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DOLFIN9500 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 3 year(s) |
| --- | --- | --- |
| Entry costs | We do not charge an entry fee. | 0.00 USD |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.50% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 50.00 USD |
| Transaction costs | 0.14% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 13.88 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interests | No performance fee charged | | | | Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi di ingresso | Non addebitiamo una commissione di ingresso. | 0.00 USD |
| Costi di uscita | Questa è la commissione che può essere prelevata dall'investimento nel caso in cui l'investitore decida di vendere. Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | 0.00 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,50% del valore dell'investimento all'anno. Si tratta delle spese correnti sostenute e comprende la commissione di gestione annuale e i costi operativi. | 50.00 USD |
| Costi di transazione | 0,14% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 13.88 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance e carried interest | Non viene addebitata alcuna commissione di performance | | | | One-off costs upon entry or exit | | If you exit after 3 year(s) |
| --- | --- | --- |
| Entry costs | We do not charge an entry fee. | 0.00 USD |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.50% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 50.00 USD |
| Transaction costs | 0.14% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 13.88 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interests | No performance fee charged | | | en | it |
DOLFIN9501 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Emerging and frontier markets risk
Emerging and frontier markets are less established, and more volatile, than developed markets. They involve higher risks, particularly market, credit, illiquid security, legal, currency, and counterparty and custody risks, and are more likely to experience risks that in developed markets are associated with unusual market conditions.
Reasons for this higher level of risk include:
- political, economic, social or religious instability
- economies that are heavily reliant on particular industries, commodities, or trading partners
- uncontrolled inflation
- high or capricious tariffs or other forms of protectionism
- quotas, regulations, laws, restrictions on repatriation of monies, or other practices that place foreign investors (such as the fund) at a disadvantage
- changes in laws or failure to enforce laws or regulations, to provide fair or functioning mechanisms for resolving disputes or pursuing recourse or to otherwise recognise the rights of investors as understood in developed markets
- excessive fees, trading costs, taxation, or outright seizure of assets
- custody systems that offer significantly less responsibility and accountability to investors and may be poorly regulated
- inadequate reserves to cover issuer or counterparty defaults
- incomplete, misleading, or inaccurate information about securities and their issuers
- non-standard or sub-standard accounting, auditing, or financial reporting practices
- markets that are small and have low trading volumes, and consequently can be vulnerable to liquidity risk and to manipulation of market prices
- arbitrary delays and market closures
- less developed market infrastructure that is unable to handle peak trading volumes
- fraud, corruption, and errorIn certain countries, securities markets may also suffer from impaired efficiency and liquidity, which may worsen price volatility and market disruptions. | ##### Schwellen- und Frontier-Marktrisiko
Schwellen- und Frontier-Märkte sind weniger gut aufgestellt und volatiler als die Märkte von Industrieländern. Sie gehen mit höheren Risiken einher, insbesondere mit Markt- und Kreditrisiken, dem Risiko illiquider Wertpapiere sowie Währungs-, Kontrahenten- und Verwahrrisiken, und unterliegen mit höherer Wahrscheinlichkeit Risiken, die in entwickelten Märkten mit ungewöhnlichen Marktbedingungen verbunden werden.
Zu den Gründen für dieses höhere Risikoniveau gehören:
- politische, wirtschaftliche, soziale oder religiöse Instabilität
- Volkswirtschaften, die in hohem Maße von bestimmten Branchen, Rohstoffen oder Handelspartnern abhängig sind
- unkontrollierte Inflation
- hohe oder willkürliche Zölle oder andere Formen des Protektionismus
- Kontingente, Vorschriften, Gesetze, Beschränkungen in Bezug auf die Rückführung von Geldern oder andere Praktiken, die ausländische Anleger (wie der Fonds) benachteiligen
- Änderungen von Gesetzen oder mangelnde Durchsetzung von Gesetzen oder Vorschriften, mit denen faire oder funktionierende Mechanismen zur Beilegung von Streitigkeiten geschaffen werden, die Einreichung von Rückgriffsklagen möglich ist oder sonstige Möglichkeiten zur Geltendmachung von Anlegerrechten zur Verfügung stehen, wie dies in entwickelten Märkten der Fall ist
- übermäßige Gebühren, Handelskosten, Steuern oder sogar Beschlagnahme von Vermögenswerten
- Verwahrsysteme, die deutlich weniger Verantwortung und Rechenschaftspflichten gegenüber den Anlegern vorsehen und nur wenig reguliert sind
- unzureichende Rückstellungen zur Deckung des Ausfalls von Emittenten oder Kontrahenten
- unvollständige, irreführende oder unzutreffende Informationen über Wertpapiere und ihre Emittenten
- nichtstandardkonformeoderunterhalbdes Standardsliegende Praktiken in Bezug auf Rechnungslegung, Audit und Finanzberichterstattung
- Märkte, die klein sind und geringe Handelsvolumen aufweisen und die dementsprechend anfällig gegenüber Liquiditätsrisiken und Marktpreismanipulationen sind
- willkürliche Verzögerungen und Marktschließungen
- eine weniger entwickelte Marktinfrastruktur, die nicht in der Lage ist, mit Spitzenwerten bei Handelsvolumen umzugehen
- Betrug, Korruption und FehlerIn einigen Ländern leiden die Wertpapiermärkte auch unter Beeinträchtigungen der Effizienz und Liquidität, was die Preisvolatilität und Marktstörungen verstärken kann. | ##### Emerging and frontier markets risk
Emerging and frontier markets are less established, and more volatile, than developed markets. They involve higher risks, particularly market, credit, illiquid security, legal, currency, and counterparty and custody risks, and are more likely to experience risks that in developed markets are associated with unusual market conditions.
Reasons for this higher level of risk include:
- political, economic, social or religious instability
- economies that are heavily reliant on particular industries, commodities, or trading partners
- uncontrolled inflation
- high or capricious tariffs or other forms of protectionism
- quotas, regulations, laws, restrictions on repatriation of monies, or other practices that place foreign investors (such as the fund) at a disadvantage
- changes in laws or failure to enforce laws or regulations, to provide fair or functioning mechanisms for resolving disputes or pursuing recourse or to otherwise recognise the rights of investors as understood in developed markets
- excessive fees, trading costs, taxation, or outright seizure of assets
- custody systems that offer significantly less responsibility and accountability to investors and may be poorly regulated
- inadequate reserves to cover issuer or counterparty defaults
- incomplete, misleading, or inaccurate information about securities and their issuers
- non-standard or sub-standard accounting, auditing, or financial reporting practices
- markets that are small and have low trading volumes, and consequently can be vulnerable to liquidity risk and to manipulation of market prices
- arbitrary delays and market closures
- less developed market infrastructure that is unable to handle peak trading volumes
- fraud, corruption, and errorIn certain countries, securities markets may also suffer from impaired efficiency and liquidity, which may worsen price volatility and market disruptions. | en | de |
DOLFIN9502 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 4. - Purpose
The exclusive purpose of the Company is to invest the funds available to it in transferable securities and other assets permitted by law with the aim of spreading investment risks and affording its shareholders the results of the management of its assets.
The Company may take any measures and carry out any transaction which it may deem useful for the fulfilment and development of its purpose to the largest extent permitted under the law of 17 December 2010 relating to undertakings for collective investment, as amended (the "Law of 2010"). | # Article 4. - Objet
L’objet exclusif de la Société est d’investir les fonds dont elle dispose en valeurs mobilières et autres types d’actifs autorisés par la loi, avec l’objectif de répartir les risques d'investissement et de faire bénéficier ses actionnaires des résultats de la gestion de ses avoirs.
La Société peut prendre toutes mesures et faire toutes opérations qu'elle jugera utiles à l'accomplissement ou au développement de son objet, au sens le plus large autorisé par la loi du 17 décembre 2010 relative aux organismes de placement collectif, telle que modifiée (la « Loi de 2010 »). | # Article 4. - Purpose
The exclusive purpose of the Company is to invest the funds available to it in transferable securities and other assets permitted by law with the aim of spreading investment risks and affording its shareholders the results of the management of its assets.
The Company may take any measures and carry out any transaction which it may deem useful for the fulfilment and development of its purpose to the largest extent permitted under the law of 17 December 2010 relating to undertakings for collective investment, as amended (the "Law of 2010"). | en | fr |
DOLFIN9503 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PRODUCT
| Name of product: | BDLCM Funds - Durandal – B Unit Class |
| --- | --- |
| Unique Product number: | LU1891683903 |
| Product initiator: | BDL Capital Management |
| Contact details of the Product initiator: | BDL Capital Management 24 rue du Rocher 75008 Paris +33 (0)1 56 90 50 90 www.bdlcm.com |
| Date of production/last update: | 1 January 2023 |
| Competent authority: | Commission de Surveillance du Secteur Financier (CSSF) |
### Note: You are about to purchase a product that is not simple and may be difficult to understand. | # PRODUIT
| Nom du produit : | BDLCM Funds Durandal – Part B |
| --- | --- |
| Numéro unique du Produit : | LU1891683903 |
| Initiateur du Produit : | BDL Capital Management |
| Données de contact de l’Initiateur du Produit : | BDL Capital Management 24 rue du Rocher 75008 Paris +33 (0)1 56 90 50 90 www.bdlcm.com |
| Date de production/dernière mise à jour : | 01/01/2023 |
| Autorité compétente : | Commission de Surveillance du Secteur Financier (CSSF) |
### Avertissement: Vous êtes sur le point d’acheter un produit qui n’est pas simple et qui peut être difficile à comprendre. | # PRODUCT
| Name of product: | BDLCM Funds - Durandal – B Unit Class |
| --- | --- |
| Unique Product number: | LU1891683903 |
| Product initiator: | BDL Capital Management |
| Contact details of the Product initiator: | BDL Capital Management 24 rue du Rocher 75008 Paris +33 (0)1 56 90 50 90 www.bdlcm.com |
| Date of production/last update: | 1 January 2023 |
| Competent authority: | Commission de Surveillance du Secteur Financier (CSSF) |
### Note: You are about to purchase a product that is not simple and may be difficult to understand. | en | fr |
DOLFIN9504 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company’s governing body or its Chairman may decide to split the units into tenths, hundredths, thousandths or ten-thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, the value of which shall always be proportional to that of the unit they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units shall apply to fractions of units without any need to make a specific provision to that end.
Lastly, the Management Company’s governing body may unilaterally decide to divide the units by creating new units, which are allocated to unitholders in exchange for their old units. Units may also be consolidated.
If the Fund is a feeder UCITS, unitholders of the feeder UCITS shall receive the same information as they would if they held units or shares in the master UCITS. | Les parts pourront être fractionnées, sur décision de l’organe de gouvernance de la société de gestion ou de son Président, en dixièmes, ou centièmes, ou millièmes, ou dix-millièmes dénommées fractions de parts.
Les dispositions du règlement réglant l’émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu’elles représentent. Toutes les autres dispositions du règlement relatives aux parts s’appliquent aux fractions de parts sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.
Enfin, l’organe de gouvernance de la société de gestion peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes. Les parts pourront également être regroupées.
Dans le cas où le FCP est un OPCVM nourricier, les porteurs de parts de cet OPCVM nourricier bénéficient des mêmes informations que s'ils étaient porteurs de parts ou actions de l'OPCVM maître. | The Management Company’s governing body or its Chairman may decide to split the units into tenths, hundredths, thousandths or ten-thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, the value of which shall always be proportional to that of the unit they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units shall apply to fractions of units without any need to make a specific provision to that end.
Lastly, the Management Company’s governing body may unilaterally decide to divide the units by creating new units, which are allocated to unitholders in exchange for their old units. Units may also be consolidated.
If the Fund is a feeder UCITS, unitholders of the feeder UCITS shall receive the same information as they would if they held units or shares in the master UCITS. | en | fr |
DOLFIN9505 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# On termination of this suspension period, suspended redemption requests will be treated on the first Trading Day after such period.
When the redemption price is paid in cash, it must be paid in the currency in which the relevant Units are denominated within 3 Trading Days of the Net Asset Value date applicable to that redemption order. When the redemption price is paid by the allocation of instruments or securities held in the portfolio, they must be transferred from the Fund no later than 3 Trading Days after the Net Asset Value date applicable to that redemption order.
Furthermore, if on any given Trading Day redemption requests are received for more than 10% of Units outstanding or 50 million USD or the equivalent in Euro, the Management Company may decide to postpone the processing of all or some redemption requests for a period determined by the Management Company in the Fund's best interests. On the Trading Day following termination of the suspension period, the suspended redemption requests will be processed first, before any requests received subsequently. | # À la levée de cette suspension, les demandes de rachat en suspens seront traitées le premier Jour de bourse suivant la levée.
Lorsque le prix de rachat est versé en numéraire, il doit être payé dans la devise dans laquelle les Parts concernées sont libellées, et ce dans un délai de trois Jours de bourse à compter de la date de la Valeur nette d’inventaire applicable à l’ordre de rachat. Lorsque le prix de rachat est réglé par l’attribution d’instruments et de titres détenus en portefeuille, ceux-ci doivent être transférés sous trois Jours de bourse à compter de la date de la Valeur nette d’inventaire applicable à cet ordre de rachat.
En outre, si, lors d’un Jour de bourse quelconque, des demandes de rachat sont reçues pour plus de 10 % des Parts en circulation ou de 50 millions USD ou son équivalent en euros, la Société de gestion peut décider de différer le traitement de tout ou partie des demandes de rachat pour une durée qu’elle juge dans l’intérêt du Fonds. Le premier Jour de bourse suivant la levée de la suspension, les demandes de rachat en suspens seront traitées en priorité, avant toute autre demande reçue ultérieurement. | # On termination of this suspension period, suspended redemption requests will be treated on the first Trading Day after such period.
When the redemption price is paid in cash, it must be paid in the currency in which the relevant Units are denominated within 3 Trading Days of the Net Asset Value date applicable to that redemption order. When the redemption price is paid by the allocation of instruments or securities held in the portfolio, they must be transferred from the Fund no later than 3 Trading Days after the Net Asset Value date applicable to that redemption order.
Furthermore, if on any given Trading Day redemption requests are received for more than 10% of Units outstanding or 50 million USD or the equivalent in Euro, the Management Company may decide to postpone the processing of all or some redemption requests for a period determined by the Management Company in the Fund's best interests. On the Trading Day following termination of the suspension period, the suspended redemption requests will be processed first, before any requests received subsequently. | en | fr |
DOLFIN9506 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information www.cpr-am.com
Name of the Depositary : CACEIS Bank.
Where and how to obtain information about the Fund (prospectus, annual report, half-yearly document and other practical information and/or about the other categories of units): this information is available free of charge upon written request sent to the postal address of the Portfolio Management Company: CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15.
This Fund is eligible for the French PEA (plan d'épargne en actions) personal equity plan tax scheme. From 2 December 2013, the Fund will be eligible for an allowance for the duration of the holding period under Article 150-0 D of the French General Tax Code relating to capital gains from the sale of UCI units and/or shares. Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to consult the Fund promoter.
The net asset value is available, each time it is calculated, from the Portfolio Management Company.
The Fund is not available to residents of the United States of America/"U.S. Person" as defined in the legal disclaimer section of the Portfolio Management Company's website: www.cpr-am.com and/or in the Prospectus of the Fund.
Updated details on the management company’s remuneration policy are available on its website or free of charge upon written request to it. In particular, this policy describes the calculation methods applied to the remuneration and benefits of certain categories of employees, the entities responsible for their attribution and the composition of the Remuneration Committee.
CPR Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
This Fund is approved in France and regulated by the French Market Regulator (AMF). CPR Asset Management is accredited in France and regulated by the AMF.
This key investor information is accurate as at 30 April 2018. | # Información práctica www.cpr-am.com
Nombre del depositario: CACEIS Bank.
Lugar y formas para obtener información sobre el Fondo (folleto, informe anual, documento semestral y otra información práctica y/o sobre las demás categorías de participaciones): dicha información se encuentra disponible de forma gratuita previa solicitud por escrito a la dirección postal de la sociedad gestora de la cartera: CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 París Cedex 15.
Este Fondo es admisible al Plan de Ahorro en Acciones (PEA). A partir del 2 de diciembre de 2013, el Fondo es admisible a la exoneración durante la duración de la tenencia, según el artículo 150-0 D del CGI, relativo a las plusvalías de las cesiones de participaciones y/o acciones de IIC. Según su régimen fiscal, las plusvalías y los ingresos eventuales relacionados con la tenencia de títulos del Fondo pueden estar sujetos a impuestos. Le aconsejamos que solicite información al respecto a su agente de comercialización del Fondo.
El valor liquidativo se halla disponible tras cada cálculo en la sociedad gestora de la cartera.
El Fondo de inversión no está disponible para los residentes de los Estados Unidos de América/«Personas estadounidenses» según se definen en las notas legales del sitio web de la sociedad gestora de la cartera: www.cpr-am.com y/o en el folleto del Fondo.
Los detalles actualizados de la política de remuneraciones de la sociedad gestora están disponibles en su página web o de forma gratuita previa solicitud por escrito. Esta política detalla principalmente los métodos de cálculo de las remuneraciones y las ventajas de determinadas categorías de empleados, los órganos responsables de su asignación y la composición del Comité de remuneraciones.
CPR Asset Management únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Este Fondo está autorizado en Francia y está regulado por la Autoridad de Mercados Financieros (AMF).
CPR Asset Management está autorizada en Francia y regulada por la Autoridad de Mercados Financieros (AMF). Los presentes datos fundamentales para el inversor son exactos y vigentes a 30 de abril de 2018. | # Practical information www.cpr-am.com
Name of the Depositary : CACEIS Bank.
Where and how to obtain information about the Fund (prospectus, annual report, half-yearly document and other practical information and/or about the other categories of units): this information is available free of charge upon written request sent to the postal address of the Portfolio Management Company: CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15.
This Fund is eligible for the French PEA (plan d'épargne en actions) personal equity plan tax scheme. From 2 December 2013, the Fund will be eligible for an allowance for the duration of the holding period under Article 150-0 D of the French General Tax Code relating to capital gains from the sale of UCI units and/or shares. Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to consult the Fund promoter.
The net asset value is available, each time it is calculated, from the Portfolio Management Company.
The Fund is not available to residents of the United States of America/"U.S. Person" as defined in the legal disclaimer section of the Portfolio Management Company's website: www.cpr-am.com and/or in the Prospectus of the Fund.
Updated details on the management company’s remuneration policy are available on its website or free of charge upon written request to it. In particular, this policy describes the calculation methods applied to the remuneration and benefits of certain categories of employees, the entities responsible for their attribution and the composition of the Remuneration Committee.
CPR Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
This Fund is approved in France and regulated by the French Market Regulator (AMF). CPR Asset Management is accredited in France and regulated by the AMF.
This key investor information is accurate as at 30 April 2018. | en | es |
DOLFIN9507 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Scenarios | If you exit after 1 year | If you exit after 5 years (the recommended holding period) |
| --- | --- | --- |
| Stress scenarios | What you might get back after costs | EUR 6,800 | EUR 4,080 |
| Average return each year | -32.0% | -16.4% |
| Unfavourable scenario | What you might get back after costs | EUR 8,810 | EUR 5,870 |
| Average return each year | -11.9% | -10.1% |
| Moderate scenario | What you might get back after costs | EUR 11,050 | EUR 16,560 |
| Average return each year | 10.5% | 10.6% |
| Favourable scenario | What you might get back after costs | EUR 15,310 | EUR 19,730 |
| Average return each year | 53.1% | 14.6% | | | Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (il periodo di detenzione raccomandato) |
| --- | --- | --- |
| Scenario di stress | Possibile rimborso al netto dei costi | 6.800 USD | 4.080 USD |
| Rendimento medio per ciascun anno | -32,0% | -16,4% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 8.810 USD | 5.870 USD |
| Rendimento medio per ciascun anno | -11,9% | -10,1% |
| Scenario intermedio | Possibile rimborso al netto dei costi | 11.050 USD | 16.560 USD |
| Rendimento medio per ciascun anno | 10,5% | 10,6% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 15.310 USD | 19.730 USD |
| Rendimento medio per ciascun anno | 53,1% | 14,6% | | | Scenarios | If you exit after 1 year | If you exit after 5 years (the recommended holding period) |
| --- | --- | --- |
| Stress scenarios | What you might get back after costs | EUR 6,800 | EUR 4,080 |
| Average return each year | -32.0% | -16.4% |
| Unfavourable scenario | What you might get back after costs | EUR 8,810 | EUR 5,870 |
| Average return each year | -11.9% | -10.1% |
| Moderate scenario | What you might get back after costs | EUR 11,050 | EUR 16,560 |
| Average return each year | 10.5% | 10.6% |
| Favourable scenario | What you might get back after costs | EUR 15,310 | EUR 19,730 |
| Average return each year | 53.1% | 14.6% | | en | it |
DOLFIN9508 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Market Comment
- Reflationary pressures and the cyclical rotation remained pressing topics in Q2. Thehigher growth parts of the market (including the Tech sector), however, regained vigor starting mid-May as the uptrend in the US long-term rates experienced some volatility. Solid M&A dynamism in these fields, along with strong earnings reports, also helped fuel the rebound.
- Global equities ended the quarter up 7.9% (MSCI World). In the US specifically, the S&P 500 index progressed by 8.6% q/q with a noticeable outperformance of the Growth segment over the Value (11.9% q/q for the S&P Growth Index, +7% above the S&P Value Index). Likewise, the S&P 500 Information Technology Index progressed by 11.6% q/q, +3% above the broad S&P 500 index.
- After a bumpy start into Q2, convertible bonds regained ground in the second half of the quarter, buoyed by the rebound in growth stocks and a relative slowdown in the new issuance pace compared to Q1 record levels. The Refinitiv Global Convertible Bond Index (USD hedged) added 3.6% in Q2, driven by the Communication and Information Technology buckets.
- Global convertible bond issuance was strong in the quarter: ICE BofA reported $39.6 billion in new convertibles. The US market topped the list with $15.3bn, bringing year- to-date total volume in the region to $55.9bn, out of which 23% comes from Tech companies (mainly issued in Q1). | # Commentaire de marché
- Les pressions reflationnistes et la rotation cyclique sont restées des sujets pressantsau deuxième trimestre. Les segments à forte croissance du marché (dont le secteur technologique) ont toutefois repris de la vigueur à partir de la mi-mai, la tendance haussière des taux à long terme américains ayant connu une certaine volatilité. Le fort dynamisme des fusions-acquisitions dans ces segments ainsi que de solides rapports sur les bénéfices ont accentué le rebond.
- Les actions globales ont terminé le trimestre en hausse de 7,9% (MSCI World). Aux Etats-Unis en particulier, l’indice S&P 500 a progressé de 8,6% sur le trimestre grâce à une surperformance notable du segment «Growth» par rapport au segment«Value» (11,9% sur le trimestre pour l’indice S&P Growth, surperformant ainsi de 7% l’indice S&P Value). De même, l’indice S&P 500 Information Technology a progressé de 11,6% sur le trimestre, surperformant ainsi de 3% l’indice général S&P 500.
- Après un début de trimestre chaotique, les obligations convertibles ont regagné du terrain en seconde partie de trimestre, portées par le rebond des titres de croissance et un ralentissement relatif du rythme des nouvelles émissions par rapport aux records du premier trimestre. L’indice Refinitiv Global Convertible Bond (USD Hedged) a gagné 3,6% au deuxième trimestre, tiré par les poches Communication et Technologies de l’information.
- Les émissions d’obligations convertibles ont globalement été solides au cours du trimestre: selon l’indice ICE BofA, les nouvelles convertibles se sont chiffrées à USD 39,6 milliards. Le marché américain est en tête de liste avec USD 15,3 milliards, portant le volume total de l’année dans la région à USD 55,9 milliards, dont 23% proviennent d’entreprises technologiques (convertibles principalement émises au premier trimestre). | # Market Comment
- Reflationary pressures and the cyclical rotation remained pressing topics in Q2. Thehigher growth parts of the market (including the Tech sector), however, regained vigor starting mid-May as the uptrend in the US long-term rates experienced some volatility. Solid M&A dynamism in these fields, along with strong earnings reports, also helped fuel the rebound.
- Global equities ended the quarter up 7.9% (MSCI World). In the US specifically, the S&P 500 index progressed by 8.6% q/q with a noticeable outperformance of the Growth segment over the Value (11.9% q/q for the S&P Growth Index, +7% above the S&P Value Index). Likewise, the S&P 500 Information Technology Index progressed by 11.6% q/q, +3% above the broad S&P 500 index.
- After a bumpy start into Q2, convertible bonds regained ground in the second half of the quarter, buoyed by the rebound in growth stocks and a relative slowdown in the new issuance pace compared to Q1 record levels. The Refinitiv Global Convertible Bond Index (USD hedged) added 3.6% in Q2, driven by the Communication and Information Technology buckets.
