory Information » (un exemplaire papier peut être obtenu gratuitement sur demande). | # Remuneration Policy
Pursuant to article 111bis of the 2010 Law, the Manager has established and applies a remuneration policy which is consistent with, and promotes, sound and effective risk management. Such policies and practices must not encourage risk taking which is inconsistent with the risk profile, Prospectus or Instrument of Incorporation of the Fund, and must not impair compliance with the Manager’s duty to act in the best interest of the Fund.
The remuneration requirements apply to categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profile of the Manager or the Fund. The remuneration includes a fixed (essentially the base salary) and variable component (annual bonuses). The level of funding of the annual bonus (which can be paid in cash, equity awards or a combination of both) is dependent on overall FRI corporate performance, is approved by a compensation committee and is granted with reference to the actual performance of the relevant individual. A significant portion of the bonus can be deferred for at least three years and payment of bonus is subject to claw back provisions. The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the compensation committee is available on the website: http://www.franklintempleton.lu, by selecting “Our Company”, “Regulatory Information” tabs (a paper copy will be made available free of charge upon request). | en | fr |
DOLFIN9428 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Text which has been moved
-
## Clause 4(1) of the Memorandum of Association shall be amended as follows:
To carry on the business of an investment company and for that purpose to acquire and hold either in the name of the Company, or in that of any nominee, shares, stocks, debentures, debenture stock, bonds, notes, obligations and securities issued or guaranteed by any company wherever incorporated or carrying on business and debenture stock, bonds, notes, obligations and securities issued or guaranteed by any government, sovereign ruler, commissioners, public body or authority supreme, dependent, municipal, local or otherwise in any part of the world; or by any company, organisation,bank, association or partnership, whether with limited or unlimited liability, constituted or carrying onbusiness in any part of the world, units of or participations in any unit trust scheme, mutual fund orcollective investment scheme in any part of the world, policies of assurance and any rights andinterests to or in any of the foregoing, and from time to time to sell, deal in, exchange, vary or disposeof any of the foregoing;
-
## Clause 4 of the Memorandum of Association shall be amended by including the following:
The objects, purposes and powers specified in each of the paragraphs of this clause shall beregarded as independent powers for the purpose of achieving the main object in clause 2 above and,accordingly, shall not be limited or restricted (except where otherwise expressed in such paragraph)by the matters indicated in any other paragraph or the order in which the same occur or by referenceto the name of the Company.
-
## The definitions section in the Articles of Association shall be amended as follows: | # Testo spostato
-
## Si modifica la clausola 4(1) dell’Atto costitutivo come segue:
Svolgere l’attività di società d’investimento e, a tal fine, acquisire e detenere a nome della Società o di un suo delegato, azioni, quote azionarie, titoli di debito, certificati obbligazionari, obbligazioni, cambiali, impegni finanziari e titoli emessi o garantiti da qualsiasi società, ovunque costituita o operante, e certificati, obbligazioni, cambiali, impegni finanziari e titoli emessi o garantiti da qualsiasi governo, entità sovrana, organismo regolatore, ente pubblico o autorità suprema, subordinato/a, municipale, locale o di altro tipo in qualsiasi parte del mondo o da altra società, organizzazione, banca, associazione o impresa collettiva, a responsabilità limitata o illimitata, costituita o operante in qualsiasi parte del mondo, quote o partecipazioni in qualsiasi società d’investimento a capitale variabile, fondo comune d’investimento o organismo d’investimento collettivo in qualsiasi parte del mondo, polizze assicurative e qualsiasi diritto o partecipazione in uno dei precedenti, e di volta in volta vendere, trattare, scambiare, apportare variazioni o procedere alla vendita dei suddetti;
-
## La clausola 4 dell’Atto costitutivo è modificata includendo quanto segue:
Obiettivi, scopi e poteri specificati in ciascuno dei paragrafi della presente clausola saranno considerati come poteri indipendenti ai fini del conseguimento dell’obiettivo principale di cui alla precedente clausola 2 e, di conseguenza, non saranno limitati o ristretti (salvo ove diversamente espresso in tale paragrafo) dalle questioni indicate in qualsiasi altro paragrafo o dall’ordine in cui si verificano o dal riferimento alla denominazione della Società.
-
## Si modifica la sezione delle definizioni dello Statuto come segue: | # Text which has been moved
-
## Clause 4(1) of the Memorandum of Association shall be amended as follows:
To carry on the business of an investment company and for that purpose to acquire and hold either in the name of the Company, or in that of any nominee, shares, stocks, debentures, debenture stock, bonds, notes, obligations and securities issued or guaranteed by any company wherever incorporated or carrying on business and debenture stock, bonds, notes, obligations and securities issued or guaranteed by any government, sovereign ruler, commissioners, public body or authority supreme, dependent, municipal, local or otherwise in any part of the world; or by any company, organisation,bank, association or partnership, whether with limited or unlimited liability, constituted or carrying onbusiness in any part of the world, units of or participations in any unit trust scheme, mutual fund orcollective investment scheme in any part of the world, policies of assurance and any rights andinterests to or in any of the foregoing, and from time to time to sell, deal in, exchange, vary or disposeof any of the foregoing;
-
## Clause 4 of the Memorandum of Association shall be amended by including the following:
The objects, purposes and powers specified in each of the paragraphs of this clause shall beregarded as independent powers for the purpose of achieving the main object in clause 2 above and,accordingly, shall not be limited or restricted (except where otherwise expressed in such paragraph)by the matters indicated in any other paragraph or the order in which the same occur or by referenceto the name of the Company.
-
## The definitions section in the Articles of Association shall be amended as follows: | en | it |
DOLFIN9429 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Stratégie d’investissement :
- Description des stratégies utilisées :La SICAV promeut des caractéristiques environnementales. Il convient toutefois de noter qu’à ce jour la SICAV ne peut pas prendre en compte les critères des activités environnementales durables énoncés dans le règlement Européen 2020/852 sur l’établissement d’un cadre visant à favoriser les investissements durables (ci-après la « Réglementation Taxonomie ») et l’alignement de son portefeuille avec les critères de la Réglementation Taxonomie n’est pas calculé. Ainsi, pour le moment, le principe consistant à “ne pas causer de préjudice important” n’est pas considéré sur les actifs de la SICAV.
Notre approche ISR s'articule autour de trois axes complémentaires afin de garantir une évaluation complète des fondamentaux et du profil ESG des valeurs dans la gestion de la SICAV, de la définition de l'univers d'investissement à la construction du portefeuille.
La gestion consiste principalement à mettre en place diverses stratégies d’investissement sur les principaux marchés de taux (positionnements, par exemple, sur la courbe des taux) et du crédit de la zone euro ou libellés en euro. Une poche monétaire à très court terme, de maturité allant de 0 à 3 mois, sera activement gérée par l’équipe de gestion. | # Estrategia de inversión:
- Descripción de las estrategias utilizadas:La SICAV promueve características medioambientales. Cabe destacar, sin embargo, que hasta la fecha el Fondo no ha podido tener en cuenta los criterios para la actividad medioambiental sostenible establecidos en el Reglamento Europeo 2020/852 por el que se establece un marco para fomentar la inversión sostenible (en lo sucesivo, el "Reglamento Tributario") y no se calcula que su cartera esté en consonancia con los criterios de la Normativa Tributaria. Por lo tanto, por el momento, el principio de "no perjudicar considerablemente" no se considera sobre los activos de la SICAV.
Nuestro enfoque ISR se articula alrededor de tres ejes complementarios con el fin de garantizar una evaluación completa de los fundamentales y del perfil ESG de los valores en la gestión de la SICAV, desde la definición del universo de inversión hasta la construcción de la cartera.
La gestión consiste principalmente en instaurar diversas estrategias de inversión en los principales mercados de tipos (posicionamientos, por ejemplo, en la curva de tipos) y de crédito de la zona euro, o denominados en euros. El equipo de gestión se encargará de gestionar una cesta monetaria a muy corto plazo, con vencimiento de 0 a 3 meses. | # Stratégie d’investissement :
- Description des stratégies utilisées :La SICAV promeut des caractéristiques environnementales. Il convient toutefois de noter qu’à ce jour la SICAV ne peut pas prendre en compte les critères des activités environnementales durables énoncés dans le règlement Européen 2020/852 sur l’établissement d’un cadre visant à favoriser les investissements durables (ci-après la « Réglementation Taxonomie ») et l’alignement de son portefeuille avec les critères de la Réglementation Taxonomie n’est pas calculé. Ainsi, pour le moment, le principe consistant à “ne pas causer de préjudice important” n’est pas considéré sur les actifs de la SICAV.
Notre approche ISR s'articule autour de trois axes complémentaires afin de garantir une évaluation complète des fondamentaux et du profil ESG des valeurs dans la gestion de la SICAV, de la définition de l'univers d'investissement à la construction du portefeuille.
La gestion consiste principalement à mettre en place diverses stratégies d’investissement sur les principaux marchés de taux (positionnements, par exemple, sur la courbe des taux) et du crédit de la zone euro ou libellés en euro. Une poche monétaire à très court terme, de maturité allant de 0 à 3 mois, sera activement gérée par l’équipe de gestion. | fr | es |
DOLFIN9430 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Notice No. 81 stated that investors in the Hong Kong market (including the Fund) are temporarily exempted from Mainland China Business Tax (later fully replaced by VAT) with respect to gains derived from the trading of China A-Shares through the Shanghai-Hong Kong Stock Connect.
Pursuant to Notice No. 127, investors in the Hong Kong market (including the Fund) are temporarily exempted from Mainland China VAT with respect to gains derived from the trading of China A-Shares through the Shenzhen-Hong Kong Stock Connect.
- Stamp dutyStamp duty generally applies to the execution and receipt of all taxable documents listed in the Mainland China Stamp Duty Law, effective from 1 July 2022. Stamp duty is levied on the execution or receipt in Mainland China of certain documents, including contracts for the sale of China A-Shares, at the rate of 0.1%. In the case of contracts for sale of China A-Shares, such stamp duty is currently imposed on the seller but not on the purchaser.
- GeneralIt is possible that the current tax laws, regulations and practice in Mainland China will change, including the possibility of taxes being applied retrospectively, and that such changes may result in higher taxation on Mainland China investments than currently contemplated. | L’Avviso N. 81, della Cina continentale, ha stabilito che gli investitori sul mercato di Hong Kong (incluso il Fondo) sono temporaneamente esentati dall’Imposta Societaria (in seguito integralmente sostituita da IVA) della Cina continentale sulle plusvalenze ottenute dalla negoziazione di Azioni di classe A cinesi attraverso lo Shanghai-Hong Kong Stock Connect.
Ai sensi dell’Avviso N. 127, gli investitori sul mercato di Hong Kong (incluso il Fondo) sono temporaneamente esentati dall’IVA della Cina continentale sulle plusvalenze ottenute dalla negoziazione di Azioni di classe A cinesi attraverso lo Shanghai-Hong Kong Stock Connect.
- Imposta di bolloL’imposta di bollo si applica generalmente sull’esecuzione e ricezione di tutti i documenti imponibili elencati ai sensi della Legge sull’imposta di bollo della Cina continentale, in vigore dal 1° luglio 2022. L’imposta di bollo viene riscossa per l’esecuzione e la ricezione nella Cina continentale di determinatidocumenti, compresi i contratti di vendita di Azioni di classe A cinese, secondo un’aliquota pari allo 0,1%. Nel caso di contratti di vendita di Azioni di classe A cinese, tale imposta di bollo è applicata al venditore ma non all’acquirente.
- GeneraleÈ possibile che le leggi, i regolamenti e le consuetudini in vigore nella Cina continentale cambino, includendo anche la possibilità che le imposte vengano applicate in maniera retroattiva, e che tali cambiamenti possano comportare un aumento della pressione fiscale sugli investimenti nella Cina continentale rispetto a quanto attualmente prospettato. | Notice No. 81 stated that investors in the Hong Kong market (including the Fund) are temporarily exempted from Mainland China Business Tax (later fully replaced by VAT) with respect to gains derived from the trading of China A-Shares through the Shanghai-Hong Kong Stock Connect.
Pursuant to Notice No. 127, investors in the Hong Kong market (including the Fund) are temporarily exempted from Mainland China VAT with respect to gains derived from the trading of China A-Shares through the Shenzhen-Hong Kong Stock Connect.
- Stamp dutyStamp duty generally applies to the execution and receipt of all taxable documents listed in the Mainland China Stamp Duty Law, effective from 1 July 2022. Stamp duty is levied on the execution or receipt in Mainland China of certain documents, including contracts for the sale of China A-Shares, at the rate of 0.1%. In the case of contracts for sale of China A-Shares, such stamp duty is currently imposed on the seller but not on the purchaser.
- GeneralIt is possible that the current tax laws, regulations and practice in Mainland China will change, including the possibility of taxes being applied retrospectively, and that such changes may result in higher taxation on Mainland China investments than currently contemplated. | en | it |
DOLFIN9431 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Scénarios de performance
La rentabilité de ce produit dépend de l'évolution future du marché. L'évolution future des marchés est incertaine et ne peut être déterminée avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés sont uniquement des exemples de la performance la moins bonne, moyenne et la meilleure enregistrée par le produit ces 13 dernières années. Les marchés pourraient se comporter très différemment à l'avenir.
| Période de détention recommandée: 8 ans Exemple d'investissement: $10000 Si vous sortez après 1 Si vous sortez après 8 an ans Scénarios |
| --- |
| Minimum | Il n'existe aucune garantie de rendement si vous vendez votre placement avant une durée de 8 an(s). Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $780 | $230 |
| Rendement annuel moyen | -92.2% | -37.5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $2240 | $2040 |
| Rendement annuel moyen | -77.6% | -18.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10070 | $16310 |
| Rendement annuel moyen | 0.7% | 6.3% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $32260 | $69060 |
| Rendement annuel moyen | 222.6% | 27.3% |
Le scénario de tension indique le montant que vous pourriez récupérer dans des conditions de marché extrêmes.
Les chiffres indiqués comprennent tous les coûts du produit lui-même. Les chiffres indiqués ne prennent pas en compte votre situation fiscale personnelle, qui peut également avoir une incidence sur le montant que vous recevrez.
Ces types de scénarios s'appliquaient à un placement effectué entre 2009-11-01 et 2022-10-01. | # Escenarios de rentabilidad
Lo que reciba de este producto dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto en los últimos 13 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| Periodo de mantenimiento recomendado: 8 años Ejemplo de inversión: $10000 En caso de salida En caso de salida después de 1 año después de 8 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida dentro de un período de 8 año(s). Puede perder la totalidad o parte de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $780 | $230 |
| Rendimiento medio cada año | -92.2% | -37.5% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $2240 | $2040 |
| Rendimiento medio cada año | -77.6% | -18.0% |
| Moderado | Lo que podría recibir tras deducir los costes | $10070 | $16310 |
| Rendimiento medio cada año | 0.7% | 6.3% |
| Favorable | Lo que podría recibir tras deducir los costes | $32260 | $69060 |
| Rendimiento medio cada año | 222.6% | 27.3% |
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Las cifras presentadas incluyen todos los costes del producto propiamente dicho. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Estos tipos de escenarios se produjeron para una inversión entre 2009-11-01 y 2022-10-01. | # Scénarios de performance
La rentabilité de ce produit dépend de l'évolution future du marché. L'évolution future des marchés est incertaine et ne peut être déterminée avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés sont uniquement des exemples de la performance la moins bonne, moyenne et la meilleure enregistrée par le produit ces 13 dernières années. Les marchés pourraient se comporter très différemment à l'avenir.
| Période de détention recommandée: 8 ans Exemple d'investissement: $10000 Si vous sortez après 1 Si vous sortez après 8 an ans Scénarios |
| --- |
| Minimum | Il n'existe aucune garantie de rendement si vous vendez votre placement avant une durée de 8 an(s). Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $780 | $230 |
| Rendement annuel moyen | -92.2% | -37.5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $2240 | $2040 |
| Rendement annuel moyen | -77.6% | -18.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10070 | $16310 |
| Rendement annuel moyen | 0.7% | 6.3% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $32260 | $69060 |
| Rendement annuel moyen | 222.6% | 27.3% |
Le scénario de tension indique le montant que vous pourriez récupérer dans des conditions de marché extrêmes.
Les chiffres indiqués comprennent tous les coûts du produit lui-même. Les chiffres indiqués ne prennent pas en compte votre situation fiscale personnelle, qui peut également avoir une incidence sur le montant que vous recevrez.
Ces types de scénarios s'appliquaient à un placement effectué entre 2009-11-01 et 2022-10-01. | fr | es |
DOLFIN9432 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment 10,000 USD | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 893 USD | 2,590 USD |
| Annual cost impact* | 8.9% | 3.7% | | | 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 | 893 USD | 2.590 USD |
| Incidencia anual de los costes* | 8,9% | 3,7% | | | Example Investment 10,000 USD | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 893 USD | 2,590 USD |
| Annual cost impact* | 8.9% | 3.7% | | en | es |
DOLFIN9433 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Once the credit event has been declared, the protection buyer has the right to settle the contract. Settlement is usually physical, with the protection buyer having the right to deliver bonds of the reference entity up to the notional amount of the contract. In return, the protection buyer receives the par value of those obligations. Selling protection is the synthetic equivalent of buying a bond or alternative form of debt. Buying protection is the equivalent of synthetically shorting or hedging a bond or other credit exposure.
The value of a credit default swap agreement shall be determined by comparing it to the prevailing par market swap. A par market swap is one which can be initiated in the market today for no exchange of principal and its deal spread is such that it results in the swap’s market value being equal to zero. The spread between the initial default swap and the par market swap is then discounted as an annuity using relevant risk-adjusted discount rates. Par market swap rates will be obtained from a cross-section of market counterparties.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets and/or various credit ratings within each sector.
Credit indices are traded using credit default swap agreements with standardised terms including a fixed spread and standard maturity dates. An index credit default swap agreement references all the names in the index and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices change annually and, for most indices, each name has an equal weight in the index. The Sub-Funds may use credit default swap agreements on credit indices to hedge a portfolio of credit default swap agreements or bonds with a credit default swap agreement on indices which may be less expensive than it would be to buy many credit default swap agreements to achieve a similar effect. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default and traders use them to speculate on changes in credit quality.
Unrealised appreciation/(depreciation) on credit default swap agreements and credit default index swap agreements is included in the Statement of Net Assets under “Unrealised appreciation on Swap agreements” or “Unrealised depreciation on Swap agreements”.
Net realised appreciation/(depreciation) and net changes in unrealised appreciation/(depreciation) as a result thereof are included in the Statement of Operations and Changes in Net Assets respectively under “Net realised appreciation/(depreciation) on Swap agreements” and “Net change in unrealised appreciation/(depreciation) on Swap agreements”.
- Total Return Swap AgreementsA total return swap agreement is a bilateral agreement in which each of the parties agree to exchange the total performance of an underlying asset for a series of interest payments based on a notional amount that serves as a computation basis. The market value of a total return swap agreement is determined using the price of the underlying asset. | Si un événement de crédit survient, l'acheteur de protection peut demander à ce que le contrat soit exécuté. Le règlement est généralement de type physique, l'acheteur de protection ayant le droit de livrer des titres de créance de l'émetteur de référence jusqu'à concurrence du montant notionnel du contrat. En échange, l'acheteur de protection reçoit la valeur nominale desdits titres. La vente de protection est l'équivalent synthétique de l'achat d'une obligation ou d'une forme alternative de créance. L'achat de protection est l'équivalent synthétique du positionnement à la vente ou de la couverture d'une obligation ou autre forme de crédit.
La valeur d'un contrat de credit default swap sera déterminée par comparaison au par market swap en vigueur. Un par market swap est un swap qu'il est possible d'initier sur le marché ce jour sans échange de capital et son écart de négociation est tel que la valeur de marché du swap est égale à zéro. L'écart entre le default swap initial et le par market swap est alors actualisé comme une annuité à l'aide des taux d'escompte ajustés au risque pertinents. Les taux des par market swaps sont extraits d'une section des contreparties de marché.
Les credit default swaps sur indices de crédit impliquent qu'une des parties effectue une succession de paiements en échange du droit de recevoir un montant spécifique en cas de dépréciation, de pertes sur le principal ou sur les intérêts ou de défaut affectant l'une ou l'ensemble des entités de référence qui composent l'indice de crédit. Un indice de crédit se compose d'un panier d'instruments de crédit ou d'expositions construit pour être représentatif d'un certain segment du marché du crédit dans son ensemble. Les composants des indices peuvent inclure, notamment, des titres investment grade, des titres à haut rendement, des ABS, des titres de marchés émergents et/ou différentes notes de crédit dans chaque secteur.
Les indices de crédit sont négociés au moyen de contrats de credit default swaps aux termes standardisés, par exemple, un spread fixe et des échéances standard. Les contrats de credit default swaps sur indices portent sur toutes les valeurs incluses dans l'indice, et en cas de défaut, l'événement de crédit est évalué en fonction de la pondération de cette valeur dans l'indice. La composition des indices change annuellement et, pour la plupart, chaque valeur a une pondération égale dans l'indice. Les Compartiments peuvent avoir recours à des contrats de credit default swaps sur indices de crédit pour protéger un portefeuille de contrats de CDS ou d'obligations avec un contrat de credit default swap sur indice qui peut s'avérer moins onéreux que n'aurait représenté l'achat de nombreux contrats de CDS afin d'obtenir un effet similaire. Les contrats de credit default swaps sur indices sont des instruments de référence servant à protéger les investisseurs détenteurs d'obligations contre un risque de défaut et les opérateurs de marché les utilisent pour spéculer sur l'évolution de la qualité de crédit.
Les plus/(moins)-values non réalisées sur contrats de credit default swaps et de credit default swaps sur indices sont comptabilisées dans l’Etat des actifs nets sous « Plus-values non réalisées sur contrats de swap » et « Moins- values non réalisées sur contrats de swap ».
Les plus/(moins)-values nettes réalisées et les variations nettes des plus/(moins)-values non réalisées en découlant sont comptabilisées dans l'état des opérations et des variations des actifs nets respectivement sous l'intitulé « Plus/(moins)-values nettes réalisées sur contrats de swap » et « Variation nette des plus/(moins)-values non réalisées sur contrats de swap ».
- Contrats de total return swapsUn contrat de total return swaps est un contrat bilatéral en vertu duquel chacune des parties convient d'échanger la performance totale d'un actif sous-jacent contre une série de paiements d'intérêts en fonction d'un montant notionnel servant de base de calcul. La valeur de marché d'un contrat de total return swap est déterminée en se basant sur le cours de l'actif sous-jacent. | Once the credit event has been declared, the protection buyer has the right to settle the contract. Settlement is usually physical, with the protection buyer having the right to deliver bonds of the reference entity up to the notional amount of the contract. In return, the protection buyer receives the par value of those obligations. Selling protection is the synthetic equivalent of buying a bond or alternative form of debt. Buying protection is the equivalent of synthetically shorting or hedging a bond or other credit exposure.
The value of a credit default swap agreement shall be determined by comparing it to the prevailing par market swap. A par market swap is one which can be initiated in the market today for no exchange of principal and its deal spread is such that it results in the swap’s market value being equal to zero. The spread between the initial default swap and the par market swap is then discounted as an annuity using relevant risk-adjusted discount rates. Par market swap rates will be obtained from a cross-section of market counterparties.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets and/or various credit ratings within each sector.
Credit indices are traded using credit default swap agreements with standardised terms including a fixed spread and standard maturity dates. An index credit default swap agreement references all the names in the index and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices change annually and, for most indices, each name has an equal weight in the index. The Sub-Funds may use credit default swap agreements on credit indices to hedge a portfolio of credit default swap agreements or bonds with a credit default swap agreement on indices which may be less expensive than it would be to buy many credit default swap agreements to achieve a similar effect. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default and traders use them to speculate on changes in credit quality.
Unrealised appreciation/(depreciation) on credit default swap agreements and credit default index swap agreements is included in the Statement of Net Assets under “Unrealised appreciation on Swap agreements” or “Unrealised depreciation on Swap agreements”.
Net realised appreciation/(depreciation) and net changes in unrealised appreciation/(depreciation) as a result thereof are included in the Statement of Operations and Changes in Net Assets respectively under “Net realised appreciation/(depreciation) on Swap agreements” and “Net change in unrealised appreciation/(depreciation) on Swap agreements”.
- Total Return Swap AgreementsA total return swap agreement is a bilateral agreement in which each of the parties agree to exchange the total performance of an underlying asset for a series of interest payments based on a notional amount that serves as a computation basis. The market value of a total return swap agreement is determined using the price of the underlying asset. | en | fr |
DOLFIN9434 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
Stocks and/or financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of stocks and/or financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of your initial investment. The fund may invest in China A-shares through Stock Connect, a system facilitating equity investment to the Chinese market. Investments through this system are subject to specific risks, including but not limited to, quota limitations, trading restrictions, recalling of eligible stocks, clearing and settlement risk and regulatory risk. Investors are advised to familiarise themselves with the risks of this system as outlined in the prospectus. | Puede que los datos históricos, como los empleados para el cálculo de este indicador, no ofrezcan una indicación fiable del perfil de riesgo futuro de este fondo. No existen garantías de que el indicador del riesgo se mantenga sin cambios, ya que puede variar con el tiempo. La categoría de riesgo mínima no implica que la inversión esté exenta de riesgo.
Este fondo es de categoría 6, debido al comportamiento del producto durante el periodo analizado. El riesgo de mercado general, teniendo en cuenta la rentabilidad histórica y la posible evolución de los mercados en el futuro, asociado con los valores y/o instrumentos financieros empleados para alcanzar el objetivo de inversión se considera alto.
Son varios los factores que afectan a los valores y/o instrumentos financieros. Entre ellos se incluyen, a título meramente enunciativo, la evolución del mercado financiero, la evolución económica de los emisores de los valores y/o instrumentos financieros, que a su vez se ven afectados por la situación económica mundial en general, y las condiciones políticas y económicas de cada país. El riesgo de liquidez del subfondo se considera medio. Pueden surgir riesgos de liquidez en aquellos casos en que una inversión subyacente concreta sea difícil de vender. Por otra parte, la fluctuación de las divisas puede influir en gran medida en la rentabilidad del subfondo. No se garantiza que recupere su inversión inicial. El fondo puede invertir en las acciones A de China a través de Stock Connect, un sistema que facilita la inversión en renta variable en el mercado chino. Las inversiones a través de este sistema están sujetas a riesgos concretos, incluidos, entre otros, las limitaciones de cuotas, las restricciones a la negociación, la retirada de acciones, el riesgo de compensación y liquidación y el riesgo normativo. Los inversores deben familiarizarse con los riesgos de este sistema, tal como se describe en el folleto. | Historical data, such as is used for calculating this indicator, may not be a reliable indication of the future risk profile of this fund. There is no guarantee that the risk indicator will remain unchanged, it may shift over time. The lowest category of risk does not mean that the investment is riskfree.
This fund is in category 6 because of the behaviour of the product during the measuring period. The overall market risk, taking into account past performances and future potential evolution of the markets, associated with stocks and/or financial instruments used to reach the investment objective is considered high.
Stocks and/or financial instruments are impacted by various factors. These include, but are not limited to, the development of the financial market, the economic development of issuers of stocks and/or financial instruments who are themselves affected by the general world economic situation and the economic and political conditions in each country. The Sub-Fund’s liquidity risk is set to medium. Liquidity risks may arise when a specific underlying investment is difficult to sell. Moreover, currency fluctuation may impact highly the Sub-Fund’s performance. No guarantee is provided as to the recovery of your initial investment. The fund may invest in China A-shares through Stock Connect, a system facilitating equity investment to the Chinese market. Investments through this system are subject to specific risks, including but not limited to, quota limitations, trading restrictions, recalling of eligible stocks, clearing and settlement risk and regulatory risk. Investors are advised to familiarise themselves with the risks of this system as outlined in the prospectus. | en | es |
DOLFIN9435 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed in reference to a benchmark. The JP Morgan EMBI Global Diversified (the “Benchmark”) is used for performance comparison and for internal risk monitoring purposes only, without implying any particular constraints to the Sub-Fund's investments. Bond issuers represented in the portfolio of the Sub-Fund will generally be similar to those of the Benchmark however, their weightings are expected to differ materially and the Investment Manager has discretion to select issuers that are not part of the Benchmark universe. The Sub-Fund’s holdings are therefore expected to deviate materially from the Benchmark. The Sub-Fund aims to generate capital growth over the medium-long term. It mainly invests in bonds and similar instruments issued by Emerging Market sovereigns, quasi-sovereigns,
and corporates, and mainly denominated in non-local currencies of Emerging Markets. The Investment Manager may invest in the full range of fixed income securities, both investment grade and below investment grade (including Distressed Securities up to 5% of the net assets). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente por referencia a un índice. El índice JP Morgan EMBI Global Diversified (el «Índice») se utiliza exclusivamente a efectos de comparación de la rentabilidad y seguimiento del riesgo interno y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. En general, los emisores de bonos representados en la cartera del Subfondo serán similares a los del Índice, pero se prevé que sus ponderaciones difieran sustancialmente y el Gestor de Inversiones cuenta con discrecionalidad para seleccionar emisores que no estén incluidos en el universo del Índice. Por lo tanto, está previsto que las posiciones del Subfondo difieran sustancialmente de las del Índice. El objetivo del Subfondo es generar revalorización del capital a medio y largo plazo. Invierte principalmente en bonos e instrumentos similares de emisores soberanos, cuasisoberanos y
corporativos de Mercados emergentes, y denominados principalmente en monedas ajenas a los Mercados emergentes. El Gestor de inversiones podrá invertir en todo el espectro de títulos de renta fija, tanto con grado de inversión como sin él (incluido hasta un 5% del patrimonio neto en deuda distressed). | ### Objectives and Investment Policy
The Sub-Fund is actively managed in reference to a benchmark. The JP Morgan EMBI Global Diversified (the “Benchmark”) is used for performance comparison and for internal risk monitoring purposes only, without implying any particular constraints to the Sub-Fund's investments. Bond issuers represented in the portfolio of the Sub-Fund will generally be similar to those of the Benchmark however, their weightings are expected to differ materially and the Investment Manager has discretion to select issuers that are not part of the Benchmark universe. The Sub-Fund’s holdings are therefore expected to deviate materially from the Benchmark. The Sub-Fund aims to generate capital growth over the medium-long term. It mainly invests in bonds and similar instruments issued by Emerging Market sovereigns, quasi-sovereigns,
and corporates, and mainly denominated in non-local currencies of Emerging Markets. The Investment Manager may invest in the full range of fixed income securities, both investment grade and below investment grade (including Distressed Securities up to 5% of the net assets). | en | es |
DOLFIN9436 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in a concentrated portfolio of approximately 30 to 50 global companies located in both developed and emerging countries.
The fund will invest in equity and equity-related securities of companies it believes will increase in value over time. The investment manager has discretion over which investments to hold within the fund and makes decisions based primarily on analysis of individual companies rather than on
broad economic forecasts. The investment manager will also use screening tools to help focus on those companies that could be attractive investments.
The fund is actively managed in reference to the index (MSCI All Country World Index) by virtue of the fact that it uses the index for performance comparison purposes. Certain of the fund's securities may be components of and may have similar weightings to the index. However, the fund may deviate significantly from the index and the investment manager may use its discretion to invest in companies or sectors not included in the index. | ## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à réaliser une croissance en capital en investissant principalement dans un portefeuille concentré d'environ 30 à 50 sociétés mondiales implantées dans des pays développés et des pays émergents.
Le fonds investira dans des titres de capital et des titres liés à des titres de capital de sociétés dont il estime qu'elles augmenteront de valeur au fil du temps. Le gestionnaire d'investissement dispose d'un pouvoir discrétionnaire pour choisir les investissements à détenir au sein du fonds et il fonde ses décisions principalement sur l'analyse de sociétés individuelles, plutôt que sur de larges prévisions économiques. Le gestionnaire d'investissement utilisera également des outils de présélection
afin de mieux cibler les sociétés qui pourraient constituer des investissements intéressants.
Le fonds est géré activement en référence à l'indice (MSCI All Country World Index) en vertu du fait qu'il a recours à l'indice à des fins de comparaison des performances. Certains titres du Fonds peuvent être des composants de l'indice et peuvent avoir des pondérations similaires à celui- ci. Cependant, le fonds peut s'écarter considérablement de l'indice et le gestionnaire d'investissement peut user de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'indice. | ## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in a concentrated portfolio of approximately 30 to 50 global companies located in both developed and emerging countries.
The fund will invest in equity and equity-related securities of companies it believes will increase in value over time. The investment manager has discretion over which investments to hold within the fund and makes decisions based primarily on analysis of individual companies rather than on
broad economic forecasts. The investment manager will also use screening tools to help focus on those companies that could be attractive investments.
The fund is actively managed in reference to the index (MSCI All Country World Index) by virtue of the fact that it uses the index for performance comparison purposes. Certain of the fund's securities may be components of and may have similar weightings to the index. However, the fund may deviate significantly from the index and the investment manager may use its discretion to invest in companies or sectors not included in the index. | en | fr |
DOLFIN9437 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Article 6 Merger of the Investment Company or of one or more sub-funds
- Pursuant to a resolution of the general meeting and in accordance with the conditions outlined below, the Investment Company may decide to transfer the Investment Company to another UCITS managed by the same management company or by another management company. In the case of mergers where the absorbed Investment Company ceases to exist as a result of the merger, the effective date of the merger must be certified by a notary.
- Pursuant to a resolution of the Board of Directors of the Investment Company, a sub-fund of the Investment Company may be merged into another sub-fund of the Investment Company or another UCITS or sub-fund of another UCITS.
- The merger(s) stated in clauses 1 and 2 above may be decided on in the following cases in particular:
- insofar as the net fund assets or net sub-fund assets on a valuation day have fallen below an amount which appears to be a minimum amount for the purpose of managing the Fund or sub-fund in a manner which is economically viable. The Investment Company has set this amount at EUR 5 million;
- if, due to a significant change in the economic or political climate or for reasons of economic viability, it does not appear to make economic sense to manage the Fund or sub-fund.
- The general meeting shall also vote on the joint merger plan. The resolutions of the general meeting concerning a merger require at least a simple majority of the votes of those shareholders present or represented. In the case of mergers where the absorbed Investment Company ceases to exist as a result of the merger, the effective date of the merger must be certified by a notary. In the event of mergers of individual sub-funds, only the consent of the shareholders affected by the merger of the sub-funds in question is required.