- Global convertible bond issuance was strong in the quarter: ICE BofA reported $39.6 billion in new convertibles. The US market topped the list with $15.3bn, bringing year- to-date total volume in the region to $55.9bn, out of which 23% comes from Tech companies (mainly issued in Q1). | en | fr |
DOLFIN9509 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'y a pas de garantie de rendement minimum si vous quittez l'activité avant 5 ans. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €5780 | €6120 |
| Rendement annuel moyen | -42.20% | -9.35% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8440 | €8640 |
| Rendement annuel moyen | -15.60% | -2.88% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9630 | €10470 |
| Rendement annuel moyen | -3.70% | 0.92% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11120 | €11020 |
| Rendement annuel moyen | 11.20% | 1.96% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: €10000 En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €5780 | €6120 |
| Rendimiento medio cada año | -42.20% | -9.35% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8440 | €8640 |
| Rendimiento medio cada año | -15.60% | -2.88% |
| Moderado | Lo que podría recibir tras deducir los costes | €9630 | €10470 |
| Rendimiento medio cada año | -3.70% | 0.92% |
| Favorable | Lo que podría recibir tras deducir los costes | €11120 | €11020 |
| Rendimiento medio cada año | 11.20% | 1.96% | | | Période de détention recommandée: 5 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'y a pas de garantie de rendement minimum si vous quittez l'activité avant 5 ans. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €5780 | €6120 |
| Rendement annuel moyen | -42.20% | -9.35% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8440 | €8640 |
| Rendement annuel moyen | -15.60% | -2.88% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9630 | €10470 |
| Rendement annuel moyen | -3.70% | 0.92% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11120 | €11020 |
| Rendement annuel moyen | 11.20% | 1.96% | | fr | es |
DOLFIN9510 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Past Performance
41.2
37.0
50%
2.4
10.6
6.1
25%
-3.3
-7.4
-2.8
0%
- The ongoing charges figure is a fixed-all inclusive charge of the maximum amount that can be charged, above which cap the Investment Manager will absorb any costs.
- The entry and exit charges are the maximum charges and the investors may pay less.
- The fees and charges mentioned in this section exclude portfolio transaction costs.
- For further details on Charges refer to the Prospectus and Supplement of the Fund.
- Past performance is not a reliable guide or an indicator for future performance.
- The value of the Fund is calculated in US Dollars.
- The performance figures are calculated in US Dollars.
- Launch date: 30th October 2014.
-10.4
-8.6
-25%
-50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
D Share MSCI India | # Performances passées
41,2
37,0
50 %
2,4
10,6
6,1
25 %
-3,3
-7,4
-2,8
0 %
- Le montant des frais courants est le montant maximum, fixe et exhaustif, pouvant être facturé, le Gestionnaire de placement assumera les frais dépassant ce plafond.
- Les frais d’entrée et de sortie sont des frais maximaux et les investisseurs peuvent payer moins.
- Les frais et les coûts mentionnés dans cette section ne tiennent pas compte des frais de transaction du portefeuille.
- Pour de plus amples informations sur les Frais, veuillez vous référer au Prospectus et au Supplément du Fonds.
- La performance passée n’est pas un indicateur fiable des performances futures.
- La valeur du Fonds est calculée en Dollars US.
- La performance est calculée en Dollars US.
- Date de lancement : 30 octobre 2014.
-10,4
-8,6
-25 %
-50 %
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Action D MSCI India | # Past Performance
41.2
37.0
50%
2.4
10.6
6.1
25%
-3.3
-7.4
-2.8
0%
- The ongoing charges figure is a fixed-all inclusive charge of the maximum amount that can be charged, above which cap the Investment Manager will absorb any costs.
- The entry and exit charges are the maximum charges and the investors may pay less.
- The fees and charges mentioned in this section exclude portfolio transaction costs.
- For further details on Charges refer to the Prospectus and Supplement of the Fund.
- Past performance is not a reliable guide or an indicator for future performance.
- The value of the Fund is calculated in US Dollars.
- The performance figures are calculated in US Dollars.
- Launch date: 30th October 2014.
-10.4
-8.6
-25%
-50%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
D Share MSCI India | en | fr |
DOLFIN9511 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Things you should know
The fund allows for the extensive use of derivatives.
Performance is stated in the share class currency, which may differ from your domestic currency. As a result, the return may rise or fall due to currency movements. | # Cose da sapere
Per questo Fondo è consentito un ampio ricorso ai derivati.
Le performance sono indicate nella valuta della classe di azioni, che può differire dalla valuta locale. Di conseguenza, il rendimento può aumentare o diminuire in base alle fluttuazioni valutarie. | # Things you should know
The fund allows for the extensive use of derivatives.
Performance is stated in the share class currency, which may differ from your domestic currency. As a result, the return may rise or fall due to currency movements. | en | it |
DOLFIN9512 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 428 EUR | 1,105 EUR |
| Annual cost impact (*) | 4.3% | 2.0% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 3,8 % before costs and 1,5 % after costs. | # Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 428 EUR | 1,105 EUR |
| Incidence des coûts annuels (*) | 4.3% | 2.0% chaque année |
Ceci illustre comment les coûts réduisent votre rendement chaque année tout au long de la période de détention. Cela montre par exemple que si vous sortez au terme de la période de détention recommandée, votre rendement moyen par an devrait être de 3,8% avant imputation des coûts et de 1,5% après imputation des coûts. | # The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 428 EUR | 1,105 EUR |
| Annual cost impact (*) | 4.3% | 2.0% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 3,8 % before costs and 1,5 % after costs. | en | fr |
DOLFIN9513 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## RISKS GENERAL
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Equity investments entail equity risk and price volatility risk. The value of stocks and other equity securities will change based on changes in a company’s financial condition and in overall market and economic conditions. Funds investing in mid and small cap companies involve special risks including higher volatility and lower liquidity. The Fund may be susceptible to the impact of market, economic, regulatory, and other factors affecting the technology sector because of its concentrated investments in companies expected to benefit from the rising influence of artificial intelligence. At times of such impact, the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying sectors. The Fund may be more susceptible to any single economic, political or regulatory event than a diversified fund because a higher percentage of the Fund’s assets may be invested in the securities of a limited number of issuers. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among others, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, and regional economic volatility.
This marketing document is issued by TCW Funds (the “Fund”). It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the Fund’s prospectus, key investor information documents, articles of incorporation, annual and semi-annual reports (if any) may be relied upon as the basis for investment decisions. These documents and other information regarding the Fund are available at no cost on www.fundsquare.net, www.TCW.com, or at TCW Funds, 3, rue Jean Piret, L-2350 Luxembourg. The Fund has been set up under the laws of the Grand-Duchy of Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments. Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. The Fund has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional. | ## RISCHIO GENERALI
La Classe di Azioni viene assegnata a questa categoria di rischio per via delle variazioni di prezzo risultanti dalla valuta, dalla natura degli investimenti e della strategia del Comparto. Il rating sopra riportato è basato sulla volatilità storica della Classe di Azioni e può non costituire un indicatore affidabile del futuro profilo di rischio della Classe di Azioni stessa. La categoria di rischio e rendimento riportata potrebbe non rimanere invariata e cambiare nel tempo. L’appartenenza alla categoria più bassa non garantisce un investimento esente da rischi.
Gli investimenti azionari comportano un rischio azionario e un rischio di volatilità dei prezzi. Il valore delle azioni e degli altri valori mobiliari cambierà in base alle variazioni della salute finanziaria di un’impresa e delle condizioni economiche e di mercato complessive. I fondi che investono in società a media e bassa capitalizzazione comportano rischi particolari, tra cui una maggiore volatilità e una minore liquidità. Il Fondo potrà essere esposto all’impatto di fattori di mercato, economici, normativi e di altro tipo che influenzano il settore tecnologico a causa della sua concentrazione degli investimenti in società che si prevede beneficeranno della crescente influenza dell’intelligenza artificiale. Al verificarsi di tale impatto, il valore del Fondo potrà registrare fluttuazioni più ampie rispetto a un fondo che distribuisce maggiormente gli investimenti in settori diversi. Il Fondo potrà essere più sensibile a un singolo evento economico, politico o regolamentare rispetto ad un fondo diversificato, poiché una percentuale più elevata del patrimonio del Fondo potrebbe essere investita nei titoli di un numero limitato di emittenti. Gli investimenti in titoli esteri possono comportare maggiori rischi rispetto agli investimenti in titoli statunitensi a causa, fra l’altro, di: una minore disponibilità di informazioni pubbliche, principi contabili, di revisione e di informativa finanziaria meno rigorosi e meno uniformi, mercati meno liquidi e più volatili, maggiori costi di transazione e di custodia, tasse aggiuntive, una minore protezione degli investitori, pagamenti ritardati o meno frequenti, instabilità politica o sociale, disordini civili, atti di terrorismo e volatilità economica regionale.
Questo documento di marketing è pubblicato da TCW Funds (il “Fondo”). Non è diretto a, né destinato alla distribuzione o all’uso da parte di, persone o entità che siano cittadini o residenti di, o domiciliati in, qualsiasi località, Stato, paese o giurisdizione in cui tale distribuzione, pubblicazione, disponibilità o utilizzo siano contrari a leggi o regolamenti. Solo le versioni più recenti del prospetto, dei documenti contenenti le informazioni chiave per gli investitori, dello statuto e delle (eventuali) relazioni annuali e semestrali del Fondo potranno costituire una base affidabile per ogni decisione di investimento. Questi documenti e altre informazioni relative al Fondo sono gratuitamente disponibili su www.fundsquare.net e www.TCW.com, o presso il seguente indirizzo: TCW Funds, 3, rue Jean Piret, L-2350 Lussemburgo. Il Fondo è stato istituito ai sensi delle leggi del Granducato del Lussemburgo.
Le informazioni e i dati presentati in questo documento non devono essere considerati come un’offerta o una sollecitazione all’acquisto, alla vendita o alla sottoscrizione di titoli o strumenti finanziari. Le informazioni, opinioni e stime contenute nel presente documento riflettono un’opinione formulata alla data originaria di pubblicazione e sono soggette a modifiche senza preavviso. Il fondo non ha assunto alcuna iniziativa volta ad assicurarsi che i titoli cui viene fatto riferimento nel presente documento siano idonei a specifici investitori e l’utilizzo del presente documento non potrà quindi sostituirsi all’esercizio indipendente della capacità di giudizio. Il trattamento fiscale dipende dalle specifica situazione di ciascun investitore e potrà essere soggetto a future modifiche. Prima di assumere qualsiasi decisione di investimento, si raccomanda agli investitori di verificare l’idoneità dell’investimento in funzione delle conoscenze e competenze finanziarie, degli obiettivi di investimento e della situazione finanziaria personale, o di richiedere una consulenza specifica a un professionista di fiducia. | ## RISKS GENERAL
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Equity investments entail equity risk and price volatility risk. The value of stocks and other equity securities will change based on changes in a company’s financial condition and in overall market and economic conditions. Funds investing in mid and small cap companies involve special risks including higher volatility and lower liquidity. The Fund may be susceptible to the impact of market, economic, regulatory, and other factors affecting the technology sector because of its concentrated investments in companies expected to benefit from the rising influence of artificial intelligence. At times of such impact, the value of the Fund may fluctuate more widely than it would for a fund that invests more broadly across varying sectors. The Fund may be more susceptible to any single economic, political or regulatory event than a diversified fund because a higher percentage of the Fund’s assets may be invested in the securities of a limited number of issuers. Investments in foreign securities may involve greater risks than investing in U.S. securities due to, among others, less publicly available information, less stringent and less uniform accounting, auditing and financial reporting standards, less liquid and more volatile markets, higher transaction and custody costs, additional taxes, less investor protection, delayed or less frequent settlement, political or social instability, civil unrest, acts of terrorism, and regional economic volatility.
This marketing document is issued by TCW Funds (the “Fund”). It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the Fund’s prospectus, key investor information documents, articles of incorporation, annual and semi-annual reports (if any) may be relied upon as the basis for investment decisions. These documents and other information regarding the Fund are available at no cost on www.fundsquare.net, www.TCW.com, or at TCW Funds, 3, rue Jean Piret, L-2350 Luxembourg. The Fund has been set up under the laws of the Grand-Duchy of Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments. Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. The Fund has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional. | en | it |
DOLFIN9514 | Translate the following text in en into it. 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 |
| --- | --- | --- |
| Total costs | 199 EUR | 1,327 EUR |
| Annual cost impact (*) | 2.0% | 2.1% | | | Investimento: 10.000 EUR | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 199 EUR | 1.327 EUR |
| Incidenza annuale dei costi (*) | 2,0% | 2,1% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 199 EUR | 1,327 EUR |
| Annual cost impact (*) | 2.0% | 2.1% | | en | it |
DOLFIN9515 | 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
document d’informations clés.
Ce PRIIP est autorisé au Luxembourg.
Eleva Capital S.A.S est agréée en France et réglementée par l'Autorité des Marchés Financiers (AMF).
30 septembre 2022
Eleva Sustainable Impact Europe Fund est un compartiment de la SICAV « Eleva UCITS Fund »
## Durée
Ce Fonds est ouvert.
## Objectifs
Le Fonds cherche à obtenir des rendements supérieurs ajustés en fonction du risque à long terme et une croissance du capital en investissant principalement dans des actions européennes (c.-à-d. dans l’Espace économique européen, le Royaume-Uni et la Suisse). Le Fonds est un Fonds ISR (Investissement socialement responsable) en ce sens qu’il intègre systématiquement et simultanément des critères Environnementaux, sociaux et de gouvernance (ESG) contraignants dans le processus de gestion des investissements. Il favorise une combinaison de caractéristiques ESG et a un objectif de durabilité. Il s’agit d’un produit relevant de l’article 9 du SFDR. Ce Compartiment ne détient pas de Label ISR en France. Il convient d’attirer l’attention de l’investisseur sur le fait que son investissement dans le Compartiment ne génère pas d’impact direct sur l’environnement et la société, mais que le Compartiment cherche à sélectionner et à investir dans des sociétés qui répondent aux critères précis définis dans la politique d’investissement. L’objectif non financier principal du Compartiment est d’investir dans des sociétés générant une contribution positive sur les questions sociales et/ou environnementales par le biais des produits et/ou services qu’elles vendent. Le Fonds met en œuvre plusieurs approches durables, telles que définies par la Global Sustainable Investment Alliance : filtrage d’exclusion et basé sur des normes, filtrage ESG positif (c.-à-d. les meilleurs de l’univers ; l’univers d’investissement initial est composé de toutes les sociétés cotées en Europe ayant une note ESG, soit environ 1 400 sociétés) et investissement à impact. Le processus d’investissement du Compartiment compte 4 étapes : 1/ exclusion stricte des sociétés ayant un impact négatif significatif sur des facteurs ESG spécifiques ; 2/ filtrage ESG positif conduisant à la sélection des sociétés ayant une note ESG minimum de 60/100. Un outil exclusif est utilisé pour analyser et noter en interne les entreprises sur des critères ESG. Si une notation ESG interne n’est pas disponible pour une société à ce stade du processus, les données ESG d’un seul fournisseur externe peuvent être utilisées pour la notation ESG. Le fonds réduit son univers d’investissement ESG par rapport à son univers d’investissement initial d’au moins 25 % (c.-à-d. une élimination des émetteurs correspondant aux 25 % les plus mauvais) aux étapes 1 et 2. 100 % des sociétés du portefeuille sont notées sur des critères ESG. Ils comprennent, entre autres, la gouvernance (diversité du Conseil d’administration), les critères sociaux (rétention des employés) et environnementaux (performance environnementale) ; 3/ la sélection des entreprises dont les produits/services sont considérés comme apportant une contribution positive sur les questions sociales et/ou environnementales (au moins 20 % des ventes). Ces questions ont été définies à l’aide d’un outil exclusif fondé sur le cadre des Objectifs de développement durable des Nations unies ; 4/ analyse financière fondamentale, liquidité, indicateurs d’évaluation et note ESG avec la méthodologie d’ELEVA si cela n’a pas déjà été fait à l’étape 2. Le Fonds est géré activement en référence à l’indice Stoxx Europe 600 EUR (Net Return). Cependant, la Société de gestion n’est pas contrainte par l’Indice de référence concerné dans ses décisions d’investissement ; elle est libre de sélectionner des titres qui font partie ou non de l’Indice de référence pertinent. Les participations du Compartiment et la pondération des titres du portefeuille s’écarteront par conséquent de la composition de l’Indice de référence pertinent. L’Indice de référence pertinent n’est pas cohérent avec les facteurs ESG pris en compte par le Fonds. La stratégie d’investissement peut générer des biais sectoriels par rapport à l’Indice de référence pertinent (surpondérations ou sous-pondérations de certains secteurs). L’Indice de référence pertinent a été choisi en interne pour la comparaison des performances, notamment pour le calcul des commissions de performance et à des fins de mesure des risques. Le fournisseur de l’Indice de référence pertinent est autorisé par l’AEMF (Autorité européenne des marchés financiers). L’Indice de référence pertinent représente les sociétés à grande, moyenne et petite capitalisation dans 17 pays de la région européenne. Dans la gestion du Fonds, la Société de gestion investira uniquement à titre accessoire dans des IFD tels que des contrats à terme sur indices ou sectoriels, des options sur titres et éventuellement des CFD (Contrats sur différences), à des fins de couverture ou d’efficacité de gestion de portefeuille. Cela ne doit pas avoir pour conséquence de fausser de manière significative ou durable la politique ESG du Fonds. Dépositaire : Les actifs du Fonds sont détenus auprès de HSBC Continental Europe, au Luxembourg, et sont séparés des actifs des autres compartiments de la Société. Informations supplémentaires et disponibilité des cours : De plus amples informations sur la Société (notamment le Prospectus actuel et le Rapport annuel le plus récent) sont disponibles en anglais, et des informations sur le Fonds et d’autres Catégories de Parts (notamment les derniers cours des parts et les versions traduites du présent document) sont disponibles gratuitement sur www.elevacapital.com ou en faisant une demande écrite à la Société de gestion, 32 rue de Monceau, 75008 Paris, France ou en envoyant un e-mail à [email protected].
## Investisseur de détail visé
Le Fonds convient aux investisseurs qui recherchent une croissance du capital sur une période d’investissement d’au moins 5 ans et qui souhaitent s’exposer à des actions ciblées et des investissements similaires du type décrit dans la politique d’investissement susmentionnée. Le Fonds peut ne pas convenir aux investisseurs en dehors du marché ciblé. | # ¿Qué es este producto?
## Tipo
este documento de datos fundamentales. Este PRIIP está autorizado en Luxemburgo.
Eleva Capital S.A.S está autorizada en Francia y está regulada por Autorité des Marchés Financiers (AMF).
30 septiembre 2022
Eleva Sustainable Impact Europe Fund es un subfondo de la SICAV «Eleva UCITS Fund»
## Plazo
Este Fondo es abierto.
## Objetivos
El Fondo trata de lograr rentabilidades ajustadas al riesgo a largo plazo superiores y crecimiento del capital mediante la inversión principalmente en acciones europeas (es decir, del Espacio Económico Europeo, Reino Unido y Suiza). El Fondo es un fondo de inversión socialmente responsable (ISR) que integra de forma sistemática y simultánea criterios ambientales, sociales y de gobernanza (ASG) vinculantes en el proceso de gestión de inversiones. Promueve una combinación de características ASG y tiene un objetivo de sostenibilidad. Se trata de un producto incluido en el artículo 9 del SFDR. Este Subfondo posee sello ISR en Francia. Se llama la atención del inversor sobre el hecho de que su inversión en el Subfondo no genera un efecto directo en el medioambiente y la sociedad, sino que el Subfondo pretende seleccionar e invertir en empresas que cumplan los criterios precisos definidos en la política de inversión. El principal objetivo no financiero del Subfondo es invertir en empresas que generen una contribución positiva en cuestiones sociales y/o medioambientales a través de los productos y/o servicios que venden. El Fondo implementa varios enfoques sostenibles, según la definición de la Global Sustainable Investment Alliance: la selección por criterios de exclusión y basada en normas, la selección positiva por criterios ASG (es decir, las mejores dentro del universo: el universo de inversión inicial está compuesto por todas las empresas que cotizan en Europa con una puntuación ASG, alrededor de 1400 empresas) y la inversión de impacto. El proceso de inversión del Subfondo consta de 4 pasos: 1/ exclusión estricta de empresas que tienen un impacto negativo significativo en factores ASG específicos; 2/ selección positiva por criterios ASG que conduce a la selección de empresas con una puntuación ASG mínima de 60/100. Se utiliza una herramienta propia para analizar y puntuar a nivel interno a las empresas según los criterios ASG. Si una puntuación ASG interna no está disponible para una empresa en esta etapa del proceso, se pueden utilizar los datos ASG de un único proveedor externo para la puntuación ASG. El fondo reduce su universo de inversión ASG en comparación con su universo de inversión inicial en al menos un 25 % (es decir, se elimina del 25 % de los peores emisores) según los pasos 1 y 2. El 100 % de las empresas de la cartera tienen asignada una puntuación relativa a criterios ASG. Estos criterios incluyen, entre otros, la gobernanza (diversidad del Consejo), cuestiones sociales (retención de empleados) y medioambientales (rendimiento medioambiental); 3/ selección de empresas cuyos productos/servicios se considere que realizan una contribución positiva en cuestiones sociales y/o medioambientales (al menos el 20 % de las ventas). Estas cuestiones se han definido utilizando una herramienta propia basada en el marco de los Objetivos de Desarrollo Sostenible de las Naciones Unidas; 4/ análisis financiero fundamental, liquidez, métricas de valoración y puntuación ASG con la metodología de ELEVA si no se ha hecho ya en el paso 2. El Fondo se gestiona activamente con referencia al índice Stoxx Europe 600 EUR (Net Return). Sin embargo, la Sociedad Gestora no está limitada por el índice de referencia pertinente en sus decisiones de inversión; es libre de seleccionar valores que formen parte o no del índice de referencia correspondiente. Las posiciones del Subfondo y las ponderaciones de los valores en la cartera se desviarán en consecuencia de la composición del índice de referencia correspondiente. El índice de referencia correspondiente no es coherente con los factores ASG que tiene en cuenta el Fondo. La estrategia de inversión puede generar sesgos sectoriales en comparación con las sobreponderaciones o infraponderaciones de algunos sectores en el índice de referencia. El índice de referencia correspondiente se ha elegido a nivel interno para la comparación del rendimiento, incluido el cálculo de las comisiones de resultados y los fines de medición del riesgo. El proveedor del índice de referencia correspondiente está autorizado por la ESMA. El índice de referencia correspondiente es una representación de empresas de capitalización grandes, medianas y pequeñas de 17 países de la región europea. En la gestión del Fondo, la Sociedad Gestora solo invertirá con carácter accesorio en IFD, como futuros sobre índices o sectores, opciones sobre valores y posiblemente CFD, con fines de cobertura o de gestión eficiente de la cartera. Esto no debe tener la consecuencia de distorsionar de forma sustancial o duradera la política ASG del Fondo. Custodio: Los activos de los Fondos se mantienen en HSBC Continental Europe, Luxemburgo y están segregados de los activos de otros subfondos de la Sociedad. Más información y disponibilidad de precios: Puede consultar más información sobre la Sociedad (incluido el folleto actual y el último informe anual) en inglés, así como información sobre el Fondo y otras clases de acciones (incluida la última cotización de las acciones y las versiones traducidas de este documento), de forma gratuita en www.elevacapital.com o previa solicitud por escrito a la Sociedad Gestora, 32 rue de Monceau, 75008, París, Francia, o por correo electrónico a [email protected].
## Inversor minorista al que va dirigido
El Fondo es adecuado para inversores que buscan un crecimiento del capital durante un período de inversión de al menos 5 años y que deseen obtener exposición a las acciones objetivo e inversiones similares del tipo descrito en la política de inversión indicada anteriormente. Es posible que el Fondo no sea adecuado para inversores fuera del mercado objetivo. | # En quoi consiste ce produit ?
## Type
document d’informations clés.
Ce PRIIP est autorisé au Luxembourg.
Eleva Capital S.A.S est agréée en France et réglementée par l'Autorité des Marchés Financiers (AMF).
30 septembre 2022
Eleva Sustainable Impact Europe Fund est un compartiment de la SICAV « Eleva UCITS Fund »
## Durée
Ce Fonds est ouvert.