- The Board of Directors of the Investment Company may decide to absorb another fund or sub-fund managed by the same or by another management company into the Investment Company or a sub-fund of the Investment Company.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States (cross-border merger).
- A merger may only be implemented if the investment policy of the Investment Company or fund/sub- fund to be absorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund/sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The shareholders of the absorbed fund receive shares in the absorbing fund, with the number of these shares being calculated based on the ratio of the unit values of the funds in question at the time of merger, along with any settlement of fractional shares.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform shareholders of the planned merger in an appropriate manner and in line with the legal requirements of the respective countries of distribution of the absorbing or absorbed fund or sub-fund.
- The shareholders in the absorbing and the absorbed fund or sub-fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their shares at the current net asset value or, if possible, the exchange for shares in another fund with a similar investment policy managed by the same management company or by another company with which the Management Company is linked by common management or control or by a substantial direct or indirect holding. This right becomes effective from the date on which the shareholders of the absorbed and absorbing funds have been informed of the planned merger, and it expires five banking days before the date of calculation of the conversion ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of shares if such suspension is justified to protect the shareholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the shareholders in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authority.
- The above equally applies to the merger of two sub-funds within the Investment Company. | # Articolo 6 Fusione della Società di investimento o di uno o più Comparti
- Con deliberazione dell’Assemblea generale, la Società di investimento può decidere, alle seguenti condizioni, di trasferire la Società di investimento in un altro OICVM amministrato dalla stessa Società di gestione o da un'altra Società di gestione. Nel caso di fusioni in cui la Società di investimento cedente cessa di esistere a seguito della fusione, la decorrenza della fusione deve essere certificata da un notaio.
- Con delibera del Consiglio di Amministrazione della Società di investimento, un Comparto della Società di investimento può essere fuso mediante conferimento in un altro Comparto della Società di investimento o in un altro OICVM o in un Comparto di un altro OICVM.
- La fusione o le fusioni di cui ai punti 1 e 2 possono essere decise in particolare nei seguenti casi:
- se il patrimonio netto del Comparto calcolato in un Giorno di valutazione risulta inferiore a un importo minimo ritenuto necessario per gestire il Comparto in modo economicamente efficiente. La Società di investimento ha fissato questo importo a EUR 5 milioni.
- se, in seguito a un cambiamento radicale dello scenario economico o politico o per ragioni legate alla redditività economica, la gestione del Fondo, o del Comparto, non appare più economicamente opportuna.
- L'Assemblea generale vota anche sul progetto congiunto di fusione. Le deliberazioni dell'Assemblea generale in relazione a una fusione richiedono almeno la maggioranza semplice dei voti degli azionisti presenti o rappresentati. Nel caso di fusioni in cui la Società di investimento cedente cessa di esistere a seguito della fusione, la decorrenza della fusione deve essere certificata da un notaio. In caso di fusione di singoli Comparti, è necessaria solo l'approvazione degli azionisti dei Comparti interessati dalla fusione.
- Il Consiglio di Amministrazione della Società di investimento può altresì deliberare l'incorporazione di un altro Fondo o Comparto gestito dalla Società di gestione medesima o da un'altra Società di gestione, nella Società di investimento o in un Comparto della Società di investimento.
- Le fusioni sono consentite sia tra Fondi o Comparti lussemburghesi (fusione nazionale) sia tra Fondi o Comparti aventi sede in due diversi Stati membri (fusione transfrontaliera).
- Una fusione può essere perfezionata solo se la politica d'investimento della Società di investimento, del Fondo o del Comparto da incorporare non è in contrasto con la politica d'investimento dell'OICVM incorporante.
- La fusione viene concretizzata con lo scioglimento del Fondo o Comparto da incorporare e la contemporanea assunzione di tutti i valori patrimoniali da parte del Fondo o del Comparto incorporante. Gli azionisti del Fondo incorporato ricevono un numero di azioni del Fondo incorporante calcolato sullabase del rapporto di valore delle azioni relativo ai Fondi interessati nel momento dell'incorporazione, oltre alla compensazione di eventuali importi eccedenti.
- Sia il Fondo o Comparto incorporante, sia il Fondo o Comparto da incorporare informano gli azionisti in maniera adeguata in merito alla fusione prevista, nonché con le modalità previste dalle normative vigenti nei paesi di distribuzione del Fondo o Comparto incorporante o da incorporare.
- Gli azionisti del Fondo o Comparto incorporante o da incorporare hanno diritto, per un periodo di trenta giorni, di richiedere senza alcun costo aggiuntivo il rimborso di tutte o di una parte delle loro azioni al relativo valore per quota, ovvero, laddove consentito, la conversione in azioni di un altro Fondo con una politica d'investimento analoga, gestito dalla Società di gestione medesima o da un'altra Società di gestione con la quale la Società di gestione sia collegata mediante amministrazione o controllo comune, o tramite una partecipazione rilevante diretta o indiretta. Tale diritto diviene effettivo nel momento in cui agli azionisti del Fondo incorporante e da incorporare viene comunicata la fusione prevista, e decade trascorso il quinto giorno lavorativo bancario precedente al calcolo del rapporto di conversione.
- In caso di fusione tra due o più Fondi o Comparti, i Fondi o Comparti interessati hanno facoltà di sospendere temporaneamente le sottoscrizioni, i rimborsi o le conversioni di azioni, laddove tale sospensione sia giustificata da motivi di tutela dei detentori di azioni.
- L'esecuzione della fusione sarà verificata e certificata da un revisore contabile indipendente. Agli azionisti del Fondo o Comparto interessati e alle autorità di vigilanza competenti sarà messa gratuitamente a disposizione su richiesta una copia della relazione del revisore contabile.
- Quanto suesposto si applica ugualmente alle fusioni di due Comparti all’interno della Società di investimento. | # Article 6 Merger of the Investment Company or of one or more sub-funds
- Pursuant to a resolution of the general meeting and in accordance with the conditions outlined below, the Investment Company may decide to transfer the Investment Company to another UCITS managed by the same management company or by another management company. In the case of mergers where the absorbed Investment Company ceases to exist as a result of the merger, the effective date of the merger must be certified by a notary.
- Pursuant to a resolution of the Board of Directors of the Investment Company, a sub-fund of the Investment Company may be merged into another sub-fund of the Investment Company or another UCITS or sub-fund of another UCITS.
- The merger(s) stated in clauses 1 and 2 above may be decided on in the following cases in particular:
- insofar as the net fund assets or net sub-fund assets on a valuation day have fallen below an amount which appears to be a minimum amount for the purpose of managing the Fund or sub-fund in a manner which is economically viable. The Investment Company has set this amount at EUR 5 million;
- if, due to a significant change in the economic or political climate or for reasons of economic viability, it does not appear to make economic sense to manage the Fund or sub-fund.
- The general meeting shall also vote on the joint merger plan. The resolutions of the general meeting concerning a merger require at least a simple majority of the votes of those shareholders present or represented. In the case of mergers where the absorbed Investment Company ceases to exist as a result of the merger, the effective date of the merger must be certified by a notary. In the event of mergers of individual sub-funds, only the consent of the shareholders affected by the merger of the sub-funds in question is required.
- The Board of Directors of the Investment Company may decide to absorb another fund or sub-fund managed by the same or by another management company into the Investment Company or a sub-fund of the Investment Company.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States (cross-border merger).
- A merger may only be implemented if the investment policy of the Investment Company or fund/sub- fund to be absorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund/sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The shareholders of the absorbed fund receive shares in the absorbing fund, with the number of these shares being calculated based on the ratio of the unit values of the funds in question at the time of merger, along with any settlement of fractional shares.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform shareholders of the planned merger in an appropriate manner and in line with the legal requirements of the respective countries of distribution of the absorbing or absorbed fund or sub-fund.
- The shareholders in the absorbing and the absorbed fund or sub-fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their shares at the current net asset value or, if possible, the exchange for shares in another fund with a similar investment policy managed by the same management company or by another company with which the Management Company is linked by common management or control or by a substantial direct or indirect holding. This right becomes effective from the date on which the shareholders of the absorbed and absorbing funds have been informed of the planned merger, and it expires five banking days before the date of calculation of the conversion ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of shares if such suspension is justified to protect the shareholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the shareholders in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authority.
- The above equally applies to the merger of two sub-funds within the Investment Company. | en | it |
DOLFIN9438 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The SICAV is managed by the Board of Directors which has the overall responsibility for the management and administration of the SICAV, its Sub-Funds and corresponding Classes and Sub- Classes of shares, for authorizing the establishment of Sub-Funds, Classes and Sub-Classes, and for setting and monitoring their investment policies and restrictions.
For the implementation of the investment policy of each Sub-Fund and the management of their assets, the administration and the marketing of the SICAV, the Board of Directors has appointed a management company established under the Chapter 15 of the 2010 Law, Luxcellence Management Company S.A. (the “Management Company”) in accordance with a management company agreement (the “Management Company Agreement”).
Under this agreement, the Management Company provides collective portfolio management services in accordance with the Law of 2010 and as specified in the Management Company Agreement, subject to the overall supervision and control of the Board of Directors of the SICAV.
As provided in Appendix II of the Law of 2010, these services encompass the following tasks:
- Portfolio management,
- Administration,
- Marketing. | La SICAV è gestita dal Consiglio di Amministrazione il quale ha la responsabilità complessiva della gestione e dell’amministrazione della SICAV, dei suoi Comparti e delle relative Classi e Sottoclassi di Azioni, dell’autorizzazione alla costituzione di Comparti, Classi e Sottoclassi, nonché della formulazione e del monitoraggio delle loro politiche di investimento e delle restrizioni all’investimento.
Per l’attuazione della politica di investimento di ciascun Comparto e la gestione dei rispettivi patrimoni, nonché per l’amministrazione e il marketing della SICAV, il Consiglio di Amministrazione ha nominato una società di gestione costituita ai sensi del Capitolo 15 della Legge del 2010, Luxcellence Management Company S.A. (la “Società di Gestione”) per mezzo di un contratto di società di gestione (il “Contratto di Società di Gestione”).
In virtù di tale contratto, la Società di Gestione presta servizi collettivi di gestione del portafoglio ai sensi della Legge del 2010 e secondo quanto specificato nel Contratto di Società di Gestione, sotto la supervisione e il controllo generali del Consiglio di Amministrazione della SICAV.
Come disposto dall’Allegato II della Legge del 2010, tali servizi comprendono quanto segue:
- gestione del portafoglio,
- amministrazione,
- marketing. | The SICAV is managed by the Board of Directors which has the overall responsibility for the management and administration of the SICAV, its Sub-Funds and corresponding Classes and Sub- Classes of shares, for authorizing the establishment of Sub-Funds, Classes and Sub-Classes, and for setting and monitoring their investment policies and restrictions.
For the implementation of the investment policy of each Sub-Fund and the management of their assets, the administration and the marketing of the SICAV, the Board of Directors has appointed a management company established under the Chapter 15 of the 2010 Law, Luxcellence Management Company S.A. (the “Management Company”) in accordance with a management company agreement (the “Management Company Agreement”).
Under this agreement, the Management Company provides collective portfolio management services in accordance with the Law of 2010 and as specified in the Management Company Agreement, subject to the overall supervision and control of the Board of Directors of the SICAV.
As provided in Appendix II of the Law of 2010, these services encompass the following tasks:
- Portfolio management,
- Administration,
- Marketing. | en | it |
DOLFIN9439 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Procedure for liquidation of the Fund
When the right to dispose of the Fund passes to the Custodian, the issue and redemption of units will cease and the Fund will be liquidated.
The proceeds from the sale of the Fund's assets, less any costs that are still to be borne by the Fund and the costs resulting from the liquidation procedure, shall be distributed to investors, who shall be entitled to receive payment of the liquidation proceeds in proportion to their number of units held in the Fund.
The Company shall issue a liquidation report on the day on which its right of management expires, which shall comply with the requirements applicable to the annual report. The liquidation report shall be published in the German Federal Gazette no later than three months after the relevant date of liquidation of the Investment Fund. Whilst the custodian is winding up the Fund, it shall issue reports annually, as well as on the day on which the winding up process is completed, which shall comply with the requirements applicable to the annual report. These reports shall likewise be published in the Ger- man Federal Gazette no later than three months after the relevant date. | ## Verfahren bei Auflösung des Fonds
Mit dem Übergang des Verfügungsrechts über den Fonds auf die Verwahrstelle wird die Ausgabe und Rücknahme von Anteilen eingestellt und der Fonds abgewickelt.
Der Erlös aus der Veräußerung der Vermögenswerte des Fonds abzüglich der noch durch den Fonds zu tragenden Kosten und der durch die Auflösung verursachten Kosten werden an die Anleger verteilt, wobei diese in Höhe ihrer jeweiligen Anteile am Fonds Ansprüche auf Auszahlung des Liquidationser- löses haben.
Die Gesellschaft erstellt auf den Tag, an dem ihr Verwaltungsrecht erlischt, einen Auflösungsbericht, der den Anforderungen an einen Jahresbericht entspricht. Spätestens drei Monate nach dem Stichtag der Auflösung des Fonds wird der Auflösungsbericht im Bundesanzeiger bekannt gemacht. Während die Verwahrstelle den Fonds abwickelt, erstellt sie jährlich sowie auf den Tag, an dem die Abwicklung beendet ist, einen Bericht, der den Anforderungen an einen Jahresbericht entspricht. Diese Berichte sind ebenfalls spätestens drei Monate nach dem Stichtag im Bundesanzeiger bekannt zu machen. | ## Procedure for liquidation of the Fund
When the right to dispose of the Fund passes to the Custodian, the issue and redemption of units will cease and the Fund will be liquidated.
The proceeds from the sale of the Fund's assets, less any costs that are still to be borne by the Fund and the costs resulting from the liquidation procedure, shall be distributed to investors, who shall be entitled to receive payment of the liquidation proceeds in proportion to their number of units held in the Fund.
The Company shall issue a liquidation report on the day on which its right of management expires, which shall comply with the requirements applicable to the annual report. The liquidation report shall be published in the German Federal Gazette no later than three months after the relevant date of liquidation of the Investment Fund. Whilst the custodian is winding up the Fund, it shall issue reports annually, as well as on the day on which the winding up process is completed, which shall comply with the requirements applicable to the annual report. These reports shall likewise be published in the Ger- man Federal Gazette no later than three months after the relevant date. | en | de |
DOLFIN9440 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### SWING PRICING
To protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund.
These adjustments are normally applied on any Valuation Day when the total volume of trading in a Sub-Fund’s Shares (meaning both purchases and redemptions) exceeds a certain threshold. The adjustments will seek to reflect the anticipated prices at which the Sub-Fund will be buying and selling assets, as well as estimated transaction costs. The NAV will be adjusted upward when there are large cash inflows into the Sub-Fund and downward when there are large outflows. In normal market conditions, the adjustment for any given Valuation Day will not be larger than 2% of what the NAV would otherwise be. In exceptional market conditions, however, this maximum level may be increased up to 5% to protect the interests of Shareholders. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office.
The Management Company makes, and periodically reviews, the operational decisions about swing pricing, including the thresholds that trigger it, the extent of the adjustment in each case, and which Sub-Funds will and will not be subject to swing pricing at any given time.
Swing pricing is normally applied to a merging Sub-Fund to minimise the impact of the incoming asset flows on the receiving Sub-Fund.
Note that the Management Company can decide not to apply swing pricing to purchases when it is trying to attract assets so that a Sub-Fund can reach a certain size. In this case, the Management Company will pay the dealing costs and other costs from its own assets in order to prevent dilution of Shareholder value. Note that in this circumstance, investors placing redemption requests will not receive the price for their Shares that they would have if swing pricing were being applied. For a list of Sub-Funds to which the Management Company has decided not to apply the swing pricing adjustment, see jpmorganassetmanagement.lu. | #### SWING PRICING
Um die Interessen der Anteilseigner zu schützen, kann der NIW eines Teilfonds angepasst werden, um Verwässerungen auszugleichen, die im Zusammenhang mit großen Barmittelzu- und -abflüssen in einen und aus einem Teilfonds entstehen können.
Diese Anpassungen finden in der Regel an einem Bewertungstag Anwendung, an dem das Gesamtvolumen des Handels mit den Anteilen eines Teilfonds (das heißt, die Käufe und die Rücknahmen) eine bestimmte Schwelle überschreitet. Die Anpassungen verfolgen den Zweck, die erwarteten Preise, zu denen der Teilfonds Vermögenswerte kauft und verkauft, sowie die geschätzten Transaktionskosten widerzuspiegeln. Der NIW wird nach oben angepasst, wenn es zu großen Barmittelzuflüssen in den Teilfonds kommt, und nach unten, wenn es große Abflüsse gibt. Unter gewöhnlichen Marktbedingungen wird die Anpassung für einen einzelnen Bewertungstag nicht mehr als 2 % des Wertes betragen, den der NIW ansonsten hätte. Bei außergewöhnlichen Marktbedingungen kann dieses Maximalniveau jedoch auf bis zu 5% erhöht werden, um die Interessen der Anleger zu schützen. Die für einen bestimmten Teilfonds geltende Preisanpassung ist auf Anfrage am Geschäftssitz der Verwaltungsgesellschaft erhältlich.
Die Verwaltungsgesellschaft trifft die betrieblichen Entscheidungen zum Swing Pricing und überprüft diese regelmäßig, einschließlich zu den Schwellen, die das Swing Pricing auslösen, dem Umfang der Anpassung in jedem Einzelfall und welche Teilfonds zu einem gegebenen Zeitpunkt einem Swing Pricing unterworfen werden und welche nicht.
Das Swing Pricing-Verfahren wird in der Regel auf einen im Rahmen einer Zusammenlegung aufzunehmenden Teilfonds angewandt, um die Auswirkungen des Zuflusses von Vermögenswerten auf den aufnehmenden Teilfonds zu minimieren.
Bitte beachten Sie, dass die Verwaltungsgesellschaft beschließen kann, das Swing Pricing-Verfahren nicht auf Käufe anzuwenden, wenn sie um die Einwerbung von Vermögenswerten bemüht ist, damit ein Teilfonds eine bestimmte Größe erreichen kann. In diesem Fall zahlt die Verwaltungsgesellschaft die Handelskosten und die sonstigen Kosten aus ihrem eigenen Vermögen, um die Verwässerung der Anteilswerte zu verhindern. Bitte beachten Sie, dass Anleger, die unter diesen Umständen Rücknahmeanträge stellen, nicht den Preis für ihre Anteile erhalten werden, den sie erhalten hätten, wenn eine Swing Pricing-Anpassung vorgenommen worden wäre. Eine Liste der Teilfonds, für die die Verwaltungsgesellschaft beschlossen hat, keine Swing Pricing-Anpassungen vorzunehmen, finden Sie unter jpmorganassetmanagement.lu. | #### SWING PRICING
To protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund.
These adjustments are normally applied on any Valuation Day when the total volume of trading in a Sub-Fund’s Shares (meaning both purchases and redemptions) exceeds a certain threshold. The adjustments will seek to reflect the anticipated prices at which the Sub-Fund will be buying and selling assets, as well as estimated transaction costs. The NAV will be adjusted upward when there are large cash inflows into the Sub-Fund and downward when there are large outflows. In normal market conditions, the adjustment for any given Valuation Day will not be larger than 2% of what the NAV would otherwise be. In exceptional market conditions, however, this maximum level may be increased up to 5% to protect the interests of Shareholders. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office.
The Management Company makes, and periodically reviews, the operational decisions about swing pricing, including the thresholds that trigger it, the extent of the adjustment in each case, and which Sub-Funds will and will not be subject to swing pricing at any given time.
Swing pricing is normally applied to a merging Sub-Fund to minimise the impact of the incoming asset flows on the receiving Sub-Fund.
Note that the Management Company can decide not to apply swing pricing to purchases when it is trying to attract assets so that a Sub-Fund can reach a certain size. In this case, the Management Company will pay the dealing costs and other costs from its own assets in order to prevent dilution of Shareholder value. Note that in this circumstance, investors placing redemption requests will not receive the price for their Shares that they would have if swing pricing were being applied. For a list of Sub-Funds to which the Management Company has decided not to apply the swing pricing adjustment, see jpmorganassetmanagement.lu. | en | de |
DOLFIN9441 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Section 1
-
#### The Company
-
##### Structure
The Company is an open-ended investment company organised as a "société anonyme" under the laws of the Grand Duchy of Luxembourg and qualifies as a Société d'Investissement à Capital Variable ("SICAV"). The Company operates separate Funds, each of which is represented by one or more Share Classes. The Funds are distinguished by their specific investment policy or any other specific features.
The Company constitutes a single legal entity, but the assets of each Fund shall be invested for the exclusive benefit of the Shareholders of the corresponding Fund and the assets of a specific Fund are solely accountable for the liabilities, commitments and obligations of that Fund.
The Directors may at any time resolve to set up new Funds and/or create within each Fund one or more Share Classes and this Prospectus will be updated accordingly. The Directors may also at any time resolve to close a Fund, or one or more Share Classes within a Fund to further subscriptions.
Certain Shares may be listed on the Luxembourg Stock Exchange as well as any other recognised stock exchange.
-
##### Investment Objectives and Policies
The exclusive objective of the Company is to place the funds available to it in transferable securities and other permitted assets of any kind, including derivatives, with the purpose of spreading investment risks and affording its Shareholders the results of the management of its portfolios.
The specific investment objective and policy of each Fund is described in Appendix III.
The investments of each Fund shall at any time comply with the restrictions set out in Appendix I or in Appendix III as appropriate. Investors should, prior to any investment being made, take due account of the risks of investments set out in Appendix II or in Appendix III as appropriate. | # Section 1
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#### La Société
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##### Structure
La Société est une société d’investissement de type ouvert constituée en société anonyme de droit luxembourgeois et a le statut de Société d’investissement à capital variable (« SICAV »). La Société a lancé différents Compartiments, chacun étant représenté par une ou plusieurs Catégories d’Actions. Les Compartiments se distinguent par leur politique d’investissement spécifique ou par d’autres particularités qui leur sont propres.
La Société est une entité juridique unique, mais les actifs des différents Compartiments seront investis au seul profit de leurs Actionnaires respectifs et les actifs d’un Compartiment donné ne seront utilisés que pour honorer les engagements et obligations dudit Compartiment.
Les Administrateurs peuvent décider à tout moment de lancer de nouveaux Compartiments et/ou de créer une ou plusieurs Catégorie(s) d’Actions au sein de chaque Compartiment, auquel cas le présent Prospectus sera mis à jour en conséquence. Les Administrateurs peuvent également décider à tout moment de ne plus accepter de nouvelles souscriptions au sein d’un Compartiment ou d’une ou de plusieurs Catégories d’Actions d’un Compartiment.
Certaines Actions peuvent être cotées à la Bourse de Luxembourg, ainsi qu’à toute bourse de valeurs reconnue.
-
##### Objectifs et politiques d’investissement
L’objet unique de la Société est d’investir les fonds dont elle dispose dans des valeurs mobilières de quelque nature que ce soit et d’autres actifs autorisés, y compris des instruments dérivés, dans le but de répartir les risques d’investissement et de permettre à ses Actionnaires de profiter des résultats obtenus dans le cadre de la gestion de ses portefeuilles.
L’objectif et la politique d’investissement spécifiques à chaque Compartiment sont décrits à l’Annexe III.
Les investissements de chaque Compartiment seront en tout temps conformes aux restrictions stipulées à l’Annexe I ou, le cas échéant, à l’Annexe III. Avant d’opérer un placement, les Investisseurs tiendront compte des risques liés aux investissements décrits à l’Annexe II ou, le cas échéant, à l’Annexe III. | # Section 1
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#### The Company
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##### Structure
The Company is an open-ended investment company organised as a "société anonyme" under the laws of the Grand Duchy of Luxembourg and qualifies as a Société d'Investissement à Capital Variable ("SICAV"). The Company operates separate Funds, each of which is represented by one or more Share Classes. The Funds are distinguished by their specific investment policy or any other specific features.
The Company constitutes a single legal entity, but the assets of each Fund shall be invested for the exclusive benefit of the Shareholders of the corresponding Fund and the assets of a specific Fund are solely accountable for the liabilities, commitments and obligations of that Fund.
The Directors may at any time resolve to set up new Funds and/or create within each Fund one or more Share Classes and this Prospectus will be updated accordingly. The Directors may also at any time resolve to close a Fund, or one or more Share Classes within a Fund to further subscriptions.
Certain Shares may be listed on the Luxembourg Stock Exchange as well as any other recognised stock exchange.
-
##### Investment Objectives and Policies
The exclusive objective of the Company is to place the funds available to it in transferable securities and other permitted assets of any kind, including derivatives, with the purpose of spreading investment risks and affording its Shareholders the results of the management of its portfolios.
The specific investment objective and policy of each Fund is described in Appendix III.
The investments of each Fund shall at any time comply with the restrictions set out in Appendix I or in Appendix III as appropriate. Investors should, prior to any investment being made, take due account of the risks of investments set out in Appendix II or in Appendix III as appropriate. | en | fr |
DOLFIN9442 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Note 16 - Regulation on transparency of Securities Financing Transactions and Reuse of collateral (SFTR)
This collateral applies to all OTC activity of this fund. There is no way to distinguish it upon type of instrument it is related to.
THEAMQuant-AbsoluteAlpha | ### Note 16 - Réglementation sur la transparence des opérations de financement sur titres et la réutilisation des garanties (SFTR)
Cette garantie s'applique à toutes les activités de gré à gré réalisées par le compartiment. Il n'est pas possible de la différencier en fonction du type d'instrument auquel elle se rapporte.
THEAMQuant-AbsoluteAlpha | ### Note 16 - Regulation on transparency of Securities Financing Transactions and Reuse of collateral (SFTR)
This collateral applies to all OTC activity of this fund. There is no way to distinguish it upon type of instrument it is related to.
THEAMQuant-AbsoluteAlpha | en | fr |
DOLFIN9443 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Fund will:
- invest in Europe, including the UK;
- invest in bonds and similar debt investments issued by companies, governments and other public entities but will maintain a bias to bonds issued by companies (i.e. corporate bonds);
- invest in bonds and similar debt investments with a high credit rating (i.e. investment grade bonds with a rating of AAA to BBB- as rated by Standard and Poor's or similar rating agency);
- invest predominantly in euro denominated bonds and similar debt investments. For those investments not denominated in euro, the Fund may use techniques to try to eliminate the effects of changes in the exchange rate between the euro and other currencies (i.e. hedging). This aims to protect the Fund against losses caused by currency movements between the Fund base currency, euro, and the currency of the underlying assets of the Fund;
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income; and
- limit investment in other collective investment schemes to 10%. | #### El Fondo:
- invertirá en Europa, incluido el Reino Unido;
- invertirá en bonos e inversiones de deuda similares emitidos por empresas, gobiernos y otras entidades públicas, aunque mantendrá la preferencia por los bonos emitidos por empresas (es decir, bonos de empresa);
- invertirá en bonos e inversiones de deuda similares con una calificación de solvencia alta (es decir, bonos con categoría de inversión con una calificación entre AAA y BBB- otorgada por Standard & Poor's o una agencia de calificación similar);
- invertirá predominantemente en bonos e inversiones de deuda similares denominados en euros. En el caso de las inversiones no denominadas en euros, el Fondo podrá aplicar técnicas para intentar eliminar los efectos del cambio de divisas en el tipo de cambio entre el euro y otras divisas (es decir, cobertura). Se pretende así proteger al Fondo frente a pérdidas causadas por las fluctuaciones de divisas entre la moneda de base del Fondo (el euro) y la moneda de los activos subyacentes del Fondo;
- invertirá en instrumentos derivados (instrumentos financieros con un valor derivado de otros activos) para lograr el objetivo de inversión del Fondo. El Fondo también empleará instrumentos derivados para reducir los riesgos o costes, o para generar capitales o ingresos adicionales; y
- limitará la inversión en compartimentos de inversión colectiva al 10%. | #### The Fund will:
- invest in Europe, including the UK;
- invest in bonds and similar debt investments issued by companies, governments and other public entities but will maintain a bias to bonds issued by companies (i.e. corporate bonds);
- invest in bonds and similar debt investments with a high credit rating (i.e. investment grade bonds with a rating of AAA to BBB- as rated by Standard and Poor's or similar rating agency);
- invest predominantly in euro denominated bonds and similar debt investments. For those investments not denominated in euro, the Fund may use techniques to try to eliminate the effects of changes in the exchange rate between the euro and other currencies (i.e. hedging). This aims to protect the Fund against losses caused by currency movements between the Fund base currency, euro, and the currency of the underlying assets of the Fund;
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income; and
- limit investment in other collective investment schemes to 10%. | en | es |
DOLFIN9444 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower Risk Higher Risk
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| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Lower Reward Higher Reward
The risk 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 your investment is ‘risk free’.
The Fund is rated 4 because of the medium level of risk due to the nature of its investments in debt instruments. The following risk factors may give rise to performance volatility and may expose the Fund to losses: (i) the value of the Fund will rise as bond yields generally fall but will fall in the event that bond yields generally rise;
(ii) changes in the perceived credit worthiness of bond issuers will contribute to performance volatility. A fall in credit worthiness will generally lead to a fall in the value of the Fund and vice versa; and (iii) the assets held by the Fund which are denominated in a currency other than the base currency can be held hedged or unhedged, thereby currency risks will not be eliminated.
Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency.
Shares can normally be bought and sold on any business day, being a day on which banks are open for business in Ireland, the UK and the US.
The impact of portfolio transaction charges are likely to be material due to the strategy adopted by the Fund. Such costs are paid from the assets of the Fund in addition to the ongoing charges set out below.
The Fund is actively managed with reference to the Index. The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
For more information about the investment policy of the Fund, please see the section of the prospectus titled “Investment Objectives and Policies”.
Material risks not adequately captured by the risk indicator include:
Counterparty risk: The insolvency of any institutions providing services such as custody or acting as counterparty to any transaction may expose the Fund to financial loss, including counterparties to derivatives and foreign exchange trades.
Credit risk: An issuer may fail to repay income or capital in full, leading to a financial loss for the Fund.
Liquidity risk: There may be some circumstances in which the ability to sell certain assets at little cost will be impaired.
Derivative Risk: Gains and losses from the use of derivatives may be greater than where the underlying investment is purchased directly by the Fund.
Emerging Market Risk: Emerging economies may exhibit higher levels of investment risk.
Operational Risk: There may be risks associated with the safekeeping of the assets by the Depositary and sub-custodians.
For more information about risks please see the section of the prospectus titled “Risk Warnings”.
Payden & Rygel Global Limited, the investment manager of the Fund, is authorised and regulated by the UK Financial Conduct Authority.
## 1
10170318v1 | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
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| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Menor remuneración Mayor remuneración
Este indicador de riesgo se basa en datos históricos y puede no ser un indicador fiable del perfil de riesgo futuro del Fondo.
La categoría de riesgo mostrada no está garantizada y puede variar con el paso del tiempo. La categoría más baja no significa que su inversión esté ‘exenta de riesgos’.
El Fondo es de categoría 4 debido a la naturaleza del riesgo de nivel medio de sus inversiones en instrumentos de deuda. Los siguientes factores de riesgo pueden generar volatilidad en la rentabilidad y pueden exponer al Fondo a pérdidas: (i) el valor del Fondo aumentará a medida que la rentabilidad de los bonos disminuyan en general, pero disminuirá en caso de que la rentabilidad de los bonos aumente en general; (ii) los cambios en la percepción de la solvencia crediticia de los emisores de bonos contribuirán a la volatilidad de la rentabilidad. Un descenso en la solvencia crediticia conllevará normalmente la caída del valor del Fondo y viceversa; y (iii) los activos mantenidos por el Fondo denominados en una divisa distinta de la divisa base pueden estar cubiertos o no, por tanto los riesgos derivados de las divisas no están eliminados.
se reinvertirán para aumentar el valor del Fondo.
Sus acciones se denominan en USD, la divisa base del Fondo.
Las acciones normalmente pueden comprarse y venderse en cualquier día laborable, siendo un día en el cual los bancos están abiertos para negocios en Irlanda, R.U y EE.UU.
El impacto de los gastos de transacción de la cartera puede ser importante debido a la estrategia adoptada por el Fondo. Estos costes se pagan de los activos del Fondo, además de los gastos corrientes que se indican a continuación.
El Fondo se gestiona de forma activa con referencia al Índice. El Índice se utiliza (i) como un universo del que seleccionar o mantener valores; y (ii) para medir el rendimiento del Fondo. El gestor de inversiones tiene discreción sobre la composición de la cartera del Fondo y puede seleccionar valores no incluidos en el Índice. Sin embargo, en circunstancias de mercado normales, aunque se prevé que una parte significativa de los constituyentes del Fondo sean también componentes del Índice, las desviaciones del Índice pueden ser importantes. Aunque el gestor de inversiones no emplea una estrategia definida para alinearse con un referente durante los períodos de volatilidad, tendrá en cuenta el entorno de mercado y los riesgos percibidos en un momento determinado y actuará a su discreción en materia de inversión tal como se describe en la política de inversión.
Para más información sobre la política de inversión del Fondo, consulte la sección del folleto titulada "Objetivos y políticas de inversión".
Los riesgos materiales no adecuadamente captados por el indicador de riesgo incluyen:
Riesgo de contraparte: La insolvencia de cualquier entidad que preste servicios como custodio o que actúe como contraparte en cualquier transacción puede exponer al Fondo a pérdidas financieras, incluyendo las contrapartes en derivados y operaciones de divisas.
Riesgo de crédito: Un emisor puede no reembolsar la totalidad de los ingresos o del capital, conllevando una pérdida financiera para el Fondo.
Riesgo de liquidez: Se pueden dar algunas circunstancias en las cuales la capacidad de vender determinados activos a bajo coste se vea afectada.
Riesgo de derivados: Las pérdidas y ganancias derivadas del uso de derivados pueden ser mayores que cuando la inversión subyacente es adquirida directamente por el Fondo.
Riesgo de mercados emergentes: Las economías emergentes pueden presentar mayores niveles de riesgo de inversión.
Riesgo operativo: Puede haber riesgos asociados con la custodia de los activos por parte del Depositario y los sub-custodios.
## Para más información sobre riesgos, consulte la sección del folleto titulada "Advertencias sobre riesgos".
Payden & Rygel Global Limited, el gestor de inversiones del Fondo, está autorizado y regulado por la Autoridad de Conducta Financiera del Reino Unido. | # Risk and reward profile
Lower Risk Higher Risk
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| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Lower Reward Higher Reward
The risk 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 your investment is ‘risk free’.
The Fund is rated 4 because of the medium level of risk due to the nature of its investments in debt instruments. The following risk factors may give rise to performance volatility and may expose the Fund to losses: (i) the value of the Fund will rise as bond yields generally fall but will fall in the event that bond yields generally rise;
(ii) changes in the perceived credit worthiness of bond issuers will contribute to performance volatility. A fall in credit worthiness will generally lead to a fall in the value of the Fund and vice versa; and (iii) the assets held by the Fund which are denominated in a currency other than the base currency can be held hedged or unhedged, thereby currency risks will not be eliminated.
Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency.
Shares can normally be bought and sold on any business day, being a day on which banks are open for business in Ireland, the UK and the US.
The impact of portfolio transaction charges are likely to be material due to the strategy adopted by the Fund. Such costs are paid from the assets of the Fund in addition to the ongoing charges set out below.
The Fund is actively managed with reference to the Index. The Index is used (i) as a universe from which to select or hold securities; and (ii) to measure performance of the Fund. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
For more information about the investment policy of the Fund, please see the section of the prospectus titled “Investment Objectives and Policies”.
Material risks not adequately captured by the risk indicator include:
Counterparty risk: The insolvency of any institutions providing services such as custody or acting as counterparty to any transaction may expose the Fund to financial loss, including counterparties to derivatives and foreign exchange trades.
Credit risk: An issuer may fail to repay income or capital in full, leading to a financial loss for the Fund.
Liquidity risk: There may be some circumstances in which the ability to sell certain assets at little cost will be impaired.
Derivative Risk: Gains and losses from the use of derivatives may be greater than where the underlying investment is purchased directly by the Fund.
Emerging Market Risk: Emerging economies may exhibit higher levels of investment risk.
Operational Risk: There may be risks associated with the safekeeping of the assets by the Depositary and sub-custodians.
For more information about risks please see the section of the prospectus titled “Risk Warnings”.
Payden & Rygel Global Limited, the investment manager of the Fund, is authorised and regulated by the UK Financial Conduct Authority.
## 1
10170318v1 | en | es |
DOLFIN9445 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A Fund may invest a significant amount of its Net Asset Value in deposits and/or money market instruments but an investment in such a Fund should not be considered by investors as an alternative to investing in a regular deposit account. Investors should note that a holding in a Fund is subject to the risks associated with investing in a collective investment undertaking, in particular the fact that the principal sum invested is capable of fluctuation as the Net Asset Value of such Fund fluctuates.
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###### Commodity Risk | Ein Fonds kann einen erheblichen Teil seines Nettoinventarwerts in Einlagen und/oder Geldmarktinstrumenten anlegen, eine Anlage in einen solchen Fonds sollte jedoch von Anlegern nicht als eine Alternative zu Anlagen in Termineinlagen angesehen werden. Anleger sollten beachten, dass eine Anlage in einen Fonds den mit Anlagen in Organismen für gemeinsame Anlagen verbundenen Risiken unterliegt, insbesondere dem Risiko, dass der angelegte Kapitalbetrag bei Schwankungen des Nettoinventarwerts des jeweiligen Fonds ebenfalls schwanken kann.
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###### Rohstoffrisiko | A Fund may invest a significant amount of its Net Asset Value in deposits and/or money market instruments but an investment in such a Fund should not be considered by investors as an alternative to investing in a regular deposit account. Investors should note that a holding in a Fund is subject to the risks associated with investing in a collective investment undertaking, in particular the fact that the principal sum invested is capable of fluctuation as the Net Asset Value of such Fund fluctuates.
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###### Commodity Risk | en | de |
DOLFIN9446 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in emerging markets debt, while limiting its credit risk. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- geographical allocation
- duration positioning (duration measures in numbers of years the portfolio’s sensitivity to the interest rate variations)
- yield curve positioning (the yield curve illustrates the relation between investment term and bond yield)
- issuer selection The Sub-Fund invests:
- at least two thirds of its assets in debt securities issued in emerging countries (Latin America, Eastern Europe, Asia, Africa, Middle East) by governments or quasi government issuers as well as private or public companies denominated in USD, Euro or local currencies
- up to one third of its assets in money market instruments
- up to one quarter of its assets in convertibles securities (excluding equity and equity related instruments)Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes. | ## Política de inversión
Este Subfondo está gestionado activamente con el fin de captar oportunidades en títulos de deuda de mercados emergentes, mientras se limita su riesgo de crédito. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- distribución geográfica
- posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de los tipos de interés)
- posicionamiento en la curva de rentabilidad (la curva de rentabilidad ilustra la relación entre el plazo de inversión y el rendimiento del bono)
- selección de emisores El Subfondo invierte:
- como mínimo dos tercios de sus activos en títulos de deuda emitidos en países emergentes (América Latina, Europa del Este, Asia, África, Oriente Medio) por emisores gubernamentales o cuasigubernamentales, así como empresas privadas o que coticen en bolsa, denominados en dólares estadounidenses, euros o monedas locales
- hasta un tercio de sus activos, en instrumentos del mercado monetario
- hasta un cuarto de sus activos, en títulos convertibles (excluida la renta variable y los instrumentos relacionados con la renta variable)Dentro de un límite del 200% de los activos netos del Subfondo, la estrategia de inversión puede llevarse a cabo mediante inversiones directas y/o a través de derivados, especialmente formalizando contratos de permuta financiera de incumplimiento crediticio (Credit Default Swaps o CDS). Los derivados también pueden utilizarse con fines de cobertura. | ## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in emerging markets debt, while limiting its credit risk. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- geographical allocation
- duration positioning (duration measures in numbers of years the portfolio’s sensitivity to the interest rate variations)
- yield curve positioning (the yield curve illustrates the relation between investment term and bond yield)
- issuer selection The Sub-Fund invests:
- at least two thirds of its assets in debt securities issued in emerging countries (Latin America, Eastern Europe, Asia, Africa, Middle East) by governments or quasi government issuers as well as private or public companies denominated in USD, Euro or local currencies
- up to one third of its assets in money market instruments
- up to one quarter of its assets in convertibles securities (excluding equity and equity related instruments)Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes. | en | es |
DOLFIN9447 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Counterparty Risk
The Strategy may be exposed to over the counter markets which will expose it to the creditworthiness and solvency of its counterparties and their ability to satisfy the terms of such contracts. For example, the Strategy may be exposed to repurchase agreements, forward contracts and options and swap arrangements, each of which expose the Strategy to the risk that the counterparty may default on its obligations to perform under the relevant contract. Moreover such counterparties may be unregulated or only lightly regulated.
In addition, certain of the Strategy’s exposures may embed the counterparty risk linked to the theoretical use of one or several prime brokers or any other entities with which a portfolio replicating the Strategy would transact with or otherwise would deal (including, but not limited to, brokers or clearing-houses by or through which transactions are carried or settled or sub-custodians of prime brokers). The returns and the risks linked to the re-use of such assets for their own account will be embedded into the Strategy. Accordingly, the assets to which the Strategy is exposed to should be considered to be exposed to the creditworthiness and solvency of such prime brokers and other entities as potentially mitigated by collateral or pledge arrangements.
In the event of a bankruptcy or insolvency of a counterparty, prime broker or such other entities, the Strategy could experience disruptions and significant losses, inability to materialize any gains on its investments during such period and possibly fees and expenses incurred. | ## Risque de contrepartie
La Stratégie peut être exposée à des marchés de gré à gré qui l'exposeront à la notation de crédit et à la solvabilité de ses contreparties et à leur capacité d'honorer les termes des contrats concernés. Par exemple, la Stratégie peut être exposée à des Accords de Pension, des contrats et options forward et des accords de swaps, chacun exposant la Stratégie au risque que la contrepartie soit incapable d'honorer les termes des contrats concernés. D'autre part, de telles contreparties peuvent ne pas être réglementées ou seulement très peu réglementées.
En outre, certaines des expositions de la Stratégie peuvent comporter un risque intrinsèque de contrepartie lié à l'utilisation théorique d'un ou de plusieurs prime brokers ou de toute autre entité avec laquelle un portefeuille répliquant la Stratégie réaliserait une transaction ou négocierait (y compris, entre autres, les courtiers ou chambres de compensation à travers lesquels les transactions sont exécutées ou réglées, et les sous-dépositaires des prime brokers). Les rendements et les risques liés à la réutilisation de tels actifs pour leur propre compte seront intégrés à la Stratégie. De même, les actifs auxquels la Stratégie est exposée devraient être considérés comme exposés à la notation de crédit et à la solvabilité de ces prime brokers et autres entités et comme potentiellement réduits par des dispositions de garantie ou de nantissement.
Dans le cas de la faillite ou de l'insolvabilité d'une contrepartie, d'un prime broker ou de toute autre entité de ce type, la Stratégie pourrait faire l'expérience de perturbations et de pertes significatives ainsi que d'une incapacité à concrétiser des gains sur ses investissements pendant une telle période, et pourrait potentiellement subir des commissions et frais. | ## Counterparty Risk
The Strategy may be exposed to over the counter markets which will expose it to the creditworthiness and solvency of its counterparties and their ability to satisfy the terms of such contracts. For example, the Strategy may be exposed to repurchase agreements, forward contracts and options and swap arrangements, each of which expose the Strategy to the risk that the counterparty may default on its obligations to perform under the relevant contract. Moreover such counterparties may be unregulated or only lightly regulated.
In addition, certain of the Strategy’s exposures may embed the counterparty risk linked to the theoretical use of one or several prime brokers or any other entities with which a portfolio replicating the Strategy would transact with or otherwise would deal (including, but not limited to, brokers or clearing-houses by or through which transactions are carried or settled or sub-custodians of prime brokers). The returns and the risks linked to the re-use of such assets for their own account will be embedded into the Strategy. Accordingly, the assets to which the Strategy is exposed to should be considered to be exposed to the creditworthiness and solvency of such prime brokers and other entities as potentially mitigated by collateral or pledge arrangements.
In the event of a bankruptcy or insolvency of a counterparty, prime broker or such other entities, the Strategy could experience disruptions and significant losses, inability to materialize any gains on its investments during such period and possibly fees and expenses incurred. | en | fr |
DOLFIN9448 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Certain of the Sub-Funds' assets, liabilities and income are denominated in currencies other than their functional currency. They are, therefore, exposed to currency risk as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. Income denominated in foreign currencies is converted to the appropriate functional currency on receipt.
Where appropriate, as defined in the Sub-Funds' investment policies and prospectus, the Company can employ techniques and instruments intended to hedge currency risk in the context of the management of its assets and liabilities. In this regard, the Company utilises hedged exposure to one currency by entering into forward foreign currency transactions. The details of forward foreign currency contracts which are open for greater than five business days are disclosed in the Sub-Funds' schedule of investments, where applicable. Spot currency contracts which are open for five business days or less are presented gross within other receivables or other payables in the statement of financial position. All foreign currency contracts can either be settled net or gross at the discretion of the investment manager and where the terms of the agreement permits positions to be settled net. During the financial year all foreign currency contracts settled gross.
The currency hedging is executed at the sub-investment manager level using currency forwards, in line with the guidelines of the portfolio of investments. It is the responsibility of the sub-investment manager to execute these trades and monitor the resulting currency exposure of their portfolio of investments.
In accordance with Company policy, the investment manager monitors the Sub-Funds' currency position on a daily basis and the Board reviews it on a regular basis. There were no material changes to the Company’s policies and processes for currency risk and the methods used to measure risk during the financial year. | Le risque de change est le risque que la juste valeur ou les flux de trésorerie futurs d’un instrument financier fluctuent du fait de variations des taux de change. Certains des actifs, passifs et revenus des Compartiments sont libellés dans des devises autres que leur devise fonctionnelle. Ils sont donc exposés au risque de change, car la valeur des titres libellés dans d’autres devises fluctuera en raison des variations des taux de change. Les revenus libellés en devises étrangères sont convertis dans la devise fonctionnelle appropriée à réception.
Le cas échéant, tel que défini dans les politiques d’investissement et le Prospectus des Compartiments, la Société peut employer des techniques et des instruments destinés à couvrir le risque de change dans le cadre de la gestion de ses actifs et passifs. À cet égard, la Société utilise une exposition couverte à une devise en concluant des opérations de change à terme. Les détails des contrats de change à terme ouverts pendant plus de cinq jours ouvrables sont indiqués dans l’état des investissements des Compartiments, le cas échéant. Les contrats de change au comptant ouverts pendant cinq jours ouvrables ou moins sont présentés sur une base brute dans les autres créances ou autres dettes au bilan. Tous les contrats de change peuvent être réglés nets ou bruts à la discrétion du gestionnaire d’investissement et lorsque les conditions du contrat permettent le règlement des positions nettes. Au cours de l’exercice, tous les contrats de change ont été réglés sur une base brute.
La couverture de change est exécutée au niveau du gestionnaire d’investissement par délégation à l’aide de contrats de change à terme, conformément aux directives du portefeuille d’investissements. Il incombe au gestionnaire d’investissement par délégation d’exécuter ces opérations et de surveiller l’exposition au risque de change résultant de son portefeuille d’investissements.
Conformément à la politique de la Société, le gestionnaire d’investissement contrôle la position de change des Compartiments sur une base quotidienne et le Conseil d’administration la passe en revue régulièrement. Il n’y a eu aucun changement significatif apporté aux politiques et aux processus de gestion du risque de change de la Société, ni aux méthodes utilisées pour mesurer le risque au cours de l’exercice. | Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Certain of the Sub-Funds' assets, liabilities and income are denominated in currencies other than their functional currency. They are, therefore, exposed to currency risk as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. Income denominated in foreign currencies is converted to the appropriate functional currency on receipt.
Where appropriate, as defined in the Sub-Funds' investment policies and prospectus, the Company can employ techniques and instruments intended to hedge currency risk in the context of the management of its assets and liabilities. In this regard, the Company utilises hedged exposure to one currency by entering into forward foreign currency transactions. The details of forward foreign currency contracts which are open for greater than five business days are disclosed in the Sub-Funds' schedule of investments, where applicable. Spot currency contracts which are open for five business days or less are presented gross within other receivables or other payables in the statement of financial position. All foreign currency contracts can either be settled net or gross at the discretion of the investment manager and where the terms of the agreement permits positions to be settled net. During the financial year all foreign currency contracts settled gross.
The currency hedging is executed at the sub-investment manager level using currency forwards, in line with the guidelines of the portfolio of investments. It is the responsibility of the sub-investment manager to execute these trades and monitor the resulting currency exposure of their portfolio of investments.
In accordance with Company policy, the investment manager monitors the Sub-Funds' currency position on a daily basis and the Board reviews it on a regular basis. There were no material changes to the Company’s policies and processes for currency risk and the methods used to measure risk during the financial year. | en | fr |
DOLFIN9449 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 203.8 CHF | 1 056.0 CHF |
| Annual costs impact (*) | 2.04% | 2.07% each year | | | Inversión CHF 10.000 Scenarios | En caso de salida después de 1 Año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 203.8 CHF | 1 056.0 CHF |
| Incidencia anual de los costes(*) | 2.04% | 2.07% cada año | | | Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 203.8 CHF | 1 056.0 CHF |
| Annual costs impact (*) | 2.04% | 2.07% each year | | en | es |
DOLFIN9450 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Specific fund risks
Charges from capital: For Inc-2 and Inc-3 shares classes, expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. | # Rischi specifici per il Fondo
Prelievo di commissioni dal capitale: nel caso delle classi di azioni Inc-2 e Inc-3, le spese sono imputate al capitale anziché che al reddito, pertanto il capitale si ridurrà. Ciò potrebbe limitare la futura crescita del capitale e del reddito. Il reddito può essere soggetto a tassazione.
Rischio di cambio: Le variazioni tra i valori relativi di valute diverse possono influire sfavorevolmente sul valore degli investimenti e su un eventuale reddito correlato.
Derivati: Il ricorso a strumenti derivati non intende incrementare il livello complessivo di rischio, ma può dare luogo a variazioni consistenti di valore e comportare la possibilità di perdite finanziarie rilevanti. La controparte di un’operazione in derivati potrebbe non adempiere ai propri obblighi, con conseguenti perdite finanziarie anche in questo caso.
Mercati emergenti (Cina inclusa): questi mercati comportano un rischio maggiore di perdita finanziaria rispetto ai mercati più sviluppati, in quanto possono avere sistemi giuridici, politici, economici o di altro genere meno sviluppati.
Investimento azionario: Il valore dei titoli azionari (ad es. azioni) e degli investimenti legati ad azioni può variare in funzione gli utili e delle prospettive future delle società, nonché di fattori di mercato più generali. In caso di insolvenza di una società (es. fallimento), i titolari delle relative azioni sono classificati all’ultimo posto nell’ordine di priorità dei pagamenti finanziari effettuati da tale società. | # Specific fund risks
Charges from capital: For Inc-2 and Inc-3 shares classes, expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company. | en | it |
DOLFIN9451 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities. | ## 2 El objetivo de inversión del Fondo es obtener el crecimiento del capital a largo plazo con una menor volatilidad que un fondo que invierte únicamente en valores de renta variable.
2 El Fondo tratará de lograr este objetivo principalmente mediante la inversión en organismos de inversión colectiva de capital variable que adquieran exposición a la renta variable (por ejemplo, acciones), valores de renta fija (sin restricciones sobre el rating crediticio mínimo), inmuebles, materias primas y divisas.
2 El Fondo podrá adquirir una exposición de entre el 20% y el 60% de su patrimonio neto a renta variable y a fondos long-only, y mantendrá una exposición mínima del 30% a instrumentos del mercado monetario, efectivo y fondos que invierten en valores de renta fija. | ## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities. | en | es |
DOLFIN9452 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Upon request of an Investor, the Management Company will provide supplementary information relating to the quantitative limits that apply in the risk management of each Fund, to the methods chosen to this end and to the recent evolution of the risks and yields of the main categories of instruments. This supplementary information includes the VaR levels set for the Funds using such risk measure.
The risk management framework is available upon request from the Company's registered office.
Sustainability Risk Management
The investment decision making process for each Fund includes the consideration of sustainability risks alongside other factors. A sustainability risk is an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment and the returns of the Fund.
Sustainability risks could arise within a particular business or externally, impacting multiple business. Sustainability risks that could negatively affect the value of a particular investment might include the following:
- Environmental: extreme weather events such as flooding and high winds; pollution incidents; damage to biodiversity or marine habitats.
- Social: labour strikes; health and safety incidents such as injuries or fatalities; product safety issues.
- Governance: tax fraud; discrimination within a workforce; inappropriate remuneration practices; failure to protect personal data.
- Regulatory: new regulations, taxes or industry standards to protect or encourage sustainable businesses and practices may be introduced. | Previa solicitud, la Sociedad gestora proporcionará a cualquier Inversor información adicional sobre los límites cuantitativos que se aplican en la gestión del riesgo de cada Fondo, los métodos escogidos para este fin y los últimos cambios de los riesgos y los rendimientos de las principales categorías de instrumentos. Esta información adicional incluye el VaR determinado para los Fondos utilizando dicha medición de riesgos.
El marco de gestión del riesgo está disponible, previa solicitud, en el domicilio social de la Sociedad.
Gestión del riesgo de sostenibilidad
El proceso de toma de decisiones de inversión de cada Fondo contempla los riesgos de sostenibilidad junto con otros factores. Debe entenderse por riesgo de sostenibilidad un hecho o condición medioambiental, social o de gobernanza que, de producirse, podría provocar un impacto material negativo real o posible en el valor de una inversión y en la rentabilidad del Fondo. Los riesgos de sostenibilidad pueden surgir en el seno de una empresa concreta o externamente, lo que afectaría a múltiples empresas. Entre los riesgos de sostenibilidad que podrían afectar negativamente al valor de una inversión concreta se pueden incluir los siguientes:
- Medioambientales: fenómenos meteorológicos extremos, como inundaciones y vientos fuertes; incidentes a causa de la contaminación; daños a la biodiversidad o a los hábitats marinos.
- Sociales: huelgas laborales; incidentes de salud y seguridad, como lesiones o fallecimientos; problemas de seguridad de productos.
- De gobernanza: fraude fiscal; discriminación laboral; prácticas de remuneración inadecuadas; desprotección de datos personales.
- Reglamentarios: promulgación de nuevos reglamentos, impuestos o normas de la industria para proteger o fomentar prácticas y actividades comerciales sostenibles. | Upon request of an Investor, the Management Company will provide supplementary information relating to the quantitative limits that apply in the risk management of each Fund, to the methods chosen to this end and to the recent evolution of the risks and yields of the main categories of instruments. This supplementary information includes the VaR levels set for the Funds using such risk measure.
The risk management framework is available upon request from the Company's registered office.
Sustainability Risk Management
The investment decision making process for each Fund includes the consideration of sustainability risks alongside other factors. A sustainability risk is an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment and the returns of the Fund.
Sustainability risks could arise within a particular business or externally, impacting multiple business. Sustainability risks that could negatively affect the value of a particular investment might include the following:
- Environmental: extreme weather events such as flooding and high winds; pollution incidents; damage to biodiversity or marine habitats.
- Social: labour strikes; health and safety incidents such as injuries or fatalities; product safety issues.
- Governance: tax fraud; discrimination within a workforce; inappropriate remuneration practices; failure to protect personal data.
- Regulatory: new regulations, taxes or industry standards to protect or encourage sustainable businesses and practices may be introduced. | en | es |
DOLFIN9453 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF EURO Short Term Bond
Schroder ISF EURO Short Term Bond (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the Bloomberg Barclays Euro Aggregate (1-3 Y) index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of Bloomberg Barclays Euro Aggregate (1-3 Y) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Bloomberg Barclays Euro Aggregate (1-3 Y) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF EURO Short Term Bond
Schroder ISF EURO Short Term Bond (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del Bloomberg Barclays Euro Aggregate (1-3 Y) Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del Bloomberg Barclays Euro Aggregate (1-3 Y) Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el Bloomberg Barclays Euro Aggregate (1-3 Y) Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF EURO Short Term Bond
Schroder ISF EURO Short Term Bond (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the Bloomberg Barclays Euro Aggregate (1-3 Y) index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of Bloomberg Barclays Euro Aggregate (1-3 Y) index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the Bloomberg Barclays Euro Aggregate (1-3 Y) index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN9454 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investors may obtain any additional information about AXA World Funds on the website www.axa-im.com.
-
## – Summary of the internal conduct of business rules referred to above under section
- the Sub-Fund will invest in share classes of the Master sub-fund for which AXA IM has defined a process to avoid double charging of any management fees of target funds managed by an AXA IM entity;
- the Sub-Fund’s calendar, the accounting period and the settlement cycle are aligned with those of the Master sub-fund;
- no subscription, redemption or conversion fees will be retained at the Master sub- fund’s level;
- the Sub-Fund’s delegates and the support functions being the same for the Sub-Fund and the Master sub-fund, exchange of information is facilitated;
- communication to the shareholders of the Sub-Fund and of the Master sub-fund is disseminated in a timely manner by the Management Company in order to avoid unequal level of information;
-
## – Tax implications | # Les investisseurs peuvent obtenir davantage d’informations concernant AXA World Funds sur le site Internet www.axa-im.com.
-
## – Résumé des règles internes de conduite commerciale mentionnées ci-dessus au point 12
- Le Compartiment investira dans des classes d’actions du Compartiment Maître pour lesquelles AXA IM a défini un procédé permettant d’éviter la double facturation des commissions de gestion des fonds cibles gérés par une entité d’AXA IM.
- Le calendrier du Compartiment, l’exercice comptable et le cycle de règlement sont alignés avec ceux du Compartiment Maître.
- Aucune commission de souscription, de rachat ou de conversion ne sera retenue au niveau du Compartiment Maître.
- Les délégués du Compartiment et les fonctions de support étant les mêmes pour le Compartiment que pour le Compartiment Maître, l’échange d’informations est facilité.
- Les communications aux actionnaires du Compartiment et du Compartiment Maître sont diffusées en temps utile par la Société de gestion afin d’éviter un niveau inégal d’informations.
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## – Implications fiscales | # Investors may obtain any additional information about AXA World Funds on the website www.axa-im.com.
-
## – Summary of the internal conduct of business rules referred to above under section
- the Sub-Fund will invest in share classes of the Master sub-fund for which AXA IM has defined a process to avoid double charging of any management fees of target funds managed by an AXA IM entity;
- the Sub-Fund’s calendar, the accounting period and the settlement cycle are aligned with those of the Master sub-fund;
- no subscription, redemption or conversion fees will be retained at the Master sub- fund’s level;
- the Sub-Fund’s delegates and the support functions being the same for the Sub-Fund and the Master sub-fund, exchange of information is facilitated;
- communication to the shareholders of the Sub-Fund and of the Master sub-fund is disseminated in a timely manner by the Management Company in order to avoid unequal level of information;
-
## – Tax implications | en | fr |
DOLFIN9455 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Total Unrealised Depreciation (125,561)
* Commitment corresponds to the underlying exposure.
- OptionsAs at 30 June 2022, the SICAV had the following outstanding option contracts:BlueBay Funds - BlueBay Emerging Market Bond Fund | Totale minusvalenze non realizzate (125,561)
* L’impegno corrisponde all’esposizione sottostante.
- OpzioniAl 30 giugno 2022, la SICAV deteneva i seguenti contratti di opzione in essere:BlueBay Funds - BlueBay Emerging Market Bond Fund | Total Unrealised Depreciation (125,561)
* Commitment corresponds to the underlying exposure.
- OptionsAs at 30 June 2022, the SICAV had the following outstanding option contracts:BlueBay Funds - BlueBay Emerging Market Bond Fund | en | it |
DOLFIN9456 | Translate the following text in en into es. 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 580 | EUR 1,870 |
| Impact on return (RIY) per year | 6.1% | 3.5% | | | Se invierten 10.000 EUR | En caso de salida después de 1 año En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- |
| Costes totales | 580 EUR | 1.870 EUR |
| Impacto en el rendimiento por año | 6,1% | 3,5% | | | Investment EUR 10,000 | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Total costs | EUR 580 | EUR 1,870 |
| Impact on return (RIY) per year | 6.1% | 3.5% | | en | es |
DOLFIN9457 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La liquidation d’un Fonds par le rachat obligatoire de toutes les actions concernées pour des raisons autres que celles mentionnées au point 7 (b) ci-dessous ne peut être effectuée que sur accord préalable des Actionnaires du Fonds à liquider, lors d’une assemblée du Fonds dûment convoquée qui peut valablement délibérer sans quorum, et obtenu à la majorité simple des votes exprimés.
Toute fusion d’un Fonds avec un autre Fonds d’Aberdeen Standard Liquidity Fund (Lux) ou avec un autre OPCVM (qu’il soit soumis ou non à la loi luxembourgeoise) sera décidée par le Conseil d’administration à moins que ce dernier décide de soumettre la décision d’une telle fusion à l’assemblée des Actionnaires du Fonds concerné. Dans ce dernier cas, aucun quorum n’est requis pour une telle assemblée et la décision relative à la fusion est prise à la majorité simple des votes exprimés. Dans le cas d’une fusion d’un Fonds suite à laquelle Aberdeen Standard Liquidity Fund (Lux) cesse d’exister, la fusion sera décidée, nonobstant ce qui précède, par une assemblée des Actionnaires délibérant conformément aux exigences en termes de quorum et de majorité pour la modification des Statuts.
- Sous réserve des Statuts, le Conseil d’administration peut imposer ou assouplir certaines restrictions (autres que des restrictions relatives au transfert, mais y compris l’exigence que les Actions soient émises sous forme nominative exclusivement et/ou comportent un avertissement que le Conseil d’administration juge approprié) applicables à quelque Action, Classe ou Fonds que ce soit (mais pas nécessairement à toutes les Actions au sein d’un même Fonds ou d’une même Classe) ou exiger le rachat des Actions, si elle le juge nécessaire, afin de s’assurer qu’aucune Action n’est à aucun moment souscrite ou détenue par ou pour le compte d’une personne non autorisée au regard de la loi ou des règlements édictés par un pays, un gouvernement ou une autorité de tutelle ou risquant de porter préjudice à Aberdeen Standard Liquidity Fund (Lux) en termes de fiscalité ou par rapport à d’autres considérations pécuniaires, y compris l’obligation de se soumettre à une quelconque loi ou réglementation en matière d’investissement ou de valeurs mobilières émanant de quelque pays ou autorité que ce soit. Dans cette optique, les Administrateurs peuvent exiger d’un Actionnaire qu’il fournisse les informations considérées nécessaires afin de décider s’il est le bénéficiaire effectif des Actions qu’il détient. Sans préjudice de ce qui précède, les Administrateurs peuvent imposer (et ont déjà imposé) des restrictions applicables aux Actions émises au profit de Personnes américaines (telles que définies à la section « Informations importantes », paragraphe « États-Unis d’Amérique »), en ce compris des restrictions concernant la détention, le transfert et la conversion de telles Actions, lesquelles seront désignées comme des « Actions réservées ». LesAdministrateurs peuvent exiger le rachat d’Actions qui ne sont pas des Actions réservées s’ils ont des raisons de croire qu’elles sont détenues par des Personnes américaines. Si les Administrateurs devaient constater que des Actions sont détenues par une Personne américaine, agissant seule ou de concert avec toute autre personne, Aberdeen Standard Liquidity Fund (Lux) serait en droit de procéder au rachat obligatoire de ces Actions.
- Lorsqu’une résolution concerne plusieurs Classes d’Actions ou Fonds et qu’elle est de nature à modifier les droits respectifs y afférents, pour être valide, elle doit être approuvée séparément par les Actionnaires des Classes d’Actions ou Fonds concernés conformément aux exigences en termes de quorum et de majorité prévues par l’article 10 des Statuts. | El cierre de un Fondo mediante el reembolso forzoso de todas las Acciones correspondientes por motivos distintos de los mencionados en el apartado 7, letra b) a continuación solo podrá realizarse tras su aprobación previa por parte de los Accionistas del Fondo, en una junta del Fondo debidamente convocada que podrá celebrarse de forma válida sin quórum y en la que se decidirá por mayoría simple de los votos emitidos.
El Consejo de Administración decidirá sobre cualquier fusión de un Fondo con otro Fondo de Aberdeen Standard Liquidity Fund (Lux) o con otro OICVM (sujeto o no a la legislación luxemburguesa), a menos que el Consejo de Administración decida someter la decisión sobre dicha fusión a la Junta de Accionistas del Fondo en cuestión. En tal caso, no se requiere quórum para dicha junta y la decisión sobre la fusión se tomará mediante mayoría simple de los votos emitidos. En el caso de la fusión de un Fondo en la que, como consecuencia, Aberdeen Standard Liquidity Fund (Lux) deje de existir, la fusión se decidirá, no obstante lo anteriormente expuesto, en una junta de Accionistas en la que se decidirá de acuerdo con los requisitos de quórum y mayoría para la modificación de los estatutos.
- Con arreglo a los estatutos, el Consejo de Administración podrá imponer o flexibilizar las restricciones sobre cualquier Clase de Acción o Fondo (diferente de cualquier restricción sobre transferencias, pero incluido el requisito de que las Acciones sean emitidas únicamente de forma nominativa y/o lleven el texto que el Consejo de Administración considere apropiado, pero no necesariamente en todas las Acciones del mismo Fondo o Clase), o exigir el reembolso de Acciones, conforme estime necesario para garantizar que las Acciones no sean adquiridas ni mantenidas por ninguna persona, ni en su nombre, si esto conlleva el incumplimiento de las leyes o los requisitos de cualquier país o gobierno o autoridad reguladora, o cuando pueda suponer consecuencias adversas con respecto a la fiscalidad u otras consecuencias pecuniarias adversas para Aberdeen Standard Liquidity Fund (Lux), incluido el requisito de registro de acuerdo con alguna ley o requisitos sobre valores o inversión o similares de cualquier país o autoridad. A este respecto, los Consejeros pueden exigir a un Accionista que presente la información que consideren necesaria para determinar si dicho titular es el propietario efectivo de las Acciones que posee. Sin perjuicio de lo que antecede, los Consejeros podrán imponer (y actualmente han impuesto) restricciones a las Acciones que se emiten para Personas estadounidenses (conforme se define en el apartado “Información importante”, párrafo “Estados Unidos de América”), incluidas restricciones en lo que respecta a la tenencia, la transferencia y el canje de dichas Acciones, las que se conocerán como “Acciones restringidas”. Los Consejeros podrán exigir el reembolso de Acciones que no sean Acciones restringidas si tienen razones paracreer que se encuentran en posesión de Personas estadounidenses. Si en cualquier momento llegase a conocimiento de los Consejeros que hay Acciones en propiedad usufructuaria de una Persona estadounidense, ya en régimen de titularidad individual o conjunta, Aberdeen Standard Liquidity Fund (Lux) tendrá derecho a reembolsar obligatoriamente dichas Acciones.
- Cuando una resolución afecte a más de una Clase de Acciones o Fondo y la resolución modifique los derechos respectivos de estos, para ser válida la resolución deberá ser aprobada de forma independiente por los Accionistas de dicha Clase de Acciones o Fondo de acuerdo con los requisitos de quórum y mayoría establecidos en el artículo 10 de los estatutos. | La liquidation d’un Fonds par le rachat obligatoire de toutes les actions concernées pour des raisons autres que celles mentionnées au point 7 (b) ci-dessous ne peut être effectuée que sur accord préalable des Actionnaires du Fonds à liquider, lors d’une assemblée du Fonds dûment convoquée qui peut valablement délibérer sans quorum, et obtenu à la majorité simple des votes exprimés.
Toute fusion d’un Fonds avec un autre Fonds d’Aberdeen Standard Liquidity Fund (Lux) ou avec un autre OPCVM (qu’il soit soumis ou non à la loi luxembourgeoise) sera décidée par le Conseil d’administration à moins que ce dernier décide de soumettre la décision d’une telle fusion à l’assemblée des Actionnaires du Fonds concerné. Dans ce dernier cas, aucun quorum n’est requis pour une telle assemblée et la décision relative à la fusion est prise à la majorité simple des votes exprimés. Dans le cas d’une fusion d’un Fonds suite à laquelle Aberdeen Standard Liquidity Fund (Lux) cesse d’exister, la fusion sera décidée, nonobstant ce qui précède, par une assemblée des Actionnaires délibérant conformément aux exigences en termes de quorum et de majorité pour la modification des Statuts.