## Objectifs
Le Fonds cherche à obtenir des rendements supérieurs ajustés en fonction du risque à long terme et une croissance du capital en investissant principalement dans des actions européennes (c.-à-d. dans l’Espace économique européen, le Royaume-Uni et la Suisse). Le Fonds est un Fonds ISR (Investissement socialement responsable) en ce sens qu’il intègre systématiquement et simultanément des critères Environnementaux, sociaux et de gouvernance (ESG) contraignants dans le processus de gestion des investissements. Il favorise une combinaison de caractéristiques ESG et a un objectif de durabilité. Il s’agit d’un produit relevant de l’article 9 du SFDR. Ce Compartiment ne détient pas de Label ISR en France. Il convient d’attirer l’attention de l’investisseur sur le fait que son investissement dans le Compartiment ne génère pas d’impact direct sur l’environnement et la société, mais que le Compartiment cherche à sélectionner et à investir dans des sociétés qui répondent aux critères précis définis dans la politique d’investissement. L’objectif non financier principal du Compartiment est d’investir dans des sociétés générant une contribution positive sur les questions sociales et/ou environnementales par le biais des produits et/ou services qu’elles vendent. Le Fonds met en œuvre plusieurs approches durables, telles que définies par la Global Sustainable Investment Alliance : filtrage d’exclusion et basé sur des normes, filtrage ESG positif (c.-à-d. les meilleurs de l’univers ; l’univers d’investissement initial est composé de toutes les sociétés cotées en Europe ayant une note ESG, soit environ 1 400 sociétés) et investissement à impact. Le processus d’investissement du Compartiment compte 4 étapes : 1/ exclusion stricte des sociétés ayant un impact négatif significatif sur des facteurs ESG spécifiques ; 2/ filtrage ESG positif conduisant à la sélection des sociétés ayant une note ESG minimum de 60/100. Un outil exclusif est utilisé pour analyser et noter en interne les entreprises sur des critères ESG. Si une notation ESG interne n’est pas disponible pour une société à ce stade du processus, les données ESG d’un seul fournisseur externe peuvent être utilisées pour la notation ESG. Le fonds réduit son univers d’investissement ESG par rapport à son univers d’investissement initial d’au moins 25 % (c.-à-d. une élimination des émetteurs correspondant aux 25 % les plus mauvais) aux étapes 1 et 2. 100 % des sociétés du portefeuille sont notées sur des critères ESG. Ils comprennent, entre autres, la gouvernance (diversité du Conseil d’administration), les critères sociaux (rétention des employés) et environnementaux (performance environnementale) ; 3/ la sélection des entreprises dont les produits/services sont considérés comme apportant une contribution positive sur les questions sociales et/ou environnementales (au moins 20 % des ventes). Ces questions ont été définies à l’aide d’un outil exclusif fondé sur le cadre des Objectifs de développement durable des Nations unies ; 4/ analyse financière fondamentale, liquidité, indicateurs d’évaluation et note ESG avec la méthodologie d’ELEVA si cela n’a pas déjà été fait à l’étape 2. Le Fonds est géré activement en référence à l’indice Stoxx Europe 600 EUR (Net Return). Cependant, la Société de gestion n’est pas contrainte par l’Indice de référence concerné dans ses décisions d’investissement ; elle est libre de sélectionner des titres qui font partie ou non de l’Indice de référence pertinent. Les participations du Compartiment et la pondération des titres du portefeuille s’écarteront par conséquent de la composition de l’Indice de référence pertinent. L’Indice de référence pertinent n’est pas cohérent avec les facteurs ESG pris en compte par le Fonds. La stratégie d’investissement peut générer des biais sectoriels par rapport à l’Indice de référence pertinent (surpondérations ou sous-pondérations de certains secteurs). L’Indice de référence pertinent a été choisi en interne pour la comparaison des performances, notamment pour le calcul des commissions de performance et à des fins de mesure des risques. Le fournisseur de l’Indice de référence pertinent est autorisé par l’AEMF (Autorité européenne des marchés financiers). L’Indice de référence pertinent représente les sociétés à grande, moyenne et petite capitalisation dans 17 pays de la région européenne. Dans la gestion du Fonds, la Société de gestion investira uniquement à titre accessoire dans des IFD tels que des contrats à terme sur indices ou sectoriels, des options sur titres et éventuellement des CFD (Contrats sur différences), à des fins de couverture ou d’efficacité de gestion de portefeuille. Cela ne doit pas avoir pour conséquence de fausser de manière significative ou durable la politique ESG du Fonds. Dépositaire : Les actifs du Fonds sont détenus auprès de HSBC Continental Europe, au Luxembourg, et sont séparés des actifs des autres compartiments de la Société. Informations supplémentaires et disponibilité des cours : De plus amples informations sur la Société (notamment le Prospectus actuel et le Rapport annuel le plus récent) sont disponibles en anglais, et des informations sur le Fonds et d’autres Catégories de Parts (notamment les derniers cours des parts et les versions traduites du présent document) sont disponibles gratuitement sur www.elevacapital.com ou en faisant une demande écrite à la Société de gestion, 32 rue de Monceau, 75008 Paris, France ou en envoyant un e-mail à [email protected].
## Investisseur de détail visé
Le Fonds convient aux investisseurs qui recherchent une croissance du capital sur une période d’investissement d’au moins 5 ans et qui souhaitent s’exposer à des actions ciblées et des investissements similaires du type décrit dans la politique d’investissement susmentionnée. Le Fonds peut ne pas convenir aux investisseurs en dehors du marché ciblé. | fr | es |
DOLFIN9516 | 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 seeks to maximise total return by investing primarily though not exclusively in investment grade debt securities, both fixed and floating rate, of issuers located in any geographic region. The Fund may invest up to 20% of its total assets in debt securities rated below investment grade. The investment manager will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund.
Investments will generally consist of debt securities issued or guaranteed by governments or their agencies, supranationals and corporations (including transferable loan participation notes), as well as agency and non-agency mortgage backed securities and asset backed securities.
The Fund may hold money market instruments, and other UCITS and may also use derivative instruments to obtain both long and short exposures for investment and hedging purposes and for investment efficiency.
## Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 months.
## Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund | # Objetivos y política de inversión
El Fondo pretende maximizar la rentabilidad total invirtiendo principalmente, si bien no de forma exclusiva, en títulos de deuda con calificación "investment grade" (grado de inversión), ya sea de tipo fijo o variable, de emisores situados en cualquier región geográfica. El Fondo podrá invertir hasta el 20% de su patrimonio total en títulos de deuda pública con una calificación inferior a "investment grade". El gestor de inversiones seleccionará, comprará y venderá valores de forma activa con el propósito de cumplir los objetivos de inversión del Fondo.
Por regla general, las inversiones consistirán en títulos de deuda emitidos o garantizados por gobiernos o por agencias gubernamentales, organizaciones supranacionales y empresas (incluidos títulos de participación en deuda transferibles, o transferable loan participation notes), así como bonos de titulización hipotecaria y de titulización de activos emitidos por agencias y no emitidos por agencias.
El Fondo puede invertir en instrumentos del mercado monetario y en otros OICVM, y también puede emplear instrumentos derivados para obtener exposiciones tanto largas como cortas con fines de inversión y de cobertura, así como de eficiencia de las inversiones.
## Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 12 meses.
## Sus acciones son de acumulación, lo que significa que los ingresos y las ganancias del Fondo se reinvertirán para aumentar el valor del Fondo. | # Objectives and investment policy
The Fund seeks to maximise total return by investing primarily though not exclusively in investment grade debt securities, both fixed and floating rate, of issuers located in any geographic region. The Fund may invest up to 20% of its total assets in debt securities rated below investment grade. The investment manager will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund.
Investments will generally consist of debt securities issued or guaranteed by governments or their agencies, supranationals and corporations (including transferable loan participation notes), as well as agency and non-agency mortgage backed securities and asset backed securities.
The Fund may hold money market instruments, and other UCITS and may also use derivative instruments to obtain both long and short exposures for investment and hedging purposes and for investment efficiency.
## Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 months.
## Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund | en | es |
DOLFIN9517 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### No significant harm to the sustainable investment objective
The portfolio holdings aim not to cause significant harm to other sustainable investment objectives in the following ways. The investment process of the sub-fund follows a rigorous multi-stage ESG screening process, as described in the policy on sustainable and responsible investment and in "Investment strategy" and "Investment selection methodology" below.
Through a combination of screening and best-in-class approaches, as well as the qualitative fundamental approach and engagement with companies described below, the portfolio aims to minimise the potential negative impact of its investments and maximise the net positive impact it aims to achieve by investing in solutions to sustainability issues. | ###### Pas de préjudice important à l’objectif d’investissement durable
Les avoirs dans le portefeuille visent à ne pas causer de préjudice important à d’autres objectifs d’investissement durable de la manière suivante. Le processus d’investissement du compartiment suit un processus de screening ESG rigoureux en plusieurs étapes, telles que décrites dans la politique d’investissements responsables et durables et dans la stratégie d’investissement et dans la méthodologie de sélection d’investissements ci-dessous.
Via la combinaison d’approches reposant sur le filtrage et l’approche « best-in class » mais aussi l’approche fondamentale qualitative et l’engagement avec les entreprises telles que décrites ci-dessous, le portefeuille vise à réduire au maximum l’impact négatif potentiel de ses investissements et à optimiser l’impact positif net qu’il vise en investissant dans des solutions aux enjeux de développement durable. | ###### No significant harm to the sustainable investment objective
The portfolio holdings aim not to cause significant harm to other sustainable investment objectives in the following ways. The investment process of the sub-fund follows a rigorous multi-stage ESG screening process, as described in the policy on sustainable and responsible investment and in "Investment strategy" and "Investment selection methodology" below.
Through a combination of screening and best-in-class approaches, as well as the qualitative fundamental approach and engagement with companies described below, the portfolio aims to minimise the potential negative impact of its investments and maximise the net positive impact it aims to achieve by investing in solutions to sustainability issues. | en | fr |
DOLFIN9518 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The index is defined after application of the various filters and restrictions, which are reviewed at each half-yearly review of the index. No guarantee is given with regard to the compliance of certain filters at any time, in particular with respect to the maintenance of the positive ESG rating between two rebalances. If a company is involved in a controversy between two rebalances of the index, it will be automatically excluded at the next review.
Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all ECPI indices, can be found at www.ecpigroup.com.
The subject product is not sponsored, endorsed, sold or promoted by ECPI and ECPI does not make any representation or warranty, express or implied, or accepts any responsibility, regarding the accuracy or completeness of any materials describing this product or the results to be obtained from purchasing this product, or the advisability of investing in securities, or in futures, or other product, or in this product particularly. Before investing in a product, please read the latest prospectus carefully and thoroughly. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient.
Additional information on the Reference Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the ECPI indices can be found on www.ecpigroup.com. | L’indice est défini après application des différents filtres et restrictions, qui sont passés en revue lors du réexamen semestriel de l’indice. Il n’est donné aucune garantie en ce qui concerne la conformité de certains filtres à tout moment, notamment en ce qui concerne le maintien d’une note ESG positive entre deux rebalancements. Si une entreprise est impliquée dans une controverse entre deux rebalancements de l’indice, elle sera automatiquement exclue lors du prochain examen.
De plus amples informations sur l’indice, sa composition, son calcul et les règles de contrôle et de rebalancement périodique, ainsi que des informations sur la méthodologie générale commune à tous les indices ECPI sont disponibles sur le site Internet www.ecpigroup.com.
Le produit n’est pas sponsorisé, cautionné, vendu ou promu par ECPI, qui ne prend aucun engagement ni ne donne de garantie, explicite ou implicite, ou décline toute responsabilité quant à l’exactitude ou au caractère exhaustif des documents décrivant ce produit ou aux résultats qui seront obtenus en achetant ce produit, ou la pertinence d’investir dans des titres, ou dans des contrats à terme, ou un autre produit, ou dans ce produit en particulier. Avant d’investir dans un produit, nous vous invitons à lire attentivement et consciencieusement le dernier prospectus. Les informations qui y figurent ne sauraient être considérées comme une sollicitation ou une offre pour acheter ou vendre des titres ou des instruments financiers associés. Les performances passées ne constituent pas un indicateur des performances futures. Les performances indiquées ne tiennent pas compte des commissions et des frais facturés lors de la souscription et du rachat de parts. Les commissions et les frais ont un impact négatif sur la performance. Ces informations ne tiennent pas compte des objectifs d’investissement, de la situation financière ou fiscale ou des besoins particuliers ou futurs d’un destinataire en particulier.
De plus amples informations sur l’indice de référence, sa composition, son calcul et les règles de contrôle et de rebalancement périodiques, ainsi que sur la méthodologie générale commune à tous les indices ECPI, figurent sur le site Internet www.ecpigroup.com. | The index is defined after application of the various filters and restrictions, which are reviewed at each half-yearly review of the index. No guarantee is given with regard to the compliance of certain filters at any time, in particular with respect to the maintenance of the positive ESG rating between two rebalances. If a company is involved in a controversy between two rebalances of the index, it will be automatically excluded at the next review.
Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all ECPI indices, can be found at www.ecpigroup.com.
The subject product is not sponsored, endorsed, sold or promoted by ECPI and ECPI does not make any representation or warranty, express or implied, or accepts any responsibility, regarding the accuracy or completeness of any materials describing this product or the results to be obtained from purchasing this product, or the advisability of investing in securities, or in futures, or other product, or in this product particularly. Before investing in a product, please read the latest prospectus carefully and thoroughly. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient.
Additional information on the Reference Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the ECPI indices can be found on www.ecpigroup.com. | en | fr |
DOLFIN9519 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
## Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
The risk indicator assumes that you will hold the product for at least 1 years.
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 2 out of 7, which is a low risk class. In other words, the potential losses related to the future performance of the product are low.
Investing in this product also entails risks that are materially relevant but not included in the risk indicator:
Concentration risk: As the portfolio of the sub-fund is mainly composed of debt securities issued or guaranteed by European companies, it is likely to be more specifically exposed to the economic performance of Europe.
Liquidity risk: The investments mainly in investment grade bonds are considered to be readily marketable. Liquidity may fall during periods of market tension and transaction costs may rise significantly.
Inflation risk: The sub-fund invests primarily in fixed income securities. A rise in inflation could cause the value of the assets in the portfolio to fall.
Sustainability risk: Environmental and/or social aspects are taken into consideration during the sub-fund's investment selection process.
Nevertheless, the risk of sustainability remains. As a result, the fund may have greater exposure to companies that have a negative sustainability impact.
This product does not include any protection from future market performance so you could lose some or all of your investment.
## Performance Scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product and/or a suitable benchmark over the last 10 years.
Markets could develop very differently in the future.
Minimum There is no minimum guaranteed return. You could lose some or all of your investment.
What you might get back after costs 9 860 EUR
Stress
Unfavourable
Moderate
Favourable
Average return each year -1.39%
What you might get back after costs 9 880 EUR
Average return each year -1.21%
What you might get back after costs 9 960 EUR
Average return each year -0.40%
What you might get back after costs 10 040 EUR
Average return each year 0.40%
The figures shown include all costs of the product itself, but not necessarily all fees related to distribution. These figures do not take into account your personal tax situation, which may also affect the amounts you will receive.
The stress scenario shows what you might get back in extreme market circumstances. Your maximum loss cannot exceed the amount of your initial investment.
Unfavourable scenario: this type of scenario occurred for an investment between 09 2021 et 09 2022. Moderate scenario: this type of scenario occurred for an investment between 01 2017 and 01 2018. Favourable scenario: this type of scenario occurred for an investment between 06 2013 and 06 2014. | # Quali sono i rischi e qual è il potenziale rendimento?
## Indicatore di rischio
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Rischio più basso Rischio più alto
L'indicatore di rischio presuppone che il prodotto sia detenuto per almeno 1 anno.
Il rischio effettivo può essere molto diverso se si sceglie di disinvestire prima della scadenza e si può ottenere un rendimento inferiore.
L'indicatore sintetico di rischio è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
Abbiamo classificato questo prodotto al livello 2 su 7, che corrisponde alla classe di rischio bassa. Ciò significa che le perdite potenziali dovute alla performance futura del prodotto sono classificate nel livello basso.
## Performance Scenari
L'investimento in questo prodotto comporta anche rischi particolarmente rilevanti ma non compresi nell'indicatore di rischio:
Rischio di concentrazione: essendo composto principalmente da titoli di credito emessi o garantiti da società europee, il portafoglio del comparto può essere esposto più specificamente alle performance economiche dell'Europa.
Rischio di liquidità: il fondo è investito principalmente in obbligazioni societarie di qualità investment grade, a breve scadenza, considerate come facilmente negoziabili. La liquidità può diminuire nei periodi di tensione sui mercati e i costi di negoziazione possono aumentare notevolmente.
Rischio di inflazione: il comparto investe principalmente in obbligazioni. Un aumento dell'inflazione potrebbe far scendere il valore degli attivi del portafoglio.
Rischio di sostenibilità: gli aspetti ambientali e/o sociali sono presi in considerazione nel processo di selezione degli investimenti del comparto. Tuttavia, il rischio di sostenibilità permane. Di conseguenza, il fondo potrebbe essere maggiormente esposto a società che hanno un impatto negativo in termini di sostenibilità.
Questo prodotto non comprende alcuna protezione dalla performance futura del mercato; pertanto potreste perdere il vostro intero investimento o parte di esso.
Il rendimento di questo prodotto dipende dall'andamento futuro del mercato. Lo sviluppo futuro del mercato è incerto e non può essere previsto con precisione.
Lo scenario sfavorevole, lo scenario moderato e lo scenario favorevole riportati sono illustrazioni basate sulla performance peggiore, la performance media e la performance migliore del prodotto e/o di un parametro di riferimento idoneo negli ultimi 10 anni.
I mercati potrebbero avere un andamento molto diverso in futuro.
Minimo Non è previsto un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso
Possibile rimborso al netto dei costi 9 860 EUR
Stress
Sfavorevole
Moderato
Favorevole
Rendimento medio per ciascun anno -1.39%
Possibile rimborso al netto dei costi 9 880 EUR
Rendimento medio per ciascun anno -1.21%
Possibile rimborso al netto dei costi 9 960 EUR
Rendimento medio per ciascun anno -0.40%
Possibile rimborso al netto dei costi 10 040 EUR
Rendimento medio per ciascun anno 0.40%
Le cifre riportate comprendono tutti i costi del prodotto in quanto tale, ma possono non comprendere tutte le spese legate alla distribuzione. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch'essa sull'importo del rimborso.
Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme. La vostra perdita massima non può superare l'importo dell'investimento iniziale.
Scenario sfavorevole: questo tipo di scenario si è verificato per un investimento tra il 09 2021 e il 09 2022. Scenario moderato: questo tipo di scenario si è verificato per un investimento tra il 09 2021 e il 09 2022. Scenario favorevole: questo tipo di scenario si è verificato per un investimento tra il 06 2013 e il 06 2014. | # What are the risks and what could I get in return?
## Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
The risk indicator assumes that you will hold the product for at least 1 years.
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 2 out of 7, which is a low risk class. In other words, the potential losses related to the future performance of the product are low.
Investing in this product also entails risks that are materially relevant but not included in the risk indicator:
Concentration risk: As the portfolio of the sub-fund is mainly composed of debt securities issued or guaranteed by European companies, it is likely to be more specifically exposed to the economic performance of Europe.
Liquidity risk: The investments mainly in investment grade bonds are considered to be readily marketable. Liquidity may fall during periods of market tension and transaction costs may rise significantly.
Inflation risk: The sub-fund invests primarily in fixed income securities. A rise in inflation could cause the value of the assets in the portfolio to fall.
Sustainability risk: Environmental and/or social aspects are taken into consideration during the sub-fund's investment selection process.
Nevertheless, the risk of sustainability remains. As a result, the fund may have greater exposure to companies that have a negative sustainability impact.
This product does not include any protection from future market performance so you could lose some or all of your investment.
## Performance Scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product and/or a suitable benchmark over the last 10 years.
Markets could develop very differently in the future.
Minimum There is no minimum guaranteed return. You could lose some or all of your investment.
What you might get back after costs 9 860 EUR
Stress
Unfavourable
Moderate
Favourable
Average return each year -1.39%
What you might get back after costs 9 880 EUR
Average return each year -1.21%
What you might get back after costs 9 960 EUR
Average return each year -0.40%
What you might get back after costs 10 040 EUR
Average return each year 0.40%
The figures shown include all costs of the product itself, but not necessarily all fees related to distribution. These figures do not take into account your personal tax situation, which may also affect the amounts you will receive.
The stress scenario shows what you might get back in extreme market circumstances. Your maximum loss cannot exceed the amount of your initial investment.
Unfavourable scenario: this type of scenario occurred for an investment between 09 2021 et 09 2022. Moderate scenario: this type of scenario occurred for an investment between 01 2017 and 01 2018. Favourable scenario: this type of scenario occurred for an investment between 06 2013 and 06 2014. | en | it |
DOLFIN9520 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration and a minimum average country sustainability ranking score as well as a minimum allocation to ESG-labeled bonds. The fund complies with Robeco's exclusion policy for countries and does not invest in countries where serious violations of human rights or a collapse of the governance structure take place, or if countries are subject to UN, EU or US sanctions. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption'. ESG factors of countries are integrated in the bottom-up country analysis. In the portfolio construction the fund ensures a minimum weighted average score of 6.5 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Lastly, the fund invests in a minimum of 10% in green, social, sustainable and/or sustainability-linked bonds. | # Sustentabilidad
El fondo incorpora la sostenibilidad al proceso de inversión mediante exclusiones, filtrado negativo, integración de criterios ASG y una puntuación media mínima en el ranking de sostenibilidad por países, además de con una asignación mínima a bonos calificados como ASG. El fondo cumple la política de exclusión de países de Robeco y no invierte en países donde se producen violaciones graves de los derechos humanos o donde se ha colapsado la estructura de gobierno, ni en países sujetos a sanciones de la ONU, la UE o Estados Unidos. Además, el fondo excluye al 15 % de los países peor clasificados según el indicador de gobernanza mundial «Control de la corrupción». Los factores ASG de los países se integran en un análisis bottom-up por países. En la construcción de la cartera, el fondo garantiza una puntuación media ponderada mínima de 6,5 según el ranking de sostenibilidad por países elaborado por Robeco. El ranking de sostenibilidad por países puntúa a los países en una escala de 1 (el peor) a 10 (el mejor), en función de 40 indicadores ambientales, sociales y de gobernanza. Por último, el fondo invierte como mínimo el 10% en bonos verdes, sociales, sostenibles o vinculados a la sostenibilidad. | # Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration and a minimum average country sustainability ranking score as well as a minimum allocation to ESG-labeled bonds. The fund complies with Robeco's exclusion policy for countries and does not invest in countries where serious violations of human rights or a collapse of the governance structure take place, or if countries are subject to UN, EU or US sanctions. In addition, the fund excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption'. ESG factors of countries are integrated in the bottom-up country analysis. In the portfolio construction the fund ensures a minimum weighted average score of 6.5 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. Lastly, the fund invests in a minimum of 10% in green, social, sustainable and/or sustainability-linked bonds. | en | es |
DOLFIN9521 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Important Information
The value of your investment may fall as well as rise and you may get back less than you originally invested. The use of financial derivative instruments may result in increased gains or losses within the fund. This fund invests in emerging markets which can be more volatile than other more developed markets. In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards. Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner. The Investment Manager’s focus on securities of issuers which maintain favourable ESG characteristics or that are sustainable investments may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. Funds are subject to charges and expenses. Charges and expenses reduce the potential growth of your investment. This means you could get back less than you paid in. The costs may increase or decrease as a result of currency and exchange rate fluctuations. Please refer to the Prospectus and KID of the fund before making any final investment decisions. When referring to sustainability-related aspects of a promoted fund, the decision to invest should take into account all characteristics or objectives of the promoted fund as detailed in the prospectus.
FIDELITY FUNDS | ## Wichtige Hinweise
Der Wert Ihrer Anlage kann sowohl fallen als auch steigen und möglicherweise erhalten Sie einen geringeren Betrag als den ursprünglichen Anlagebetrag zurück. Der Einsatz von derivativen Finanzinstrumenten kann zu höheren Gewinnen oder Verlusten des Teilfonds führen. Dieser Fonds investiert in Märkte von Schwellenländern, die volatiler als stärker entwickelte Märkte sein können. In einigen Schwellenländern wie Russland gibt es weniger geregelte Standards für die Verwahrungsbestimmungen für Wertpapiere Die Liquidität einer Anlage
ist ein Maß dafür, wie leicht sie in liquide Mittel umgewandelt werden kann. Unter bestimmten Marktbedingungen kann es schwieriger sein, Vermögenswerte zu bewerten oder zum gewünschten Preis zu veräußern. Dies kann die Fähigkeit des Teilfonds beeinträchtigen, Rücknahmen pünktlich durchzuführen. Die Fokussierung des Investmentmanagers auf Wertpapiere von Emittenten, die günstige ESG-Merkmale aufweisen oder als nachhaltige Anlagen gelten, kann die Wertentwicklung der Anlage des Teilfonds im Vergleich zu ähnlichen Teilfonds ohne eine solche Fokussierung positiv oder negativ beeinflussen. Fonds müssen Gebühren und Aufwendungen bezahlen. Gebühren und Aufwendungen reduzieren das potenzielle Wachstum Ihrer Anlage. Dies bedeutet, dass Sie möglicherweise weniger zurückerhalten, als Sie eingezahlt haben. Die Kosten können sich aufgrund von Währungs- und Wechselkursschwankungen erhöhen oder verringern. Bitte lesen Sie den Prospekt und das KID des Teilfonds, bevor Sie endgültige Anlageentscheidungen treffen. Bei der Bezugnahme auf nachhaltigkeitsbezogene Aspekte eines beworbenen Teilfonds sollten bei der Anlageentscheidung alle im Prospekt genannten Eigenschaften und Ziele des beworbenen Teilfonds berücksichtigt werden.