- Sous réserve des Statuts, le Conseil d’administration peut imposer ou assouplir certaines restrictions (autres que des restrictions relatives au transfert, mais y compris l’exigence que les Actions soient émises sous forme nominative exclusivement et/ou comportent un avertissement que le Conseil d’administration juge approprié) applicables à quelque Action, Classe ou Fonds que ce soit (mais pas nécessairement à toutes les Actions au sein d’un même Fonds ou d’une même Classe) ou exiger le rachat des Actions, si elle le juge nécessaire, afin de s’assurer qu’aucune Action n’est à aucun moment souscrite ou détenue par ou pour le compte d’une personne non autorisée au regard de la loi ou des règlements édictés par un pays, un gouvernement ou une autorité de tutelle ou risquant de porter préjudice à Aberdeen Standard Liquidity Fund (Lux) en termes de fiscalité ou par rapport à d’autres considérations pécuniaires, y compris l’obligation de se soumettre à une quelconque loi ou réglementation en matière d’investissement ou de valeurs mobilières émanant de quelque pays ou autorité que ce soit. Dans cette optique, les Administrateurs peuvent exiger d’un Actionnaire qu’il fournisse les informations considérées nécessaires afin de décider s’il est le bénéficiaire effectif des Actions qu’il détient. Sans préjudice de ce qui précède, les Administrateurs peuvent imposer (et ont déjà imposé) des restrictions applicables aux Actions émises au profit de Personnes américaines (telles que définies à la section « Informations importantes », paragraphe « États-Unis d’Amérique »), en ce compris des restrictions concernant la détention, le transfert et la conversion de telles Actions, lesquelles seront désignées comme des « Actions réservées ». LesAdministrateurs peuvent exiger le rachat d’Actions qui ne sont pas des Actions réservées s’ils ont des raisons de croire qu’elles sont détenues par des Personnes américaines. Si les Administrateurs devaient constater que des Actions sont détenues par une Personne américaine, agissant seule ou de concert avec toute autre personne, Aberdeen Standard Liquidity Fund (Lux) serait en droit de procéder au rachat obligatoire de ces Actions.
- Lorsqu’une résolution concerne plusieurs Classes d’Actions ou Fonds et qu’elle est de nature à modifier les droits respectifs y afférents, pour être valide, elle doit être approuvée séparément par les Actionnaires des Classes d’Actions ou Fonds concernés conformément aux exigences en termes de quorum et de majorité prévues par l’article 10 des Statuts. | fr | es |
DOLFIN9458 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Asian Debt – Hard Currency Fund (suite)
## État des principales acquisitions et ventes (suite)
Ventes cumulées supérieures à un (1) pour cent de la valeur totale des ventes (suite) :
| Unités | Description du titre | Produits USD |
| --- | --- | --- |
| 200 000 | Bluestar Finance Holdings Ltd, 3.38%, 16/07/2024 | 201 720 |
| 200 000 | Shimao Group Holdings Ltd, 3.45%, 11/01/2031 | 201 600 |
| 200 000 | China Overseas Property Holdings Ltd, 2.45%, 09/02/2026 | 201 488 |
| 200 000 | SK Hynix Inc, 2.38%, 19/01/2031 | 201 350 |
| 200 000 | Sinopec Group Overseas Development 201 Ltd, 1.45%, 08/01/2026 | 201 304 |
| 200 000 | Indonesia Government International Bond, 3.05%, 12/03/2051 | 201 100 |
| 200 000 | Alibaba Group Holding Ltd, 2.13%, 09/02/2031 | 201 060 |
| 200 000 | Sunac China Holdings Ltd, 5.95%, 26/04/2024 | 200 750 |
| 200 000 | CICC Hong Kong Finance 2016 MTN Ltd, 2.00%, 26/01/2026 | 200 250 |
| 200 000 | Studio City Finance Ltd, 5.00%, 15/01/2029 | 200 100 |
| 200 000 | Powerchina Real Estate Group Ltd, 3.08%, 29/12/2049 | 200 020 |
| 200 000 | Kaisa Group Holdings Ltd, 11.25%, 16/04/2025 | 200 000 |
| 200 000 | Country Garden Holding, 2.70%, 12/07/2026 | 199 800 |
| 200 000 | Sinopec Group Overseas Development 201 Ltd, 3.35%, 13/05/2050 | 199 722 |
| 200 000 | Hana Bank, 1.25%, 16/12/2026 | 199 660 |
| 200 000 | NAVER Corp, 1.50%, 29/03/2026 | 199 560 |
| 200 000 | GC Treasury Centre Co, 2.98%, 18/03/2031 | 199 446 |
| 200 000 | BOC Aviation Ltd, 1.75%, 21/01/2026 | 198 778 |
| 200 000 | China Cinda Management 2020 I Ltd, 3.00%, 20/01/2031 | 198 398 |
| 200 000 | AIA Group Ltd, 3.20%, 16/09/2040 | 197 368 |
| 200 000 | Indian Railway Finance, 2.80%, 10/02/2031 | 197 000 |
| 200 000 | REC Ltd, 2.25%, 01/09/2026 | 195 128 |
| 200 000 | Vedanta Resources Ltd, 8.95%, 11/03/2025 | 194 600 |
| 200 000 | China Evergrande Group, 8.25%, 23/03/2022 | 193 660 |
| 200 000 | China Cinda Management 2020 I Ltd, 2.50%, 20/01/2028 | 192 680 |
| 200 000 | MTR Corp Ltd, 1.63%, 19/08/2030 | 189 880 |
| 200 000 | Alibaba Group Holding Ltd, 3.25%, 09/02/2061 | 184 794 |
| 130 000 | Indonesia Government International Bond, 1.40%, 30/10/2031 | 167 077 |
RAPPORT INTÉRIMAIRE 2021 407
ÉTATS FINANCIERS RAPPORT DU GESTIONNAIRE D’INVESTISSEMENT | # Neuberger Berman Asian Debt – Hard Currency Fund (cont.)
## Informe de compras y ventas significativas (cont.)
Ventas agregadas que superan el 1% del valor total de las ventas (cont.):
| Unidades | Descripción de los valores | Producto USD |
| --- | --- | --- |
| 200.000 | Bluestar Finance Holdings Ltd, 3.38%, 16/07/2024 | 201.720 |
| 200.000 | Shimao Group Holdings Ltd, 3.45%, 11/01/2031 | 201.600 |
| 200.000 | China Overseas Property Holdings Ltd, 2.45%, 09/02/2026 | 201.488 |
| 200.000 | SK Hynix Inc, 2.38%, 19/01/2031 | 201.350 |
| 200.000 | Sinopec Group Overseas Development 201 Ltd, 1.45%, 08/01/2026 | 201.304 |
| 200.000 | Indonesia Government International Bond, 3.05%, 12/03/2051 | 201.100 |
| 200.000 | Alibaba Group Holding Ltd, 2.13%, 09/02/2031 | 201.060 |
| 200.000 | Sunac China Holdings Ltd, 5.95%, 26/04/2024 | 200.750 |
| 200.000 | CICC Hong Kong Finance 2016 MTN Ltd, 2.00%, 26/01/2026 | 200.250 |
| 200.000 | Studio City Finance Ltd, 5.00%, 15/01/2029 | 200.100 |
| 200.000 | Powerchina Real Estate Group Ltd, 3.08%, 29/12/2049 | 200.020 |
| 200.000 | Kaisa Group Holdings Ltd, 11.25%, 16/04/2025 | 200.000 |
| 200.000 | Country Garden Holding, 2.70%, 12/07/2026 | 199.800 |
| 200.000 | Sinopec Group Overseas Development 201 Ltd, 3.35%, 13/05/2050 | 199.722 |
| 200.000 | Hana Bank, 1.25%, 16/12/2026 | 199.660 |
| 200.000 | NAVER Corp, 1.50%, 29/03/2026 | 199.560 |
| 200.000 | GC Treasury Centre Co, 2.98%, 18/03/2031 | 199.446 |
| 200.000 | BOC Aviation Ltd, 1.75%, 21/01/2026 | 198.778 |
| 200.000 | China Cinda Management 2020 I Ltd, 3.00%, 20/01/2031 | 198.398 |
| 200.000 | AIA Group Ltd, 3.20%, 16/09/2040 | 197.368 |
| 200.000 | Indian Railway Finance, 2.80%, 10/02/2031 | 197.000 |
| 200.000 | REC Ltd, 2.25%, 01/09/2026 | 195.128 |
| 200.000 | Vedanta Resources Ltd, 8.95%, 11/03/2025 | 194.600 |
| 200.000 | China Evergrande Group, 8.25%, 23/03/2022 | 193.660 |
| 200.000 | China Cinda Management 2020 I Ltd, 2.50%, 20/01/2028 | 192.680 |
| 200.000 | MTR Corp Ltd, 1.63%, 19/08/2030 | 189.880 |
| 200.000 | Alibaba Group Holding Ltd, 3.25%, 09/02/2061 | 184.794 |
| 130.000 | Indonesia Government International Bond, 1.40%, 30/10/2031 | 167.077 |
INFORME SEMESTRAL 2021 407
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Neuberger Berman Asian Debt – Hard Currency Fund (suite)
## État des principales acquisitions et ventes (suite)
Ventes cumulées supérieures à un (1) pour cent de la valeur totale des ventes (suite) :
| Unités | Description du titre | Produits USD |
| --- | --- | --- |
| 200 000 | Bluestar Finance Holdings Ltd, 3.38%, 16/07/2024 | 201 720 |
| 200 000 | Shimao Group Holdings Ltd, 3.45%, 11/01/2031 | 201 600 |
| 200 000 | China Overseas Property Holdings Ltd, 2.45%, 09/02/2026 | 201 488 |
| 200 000 | SK Hynix Inc, 2.38%, 19/01/2031 | 201 350 |
| 200 000 | Sinopec Group Overseas Development 201 Ltd, 1.45%, 08/01/2026 | 201 304 |
| 200 000 | Indonesia Government International Bond, 3.05%, 12/03/2051 | 201 100 |
| 200 000 | Alibaba Group Holding Ltd, 2.13%, 09/02/2031 | 201 060 |
| 200 000 | Sunac China Holdings Ltd, 5.95%, 26/04/2024 | 200 750 |
| 200 000 | CICC Hong Kong Finance 2016 MTN Ltd, 2.00%, 26/01/2026 | 200 250 |
| 200 000 | Studio City Finance Ltd, 5.00%, 15/01/2029 | 200 100 |
| 200 000 | Powerchina Real Estate Group Ltd, 3.08%, 29/12/2049 | 200 020 |
| 200 000 | Kaisa Group Holdings Ltd, 11.25%, 16/04/2025 | 200 000 |
| 200 000 | Country Garden Holding, 2.70%, 12/07/2026 | 199 800 |
| 200 000 | Sinopec Group Overseas Development 201 Ltd, 3.35%, 13/05/2050 | 199 722 |
| 200 000 | Hana Bank, 1.25%, 16/12/2026 | 199 660 |
| 200 000 | NAVER Corp, 1.50%, 29/03/2026 | 199 560 |
| 200 000 | GC Treasury Centre Co, 2.98%, 18/03/2031 | 199 446 |
| 200 000 | BOC Aviation Ltd, 1.75%, 21/01/2026 | 198 778 |
| 200 000 | China Cinda Management 2020 I Ltd, 3.00%, 20/01/2031 | 198 398 |
| 200 000 | AIA Group Ltd, 3.20%, 16/09/2040 | 197 368 |
| 200 000 | Indian Railway Finance, 2.80%, 10/02/2031 | 197 000 |
| 200 000 | REC Ltd, 2.25%, 01/09/2026 | 195 128 |
| 200 000 | Vedanta Resources Ltd, 8.95%, 11/03/2025 | 194 600 |
| 200 000 | China Evergrande Group, 8.25%, 23/03/2022 | 193 660 |
| 200 000 | China Cinda Management 2020 I Ltd, 2.50%, 20/01/2028 | 192 680 |
| 200 000 | MTR Corp Ltd, 1.63%, 19/08/2030 | 189 880 |
| 200 000 | Alibaba Group Holding Ltd, 3.25%, 09/02/2061 | 184 794 |
| 130 000 | Indonesia Government International Bond, 1.40%, 30/10/2031 | 167 077 |
RAPPORT INTÉRIMAIRE 2021 407
ÉTATS FINANCIERS RAPPORT DU GESTIONNAIRE D’INVESTISSEMENT | fr | es |
DOLFIN9459 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Fund commentary
The year 2020 was marked by the Covid crisis, leading to a market crash in March. The massive and rapid response of the Central Banks combined with government support then led to a strong rebound in the following months. At the end of the year, hopes of a vaccine accelerated this rise, with a catch-up effect on cyclical stocks.
Over the year, the fund took advantage of its global and diversified exposure. Our strong convictions in the United States, China and Europe posted solid gains, leading us to outperform our reference indicator. In addition, our secular growth investment approach has paid off, illustrated by our gains in technology, healthcare and consumer sectors. In these sectors, we have been able to generate significant alpha2 through certain long-term themes. These include the increasing use of contactless services and technologies. Online retailing is also a good example, with Amazon, JD and Sea Limited contributing significantly to performance. The strong growth of 'social commerce', a new type of online business in which the entire shopping experience - from browsing to ordering
- takes place on social networks has supported stocks like Facebook, whose potential has so far been underestimated by the consensus. Finally, the addition of cyclical stocks in the tourism sector in the spring helped mitigate the impact of the year-end cyclical rotation.
Our main contributors during the year were Chinese healthcare names, including Chongqing ZhiFei, a vaccine producer that grew by almost 200% over 2020 and on which we have since taken profits, and Wuxi Biologics, a platform that provides integrated solutions to support the discovery, development and manufacturing of biological drugs. Also noteworthy are JD.com, the leading Chinese online retailer, and Nio, a producer of electric cars, which has grown by more than 500% over the past six months.
2
Alpha: this measures the performance of a portfolio compared to its reference indicator. Negative alpha means the fund underperformed its reference indicator (e.g. if the reference indicator increased by 10% in a year and the fund increased by only 6%, its alpha is -4). Positive alpha means the fund outperformed its reference indicator (e.g. if the reference indicator increased by 6% in a year and the fund increased by 10%, its alpha is 4). | ## Commentaire de gestion
L'année 2020 a été marquée par la crise du Covid, entraînant la chute des marchés en mars. La réponse massive et rapide des Banques centrales associée aux aides gouvernementales a ensuite engendré un fort rebond les mois qui ont suivi. En fin d’année, les espoirs d’un vaccin ont accéléré cette hausse, avec un effet de rattrapage des valeurs cycliques.
Sur l’année, le Fonds a tiré parti de son exposition géographique globale et diversifiée. Nos convictions fortes aux Etats-Unis, en Chine et en Europe ont enregistré des gains solides, nous conduisant à surperformer notre indicateur de référence. De plus, notre approche d'investissement axée sur la croissance séculaire a porté ses fruits, illustrée par nos gains dans les domaines de la technologie, de la santé et de la consommation. Dans ces secteurs, nous avons pu générer un alpha2 important grâce à certaines thématiques de long terme. Notons parmi elles l'utilisation croissante des services et technologies liées au « sans contact ». Le commerce en ligne est également un bon exemple, avec Amazon, JD et Sea Limited contribuant nettement à la performance. La forte croissance du « commerce social », un nouveau type de commerce en ligne dans lequel toute l'expérience d'achat
- de l’exploration à la commande - se déroule sur les réseaux sociaux a soutenu des titres comme Facebook, dont le potentiel a été jusqu'à présent sous-estimé par le consensus. Enfin, l’ajout de valeurs cycliques dans le secteur du tourisme dès le printemps a permis de mitiger les impacts de la rotation cyclique de fin d’année.
Parmi nos principaux contributeurs sur l’année, on note principalement des noms chinois de santé, dont Chongqing ZhiFei, un producteur de vaccins en hausse de près de 200% sur 2020, et sur lequel nous avons depuis pris des bénéfices, mais aussi Wuxi Biologics, une plate-forme qui offre des solutions intégrées pour aider à la découverte, au développement et à la fabrication de médicaments biologiques. Notons également JD.com, le leader du commerce en ligne chinois, et Nio, producteur de voitures électriques et en hausse de plus de 500% sur les 6 derniers mois.
2
Alpha : L’alpha mesure la performance d’un portefeuille par rapport à son indicateur de référence. Un alpha négatif signifie que le fonds a fait moins bien que son indicateur (ex : l’indicateur a progressé de 10% en un an et le fonds n’a progressé que de 6% : son alpha est égal à - 4). Un alpha positif caractérise un fonds qui a fait mieux que son indicateur (ex : l’indicateur a progressé de 6% en un an et le fonds a progressé de 10% : son alpha est égal à 4). | ## Fund commentary
The year 2020 was marked by the Covid crisis, leading to a market crash in March. The massive and rapid response of the Central Banks combined with government support then led to a strong rebound in the following months. At the end of the year, hopes of a vaccine accelerated this rise, with a catch-up effect on cyclical stocks.
Over the year, the fund took advantage of its global and diversified exposure. Our strong convictions in the United States, China and Europe posted solid gains, leading us to outperform our reference indicator. In addition, our secular growth investment approach has paid off, illustrated by our gains in technology, healthcare and consumer sectors. In these sectors, we have been able to generate significant alpha2 through certain long-term themes. These include the increasing use of contactless services and technologies. Online retailing is also a good example, with Amazon, JD and Sea Limited contributing significantly to performance. The strong growth of 'social commerce', a new type of online business in which the entire shopping experience - from browsing to ordering
- takes place on social networks has supported stocks like Facebook, whose potential has so far been underestimated by the consensus. Finally, the addition of cyclical stocks in the tourism sector in the spring helped mitigate the impact of the year-end cyclical rotation.
Our main contributors during the year were Chinese healthcare names, including Chongqing ZhiFei, a vaccine producer that grew by almost 200% over 2020 and on which we have since taken profits, and Wuxi Biologics, a platform that provides integrated solutions to support the discovery, development and manufacturing of biological drugs. Also noteworthy are JD.com, the leading Chinese online retailer, and Nio, a producer of electric cars, which has grown by more than 500% over the past six months.
2
Alpha: this measures the performance of a portfolio compared to its reference indicator. Negative alpha means the fund underperformed its reference indicator (e.g. if the reference indicator increased by 10% in a year and the fund increased by only 6%, its alpha is -4). Positive alpha means the fund outperformed its reference indicator (e.g. if the reference indicator increased by 6% in a year and the fund increased by 10%, its alpha is 4). | en | fr |
DOLFIN9460 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | up to 5.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.78% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% of New Net Appreciation. Actual performance fee charged last year: 0.00%. |
The entry and exit charges shown are maximum figures. In some cases you might pay less, you can find this out from your financial advisor.
The ongoing charges figure is an estimate of the charges. An estimate is used because the Fund (or share class) was recently launched or has been launched within the reported period. The Fund's annual report for each financial year will include details on the exact charges made.
For more information about charges, please see the "Fees, Compensation and Expenses borne by the Company" section of the prospectus, which is available at www.lumyna.com. | # Frais
Les frais acquittés par les investisseurs servent à couvrir les coûts d’exploitation du Fonds, y compris ses coûts de commercialisation et de distribution de ses actions. Ces frais réduisent la croissance potentielle de votre investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | jusqu'à 5,00 % |
| Frais de sortie | Aucun |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 2,78 % |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | 20,00 % de la Nouvelle plus- value nette. Commission de performance réelle prélevée l’année dernière : 0,00 %. |
Les frais d’entrée et de sortie indiqués sont des montants maximums. Vous pourriez payer un montant plus faible dans certains cas. Votre conseiller financier vous renseignera sur ce point.
Le montant des frais courants est une estimation. Il s’agit d’une estimation, car le Fonds (ou la catégorie d’actions) a été lancé(e) récemment ou a été lancé(e) au cours de la période sous revue. Le rapport annuel du Fonds pour chaque exercice financier donnera le montant exact des frais encourus.
Pour de plus amples informations concernant les frais, veuillez consulter la section « Frais, rémunération et dépenses à la charge de la Société » du prospectus, disponible sur www.lumyna.com. | # Charges
The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | up to 5.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.78% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% of New Net Appreciation. Actual performance fee charged last year: 0.00%. |
The entry and exit charges shown are maximum figures. In some cases you might pay less, you can find this out from your financial advisor.
The ongoing charges figure is an estimate of the charges. An estimate is used because the Fund (or share class) was recently launched or has been launched within the reported period. The Fund's annual report for each financial year will include details on the exact charges made.
For more information about charges, please see the "Fees, Compensation and Expenses borne by the Company" section of the prospectus, which is available at www.lumyna.com. | en | fr |
DOLFIN9461 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition to the foregoing, the Manager will pay out of the assets of each Sub-Fund:
- any fees in respect of circulating details of the Net Asset Value and Net Asset Value per Unit (including publication of the Net Asset Value);
- stamp duties;
- taxes;
- brokerage or other expenses of acquiring and disposing of Investments;
- fees and expenses of the auditors, tax, legal and other professional advisers of the Fund or any Sub-Fund;
- fees connected with listing of Units on any stock exchange;
- index or rating fees (if any);
- the Central Bank’s industry funding levy;
- fees and expenses in connection with the distribution of Units and costs of registration of the Fund in jurisdictions outside Ireland;
- costs of preparing, printing and distributing the Prospectus, reports, accounts any explanatory memoranda and investor correspondence;
- any necessary translation fees;
- any costs incurred as a result of periodic updates of the Prospectus or of a change in law or the introduction of any new law (including any costs incurred as a result of compliance with any applicable code, whether or not having the force of law);
- any other fees and expenses relating to the management and administration of the Fund or attributable to the Investments of the Sub-Funds; and
- in respect of each accounting period of the Fund in which expenses are being determined, such proportion (if any) of the establishment expenses as are being amortised in that year. | Además de los anteriores, la Sociedad Gestora pagará con los activos de cada Subfondo:
- todos los gastos relacionados con la difusión de la información sobre el Valor Liquidativo y el Valor Liquidativo por Participación (incluida la publicación del Valor Liquidativo);
- los impuestos de timbre;
- los impuestos;
- el corretaje y otros gastos derivados de la compraventa de inversiones;
- los honorarios y los gastos debidos a los auditores, los asesores profesionales fiscales, jurídicos y de otro tipo del Fondo o cualquier Subfondo;
- las comisiones relativas a la admisión a cotización de las Participaciones en cualquier bolsa;
- las comisiones por la utilización de índices de referencia o en concepto de calificación (si procede);
- el impuesto de financiación del sector del Banco Central;
- las comisiones y los gastos derivados de la distribución de las Participaciones y los costes de registro del Fondo en las jurisdicciones externas a Irlanda;
- los costes de elaboración, impresión y distribución del Folleto, los informes, las cuentas, las memorias explicativas y la correspondencia con el inversor;
- cualesquiera honorarios de traducción necesarios;
- todos los costes en los que se haya incurrido como consecuencia de las actualizaciones periódicas del Folleto, cualquier modificación legislativa o la introducción de una nueva ley (incluidos los costes derivados del cumplimiento de cualquier código aplicable, sea o no equiparable a la ley);
- cualesquiera otros honorarios y gastos relativos a la gestión y la administración del Fondo o atribuibles a las inversiones de los Subfondos; y
- con respecto a cada ejercicio contable del Fondo en el que calculen gastos, la proporción (si procede) de los gastos de constitución que se amortizará en dicho ejercicio. | In addition to the foregoing, the Manager will pay out of the assets of each Sub-Fund:
- any fees in respect of circulating details of the Net Asset Value and Net Asset Value per Unit (including publication of the Net Asset Value);
- stamp duties;
- taxes;
- brokerage or other expenses of acquiring and disposing of Investments;
- fees and expenses of the auditors, tax, legal and other professional advisers of the Fund or any Sub-Fund;
- fees connected with listing of Units on any stock exchange;
- index or rating fees (if any);
- the Central Bank’s industry funding levy;
- fees and expenses in connection with the distribution of Units and costs of registration of the Fund in jurisdictions outside Ireland;
- costs of preparing, printing and distributing the Prospectus, reports, accounts any explanatory memoranda and investor correspondence;
- any necessary translation fees;
- any costs incurred as a result of periodic updates of the Prospectus or of a change in law or the introduction of any new law (including any costs incurred as a result of compliance with any applicable code, whether or not having the force of law);
- any other fees and expenses relating to the management and administration of the Fund or attributable to the Investments of the Sub-Funds; and
- in respect of each accounting period of the Fund in which expenses are being determined, such proportion (if any) of the establishment expenses as are being amortised in that year. | en | es |
DOLFIN9462 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objectives
The Fund aims to achieve a positive return on capital while simultaneously attempting to limit the risk of capital loss using a multi-faceted risk management approach.
The Fund will invest in financial markets globally, gaining exposure through the use of financial derivative instruments to currencies (through foreign exchange contracts), fixed income securities (through bond futures, index futures or swaps, short-term interest rate futures, interest rate swaps and inflation swaps), and equity securities (through equity index futures and equity index swaps inclusive of futures and swaps on equity sectors) or by investing directly in equities or bonds.
The Fund may invest substantially in cash deposits, cash equivalents, certificates of deposits and/or money market instruments in order to facilitate trading in derivative instruments. The Fund will invest in money market instruments (including commercial paper, bank deposits, certificates of deposit and floating rate notes) directly or through collective investment schemes rather than through the use of financial derivatives instruments.
The Fund’s fixed income exposure will be predominately in investment grade (i.e. BAA2 to AAA (Moody's) and BBB to AAA (S&P)) fixed income securities. The Fund's exposure to non-investment grade fixed income securities will be no more than 30% of the Fund’s net asset value. The same financial derivative instruments will be used to gain long or short exposure.
The Fund invests primarily in developed countries as determined by the FTSE and may invest up to 30% of its total assets in countries that are represented in the FTSE Emerging Markets Index (which is a free floating adjusted market index designed to measure the performance of relevant securities in global emerging markets) and such other countries with similar characteristics as may be determined by the Sub-Investment Manager from time to time.
There are no specific restraints on sector weightings which must be observed by the Fund. The instruments in which the Fund invests may be unlisted or listed or traded on regulated markets globally.
The Fund will invest primarily in derivative instruments for investment purposes and efficient portfolio management purposes.
The Fund will be leveraged as a result of its use of derivative instruments and may therefore generate a notional exposure above 100% of the Fund’s net asset value.
It is not currently anticipated that dividends will be declared in respect of the Class. Net investment income attributable to the Class is expected to be retained by the Fund, which will increase the net asset value per share of the Class.
Investors can buy and sell their shares on each business day of the Fund.
The shares are denominated in Swiss Francs, and the Investment Manager aims to hedge the currency exposure of the shares against the US Dollar. The base currency of the Fund is the US Dollar.
The Fund is intended for investors who want a long term investment of typically 5 years, who can afford to set aside the capital for the investment cycle and who seek a medium to high investment risk. Investors of the Fund should not expect to obtain short-term goals from such investment.
The Fund's assets are held through the Company's Depositary, which is State Street Fund Services (Ireland) Limited. You can obtain further and other practical information, including the current prospectus and supplement, net asset value per share of the Fund, and most recent financial statements from the applicable distributor or from our website: www.pgim.com/ucits. All such documents are available in English on paper and are free of charge on request. The prospectus is also available in German. The assets of the Fund are segregated from other funds in the Company. This means that the assets of one fund cannot be used to meet the liabilities of another fund. This Key Information Document describes the Fund only, the prospectus and the annual and interim reports and accounts are prepared for the Company rather than the Fund. You may at any time switch all or some of your shares in the Fund for shares in any other fund of the Company and may obtain further information about this from the Conversion of Shares section of the prospectus. | ## Obiettivi
Il Fondo mira a conseguire un rendimento positivo del capitale cercando al contempo di limitare il rischio di perdita del capitale adottando un approccio articolato alla gestione del rischio.
Il Fondo investirà nei mercati finanziari di tutto il mondo, acquisendo esposizione tramite l'uso di strumenti finanziari derivati a valute (tramite contratti di cambio), titoli a reddito fisso (tramite futures su obbligazioni, futures su indici o swap, futures su tassi d'interesse a breve termine, swap su tassi d'interesse e inflation swap); e titoli azionari (attraverso futures su indici azionari e swap su indici azionari, compresi futures e swap su settori azionari) o investendo direttamente in azioni o obbligazioni.
Il Fondo può investire in misura sostanziale in depositi di liquidità, strumenti liquidi equivalenti, certificati di deposito e/o strumenti del mercato monetario al fine di facilitare la negoziazione in strumenti derivati. Il Fondo investirà in strumenti del mercato monetario (compresi commercial paper, depositi bancari, certificati di deposito e titoli a tasso variabile) direttamente o tramite organismi di investimento collettivo anziché tramite il ricorso a strumenti finanziari derivati.
L’esposizione obbligazionaria del Fondo consisterà prevalentemente di titoli a reddito fisso di qualità investment grade (ossia da BAA2 ad AAA (Moody’s) e da BBB ad AAA (S&P)). L’esposizione del Fondo a titoli a reddito fisso non investment grade non sarà superiore al 30% del valore patrimoniale netto del Fondo. Gli stessi strumenti finanziari derivati saranno utilizzati per acquisire un’esposizione lunga o corta.
Il Fondo investe principalmente nei paesi sviluppati stabiliti dal FTSE e può investire fino al 30% del suo patrimonio totale in paesi rappresentati nell’indice FTSE Emerging Markets (un indice di mercato rettificato per il flottante concepito per misurare la performance di titoli pertinenti nei mercati emergenti globali) e in altri paesi con caratteristiche simili eventualmente stabiliti di volta in volta dal Subgestore degli investimenti.
Non vi sono limiti specifici alle ponderazioni settoriali che il Fondo deve osservare. Gli strumenti in cui il Fondo investe possono essere non quotati o quotati, oppure negoziati sui mercati regolamentati di tutto il mondo.
Il Fondo investirà principalmente in strumenti derivati a scopo d’investimento e ai fini di una gestione efficiente del portafoglio.
Per effetto del suo utilizzo di strumenti derivati, il Fondo sarà sottoposto a leva finanziaria e potrebbe pertanto generare un'esposizione nozionale superiore al 100% del proprio valore patrimoniale netto.
Attualmente non si prevede che in relazione alla Classe saranno dichiarati dividendi. Il reddito netto da investimenti attribuibile alla Classe sarà prevedibilmente trattenuto dal Fondo, aumentando così il valore patrimoniale netto per azione della Classe.
Gli investitori possono acquistare e vendere le loro azioni tutti i giorni lavorativi del Fondo.
Le azioni sono denominate in franchi svizzeri e il Gestore degli investimenti si prefigge di coprire l'esposizione valutaria delle azioni nei confronti del dollaro USA. La valuta base del Fondo è il dollaro USA.
Il Fondo è rivolto a investitori che desiderano un investimento di lungo termine, tipicamente di 5 anni, in grado di accantonare il capitale per il ciclo d'investimento e che ricercano un rischio d'investimento medio-alto. Gli investitori del Fondo non dovrebbero prevedere di conseguire con tale investimento obiettivi a breve termine.
Le attività del Fondo sono detenute tramite il Depositario della Società, che è State Street Fund Services (Ireland) Limited. Ulteriori informazioni pratiche, incluso il prospetto e il supplemento più recenti, il valore patrimoniale netto per azione del Fondo e l’ultimo bilancio, sono reperibili su richiesta presso il distributore incaricato o sul nostro sito web: www.pgim.com/ucits. Tutti questi documenti sono disponibili gratuitamente su richiesta in formato cartaceo in lingua inglese. Il prospetto è disponibile anche in tedesco. Le attività del Fondo sono separate da quelle di altri fondi della Società. Ciò significa che le attività di un fondo non possono essere utilizzate per soddisfare le passività di un altro fondo. Il presente Documento contenente le informazioni chiave descrive esclusivamente il Fondo, mentre il prospetto informativo e le relazioni annuali e semestrali e i bilanci sono redatti per la Società anziché per il Fondo. È possibile convertire in qualsiasi momento la totalità o parte delle proprie azioni del Fondo in azioni di qualsiasi altro fondo della Società e ottenere ulteriori informazioni in merito nella sezione “Conversione di azioni” del prospetto. | ## Objectives
The Fund aims to achieve a positive return on capital while simultaneously attempting to limit the risk of capital loss using a multi-faceted risk management approach.
The Fund will invest in financial markets globally, gaining exposure through the use of financial derivative instruments to currencies (through foreign exchange contracts), fixed income securities (through bond futures, index futures or swaps, short-term interest rate futures, interest rate swaps and inflation swaps), and equity securities (through equity index futures and equity index swaps inclusive of futures and swaps on equity sectors) or by investing directly in equities or bonds.
The Fund may invest substantially in cash deposits, cash equivalents, certificates of deposits and/or money market instruments in order to facilitate trading in derivative instruments. The Fund will invest in money market instruments (including commercial paper, bank deposits, certificates of deposit and floating rate notes) directly or through collective investment schemes rather than through the use of financial derivatives instruments.
The Fund’s fixed income exposure will be predominately in investment grade (i.e. BAA2 to AAA (Moody's) and BBB to AAA (S&P)) fixed income securities. The Fund's exposure to non-investment grade fixed income securities will be no more than 30% of the Fund’s net asset value. The same financial derivative instruments will be used to gain long or short exposure.
The Fund invests primarily in developed countries as determined by the FTSE and may invest up to 30% of its total assets in countries that are represented in the FTSE Emerging Markets Index (which is a free floating adjusted market index designed to measure the performance of relevant securities in global emerging markets) and such other countries with similar characteristics as may be determined by the Sub-Investment Manager from time to time.
There are no specific restraints on sector weightings which must be observed by the Fund. The instruments in which the Fund invests may be unlisted or listed or traded on regulated markets globally.
The Fund will invest primarily in derivative instruments for investment purposes and efficient portfolio management purposes.
The Fund will be leveraged as a result of its use of derivative instruments and may therefore generate a notional exposure above 100% of the Fund’s net asset value.
It is not currently anticipated that dividends will be declared in respect of the Class. Net investment income attributable to the Class is expected to be retained by the Fund, which will increase the net asset value per share of the Class.
Investors can buy and sell their shares on each business day of the Fund.
The shares are denominated in Swiss Francs, and the Investment Manager aims to hedge the currency exposure of the shares against the US Dollar. The base currency of the Fund is the US Dollar.
The Fund is intended for investors who want a long term investment of typically 5 years, who can afford to set aside the capital for the investment cycle and who seek a medium to high investment risk. Investors of the Fund should not expect to obtain short-term goals from such investment.
The Fund's assets are held through the Company's Depositary, which is State Street Fund Services (Ireland) Limited. You can obtain further and other practical information, including the current prospectus and supplement, net asset value per share of the Fund, and most recent financial statements from the applicable distributor or from our website: www.pgim.com/ucits. All such documents are available in English on paper and are free of charge on request. The prospectus is also available in German. The assets of the Fund are segregated from other funds in the Company. This means that the assets of one fund cannot be used to meet the liabilities of another fund. This Key Information Document describes the Fund only, the prospectus and the annual and interim reports and accounts are prepared for the Company rather than the Fund. You may at any time switch all or some of your shares in the Fund for shares in any other fund of the Company and may obtain further information about this from the Conversion of Shares section of the prospectus. | en | it |
DOLFIN9463 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The holder of a Participating Share in respect of whom an equalisation payment has been made out of the relevant Equalisation Account, shall, subject to Article 127, be entitled to have such equalisation payment returned to him by the Company on the occasion of the payment of a dividend and the amount payable to him by way of dividend shall be reduced by the amount so returned to him.
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## Currency of Payment and Foreign Exchange Transactions | Der Inhaber eines Anteils, für den von dem entsprechenden Ausgleichskonto eine Ausgleichszahlung erfolgt ist, hat vorbehaltlich Ziffer 127 bei der Zahlung einer Ausschüttung Anspruch auf Erstattung der Ausgleichszahlung durch die Gesellschaft; die an ihn zahlbare Ausschüttung verringert sich um den Erstattungsbetrag.
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## Zahlungswährung und Devisengeschäfte | The holder of a Participating Share in respect of whom an equalisation payment has been made out of the relevant Equalisation Account, shall, subject to Article 127, be entitled to have such equalisation payment returned to him by the Company on the occasion of the payment of a dividend and the amount payable to him by way of dividend shall be reduced by the amount so returned to him.
-
## Currency of Payment and Foreign Exchange Transactions | en | de |
DOLFIN9464 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Audited annual report for the year
from January 1, 2021 to December 31, 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. | ## Rapport annuel révisé pour l’exercice
du 1er janvier 2021 au 31 décembre 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. | ## Audited annual report for the year
from January 1, 2021 to December 31, 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. | en | fr |
DOLFIN9465 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations détaillées sur le Fonds
## Gérant du fonds
## Michael Leithead, Camila Astaburuaga
## Date de lancement
## 18 septembre 2009
## AUM (millions)
## USD 1.106,34
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## ICE BofAML Eurodollar Index
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 16:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 105
## 100
## 95
## 90
## 85
## 2018 2019 2020 2021 2022 2023
- Fonds ■Indice de référence
| -2,13% | 14,70% | 8,66% | -1,34% | -20,74% | 1,06% |
| --- | --- | --- | --- | --- | --- |
| -1,50% | 12,98% | 8,97% | -1,09% | -14,23% | 0,64% |
## ■
## ■
Les performances passées ne préjugent pas nécessairement des performances futures. La valeur de vos investissements et les revenus qui en découlent peut évoluer à la baisse comme à la hausse en raison des fluctuations de marché et de change et vous n’êtes pas assuré de recouvrer l’intégralité des sommes investies. La performance du fonds est nette de frais et est représentative de la part USD O Inc Elle indique la performance sur les cinq années civiles précédentes au maximum et la performance actuelle depuis le début de l'année (calculée de valeur liquidative à valeur liquidative). Lorsque la création d'une catégorie de parts intervient avant les cinq années précédentes, le graphique a été indexé à 100. Lorsque le fonds possède un historique de performance inférieur à cinq années complètes, la performance est alors indiquée depuis la création. Source : EFG Asset Management, Bloomberg. Au 28 février 2023. | # Datos del Fondo
## Gestor del Fondo
## Michael Leithead, Camila Astaburuaga
## Fecha de creación
## 18 septiembre 2009
## Patrimonio
## USD 1.106,34
## Moneda base
## USD
## Publicación del precio
## Financial Times, Bloomberg, Morningstar
## Índice de referencia
## ICE BofAML Eurodollar Index
## Gestor de inversiones
## EFG Asset Management (UK) Limited
## Suscripción/Reembolso
## Diaria 16:00 (hora de Irlanda)
## Periodo contable
## 30 junio
## 105
## 100
## 95
## 90
## 85
## 2018 2019 2020 2021 2022 2023
- Fondo ■Índice de referencia
| -2,13% | 14,70% | 8,66% | -1,34% | -20,74% | 1,06% |
| --- | --- | --- | --- | --- | --- |
| -1,50% | 12,98% | 8,97% | -1,09% | -14,23% | 0,64% |
## ■
## ■
La rentabilidad histórica no constituye necesariamente una indicación de la rentabilidad futura. El valor de sus inversiones y los rendimientos que de ellas se derivan pueden incrementarse o disminuir, como resultado de las fluctuaciones del mercado o de las divisas y usted podría no recuperar el importe total invertido. La rentabilidad del fondo se indica una vez deducidas las comisiones y es representativa de la clase de acciones USD O Inc y corresponde hasta un máximo de cinco años naturales anteriores y el año hasta la fecha (cálculo NAV to NAV). Cuando la fecha de creación de la clase de acciones es anterior al periodo de cinco años del gráfico, se ha reajustado a 100. Cuando el Fondo tiene un historial de rentabilidad inferior a cinco años completos, la rentabilidad se muestra desde la fecha de creación. Fuente: EFG Asset Management, Bloomberg. A 28 febrero 2023. | # Informations détaillées sur le Fonds
## Gérant du fonds
## Michael Leithead, Camila Astaburuaga
## Date de lancement
## 18 septembre 2009
## AUM (millions)
## USD 1.106,34
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## ICE BofAML Eurodollar Index
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 16:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 105
## 100
## 95
## 90
## 85
## 2018 2019 2020 2021 2022 2023
- Fonds ■Indice de référence
| -2,13% | 14,70% | 8,66% | -1,34% | -20,74% | 1,06% |
| --- | --- | --- | --- | --- | --- |
| -1,50% | 12,98% | 8,97% | -1,09% | -14,23% | 0,64% |
## ■
## ■
Les performances passées ne préjugent pas nécessairement des performances futures. La valeur de vos investissements et les revenus qui en découlent peut évoluer à la baisse comme à la hausse en raison des fluctuations de marché et de change et vous n’êtes pas assuré de recouvrer l’intégralité des sommes investies. La performance du fonds est nette de frais et est représentative de la part USD O Inc Elle indique la performance sur les cinq années civiles précédentes au maximum et la performance actuelle depuis le début de l'année (calculée de valeur liquidative à valeur liquidative). Lorsque la création d'une catégorie de parts intervient avant les cinq années précédentes, le graphique a été indexé à 100. Lorsque le fonds possède un historique de performance inférieur à cinq années complètes, la performance est alors indiquée depuis la création. Source : EFG Asset Management, Bloomberg. Au 28 février 2023. | fr | es |
DOLFIN9466 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - USD (I - Acc.) between 31/03/2013-31/03/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,834
8.3%
USD 14,374
6.2% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - USD (I - Acc.) entre 31/03/2013-31/03/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 834 USD
8,3%
14 374 USD
6,2% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - USD (I - Acc.) between 31/03/2013-31/03/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,834
8.3%
USD 14,374
6.2% | en | es |
DOLFIN9467 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: The fund is a AIF launched in Liechtenstein.
Term: The Fund does not have a pre-determined maturity, it is established for an indefinite period. For the recommended holding period, see section "V. How long should I hold it and can I take my money out early?". The Fund may be dissolved by resolution of LLB Fund Services AG. This is particularly the case if significant changes in the actual ratios occur that justify dissolution. The Fund must be dissolved by operati- on of law if it falls below the minimum capitalisation required by law.
Objectives: The AIF is a product pursuant to Article 9 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 No- vember 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation). So-called ESG criteria are non-financial considerations that are incorporated into the investment process of the fund on an ongoing basis, with a particular focus on social aspects. The fund aims to achieve a sustainable, long-term real appreciation of its assets and at the same time to contribute to the creation of wealth among the underprivileged population groups in developing and emerging countries by indirectly financing entre- preneurial activities in these countries. The fund pursues its purpose by investing its assets in local financial service providers - so-called mi- crofinance institutions (MFIs). The fund is based on a structured investment process, which is based both on a quantitative and qualitative selection of successful or sustainably active MFIs and on broad country diversification. The fund invests in fixed or variable-interest invest- ment instruments. The investment instruments have short (six to eighteen months) to medium (three to five years) maturities. The fund's in- vestments have an average term of two to three years and are primarily denominated in US dollars. The fund seeks to invest in a sustainable manner.
The depositary of the fund is Liechtensteinische Landesbank Aktiengesellschaft. The Prospectus and the current annual and semi-annual re- ports, the current unit prices and further information on the Fund can be found free of charge in the legally-binding language according to the Prospectus at www.llb.li.
Intended retail investor: The fund is aimed at private clients who are pursuing the goal of general asset accumulation/asset optimization and have a medium term investment horizon. This product is a fund for investors with advanced knowledge and/or experience in financial products. The investor can bear losses up to the complete loss of the invested capital and places no value on capital protection.
- | # Um welche Art von Produkt handelt es sich?
Art: Der Fonds ist ein in Liechtenstein aufgelegter AIF.
Laufzeit: Der Fonds hat keine im vornherein festgelegte Laufzeit, er ist auf unbestimmte Zeit errichtet. Die empfohlene Haltedauer entneh- men Sie dem Abschnitt „V. Wie lange sollte ich die Anlage halten, und kann ich vorzeitig Geld entnehmen?“. Der Fonds kann durch Be- schluss der LLB Fund Services AG aufgelöst werden. Dies insbesondere dann, wenn erhebliche Veränderungen der tatsächlichen Verhältnis- ses auftreten, die eine Auflösung rechtfertigen. Der Fonds ist von Gesetzes wegen aufzulösen, wenn er die gesetzlich vorgeschriebene Min- destkapitalisierung unterschreitet.
Ziele: Beim AIF handelt es sich um ein Produkt nach Artikel 9 der Verordnung (EU) 2019/2088 des Europäischen Parlaments und des Rates vom 27. November 2019 über die Offenlegung von Informationen zur Nachhaltigkeit im Finanzdienstleistungssektor über nachhaltigkeitsbe- zogene Offenlegungspflichten im Finanzdienstleistungssektor (Sustainable Finance Disclosure Regulation, sog. "SFDR"), auch "dark green" Produkte genannt. Soziale Leistung und sog. ESG-Kriterien sind nicht-finanzielle Überlegungen, die in den Anlageprozess des Fonds laufend einfliessen, wobei ein besonderes Augenmerk auf die sozialen Aspekte gelegt wird. Der Fonds strebt eine nachhaltige, langfristige reale Wertsteigerung seines Vermögens an und bezweckt gleichzeitig durch die mittelbare Finanzierung von unternehmerischer Tätigkeit in Ent- wicklungs- und Schwellenländern einen Beitrag zur Schaffung von Wohlstand bei den dortigen unterprivilegierten Bevölkerungsgruppen zu leisten. Der Fonds verfolgt seinen Zweck durch die Investition seines Vermögens in lokale Finanzdienstleister – so genannte Microfinance-In- stitutionen (MFI). Dem Fonds liegt ein strukturierter Anlageprozess zu Grunde, der sowohl auf einer quantitativ und qualitativ basierten Se- lektion von erfolgreichen bzw. nachhaltig tätigen MFI als auch einer breiten Länderdiversifikation beruht. Der Fonds investiert in fest- oder variabel verzinsliche Anlageinstrumente. Die Anlageinstrumente besitzen kurze (sechs bis achtzehn Monate) bis mittlere Laufzeiten (drei bis fünf Jahre). Die Investitionen des Fonds besitzen eine durchschnittliche Laufzeit von zwei bis drei Jahren und werden primär in US Dollar ge- tätigt. Der Fonds strebt eine nachhaltige Investition an.
Verwahrstelle des Fonds ist die Liechtensteinische Landesbank Aktiengesellschaft. Den Prospekt und die aktuellen Jahres- und Halbjahresbe- richte, die aktuellen Anteilpreise sowie weitere Informationen zu dem Fonds finden Sie kostenlos in der rechtsverbindlichen Sprache gemäss Prospekt unter www.llb.li.
Kleinanleger-Zielgruppe: Der Fonds richtet sich an Privatkunden, die das Ziel der allgemeinen Vermögensbildung / Vermögensoptimierung verfolgen und einen mittelfristigen Anlagehorizont haben. Bei dem vorliegenden Produkt handelt es sich um einen Fonds für Anleger mit er- weiterten Kenntnissen und / oder Erfahrungen in Finanzprodukten. Der Anleger kann Verluste tragen bis zum vollständigen Verlust des ein- gesetzten Kapitals und legt keinen Wert auf einen Kapitalschutz.
- | # What is this product?
Type: The fund is a AIF launched in Liechtenstein.
Term: The Fund does not have a pre-determined maturity, it is established for an indefinite period. For the recommended holding period, see section "V. How long should I hold it and can I take my money out early?". The Fund may be dissolved by resolution of LLB Fund Services AG. This is particularly the case if significant changes in the actual ratios occur that justify dissolution. The Fund must be dissolved by operati- on of law if it falls below the minimum capitalisation required by law.
Objectives: The AIF is a product pursuant to Article 9 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 No- vember 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation). So-called ESG criteria are non-financial considerations that are incorporated into the investment process of the fund on an ongoing basis, with a particular focus on social aspects. The fund aims to achieve a sustainable, long-term real appreciation of its assets and at the same time to contribute to the creation of wealth among the underprivileged population groups in developing and emerging countries by indirectly financing entre- preneurial activities in these countries. The fund pursues its purpose by investing its assets in local financial service providers - so-called mi- crofinance institutions (MFIs). The fund is based on a structured investment process, which is based both on a quantitative and qualitative selection of successful or sustainably active MFIs and on broad country diversification. The fund invests in fixed or variable-interest invest- ment instruments. The investment instruments have short (six to eighteen months) to medium (three to five years) maturities. The fund's in- vestments have an average term of two to three years and are primarily denominated in US dollars. The fund seeks to invest in a sustainable manner.
The depositary of the fund is Liechtensteinische Landesbank Aktiengesellschaft. The Prospectus and the current annual and semi-annual re- ports, the current unit prices and further information on the Fund can be found free of charge in the legally-binding language according to the Prospectus at www.llb.li.
Intended retail investor: The fund is aimed at private clients who are pursuing the goal of general asset accumulation/asset optimization and have a medium term investment horizon. This product is a fund for investors with advanced knowledge and/or experience in financial products. The investor can bear losses up to the complete loss of the invested capital and places no value on capital protection.
- | en | de |
DOLFIN9468 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Market Review
Following one of the worst quarters in memory at the end of 2018, which defined the period under review, equity markets began 2019 delivering the best quarterly returns since the early 1990s.
The US Federal Reserve’s (the Fed) sudden reversal of policy in January 2019 was the key moment. In the United States, interest rates are no longer being increased (and may even decline), and quantitative tightening has been reduced and will end in the autumn. Elsewhere, Chinese authorities are providing monetary support, and the European Central Bank (ECB) abandoned its intention of tapering monetary stimulus. These policy developments outweighed almost universally weak economic data. In terms of market action, the quarter was almost a mirror image of the fourth quarter of 2018.
We find it useful to think of the last six months as another, albeit more sustained, volatility event in the series that began in 2013, when investors had to begin to contemplate the end of quantitative easing (QE). Arguably asset price movements and high levels of debt are driving economic outcomes after a decade of QE. These must be a matter of focus for central bankers, and a reasonable explanation of the Fed’s change of course in January.
The political and geopolitical backdrop remains challenging. Trade negotiations between the United States and China continue, and, whatever the outcome, they must increase global economic frictions. Populism and partisan politics have exposed and strengthened deep divides in the US and Europe. For example, in topical events the release of the Mueller report, and whatever conclusions are reached in the Brexit process are likely only to reinforce these divisions. | #### Marktrückblick
Im Anschluss an eines der schlechtesten Quartale seit Menschengedenken Ende 2018, das dem Berichtszeitraum deutlich seinen Stempel aufgedrückt hat, begannen die Aktienmärkte 2019, die besten Quartalsergebnisse seit den frühen 1990er Jahren zu liefern.
Die plötzliche Politikwende der US-Notenbank (Fed) im Januar 2019 war der Schlüsselmoment. In den Vereinigten Staaten werden die Zinssätze nicht länger angehoben (und könnten sogar sinken), und die quantitative Straffung wurde verringert und wird im Herbst enden. Indes stellen die chinesischen Behörden geldpolitische Unterstützung bereit und die Europäische Zentralbank (EZB) ist von ihrer Absicht, die geldpolitischen Anreize zu drosseln, abgekommen. Diese politischen Entwicklungen wogen praktisch ausnahmslos schwache Wirtschaftsdaten auf. Was die Marktentwicklungen betrifft, so war das Quartal praktisch ein Spiegelbild des vierten Quartals von 2018.
Wir halten es für angebracht, die letzten sechs Monate als weiteres – wenn auch ausgedehnteres – Volatilitätsereignis der Reihe von Ereignissen anzusehen, die 2013 begann, als sich die Anleger genötigt sahen, ein Ende der quantitativen Lockerung in Betracht zu ziehen. Nach einem Jahrzehnt der quantitativen Lockerung werden die wirtschaftlichen Ergebnisse vermutlich durch Kursschwankungen von Vermögenswerten und ein hohes Verschuldungsniveau bestimmt. Dies muss für die Zentralbanken im Mittelpunkt des Interesses stehen, und es ist eine vernünftige Erklärung für den Kurswechsel der Fed im Januar.
Die politischen und geopolitischen Rahmenbedingungen bleiben schwierig. Die Handelsgespräche zwischen den Vereinigten Staaten und China dauern an, und unabhängig von ihrem Ergebnis werden sie zwangsläufig die weltweiten wirtschaftlichen Reibungen erhöhen. Der Populismus und die Parteipolitik haben die tiefen Gräben in den USA und in Europa aufgezeigt und vergrößert. Als aktuelle Beispiele wären die Veröffentlichung des Mueller-Berichts und die wie auch immer gearteten Ergebnisse des Brexit-Prozesses zu nennen, die diese Gräben vermutlich nur vertiefen werden. | #### Market Review
Following one of the worst quarters in memory at the end of 2018, which defined the period under review, equity markets began 2019 delivering the best quarterly returns since the early 1990s.
The US Federal Reserve’s (the Fed) sudden reversal of policy in January 2019 was the key moment. In the United States, interest rates are no longer being increased (and may even decline), and quantitative tightening has been reduced and will end in the autumn. Elsewhere, Chinese authorities are providing monetary support, and the European Central Bank (ECB) abandoned its intention of tapering monetary stimulus. These policy developments outweighed almost universally weak economic data. In terms of market action, the quarter was almost a mirror image of the fourth quarter of 2018.
We find it useful to think of the last six months as another, albeit more sustained, volatility event in the series that began in 2013, when investors had to begin to contemplate the end of quantitative easing (QE). Arguably asset price movements and high levels of debt are driving economic outcomes after a decade of QE. These must be a matter of focus for central bankers, and a reasonable explanation of the Fed’s change of course in January.
The political and geopolitical backdrop remains challenging. Trade negotiations between the United States and China continue, and, whatever the outcome, they must increase global economic frictions. Populism and partisan politics have exposed and strengthened deep divides in the US and Europe. For example, in topical events the release of the Mueller report, and whatever conclusions are reached in the Brexit process are likely only to reinforce these divisions. | en | de |
DOLFIN9469 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# 14.2.
- If in respect of any Applicant the repurchase monies in respect of shares held by him of any Fund to be repurchased on any Dealing Day amount to more than 5 per cent of the Net Asset Value of such Fund at the Valuation Point for such Dealing Day, the Company shall have the power to divide in specie the whole or any part of the Assets of the relevant Fund and shall have the right to elect by notice in writing to the Applicant (such notice to be sent by the Company to the Applicant within three Business Days of the relevant Dealing Day and in any event before the relevant Settlement Date) to appropriate and transfer Assets to him in full or part satisfaction of the Repurchase Price or any part of the said Repurchase Price (provided that such a distribution would not be prejudicial to the interests of the remaining Holders in such Fund).
- Where a notice of election is served under paragraph 14.2.1 on an Applicant the Applicant may by a further notice served on the Company require the Company instead of transferring the Assets in question to arrange:-
- for a sale of the Assets; and
- for payment to the Applicant of the net proceeds of sale.
- Where there is a transfer of Assets pursuant to paragraph 14.2.1 above, the Depositary shall transfer to the Applicant his proportionate share of the Assets of the relevant Fund. For the purposes of this paragraph “proportionate share” means such part of each type of Asset in the relevant Fund as is proportionate to or as nearly as practicable proportionate to the Applicant's share or such selection from the Assets of the relevant Fund as the Directors shall, following consultation with the Depositary, decide is reasonable having regard to the need to be fair both to the Applicant and continuing Holders of shares in the relevant Fund.
- Where there is to be a sale of Assets under paragraph 14.2.2 above:-
- the Company shall forthwith notify the Depositary of that fact and shall arrange for the sale of the Assets that would have been transferred under paragraph 14.2.1 above (other than Assets which are in cash in the relevant currency for the purposes of the repurchase); and
- the Depositary shall on receipt of such evidence of title as it may require pay to the Applicant the net proceeds of the sale and any relevant amounts in cash.
- If any request to the Company to repurchase shares of any class shall (a) reduce the number of shares of the relevant class held by the Applicant below the Minimum Shareholding or (b) relates to shares having a value less than such de minimus amount as the Directors may determine from time to time, such request may be refused or treated by the Directors as a request to repurchase the Applicant's entire holding. The foregoing shall not prevent a repurchase of the whole of a holding of shares of any class less than the Minimum Shareholding nor shall this paragraph apply in circumstances where as a result of the Company exercising its rights to scale down any repurchase requests, in accordance with paragraph (a) above, a Holder's holding of shares is reduced below the Minimum Shareholding.
- If any repurchase requests received by the Directors would necessitate, in the opinion of the Directors, the breaking of deposits at a penalty or the realisation of Investments at a discount below their value, as calculated in accordance with Appendix III, the Repurchase Price in respect of the relevant shares may be reduced by a proportionate part of such reduction in value or penalty which will be suffered by the relevant Fund in such manner as the Directors may consider fair and equitable and which is approved by the Depositary. Alternatively, the Directors may arrange for the Company to borrow funds in accordance with Article 64 subject always to any borrowing restrictions in force in relation to the Company or the relevant Fund, and the costs of such borrowings may be apportioned as aforesaid to such extent as the Directors may consider fair and equitable.
- The Company will not be permitted to repurchase shares if, after payment of any amount in connection with such repurchase, the Net Asset Value of the issued share capital of the Company would be equal to or less than €300,000 or the foreign currency equivalent thereof. The foregoing shall not apply to a repurchase request permitted by the Directors in contemplation of the dissolution of the Company in accordance with the Companies Act.
- No shares repurchased when calculation of Net Asset Value suspendedThe Directors may, in their absolute discretion, determine that no shares will be repurchased and no repurchase proceeds paid during any period when the determination of the Net Asset Value of the relevant Fund is suspended pursuant to Clause 17 below. Holders applying for a repurchase of their shares will be notified of such suspension at the time of application. Any application which is not withdrawn shall, subject to the provisions of these Articles, be dealt with on the first Dealing Day for the relevant Fund after such suspension is lifted and shall be dealt with in priority to subsequently received repurchase requests. | # 14.2.
- Falls in Bezug auf einen Antragsteller die Rücknahmegelder bezüglich der von ihm gehaltenen Anteile eines Fonds, die zurückzunehmen sind, an einem Handelstag mehr als 5 % des Nettoinventarwerts dieses Fonds zum Bewertungszeitpunkt für diesen Handelstag betragen, ist die Gesellschaft befugt, die Vermögenswerte des jeweiligen Fonds insgesamt oder teilweise in Sachwerte aufzuteilen, und hat das Recht, sich durch schriftliche Mitteilung (eine solche Mitteilung ist von der Gesellschaft innerhalb von drei Geschäftstagen nach dem jeweiligen Handelstag und in jedem Fall vor dem jeweiligen Abwicklungstag an den Antragsteller zu senden) an den Antragsteller dafür zu entscheiden, ihm zur vollständigen oder teilweisen Begleichung des Rücknahmepreises oder eines Teils des besagten Rücknahmepreises Vermögenswerte zuzuteilen und zu übertragen (vorausgesetzt, dass eine solche Ausschüttung nicht für den Interessen der verbleibenden Anteilsinhaber des jeweiligen Fonds schaden würde).
- Wird einem Antragsteller eine Mitteilung gemäß Absatz 14.2.1 zugestellt, kann der Antragsteller mit einer weiteren, der Gesellschaft zugestellten Mitteilung von der Gesellschaft verlangen, anstelle der Übertragung der Vermögenswerte Folgendes zu veranlassen:
- einen Verkauf der Vermögenswerte; und
- die Zahlung des Nettoverkaufserlöses an den Antragsteller.
- Erfolgt eine Übertragung von Vermögenswerten gemäß dem vorstehenden Absatz14.2.1, überträgt die Verwahrstelle dem Antragsteller seinen verhältnismäßigen Anteil der Vermögenswerte des jeweiligen Fonds. Im Sinne dieses Absatzes bedeutet„verhältnismäßiger Anteil“ der Teil von jeder Art von Vermögenswerten des jeweiligen Fonds, der dem Anteil des Antragstellers entspricht oder so nahe wie möglich entspricht, oder oder eine Auswahl aus den Vermögenswerten des jeweiligen Fonds, die der Verwaltungsrat nach Rücksprache mit der Verwahrstelle und unter Berücksichtigung der Notwendigkeit, sowohl den Antragsteller als auch die verbleibenden Anteilsinhaber des jeweiligen Fonds gerecht zu behandeln, als angemessen bestimmt.
- Wenn ein Verkauf von Vermögenswerten gemäß vorstehendem Absatz 14.2.2 erfolgen muss:
- setzt die Gesellschaft die Verwahrstelle sofort von dieser Tatsache in Kenntnis und veranlasst den Verkauf der Vermögenswerte, die gemäß dem vorstehenden Absatz 14.2.1 übertragen worden wären (mit Ausnahme von baren Vermögenswerten, die in der für die Zwecke der Rücknahme jeweiligen Währung sind); und
- die Verwahrstelle zahlt nach Erhalt des von ihr gegebenenfalls verlangten Eigentumsnachweises den Nettoverkaufserlös und etwaige sonstigen Beträge an den Antragsteller in bar aus.
- Falls ein Antrag an die Gesellschaft auf Rücknahme von Anteilen einer Klasse (a) die Anzahl der vom Antragsteller gehaltenen Anteile der jeweiligen Klasse unter den Mindestanteilsbestand verringert oder (b) sich auf Anteile bezieht, die einen geringeren Wert als den von Zeit zu Zeit vom Verwaltungsrat festgelegten De-minimis-Betrag haben, kann der Verwaltungsrat diesen Antrag ablehnen oder wie einen Antrag auf die Rücknahme des gesamten Besitzes des Antragstellers behandeln. Das Vorstehende soll weder die Rücknahme des gesamten Anteilbesitzes einer beliebigen Klasse, der geringer ist als der Mindestanteilsbestand, verhindern, noch gilt dieser Absatz in Fällen, in denen infolge der Ausübung der Rechte durch die Gesellschaft zur Verringerung von Rücknahmeanträgen gemäß obigem Absatz (a) der Anteilsbestand eines Inhabers unter den Mindestanteilsbestand reduziert wird.
- Würden beim Verwaltungsrat eingehende Rücknahmeanträge nach Meinung des Verwaltungsrats die Auflösung von Einlagen unter Strafzahlung oder die Verwertung von Anlagen mit einem Abschlag auf ihren gemäß Anhang III berechneten Wert erforderlich machen, kann der Rücknahmepreis für die jeweiligen Anteile um einen anteiligen Betrag dieser Wertminderung oder Strafzahlung, die bzw. der der jeweilige Fonds erleidet bzw. unterliegt, in einer Weise, die der Verwaltungsrat als gerecht und angemessen ansieht und die von der Verwahrstelle genehmigt wurde, reduziert werden. Alternativ kann der Verwaltungsrat eine Mittelaufnahme in Übereinstimmung mit Artikel 64 veranlassen, immer vorbehaltlich jeglicher Kreditaufnahmebeschränkungen, die in Bezug auf die Gesellschaft oder den jeweiligen Fonds in Kraft sind, und die Kosten dieser Mittelaufnahmen können, wie zuvor erwähnt, in dem Umfang, den der Verwaltungsrat für gerecht und angemessen erachtet, umgelegt werden.
- Der Gesellschaft ist es nicht gestattet Anteile zurückzunehmen, wenn nach der Zahlung eines Betrages im Zusammenhang mit einer solchen Rücknahme der Nettoinventarwert des ausgegebenen Anteilskapitals der Gesellschaft gleich oder weniger als 300.000 EUR oder des entsprechenden Gegenwertes in einer Fremdwährung betragen würde. Das Vorstehende gilt nicht für einen, vom Verwaltungsrat im Hinblick auf die Auflösung der Gesellschaft in Übereinstimmung mit dem Companies Act genehmigten Rücknahmeantrag.
- Keine Rücknahme von Anteilen bei einer Aussetzung der Berechnung des NettoinventarwertsDer Verwaltungsrat kann nach seinem freiem Ermessen festlegen, dass während eines Zeitraums, in dem die Festlegung des Nettoinventarwerts des jeweiligen Fonds gemäß dem nachstehenden Artikel 17 ausgesetzt ist, keine Anteile zurückgenommen und keine Rücknahmeerlöse gezahlt werden. Anteilsinhaber, die eine Rücknahme ihrer Anteile beantragen, werden zum Zeitpunkt der Antragstellung von einer solchen Aussetzung in Kenntnis gesetzt. Anträge, die nicht zurückgezogen werden, sind vorbehaltlich der Bestimmungen dieser Satzung am ersten Handelstag nach der Aufhebung einer solchen Aussetzung für den jeweiligen Fonds und vorrangig vor später eingegangenen Rücknahmeanträgen zu bearbeiten. | # 14.2.
- If in respect of any Applicant the repurchase monies in respect of shares held by him of any Fund to be repurchased on any Dealing Day amount to more than 5 per cent of the Net Asset Value of such Fund at the Valuation Point for such Dealing Day, the Company shall have the power to divide in specie the whole or any part of the Assets of the relevant Fund and shall have the right to elect by notice in writing to the Applicant (such notice to be sent by the Company to the Applicant within three Business Days of the relevant Dealing Day and in any event before the relevant Settlement Date) to appropriate and transfer Assets to him in full or part satisfaction of the Repurchase Price or any part of the said Repurchase Price (provided that such a distribution would not be prejudicial to the interests of the remaining Holders in such Fund).
- Where a notice of election is served under paragraph 14.2.1 on an Applicant the Applicant may by a further notice served on the Company require the Company instead of transferring the Assets in question to arrange:-
- for a sale of the Assets; and
- for payment to the Applicant of the net proceeds of sale.
- Where there is a transfer of Assets pursuant to paragraph 14.2.1 above, the Depositary shall transfer to the Applicant his proportionate share of the Assets of the relevant Fund. For the purposes of this paragraph “proportionate share” means such part of each type of Asset in the relevant Fund as is proportionate to or as nearly as practicable proportionate to the Applicant's share or such selection from the Assets of the relevant Fund as the Directors shall, following consultation with the Depositary, decide is reasonable having regard to the need to be fair both to the Applicant and continuing Holders of shares in the relevant Fund.
- Where there is to be a sale of Assets under paragraph 14.2.2 above:-
- the Company shall forthwith notify the Depositary of that fact and shall arrange for the sale of the Assets that would have been transferred under paragraph 14.2.1 above (other than Assets which are in cash in the relevant currency for the purposes of the repurchase); and
- the Depositary shall on receipt of such evidence of title as it may require pay to the Applicant the net proceeds of the sale and any relevant amounts in cash.
- If any request to the Company to repurchase shares of any class shall (a) reduce the number of shares of the relevant class held by the Applicant below the Minimum Shareholding or (b) relates to shares having a value less than such de minimus amount as the Directors may determine from time to time, such request may be refused or treated by the Directors as a request to repurchase the Applicant's entire holding. The foregoing shall not prevent a repurchase of the whole of a holding of shares of any class less than the Minimum Shareholding nor shall this paragraph apply in circumstances where as a result of the Company exercising its rights to scale down any repurchase requests, in accordance with paragraph (a) above, a Holder's holding of shares is reduced below the Minimum Shareholding.
- If any repurchase requests received by the Directors would necessitate, in the opinion of the Directors, the breaking of deposits at a penalty or the realisation of Investments at a discount below their value, as calculated in accordance with Appendix III, the Repurchase Price in respect of the relevant shares may be reduced by a proportionate part of such reduction in value or penalty which will be suffered by the relevant Fund in such manner as the Directors may consider fair and equitable and which is approved by the Depositary. Alternatively, the Directors may arrange for the Company to borrow funds in accordance with Article 64 subject always to any borrowing restrictions in force in relation to the Company or the relevant Fund, and the costs of such borrowings may be apportioned as aforesaid to such extent as the Directors may consider fair and equitable.
- The Company will not be permitted to repurchase shares if, after payment of any amount in connection with such repurchase, the Net Asset Value of the issued share capital of the Company would be equal to or less than €300,000 or the foreign currency equivalent thereof. The foregoing shall not apply to a repurchase request permitted by the Directors in contemplation of the dissolution of the Company in accordance with the Companies Act.