FIDELITY FUNDS | ## Important Information
The value of your investment may fall as well as rise and you may get back less than you originally invested. The use of financial derivative instruments may result in increased gains or losses within the fund. This fund invests in emerging markets which can be more volatile than other more developed markets. In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards. Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner. The Investment Manager’s focus on securities of issuers which maintain favourable ESG characteristics or that are sustainable investments may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. Funds are subject to charges and expenses. Charges and expenses reduce the potential growth of your investment. This means you could get back less than you paid in. The costs may increase or decrease as a result of currency and exchange rate fluctuations. Please refer to the Prospectus and KID of the fund before making any final investment decisions. When referring to sustainability-related aspects of a promoted fund, the decision to invest should take into account all characteristics or objectives of the promoted fund as detailed in the prospectus.
FIDELITY FUNDS | en | de |
DOLFIN9522 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Credit risk – Intermediaries.
Shareholders who choose, or are obliged under local regulations to pay/receive subscription/redemption monies via an intermediary entity rather than directly to the Depositary, bear a credit risk against that intermediate entity with respect to (i) subscription monies prior to the transmission of such monies to the Depositary for the account of the ICAV and the Sub- Funds; and (ii) redemption monies payable by such intermediate entity to the relevant investor.
Part F - General Risks | ## Bonitätsrisiko – Intermediäre.
Anteilsinhaber, die für die Zahlung/den Erhalt von Zeichnungs-/Rücknahmebeträgen den Weg über einen Intermediär statt direkt über die Verwahrstelle wählen oder hierzu gemäß lokalen Rechtsvorschriften verpflichtet sind, sind in Bezug auf diesen Intermediär einem Bonitätsrisiko hinsichtlich (i) Zeichnungsbeträgen vor der Übertragung solcher Beträge an die Verwahrstelle für Rechnung des ICAV und der Teilfonds und (ii) Rücknahmebeträgen, die dieser Intermediär an den jeweiligen Anleger zu entrichten hat, ausgesetzt.
Teil F – Allgemeine Risiken | ## Credit risk – Intermediaries.
Shareholders who choose, or are obliged under local regulations to pay/receive subscription/redemption monies via an intermediary entity rather than directly to the Depositary, bear a credit risk against that intermediate entity with respect to (i) subscription monies prior to the transmission of such monies to the Depositary for the account of the ICAV and the Sub- Funds; and (ii) redemption monies payable by such intermediate entity to the relevant investor.
Part F - General Risks | en | de |
DOLFIN9523 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in corporate debt securities issued by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country.
There are no credit quality or maturity restrictions applicable to the debt securities and the Sub-Fund may be concentrated in a limited number of emerging market corporate issuers.
The Sub-Fund may also invest in debt securities issued or guaranteed by governments of emerging market countries.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as | El Subfondo se gestiona de forma activa. La mayor parte de los emisores del Subfondo probablemente están representados en el índice de referencia, ya que el Gestor de inversiones utiliza dicho índice de referencia como base para la construcción de la cartera, aunque dispone de un cierto margen discrecional para desviarse de su composición y sus características de riesgo dentro de unos parámetros de riesgo indicativos.
El Subfondo se asemejará a su índice de referencia en términos de composición y características de riesgo; no obstante, dado el margen discrecional del Gestor de inversiones, la rentabilidad podría ser diferente a la del índice de referencia.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte, bien directamente, bien a través de derivados, en títulos de deuda corporativa emitidos por compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un mercado emergente.
No existe restricción alguna en cuanto a la calidad crediticia o el vencimiento aplicable a los títulos de deuda, y el Subfondo puede estar concentrado en un número limitado de emisores corporativos de los mercados emergentes.
Asimismo, el Subfondo podrá invertir en títulos de deuda emitidos o garantizados por gobiernos de mercados emergentes.
Como mínimo el 51% del patrimonio se invertirá en emisores con características medioambientales y/o sociales positivas que observan | The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in corporate debt securities issued by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country.
There are no credit quality or maturity restrictions applicable to the debt securities and the Sub-Fund may be concentrated in a limited number of emerging market corporate issuers.
The Sub-Fund may also invest in debt securities issued or guaranteed by governments of emerging market countries.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as | en | es |
DOLFIN9524 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 10 PRINCIPALES POSITIONS
| NOM DE L'ENTREPRISE | MARCHÉ | INDUSTRIE | % DES ACTIONS |
| --- | --- | --- | --- |
| Boston Scientific | États-Unis | Santé | 3,8 |
| Agilent Technologies | États-Unis | Santé | 3,4 |
| Danaher Corp | États-Unis | Santé | 3,4 |
| Globe Life Inc | États-Unis | Inclusion financière | 3,1 |
| Westinghouse Air | États-Unis | Efficacité des ressources | 3,0 |
| GoDaddy Inc | États-Unis | Fracture numérique | 2,7 |
| Hubbell Inc | États-Unis | Efficacité des ressources | 2,7 |
| Sun Communities Inc | États-Unis | Logements abordables | 2,4 |
| PowerSchool Hldgs | États-Unis | Education et Formation | 2,3 |
| Trane Tech PLC | États-Unis | Efficacité des ressources | 2,3 |
| Total des 10 principales positions | | | 29,1 |
Les émetteurs individuels dont il est fait mention ne sauraient constituer une recommandation d’achat ou de vente. Les pondérations ne reflètent pas l’exposition obtenue par le biais d’instruments dérivés. Les positions varient et aucune garantie n’est faite que le Fonds détient actuellement tous ou certains des titres indiqués. Veuillez consulter les rapports annuel et semestriel pour la liste complète des positions.
Les notices d’offre du fonds, le KIID et le rapport annuel sont disponibles gratuitement auprès de l’Agent de transfert du Fonds ou auprès des entités suivantes :
| Italie | ALLFUNDS BANK, S.A.U., Succursale di Milano | Via Bocchetto 6, Italie, 20123 Milano |
| --- | --- | --- |
| Royaume-Uni | Wellington Management International Ltd. | Cardinal Place, 80 Victoria Street, London, Royaume-Uni, SW1E 5JL |
| Suisse | BNP Paribas, Paris, Zurich Branch | Selnaustrasse 16, Zurich, Suisse, CH - 8002 |
Agent de transfert du Fonds
State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay, Dublin 2, Ireland
Les facilités pour les investisseurs, relatives à l’Article 92 (b-f) de la Directive 2009/65/CE (dans sa version modifiée par la Directive 2019/1160/CE), sont disponibles sur https://www.eifs.lu/wellingtonmanagementfunds [eifs.lu]
Au Royaume-Uni, ce document est publié par Wellington Management International Limited, une société agréée et réglementée par la Financial Conduct Authority (Référence : 208573). Dans les pays de l’EEE où le Fonds est enregistré, ces documents sont fournis par Wellington Management Europe GmbH, une société agréée et réglementée par la German Federal Financial Supervisory Authority, (BaFin). | En Suisse, ces documents sont fournis par Wellington Management Switzerland GmbH qui est enregistré au registre de commerce du canton de Zurich sous le numéro CH 020.4.050.857 7. | ©2021 Wellington Management. Tous droits réservés. WELLINGTON MANAGEMENT FUNDS® est une marque de service déposée de Wellington Group Holdings LLP. | Toutes les données des indices sont fournies « telles quelles ». Le Fonds décrit dans les présentes n’est pas sponsorisé ni approuvé par le fournisseur de l’indice. Le fournisseur de l’indice, ses affiliés ou tout fournisseur de données n’auront en aucun cas une quelconque responsabilité de quelque nature que ce soit en lien avec les données de l’indice ou le Fonds décrit dans les présentes. Aucune autre distribution ou diffusion des données de l’indice n’est permise sans le consentement écrit exprès du fournisseur de l’indice. | 69Q7 | # 10 POSICIONES PRINCIPALES
| NOMBRE DE LA COMPAÑÍA | MERCADO | SECTOR | % DE RENTA VARIABLE |
| --- | --- | --- | --- |
| Boston Scientific | Estados Unidos | Sanidad | 3,8 |
| Agilent Technologies | Estados Unidos | Sanidad | 3,4 |
| Danaher Corp | Estados Unidos | Sanidad | 3,4 |
| Globe Life Inc | Estados Unidos | Inclusión financiera | 3,1 |
| Westinghouse Air | Estados Unidos | Eficiencia de recursos | 3,0 |
| GoDaddy Inc | Estados Unidos | Brecha digital | 2,7 |
| Hubbell Inc | Estados Unidos | Eficiencia de recursos | 2,7 |
| Sun Communities Inc | Estados Unidos | Vivienda asequible | 2,4 |
| PowerSchool Hldgs | Estados Unidos | Educación y formación laboral | 2,3 |
| Trane Tech PLC | Estados Unidos | Eficiencia de recursos | 2,3 |
| Total de las 10 principales | | | 29,1 |
Los emisores individuales enumerados no deben considerarse una recomendación de compra o venta. Las ponderaciones no reflejan la exposición obtenida mediante el uso de derivados. Las posiciones son variables y no hay ninguna garantía de que el Fondo mantenga actualmente ninguno de los títulos enumerados. Consulte el informe anual y semestral para ver las posiciones completas.
El KIID, los documentos de oferta del fondo y el informe anual se pueden obtener gratuitamente del Agente de transmisión del Fondo (indicado a continuación) o de:
| Italia | ALLFUNDS BANK, S.A.U., Succursale di Milano | Via Bocchetto 6, Italia, 20123 Milano |
| --- | --- | --- |
| Reino Unido | Wellington Management International Ltd. | Cardinal Place, 80 Victoria Street, London, Reino Unido, SW1E 5JL |
| Suiza | BNP Paribas, Paris, Zurich Branch | Selnaustrasse 16, Zurich, Suiza, CH - 8002 |
Agente de transmisión
State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay, Dublin 2, Ireland
Los servicios para los inversores, relacionados con los dispuestos en el artículo 92 (b-f) de la Directiva 2009/65/CE (modificada por la Directiva 2019/1160/CE), pueden consultarse en: https://www.eifs.lu/wellingtonmanagementfunds [eifs.lu]
En el Reino Unido, este documento lo proporciona Wellington Management International Limited, una empresa autorizada y regulada por la Financial Conduct Authority (n.º de referencia: 208573). En los países del EEE donde el Fondo esté registrado, este documento lo proporciona Wellington Management Europe GmbH, una empresa autorizada y regulada por la Autoridad Federal de Supervisión Financiera de Alemania, (en alemán, Bundesanstalt für Finanzdienstleistungsaufsicht, más conocida por su acrónimo, BaFin). | En Suiza, este documento lo proporciona Wellington Management Switzerland GmbH, que figura en el registro mercantil del cantón de Zúrich con el número CH-020.4.050.857-7. | ©2021 Wellington Management. Todos los derechos reservados. WELLINGTON MANAGEMENT FUNDS® es una marca de servicio registrada de Wellington Group Holdings LLP. | Todos los datos del índice se proporcionan tal como están. El Fondo descrito en el presente documento no está patrocinado o respaldado por el proveedor del índice. En ningún caso el proveedor del índice, sus filiales o cualquier proveedor de datos tendrán responsabilidad de ningún tipo en relación con los datos del índice o el Fondo descrito en el presente documento. No se permite la distribución o difusión adicional de los datos del índice sin el consentimiento expreso por escrito del proveedor del índice. | 69Q7 | # 10 PRINCIPALES POSITIONS
| NOM DE L'ENTREPRISE | MARCHÉ | INDUSTRIE | % DES ACTIONS |
| --- | --- | --- | --- |
| Boston Scientific | États-Unis | Santé | 3,8 |
| Agilent Technologies | États-Unis | Santé | 3,4 |
| Danaher Corp | États-Unis | Santé | 3,4 |
| Globe Life Inc | États-Unis | Inclusion financière | 3,1 |
| Westinghouse Air | États-Unis | Efficacité des ressources | 3,0 |
| GoDaddy Inc | États-Unis | Fracture numérique | 2,7 |
| Hubbell Inc | États-Unis | Efficacité des ressources | 2,7 |
| Sun Communities Inc | États-Unis | Logements abordables | 2,4 |
| PowerSchool Hldgs | États-Unis | Education et Formation | 2,3 |
| Trane Tech PLC | États-Unis | Efficacité des ressources | 2,3 |
| Total des 10 principales positions | | | 29,1 |
Les émetteurs individuels dont il est fait mention ne sauraient constituer une recommandation d’achat ou de vente. Les pondérations ne reflètent pas l’exposition obtenue par le biais d’instruments dérivés. Les positions varient et aucune garantie n’est faite que le Fonds détient actuellement tous ou certains des titres indiqués. Veuillez consulter les rapports annuel et semestriel pour la liste complète des positions.
Les notices d’offre du fonds, le KIID et le rapport annuel sont disponibles gratuitement auprès de l’Agent de transfert du Fonds ou auprès des entités suivantes :
| Italie | ALLFUNDS BANK, S.A.U., Succursale di Milano | Via Bocchetto 6, Italie, 20123 Milano |
| --- | --- | --- |
| Royaume-Uni | Wellington Management International Ltd. | Cardinal Place, 80 Victoria Street, London, Royaume-Uni, SW1E 5JL |
| Suisse | BNP Paribas, Paris, Zurich Branch | Selnaustrasse 16, Zurich, Suisse, CH - 8002 |
Agent de transfert du Fonds
State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay, Dublin 2, Ireland
Les facilités pour les investisseurs, relatives à l’Article 92 (b-f) de la Directive 2009/65/CE (dans sa version modifiée par la Directive 2019/1160/CE), sont disponibles sur https://www.eifs.lu/wellingtonmanagementfunds [eifs.lu]
Au Royaume-Uni, ce document est publié par Wellington Management International Limited, une société agréée et réglementée par la Financial Conduct Authority (Référence : 208573). Dans les pays de l’EEE où le Fonds est enregistré, ces documents sont fournis par Wellington Management Europe GmbH, une société agréée et réglementée par la German Federal Financial Supervisory Authority, (BaFin). | En Suisse, ces documents sont fournis par Wellington Management Switzerland GmbH qui est enregistré au registre de commerce du canton de Zurich sous le numéro CH 020.4.050.857 7. | ©2021 Wellington Management. Tous droits réservés. WELLINGTON MANAGEMENT FUNDS® est une marque de service déposée de Wellington Group Holdings LLP. | Toutes les données des indices sont fournies « telles quelles ». Le Fonds décrit dans les présentes n’est pas sponsorisé ni approuvé par le fournisseur de l’indice. Le fournisseur de l’indice, ses affiliés ou tout fournisseur de données n’auront en aucun cas une quelconque responsabilité de quelque nature que ce soit en lien avec les données de l’indice ou le Fonds décrit dans les présentes. Aucune autre distribution ou diffusion des données de l’indice n’est permise sans le consentement écrit exprès du fournisseur de l’indice. | 69Q7 | fr | es |
DOLFIN9525 | 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 faible | | | | | Risque élevé |
| --- | --- | --- | --- | --- | --- |
| Rendements potentiellement plus faibles | Rendements potentiellement plus élevés |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Cet indicateur est basé sur des données historiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie I EU d'Alger American Asset Growth Fund a été classifiée dans la catégorie 6 en raison de la fluctuation relativement importante de sa Valeur d’actif net. L'opportunité de réaliser des bénéfices conséquents est corrélée à un risque de pertes importantes.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n'ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés toutes capitalisations confondues : Investir dans des sociétés toutes capitalisations confondues comporte le risque que les émetteurs moins importants et plus récents dans lesquels le Fonds investit aient des gammes de produits ou des ressources financières limitées ou aient une gestion peu approfondie.
Risques liés aux investissements dans des valeurs de croissance : Les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
Risques liés à l’utilisation de produits dérivés : Le Fonds peut investir dans, ou souscrire à, des produits dérivés pour différentes raisons, y compris pour des raisons de couverture contre certains risques de marché, pour fournir un substitut à l’achat ou la vente de titres particuliers ou pour augmenter les revenus potentiels. Un investissement négligeable dans des produits dérivés peut avoir une incidence importante sur la performance du Fonds.
DocID: KIID_LU1232087905_fr_20220210_143_3_Class_I_EU_476141 | # Perfil de riesgo y remuneración de la inversión
| Menor riesgo | | | | | Mayor riesgo |
| --- | --- | --- | --- | --- | --- |
| Generalmente, menor remuneración de la inversión | | Generalmente, mayor remuneración de la inversión |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Este indicador se basa en datos históricos y podría no ser una referencia fiable del perfil de riesgo y remuneración futura del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar a lo largo del tiempo. El hecho de que una inversión pertenezca a la categoría 1 no significa que esté exenta de riesgo.
La Clase I EU de Alger American Asset Growth Fund ha sido clasificada en la categoría 6 porque la fluctuación de su Valor liquidativo es relativamente elevada. La oportunidad de obtener ganancias elevadas es proporcional al riesgo de incurrir en fuertes pérdidas.
La metodología utilizada en la asignación de categoría a un fondo puede no recoger todos los riesgos significativos. En el Folleto se incluye una descripción detallada de los riesgos. Los siguientes riesgos no influyen en la asignación de categoría del Fondo, pero pueden ser importantes para el perfil de riesgo general del Fondo:
Riesgos asociados a la inversión en empresas de todo tipo de capitalización: Invertir en empresas de todo tipo de capitalización comporta el riesgo de que los emisores de menor tamaño y menos consolidados en los que invierte el Fondo posean unas líneas de productos o recursos financieros más reducidos, o carezcan de una gestión sólida.
Riesgos asociados a inversiones en acciones de crecimiento: Los precios de las acciones de crecimiento suelen ser superiores en relación con las ganancias de las empresas. Las acciones de crecimiento pueden ser más sensibles a los acontecimientos del mercado, económicos y políticos que otras acciones, por lo que sus precios son más volátiles.
Riesgos asociados a la inversión en derivados: El Fondo puede invertir en derivados o realizar operaciones con ellos por distintos motivos, como por ejemplo, para obtener cobertura frente a ciertos riesgos de mercado, para utilizarlos como sustitutos en la compra o venta de determinados valores o para incrementar el potencial de rentabilidad. Una pequeña inversión en derivados puede influir sustancialmente en la rentabilidad del Fondo.
DocID: KIID_LU1232087905_es_20220210_143_6_Class_I_EU_476141 | # Profil de risque et de rendement
| Risque faible | | | | | Risque élevé |
| --- | --- | --- | --- | --- | --- |
| Rendements potentiellement plus faibles | Rendements potentiellement plus élevés |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Cet indicateur est basé sur des données historiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie I EU d'Alger American Asset Growth Fund a été classifiée dans la catégorie 6 en raison de la fluctuation relativement importante de sa Valeur d’actif net. L'opportunité de réaliser des bénéfices conséquents est corrélée à un risque de pertes importantes.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n'ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés toutes capitalisations confondues : Investir dans des sociétés toutes capitalisations confondues comporte le risque que les émetteurs moins importants et plus récents dans lesquels le Fonds investit aient des gammes de produits ou des ressources financières limitées ou aient une gestion peu approfondie.
Risques liés aux investissements dans des valeurs de croissance : Les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
Risques liés à l’utilisation de produits dérivés : Le Fonds peut investir dans, ou souscrire à, des produits dérivés pour différentes raisons, y compris pour des raisons de couverture contre certains risques de marché, pour fournir un substitut à l’achat ou la vente de titres particuliers ou pour augmenter les revenus potentiels. Un investissement négligeable dans des produits dérivés peut avoir une incidence importante sur la performance du Fonds.
DocID: KIID_LU1232087905_fr_20220210_143_3_Class_I_EU_476141 | fr | es |
DOLFIN9526 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In accordance with Directive 2009/65/EC, as amended by Directive 2014/91/EU (together the „UCITS Directive“), the Management Company has implemented a remuneration policy pursuant to the principles laid down in Article 14(b) of the UCITS Directive. This remuneration policy is consistent with and promotes sound and effective risk management and discourages risk-taking that is inconsistent with the risk profile set up in the Articles of Association of the Companies managed by the Management Company. The remuneration policy focuses on the control of risk- taking behaviour of senior management, risk takers, employees with control functions and employees receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact on the risk profiles of the Company and the Subfunds.
In line with the provisions of the UCITS Directive and the guidelines issued by ESMA, each of which may be amended from time to time, the Management Company applies its remuneration policy and practices in a manner which is proportionate to its size and that of the Company, its internal organisation and the nature, scope and complexity of its activities.
Entities to which investment management activities have been delegated in accordance with Article 13 of the UCITS Directive are also subject to the requirements on remuneration under the relevant ESMA guidelines unless such entities and their relevant staff are subject to regulatory requirements on remuneration that are equally as effective as those imposed under the relevant ESMA guidelines. | In Übereinstimmung mit der Richtlinie 2009/65/EG, die durch die Richtlinie 2014/91/EU (zusammen die „OGAW Richtlinie“) geändert wurde, hat die Verwaltungsgesellschaft eine Vergütungspolitik implementiert, die den in Artikel 14 (b) der OGAW Richtlinie festgelegten Grundsätzen entspricht. Diese Vergütungspolitik ist mit einem soliden und wirksamen Risikomanagement vereinbar und diesem förderlich. Sie konzentriert sich auf die Kontrolle der Risikobereitschaft von Geschäftsleitung, Risikoträger, Mitarbeiter mit Kontrollfunktionen und Mitarbeiter, die sich aufgrund ihrer Gesamtvergütung auf derselben Einkommensstufe befinden wie Geschäftsleiter, sowie Risikoträger, deren Tätigkeit einen wesentlichen Einfluss auf das Risikoprofil der Gesellschaft und der Subfonds haben.
Die Verwaltungsgesellschaft hat im Einklang mit den jeweils geltenden Bestimmungen der OGAW Richtlinie und der ESMA Leitlinien und unter Wahrung der Verhältnismässigkeit entsprechend ihrer Grösse und derjenigen der Gesellschaft, ihrer internen Organisation und der Art, des Umfangs und der Komplexität ihrer Geschäftstätigkeiten eine Vergütungspolitik und -praxis festgelegt.
Für Unternehmen, an die gemäss Artikel 13 der OGAW Richtlinie Vermögensverwaltungstätigkeiten delegiert wurden, gelten ebenfalls die Vergütungsanforderungen der anwendbaren ESMA Leitlinien, es sei denn, sie und ihre relevanten Mitarbeiter unterstehen regulatorischen Vergütungsanforderungen, welche genauso wirksam sind wie diejenigen der geltenden ESMA Leitlinien. | In accordance with Directive 2009/65/EC, as amended by Directive 2014/91/EU (together the „UCITS Directive“), the Management Company has implemented a remuneration policy pursuant to the principles laid down in Article 14(b) of the UCITS Directive. This remuneration policy is consistent with and promotes sound and effective risk management and discourages risk-taking that is inconsistent with the risk profile set up in the Articles of Association of the Companies managed by the Management Company. The remuneration policy focuses on the control of risk- taking behaviour of senior management, risk takers, employees with control functions and employees receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact on the risk profiles of the Company and the Subfunds.
In line with the provisions of the UCITS Directive and the guidelines issued by ESMA, each of which may be amended from time to time, the Management Company applies its remuneration policy and practices in a manner which is proportionate to its size and that of the Company, its internal organisation and the nature, scope and complexity of its activities.
Entities to which investment management activities have been delegated in accordance with Article 13 of the UCITS Directive are also subject to the requirements on remuneration under the relevant ESMA guidelines unless such entities and their relevant staff are subject to regulatory requirements on remuneration that are equally as effective as those imposed under the relevant ESMA guidelines. | en | de |
DOLFIN9527 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Objectif et politique d’investissement
Le Fonds vise à générer un rendement positif sur le long terme en utilisant l’approche de valeur pour la sélection des titres.