- No shares repurchased when calculation of Net Asset Value suspendedThe Directors may, in their absolute discretion, determine that no shares will be repurchased and no repurchase proceeds paid during any period when the determination of the Net Asset Value of the relevant Fund is suspended pursuant to Clause 17 below. Holders applying for a repurchase of their shares will be notified of such suspension at the time of application. Any application which is not withdrawn shall, subject to the provisions of these Articles, be dealt with on the first Dealing Day for the relevant Fund after such suspension is lifted and shall be dealt with in priority to subsequently received repurchase requests. | en | de |
DOLFIN9470 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Portfolio Hedged Share class
For Portfolio hedged Share classes, investors should note that there is no guarantee that the exposure of the currency in which the Share class is denominated can be fully hedged against the currencies in which the assets of the relevant fund are denominated (please refer to section 4.2.1 (Portfolio Hedged Share Classes) for further information on Portfolio Hedged Share Classes). Investors should also note that the successful implementation of the strategy may substantially reduce the benefit to Shareholders in the relevant class of Shares as a result of exchange rate increases between the assets of the relevant Fund and the currency in which the Share class is denominated.
In addition, investors should note that, in the event that they request payment of redemption proceeds in a currency other than the currency in which the Shares are denominated, the exposure of that currency to the currency in which the Shares are denominated will not be hedged. | ###### Catégories d’Actions couvertes de portefeuille
Concernant les catégories d’Actions couvertes de portefeuille, l’attention des investisseurs est attirée sur le fait qu’il n’existe aucune garantie que l’exposition de la devise dans laquelle les Actions sont libellées puisse être couverte en totalité par rapport aux devises dans lesquels sont libellés les actifs du Compartiment concerné (voir la Section 4.2.1 (Catégories d’Actions couvertes de portefeuille) pour de plus amples informations sur les Catégories d’Actions couvertes de portefeuille). L’attention des investisseurs est également attirée sur le fait que la mise en œuvre réussie de la stratégie peut réduire sensiblement le bénéfice pour les Actionnaires de la catégorie d’Actions concernée en cas de hausse des taux de change entre les actifs du Compartiment concerné et la devise dans laquelle est libellée la catégorie d’Actions.
En outre, l’attention des investisseurs est attirée sur le fait que, s’ils demandent le paiement du produit des rachats dans une devise autre que celle dans laquelle sont libellées les Actions, l’exposition de cette devise à la devise dans laquelle sont libellées les Actions ne sera pas couverte. | ###### Portfolio Hedged Share class
For Portfolio hedged Share classes, investors should note that there is no guarantee that the exposure of the currency in which the Share class is denominated can be fully hedged against the currencies in which the assets of the relevant fund are denominated (please refer to section 4.2.1 (Portfolio Hedged Share Classes) for further information on Portfolio Hedged Share Classes). Investors should also note that the successful implementation of the strategy may substantially reduce the benefit to Shareholders in the relevant class of Shares as a result of exchange rate increases between the assets of the relevant Fund and the currency in which the Share class is denominated.
In addition, investors should note that, in the event that they request payment of redemption proceeds in a currency other than the currency in which the Shares are denominated, the exposure of that currency to the currency in which the Shares are denominated will not be hedged. | en | fr |
DOLFIN9471 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
European Union taxonomy (Regulation (EU) 2020/852) (hereinafter “Taxonomy”) is aimed at identifying environmentally sustainable economic activities.
The Taxonomy identifies these activities based on their contribution to six major environmental objectives:
- climate change mitigation;
- climate change adaptation;
- the sustainable use and protection of water and marine resources;
- the transition to a circular economy (waste, prevention and recycling);
- pollution prevention and control;
- the protection and restoration of biodiversity and ecosystems.
- Report on the fund’s non-financial performance:As at 30 June 2022, based on the portfolio management company’s rating criteria, the portfolio’s overall rating was 3.8 on a scale of 1 to 5. It was 3.6 at 30 June 2021. | Die Taxonomie der Europäischen Union (Verordnung (EU) 2020/852) (nachstehend die „Taxonomie“) hat die Definition ökologisch nachhaltiger Wirtschaftstätigkeiten zum Ziel.
Gemäß der Taxonomie werden solche Tätigkeiten im Hinblick auf ihren Beitrag zu sechs wichtigen Umweltzielen definiert:
- Klimaschutz;
- Anpassung an den Klimawandel;
- nachhaltige Nutzung und Schutz von Wasser- und Meeresressourcen;
- Übergang zu einer Kreislaufwirtschaft (Abfallmanagement, -vermeidung und -recycling);
- Vermeidung und Verminderung der Umweltverschmutzung;
- Schutz und Wiederherstellung der Biodiversität und der Ökosysteme.
- Bericht über die nicht-finanzielle Performance des Fonds:Am 30.06.2022 betrug die Gesamtbewertung des Portfolios unter Einhaltung der Bewertungskriterien der Verwaltungsgesellschaft (SGP) 3,8 auf einer Skala von 1 bis 5. Zum 30.06.2021 hatte sie bei 3,6 gelegen. | European Union taxonomy (Regulation (EU) 2020/852) (hereinafter “Taxonomy”) is aimed at identifying environmentally sustainable economic activities.
The Taxonomy identifies these activities based on their contribution to six major environmental objectives:
- climate change mitigation;
- climate change adaptation;
- the sustainable use and protection of water and marine resources;
- the transition to a circular economy (waste, prevention and recycling);
- pollution prevention and control;
- the protection and restoration of biodiversity and ecosystems.
- Report on the fund’s non-financial performance:As at 30 June 2022, based on the portfolio management company’s rating criteria, the portfolio’s overall rating was 3.8 on a scale of 1 to 5. It was 3.6 at 30 June 2021. | en | de |
DOLFIN9472 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Futures and Options
Where eligible, certain Funds may use security, index, currency and interest rate futures. The sale of a futures contract creates an obligation by the seller to deliver the type of financial instrument called for in the contract in a specified delivery month for a stated price. The purchase of a futures contract creates an obligation by the purchaser to pay for and take delivery of the type of financial instrument called for in the contract in a specified delivery month, at a stated price.
Where eligible, certain Funds may use options on equity indices, futures, swaps and currencies. A call option (which may be covered or uncovered) on an investment is a contract under which the purchaser, in return for a premium paid, has the right to buy the securities underlying the option at the specified exercise price at any time during the term of the option. A put option (which may be covered or uncovered) is a contract that gives the purchaser, in return for a premium paid, the right to sell the underlying securities at the specified exercise price during the term of the option. An option is uncovered where the party writing the option does not hold the underlying security which may be purchased (called) or sold (put) pursuant to the option.
Futures and options, as set out above, may be used by certain Funds to hedge interest rate risk, to balance duration, and to synthetically create exposure to certain securities. The underlying assets for futures and options shall be instruments in which the Fund can invest directly in accordance with its investment objective and policy i.e. transferable securities, collective investment schemes (including ETFs), money market instruments, stock or commodity indices, foreign exchange rates and currencies. | ## Contrats à terme et options
Lorsque ceux-ci sont éligibles, certains Compartiments peuvent utiliser des contrats à termes sur actions, des contrats à termes sur indice, des contrats de change à terme et des contrats à terme sur taux d’intérêt. La vente d’un contrat à terme crée une obligation pour le vendeur de livrer le type d’instrument financier exigé dans le contrat lors d’un mois de livraison spécifié à un prix convenu. L’achat d’un contrat à terme crée une obligation pour l’acheteur de payer et de prendre livraison du type d’instrument financier exigé dans le contrat lors d’un mois de livraison spécifié, à un prix convenu.
Lorsque ces instruments sont éligibles, certains Compartiments peuvent utiliser des options sur indices boursiers, contrats à terme, swaps et devises. Une option d’achat (qui peut être couverte ou non) sur un investissement est un contrat en vertu duquel l’acheteur, en contrepartie du paiement d’une prime, a le droit d’acheter les titres sous- jacents à l’option au prix d’exercice spécifié à tout moment pendant la durée de l’option. Une option de vente (qui peut être couverte ou non) est un contrat qui donne à l’acheteur, en contrepartie du paiement d’une prime, le droit de vendre les titres sous-jacents au prix d’exercice spécifié pendant la durée de l’option. Une option est non couverte lorsque la partie qui vend l’option ne détient pas le titre sous-jacent qui peut être acheté ou vendu dans le cadre du contrat d’option.
Des contrats à terme et des options, tel qu’indiqué ci-dessus, peuvent être utilisés par certains Compartiments afin de couvrir le risque de taux d’intérêt, d’ajuster la duration et de créer synthétiquement une exposition à certains titres. Les actifs sous-jacents des contrats à terme et des options doivent être des instruments dans lesquels le Compartiment peut investir directement conformément à ses objectifs et à sa politique d’investissement, c’est-à-dire des valeurs mobilières, des organismes de placement collectif (y compris des ETF), des instruments du marché monétaire, des indices d’actions ou de matières premières, les taux de change et les devises. | ## Futures and Options
Where eligible, certain Funds may use security, index, currency and interest rate futures. The sale of a futures contract creates an obligation by the seller to deliver the type of financial instrument called for in the contract in a specified delivery month for a stated price. The purchase of a futures contract creates an obligation by the purchaser to pay for and take delivery of the type of financial instrument called for in the contract in a specified delivery month, at a stated price.
Where eligible, certain Funds may use options on equity indices, futures, swaps and currencies. A call option (which may be covered or uncovered) on an investment is a contract under which the purchaser, in return for a premium paid, has the right to buy the securities underlying the option at the specified exercise price at any time during the term of the option. A put option (which may be covered or uncovered) is a contract that gives the purchaser, in return for a premium paid, the right to sell the underlying securities at the specified exercise price during the term of the option. An option is uncovered where the party writing the option does not hold the underlying security which may be purchased (called) or sold (put) pursuant to the option.
Futures and options, as set out above, may be used by certain Funds to hedge interest rate risk, to balance duration, and to synthetically create exposure to certain securities. The underlying assets for futures and options shall be instruments in which the Fund can invest directly in accordance with its investment objective and policy i.e. transferable securities, collective investment schemes (including ETFs), money market instruments, stock or commodity indices, foreign exchange rates and currencies. | en | fr |
DOLFIN9473 | 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
The Fund is an investment company incorporated as a société anonyme qualifying as a Société d'Investissement à Capital Variable. The Fund's value is dependent on the performance of the underlying assets and may go up as well as down. Any capital invested in the Fund may be at risk.
Objectives and Investment Policy
Investment Objective:
The Fund aims to provide long term capital growth and income on your investment over time.
Investment Policy:
The Fund will invest primarily in equity securities (i.e. shares) or similar securities of companies of Turkey. This means companies based in Turkey or companies from any country, but which carry out most of their business in Turkey.
The Fund invests in companies of any size.
The Fund may invest up to 10% of its assets in other funds, including HSBC funds.
The Fund may use derivatives for hedging and cash flow management. Derivatives will not be used extensively for investment purposes. Derivatives may also be embedded in other instruments used by the Fund.
The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to
exceed 25%.
The reference currency of the Fund is EUR. The reference currency of this share class is EUR.
Income is reinvested.
You may sell your investment on most working days.
The Fund is actively managed and does not track a benchmark. The reference benchmark for the Fund is BIST 100.
The Investment Advisor will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark.
The reference benchmark has a high level of concentration.
This means that a small number of securities make up a significant proportion of the benchmark.
Intended Retail Investor
The Fund may be suitable for investors with a long term investment horizon. The Fund is intended for more experienced investors aiming to asset classes that have the potential to reduce liquidity and increase the volatility of return, or investors aiming for very active investment strategies which may result in a concentrated portfolio. The Fund may be suitable for investors looking for an investment to diversify an existing core portfolio.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the Company. Further information about the Company including the Prospectus, the most recent annual and semi-annual reports of the Company and the latest share prices, may be obtained free of charge, in English, from the Registrar and Transfer Agent by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. The most recent Prospectus is available in English and German. The Prospectus, annual and semi-annual reports are prepared for the entire Company.
The Depositary Bank is HSBC Continental Europe, Luxembourg . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the Company. Details of how to do this are in the “How to convert between Sub-Funds / Classes” section of the Prospectus. | # ¿Qué es este producto?
Tipo
El Fondo es una sociedad de inversión constituida como una sociedad anónima que reúne los requisitos para ser considerada una «société d'investissement à capital variable». El valor del Fondo depende de la rentabilidad de los activos subyacentes y puede subir o bajar. Cualquier capital invertido en el Fondo puede estar en riesgo.
Objetivos y política de inversión
Objetivo de inversión:
El objetivo del Fondo es lograr un crecimiento del capital e ingresos en su inversión a lo largo del tiempo.
Política de inversión:
El Fondo invertirá principalmente en valores de renta variable (es decir, acciones) o valores similares de sociedades de Turquía. Esto hace referencia a sociedades con sede en Turquía o sociedades de cualquier país, pero que lleven a cabo la mayor parte de su actividad en Turquía.
El Fondo invierte en sociedades de cualquier tamaño.
El Fondo podrá invertir hasta el 10 % de sus activos en otros fondos, incluidos fondos de HSBC.
El Fondo puede emplear derivados a efectos de cobertura y gestión del flujo de caja. Los derivados no se utilizarán ampliamente con fines de inversión. Los derivados también pueden estar integrados en otros instrumentos utilizados por el Fondo.
El Fondo puede destinar hasta el 29 % de sus activos a operaciones de préstamo de valores. Sin embargo, no se espera que exceda el 25 %.
La moneda de referencia del Fondo es EUR. La moneda de referencia de esta clase de acciones es EUR.
Los ingresos se reinvierten.
Puede vender su inversión la mayoría de los días laborables.
El Fondo se gestiona activamente y no reproduce ningún valor de referencia. El valor de referencia del Fondo es
el BIST 100.
El Asesor de inversiones hará uso de su discreción para invertir en valores que no están incluidos en el valor de referencia, en función de estrategias de gestión activa de inversiones y oportunidades de inversión específicas. Se prevé que un porcentaje significativo de las inversiones del Fondo sean componentes del valor de referencia. Sin embargo, sus ponderaciones podrán diferir sustancialmente de las del valor de referencia.
El valor de referencia tiene un alto nivel de concentración. Es decir, un reducido número de valores constituye una parte significativa del valor de referencia.
Inversor minorista al que va dirigido
El Fondo puede ser adecuado para inversores con un horizonte de inversión a largo plazo. El Fondo está dirigido a inversores con más experiencia que busquen clases de activos con potencial para reducir la liquidez y aumentar la volatilidad del rendimiento, o a inversores que busquen estrategias de inversión muy activas que puedan dar lugar a una cartera concentrada. El Fondo puede ser adecuado para inversores que busquen una inversión para diversificar una cartera principal existente.
Una inversión en el Fondo solo es adecuada para inversores que sean capaces de evaluar los riesgos y los beneficios de dicha inversión y que cuenten con recursos suficientes para soportar cualquier pérdida, ya que el Fondo no está garantizado y el importe recibido puede ser inferior a la cantidad invertida. El Fondo está diseñado para formar parte de una cartera de inversión diversificada. Los posibles inversores deben consultar a su asesor financiero antes de invertir.
Plazo:
El Fondo no tiene una fecha de vencimiento.
El Productor del PRIIP no puede terminar el Fondo de forma unilateral. Asimismo, el Consejo de Administración podrá decidir liquidar el Fondo en determinadas circunstancias que se detallan en el folleto y los estatutos del Fondo.
Información adicional:
El presente documento describe una única clase de acciones o participaciones de un subfondo de la Sociedad. Puede obtener más información sobre la Sociedad y consultar el Folleto, los informes anual y semestral más recientes de la Sociedad y los últimos precios de las acciones o participaciones de forma gratuita, en inglés, a través del Agente de registro y de transferencia, mediante el correo electrónico [email protected] visitando www.global.assetmanagement.hsbc.com. El Folleto más reciente se encuentra disponible en inglés y alemán. El Folleto y los informes anual y semestral han sido elaborados para el conjunto de la Sociedad.
El Banco Depositario es HSBC Continental Europe, Luxembourg. El Depositario es el encargado de custodiar los activos del Fondo, que están segregados de los activos de otros Fondos.
Es posible canjear sus acciones o participaciones por las de una clase distinta u otro subfondo de la Sociedad. Para obtener más información al respecto, consulte el apartado del Folleto relativo a las conversiones entre subfondos o clases. | # What is this product?
Type
The Fund is an investment company incorporated as a société anonyme qualifying as a Société d'Investissement à Capital Variable. The Fund's value is dependent on the performance of the underlying assets and may go up as well as down. Any capital invested in the Fund may be at risk.
Objectives and Investment Policy
Investment Objective:
The Fund aims to provide long term capital growth and income on your investment over time.
Investment Policy:
The Fund will invest primarily in equity securities (i.e. shares) or similar securities of companies of Turkey. This means companies based in Turkey or companies from any country, but which carry out most of their business in Turkey.
The Fund invests in companies of any size.
The Fund may invest up to 10% of its assets in other funds, including HSBC funds.
The Fund may use derivatives for hedging and cash flow management. Derivatives will not be used extensively for investment purposes. Derivatives may also be embedded in other instruments used by the Fund.
The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to
exceed 25%.
The reference currency of the Fund is EUR. The reference currency of this share class is EUR.
Income is reinvested.
You may sell your investment on most working days.
The Fund is actively managed and does not track a benchmark. The reference benchmark for the Fund is BIST 100.
The Investment Advisor will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark.
The reference benchmark has a high level of concentration.
This means that a small number of securities make up a significant proportion of the benchmark.
Intended Retail Investor
The Fund may be suitable for investors with a long term investment horizon. The Fund is intended for more experienced investors aiming to asset classes that have the potential to reduce liquidity and increase the volatility of return, or investors aiming for very active investment strategies which may result in a concentrated portfolio. The Fund may be suitable for investors looking for an investment to diversify an existing core portfolio.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the Company. Further information about the Company including the Prospectus, the most recent annual and semi-annual reports of the Company and the latest share prices, may be obtained free of charge, in English, from the Registrar and Transfer Agent by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. The most recent Prospectus is available in English and German. The Prospectus, annual and semi-annual reports are prepared for the entire Company.
The Depositary Bank is HSBC Continental Europe, Luxembourg . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the Company. Details of how to do this are in the “How to convert between Sub-Funds / Classes” section of the Prospectus. | en | es |
DOLFIN9474 | 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 Baillie Gifford Worldwide Emerging Markets All Cap Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds vise à maximiser le rendement total, principalement grâce à la croissance du capital. Le Fonds a la possibilité d'investir dans n'importe quel secteur économique des marchés émergents à l'échelle mondiale, directement ou indirectement. L'investissement sera effectué principalement dans des actions de sociétés dans des pays des marchés émergents partout dans le monde. Nous déciderons de ce qui constitue un marché émergent. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un niveau spécifique en matière de tabac, d'armement ou d'extraction et production de charbon thermique ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice MSCI Emerging Markets Index. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Il sera procédé au réinvestissement des revenus. Aucune autre action ne sera achetée, mais le réinvestissement sera répercuté dans le prix de vos actions de capitalisation existantes. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme avec un accent particulier sur l'investissement dans des entreprises qui encouragent l'amélioration des normes environnementales et sociales. Le Fonds tient compte des préférences en matière de développement durable par la prise en compte de façon qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | # ¿Qué es este producto?
Tipo
Baillie Gifford Worldwide Emerging Markets All Cap Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited. La Sociedad es una sociedad de inversión de tipo abierto con capital variable, organizada conforme a la legislación irlandesa como sociedad anónima pública de conformidad con las Leyes de Sociedades y el Reglamento sobre OICVM y gestionada por el Gestor.
Plazo
El Fondo no tiene ningún vencimiento fijo. Todas las Acciones del Fondo podrán ser rescatadas por la Sociedad en determinadas circunstancias, detalladas en el Folleto, incluyendo si así lo determinan los Consejeros de la Sociedad, previa consulta con el Gestor. Así, el Gestor no podrá terminar unilateralmente el Fondo.
Objetivos
El Fondo aspira a aumentar al máximo la rentabilidad total, principalmente mediante el crecimiento del capital. El Fondo puede invertir en cualquier sector económico de mercados emergentes de todo el mundo, ya sea directa o indirectamente. La inversión se realizará principalmente en acciones de empresas de países de mercados emergentes de todo el mundo. Nosotros decidiremos qué constituye un mercado emergente. Se seleccionarán las inversiones aplicando exclusiones por actividades comerciales y una evaluación basada en las normas. No se permite invertir en empresas que obtengan unos ingresos anuales por encima de un nivel establecido del tabaco, las armas o la extracción y producción de carbón térmico. El Fondo cumplirá con la política del Gestor de inversiones a la hora de evaluar los incumplimientos del Pacto Mundial de las Naciones Unidas por los negocios. El Fondo se gestiona de manera activa y no se utiliza ningún índice para determinar o limitar la composición de la cartera del Fondo. El rendimiento del Fondo (tras la deducción de costes) se mide en relación con el MSCI Emerging Markets Index. El Fondo tratará de obtener resultados significativamente mejores a los del índice. La rentabilidad del Fondo depende de los resultados de los activos subyacentes. Los ingresos se reinvertirán. No se comprarán acciones adicionales pero la reinversión se verá reflejada en el precio de sus acciones de capitalización existentes. Usted puede vender todas o algunas de sus acciones cualquier día en que los bancos de Irlanda estén abiertos para operar, contactando con el Agente de transferencias por teléfono o por correo. Los activos del Fondo se mantienen a través del Depositario de la Sociedad, que es Brown Brothers Harriman Trustee Services (Ireland) Limited. Para obtener información adicional y práctica, incluidos los precios y la documentación, consulte la sección «Otros datos de interés» de este documento. Este Documento de Datos Fundamentales para el Inversor describe únicamente el Fondo, el Folleto y los informes y cuentas anuales y semestrales se preparan para la Sociedad en lugar de para el Fondo. Los activos del Fondo están segregados de otros fondos de la Sociedad. Eso significa que los activos de un fondo no pueden usarse para atender los pasivos de otro fondo. Usted podrá convertir en cualquier momento todas o algunas de sus acciones en el Fondo por acciones de otro fondo de la Sociedad y podrá obtener más información sobre esto en el apartado de conversión de acciones del Folleto.
Inversor minorista al que va dirigido
El Fondo es adecuado para todos los inversores que buscan un fondo cuyo objetivo sea lograr un crecimiento del capital en un horizonte de inversión a largo plazo y den prioridad a empresas que promuevan mejorar los estándares medioambientales y sociales. El Fondo tiene en cuenta las preferencias en materia de sostenibilidad mediante la consideración cualitativa de las principales incidencias adversas utilizando un enfoque de exclusiones. El inversor debe estar preparado para soportar pérdidas. El Fondo es compatible con la distribución masiva en el mercado. Es posible que el fondo no sea adecuado para inversores preocupados por la volatilidad y el rendimiento a corto plazo, que busquen una fuente de ingresos periódica y una inversión inferior a cinco años. El Fondo no ofrece protección de capital. | # En quoi consiste ce produit?
Type
Le Fonds Baillie Gifford Worldwide Emerging Markets All Cap Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds vise à maximiser le rendement total, principalement grâce à la croissance du capital. Le Fonds a la possibilité d'investir dans n'importe quel secteur économique des marchés émergents à l'échelle mondiale, directement ou indirectement. L'investissement sera effectué principalement dans des actions de sociétés dans des pays des marchés émergents partout dans le monde. Nous déciderons de ce qui constitue un marché émergent. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un niveau spécifique en matière de tabac, d'armement ou d'extraction et production de charbon thermique ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice MSCI Emerging Markets Index. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Il sera procédé au réinvestissement des revenus. Aucune autre action ne sera achetée, mais le réinvestissement sera répercuté dans le prix de vos actions de capitalisation existantes. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme avec un accent particulier sur l'investissement dans des entreprises qui encouragent l'amélioration des normes environnementales et sociales. Le Fonds tient compte des préférences en matière de développement durable par la prise en compte de façon qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | fr | es |
DOLFIN9475 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# COSTS OVER TIME
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product performs. The amounts shown here are illustrations based on an example investment amount and different possible investment periods: | # KOSTEN IM ZEITVERLAUF
In den Tabellen werden Beträge dargestellt, die zur Deckung verschiedener Kostenarten von Ihrer Anlage entnommen werden. Diese Beträge hängen davon ab, wie viel Sie anlegen, wie lange Sie das Produkt halten und wie gut sich das Produkt entwickelt. Die hier dargestellten Beträge veranschaulichen einen beispielhaften Anlagebetrag und verschiedene mögliche Anlagezeiträume: | # COSTS OVER TIME
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product performs. The amounts shown here are illustrations based on an example investment amount and different possible investment periods: | en | de |
DOLFIN9476 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## 2021 Review
Despite very friendly markets overall, wildly fluctuating oil and gold pric- es throughout the year were not for the faint of heart. Inflation, for a long time not an issue at all, made itself heard again, with levels last seen in the 1990s.
The Corona virus, almost forgotten in the summer, returned with a vengeance towards the end of the year and led to renewed discussions across Europe about lockdowns and mandatory vaccinations.
It was a very good year for equities. The technology sector and banks were among the above-average winners throughout 2021. Non-cyclical consumer discretionary and utilities gained, but lagged the market for another year. It was also a very good year for stocks in the cyclical con- sumer and basic materials sectors, and they gained in line with the mar- ket trend. The energy sector had a strong 1st quarter, then did nothing for half a year, and then gained some more in the 4th quarter. However, the increase in oil prices was less reflected in share prices than expected and ultimately the corresponding stocks even slightly underperformed the overall market development. The companies in the healthcare sector had a very broadly diversified development throughout the year. There were big winners, but also losers. Only on average was the return in the healthcare sector similar to that of the overall market. | ## Rückblick 2021
Trotz insgesamt sehr freundlicher Märkte waren stark schwankende Öl- und Goldpreise über das komplette Jahr hinweg nichts für schwache Nerven. Die Inflation, lange überhaupt kein Thema, machte wieder von sich reden, mit Niveaus, die letztmals in den 90er Jahren zu sehen waren. Das im Sommer schon fast vergessene Corona-Virus meldete sich gegen Ende des Jahres mit Wucht zurück und führte quer durch Europa zu er- neuten Diskussionen über Lockdowns und Impfpflicht.
Für die Aktien war es ein sehr gutes Jahr. Der Technologiesektor und die Banken zählten über das ganze Jahr 2021 zu den überdurchschnittlichen Gewinnern. Der nicht zyklische Konsum und die Versorger konnten zwar zulegen, blieben ein weiteres Jahr hinter dem Markt zurück. Für Titel im zyklischen Konsum und beim Grundstoff-Sektor war es ebenfalls ein sehr gutes Jahr und sie legten im Rahmen der Marktentwicklung zu. Der Energie-Sektor hatte ein starkes 1. Ǫuartal, machte dann ein halbes Jahr nichts und legte im 4. Ǫuartal noch einmal etwas zu. Die gestiegenen Ölpreise schlugen sich jedoch weniger als erwartet in den Aktienkursen nieder und schlussendlich blieben die entsprechenden Titel sogar leicht hinter der Gesamtmarktentwicklung zurück. Die Firmen im Gesund- heitssektor hatte über das ganze Jahr gesehen eine sehr breit gestreute Entwicklung. Da gab es grosse Gewinner, aber auch Verlierer. Nur Durch- schnitt war der Ertrag im Gesundheitssektor ähnlich wie derjenige des Gesamtmarktes. | ## 2021 Review
Despite very friendly markets overall, wildly fluctuating oil and gold pric- es throughout the year were not for the faint of heart. Inflation, for a long time not an issue at all, made itself heard again, with levels last seen in the 1990s.
The Corona virus, almost forgotten in the summer, returned with a vengeance towards the end of the year and led to renewed discussions across Europe about lockdowns and mandatory vaccinations.
It was a very good year for equities. The technology sector and banks were among the above-average winners throughout 2021. Non-cyclical consumer discretionary and utilities gained, but lagged the market for another year. It was also a very good year for stocks in the cyclical con- sumer and basic materials sectors, and they gained in line with the mar- ket trend. The energy sector had a strong 1st quarter, then did nothing for half a year, and then gained some more in the 4th quarter. However, the increase in oil prices was less reflected in share prices than expected and ultimately the corresponding stocks even slightly underperformed the overall market development. The companies in the healthcare sector had a very broadly diversified development throughout the year. There were big winners, but also losers. Only on average was the return in the healthcare sector similar to that of the overall market. | en | de |
DOLFIN9477 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investment is at the discretion of the Directors.
Under the Fund Management Company Agreement, the management fee for Class A, Class T and Class X Shares may be increased with the consent of the Directors, to a maximum rate of 1.50% in respect of any Fund. If the management fee actually charged in respect of any Fund is increased within the limit of the aforesaid maximum, Shareholders of the relevant Fund will be notified of the increase three months before the increase becomes effective and may redeem or switch their Shares during this period free of charges.
In respect of Class AB Shares, the management fee will be up to 1.50% per annum on the total net assets of the relevant Share Class.
In respect of Class B Shares, the management fee will be 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class E Shares, the management fee will be up to 0.95% per annum on the total net assets of the relevant Share Class.
In respect of Class F Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class GU Shares, the management fee will be up to 0.95% per annum on the total net assets of the relevant Share Class.
In respect of Class HB Shares, the management fee will be 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class IB Shares, the management fee will be 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class IU Shares, the management fee will be up to 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class IF Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class M Shares, for Specialist Funds and Regional Funds the management fee will be 1.00% per annum on the total net assets of the relevant Share Class and for Bond Funds the management fee will be up to 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class Q Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class R Shares, the management fee will be 1.75% per annum on the total net assets of the relevant Share Class.
In respect of Class S Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class SA Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class SB Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
The management fee for Class Z Shares is agreed between the investor and the Company and is not payable out of the total net assets of the relevant Fund. | Les investissements se font à la discrétion des Administrateurs.
Aux termes de la Convention de Gestion d’Entreprise, la commission de gestion des Actions de Catégorie A, de Catégorie T et de Catégorie X pourra, sur approbation des Administrateurs, être augmentée jusqu’à 1,50 % au sein de tout Compartiment. Si la commission de gestion est augmentée à l’intérieur de la limite susmentionnée, les Actionnaires du Compartiment concerné seront avisés de cette augmentation trois mois avant sa prise d’effet ; ils seront alors autorisés à faire procéder au rachat ou à la conversion de leurs Actions au cours de cette période, sans frais.
Eu égard aux Actions de Catégorie AB, la commission de gestion pourra atteindre 1,50 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie B, la commission de gestion sera de 1,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie E, la commission de gestion pourra atteindre 0,95 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie F, la commission de gestion pourra atteindre 2,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie GU, la commission de gestion pourra atteindre 0,95 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie HB, la commission de gestion sera de 1,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie IB, la commission de gestion sera de 1,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie IU, la commission de gestion pourra atteindre 1,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie IF, la commission de gestion pourra atteindre 2,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie M, s’agissant des Compartiments spécialisés et des Compartiments régionaux, la commission de gestion sera de 1,00 % par an de l’actif net total de la Catégorie d’Actions concernée ; s’agissant des Compartiments obligataires, la commission de gestion pourra atteindre 1,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie Q, la commission de gestion pourra atteindre 2,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de la Catégorie R, la commission de gestion pourra atteindre 1,75 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie S, la commission de gestion pourra atteindre 2,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie SA, la commission de gestion pourra atteindre 2,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Eu égard aux Actions de Catégorie SB, la commission de gestion pourra atteindre 2,00 % par an de l’actif net total de la Catégorie d’Actions concernée.
Les frais de gestion des Actions de Catégorie Z sont convenus entre l’investisseur et la Société et ne sont pas prélevés sur le total de l'actif net du Compartiment concerné. | Investment is at the discretion of the Directors.
Under the Fund Management Company Agreement, the management fee for Class A, Class T and Class X Shares may be increased with the consent of the Directors, to a maximum rate of 1.50% in respect of any Fund. If the management fee actually charged in respect of any Fund is increased within the limit of the aforesaid maximum, Shareholders of the relevant Fund will be notified of the increase three months before the increase becomes effective and may redeem or switch their Shares during this period free of charges.
In respect of Class AB Shares, the management fee will be up to 1.50% per annum on the total net assets of the relevant Share Class.
In respect of Class B Shares, the management fee will be 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class E Shares, the management fee will be up to 0.95% per annum on the total net assets of the relevant Share Class.
In respect of Class F Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class GU Shares, the management fee will be up to 0.95% per annum on the total net assets of the relevant Share Class.
In respect of Class HB Shares, the management fee will be 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class IB Shares, the management fee will be 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class IU Shares, the management fee will be up to 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class IF Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class M Shares, for Specialist Funds and Regional Funds the management fee will be 1.00% per annum on the total net assets of the relevant Share Class and for Bond Funds the management fee will be up to 1.00% per annum on the total net assets of the relevant Share Class.
In respect of Class Q Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class R Shares, the management fee will be 1.75% per annum on the total net assets of the relevant Share Class.
In respect of Class S Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class SA Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
In respect of Class SB Shares, the management fee will be up to 2.00% per annum on the total net assets of the relevant Share Class.
The management fee for Class Z Shares is agreed between the investor and the Company and is not payable out of the total net assets of the relevant Fund. | en | fr |
DOLFIN9478 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Lazard Fund Managers (Ireland) Limited is unable to pay out?
The Fund is responsible for paying redemptions. The Fund's assets are safeguarded by the Depositary. If the Fund is unable to pay out to investors due to its insolvency, investors will be unsecured creditors and are likely to suffer a financial loss. Investors may also suffer a financial loss in the event of the Depositary's insolvency or default (or that of any custody delegate). Investors in the Fund are not covered under the terms of the Irish statutory investor compensation scheme. | # Cosa succede se Lazard Fund Managers (Ireland) Limited non è in grado di corrispondere quanto dovuto?
Il Fondo è responsabile del pagamento dei rimborsi. Il patrimonio del Fondo è tutelato dal Depositario. Se il Fondo non è in grado di rimborsare gli investitori a causa della sua insolvenza, gli investitori saranno creditori chirografari ed è probabile che subiscano una perdita finanziaria. Gli investitori possono anche subire una perdita finanziaria in caso di default o insolvenza del Depositario (o di qualsiasi delegato di custodia). Gli investitori del Fondo non sono coperti dai termini del Sistema di indennizzo degli investitori previsto dalla legge irlandese. | # What happens if Lazard Fund Managers (Ireland) Limited is unable to pay out?
The Fund is responsible for paying redemptions. The Fund's assets are safeguarded by the Depositary. If the Fund is unable to pay out to investors due to its insolvency, investors will be unsecured creditors and are likely to suffer a financial loss. Investors may also suffer a financial loss in the event of the Depositary's insolvency or default (or that of any custody delegate). Investors in the Fund are not covered under the terms of the Irish statutory investor compensation scheme. | en | it |
DOLFIN9479 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Benchmark index applicable to the Fund’s investment objective:
The administrator of the benchmark index, IHS Markit Benchmark Administration Limited, is recorded on the register of administrators and benchmark indices held by the ESMA.
Further information on the benchmark index is available on the website of the benchmark administrator: www.ihsmarkit.com
Pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council of 08 June 2016, the Management Company has put in place a procedure for monitoring the benchmark indices used, which sets out the action to be taken in the event that a benchmark materially changes or ceases to be provided. | ## Indice di riferimento applicabile all'obiettivo di gestione del fondo:
L'amministratore dell'indice di riferimento IHS Markit Benchmark Administration Limited è iscritto nel registro degli amministratori e degli indici di riferimento tenuto dall'ESMA.
Informazioni supplementari sull'indice di riferimento sono consultabili sul sito Internet dell'amministratore dell'indice di riferimento: www.ihsmarkit.com
Con riferimento al Regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’08 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati, che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice o di cessazione della fornitura di tale indice. | ## Benchmark index applicable to the Fund’s investment objective:
The administrator of the benchmark index, IHS Markit Benchmark Administration Limited, is recorded on the register of administrators and benchmark indices held by the ESMA.
Further information on the benchmark index is available on the website of the benchmark administrator: www.ihsmarkit.com
Pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council of 08 June 2016, the Management Company has put in place a procedure for monitoring the benchmark indices used, which sets out the action to be taken in the event that a benchmark materially changes or ceases to be provided. | en | it |
DOLFIN9480 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Natural resource management includes using recycled and renewable materials, reducing the use of key materials, and maximising resource efficiency in manufacturing.
Making R&D investment in substitute materials is essential to stop harming the health of ecosystems through overexploitation and to secure the ability to source raw inputs at the right price.
-
## Sustainable Business Model | La gestione delle risorse naturali include l’utilizzo di materiali riciclati e rinnovabili, la riduzione dell’uso di materiali chiave e la massimizzazione dell’efficienza delle risorse nella produzione.
Fare investimenti in R&S in materiali sostitutivi è essenziale per smettere di danneggiare la salute degli ecosistemi evitando uno sovrasfruttamento, e garantire la capacità di reperire mate- rie prime al giusto prezzo.
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## Modello di business sostenibile | Natural resource management includes using recycled and renewable materials, reducing the use of key materials, and maximising resource efficiency in manufacturing.
Making R&D investment in substitute materials is essential to stop harming the health of ecosystems through overexploitation and to secure the ability to source raw inputs at the right price.
-
## Sustainable Business Model | en | it |
DOLFIN9481 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif d'investissement du Fonds est d'obtenir une croissance du capital à moyen-long terme, en offrant aux investisseurs un rendement équivalant à la performance de l'indice Morgan Stanley Alpha Tracker Index™ (l'« Indice ») avant toutes commissions et charges supportées par le Fonds.
## La stratégie d'investissement du Fonds :
L'Indice vise à fournir une exposition qui se rapproche du profil de rendement d'un univers large de styles d'investissement de fonds de couverture. Un fonds de couverture est un fonds qui peut utiliser une variété de techniques d'investissement et qui investit dans un large éventail d'actifs afin de générer des rendements. L'Indice investit dans un large éventail d'actifs traditionnels et d'indices de stratégie d'investissement quantitatif. L'investissement quantitatif est une approche d'investissement qui repose sur des calculs mathématiques, des systèmes informatiques et une analyse des données pour identifier les opportunités de négociation. Pour plus d'informations sur l'Indice, rendez-vous sur : www.morganstanley.com/LAT
## Le Fonds bénéficie d'une gestion passive et s'exposera à l'Indice par
## l'intermédiaire d'un instrument dérivé. Un instrument dérivé est un contrat entre deux ou plusieurs parties dont la valeur ou le prix dépend d'un actif sous-jacent.
## Investissements du Fonds :
le Fonds gère son exposition par le biais de l'Indice par l'intermédiaire de contrats financiers (appelés instruments dérivés) conclus avec Morgan Stanley. Il est porté à l'attention des investisseurs que ces instruments dérivés entraînent des coûts supplémentaires qui réduiront le rendement du Fonds.
## Les investisseurs peuvent acheter et/ou revendre leurs actions sur une base quotidienne.
## Tout revenu généré par le Fonds sera réinvesti et le Fonds ne versera aucun dividende.
## Autres points à noter :
- Deux parties principales sont impliquées dans ce Fonds :
- Le gérant est FundLogic SAS
- Morgan Stanley est chargée de fournir les instruments dérivés
- Morgan Stanley désigne Morgan Stanley & Co. International plc et ses filiales
- La valeur du Fonds est calculée et publiée quotidiennement, à l'exception des cas précisés dans le prospectus de la Société et le supplément du Fonds (désignés conjointement par le « Prospectus »)
- La devise de référence du Fonds est le dollar américain
- Le Fonds convient aux investisseurs recherchant une valorisation du capital à moyen et à long terme | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo de inversión del Fondo es buscar un crecimiento del capital de medio a largo plazo proporcionando a los inversores resultados equivalentes a la rentabilidad del Morgan Stanley Alpha Tracker Index™ (el «Índice») antes de detraer todas las comisiones y gastos en los que incurra el Fondo.
## Estrategia de inversión del Fondo:
El objetivo del Índice es proporcionar una exposición que se aproxime al perfil de rentabilidad de un amplio universo de estilos de inversión de fondos de cobertura. Un fondo de cobertura es un fondo que puede utilizar una serie de técnicas de inversión e invertir en una gran variedad de activos para generar rentabilidad. El Índice invierte en una amplia gama de activos tradicionales e índices con una estrategia de inversión cuantitativa. La inversión cuantitativa es un enfoque de inversión que se basa en cálculos matemáticos, sistemas informáticos y análisis de datos para identificar oportunidades de negociación. Si desea obtener más información sobre el Índice, visite www.morganstanley.com/LAT
## El Fondo se gestiona de forma pasiva y adquirirá exposición al Índice mediante derivados. Un derivado es un contrato entre dos o más partes
## cuyo valor o precio se deriva de un activo subyacente.
## Objeto de inversión del Fondo:
El Fondo adquirirá exposición al Índice mediante contratos financieros (conocidos como derivados) suscritos con Morgan Stanley. Los inversores deberán tener en cuenta que estos derivados entrañan costes que reducen la rentabilidad del Fondo.
## Los inversores pueden comprar o vender sus acciones o participaciones cada día.
## Los ingresos del Fondo se reinvertirán y el Fondo no abonará dividendos.
## Otros aspectos a tener en cuenta:
- En este Fondo interactúan dos partes clave:
- FundLogic SAS es el gestor de inversiones:
- Morgan Stanley ha sido contratado para proporcionar los derivados.
- Morgan Stanley hace referencia tanto a Morgan Stanley & Co. International plc como a sus empresas asociadas.
- El valor del Fondo se calcula y publica diariamente, salvo en las circunstancias establecidas en el folleto de la Sociedad y el suplemento del Fondo (conjuntamente, el «Folleto»).
- La divisa base del Fondo es el USD.
- El Fondo está orientado a aquellos inversores que busquen crecimiento de capital en un horizonte a medio y largo plazo. | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif d'investissement du Fonds est d'obtenir une croissance du capital à moyen-long terme, en offrant aux investisseurs un rendement équivalant à la performance de l'indice Morgan Stanley Alpha Tracker Index™ (l'« Indice ») avant toutes commissions et charges supportées par le Fonds.
## La stratégie d'investissement du Fonds :
L'Indice vise à fournir une exposition qui se rapproche du profil de rendement d'un univers large de styles d'investissement de fonds de couverture. Un fonds de couverture est un fonds qui peut utiliser une variété de techniques d'investissement et qui investit dans un large éventail d'actifs afin de générer des rendements. L'Indice investit dans un large éventail d'actifs traditionnels et d'indices de stratégie d'investissement quantitatif. L'investissement quantitatif est une approche d'investissement qui repose sur des calculs mathématiques, des systèmes informatiques et une analyse des données pour identifier les opportunités de négociation. Pour plus d'informations sur l'Indice, rendez-vous sur : www.morganstanley.com/LAT
## Le Fonds bénéficie d'une gestion passive et s'exposera à l'Indice par
## l'intermédiaire d'un instrument dérivé. Un instrument dérivé est un contrat entre deux ou plusieurs parties dont la valeur ou le prix dépend d'un actif sous-jacent.
## Investissements du Fonds :
le Fonds gère son exposition par le biais de l'Indice par l'intermédiaire de contrats financiers (appelés instruments dérivés) conclus avec Morgan Stanley. Il est porté à l'attention des investisseurs que ces instruments dérivés entraînent des coûts supplémentaires qui réduiront le rendement du Fonds.
## Les investisseurs peuvent acheter et/ou revendre leurs actions sur une base quotidienne.
## Tout revenu généré par le Fonds sera réinvesti et le Fonds ne versera aucun dividende.
## Autres points à noter :
- Deux parties principales sont impliquées dans ce Fonds :
- Le gérant est FundLogic SAS
- Morgan Stanley est chargée de fournir les instruments dérivés
- Morgan Stanley désigne Morgan Stanley & Co. International plc et ses filiales
- La valeur du Fonds est calculée et publiée quotidiennement, à l'exception des cas précisés dans le prospectus de la Société et le supplément du Fonds (désignés conjointement par le « Prospectus »)
- La devise de référence du Fonds est le dollar américain
- Le Fonds convient aux investisseurs recherchant une valorisation du capital à moyen et à long terme | fr | es |
DOLFIN9482 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Each sub-fund can invest in money market instruments not traded in a regulated market that are usually traded in the money market, are liquid and have a value that can be accu- rately determined at any time, provided that the issue or issuer of such instruments is itself subject to regulations for the protection of savings and investors, and provided that these instruments are
- issued or guaranteed by a central, region- al or local authority or the central bank of a member state of the European Union, the European Central Bank, the European Union or the European Investment Bank, a country that is not a member state of the European Union or, in the case of a federal state, by one of the members making up the federation, or by a public international body of which one or more member states of the European Union are members; or
- issued by a company whose securities are traded in the regulated markets specified in (a), (b) or (c) above; or
- issued or guaranteed by an institution that is subject to supervision according to the criteria stipulated in Community law, or by an institution that is subject to and com- plies with prudential rules considered by the CSSF to be at least as stringent as those laid down in Community law; or
- issued by other issuers belonging to a category approved by the CSSF, provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third preceding indent, and provid- ed that the issuer is a company whose capital and reserves amount to at least ten million euro and which presents and publishes its annual accounts in accor- dance with Fourth Council Directive 78/660/EEC, or is an entity that, within a group of companies that includes one or several listed companies, is dedicated to the financing of the group or is an entity that is dedicated to the financing of securitization vehicles that benefit from credit lines to assure liquidity. | - Ogni comparto può investire il proprio patri monio in strumenti del mercato monetario che non siano negoziati su un mercato rego lamentato e che vengano normalmente nego ziati sul mercato monetario, che siano liquidi e il cui valore sia determinabile accurata mente in qualunque momento, a condizione che le emissioni o l’emittente stessi di tali strumenti siano soggetti alla normativa rela tiva alla tutela dei depositi e degli investitori e a condizione che tali strumenti siano
- emessi o garantiti da enti statali, regionali o locali oppure dalla banca centrale di uno Stato membro dell’Unione europea, dalla Banca centrale europea, dall’Unione europea o dalla Banca europea per gli investimenti, da uno Stato non membro dell’Unione europea oppure, nel caso di stati federali, da uno stato della federa zione o da un organismo internazionale a carattere pubblico, a cui partecipa almeno uno Stato membro dell’Unione europea oppure
- emessi da una società i cui titoli siano negoziati su uno dei mercati regolamen tati citati alle sottostanti lettere a), b) e c) oppure
- emessi o garantiti da un istituto sottopo sto a criteri di sorveglianza considerati equivalenti a quelli previsti dalla legisla zione comunitaria o da un istituto sog getto a norme prudenziali considerate dalla CSSF almeno severe quanto quelle stabilite dalla legislazione comunitaria e rispettoso di tali norme oppure
- emessi da altri emittenti appartenenti a una delle categorie approvate dalla CSSF, a condizione che gli investimenti in questi strumenti vengano effettuati nel rispettodelle norme per la tutela degli investitori, equivalenti alle norme ivi riportate al primo, secondo o terzo capoverso, e a condizione che gli emittenti siano società con un capitale proprio di almenoEUR 10 milioni, che redigano e pubbli chino il proprio bilancio annuale ai sensi della quartadirettiva 78/660/CEE o siano soggetti di diritto che finanziano un gruppo di società composto da una o più aziende quotate in borsa oppure soggetti di diritto la cui attività sia orientata a immettere sul mercato passività sotto forma di titoli, a condizione che dispon gano di linee di credito a garanzia di solvi bilità. | - Each sub-fund can invest in money market instruments not traded in a regulated market that are usually traded in the money market, are liquid and have a value that can be accu- rately determined at any time, provided that the issue or issuer of such instruments is itself subject to regulations for the protection of savings and investors, and provided that these instruments are
- issued or guaranteed by a central, region- al or local authority or the central bank of a member state of the European Union, the European Central Bank, the European Union or the European Investment Bank, a country that is not a member state of the European Union or, in the case of a federal state, by one of the members making up the federation, or by a public international body of which one or more member states of the European Union are members; or
- issued by a company whose securities are traded in the regulated markets specified in (a), (b) or (c) above; or
- issued or guaranteed by an institution that is subject to supervision according to the criteria stipulated in Community law, or by an institution that is subject to and com- plies with prudential rules considered by the CSSF to be at least as stringent as those laid down in Community law; or
- issued by other issuers belonging to a category approved by the CSSF, provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third preceding indent, and provid- ed that the issuer is a company whose capital and reserves amount to at least ten million euro and which presents and publishes its annual accounts in accor- dance with Fourth Council Directive 78/660/EEC, or is an entity that, within a group of companies that includes one or several listed companies, is dedicated to the financing of the group or is an entity that is dedicated to the financing of securitization vehicles that benefit from credit lines to assure liquidity. | en | it |
DOLFIN9483 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## IN-KIND SUBSCRIPTION
At the discretion of the Directors, investors may subscribe, via an Authorised Participant, for Shares in-kind on each Dealing Day except during any period in which the calculation of the Net Asset Value is suspended. For the avoidance of doubt the Minimum Initial Subscription as set out in the Supplement for the relevant Fund shall apply in relative terms to in-kind subscriptions. "In-kind" means that, rather than receiving cash in respect of a subscription and delivering cash proceeds in respect of a redemption, the Fund will receive securities (or predominantly securities) acceptable to the Investment Manager.
Securities delivered in connection with in-kind subscription requests must be securities which the Fund may acquire pursuant to its investment objective and policies and will be reviewed and the value of such securities contributed verified by the Depositary. A report will be issued detailing the securities transferred, their respective market value on the day of the transfer and the number of Shares issued. Any costs resulting from such a subscription in-kind will be borne exclusively by the relevant investor. The value attributed to securities delivered in connection with in-kind subscription or redemption requests will be equivalent to that for cash subscriptions/redemptions, and no Shares shall be issued until all securities and cash payable to the Depositary (or a permitted collateral amount) are in the possession of, or properly credited to the account of, the Depositary.
- Applications for Subscription: Applications for in-kind subscriptions will be made with effect from a Dealing Day in respect of applications received on or prior to the Dealing Deadline. Dealing Days and Dealing Deadlines relating to each Fund are specified in the relevant Supplement. Applications received after the Dealing Deadline for the relevant Dealing Day shall, unless the Manager shall otherwise agree and provided they are received before the Valuation Point for the relevant Dealing Day, be deemed to have been rejected by the Manager and the applicant will be required to submit the application for subscription prior to the Dealing Deadline of the next Dealing Day. Applications for subscriptions will be irrevocable unless the Directors, or a delegate, otherwise agree. If requested, the Directors may, in their absolute discretion and subject to the prior approval of the Depositary, agree to designate additional Dealing Days and Valuation Points in respect of those Dealing Days for the purchase of Shares relating to any Fund which will be open to all Shareholders. Shareholders will be notified in advance of any such additional Dealing Days.
- Settlement Period: The standard settlement period for in-kind subscriptions is generally two Business Days following the Business Day on which the application for subscription is accepted, but this may vary depending upon the standard settlement periods of the different stock exchanges on which the shares are traded and the nature of the securities but shall not (in the absence of appropriate collateral being posted) in any event exceedten Business Days from the relevant Dealing Deadline. No Shares will be issued to the applicant until all the securities being subscribed in kind have been received by the Depositary and the In-Kind Transaction Fee and, if applicable, Transfer Taxes have been received by the Depositary.
- Failure to Deliver Securities: In the event that an applicant fails to deliver to the Depositary one or more of the securities by the designated time, the Company may reject the application for subscription, or may require the applicant to pay to it a collateral sum at least equal to 115% of the closing value of such undelivered securities as at the Valuation Point for the relevant Dealing Day, marked to market until the date of delivery of such undelivered securities or the date on which the Company acquires such securities in the open market, plus any costs or expenses and, if applicable, Transfer Taxes associated with the purchase by the Company of those securities or may require a letter of credit acceptable to it for such purpose. On the payment of such amounts, the Shares will be issued. In the event that the actual cost to the Company of acquiring the securities (including costs or expenses and any Transfer Taxes) exceeds the aggregate of the value of such securities as at the Valuation Point for the relevant Dealing Day, the In-Kind Transaction Fee and, if applicable, the Transfer Taxes paid by the applicant, the applicant will be required to promptly reimburse the Company the difference on demand. The Company will have the right to sell or redeem all or part of the applicant's holding of Shares in the Fund (or any other Fund) in order to meet some or all of these charges. | ## SOUSCRIPTION EN NATURE
À la discrétion des administrateurs, un investisseur peut souscrire, via un participant agréé, des actions en nature chaque Jour de Négociation ouvert excepté au cours des périodes durant lesquelles le calcul de la Valeur liquidative est suspendu. Afin de lever toute ambiguïté, le Minimum de souscription initiale, tel que défini dans le Supplément du Fonds concerné, s’appliquera en termes relatifs aux souscriptions en nature. « En nature » signifie qu’en lieu et place des espèces à percevoir au regard d’une souscription et des produits en espèces à livrer au regard d’un rachat, le Fonds recevra des titres (ou principalement des titres) acceptables de l’avis du Gestionnaire d’investissement.
Les valeurs mobilières livrées relativement aux requêtes de souscription en nature doivent correspondre à des titres acquis par le Fonds dans le cadre des objectifs et politiques d’investissement qu’il poursuit et seront contrôlées et la valeur desdites valeurs mobilières apportées sera vérifiée par le Dépositaire. Les valeurs mobilières transférées feront l’objet d’un rapport détaillé précisant notamment leur valeur de marché respective au jour du transfert et le nombre d’actions émises. Les coûts entraînés par ces souscriptions en nature seront exclusivement supportés par l’investisseur. La valeur attribuée aux titres livrés sur requêtes de souscription ou de rachat en nature sera équivalente à celle des souscriptions/rachats en espèces, et aucune Action ne saurait être émise avant que l’ensemble des titres et espèces payables au Dépositaire (ou un montant autorisé en garantie) soit en possession ou effectivement crédité au compte du Dépositaire.
- Demandes de souscription : Les demandes de souscriptions en nature seront effectuées avec prise d’effet à compter d’un Jour de négociation au regard des demandes reçues antérieurement ou à l'Échéance des négociations. Les jours de négociation et les Échéances de négociation rattachés à chaque Fonds sont spécifiés dans le supplément correspondant. Les demandes reçues après l’Échéance de négociation au Jour de négociation donné seront, à moins que le Gestionnaire n’en dispose autrement et sous réserve qu’elles soient reçues avant le Point de valorisation du Jour de négociation donné, réputées avoir été rejetées par le Gestionnaire et le demandeur sera tenu de déposer une demande de souscription avant l’Échéance de négociation du Jour de négociation suivant. Les demandes de souscription seront irrévocables à moins que les Administrateurs, ou leur délégué, n’en disposent autrement. Si nécessaire, les Administrateurs pourront, à leur seule discrétion et sous réserve de l’accord préalable du Dépositaire, convenir de désigner des jours de négociation et des Points de valorisation supplémentaires pour l’achat d’actions relativement aux Fonds qui seront ouverts à tous les Actionnaires. Ces jours de négociation additionnels seront notifiés par avance aux Actionnaires.
- Période de règlement : La période de règlement standard pour les souscriptions en nature correspond généralement à deux jours ouvrables suivant le jour ouvrable au cours duquel la demande de souscription est acceptée ; elle peut toutefois varier en fonction des périodes standards de règlement des différentes places boursières sur lesquelles les Actions sont négociées et de la nature des titres, mais ne saurait (en l’absence d’une garantie présentée de manière appropriée) en aucun cas excéder dix jours ouvrables à compter de l'Échéance de négociation. Aucune action ne saurait être émise en faveur du demandeur avant que les titres souscrits en nature et la commission de transaction en nature et, lorsqu’il y a lieu, les taxes de transfert aient été reçues par le Dépositaire.
- Défaut de livraison des titres : Lorsque le demandeur manque de livrer tout ou partie des titres au Dépositaire à l’échéance désignée, la Société est habilitée à rejeter la demande de souscription, ou à exiger que le demandeur paye une somme de garantie au moins égale à 115 % de la valeur de clôture des titres non livrés au Point de valorisation du Jour de négociation donné, réévaluée jusqu’à livraison desdits titres ou jusqu’à la date à laquelle la Société acquiert lesdits titres sur le marché, plus les droits et charges et les taxes de transfert rattachées à l’achat de ces titres, lorsqu’il y a lieu, ou à exiger la lettre de crédit qu’elle jugera acceptable à ces fins. Les Actions seront émises sur paiement desdits montants. Lorsque les frais réels d’acquisition des titres supportés par la Société (incluant les droits et charges et les taxes de transfert) excèdent la valeur cumulée desdits titres au Point de valorisation du Jour de négociation donné, la commission de transaction en nature et, lorsqu’il y a lieu, les taxes de transfert payées par le demandeur, la Société pourra requérir du demandeur le remboursement immédiat de la différence. La Société sera en outre habilitée à vendre ou racheter tout ou partie des Actions détenues par le demandeur dans le Fonds (ou tout autre Fonds) à concurrence de tout ou partie desdites charges. | ## IN-KIND SUBSCRIPTION
At the discretion of the Directors, investors may subscribe, via an Authorised Participant, for Shares in-kind on each Dealing Day except during any period in which the calculation of the Net Asset Value is suspended. For the avoidance of doubt the Minimum Initial Subscription as set out in the Supplement for the relevant Fund shall apply in relative terms to in-kind subscriptions. "In-kind" means that, rather than receiving cash in respect of a subscription and delivering cash proceeds in respect of a redemption, the Fund will receive securities (or predominantly securities) acceptable to the Investment Manager.
Securities delivered in connection with in-kind subscription requests must be securities which the Fund may acquire pursuant to its investment objective and policies and will be reviewed and the value of such securities contributed verified by the Depositary. A report will be issued detailing the securities transferred, their respective market value on the day of the transfer and the number of Shares issued. Any costs resulting from such a subscription in-kind will be borne exclusively by the relevant investor. The value attributed to securities delivered in connection with in-kind subscription or redemption requests will be equivalent to that for cash subscriptions/redemptions, and no Shares shall be issued until all securities and cash payable to the Depositary (or a permitted collateral amount) are in the possession of, or properly credited to the account of, the Depositary.
- Applications for Subscription: Applications for in-kind subscriptions will be made with effect from a Dealing Day in respect of applications received on or prior to the Dealing Deadline. Dealing Days and Dealing Deadlines relating to each Fund are specified in the relevant Supplement. Applications received after the Dealing Deadline for the relevant Dealing Day shall, unless the Manager shall otherwise agree and provided they are received before the Valuation Point for the relevant Dealing Day, be deemed to have been rejected by the Manager and the applicant will be required to submit the application for subscription prior to the Dealing Deadline of the next Dealing Day. Applications for subscriptions will be irrevocable unless the Directors, or a delegate, otherwise agree. If requested, the Directors may, in their absolute discretion and subject to the prior approval of the Depositary, agree to designate additional Dealing Days and Valuation Points in respect of those Dealing Days for the purchase of Shares relating to any Fund which will be open to all Shareholders. Shareholders will be notified in advance of any such additional Dealing Days.
- Settlement Period: The standard settlement period for in-kind subscriptions is generally two Business Days following the Business Day on which the application for subscription is accepted, but this may vary depending upon the standard settlement periods of the different stock exchanges on which the shares are traded and the nature of the securities but shall not (in the absence of appropriate collateral being posted) in any event exceedten Business Days from the relevant Dealing Deadline. No Shares will be issued to the applicant until all the securities being subscribed in kind have been received by the Depositary and the In-Kind Transaction Fee and, if applicable, Transfer Taxes have been received by the Depositary.
- Failure to Deliver Securities: In the event that an applicant fails to deliver to the Depositary one or more of the securities by the designated time, the Company may reject the application for subscription, or may require the applicant to pay to it a collateral sum at least equal to 115% of the closing value of such undelivered securities as at the Valuation Point for the relevant Dealing Day, marked to market until the date of delivery of such undelivered securities or the date on which the Company acquires such securities in the open market, plus any costs or expenses and, if applicable, Transfer Taxes associated with the purchase by the Company of those securities or may require a letter of credit acceptable to it for such purpose. On the payment of such amounts, the Shares will be issued. In the event that the actual cost to the Company of acquiring the securities (including costs or expenses and any Transfer Taxes) exceeds the aggregate of the value of such securities as at the Valuation Point for the relevant Dealing Day, the In-Kind Transaction Fee and, if applicable, the Transfer Taxes paid by the applicant, the applicant will be required to promptly reimburse the Company the difference on demand. The Company will have the right to sell or redeem all or part of the applicant's holding of Shares in the Fund (or any other Fund) in order to meet some or all of these charges. | en | fr |
DOLFIN9484 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 12 November 1993.
-8.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 12 noviembre 1993.
-8.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 12 November 1993.
-8.0
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN9485 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000.00 | if you cash in after 1 year | if you cash in after 3 years | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- | --- |
| Total Costs | USD 79.00 | USD 279.07 | USD 552.03 |
| Impact on Return (RIY) per year | 0.79% | 0.79% | 0.79% | | | Investimento USD 10,000.00 | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 3 anni | In caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- | --- |
| Costi totali | USD 79.00 | USD 279.07 | USD 552.03 |
| Diminuzione del rendimento (Reduction in Yield — RIY) per ciascun anno | 0.79% | 0.79% | 0.79% | | | Investment USD 10,000.00 | if you cash in after 1 year | if you cash in after 3 years | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- | --- |
| Total Costs | USD 79.00 | USD 279.07 | USD 552.03 |
| Impact on Return (RIY) per year | 0.79% | 0.79% | 0.79% | | en | it |
DOLFIN9486 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
These bonds are issued primarily by Asian governments, institutions or companies. The Fund may invest up to 20% of its value in mainland China, including bonds traded on the China Interbank Bond Market.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JP Morgan Asia Credit Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus. Currently, it is expected that the Fund will exceed this limit in securities issued by the Chinese government.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | Estos bonos son emitidos principalmente por gobiernos, instituciones o empresas de Asia. El Fondo puede invertir hasta el 20% de su valor en China continental, incluidos bonos que se negocian en el Mercado interbancario de bonos de China.
La inversión en deuda distressed (bonos cuyos emisores se encuentran en una situación financiera delicada y cotizan muy por debajo de su valor nominal) no superará el 10% de los activos del Fondo.
El Fondo puede invertir en otros activos, como el efectivo y otros fondos.
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
El Fondo no invertirá en determinados prestatarios. Con el tiempo, el Gestor de inversiones, de conformidad con la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El índice JP Morgan Asia Credit Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Todo ingreso generado por su inversión se refleja en el valor de sus acciones, en lugar de distribuirse.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte inferior de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Cambio de divisas: Las variaciones del valor relativo de las distintas monedas pueden mermar el valor de las inversiones y de los ingresos obtenidos con las mismas.
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes (incluida China): Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Exposición a valores de emisores públicos: El Fondo puede invertir más del 35% de sus activos en valores emitidos o garantizados por una entidad soberana autorizada, según la definición recogida en el apartado de definiciones del folleto del Fondo. A día de hoy, se espera que el Fondo supere este límite en el caso de los valores emitidos por el Gobierno de China.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Liquidez: Es posible que no haya suficientes compradores o vendedores de una inversión concreta, lo que puede causar retrasos en la negociación y la liquidación, así como mayores fluctuaciones del valor. Esto puede causar mayores pérdidas financieras de las previstas.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | These bonds are issued primarily by Asian governments, institutions or companies. The Fund may invest up to 20% of its value in mainland China, including bonds traded on the China Interbank Bond Market.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JP Morgan Asia Credit Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus. Currently, it is expected that the Fund will exceed this limit in securities issued by the Chinese government.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN9487 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor
fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in small and mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo
objetivo, el fondo intentará replicar el índice comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo se centra en un solo, o pequeño, grupo de industrias, sectores o tipos de empresas, por lo que la evolución podría no reflejar un incremento en mercados más amplios. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo invierte en empresas de pequeño y mediano tamaño, lo que puede acarrear mayores riesgos que la inversión en empresas más grandes. Las acciones pueden presentar una menor liquidez y experimentar más fluctuaciones en los precios (o volatilidad), lo que podría perjudicar el valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor
fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in small and mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN9488 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company’s constitution provides for the daily creation and cancellation of shares and it is therefore exposed to the liquidity risk of meeting shareholder redemptions at any time.
The Company’s equity investments are considered to be readily realisable as they are all traded on regulated markets. The Company has therefore limited exposure to liquidity risk.
A liquidity risk exists when a particular FDI is difficult to purchase or sell. If an FDI transac tion is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated FDI), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price. This risk is mitigated by restricting the exposure to any particular instrument.
The Company has also obtained overdraft facilities in order to manage its short term liquidity requirements. Details of the Company’s overdraft facility are outlined in Note 9.
In accordance with the Company’s policies and procedures in place and ESMA’s guidelines on liquidity stress testing in UCITS and AIFs, the Investment Manager monitors the Company’s overall liquidity risk on at least a monthly basis, and the Board reviews it on a quarterly basis.
Substantially all of the Company's financial liabilities included in the statement of financial position at 30 June 2021 and 31 December 2020 on the respective pages of each sub-fund, are payable within one month.
The Company's financial instruments include investments in derivative contracts traded over-the counter, which are not traded in an organised public market and which generally may be illiquid. As a result, the Company may not be able to liquidate quickly some of its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements, or to respond to specific events such as a deterioration in the credit worthiness of any particular issuer. | Le risque de liquidité correspond au risque qu’une entité rencontre des difficultés à honorer ses obligations associées à ses passifs financiers. La structure de la Société prévoit la création et l’annulation quotidiennes d’actions et elle est donc exposée au risque de liquidité dès lors qu’elle est tenue de garantir à tout moment les remboursements des actionnaires.
Les investissements en actions de la Société sont considérés comme facilement réalisables puisqu’ils sont tous négociés sur des marchés réglementés. Par conséquent, la Société a une exposition limitée au risque de liquidité.
Il existe un risque de liquidité quand un IFD est difficile à acheter ou à vendre. Si une opération sur IFD concerne un volume particulièrement important ou si le marché concerné est illiquide (comme c’est le cas de nombreux IFD négociés en Bourse), il peut ne pas être possible de lancer une opération ou de liquider une position à un moment ou à un prix avantageux. Ce risque est réduit en restreignant l’exposition à un instrument particulier donné.
La Société a également obtenu des facilités de découvert afin de gérer ses besoins de liquidité à court terme. Les informations sur les facilités de découvert de la Société sont présentées de manière détaillée en Note annexe 9.
Conformément aux politiques et aux procédures en vigueur de la Société et aux orientations de l’AEMF sur les simulations de crise de liquidité dans les OPCVM et les FIA, le Gestionnaire d’investissement contrôle le risque de liquidité général de la Société au moins une fois par mois, et le Conseil d’administration l’examine chaque trimestre.
La quasi-totalité des passifs financiers de la Société figurant à l’État de la situation financière au 30 juin 2021 et au 31 décembre 2020, aux pages respectives pour chaque compartiment, sont exigibles à moins d’un mois.
Les instruments financiers de la Société incluent des investissements dans des contrats de dérivés négociés de gré à gré, n’étant pas négociés sur un marché public organisé et pouvant généralement être illiquides. La Société pourrait ainsi ne pas parvenir à liquider rapidement certains de ses investissements dans ces instruments à un montant proche de leur juste valeur au moment où elle doit satisfaire ses besoins de liquidités ou réagir à des événements spécifiques telle la dégradation de la solvabilité d’un émetteur particulier. | Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company’s constitution provides for the daily creation and cancellation of shares and it is therefore exposed to the liquidity risk of meeting shareholder redemptions at any time.
The Company’s equity investments are considered to be readily realisable as they are all traded on regulated markets. The Company has therefore limited exposure to liquidity risk.
A liquidity risk exists when a particular FDI is difficult to purchase or sell. If an FDI transac tion is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated FDI), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price. This risk is mitigated by restricting the exposure to any particular instrument.
The Company has also obtained overdraft facilities in order to manage its short term liquidity requirements. Details of the Company’s overdraft facility are outlined in Note 9.
In accordance with the Company’s policies and procedures in place and ESMA’s guidelines on liquidity stress testing in UCITS and AIFs, the Investment Manager monitors the Company’s overall liquidity risk on at least a monthly basis, and the Board reviews it on a quarterly basis.
Substantially all of the Company's financial liabilities included in the statement of financial position at 30 June 2021 and 31 December 2020 on the respective pages of each sub-fund, are payable within one month.