Le Fonds investit au moins 2/3 de son actif net total dans des titres de participation et/ou des titres équivalents à des actions (tels que des Certificats américains d’actions étrangères et des Certificats internationaux d’actions étrangères) des marchés développés et jusqu’à 1/3 de son actif net total dans des titres convertibles et/ou des warrants sur valeurs mobilières des marchés développés.
Le Fonds peut, dans une certaine mesure, investir dans d’autres valeurs mobilières et/ou dans des actifs liquides et/ou dans des instruments du marché monétaire négociés sur des marchés régulés assortis d’une durée résiduelle maximale de 12 mois et/ou dans des valeurs mobilières à revenu fixe.
Le Fonds peut détenir jusqu’à 15 % de liquidités. Il n’y a pas de limite en termes de devise d’investissement.
Les caractéristiques environnementales et sociales ainsi que la bonne gouvernance des sociétés dans lesquelles le Fonds investit sont prises en compte lors des décisions d’investissement. Le Fonds applique un filtrage éthique des sociétés éligibles à l’investissement, ce qui peut exclure de l’investissement certaines sociétés ou certains titres. Les critères de filtrage éthique comprennent l’implication dans la production et/ou la distribution de certains biens ou services tels que l’alcool, les jeux d’argent, le tabac, la pornographie, l’équipement militaire, le pétrole, les sables et charbon thermiques ainsi que le respect des normes internationales en matière de droits de l’homme, d’environnement, de normes de travail et de lutte contre la corruption.
Le Fonds promeut des caractéristiques environnementales et sociales, mais n’a pas pour objectif l’investissement durable. Par conséquent, le Fonds relève de la catégorie de l’article 8 du SFDR.
Indice de référence : MSCI World.
Le Fonds est géré activement et fait référence à un indice de référence à des fins de répartition des actifs, de mesure des risques et de comparaison. Le Gestionnaire d’investissement a un plein pouvoir discrétionnaire sur la composition du portefeuille du Fonds, même si les composants de l’indice de référence sont généralement représentatifs du portefeuille du Fonds. Le Fonds ne suit toutefois pas l’indice de référence et peut investir dans des instruments qui ne font pas partie de l’indice de référence. La mesure dans laquelle la composition du portefeuille du Fonds peut s’écarter de l’indice de référence variera au fil du temps, et la performance du Fonds peut être sensiblement différente de celle de l’indice de référence. | ### Política y objetivo de inversión
El Fondo usa el enfoque de valor para la selección de acciones a fin de proporcionar una rentabilidad positiva a largo plazo.
El Fondo invierte al menos 2/3 de sus activos netos totales en valores de renta variable de mercados desarrollados o valores equivalentes de renta variable (como ADR/GDR) y hasta 1/3 de sus activos netos totales en valores convertibles de mercados desarrollados o warrants sobre valores mobiliarios.
El Fondo podrá, en cierta medida, invertir en otros valores mobiliarios o en activos líquidos o en instrumentos del mercado monetario negociados regularmente con un plazo residual máximo de 12 meses, o en valores mobiliarios de renta fija.
El Fondo puede mantener hasta el 15 % en efectivo. No hay limitación en cuando a la moneda de las inversiones.
A la hora de tomar decisiones de inversión, se tienen en cuenta las características medioambientales y sociales, así como la buena gobernanza de las empresas en las que se invierte. El Fondo aplica un criterio de selección ética de las posibles empresas para la inversión, lo que puede excluir a determinadas empresas o valores de la inversión. Los criterios de selección ética tienen en cuenta la implicación en la producción o distribución de determinados bienes o servicios como, por ejemplo, el alcohol, los juegos de azar, el tabaco, la pornografía, el equipamiento militar, el petróleo, las arenas bituminosas y el carbón térmico, así como el cumplimiento de las normas internacionales de derechos humanos, medioambiente, estándares laborales y lucha contra la corrupción.
El Fondo promueve características medioambientales y sociales, pero no tiene como objetivo la inversión sostenible. Por lo tanto, el Fondo entra en la categoría del artículo 8 del SFDR.
Valor de referencia: MSCI World.
El Fondo se gestiona activamente y se inspira en un valor de referencia con fines de comparación, asignación de activos y medición del riesgo. El gestor de inversiones tiene plena libertad para decidir la composición de la cartera del Fondo, aunque los componentes del valor de referencia sean generalmente representativos de la cartera del Fondo. Sin embargo, el Fondo no reproduce ningún valor de referencia y puede invertir en instrumentos que no sean componentes del valor de referencia. El grado en que la composición de la cartera del Fondo puede desviarse de la del valor de referencia variará con el tiempo y la rentabilidad del Fondo puede ser significativamente diferente de la del valor de referencia. | ### Objectif et politique d’investissement
Le Fonds vise à générer un rendement positif sur le long terme en utilisant l’approche de valeur pour la sélection des titres.
Le Fonds investit au moins 2/3 de son actif net total dans des titres de participation et/ou des titres équivalents à des actions (tels que des Certificats américains d’actions étrangères et des Certificats internationaux d’actions étrangères) des marchés développés et jusqu’à 1/3 de son actif net total dans des titres convertibles et/ou des warrants sur valeurs mobilières des marchés développés.
Le Fonds peut, dans une certaine mesure, investir dans d’autres valeurs mobilières et/ou dans des actifs liquides et/ou dans des instruments du marché monétaire négociés sur des marchés régulés assortis d’une durée résiduelle maximale de 12 mois et/ou dans des valeurs mobilières à revenu fixe.
Le Fonds peut détenir jusqu’à 15 % de liquidités. Il n’y a pas de limite en termes de devise d’investissement.
Les caractéristiques environnementales et sociales ainsi que la bonne gouvernance des sociétés dans lesquelles le Fonds investit sont prises en compte lors des décisions d’investissement. Le Fonds applique un filtrage éthique des sociétés éligibles à l’investissement, ce qui peut exclure de l’investissement certaines sociétés ou certains titres. Les critères de filtrage éthique comprennent l’implication dans la production et/ou la distribution de certains biens ou services tels que l’alcool, les jeux d’argent, le tabac, la pornographie, l’équipement militaire, le pétrole, les sables et charbon thermiques ainsi que le respect des normes internationales en matière de droits de l’homme, d’environnement, de normes de travail et de lutte contre la corruption.
Le Fonds promeut des caractéristiques environnementales et sociales, mais n’a pas pour objectif l’investissement durable. Par conséquent, le Fonds relève de la catégorie de l’article 8 du SFDR.
Indice de référence : MSCI World.
Le Fonds est géré activement et fait référence à un indice de référence à des fins de répartition des actifs, de mesure des risques et de comparaison. Le Gestionnaire d’investissement a un plein pouvoir discrétionnaire sur la composition du portefeuille du Fonds, même si les composants de l’indice de référence sont généralement représentatifs du portefeuille du Fonds. Le Fonds ne suit toutefois pas l’indice de référence et peut investir dans des instruments qui ne font pas partie de l’indice de référence. La mesure dans laquelle la composition du portefeuille du Fonds peut s’écarter de l’indice de référence variera au fil du temps, et la performance du Fonds peut être sensiblement différente de celle de l’indice de référence. | fr | es |
DOLFIN9528 | 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 01 December 2004.
2.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 01 diciembre 2004.
2.4
3.3
-30%
2012
2013
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2015
2016
2017
2018
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2020
2021 | ### The Fund was launched on 01 December 2004.
2.4
3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
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2021 | en | es |
DOLFIN9529 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment of EUR 10,000 | If you exit after 1 year | If you exit after 2 years (the recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 100 | EUR 110 |
| Impact on yield (yield reduction) per year | 1.0% | 0.5% | | | Investimento di 10.000 EUR | In caso di uscita dopo 1 anno | In caso di uscita dopo 2 anni (il periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 100 USD | 110 USD |
| Impatto sul rendimento (riduzione del rendimento) annuo | 1,0% | 0,5% | | | Investment of EUR 10,000 | If you exit after 1 year | If you exit after 2 years (the recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 100 | EUR 110 |
| Impact on yield (yield reduction) per year | 1.0% | 0.5% | | en | it |
DOLFIN9530 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The expenses in respect of setting up and launching the SICAV are estimated at EUR 50,000 and shall be amortised over the first five financial years. In the event of the creation of a new sub-fund during this five- year period, the said sub-fund shall bear the formation expenses of the SICAV that have not yet been amortised in proportion to its net assets. During this five-year period, in return, the formation expenses of this new sub-fund shall also be borne by the other sub-funds in proportion to the net assets of all the sub- funds. After this five-year period, the costs specifically related to the establishment of a new sub-fund shall be fully amortised as soon as they are recognised in the sub-fund’s assets.
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## Management, distribution and performance fees
- The Management Company’s feeIn consideration for its management and distribution services, the Management Company receives an annual fee in its favour from the SICAV, calculated at the following rates: | Les frais liés à la constitution et au lancement de la SICAV sont estimés à EUR 50 000,- et seront amortis sur les cinq premiers exercices sociaux. En cas de création d’un nouveau compartiment durant cette période de cinq ans, celui-ci prendra à sa charge les frais de création de la SICAV non encore amortis et au pro rata de ses actifs nets. Durant cette même période de cinq ans et en contrepartie, les frais d’établissement de ce nouveau compartiment seront également pris en charge par les autres compartiments au pro rata des actifs nets de l’ensemble des compartiments. Après cette période de cinq ans, les frais spécifiquement liés à la création d’un nouveau compartiment seront amortis intégralement et dès leur apparition sur les actifs de ce compartiment.
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## Commissions de gestion, de commercialisation et de performance
- Commission de la Société de GestionEn rémunération de ses prestations de gestion et de commercialisation, la Société de Gestion perçoit de la SICAV pour son compte propre une commission annuelle au taux de : | The expenses in respect of setting up and launching the SICAV are estimated at EUR 50,000 and shall be amortised over the first five financial years. In the event of the creation of a new sub-fund during this five- year period, the said sub-fund shall bear the formation expenses of the SICAV that have not yet been amortised in proportion to its net assets. During this five-year period, in return, the formation expenses of this new sub-fund shall also be borne by the other sub-funds in proportion to the net assets of all the sub- funds. After this five-year period, the costs specifically related to the establishment of a new sub-fund shall be fully amortised as soon as they are recognised in the sub-fund’s assets.
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## Management, distribution and performance fees
- The Management Company’s feeIn consideration for its management and distribution services, the Management Company receives an annual fee in its favour from the SICAV, calculated at the following rates: | en | fr |
DOLFIN9531 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
L’objectif d’investissement principal du Fonds est d’être exposé aux actions des marchés développés et émergents du monde entier, en appliquant systématiquement le processus d’investissement développé par la Société de gestion dans le but de surperformer l’indice de référence en limitant au maximum la concentration des facteurs de risque par le biais d’un portefeuille aussi diversifié que possible.
Le choix des actions repose sur des modèles quantitatifs et systématiques visant à optimiser le niveau de diversification par rapport à l’indicateur de référence. Ces modèles déterminent le portefeuille modèle optimal, y compris la liste des actions admissibles et leur pondération au sein du portefeuille.
Le Fonds est géré en référence à l’indice MSCI AC World Daily Net Total Return USD. Le Fonds n’utilise pas de stratégie de gestion basée sur un indice ; il est géré activement. En conséquence, sa performance peut différer sensiblement de l’indicateur de référence, qui est utilisé pour définir l’univers d’investissement et déterminer le profil de risque global du Fonds. Une majorité des titres de l’indicateur de référence composeront le Fonds. Les pondérations des participations du portefeuille du Fonds pourront s’écarter sensiblement de leur pondération équivalente dans l’indice.
La progression de la valeur liquidative pourra être comparée à celle de l’indice MSCI AC World Daily Net Total Return USD. | # Objetivos y política de inversión
El principal objetivo de inversión del Fondo es mostrar exposición a la renta variable de países desarrollados y emergentes de todo el mundo mediante la aplicación sistemática del proceso de inversión desarrollado por la Sociedad gestora para obtener un rendimiento superior al del índice de referencia, minimizando la concentración de factores de riesgo a través de una cartera de máxima diversificación.
La selección de valores se basa en modelos cuantitativos y sistemáticos que pretenden optimizar el nivel de diversificación alcanzado en relación con el indicador de referencia. Dichos modelos determinan la cartera modelo óptima, incluyendo tanto la lista de acciones aptas como sus ponderaciones en la cartera.
El Fondo está gestionado respecto al MSCI AC World Daily Net Total Return USD Index. El Fondo no utiliza una estrategia de gestión basada en índices, sino que se gestiona activamente. En consecuencia, su rendimiento puede diferir sustancialmente del índice de referencia, que se utiliza para definir el universo de inversión y determinar el perfil de riesgo global del Fondo. Una mayoría de los valores de renta variable del índice de referencia serán componentes del Fondo. Las ponderaciones de las tenencias de la cartera del Fondo podrán diferir significativamente de su ponderación equivalente en el índice.
La revalorización del patrimonio neto se comparará con el MSCI AC World Daily Net Total Return USD Index. | # Objectifs et politique d’investissement
L’objectif d’investissement principal du Fonds est d’être exposé aux actions des marchés développés et émergents du monde entier, en appliquant systématiquement le processus d’investissement développé par la Société de gestion dans le but de surperformer l’indice de référence en limitant au maximum la concentration des facteurs de risque par le biais d’un portefeuille aussi diversifié que possible.
Le choix des actions repose sur des modèles quantitatifs et systématiques visant à optimiser le niveau de diversification par rapport à l’indicateur de référence. Ces modèles déterminent le portefeuille modèle optimal, y compris la liste des actions admissibles et leur pondération au sein du portefeuille.
Le Fonds est géré en référence à l’indice MSCI AC World Daily Net Total Return USD. Le Fonds n’utilise pas de stratégie de gestion basée sur un indice ; il est géré activement. En conséquence, sa performance peut différer sensiblement de l’indicateur de référence, qui est utilisé pour définir l’univers d’investissement et déterminer le profil de risque global du Fonds. Une majorité des titres de l’indicateur de référence composeront le Fonds. Les pondérations des participations du portefeuille du Fonds pourront s’écarter sensiblement de leur pondération équivalente dans l’indice.
La progression de la valeur liquidative pourra être comparée à celle de l’indice MSCI AC World Daily Net Total Return USD. | fr | es |
DOLFIN9532 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Furthermore, the Management Company does not remit any commission-based payments for these shares, even in case the financial intermediaries or distribution partners are not legally prohibited from receiving such payments.
The Management Company may decide at any time to accept subscriptions, conversions and redemptions from financial intermediaries or distribution partners, and alike that, by law or regulation, are ineligible to, or do not wish to, receive commission-based payments or alike;
- class U
- H
- (USD) shares: accumulation shares denominated in USD, whose currency risk relative to the reference currency of the sub-fund is systematically hedged and available to both private and institutional investors. To private investors, these shares can only be offered by distribution partners rendering portfolio management and/or investment advice on an independent basis. They are also eligible for and accessible through distribution partners in countries where the receipt and retention of inducements is prohibited, as well as for distribution partners rendering non-independent investment advice and which, according to individual fee arrangements with their clients, do not receive and retain any commissions (for distribution partners in the European Union, these services are defined in the MiFID II directive). | En outre, la Société de Gestion ne pratique aucun versement de commission sur ces actions, même si aucune interdiction légale ne s'oppose à ce que les intermédiaires financiers ou partenaires de distribution perçoivent de tels paiements.
La Société de Gestion peut décider à tout moment d'accepter les demandes de souscription, de conversion et de rachat émanant des intermédiaires financiers ou partenaires de distribution, ou assimilés, qui, en vertu de la loi ou de la réglementation, ne sont pas éligibles à, ou ne souhaitent pas percevoir des paiements de commission ou versements assimilés ;
- actions de classe U
- H
- (USD) : actions de capitalisation libellées en USD, dont le risque de change par rapport à la devise de référence du compartiment est systématiquement couvert, destinées tant aux investisseurs privés qu'institutionnels. Ces actions seront offertes aux investisseurs privés exclusivement via des partenaires de distribution proposant des services indépendants de gestion de portefeuille et/ou de conseil en investissements. Elles sont également éligibles et accessibles via des partenaires de distribution de pays dans lesquels la réception et la rétention d'avantages font l'objet d'une interdiction réglementaire ainsi que via des partenaires de distribution qui proposent des services de conseil en investissements de manière non indépendante et qui, conformément à des accords de commission négociés individuellementavec leurs clients, ne reçoivent et ne conservent pas de commissions (pour les partenaires de distribution de l'Union européenne, ces services sont définis par la directive MiFID II). | Furthermore, the Management Company does not remit any commission-based payments for these shares, even in case the financial intermediaries or distribution partners are not legally prohibited from receiving such payments.
The Management Company may decide at any time to accept subscriptions, conversions and redemptions from financial intermediaries or distribution partners, and alike that, by law or regulation, are ineligible to, or do not wish to, receive commission-based payments or alike;
- class U
- H
- (USD) shares: accumulation shares denominated in USD, whose currency risk relative to the reference currency of the sub-fund is systematically hedged and available to both private and institutional investors. To private investors, these shares can only be offered by distribution partners rendering portfolio management and/or investment advice on an independent basis. They are also eligible for and accessible through distribution partners in countries where the receipt and retention of inducements is prohibited, as well as for distribution partners rendering non-independent investment advice and which, according to individual fee arrangements with their clients, do not receive and retain any commissions (for distribution partners in the European Union, these services are defined in the MiFID II directive). | en | fr |
DOLFIN9533 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,510.00 USD | 2,340.00 USD |
| | Average return each year | -74.85% | -25.22% |
| Unfavourable scenario | What you might get back after costs | 6,580.00 USD | 7,400.00 USD |
| | Average return each year | -34.24% | -5.83% |
| Moderate scenario | What you might get back after costs | 10,320.00 USD | 12,920.00 USD |
| | Average return each year | 3.16% | 5.26% |
| Favourable scenario | What you might get back after costs | 15,650.00 USD | 17,520.00 USD |
| | Average return each year | 56.53% | 11.87% | | | Investimento: 10.000 USD Scenari | 1 anno | 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Minimo | Non è previsto un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Scenario di stress | Possibile rimborso al netto dei costi | 2,510.00 USD | 2,340.00 USD |
| | Rendimento medio per ciascun anno | -74.85% | -25.22% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 6,580.00 USD | 7,400.00 USD |
| | Rendimento medio per ciascun anno | -34.24% | -5.83% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10,320.00 USD | 12,920.00 USD |
| | Rendimento medio per ciascun anno | 3.16% | 5.26% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 15,650.00 USD | 17,520.00 USD |
| | Rendimento medio per ciascun anno | 56.53% | 11.87% | | | Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,510.00 USD | 2,340.00 USD |
| | Average return each year | -74.85% | -25.22% |
| Unfavourable scenario | What you might get back after costs | 6,580.00 USD | 7,400.00 USD |
| | Average return each year | -34.24% | -5.83% |
| Moderate scenario | What you might get back after costs | 10,320.00 USD | 12,920.00 USD |
| | Average return each year | 3.16% | 5.26% |
| Favourable scenario | What you might get back after costs | 15,650.00 USD | 17,520.00 USD |
| | Average return each year | 56.53% | 11.87% | | en | it |
DOLFIN9534 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Distribution
Distribution to private investors Distribution to professional investors Sales restrictions
LI, DE, AT, CH, FI LI, DE, AT, CH, FI USA | # Vertrieb
Zulassung zum Vertrieb an Privatanleger Zulassung zum Vertrieb an professionelle Anleger Verkaufsrestriktionen
LI, DE, AT, CH, FI LI, DE, AT, CH, FI USA | # Distribution
Distribution to private investors Distribution to professional investors Sales restrictions
LI, DE, AT, CH, FI LI, DE, AT, CH, FI USA | en | de |
DOLFIN9535 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Fund Information |
| --- |
| You are investing in a fund that is actively managed in reference to the benchmark below. Please refer to the Prospectus and KIID for the Fund objective. |
| Fund Benchmark: MSCI ACWI Index |
| Inception Date: 23/10/2018 |
| Fund Currency: USD |
| Fund Domicile: Luxembourg |
| SFDR: Article 8* | | | Fondsinformationen |
| --- |
| Sie investieren in einen Fonds, der unter Bezugnahme auf die nachstehende Benchmark aktiv verwaltet wird. Das Anlageziel des Fonds entnehmen Sie bitte dem Verkaufsprospekt und den wesentlichen Anlegerinformationen. |
| Fondsbenchmark: MSCI ACWI Index |
| Auflegungsdatum: 23/10/2018 |
| Fondswährung: USD |
| Domizil des Fonds: Luxembourg |
| SFDR: Artikel 8* | | | Fund Information |
| --- |
| You are investing in a fund that is actively managed in reference to the benchmark below. Please refer to the Prospectus and KIID for the Fund objective. |
| Fund Benchmark: MSCI ACWI Index |
| Inception Date: 23/10/2018 |
| Fund Currency: USD |
| Fund Domicile: Luxembourg |
| SFDR: Article 8* | | en | de |
DOLFIN9536 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
There were no other noteworthy changes or significant events in the period under review.
-
## Significant events after the period under review | Im Berichtszeitraum ergaben sich keine weiteren wesentlichen Änderungen sowie sonstige wesentliche Ereignisse.
-
## Wesentliche Ereignisse nach dem Berichtszeitraum | There were no other noteworthy changes or significant events in the period under review.
-
## Significant events after the period under review | en | de |
DOLFIN9537 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Conseil d’administration, la Société de gestion, le Gestionnaire financier, le Dépositaire, l’Agent centralisateur et les autres prestataires de services du Fonds, et/ou leurs affiliés, membres, salariés respectifs ou toute personne qui leur est liée peuvent être exposés à divers conflits d’intérêts dans les relations qu’ils entretiennent avec le Fonds.
Tout Administrateur qui a, directement ou indirectement, un intérêt dans une transaction soumise à l’approbation du Conseil d’administration entrant en conflit avec l’intérêt du Fonds doit en informer le Conseil d’administration. L’Administrateur ne peut pas prendre part aux discussions portant sur la transaction ni voter à son sujet.
La Société de gestion a adopté et mis en œuvre une politique relative aux conflits d’intérêts et a pris des dispositions organisationnelles et administratives appropriées en vue d’identifier et de gérer les conflits d’intérêts de sorte à minimiser le risque de préjudice aux intérêts du Fonds et dans le cas où ces derniers ne peuvent être évités, veiller à ce que le Fonds fasse l’objet d’un traitement équitable.
-
## ACTIONS | El Consejo de administración, la Sociedad gestora, el Gestor de inversiones, el Depositario, el Agente administrativo central y el resto de proveedores de servicios del Fondo y/o sus respectivas filiales, miembros, empleados o cualquier persona relacionada con los mismos podrán estar sujetos a diversos conflictos de intereses en sus relaciones con el Fondo.
Cualquier Consejero que tenga, directa o indirectamente, un interés en una transacción sometida a la aprobación del Consejo de administración que entre en conflicto con el interés del Fondo, deberá informar al Consejo de administración. El Consejero podrá no participar en las deliberaciones o no votar en relación con la transacción.
La Sociedad gestora ha adoptado e implementado una política de conflictos de intereses y ha realizado las disposiciones organizativas y administrativas adecuadas para identificar y gestionar los conflictos de intereses con el fin de minimizar el
riesgo de que los intereses del Fondo se vean perjudicados y, si no se pueden evitar, asegurarse de que el Fondo reciba un trato justo.
-
## LAS ACCIONES | Le Conseil d’administration, la Société de gestion, le Gestionnaire financier, le Dépositaire, l’Agent centralisateur et les autres prestataires de services du Fonds, et/ou leurs affiliés, membres, salariés respectifs ou toute personne qui leur est liée peuvent être exposés à divers conflits d’intérêts dans les relations qu’ils entretiennent avec le Fonds.
Tout Administrateur qui a, directement ou indirectement, un intérêt dans une transaction soumise à l’approbation du Conseil d’administration entrant en conflit avec l’intérêt du Fonds doit en informer le Conseil d’administration. L’Administrateur ne peut pas prendre part aux discussions portant sur la transaction ni voter à son sujet.
La Société de gestion a adopté et mis en œuvre une politique relative aux conflits d’intérêts et a pris des dispositions organisationnelles et administratives appropriées en vue d’identifier et de gérer les conflits d’intérêts de sorte à minimiser le risque de préjudice aux intérêts du Fonds et dans le cas où ces derniers ne peuvent être évités, veiller à ce que le Fonds fasse l’objet d’un traitement équitable.
-
## ACTIONS | fr | es |
DOLFIN9538 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing 70% of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | ### Risques
Risques spécifiques
La référence dans la Politique d’investissement à un compartiment investissant 70 % de ses actifs d’une certaine façon s’applique dans des conditions normales de marché. Reportez-vous au paragraphe (A) au début de la présente Annexe pour des informations complémentaires.
Le niveau des coûts de distribution dans certaines juridictions peut avoir une incidence sur la capacité du Gestionnaire d’investissement à atteindre l’objectif d’investissement du Compartiment dans toutes les Catégories d’actions après déduction des frais. | ### Risk Considerations
Specific Risk Considerations
The reference in the Investment Policy to a fund investing 70% of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | en | fr |
DOLFIN9539 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Inception:
Launch of the relevant Class at a NAV of 100 USD.
End of Year 1:
- At the end of the Fee Period 1: the Gross NAV (i.e. NAV before Class Performance Fee) is 110 USD;
- The High Water Mark is to 100 USD;
- The excess performance is: 110 - 100 = 10 USD;
- The Class Performance Fee is equal to: 10 USD x 20% = 2 USD;
- The NAV (net of performance fee) is then equal to: 110 – 2 = 108 USD. | Création :
Lancement de la Catégorie concernée à une VL de 100 USD.
Fin d'exercice 1 :
- À la fin de la Période de calcul des commissions 1 : la VL brute (c'est-à-dire la VL avant la Commission de performance de la Catégorie) est de 110 USD ;
- Le High Water Mark est de 100 USD ;
- Le surplus de performance est : 110 - 100 = 10 USD ;
- La Commission de performance de Catégorie est égale à : 10 USD x 20% = 2 USD ;
- La VL (nette de commission de performance) est égale à : 110 – 2 = 108 USD. | Inception:
Launch of the relevant Class at a NAV of 100 USD.
End of Year 1:
- At the end of the Fee Period 1: the Gross NAV (i.e. NAV before Class Performance Fee) is 110 USD;
- The High Water Mark is to 100 USD;
- The excess performance is: 110 - 100 = 10 USD;
- The Class Performance Fee is equal to: 10 USD x 20% = 2 USD;
- The NAV (net of performance fee) is then equal to: 110 – 2 = 108 USD. | en | fr |
DOLFIN9540 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The amount of the outperformance fee correspond to (i) 15% of the outperformance of the Net Assets above an annual performance above Euribor 3M + 200 basis points for units R-Acc-EUR, R-Acc-USD-H, R-Acc-CHF-H and K-Acc-EUR, (ii) 10% of the performance of the Net Assets in excess of Euribor 3M + 240 basis points for the I-Acc-EUR and I-Acc-USD-H unit and (iii) 15% of the performance of the Net Assets in excess of Euribor 3M + 230 basis points for the F-Acc-EUR unit, provided that the performance of each of these unit classes is greater than 0 during the relevant reference period, under the conditions set out below.
The performance fees are calculated on the basis of a reference period which corresponds to the Fund's financial year (the "Reference Period") and, where applicable, is payable at the end of each Reference Period. The outperformance fee will be charged for the first time, where applicable, at the close of the financial year .
For each class of units, the performance, determined on each Net Asset Value calculation date, is equal to the positive difference between (i) the Net Asset Value on the calculation date, and (ii) a reference net asset corresponding to the Net Asset Value adjusted according to the investment objective of the relevant unit, after taking into account the subscription and redemption amounts of the current calculation date (the "Reference Asset").
On each net asset value calculation during a given financial year, and for each unit, the amount of the outperformance fee will be charged and provisioned as follows:
- If the net asset value of the relevant unit (net of fixed management fees) is lower than the theoretical net asset value calculated on the basis of the Reference Asset, no provision for outperformance fee will be made and a reversal of the provision will be applied where applicable (see below);
- If the net asset value of the relevant unit (net of fixed management fees) is higher than the theoretical net asset value calculated on the basis of the Net Asset Value, an outperformance fee provision is made in respect of the performance. | Ils correspondent à (i) 15 % de la performance de l'Actif Net au-dessus d’une performance annuelle supérieure à l’Euribor 3M + 200 points de base pour les parts R-Acc-EUR, R-Acc-USD-H, R-Acc- CHF-H et K-Acc-EUR, (ii) 10% de la performance de l'Actif Net au-delà de l’Euribor 3M + 240 points de base pour la part I-Acc-EUR et I-Acc-USD-H et (iii) 15% de la performance de l'Actif Net au-delà de l’Euribor 3M + 230 points de base pour la part F-Acc-EUR, sous réserve que les performances de chacune de ces catégories de parts soit supérieures à 0 au cours de la période de référence considérée, selon les conditions définies ci-après.
La commission de surperformance est calculée sur la base d'une période de référence qui correspond à l'exercice social du Fonds (la "Période de Référence") et, le cas échéant, est payable à la clôture de chaque Période de Référence. La commission de surperformance sera prélevée pour la première fois, le cas échéant, à la clôture de l’exercice .
Pour chaque catégorie de parts, la performance, déterminée à chaque date de calcul de la Valeur Liquidative, est égale à la différence positive entre (i) l'Actif Net à la date de calcul, et (ii) un actif net de référence correspondant à l'Actif Net ajusté en fonction de l’objectif de gestion de la Part Concernée, après avoir tenu compte des montants de souscription et de rachat de la date de calcul du jour (l'« Actif de Référence»).
Lors du calcul de chaque valeur liquidative au cours d’un exercice comptable donné et, pour chaque catégorie de parts, le montant de la commission de surperformance sera imputé et provisionné comme suit :
- Si la valeur liquidative de la part concernée (net des frais de gestion fixes) est inférieure à la valeur liquidative théorique calculée sur la base de l’Actif de Référence, il n’est pas constitué de provision pour commission de surperformance et une reprise de provision est appliquée le cas échéant (cf. ci-dessous ;
- Si la valeur liquidative de la part concernée (net des frais de gestion fixes) est supérieure à la valeur liquidative théorique calculée sur la base de l’Actif Net de Référence, il est constitué une provision pour commission de surperformance au titre de la Performance. | The amount of the outperformance fee correspond to (i) 15% of the outperformance of the Net Assets above an annual performance above Euribor 3M + 200 basis points for units R-Acc-EUR, R-Acc-USD-H, R-Acc-CHF-H and K-Acc-EUR, (ii) 10% of the performance of the Net Assets in excess of Euribor 3M + 240 basis points for the I-Acc-EUR and I-Acc-USD-H unit and (iii) 15% of the performance of the Net Assets in excess of Euribor 3M + 230 basis points for the F-Acc-EUR unit, provided that the performance of each of these unit classes is greater than 0 during the relevant reference period, under the conditions set out below.
The performance fees are calculated on the basis of a reference period which corresponds to the Fund's financial year (the "Reference Period") and, where applicable, is payable at the end of each Reference Period. The outperformance fee will be charged for the first time, where applicable, at the close of the financial year .
For each class of units, the performance, determined on each Net Asset Value calculation date, is equal to the positive difference between (i) the Net Asset Value on the calculation date, and (ii) a reference net asset corresponding to the Net Asset Value adjusted according to the investment objective of the relevant unit, after taking into account the subscription and redemption amounts of the current calculation date (the "Reference Asset").
On each net asset value calculation during a given financial year, and for each unit, the amount of the outperformance fee will be charged and provisioned as follows:
- If the net asset value of the relevant unit (net of fixed management fees) is lower than the theoretical net asset value calculated on the basis of the Reference Asset, no provision for outperformance fee will be made and a reversal of the provision will be applied where applicable (see below);
- If the net asset value of the relevant unit (net of fixed management fees) is higher than the theoretical net asset value calculated on the basis of the Net Asset Value, an outperformance fee provision is made in respect of the performance. | en | fr |
DOLFIN9541 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund management commentary
## Market Review
While equity markets were generally higher, disparity in returns was prevalent. Developed markets handily outpaced its emerging peers as a resurgence in COVID-19 cases in the Asian region as well as ongoing policy changes in China weighed heavily on EM returns. Variance in returns wasn’t witnessed in just regional returns as based upon Russell Indices, large-cap outperformed small-cap by almost 6% with a bias towards higher quality companies. The environment dampened sentiment surrounding “the re-opening trade”. Underscoring the shift in sentiment, health care and IT were top performers while discretionary was hampered by lockdown concerns and energy took a breather as OPEC+ came to a supply agreement. Uneven growth prospects as well as a less decisive monetary outlook from the Fed led to a sharp decline in Treasury yields, leading to utilities being a top performer while financials were underwater.
The S&P 500 was higher by 2.4% while the MSCI EM Index ended the period down by 6.7%. The MSCI Europe Index was modestly up by 1.9% while the MSCI Japan Index continued to lag its developed peers ending down by 1.3%.
## Fund Review
Stock selection in the financials and consumer discretionary sectors contributed to relative performance while weakness was witnessed in information technology and energy. From a country perspective, stock selection contributed most in China and Japan while Switzerland and Denmark modestly lagged.
## Market Outlook
2020 was a volatile and challenging experience for the world at large, but the many uncertainties laid bare by the pandemic found some resolve. Subsequently, lower quality
cyclically oriented companies witnessed substantial valuation improvements accompanied by less bad earnings, though lack sustainable earnings profiles. Now, with inflation on the rise and central banks rethinking monetary policies, we are increasingly confident that company specific fundamentals will reassert themselves as the key driver of stock specific performance as the global turbulence of the past year subsides. With the path to recovery likely uneven across the globe, our analysts remain hyper-focused on the duration of the change they can identify. Many companies have seen an increased dislocation between consensus earnings expectations and our own forecasts. We look to capitalize on this. | # Comentario de gestión del fondo
## Revisión del mercado
Si bien los mercados de renta variable terminaron en general más altos, prevaleció la disparidad en las rentabilidades. Los mercados desarrollados superaron fácilmente a sus pares emergentes, dado que el resurgimiento de casos de COVID-19 en la región asiática, junto con los actuales cambios de política en China, afectaron en gran medida a la rentabilidad de los mercados emergentes. La variación en la rentabilidad no se observó solo en los rendimientos regionales, ya que, según los índices Russell, las empresas de gran capitalización superaron a las de pequeña capitalización en casi un 6% con un sesgo hacia empresas de mayor calidad. El entorno empañó la confianza surgida en torno a "la reapertura comercial". Para subrayar este cambio de ánimo, la atención sanitaria y TI fueron los sectores con mejor rentabilidad, mientras que el consumo discrecional se vio frenado por la preocupación de nuevos confinamientos y la energía se tomó un respiro cuando la OPEP+ llegó a un acuerdo de suministro. Las perspectivas de crecimiento desiguales, así como un horizonte monetario menos decisivo de la Fed, provocaron una fuerte caída en los rendimientos de los bonos del Tesoro, lo que llevó a las empresas de servicios públicos a tener un desempeño superior mientras que las finanzas no levantaban cabeza. El índice S&P 500 aumentó un 2,4%, mientras que el índice MSCI EM terminó el periodo con una bajada del 6,7%. El índice MSCI Europe subió un modesto 1,9%, mientras que el índice MSCI Japan siguió por detrás de sus pares desarrollados, terminando con un descenso del 1,3%.
## Revisión del Fondo
La selección de valores en los sectores financiero y de consumo discrecional contribuyó al rendimiento relativo, mientras que se observó debilidad en tecnología de la información y energía. Por países, la selección de valores contribuyó más en China y Japón, mientras que Suiza y Dinamarca quedaron ligeramente rezagados.
## Perspectiva del mercado
2020 fue una experiencia volátil y desafiante para el mundo en general, pero las muchas incertidumbres que dejó al descubierto la pandemia comenzaron a resolverse. A causa de ello, las empresas con orientación cíclica de menor calidad experimentaron mejoras sustanciales en la valoración, acompañadas de unas ganancias menos malas, aunque
careciendo de perfiles de ganancias sostenibles. Ahora bien, ante el aumento de la inflación y el replanteamiento de las políticas monetarias por los bancos centrales, cada vez confiamos más en que los fundamentales específicos de las empresas se reafirmarán como principal motor del rendimiento específico de las acciones conforme disminuyan los trastornos mundiales del año pasado. Dado que es probable que el camino hacia la recuperación sea desigual en todo el mundo, nuestros analistas siguen muy concentrados en la duración del cambio que pueden identificar. Muchas empresas han visto una dislocación cada vez mayor entre las expectativas de ganancias consensuadas y nuestras propias previsiones. Esperamos aprovechar esta circunstancia. | # Fund management commentary
## Market Review
While equity markets were generally higher, disparity in returns was prevalent. Developed markets handily outpaced its emerging peers as a resurgence in COVID-19 cases in the Asian region as well as ongoing policy changes in China weighed heavily on EM returns. Variance in returns wasn’t witnessed in just regional returns as based upon Russell Indices, large-cap outperformed small-cap by almost 6% with a bias towards higher quality companies. The environment dampened sentiment surrounding “the re-opening trade”. Underscoring the shift in sentiment, health care and IT were top performers while discretionary was hampered by lockdown concerns and energy took a breather as OPEC+ came to a supply agreement. Uneven growth prospects as well as a less decisive monetary outlook from the Fed led to a sharp decline in Treasury yields, leading to utilities being a top performer while financials were underwater.
The S&P 500 was higher by 2.4% while the MSCI EM Index ended the period down by 6.7%. The MSCI Europe Index was modestly up by 1.9% while the MSCI Japan Index continued to lag its developed peers ending down by 1.3%.
## Fund Review
Stock selection in the financials and consumer discretionary sectors contributed to relative performance while weakness was witnessed in information technology and energy. From a country perspective, stock selection contributed most in China and Japan while Switzerland and Denmark modestly lagged.
## Market Outlook
2020 was a volatile and challenging experience for the world at large, but the many uncertainties laid bare by the pandemic found some resolve. Subsequently, lower quality
cyclically oriented companies witnessed substantial valuation improvements accompanied by less bad earnings, though lack sustainable earnings profiles. Now, with inflation on the rise and central banks rethinking monetary policies, we are increasingly confident that company specific fundamentals will reassert themselves as the key driver of stock specific performance as the global turbulence of the past year subsides. With the path to recovery likely uneven across the globe, our analysts remain hyper-focused on the duration of the change they can identify. Many companies have seen an increased dislocation between consensus earnings expectations and our own forecasts. We look to capitalize on this. | en | es |
DOLFIN9542 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between October 2017 and October 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between April 2014 and April 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2016 and February 2021. | Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme.
Scenario sfavorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il ottobre 2017 e il ottobre 2022.
Scenario moderato: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il aprile 2014 e il aprile 2019.
Scenario favorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il febbraio 2016 e il febbraio 2021. | The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between October 2017 and October 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between April 2014 and April 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2016 and February 2021. | en | it |
DOLFIN9543 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Copies of the Articles will be sent free of charge upon request by the SICAV, or the Invesco Sub-Distributors or are available at the registered offices of such entities and/or the Website of the Management Company.
- ProspectusCopies of this Prospectus will be sent free of charge upon request by the SICAV or the Sub-Distributors. The SICAV will make this Prospectus available on the Website of the Management Company and, as required by local laws, on the Invesco Local Websites accessible through www.invesco.com.
- Key Information DocumentA KID summarizes the information applicable to one or severalclass(es) of Shares. Copies of any KID shall be sent free of charge upon request by the SICAV or the Sub-Distributors. The English versions of the KID shall be available on the Website of the Management Company and where relevant, translations of the KID shall be available on the Invesco Local Websites accessible through www.invesco.com. The SICAV will make any KID available at the registered office of the Management Company or on any other durable medium as agreed with Shareholders/applicants.
- ReportsThe audited annual report of the SICAV made up to the last day of February each year, will be prepared in USD and will be made available to Shareholders, within four months of the financial year end. | Copie dello Statuto saranno inviate gratuitamente su richiesta dalla SICAV o dai Sub-distributori Invesco; sono inoltre disponibili presso le sedi legali di tali entità e/o sul Sito web della Società di gestione.
- ProspettoCopie del presente Prospetto saranno inviate gratuitamente su richiesta dalla SICAV o dai Sub-distributori. La SICAV renderà disponibile il presente Prospetto sul Sito web della Società di gestione e, come previsto dalle leggi locali, sui Siti web locali di Invesco accessibili tramite www.invesco.com.
- Documento contenente le informazioni chiaveUn KID fornisce una sintesi delle informazioni applicabili a una o più classi di Azioni. Copie dei KID saranno inviate gratuitamente su richiesta dalla SICAV o dai Sub-distributori. Le versioni in lingua inglese del KID saranno disponibili sul Sito web della Società di gestione e, a seconda dei casi, le traduzioni del KID saranno disponibili sui Siti web locali di Invesco, accessibili tramite www.invesco.com. La SICAV metterà a disposizione tutti i KID presso la sede legale della Società di gestione o in qualsiasi altro formato durevole, come concordato con gli Azionisti/i sottoscrittori.
- RelazioniLa relazione annuale sottoposta a revisione della SICAV, datata l’ultimo giorno di febbraio di ogni anno, sarà redatta in USD e sarà resa disponibile agli Azionisti entro quattro mesi dalla chiusura dell’esercizio finanziario. | Copies of the Articles will be sent free of charge upon request by the SICAV, or the Invesco Sub-Distributors or are available at the registered offices of such entities and/or the Website of the Management Company.
- ProspectusCopies of this Prospectus will be sent free of charge upon request by the SICAV or the Sub-Distributors. The SICAV will make this Prospectus available on the Website of the Management Company and, as required by local laws, on the Invesco Local Websites accessible through www.invesco.com.
- Key Information DocumentA KID summarizes the information applicable to one or severalclass(es) of Shares. Copies of any KID shall be sent free of charge upon request by the SICAV or the Sub-Distributors. The English versions of the KID shall be available on the Website of the Management Company and where relevant, translations of the KID shall be available on the Invesco Local Websites accessible through www.invesco.com. The SICAV will make any KID available at the registered office of the Management Company or on any other durable medium as agreed with Shareholders/applicants.
- ReportsThe audited annual report of the SICAV made up to the last day of February each year, will be prepared in USD and will be made available to Shareholders, within four months of the financial year end. | en | it |
DOLFIN9544 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Manager, AXA Investment Managers Paris, was incorporated as a limited liability company on 26 January 1990. The Manager was authorised by the Autorité des Marches Financiers (AMF) in France (AMF approval no. GP 92- 008) on 7 April 1992 and is authorised as both a management company of UCITS and an Alternative Investment Fund Manager (AIFM) pursuant to Directive 2011/61/EU as implemented in France. The Manager’s corporate secretarial function is provided by its own staff. The Manager acts as management company of the Fund on the basis of its freedom to provide management services cross-border within the EU pursuant to the UCITS Directive.
The Manager forms part of the AXA Investment Managers group, one of the largest European-based asset managers with €879 billion in assets under management as of 30 September 2021. AXA Investment Managers is a specialist asset management subsidiary within the AXA Group and employs over 2,400 people in 23 countries globally. AXA Investment Managers Paris’ investment activities include traditional as well as structured and alternative assets.
The Manager is responsible for managing the investment and re-investment of the Investments of each of the Sub-Funds with a view to achieving the investment objectives and policies of such Sub-Funds from time to time and to carry out the duties of a manager of a unit trust in accordance with the Regulations and the requirements of the Central Bank from time to time; and carrying on the general administration of the Fund and each Sub-Fund.
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##### Directors of the Manager | Il Gestore, AXA Investment Managers Paris, è una società a responsabilità limitata costituita in data 26 gennaio 1990. Il Gestore è stato autorizzato dall'Autorité des Marchés Financiers (AMF) in Francia (approvazione AMF n. GP 92-008) in data 7 aprile 1992 sia come società di gestione di OICVM sia come gestore di fondi d'investimento alternativi (GEFIA) ai sensi della Direttiva 2011/61/UE come recepita in Francia. La funzione di segreteria societaria del Gestore è svolta dal suo personale interno. Il Gestore funge da società di gestione del Fondo avendo facoltà di fornire servizi di gestione transfrontalieri all'interno dell'UE ai sensi della Direttiva UCITS.
Il Gestore appartiene al gruppo AXA Investment Managers, uno dei più grandi gestori patrimoniali aventi sede in Europa, con un patrimonio gestito pari a EUR 879 miliardi al 30 settembre 2021. AXA Investment Managers è una controllata specializzata in gestione patrimoniale appartenente al Gruppo AXA e conta un organico di oltre 2.400 persone in 23 paesi in tutto il mondo. Le attività d'investimento di AXA Investment Managers Paris riguardano strumenti tradizionali oltreché strutturati e alternativi.
Il Gestore è responsabile per la gestione dell'investimento e del reinvestimento degli Investimenti di ciascun Comparto, allo scopo di realizzare gli obiettivi e le politiche d'investimento di volta in volta individuati dai Comparti, l'adempimento dei doveri del gestore di un fondo d'investimento in conformità ai Regolamenti e ai requisiti di volta in volta prescritti dalla Banca Centrale, nonché l'amministrazione generale del Fondo e di ciascun Comparto.
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###### Amministratori del Gestore | The Manager, AXA Investment Managers Paris, was incorporated as a limited liability company on 26 January 1990. The Manager was authorised by the Autorité des Marches Financiers (AMF) in France (AMF approval no. GP 92- 008) on 7 April 1992 and is authorised as both a management company of UCITS and an Alternative Investment Fund Manager (AIFM) pursuant to Directive 2011/61/EU as implemented in France. The Manager’s corporate secretarial function is provided by its own staff. The Manager acts as management company of the Fund on the basis of its freedom to provide management services cross-border within the EU pursuant to the UCITS Directive.
The Manager forms part of the AXA Investment Managers group, one of the largest European-based asset managers with €879 billion in assets under management as of 30 September 2021. AXA Investment Managers is a specialist asset management subsidiary within the AXA Group and employs over 2,400 people in 23 countries globally. AXA Investment Managers Paris’ investment activities include traditional as well as structured and alternative assets.
The Manager is responsible for managing the investment and re-investment of the Investments of each of the Sub-Funds with a view to achieving the investment objectives and policies of such Sub-Funds from time to time and to carry out the duties of a manager of a unit trust in accordance with the Regulations and the requirements of the Central Bank from time to time; and carrying on the general administration of the Fund and each Sub-Fund.
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##### Directors of the Manager | en | it |
DOLFIN9545 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
THE SHARES
The Shares of any Fund, within a given Class, are freely transferable (with the exception that Shares may not be transferred to a Prohibited Person). Shareholders may convert all or part of their Shares of one Fund into other Class of Shares of that Fund or into the same Class of Shares, or other Classes of Shares of other Funds, provided that the Shareholder meets the eligibility criteria for the Class of Shares into which they are converting, as detailed in Section 2.1. Upon issue, the Shares are entitled to participate equally in the profits and dividends of the Fund attributable to the relevant Class of Shares in which they have been issued as well as in the liquidation proceeds of such Fund.
The Shares do not carry any preferential or pre-emptive rights and each Share, irrespective of the Class to which it belongs or its net asset value, is entitled to one vote at all general meetings of Shareholders. The Shares are issued without par value and must be fully paid.
LUXEMBOURG STOCK EXCHANGE LISTING
Classes of Shares may be listed on the Luxembourg Stock Exchange as determined by the Management Company from time to time.
ISIN CODES
ISIN Codes for the Company’s Share classes are available on www.morganstanleyinvestmentfunds.com.
FUNDSETTLE AND CLEARSTREAM
The following Classes of Shares of the Company’s Funds may be traded via FundSettle or via Clearstream:
Settlement venue | LES ACTIONS
Les Actions de tout Compartiment sont librement cessibles et peuvent être échangées à tout moment en Actions d’un autre Compartiment (sous réserve que ces Actions ne soient pas cédées à des Personnes Interdites). Les Actionnaires peuvent échanger tout ou partie des Actions qu’il détiennent dans un Compartiment en Actions d’autres Catégories du même Compartiment ou en Actions de la même Catégorie ou d’autres Catégories d’autres Compartiments, sous réserve que l’Actionnaire satisfasse aux critères d’éligibilité de la Catégorie dont il souhaite recevoir des Actions en échange, tels que détaillés dans la section 2.1. Dès leur émission, les Actions donnent droit équitablement aux profits et dividendes perçus par le Compartiment duquel relève la Catégorie d’Actions au titre de laquelle ces Actions ont été émises, de même qu’au produit de la liquidation de ce Compartiment.
Aucun droit préférentiel ou de préemption n’est attaché aux Actions et chaque Action, quelle que soit la Catégorie à laquelle elle appartient ou sa Valeur Liquidative, donne droit à une voix lors du vote aux assemblées générales des Actionnaires. Les actions sont émises sans valeur nominale et doivent être entièrement libérées.
COTATION À LA BOURSE DE LUXEMBOURG
La cotation de Catégories d’Actions à la Bourse de Luxembourg peut être décidée par la Société de Gestion en tant que de besoin.