The Company's financial instruments include investments in derivative contracts traded over-the counter, which are not traded in an organised public market and which generally may be illiquid. As a result, the Company may not be able to liquidate quickly some of its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements, or to respond to specific events such as a deterioration in the credit worthiness of any particular issuer. | en | fr |
DOLFIN9489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests across all sectors of small- and mid- cap swiss equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of the net assets in shares and equity securities are investments in carefully chosen small- and mid-cap companies that either (i) have their registered office in Switzerland
(ii) have their registered office outside of Switzerland but carry out the majority of their economic activity Switzerland or (iii) are holding companies that mainly hold investments in companies whose registered office is in Switzerland and which are mainly managed by the owners. Owner-operated companies are deemed to be companies in which one or more shareholders hold significant equity stakes (at least 20%) and exercise a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, SPI Extra TR reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El Fondo invierte en todos los sectores de la renta variable suiza de pequeña y mediana capitalización considerados como gestionados por el propietario.
Política de inversión El fondo invierte al menos dos tercios del patrimonio neto en acciones y valores de renta variable son inversiones en empresas de pequeña y mediana capitalización cuidadosamente seleccionadas que, o bien (i) tienen su domicilio social en Suiza, o bien (ii) tienen su domicilio social fuera de Suiza, pero desarrollan la mayor parte de su actividad económica en Suiza, o bien (iii) son sociedades de cartera que poseen principalmente inversiones en empresas cuyo domicilio social está en Suiza y que son gestionadas principalmente por los propietarios. Se considera que las empresas gestionadas por los propietarios son empresas en las que uno o varios accionistas tienen participaciones significativas (al menos el 20%) y ejercen una influencia importante en la política de la empresa. Hasta un tercio del patrimonio neto puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El Fondo puede realizar operaciones con derivados para lograr una gestión eficaz de la cartera, en particular también con fines de cobertura.
valor de referencia El índice de referencia, SPI Extra TR, se utiliza con fines de comparación y para analizar el valor. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests across all sectors of small- and mid- cap swiss equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of the net assets in shares and equity securities are investments in carefully chosen small- and mid-cap companies that either (i) have their registered office in Switzerland
(ii) have their registered office outside of Switzerland but carry out the majority of their economic activity Switzerland or (iii) are holding companies that mainly hold investments in companies whose registered office is in Switzerland and which are mainly managed by the owners. Owner-operated companies are deemed to be companies in which one or more shareholders hold significant equity stakes (at least 20%) and exercise a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, SPI Extra TR reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN9490 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The management company has also appointed the custodian with managing the fund’s liabilities, which includes centralising fund unit subscription and redemption orders, and keeping a register of fund units issued. The custodian is independent of the management company.
Identification and management of conflicts of interest: potential conflicts of interest may be identified, especially in cases where the management company has business relations with BNP PARBIAS S.A. going beyond those relating to custody. To manage these situations, the custodian has drawn up, and regularly updates, a conflict of interest management policy aimed at preventing any conflicts of interest that may result from these business relations. The aim of the policy is to identify and analyse potential conflicts of interest, and to manage and monitor these situations.
Delegates: BNP PARBIAS S.A. is responsible for the safekeeping of the fund’s assets. However, the custodian may delegate its safekeeping activities to a sub-custodian in order to offer asset custody services in certain countries. The sub-custodian appointment and supervision process meets the highest quality standards, and includes the management of potential conflicts of interest that may arise through these appointments.
A description of the delegated custody tasks, a list of delegates and sub-delegates of BNP PARBIAS S.A., and information on conflicts of interest that may result from these delegations, are available on the BNP PARBIAS S.A. website: http://securities.bnpparibas.com/solutions/asset-fund-services/depositary-bank-and-trustee-serv.html. Up-to-date information is made available to investors on request. | La banca depositaria è inoltre incaricata, su delega della società di gestione, della contabilità delle passività del fondo, che include la centralizzazione degli ordini di sottoscrizione e di rimborso delle quote del fondo e la tenuta del registro dell'emittente delle quote del fondo. La banca depositaria è indipendente dalla società di gestione.
Inquadramento e gestione dei conflitti di interessi: possono essere identificati potenziali conflitti di interessi, in particolare laddove la società di gestione intrattenga con BNP PARIBAS S.A. rapporti commerciali diversi da quelli derivanti dalla funzione di banca depositaria. Al fine di gestire tali situazioni, la banca depositaria ha istituito e aggiorna regolarmente una politica di gestione dei conflitti di interesse finalizzata a prevenire i conflitti di interesse che potrebbero scaturire da tali rapporti commerciali. L'obiettivo di tale politica è individuare, analizzare, gestire e monitorare le situazioni di potenziale conflitto di interessi.
Delegati: BNP PARIBAS S.A. è responsabile della custodia delle attività del fondo. Tuttavia, per offrire i servizi legati alla custodia delle attività in alcuni paesi, la banca depositaria può subdelegare le funzioni di custodia. Il processo di nomina e di supervisione dei subdepositari segue i migliori standard di qualità, inclusa la gestione dei potenziali conflitti di interessi che potrebbero derivare da tali nomine.
La descrizione delle funzioni di custodia delegate, l'elenco dei delegati e subdelegati di BNP PARIBAS S.A. e le informazioni relative ai conflitti di interessi che potrebbero derivare da questi incarichi sono disponibili sul sito web di BNP PARIBAS S.A.: http://securities.bnpparibas.com/solutions/asset-fund-services/depositary-bank-and-trustee-serv.html. Informazioni aggiornate sono messe a disposizione degli investitori su richiesta. | The management company has also appointed the custodian with managing the fund’s liabilities, which includes centralising fund unit subscription and redemption orders, and keeping a register of fund units issued. The custodian is independent of the management company.
Identification and management of conflicts of interest: potential conflicts of interest may be identified, especially in cases where the management company has business relations with BNP PARBIAS S.A. going beyond those relating to custody. To manage these situations, the custodian has drawn up, and regularly updates, a conflict of interest management policy aimed at preventing any conflicts of interest that may result from these business relations. The aim of the policy is to identify and analyse potential conflicts of interest, and to manage and monitor these situations.
Delegates: BNP PARBIAS S.A. is responsible for the safekeeping of the fund’s assets. However, the custodian may delegate its safekeeping activities to a sub-custodian in order to offer asset custody services in certain countries. The sub-custodian appointment and supervision process meets the highest quality standards, and includes the management of potential conflicts of interest that may arise through these appointments.
A description of the delegated custody tasks, a list of delegates and sub-delegates of BNP PARBIAS S.A., and information on conflicts of interest that may result from these delegations, are available on the BNP PARBIAS S.A. website: http://securities.bnpparibas.com/solutions/asset-fund-services/depositary-bank-and-trustee-serv.html. Up-to-date information is made available to investors on request. | en | it |
DOLFIN9491 | 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 |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,830 | USD 2,730 |
| | Average return each year % | -71.70% | -22.87% |
| Unfavourable scenario | What you might get back after costs | USD 7,020 | USD 9,060 |
| | Average return each year % | -29.80% | -1.95% |
| Moderate scenario | What you might get back after costs | USD 11,130 | USD 15,500 |
| | Average return each year % | 11.30% | 9.16% |
| Favourable scenario | What you might get back after costs | USD 16,080 | USD 24,150 |
| | Average return each year % | 60.80% | 19.28% | | | | SI VOUS SORTEZ APRÈS 1 AN | SI VOUS SORTEZ APRÈS 5 ANS |
| --- | --- | --- |
| Scénarios de tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 2.830 | USD 2.730 |
| | Rendement annuel moyen | -71,70% | -22,87% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 7.020 | USD 9.060 |
| | Rendement annuel moyen | -29,80% | -1,95% |
| Scénario modéré | Ce que vous pourriez obtenir après déduction des coûts | USD 11.130 | USD 15.500 |
| | Rendement annuel moyen | 11,30% | 9,16% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 16.080 | USD 24.150 |
| | Rendement annuel moyen | 60,80% | 19,28% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,830 | USD 2,730 |
| | Average return each year % | -71.70% | -22.87% |
| Unfavourable scenario | What you might get back after costs | USD 7,020 | USD 9,060 |
| | Average return each year % | -29.80% | -1.95% |
| Moderate scenario | What you might get back after costs | USD 11,130 | USD 15,500 |
| | Average return each year % | 11.30% | 9.16% |
| Favourable scenario | What you might get back after costs | USD 16,080 | USD 24,150 |
| | Average return each year % | 60.80% | 19.28% | | en | fr |
DOLFIN9492 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Country allocation
The fund aims to keep country positions neutral to the index level.
# Deviation index
| United States | 69.6% |
| --- | --- |
| Japan | 6.1% |
| United Kingdom | 4.5% |
| Canada | 3.5% |
| France | 3.1% |
| Switzerland | 2.4% |
| Australia | 2.1% |
| Germany | 1.6% |
| Netherlands | 1.2% |
| Denmark | 1.1% |
| Finland | 0.8% |
| Sweden | 0.7% |
| Other | 3.2% |
| | -0.1% |
| --- | --- |
| | 0.1% |
| | | 0.3% |
| | 0.0% |
| | 0.1% |
| | -0.5% |
| | 0.0% |
| | -0.4% |
| | 0.1% |
| | | 0.4% |
| | | 0.5% |
| | -0.2% |
| | -0.3% | | # Allocation géographique
Le fonds vise à maintenir des positions géographiques neutres par rapport à l'indice.
# Deviation index
| Amerique | 69,6% |
| --- | --- |
| Japon | 6,1% |
| Royaume-Uni | 4,5% |
| Canada | 3,5% |
| France | 3,1% |
| Suisse | 2,4% |
| Australie | 2,1% |
| Allemagne | 1,6% |
| Pays-Bas | 1,2% |
| Danemark | 1,1% |
| Finlande | 0,8% |
| Suède | 0,7% |
| Autres | 3,2% |
| | -0,1% |
| --- | --- |
| | 0,1% |
| | | 0,3% |
| | 0,0% |
| | 0,1% |
| | -0,5% |
| | 0,0% |
| | -0,4% |
| | 0,1% |
| | | 0,4% |
| | | 0,5% |
| | -0,2% |
| | -0,3% | | # Country allocation
The fund aims to keep country positions neutral to the index level.
# Deviation index
| United States | 69.6% |
| --- | --- |
| Japan | 6.1% |
| United Kingdom | 4.5% |
| Canada | 3.5% |
| France | 3.1% |
| Switzerland | 2.4% |
| Australia | 2.1% |
| Germany | 1.6% |
| Netherlands | 1.2% |
| Denmark | 1.1% |
| Finland | 0.8% |
| Sweden | 0.7% |
| Other | 3.2% |
| | -0.1% |
| --- | --- |
| | 0.1% |
| | | 0.3% |
| | 0.0% |
| | 0.1% |
| | -0.5% |
| | 0.0% |
| | -0.4% |
| | 0.1% |
| | | 0.4% |
| | | 0.5% |
| | -0.2% |
| | -0.3% | | en | fr |
DOLFIN9493 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI Emerging Markets Index (Net) Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas situadas en países de áreas que experimenten un rápido crecimiento económico, como América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio. En estas regiones, hay mercados emergentes.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI Emerging Markets Index (Net) Hedged to EUR (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI Emerging Markets Index (Net) Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN9494 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Redemption order processing
Processing of redemption orders is subject to receipt and acceptance by or on behalf of the Transfer Agent or the Company and/or the Manager of a valid redemption order. Subject to the provisions set out under “Limitations on Redemptions” below, redemption orders received and accepted by or on behalf of the Transfer Agent or by the Company and/or the Manager prior to the Trade Cut-Off Time on a Business Day will be processed at the net asset value per Share determined on that Business Day. Redemption orders received after the Trade Cut-Off Time on a Business Day will be processed at the net asset value per Share determined on the next Business Day.
It is the responsibility of Distribution Agents to ensure that all redemption orders received by them are transmitted to the Transfer Agent on a timely basis and in compliance with the Trade Cut-Off Times set out in the relevant Supplement. Redemption orders will only be accepted where subscriptions for those Shares being redeemed have been properly settled in cleared funds in accordance with the procedures outlined in the section entitled “How to Purchase Shares” above.
None of the Company, the Manager or the Transfer Agent will be liable for fraudulent or erroneous redemptions provided that they follow procedures established by them to determine the validity of redemption orders.
Redemption orders are irrevocable unless the Company has suspended the determination of net asset value as described in this Prospectus, in which event the right of a Shareholder to have their Shares redeemed or exchanged will be similarly suspended. During the period of suspension a Shareholder may withdraw any pending redemption order, any such order to withdraw a redemption must be made in the same manner as redemption orders are submitted (as described in this section). A request to withdraw a redemption order will be effective only if actually received and accepted by or on behalf of the Transfer Agent or the Company before the termination of the period of suspension. If the redemption order is not withdrawn in accordance with this
procedure, the Shares that are the subject of the original redemption order shall be redeemed at the net asset value per Share next calculated following the end of the suspension. | ## Evasione degli ordini di rimborso
L’evasione degli ordini di rimborso è soggetta al ricevimento e all’accettazione da o per conto dell’Agente per i Trasferimenti o della Società e/o del Gestore di un ordine di rimborso valido. In conformità a quanto previsto nella sezione “Limitazioni ai rimborsi”, gli ordini di rimborso ricevuti ed accettati da o per conto dell’Agente per i Trasferimenti o dalla Società e/o dal Gestore prima del Termine Orario per le Contrattazioni in un Giorno Lavorativo sono elaborati al valore patrimoniale netto per Azione determinato in quel Giorno Lavorativo. Gli ordini di rimborso ricevuti dopo il Termine Orario per le Contrattazioni nel Giorno Lavorativo saranno evasi al valore patrimoniale netto per Azione fissato nel successivo Giorno Lavorativo.
Spetta agli Agenti di Distribuzione assicurare che tutti gli ordini di rimborso da essi ricevuti siano trasmessi puntualmente all’Agente per i Trasferimenti, in conformità con il Termine Orario per le Contrattazioni esposto nel relativo Supplemento. Gli ordini di rimborso saranno accettati solo se il pagamento per le sottoscrizioni delle Azioni da riscattare è stato opportunamente regolato in fondi liquidi, conformemente ai procedimenti illustrati alla precedente sezione “Come Acquistare le Azioni”.
Né la Società, né il Gestore o l’Agente per i Trasferimenti saranno responsabili per rimborsi fraudolenti o inesatti, purché si attengano ai procedimenti da essi stabiliti, intesi a determinare la validità degli ordini di rimborso.
Gli ordini di rimborso sono irrevocabili a meno che la Società non abbia sospeso la determinazione del valore patrimoniale netto come indicato nel presente Prospetto, nel qual caso il diritto di un Azionista di riscattare o convertire le proprie Azioni sarà analogamente sospeso. Durante il periodo di sospensione un Azionista potrà ritirare eventuali ordini di rimborso in sospeso. Qualsiasi ordine di ritirare un rimborso deve essere eseguito nello stesso modo in cui gli ordini di rimborso sono presentati (di cui al presente paragrafo). La richiesta di ritirare un ordine di rimborso è valida solo se effettivamente ricevuta e accettata da e per conto dell’Agente per i Trasferimenti o della Società, prima del termine del periodo di sospensione. Se l’ordine di rimborso non è ritirato conformemente a questa procedura, le Azioni soggette all’ordine di rimborso originale saranno riscattate al valore patrimoniale netto per Azione, calcolato al termine della sospensione. | ## Redemption order processing
Processing of redemption orders is subject to receipt and acceptance by or on behalf of the Transfer Agent or the Company and/or the Manager of a valid redemption order. Subject to the provisions set out under “Limitations on Redemptions” below, redemption orders received and accepted by or on behalf of the Transfer Agent or by the Company and/or the Manager prior to the Trade Cut-Off Time on a Business Day will be processed at the net asset value per Share determined on that Business Day. Redemption orders received after the Trade Cut-Off Time on a Business Day will be processed at the net asset value per Share determined on the next Business Day.
It is the responsibility of Distribution Agents to ensure that all redemption orders received by them are transmitted to the Transfer Agent on a timely basis and in compliance with the Trade Cut-Off Times set out in the relevant Supplement. Redemption orders will only be accepted where subscriptions for those Shares being redeemed have been properly settled in cleared funds in accordance with the procedures outlined in the section entitled “How to Purchase Shares” above.
None of the Company, the Manager or the Transfer Agent will be liable for fraudulent or erroneous redemptions provided that they follow procedures established by them to determine the validity of redemption orders.
Redemption orders are irrevocable unless the Company has suspended the determination of net asset value as described in this Prospectus, in which event the right of a Shareholder to have their Shares redeemed or exchanged will be similarly suspended. During the period of suspension a Shareholder may withdraw any pending redemption order, any such order to withdraw a redemption must be made in the same manner as redemption orders are submitted (as described in this section). A request to withdraw a redemption order will be effective only if actually received and accepted by or on behalf of the Transfer Agent or the Company before the termination of the period of suspension. If the redemption order is not withdrawn in accordance with this
procedure, the Shares that are the subject of the original redemption order shall be redeemed at the net asset value per Share next calculated following the end of the suspension. | en | it |
DOLFIN9495 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund will in particular have power to limit or prohibit the ownership of its Shares by any US Person.
The Fund shall also have power to limit or prevent the holding of its Shares by any person who would not provide the Fund with enough information for it to comply with the applicable legal and regulatory provisions (FATCA and others) or by any person who would be deemed capable of causing a potential financial risk to the Fund and/or its investors.
In addition, the Fund shall have power to limit or prevent the holding of its Shares by any natural person or legal entity if said person or entity holds directly or indirectly, without prior permission from the Board of Directors, 10% or more of the Shares of a Sub-fund and if, in the opinion of the Board of Directors, such a holding may damage the Fund's interests or may lead to a breach of a Luxembourg or foreign law or regulation, or if the result thereof would be that the Fund would be subject to tax disadvantages or other financial disadvantages which it would not otherwise have sustained.
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### Savings Scheme | Der Fonds ist insbesondere befugt, das Anteilseigentum von US-Personen zu beschränken oder zu verbieten.
Der Fonds kann ferner das Halten seiner Anteile durch Personen beschränken oder verhindern, die dem Fonds nicht alle für die Einhaltung der geltenden gesetzlichen Bestimmungen und Vorschriften (FATCA und andere) erforderlichen Informationen zur Verfügung stellen, und die ein potenzielles Finanzrisiko für den Fonds und seine Anleger darstellen könnten.
Darüber hinaus ist der Fonds befugt, das Halten seiner Anteile durch natürliche oder juristische Personen zu beschränken oder zu verhindern, wenn diese ohne vorherige Einholung einer Genehmigung des Verwaltungsrates direkt oder indirekt 10% oder mehr der Anteile eines Teilfonds halten und nach Auffassung des Verwaltungsrates eine solche Position den Interessen des Fonds schaden oder zu einem Verstoss gegen luxemburgische oder ausländische Gesetze oder Vorschriften führen könnte oder darin resultieren würde, dass der Fonds steuerliche oder sonstige finanzielle Nachteile hätte, die andernfalls nicht entstanden wären.
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### Fondssparplan | The Fund will in particular have power to limit or prohibit the ownership of its Shares by any US Person.
The Fund shall also have power to limit or prevent the holding of its Shares by any person who would not provide the Fund with enough information for it to comply with the applicable legal and regulatory provisions (FATCA and others) or by any person who would be deemed capable of causing a potential financial risk to the Fund and/or its investors.
In addition, the Fund shall have power to limit or prevent the holding of its Shares by any natural person or legal entity if said person or entity holds directly or indirectly, without prior permission from the Board of Directors, 10% or more of the Shares of a Sub-fund and if, in the opinion of the Board of Directors, such a holding may damage the Fund's interests or may lead to a breach of a Luxembourg or foreign law or regulation, or if the result thereof would be that the Fund would be subject to tax disadvantages or other financial disadvantages which it would not otherwise have sustained.
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### Savings Scheme | en | de |
DOLFIN9496 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Operational risk and risks related to asset safekeeping: In specific circumstances, there may be a material risk of loss resulting from human error, inadequate or failed internal systems, processes or controls, or from external events.
Concentration risk: To the extent that the fund's investments are concentrated in a particular country, market, industry, sector or asset class, the fund may be susceptible to loss due to adverse occurrences affecting that country, market, industry, sector or asset class.
Financial, economic, regulatory and political risks: Financial instruments are impacted by various factors, including, without being exhaustive, the development of the financial market, the economic development of issuers who are themselves affected by the general world economic situation, and economic, regulatory and political conditions prevailing in the relevant country.
Before taking any investment decision, please read the latest version of the prospectus, the articles of incorporation, the Key Information Documents (KIDs) and the latest annual report and semi-annual report. Please pay attention to the Appendix B "Risk Factors Annex" of the prospectus.
Incorporation of extra-financial risks into the investment decision process may result in underweighting of profitable investments from the sub-fund’s investment universe and may also lead the management of the sub-fund to underweight investments that will continue to perform. Sustainability risks may lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and may therefore have a significant impact on its market price or liquidity.
This product is not a financial product subject to Article 8 or Article 9 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (the “SFDR”). The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. | Les risques suivants peuvent être importants mais ne sont pas nécessairement pris en considération de manière adéquate par l’indicateur synthétique et peuvent entraîner des pertes supplémentaires:
Risque opérationnel et risques inhérents à la garde d’actifs: dans des circonstances spécifiques, il pourrait y avoir un risque important de perte lié à une erreur humaine, à des systèmes internes, processus ou contrôles inappropriés ou défaillants ou à des événements extérieurs.
Risque de concentration: dans la mesure où les placements du fonds sont concentrés dans un pays, un marché, une branche, un secteur ou une classe d’actifs spécifiques, le fonds est sujet à des pertes en raison d’événements négatifs touchant le pays, le marché, la branche, le secteur ou la classe d’actifs.
Risques financier, économique, réglementaire et politique: les instruments financiers subissent divers facteurs, notamment, sans prétendre à l’exhaustivité, l’évolution des marchés financiers, le développement économique des émetteurs, eux-mêmes touchés par la conjoncture mondiale ainsi que les conditions économiques, réglementaires et politiques qui règnent dans le pays concerné.
Avant de prendre une décision d’investissement, veuillez lire la dernière version en date du prospectus, des statuts, des documents d’informations clés (DIC), ainsi que du rapport annuel et du rapport semestriel. Veuillez notamment lire l’annexe B « Annexe sur les facteurs de risque » du prospectus.
L’incorporation de risques non financiers dans le processus de décision d’investissement peut induire une sous-pondération de placements rentables dans l’univers d’investissement d’un compartiment et peut également conduire la direction du compartiment à sous-pondérer des placements qui continueront à être performants. Les risques relatifs à la soutenabilité peuvent conduire à une forte détérioration du profil financier, de la rentabilité ou de la réputation d’une entreprise sous-jacente et peuvent donc avoir un impact significatif sur le cours ou la liquidité de ses actions.
Ce produit n’est pas un produit financier relevant de l’Article 8 ou de l’Article 9 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (le « Règlement SFDR »). Les investissements sous-jacents de ce produit financier ne tiennent pas compte des critères de l’UE en matière d’activités économiques soutenables sur le plan environnemental. | The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Operational risk and risks related to asset safekeeping: In specific circumstances, there may be a material risk of loss resulting from human error, inadequate or failed internal systems, processes or controls, or from external events.
Concentration risk: To the extent that the fund's investments are concentrated in a particular country, market, industry, sector or asset class, the fund may be susceptible to loss due to adverse occurrences affecting that country, market, industry, sector or asset class.
Financial, economic, regulatory and political risks: Financial instruments are impacted by various factors, including, without being exhaustive, the development of the financial market, the economic development of issuers who are themselves affected by the general world economic situation, and economic, regulatory and political conditions prevailing in the relevant country.
Before taking any investment decision, please read the latest version of the prospectus, the articles of incorporation, the Key Information Documents (KIDs) and the latest annual report and semi-annual report. Please pay attention to the Appendix B "Risk Factors Annex" of the prospectus.
Incorporation of extra-financial risks into the investment decision process may result in underweighting of profitable investments from the sub-fund’s investment universe and may also lead the management of the sub-fund to underweight investments that will continue to perform. Sustainability risks may lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and may therefore have a significant impact on its market price or liquidity.
This product is not a financial product subject to Article 8 or Article 9 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (the “SFDR”). The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. | en | fr |
DOLFIN9497 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Un fonds peut conclure des contrats d’échange tels que des contrats d’échange de rendement total, credit default swaps, contrats d’échange de taux d’intérêt, contrats d’option d’échange et contrats d’échange liés à l’inflation avec des contreparties dûment évaluées et sélectionnées par la société de gestion qui représentent des établissements de premier ordre faisant l’objet d’une surveillance prudentielle et appartenant à une catégorie approuvée par la CSSF.
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#### Techniques de gestion de portefeuille efficace | Los Fondos podrán concertar acuerdos de permutas financieras, como permutas financieras de rentabilidad total, permutas de riesgo de crédito, permutas financieras de tipos de interés, opciones sobre permutas financieras y permutas indexadas a la inflación, con contrapartes que la Sociedad Gestora haya evaluado y seleccionado debidamente, y que sean entidades de primer orden sujetas a una supervisión prudencial y pertenecientes a las categorías aprobadas por la CSSF.
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#### Técnicas para la gestión eficaz de carteras | Un fonds peut conclure des contrats d’échange tels que des contrats d’échange de rendement total, credit default swaps, contrats d’échange de taux d’intérêt, contrats d’option d’échange et contrats d’échange liés à l’inflation avec des contreparties dûment évaluées et sélectionnées par la société de gestion qui représentent des établissements de premier ordre faisant l’objet d’une surveillance prudentielle et appartenant à une catégorie approuvée par la CSSF.
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#### Techniques de gestion de portefeuille efficace | fr | es |
DOLFIN9498 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investments made in units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Fund.
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## Finally, the Fund shall comply in respect of its assets with the following investment restrictions:
- The Fund may not acquire physical commodities or precious metals or certificates representative thereof.
- The Fund may not invest in real estate provided that investments may be made in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein.
- The Fund may not use its assets to underwrite any securities.
- The Fund may not issue warrants or other rights to subscribe for Units in the Fund.
- Notwithstanding the possibility for the Fund to acquire bonds and other debt securities compliant with Part I of the Law of 2010 and to invest in bank deposit, the Fund may not grant loans or guarantees in favour of a third party. Such restriction shall not prevent the Fund from investing in non fully paid-up Transferable Securities, Money Market Instruments or other financial instruments, as mentioned under A, items (5), (7) and (8).
- The Fund may not enter into uncovered sales of Transferable Securities, Money Market Instruments or other financial instruments as listed under A, items (5), (7) and (8).
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## Notwithstanding anything to the contrary herein contained:
- While ensuring observance of the principle of risk-spreading, the Fund may derogate from paragraph C, items (1) to (11) and from item A.(7) of section “Investment in Financial Derivative Instruments and use of EPM Techniques” below for a period of six months following the date of its authorization.
- The ceilings set forth above may be disregarded by the Fund when exercising subscription rights attaching to securities in the Fund's portfolio.
- If such ceilings are exceeded for reasons beyond the control of the Fund or as a result of the exercise of subscription rights, the Fund must adopt as its priority objective in its sale transactions the remedying of such situation, taking due account of the interests of its Unitholders.
- The Management Company has the right to determine additional investment restrictions to the extent that those restrictions are necessary to comply with the laws and regulations of countries where Units of the Fund are offered or sold. | # Les investissements en parts d’OPC autres que des OPCVM ne peuvent dépasser, au total, 30 % de l’actif net du Fonds.
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## Le Fonds se conformera enfin aux restrictions suivantes au moment d’investir ses actifs :
- Le Fonds ne peut acquérir ni matières premières physiques, ni métaux précieux, ni certificats représentatifs de ceux-ci.
- Le Fonds ne peut investir dans l’immobilier, sauf lorsqu’il s’agit de titres garantis par des biens immobiliers ou des participations immobilières ou émis par des sociétés qui investissent ou ont des intérêts dans l’immobilier.
- Le Fonds ne peut utiliser ses actifs en garantie d’autres titres quels qu’ils soient.
- Le Fonds ne peut émettre de warrants ni d’autres droits de souscription portant sur ses Parts.
- Sans préjudice du fait qu’il peut acquérir des obligations et d’autres titres de créance au sens de la Partie I de la Loi de 2010, ainsi qu’investir dans des dépôts bancaires, le Fonds ne peut octroyer de prêts ou se porter garant pour le compte de tiers. Cette restriction n’empêchera toutefois pas le Fonds d’investir dans des Valeurs mobilières, des Instruments du marché monétaire ou d’autres instruments financiers non entièrement libérés, tels que visés à la section A, points (5), (7) et (8).
- Le Fonds ne peut vendre à découvert des Valeurs mobilières, des Instruments du marché monétaire ou d’autres instruments financiers, tels que visés à la section A, points (5), (7) et (8).
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## Nonobstant toute disposition contraire des présentes :
- Tout en veillant au respect du principe de la répartition des risques, le Fonds peut déroger aux dispositions de la section C, points (1) à (11) et au point A.(7) de la section « Investissement en instruments financiers dérivés et utilisation de Techniques de GPE » ci-dessous pendant une période de six mois à compter de sa date d’agrément.
- Le Fonds n’est pas nécessairement tenu de se conformer aux limites susmentionnées lors de l’exercice de droits de souscription afférents à des titres qu’il détient en portefeuille.
- Si un dépassement de ces limites intervient pour des raisons échappant au contrôle du Fonds ou à la suite de l’exercice de droits de souscription, le Fonds devra, dans ses opérations de vente, avoir pour objectif prioritaire de régulariser cette situation en tenant dûment compte de l’intérêt des Porteurs de Parts.
- La Société de gestion a le droit de fixer d’autres limites d’investissement dans la mesure où de telles restrictions sont nécessaires pour assurer le respect de la législation et de la réglementation des pays dans lesquels les Parts du Fonds sont proposées ou vendues. | # Investments made in units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of the Fund.
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## Finally, the Fund shall comply in respect of its assets with the following investment restrictions:
- The Fund may not acquire physical commodities or precious metals or certificates representative thereof.
- The Fund may not invest in real estate provided that investments may be made in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein.
- The Fund may not use its assets to underwrite any securities.
- The Fund may not issue warrants or other rights to subscribe for Units in the Fund.
- Notwithstanding the possibility for the Fund to acquire bonds and other debt securities compliant with Part I of the Law of 2010 and to invest in bank deposit, the Fund may not grant loans or guarantees in favour of a third party. Such restriction shall not prevent the Fund from investing in non fully paid-up Transferable Securities, Money Market Instruments or other financial instruments, as mentioned under A, items (5), (7) and (8).
- The Fund may not enter into uncovered sales of Transferable Securities, Money Market Instruments or other financial instruments as listed under A, items (5), (7) and (8).
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## Notwithstanding anything to the contrary herein contained:
- While ensuring observance of the principle of risk-spreading, the Fund may derogate from paragraph C, items (1) to (11) and from item A.(7) of section “Investment in Financial Derivative Instruments and use of EPM Techniques” below for a period of six months following the date of its authorization.
- The ceilings set forth above may be disregarded by the Fund when exercising subscription rights attaching to securities in the Fund's portfolio.
- If such ceilings are exceeded for reasons beyond the control of the Fund or as a result of the exercise of subscription rights, the Fund must adopt as its priority objective in its sale transactions the remedying of such situation, taking due account of the interests of its Unitholders.
- The Management Company has the right to determine additional investment restrictions to the extent that those restrictions are necessary to comply with the laws and regulations of countries where Units of the Fund are offered or sold. | en | fr |
DOLFIN9499 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Outperformance and total return swaps are marked to market daily in line with the valuation technique which uses values from third party vendors and the change in value, if any, is recorded as an unrealised gain or loss on the Statements of Financial Position. The values used in the swap mark to market calculation are the prices of the basket of equities (outperformance swaps) or Treasury Bills (total return swaps) held by the Fund and the price of the underlying Reference Index/ strategy of the Fund, which represent the opposing sides of the swap.
In the event that market quotes are not readily available for either of these inputs the value of the relevant input will be determined in good faith by the Administrator or another independent service provider, generally based upon recommendations provided by the Investment Manager.
The carrying values of other receivables and payables are assumed to approximate their fair value.
Financial assets and liabilities not measured at fair value
The financial assets and liabilities not measured at fair value through profit or loss are short-term financial assets and financial liabilities whose carrying amounts approximate fair value. They are categorised as Level 2 in the fair value hierarchy.
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##### Offsetting Financial Instruments | Les swaps de surperformance et de rendement total sont valorisés quotidiennement à la valeur de marché, conformément à la méthode d’évaluation qui recourt aux valeurs de prestataires tiers, et la variation de la valeur est le cas échéant comptabilisée en plus-value ou moins- value latente dans les États de la situation financière. Les valeurs utilisées pour calculer la valeur de marché du swap sont les prix du panier d’actions (swaps de surperformance) ou de bons du Trésor (swaps de rendement total) détenu par le Fonds et le prix de l’Indice de référence/stratégie sous-jacent(e) du Fonds, lesquels représentent les deux volets opposés du swap.
Dans l’éventualité où les cotations de marché ne sont pas disponibles pour l’une ou l’autre de ces données, la valeur de la donnée pertinente sera déterminée de bonne foi par l’Agent administratif ou tout autre prestataire de services indépendant, généralement sur la base des recommandations fournies par le Gestionnaire d’investissement.
Les valeurs comptables des autres montants à recevoir et à payer sont réputées avoisiner la juste valeur.
Actifs et passifs financiers non mesurés à la juste valeur
Les actifs et passifs financiers non mesurés à la juste valeur par le biais du compte de résultat sont des actifs et passifs financiers à court terme dont les valeurs comptables avoisinent la juste valeur. Ils sont classés au Niveau 2 de la hiérarchie des justes valeurs.
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##### Compensation des instruments financiers | Outperformance and total return swaps are marked to market daily in line with the valuation technique which uses values from third party vendors and the change in value, if any, is recorded as an unrealised gain or loss on the Statements of Financial Position. The values used in the swap mark to market calculation are the prices of the basket of equities (outperformance swaps) or Treasury Bills (total return swaps) held by the Fund and the price of the underlying Reference Index/ strategy of the Fund, which represent the opposing sides of the swap.
In the event that market quotes are not readily available for either of these inputs the value of the relevant input will be determined in good faith by the Administrator or another independent service provider, generally based upon recommendations provided by the Investment Manager.
The carrying values of other receivables and payables are assumed to approximate their fair value.
Financial assets and liabilities not measured at fair value
The financial assets and liabilities not measured at fair value through profit or loss are short-term financial assets and financial liabilities whose carrying amounts approximate fair value. They are categorised as Level 2 in the fair value hierarchy.
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##### Offsetting Financial Instruments | en | fr |
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