CODES ISIN
Les codes ISIN des Catégories d’Actions de la Société peuvent être consultés sur www.morganstanleyinvestmentfunds.com.
FUNDSETTLE ET CLEARSTREAM
Les Catégories d’Actions suivantes des Compartiments de la Société peuvent être négociées via FundSettle ou via Clearstream :
Lieu de règlement | THE SHARES
The Shares of any Fund, within a given Class, are freely transferable (with the exception that Shares may not be transferred to a Prohibited Person). Shareholders may convert all or part of their Shares of one Fund into other Class of Shares of that Fund or into the same Class of Shares, or other Classes of Shares of other Funds, provided that the Shareholder meets the eligibility criteria for the Class of Shares into which they are converting, as detailed in Section 2.1. Upon issue, the Shares are entitled to participate equally in the profits and dividends of the Fund attributable to the relevant Class of Shares in which they have been issued as well as in the liquidation proceeds of such Fund.
The Shares do not carry any preferential or pre-emptive rights and each Share, irrespective of the Class to which it belongs or its net asset value, is entitled to one vote at all general meetings of Shareholders. The Shares are issued without par value and must be fully paid.
LUXEMBOURG STOCK EXCHANGE LISTING
Classes of Shares may be listed on the Luxembourg Stock Exchange as determined by the Management Company from time to time.
ISIN CODES
ISIN Codes for the Company’s Share classes are available on www.morganstanleyinvestmentfunds.com.
FUNDSETTLE AND CLEARSTREAM
The following Classes of Shares of the Company’s Funds may be traded via FundSettle or via Clearstream:
Settlement venue | en | fr |
DOLFIN9546 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The FTSE 6-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund aims to generate regular income by investing mainly in bank deposits, money market instruments, bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or better. The maximum weighted average duration of the portfolio is no more than 180 days. Instruments may have a maximum residual maturity of two years, except for structured finance instruments (ABS/MBS) which must have an average life of 1 year or less. The Sub- Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of
the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice FTSE 6-Month Euro Eurodeposit se utiliza a efectos de comparación de la rentabilidad y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. El objetivo del subfondo es generar unos ingresos regulares invirtiendo principalmente en depósitos bancarios, instrumentos del mercado monetario, bonos, otros títulos de deuda a tipo variable o fijo y deuda a corto plazo de emisores gubernamentales y/o corporativos con calificación BBB o superior. La duración media ponderada máxima de la cartera no supera los 180 días. Los instrumentos pueden tener un vencimiento residual de dos años, excepto los instrumentos financieros estructurados (títulos respaldados por activos/títulos respaldados por hipotecas), que deben tener una vida media de un año o menos. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas
características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The FTSE 6-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund aims to generate regular income by investing mainly in bank deposits, money market instruments, bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or better. The maximum weighted average duration of the portfolio is no more than 180 days. Instruments may have a maximum residual maturity of two years, except for structured finance instruments (ABS/MBS) which must have an average life of 1 year or less. The Sub- Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of
the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN9547 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.
Placement fee / dilution adjustment
In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.
In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).
Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.
Appendix: Placement fee | Réalisation de transactions pour le compte de l’actif du fonds par le biais d’entreprises étroitement liées (sur la base de participations significatives du groupe Deutsche Bank)
La part des transactions exécutées pendant la période sous revue, pour le compte de l’actif du fonds, par des courtiers qui sont des entreprises et des personnes étroitement liées (part de 5 % et plus) a représenté 0,00 % du total des transactions. Cette part s’est élevée au total à 0,00 euro.
Frais de placement / indemnité de dilution
Au cours de la période sous revue, le fonds a payé des frais de placement à hauteur de 2,9 % de l’actif net du fonds au profit du distributeur. Ceux-ci ont été calculés le jour de la sous- cription. Les frais de placement indiqués servent notamment d’indemnités de distribution. Le montant brut des frais de placement a été respectivement versé le jour de la souscription et, dans le même temps, activé au sein de l’actif net du fonds sous forme de charges payées d’avance. Celles-ci sont amorties sur une période de 3 ans à partir du jour de la souscription sur une base quotidienne. La position restante des charges payées d’avance par action pour chaque jour d’évaluation est calculée sur une base quotidienne par la multiplication à l’aide d’un facteur de l’actif net du fonds. Le facteur correspondant est déterminé sur une base quotidienne par le biais d’une réduction linéaire des frais de placement en appliquant un pourcentage défini sur 3 ans à partir du jour de la souscription. Pendant les 3 années à partir du jour de la souscription, la position des charges payées d’avance varie puisqu’elle dépend à la fois de l’actif net du fonds et du facteur défini au préalable.
En outre, une indemnité de dilution (supportée par l’actionnaire) a été prélevée au cours de la période sous revue, allant jusqu’à 3 % sur la base du cours de rachat brut au profit de l’actif du fonds.
Vous trouverez de plus amples détails concernant les frais de placement et l’indemnité de dilution dans les sections correspondantes du prospectus du fonds.
Annexe : Frais de placement | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.
Placement fee / dilution adjustment
In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.
In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).
Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.
Appendix: Placement fee | en | fr |
DOLFIN9548 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Subscription
The Directors may issue Shares of any class of any Fund on such terms as they may from time to time determine. The terms and conditions applicable to the issue of Shares of any class together with subscription and settlement details and procedures will be set out in the relevant Supplement. Shares shall be issued at the Net Asset Value per Share plus any charges as specified in the relevant Supplement. All Shares will be registered in inscribed form and evidenced by entry on the Company’s register of Shareholders. Share certificates will not be issued. Each Shareholder will be sent a written trade confirmation confirming ownership of the relevant Shares.
Under the Articles, the Directors are given authority to effect the issue of Shares and have absolute discretion to accept or reject in whole or in part any application for Shares without assigning any reason therefor. The Directors have the power to impose such restrictions as they think necessary to ensure that no Shares are acquired by any person which might result in the legal and beneficial ownership of Shares by persons who are not Qualified Holders or expose the Company to adverse tax or regulatory consequences.
If an application is rejected, any monies received will be returned to the applicant (minus any handling charge incurred) as soon as possible by telegraphic transfer (but without interest, costs or compensation).
No Shares of any Fund will be issued or allotted during a period when the determination of the Net Asset Value of that Fund is suspended. | ##### Zeichnung
Vom Verwaltungsrat können für jeden Fonds Anteile jeder Klasse zu von ihm jeweils festgelegten Konditionen ausgegeben werden. Die Ausgabebedingungen für die Anteile der einzelnen Anteilklassen sowie die Zeichnungs- und Zahlungsregelungen ergeben sich aus den entsprechenden Prospektergänzungen. Anteile werden zum Nettoinventarwert pro Anteil zuzüglich der in der jeweiligen Prospektergänzung genannten Gebühren ausgegeben. Alle Anteile werden als Namensanteile eingetragen; dieser Eintrag im Anteilregister der Gesellschaft gilt entsprechend als Nachweis über den Anteilbesitz. Es werden keine Anteilscheine ausgegeben. Jeder Anteilinhaber erhält eine schriftliche Bestätigung der Transaktion, in der das Eigentum an den Anteilen bestätigt wird.
Nach der Satzung hat der Verwaltungsrat die Befugnis, Anteile nach freiem Ermessen auszugeben und Zeichnungsanträge für Anteile ganz oder teilweise anzunehmen oder ohne Angabe von Gründen abzulehnen. Der Verwaltungsrat ist berechtigt, die Beschränkungen festzulegen, die von ihm für erforderlich gehalten werden, um sicherzustellen, dass keine Anteile von Personen erworben werden, bei denen die Gefahr besteht, dass das rechtliche oder wirtschaftliche Eigentum auf Personen übergeht, die keine qualifizierten Inhaber sind, oder dass dies für die Gesellschaft zu nachteiligen steuerlichen oder aufsichtsrechtlichen Konsequenzen führt.
Wenn ein Antrag abgelehnt wird, wird der für die Zeichnung erhaltene Betrag (ohne Zinsen, Kostenerstattung oder Entschädigung) abzüglich aller entstehenden Bearbeitungskosten so bald als möglich durch telegrafische Banküberweisung an den Antragsteller zurückgeschickt.
Während einer Aussetzung der Ermittlung des Nettoinventarwerts eines Fonds werden keine Anteile an diesem Fonds ausgegeben oder zugeteilt. | ##### Subscription
The Directors may issue Shares of any class of any Fund on such terms as they may from time to time determine. The terms and conditions applicable to the issue of Shares of any class together with subscription and settlement details and procedures will be set out in the relevant Supplement. Shares shall be issued at the Net Asset Value per Share plus any charges as specified in the relevant Supplement. All Shares will be registered in inscribed form and evidenced by entry on the Company’s register of Shareholders. Share certificates will not be issued. Each Shareholder will be sent a written trade confirmation confirming ownership of the relevant Shares.
Under the Articles, the Directors are given authority to effect the issue of Shares and have absolute discretion to accept or reject in whole or in part any application for Shares without assigning any reason therefor. The Directors have the power to impose such restrictions as they think necessary to ensure that no Shares are acquired by any person which might result in the legal and beneficial ownership of Shares by persons who are not Qualified Holders or expose the Company to adverse tax or regulatory consequences.
If an application is rejected, any monies received will be returned to the applicant (minus any handling charge incurred) as soon as possible by telegraphic transfer (but without interest, costs or compensation).
No Shares of any Fund will be issued or allotted during a period when the determination of the Net Asset Value of that Fund is suspended. | en | de |
DOLFIN9549 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### THE DIRECTORS AND SECRETARY
The Board of Directors is responsible for managing the business affairs of the Company. Under the Articles, the Directors have delegated certain of their powers, duties, discretions and/or functions in relation to the management and administration of the Company’s affairs to the Manager with certain powers of sub-delegation. The Manager in turn has delegated certain of these powers to the Administrator and the Investment Adviser, as described below.
The Directors are listed below with their principal occupations. None of the Directors has entered into a service contract with the Company nor is any such contract proposed and none of the Directors is an employee of the Company. Consequently none of the Directors is an executive director. The Company has granted indemnities to the Directors in respect of any loss or damages which they may suffer save generally where this results from each Director’s dishonesty, fraud, breach of fiduciary duty, negligence or wilful misconduct. The Articles do not stipulate a retirement age for Directors and do not provide for retirement of Directors by rotation. The address of the Directors is the registered office of the Company.
Michael Jackson is managing partner of Matheson, the legal advisors to the Company as to matters of Irish law. He joined Matheson in September 1991 following graduation from University College Cork with a Bachelor of Civil Laws Degree. In 1994 Mr Jackson worked in the investment funds department of a leading international law firm based in the United States returning to Matheson in October 1994. Between September 1998 and January 1999 he was seconded to the private client services division of a major international investment firm based in London. Mr Jackson returned to Matheson in January 1999 and was admitted to partnership in January 2000. He was head of the Asset Management and Investment Funds Group until his appointment as Managing Partner in 2016. He is a member of the Incorporated Law Society of Ireland. He is also a member of the Irish Financial Services Centre Funds Group. Mr Jackson was a member of the Primary Market Committee and Funds Listing Committee of the Irish Stock Exchange and is a former member of the Council and the former Chairman of the Irish Funds Industry Association.
Kevin Barr, is a graduate of Cornell University (B.S.) and Purdue University (M.S.). He has over 15 years’ experience with SEI and is the current Executive Vice President of the ultimate parent company, SEI Investments Company. He also serves as President and CEO of SEI Investments Distribution Co. and as President and a member of the board of directors of SEI Investments Management Services. Prior to this he worked with Irwin Union Bank & Trust, Columbus, Indiana as Executive Vice President and CFO from 1994 to 2000. He also worked with Deloitte & Touche Management Consultants from 1988 to 1994 ultimately as a Senior Manager with the National Financial Services Consulting Practice responsible for delivering consulting services including M&A, Strategy and Operations Management.
Desmond Murray, is a professional non-executive director for several Irish based and/or listed entities in the insurance, investment funds and media industries. His other interests include property management and co-investment. Prior to this he was a partner with PricewaterhouseCoopers Hong Kong from 1987 to 2000. He was Honorary Counsel for Ireland in Hong Kong from 1994 until 1998. He was a member of the advisory committee to the Hong Kong Government in relation to Deposit Taking Companies, representing the HKICPA from 1988-1994, serving the two 3 year terms permitted.
Robert A. Nesher, has been President, Chairman and Trustee of SEI Mutual Funds since 1989. Mr Nesher is currently the Chairman of the Board of Trustees of The Advisor’s Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds and the KP Funds. He is Chairman of the Board of Trustees of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Structured Credit Fund, L.P., Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. He is Director of SEI Global Investments Fund plc, SEI Global Assets Fund plc, SEI Investments Global, Limited, SEI Investments - Global Fund Services, Limited, SEI Investments (Europe), Ltd and SEI Global Nominee Ltd. Mr Nesher received a Master’s Degree in Computer Science from the University of Pennsylvania and a JD from the University of Pennsylvania Law School.
Matsack Trust Limited, a secretarial company formed and owned by the partners of Matheson, has been appointed as Company Secretary.
Norman Jeffrey Klauder, has been General Counsel and an Executive Vice President of SEI since 2004. Prior to joining SEI, he was a partner at the law firm of Morgan, Lewis & Bockius LLP, where he served as a partner in the Business and Finance Section of the Firm and as Chair of the Mergers and Acquisitions Practice Group. Mr Klauder has also served as General Counsel and Executive Vice President of Safeguard Scientifics from 2000-2003. Mr Klauder is also a director of SEI Investment Management Corporation, SEI Private Trust Company, SEI Trust Company and SEI Global Financial Services Limited, among other SEI subsidiaries. | ### VERWALTUNGSRAT UND SCHRIFTFÜHRER
Der Verwaltungsrat ist für die Führung der Geschäfte der Gesellschaft verantwortlich. Gemäss den Statuten haben die Verwaltungsratsmitglieder bestimmte Befugnisse, Aufgaben, Ermessensspielräume und/oder Funktionen in Bezug auf die Verwaltung und Administration der Angelegenheiten der Gesellschaft mit bestimmten Unterübertragungsbefugnissen an den Fondsmanager übertragen. Der Fondsmanager wiederum hat einige dieser Befugnisse an den Verwalter und den Anlageberater delegiert, wie im Folgenden beschrieben.
Die Verwaltungsratsmitglieder sind nachfolgend mit ihren Hauptberufen aufgeführt. Keines der Verwaltungsratsmitglieder hat einen Dienstvertrag mit der Gesellschaft abgeschlossen, noch wird ein solcher Vertrag vorgeschlagen, und keines der Verwaltungsratsmitglieder ist ein Mitarbeiter der Gesellschaft. Folglich ist keiner der Verwaltungsratsmitglieder ein geschäftsführendes Verwaltungsratsmitglied. Die Gesellschaft hat den Verwaltungsratsmitgliedern Entschädigungen in Bezug auf Verluste oder Schäden gewährt, die ihnen möglicherweise entstehen, es sei denn, diese Verluste ergeben sich im Allgemeinen aus Unehrlichkeit, Betrug, der Verletzung von Treuepflichten, Fahrlässigkeit oder dem vorsätzlichen Fehlverhalten des entsprechenden Verwaltungsratsmitglieds. Die Satzung sieht kein Ruhestandsalter für Verwaltungsratsmitglieder vor und sieht auch keinen turnusmässigen Ruhestand der Verwaltungsratsmitglieder vor. Die Adresse der Verwaltungsratsmitglieder ist der Sitz der Gesellschaft.
Michael Jackson ist geschäftsführender Gesellschafter von Matheson, den Rechtsberatern der Gesellschaft in Fragen des irischen Rechts. Er kam im September 1991 zu Matheson, nachdem er sein Studium am University College in Cork mit einem BA-Abschluss in Zivilrecht abgeschlossen hatte. 1994 arbeitete Herr Jackson in der Investmentfondsabteilung einer führenden internationalen Anwaltskanzlei mit Sitz in den Vereinigten Staaten und kehrte im Oktober 1994 zu Matheson zurück. Zwischen September 1998 und Januar 1999 wurde er in die Abteilung Privatkundenbetreuung einer grossen internationalen Investmentgesellschaft mit Sitz in London entsandt. Herr Jackson kehrte im Januar 1999 zu Matheson zurück und wurde im Januar 2000 in die Partnerschaft aufgenommen. Bis zu seiner Ernennung zum Managing Partner im Jahr 2016 leitete er die Asset Management and Investment Funds Group. Er ist Mitglied der Incorporated Law Society of Ireland. Er ist ausserdem Mitglied der Irish Financial Services Centre Funds Group. Herr Jackson war Mitglied des Primary Market Committee und des Funds Listing Committee der Irish Stock Exchange und ist ehemaliges Mitglied des Rates und ehemaliger Vorsitzender der Irish Funds Industry Association.
Kevin Barr, ist Absolvent der Cornell University (B.S.) und der Purdue University (M.S.). Er verfügt über mehr als 15 Jahre Erfahrung bei SEI und ist derzeit Executive Vice President der Muttergesellschaft SEI Investments Company. Er ist ausserdem President und CEO von SEI Investments Distribution Co und President und Verwaltungsratsmitglied von SEI Investments Management Services. Davor arbeitete er von 1994 bis 2000 bei Irwin Union Bank & Trust, Columbus, Indiana, als Executive Vice President und CFO. Von 1988 bis 1994 arbeitete er auch bei Deloitte & Touche Management Consultants, zuletzt als Senior Manager bei der National Financial Services Consulting Practice, die für die Erbringung von Beratungsleistungen einschliesslich M&A, Strategie und Operations Management verantwortlich war.
Desmond Murray, ist ein professionelles, nicht geschäftsführendes Verwaltungsratsmitglied für mehrere in Irland ansässige und/oder börsennotierte Unternehmen der Versicherungs-, Investmentfonds- und Medienbranche. Zu seinen weiteren Interessen gehören die Immobilienverwaltung und Co-Investments. Davor war er von 1987 bis 2000 Partner bei PricewaterhouseCoopers Hong Kong. Von 1994 bis 1998 war er Honorarkonsul für Irland in Hongkong. Er war Mitglied des Beirats der Regierung von Hongkong in Bezug auf Einlagensicherungsgesellschaften, der von 1988-1994 die HKICPA vertrat und hat die beiden zulässigen dreijährigen Amtszeiten absolviert.
Robert A. Nesher ist seit 1989 Präsident, Vorsitzender und Treuhänder der SEI Investmentfonds. Herr Nesher ist derzeit Vorsitzender des Kuratoriums des Advisor’s Inner Circle Fund, des Advisors’ Inner Circle Fund II, der Bishop Street Funds und der KP Funds. Er ist Vorsitzender des Kuratoriums des SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI
Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Structured Credit Fund, L.P., Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust und SEI Catholic Values Trust. Er ist Verwaltungsratsmitglied von SEI Global Investment Fund plc, SEI Global Assets Fund plc, SEI Investments Global, Limited, SEI Investments - Global Fund Services, Limited, SEI Investments (Europe), Ltd und SEI Global Nominee Ltd. Herr Nesher erwarb einen Master-Abschluss in Informatik und einen Doktortitel in Jura von der University of Pennsylvania.
Matsack Trust Limited, eine von den Gesellschaftern von Matheson gegründete und in ihrem Besitz befindliche Sekretariatsfirma, wurde zum Company Secretary ernannt.
Normann Jeffrey Klauder, ist seit 2004 General Counsel und Executive Vice President von SEI. Vor seinem Eintritt bei SEI war er Partner der Anwaltskanzlei Morgan, Lewis & Bockius LLP, wo er als Partner in der Abteilung Business und Finanzen der Kanzlei und als Vorsitzender der Praxisgruppe Fusionen und Übernahmen tätig war. Herr Klauder war von 2000-2003 auch als General Counsel und Executive Vice President bei Safeguard Scientifics tätig. Herr Klauder ist ausserdem Verwaltungsratsmitglied der SEI Investment Management Corporation, der SEI Private Trust Company, der SEI Trust Company und der SEI Global Financial Services Limited, neben anderen SEI- Tochtergesellschaften. | ### THE DIRECTORS AND SECRETARY
The Board of Directors is responsible for managing the business affairs of the Company. Under the Articles, the Directors have delegated certain of their powers, duties, discretions and/or functions in relation to the management and administration of the Company’s affairs to the Manager with certain powers of sub-delegation. The Manager in turn has delegated certain of these powers to the Administrator and the Investment Adviser, as described below.
The Directors are listed below with their principal occupations. None of the Directors has entered into a service contract with the Company nor is any such contract proposed and none of the Directors is an employee of the Company. Consequently none of the Directors is an executive director. The Company has granted indemnities to the Directors in respect of any loss or damages which they may suffer save generally where this results from each Director’s dishonesty, fraud, breach of fiduciary duty, negligence or wilful misconduct. The Articles do not stipulate a retirement age for Directors and do not provide for retirement of Directors by rotation. The address of the Directors is the registered office of the Company.
Michael Jackson is managing partner of Matheson, the legal advisors to the Company as to matters of Irish law. He joined Matheson in September 1991 following graduation from University College Cork with a Bachelor of Civil Laws Degree. In 1994 Mr Jackson worked in the investment funds department of a leading international law firm based in the United States returning to Matheson in October 1994. Between September 1998 and January 1999 he was seconded to the private client services division of a major international investment firm based in London. Mr Jackson returned to Matheson in January 1999 and was admitted to partnership in January 2000. He was head of the Asset Management and Investment Funds Group until his appointment as Managing Partner in 2016. He is a member of the Incorporated Law Society of Ireland. He is also a member of the Irish Financial Services Centre Funds Group. Mr Jackson was a member of the Primary Market Committee and Funds Listing Committee of the Irish Stock Exchange and is a former member of the Council and the former Chairman of the Irish Funds Industry Association.
Kevin Barr, is a graduate of Cornell University (B.S.) and Purdue University (M.S.). He has over 15 years’ experience with SEI and is the current Executive Vice President of the ultimate parent company, SEI Investments Company. He also serves as President and CEO of SEI Investments Distribution Co. and as President and a member of the board of directors of SEI Investments Management Services. Prior to this he worked with Irwin Union Bank & Trust, Columbus, Indiana as Executive Vice President and CFO from 1994 to 2000. He also worked with Deloitte & Touche Management Consultants from 1988 to 1994 ultimately as a Senior Manager with the National Financial Services Consulting Practice responsible for delivering consulting services including M&A, Strategy and Operations Management.
Desmond Murray, is a professional non-executive director for several Irish based and/or listed entities in the insurance, investment funds and media industries. His other interests include property management and co-investment. Prior to this he was a partner with PricewaterhouseCoopers Hong Kong from 1987 to 2000. He was Honorary Counsel for Ireland in Hong Kong from 1994 until 1998. He was a member of the advisory committee to the Hong Kong Government in relation to Deposit Taking Companies, representing the HKICPA from 1988-1994, serving the two 3 year terms permitted.
Robert A. Nesher, has been President, Chairman and Trustee of SEI Mutual Funds since 1989. Mr Nesher is currently the Chairman of the Board of Trustees of The Advisor’s Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds and the KP Funds. He is Chairman of the Board of Trustees of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Structured Credit Fund, L.P., Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. He is Director of SEI Global Investments Fund plc, SEI Global Assets Fund plc, SEI Investments Global, Limited, SEI Investments - Global Fund Services, Limited, SEI Investments (Europe), Ltd and SEI Global Nominee Ltd. Mr Nesher received a Master’s Degree in Computer Science from the University of Pennsylvania and a JD from the University of Pennsylvania Law School.
Matsack Trust Limited, a secretarial company formed and owned by the partners of Matheson, has been appointed as Company Secretary.
Norman Jeffrey Klauder, has been General Counsel and an Executive Vice President of SEI since 2004. Prior to joining SEI, he was a partner at the law firm of Morgan, Lewis & Bockius LLP, where he served as a partner in the Business and Finance Section of the Firm and as Chair of the Mergers and Acquisitions Practice Group. Mr Klauder has also served as General Counsel and Executive Vice President of Safeguard Scientifics from 2000-2003. Mr Klauder is also a director of SEI Investment Management Corporation, SEI Private Trust Company, SEI Trust Company and SEI Global Financial Services Limited, among other SEI subsidiaries. | en | de |
DOLFIN9550 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Sustainable Multi-Factor Equity
Sustainable Multi-Factor Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristics: it maintains i) a higher overall sustainability score; and ii) at least a 50% lower carbon intensity score, relative to the MSCI AC World (Net TR) index, based on the investment manager’s rating system.
The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer.
Carbon intensity is a measure of the carbon efficiency of a portfolio. It is expressed as the carbon emissions per million dollars of revenue and displayed as tons CO2e / $M revenue. The carbon intensity is measured using data from a third party provider. Where a data point is not available to the provider, they may make use of estimated data.
The investment manager monitors compliance with the characteristics by reference to the weighted average sustainability score of the Fund in SustainEx™ and the carbon intensity compared against the carbon intensity and the weighted average sustainability score of the named benchmark in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score and at least a 50% lower carbon intensity score, relative to the MSCI AC World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ and the carbon exposure measure 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 Sustainable Multi-Factor Equity
Sustainable Multi-Factor Equity (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve las siguientes características: mantener i) una puntuación en materia de sostenibilidad general superior; y ii) al menos una puntuación de intensidad de carbono un 50% inferior con respecto a las del MSCI AC World (Net TR) Index, según el sistema de calificación de la Gestora de inversiones.
La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante.
La intensidad del carbono es una medida de la eficiencia del carbono de una cartera. Se expresa como las emisiones de carbono por millón de dólares de ingresos y se muestra como toneladas de CO2e/M$ de ingresos. La intensidad del carbono se mide utilizando datos de un proveedor externo. Cuando un punto de datos no está disponible para el proveedor, puede utilizar datos estimados.
La Gestora de inversiones supervisa el cumplimiento de las características por referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ y la intensidad de carbono comparada con la intensidad de carbono y la puntuación media ponderada de sostenibilidad del valor de referencia indicado en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta y al menos una puntuación de intensidad de carbono un 50% inferior con respecto a las del MSCI AC World (Net TR) Index, según la metodología explicada anteriormente, desde la fecha de entrada en vigor de los requisitos reglamentarios el 10 de marzo de 2021.
Ocasionalmente, SustainEx™ y la medida de exposición al carbono pueden 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 Sustainable Multi-Factor Equity
Sustainable Multi-Factor Equity (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristics: it maintains i) a higher overall sustainability score; and ii) at least a 50% lower carbon intensity score, relative to the MSCI AC World (Net TR) index, based on the investment manager’s rating system.
The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer.
Carbon intensity is a measure of the carbon efficiency of a portfolio. It is expressed as the carbon emissions per million dollars of revenue and displayed as tons CO2e / $M revenue. The carbon intensity is measured using data from a third party provider. Where a data point is not available to the provider, they may make use of estimated data.
The investment manager monitors compliance with the characteristics by reference to the weighted average sustainability score of the Fund in SustainEx™ and the carbon intensity compared against the carbon intensity and the weighted average sustainability score of the named benchmark in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score and at least a 50% lower carbon intensity score, relative to the MSCI AC World (Net TR) index based on the methodology explained above since the effective date of the regulatory requirements on 10 March 2021.
SustainEx™ and the carbon exposure measure 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 |
DOLFIN9551 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| 1 mois | 6 mois | Depuis le début de lannée | 1 an | 3 ans (par an) | 5 ans (par an) | 10 ans (par an) |
| --- | --- | --- | --- | --- | --- | --- |
| Fonds (brut) (%) | 0,08 | -4,08 | -9,22 | -8,18 | -1,18 | -0,49 | n/a |
| Fonds (net) (%) | 0,00 | -4,53 | -9,86 | -9,04 | -2,10 | -1,42 | n/a |
| Objectif de performance (%) | 0,43 | 2,31 | 3,40 | 4,54 | 4,57 | 4,63 | n/a |
| Comparateur de performances (%) | 0,03 | -0,17 | -0,31 | -0,46 | -0,43 | -0,37 | n/a | | | 1 mes | 6 meses | Desde comienzo de año | 1 año | 3 años (anual) | 5 años (anual) | 10 años (anual) |
| --- | --- | --- | --- | --- | --- | --- |
| Fondo (bruto) (%) | 0,08 | -4,08 | -9,22 | -8,18 | -1,18 | -0,49 | n/a |
| Fondo (neto) (%) | 0,00 | -4,53 | -9,86 | -9,04 | -2,10 | -1,42 | n/a |
| Objetivo de rentabilidad (%) | 0,43 | 2,31 | 3,40 | 4,54 | 4,57 | 4,63 | n/a |
| Comparador de rentabilidades (%) | 0,03 | -0,17 | -0,31 | -0,46 | -0,43 | -0,37 | n/a | | | 1 mois | 6 mois | Depuis le début de lannée | 1 an | 3 ans (par an) | 5 ans (par an) | 10 ans (par an) |
| --- | --- | --- | --- | --- | --- | --- |
| Fonds (brut) (%) | 0,08 | -4,08 | -9,22 | -8,18 | -1,18 | -0,49 | n/a |
| Fonds (net) (%) | 0,00 | -4,53 | -9,86 | -9,04 | -2,10 | -1,42 | n/a |
| Objectif de performance (%) | 0,43 | 2,31 | 3,40 | 4,54 | 4,57 | 4,63 | n/a |
| Comparateur de performances (%) | 0,03 | -0,17 | -0,31 | -0,46 | -0,43 | -0,37 | n/a | | fr | es |
DOLFIN9552 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This would include:
- the selective payment default on a specific class or currency of debt;
- the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;
- the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. | Dazu gehören:
- der selektive Zahlungsausfall für eine bestimmte Schuldtitelklasse oder -währung;
- der ergebnislose Ablauf einer geltenden Nachfrist, Behebungsfrist oder Tilgungsstreckung nach einem Zahlungsausfall in Bezug auf ein Bankdarlehen, ein an den Finanzmärkten gehandeltes Wertpapier oder eine andere wesentliche finanzielle Verpflichtung;
- die Verlängerung mehrerer Verzichtserklärungen oder Tilgungsstreckungen für einen Zahlungsausfall in Bezug auf eine oder mehrere wesentliche finanzielle Verpflichtungen, nacheinander oder parallel; ordentliche Durchführung des Umtauschs eines notleidenden Schuldtitels in Bezug auf eine oder mehrere wesentliche finanzielle Verpflichtungen. | This would include:
- the selective payment default on a specific class or currency of debt;
- the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;
- the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. | en | de |
DOLFIN9553 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 540 EUR | 1 209 EUR |
| Incidence des coûts annuels (*) | 5,5 % | 2,3 % par an | | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- |
| Costes totales | 540 EUR | 1209 EUR |
| Incidencia anual de los costes (*) | 5,5 % | 2,3 % cada año | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 540 EUR | 1 209 EUR |
| Incidence des coûts annuels (*) | 5,5 % | 2,3 % par an | | fr | es |
DOLFIN9554 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The levels at which PAI metrics are deemed to do significant harm varies depending on, among other factors, asset class, sector, region and country. Whilst the Investment Manager applies quantitative thresholds against each PAI, the Investment Manager may in certain scenarios use qualitative research and judgment to disregard or disapply these thresholds in cases where the Investment Manager disagrees with the quality or accuracy of the data, or in cases where the data is not representative of the company’s positive environmental or social initiatives or forward-looking developments. For the avoidance of doubt,the ultimate determination as to whether an investment does significant harm to any environmental or social objective lies with the qualitative judgment of the Investment Manager. PAI metrics are assessed on an ongoing basis to ensure that investments that are classified by the Investment Manager as SFDR Sustainable Investments do no significant harm to any environmental or social objectives.
PAI Data Availability
The Investment Manager is dependent upon information and data from third party data providers in order to be able to consider principal adverse impacts on sustainability factors. The availability and quality of such data impacts the extent to which each such PAI can be taken into account. In particular, the lack or incomplete reporting of metrics by some issuers means that there is currently only limited data on some adverse indicators. As such for some of the mandatory PAIs listed above, data coverage may be very low. The Investment Manager’s analysis of adverse indicators relies on this third-party information and data, and where such information is not available or is incomplete, the Investment Manager’s analysis of adverse indicators is necessarily limited. The Investment Manager does not currently make assumptions where data coverage is low. This means that for some mandatory PAIs no analysis of the DNSH test will be possible in respect of investments classified by the Investment Manager as SFDR Sustainable Investments. As the data availability improves over time, it is expected that PAIs can be applied to a greater portion of the Investment Manager’s investable universe. This will allow for enhanced insight into the adverse impacts caused by issuers.
The OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights (the “Responsible Business Practices”) collectively cover a very broad range of areas of responsible business, encompassing everything from labour rights to consumer protection to support for internationally recognised human rights within a company’s or issuer’s sphere of influence. SFDR Sustainable Investments are considered aligned with the Responsible Business Practices unless the companies invested in do not pass screens provided by third parties which either directly cover one or more of the Responsible Business Practices or are considered appropriate proxies for one or more of the Responsible Business Practices; and the companies invested in pass the Investment Manager’s own qualitative review process which takes into account the Responsible Business Practices
In addition, where the companies invested in do not pass the relevant screens provided by third parties, the Investment Manager retains discretion to establish alignment with the Responsible Business Practices solely on the basis of its qualitative review process. | Les niveaux à partir desquels les indicateurs PAI signalent un risque de préjudice important varient, entre autres, selon la classe d’actifs, le secteur, la région ou le pays. Bien qu’il applique des seuils quantitatifs à chaque PAI, le Gestionnaire de portefeuille peut, dans certains cas, s’appuyer sur une analyse qualitative et son propre jugement et ne pas tenir compte des résultats de comparaison avec les seuils en question lorsqu’il n’est pas satisfait de la qualité ou de la précision des données utilisées ou lorsqu’il estime que les informations recueillies ne représentent pas les initiatives ou le développement futur de la société sur le plan environnemental ou social. Afin de lever toute ambiguïté, il convient de noter que c’est l’avis du Gestionnaire de portefeuille, émis à partir de son analyse qualitative, qui prévaut pour déterminer si un investissement cause effectivement un préjudice important à l’un quelconque des objectifs environnementaux ou sociaux. Les indicateurs PAI sont mesurés de manière continue afin de contrôler si les investissements classés par le Gestionnaire de portefeuille comme Investissements durables SFDR ne causent pas de préjudice important à l’un quelconque des objectifs environnementaux ou sociaux.
Disponibilité des données PAI
Le Gestionnaire de portefeuille est tributaire de l’accès aux informations et données de fournisseurs tiers pour étudier les principales incidences négatives sur les facteurs de durabilité. La décision de prendre ou non en compte les PAI dépend de la disponibilité et de la qualité de ces données. En particulier, l’absence ou l’insuffisance d’éléments de mesure fournis par certains émetteurs montre que pour le moment certains indicateurs ne peuvent être calculés en raison d’un manque de données. Par conséquent, eu égard à la liste de PAI obligatoires dressée ci-dessus, le taux de couverture des données peut être très faible. Le Gestionnaire de portefeuille appuie son analyse des indicateurs PAI sur les informations et données obtenues auprès de tiers, laquelle s’avère forcément limitée en cas d’absence ou d’insuffisance de données. Pour le moment, le Gestionnaire de portefeuille n’émet pas d’hypothèses lorsque le taux de couverture des données est faible. Cela signifie qu’aucun test DNSH ne sera possible pour certains PAI obligatoires eu égard aux investissements classés par le Gestionnaire de portefeuille comme Investissements durables SFDR. Étant donné que la disponibilité des données devrait augmenter au fil du temps, le Gestionnaire de portefeuille devrait pouvoir utiliser davantage d’indicateurs PAI pour évaluer son univers d’investissement. Il pourra ainsi mieux analyser les incidences négatives causées par les émetteurs sur les facteurs de durabilité.
Les principes directeurs de l’OCDE à l’intention des entreprises multinationales et les principes directeurs des Nations unies relatifs aux entreprises et aux droits de l’homme, y compris les principes et les droits fixés par les huit conventions fondamentales citées dans la déclaration de l’Organisation internationale du travail relative aux principes et droits fondamentaux au travail et la Charte internationale des droits de l’homme (les « Pratiques commerciales responsables ») couvrent ensemble un très large éventail d’activités responsables, portant sur à peu près toutes les questions s’inscrivant dans la sphère d’influence d’une société ou d’un émetteur, et pouvant aller de la protection des consommateurs au soutien pour la reconnaissance des droits de l’homme. Les Investissements durables SFDR sont considérés comme étant alignés sur les Pratiques commerciales responsables à moins que les sociétés bénéficiaires des investissements ne soient écartées après l’application de critères de filtrage par des tiers couvrant directement une ou plusieurs Pratiques commerciales responsables ou considérés comme pouvant représenter adéquatement une ou plusieurs Pratiques commerciales responsables ou qu’elles ne réussissent pas les tests effectués par le Gestionnaire de portefeuille dans le cadre de son processus de révision qualitatif qui tient compte des Pratiques commerciales responsables.
En outre, lorsque les sociétés bénéficiaires des investissements sont écartées après l’application des critères de filtrage par des tiers, le Gestionnaire de portefeuille se réserve toute discrétion pour déterminer l’alignement desdites sociétés sur les Pratiques commerciales responsables en se basant uniquement sur son processus de révision qualitatif. | The levels at which PAI metrics are deemed to do significant harm varies depending on, among other factors, asset class, sector, region and country. Whilst the Investment Manager applies quantitative thresholds against each PAI, the Investment Manager may in certain scenarios use qualitative research and judgment to disregard or disapply these thresholds in cases where the Investment Manager disagrees with the quality or accuracy of the data, or in cases where the data is not representative of the company’s positive environmental or social initiatives or forward-looking developments. For the avoidance of doubt,the ultimate determination as to whether an investment does significant harm to any environmental or social objective lies with the qualitative judgment of the Investment Manager. PAI metrics are assessed on an ongoing basis to ensure that investments that are classified by the Investment Manager as SFDR Sustainable Investments do no significant harm to any environmental or social objectives.
PAI Data Availability
The Investment Manager is dependent upon information and data from third party data providers in order to be able to consider principal adverse impacts on sustainability factors. The availability and quality of such data impacts the extent to which each such PAI can be taken into account. In particular, the lack or incomplete reporting of metrics by some issuers means that there is currently only limited data on some adverse indicators. As such for some of the mandatory PAIs listed above, data coverage may be very low. The Investment Manager’s analysis of adverse indicators relies on this third-party information and data, and where such information is not available or is incomplete, the Investment Manager’s analysis of adverse indicators is necessarily limited. The Investment Manager does not currently make assumptions where data coverage is low. This means that for some mandatory PAIs no analysis of the DNSH test will be possible in respect of investments classified by the Investment Manager as SFDR Sustainable Investments. As the data availability improves over time, it is expected that PAIs can be applied to a greater portion of the Investment Manager’s investable universe. This will allow for enhanced insight into the adverse impacts caused by issuers.
The OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, including the principles and rights set out in the eight fundamental conventions identified in the Declaration of the International Labour Organisation on Fundamental Principles and Rights at Work and the International Bill of Human Rights (the “Responsible Business Practices”) collectively cover a very broad range of areas of responsible business, encompassing everything from labour rights to consumer protection to support for internationally recognised human rights within a company’s or issuer’s sphere of influence. SFDR Sustainable Investments are considered aligned with the Responsible Business Practices unless the companies invested in do not pass screens provided by third parties which either directly cover one or more of the Responsible Business Practices or are considered appropriate proxies for one or more of the Responsible Business Practices; and the companies invested in pass the Investment Manager’s own qualitative review process which takes into account the Responsible Business Practices
In addition, where the companies invested in do not pass the relevant screens provided by third parties, the Investment Manager retains discretion to establish alignment with the Responsible Business Practices solely on the basis of its qualitative review process. | en | fr |
DOLFIN9555 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# COSTS OVER TIME
The Reduction in Yield (RIY) shows the total impact of the costs that you pay on the yield you could get from your investment. The total costs include one-off, ongoing and incidental costs. The amounts shown do not take into account the costs associated with the package or any insurance contract associated with the Fund. The figures shown assume that you invest the amount indicated in the table below. These figures are estimates and may change in the future.
| | 1 year | 3 years |
| --- | --- | --- |
| Total costs | €336.32 | €206.57 |
| Annual reduction in yield (RIY) | 3.39% | 2.07% | | # COÛTS AU FIL DU TEMPS
La réduction du rendement (RIY) montre l'incidence des coûts totaux que vous payiez sur le rendement que vous pourriez obtenir de votre investissement. Les coûts totaux incluent les coûts ponctuels, récurrents et accessoires. Les montants indiqués ne tiennent pas compte des coûts liés au package ou au contrat d’assurance éventuellement associé au fonds. Les chiffres présentés supposent que vous investissiez le montant indiqué dans le tableau ci-dessous. Ces chiffres sont des estimations et peuvent changer à l'avenir.
| | 1 an | 3 ans |
| --- | --- | --- |
| Coûts totaux | 336,32 € | 206,57 € |
| Réduction annuelle du rendement (RIY) | 3,39 % | 2,07 % | | # COSTS OVER TIME
The Reduction in Yield (RIY) shows the total impact of the costs that you pay on the yield you could get from your investment. The total costs include one-off, ongoing and incidental costs. The amounts shown do not take into account the costs associated with the package or any insurance contract associated with the Fund. The figures shown assume that you invest the amount indicated in the table below. These figures are estimates and may change in the future.
| | 1 year | 3 years |
| --- | --- | --- |
| Total costs | €336.32 | €206.57 |
| Annual reduction in yield (RIY) | 3.39% | 2.07% | | en | fr |
DOLFIN9556 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### An exemption from subscription tax will be applicable in the following cases:
- for the value of the assets represented by shares or units held in other UCIs to the extent such shares or units have already been subject to the subscription tax provided by the amended law of 13 February 2007 on specialised investment funds or the Law;
- for UCIs, as well as individual sub-funds of UCIs with multiple sub-funds:
- the securities of which are reserved for institutional investors; and
- the exclusive object of which is the collective investment in money market instruments and the placing of deposits with credit institutions; and
- the weighted residual portfolio maturity of which does not exceed 90 days; and
- that have obtained the highest possible rating from a recognised rating agency; | ##### Une exemption de la taxe d’abonnement s’appliquera dans les cas suivants :
- pour la valeur des actifs représentés par des actions ou des parts détenues dans d’autres OPC dans la mesure où ces actions ou parts ont déjà été soumises à la taxe d’abonnement prévue par la loi modifiée du 13 février 2007 sur les fonds de placement spécialisés ou par la Loi ;
- pour les OPC, ainsi que les différents compartiments des OPC à compartiments multiples :
- dont les titres sont réservés aux investisseurs institutionnels ; et
- dont l’unique objet et le placement collectif dans des instruments du marché monétaire et le placement de dépôts auprès d’établissements de crédit ; et
- dont l’échéance pondérée résiduelle du portefeuille est inférieure ou égale à 90 jours ; et
- qui ont obtenu la note la plus élevée possible de la part d’une agence de notation reconnue ; | ###### An exemption from subscription tax will be applicable in the following cases:
- for the value of the assets represented by shares or units held in other UCIs to the extent such shares or units have already been subject to the subscription tax provided by the amended law of 13 February 2007 on specialised investment funds or the Law;
- for UCIs, as well as individual sub-funds of UCIs with multiple sub-funds:
- the securities of which are reserved for institutional investors; and
- the exclusive object of which is the collective investment in money market instruments and the placing of deposits with credit institutions; and
- the weighted residual portfolio maturity of which does not exceed 90 days; and
- that have obtained the highest possible rating from a recognised rating agency; | en | fr |
DOLFIN9557 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2007. The unit class was launched in 2011.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹3 Month SONIA Compounded in Arrears (GBP) Prior to 30.11.2021, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en GBP para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2007. La clase de acciones se lanzó en 2011.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹3 Month SONIA Compounded in Arrears (GBP) Antes del 30.11.2021, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2007. The unit class was launched in 2011.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹3 Month SONIA Compounded in Arrears (GBP) Prior to 30.11.2021, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN9558 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Under current law and practice, the Company qualifies as an investment undertaking as defined in section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis it is not chargeable to Irish tax on its income or gains. However, Irish tax may arise on the occurrence of a "chargeable event" for certain investors not satisfying one of the criteria outlined below.
A chargeable event includes any distribution payments to Shareholders or any encashment, redemption, cancellation or transfer of Shares and the holding of Shares at the end of each 8 year beginning with the acquisition of such Shares.
No Irish tax will arise on the Company in respect of chargeable events in respect of:
- Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company, or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and
- certain exempted Irish tax resident Shareholders who have provided the Company with the necessary signed statutory declarations. | Nach geltender Rechtslage und Rechtspraxis erfüllt die Gesellschaft die Voraussetzungen einer Investmentgesellschaft gemäß der Definition in Section 739B des Taxes Consolidation Act von 1997 in seiner jeweils gültigen Fassung. Sie unterliegt nicht der irischen Steuer auf ihr Einkommen oder ihre Veräußerungsgewinne. Es können jedoch für bestimmte Anleger, die die nachfolgend dargelegten Kriterien nicht erfüllen, beim Eintreten eines „Steuertatbestandes“ irische Steuern anfallen.
Zu einem Steuertatbestand gehören alle Ausschüttungszahlungen an Anteilsinhaber oder alle Einlösungen, Rücknahmen, Stornierungen oder Umtauschtransaktionen von Anteilen sowie das Halten von Anteilen am Ende eines jeden achtjährigen Zeitraums, beginnend mit dem Erwerb der Anteile.
In folgenden Fällen fallen für die Gesellschaft keine irischen Steuern in Bezug auf Steuertatbestände an:
- Im Falle eines Anteilsinhabers, der zum Zeitpunkt des Steuertatbestands für Steuerzwecke weder in Irland ansässig ist noch seinen gewöhnlichen Aufenthaltsort hat, vorausgesetzt, der Gesellschaft liegen entsprechende gültige Erklärungen gemäß den Bestimmungen des irischen Taxes Consolidation Act von 1997 in seiner jeweils gültigen Fassung vor; oder wenn die Gesellschaft beim Fehlen der entsprechenden Erklärungen von der irischen Steuerbehörde zur Zahlung von Bruttobeträgen autorisiert wurde; und
- bei bestimmten steuerbefreiten, im steuerrechtlichen Sinne in Irland ansässigen Anteilsinhabern, die der Gesellschaft die entsprechenden gesetzlich vorgeschriebenen, von ihnen unterschriebenen Erklärungen vorgelegt haben. | Under current law and practice, the Company qualifies as an investment undertaking as defined in section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis it is not chargeable to Irish tax on its income or gains. However, Irish tax may arise on the occurrence of a "chargeable event" for certain investors not satisfying one of the criteria outlined below.
A chargeable event includes any distribution payments to Shareholders or any encashment, redemption, cancellation or transfer of Shares and the holding of Shares at the end of each 8 year beginning with the acquisition of such Shares.
No Irish tax will arise on the Company in respect of chargeable events in respect of:
- Shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company, or the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and
- certain exempted Irish tax resident Shareholders who have provided the Company with the necessary signed statutory declarations. | en | de |
DOLFIN9559 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
There is no assurance that any appreciation in the value of Investments will occur, or that the investment objective of any Sub-Fund will be achieved. The value of Investments and the income derived therefrom may fall as well as rise and investors may not recoup the original amount invested in a Sub-Fund. The difference at any one time between the cost of subscribing for Units and the amount received on redeeming Unitsmeans that any investment in any Sub-Fund should be viewed as a medium to long-term investment. An investment should only be made by those persons who are able to sustain a loss on their investment.
-
### Investment Risk | Non vi è alcuna garanzia che si realizzi un apprezzamento del valore degli investimenti, né che l'obiettivo d'investimento dei singoli Comparti venga raggiunto. Il valore degli Investimenti e il reddito da essi derivante possono diminuire così come aumentare e gli investitori potrebbero non rientrare in possesso dell'importo originariamente investito in un qualsiasi Comparto. La differenza in un determinato momento tra il costo della sottoscrizione di Quote e l'ammontare ricevuto all'atto del rimborso di Quote indica che qualsiasi investimento in un qualunque Comparto va considerato come un investimento a medio-lungo termine. L'investimento dev'essere effettuato soltanto da soggetti in grado di sopportare un'eventuale perdita.
-
### Rischio d'Investimento | There is no assurance that any appreciation in the value of Investments will occur, or that the investment objective of any Sub-Fund will be achieved. The value of Investments and the income derived therefrom may fall as well as rise and investors may not recoup the original amount invested in a Sub-Fund. The difference at any one time between the cost of subscribing for Units and the amount received on redeeming Unitsmeans that any investment in any Sub-Fund should be viewed as a medium to long-term investment. An investment should only be made by those persons who are able to sustain a loss on their investment.
-
### Investment Risk | en | it |
DOLFIN9560 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The CIBM is undergoing a phase of development and internationalisation. Market volatility and a potential lack of liquidity due to low trade volumes can lead to dramatic fluctuations in certain debt securities traded on this market. Sub- funds that invest in this market are therefore exposed to liquidity and volatility risk, and may suffer losses from mainland Chinese bond trades. In particular, the bid and offer spread of mainland Chinese bonds may be wide, and selling such investments may thus generate considerable trading and realisation costs for the sub-fund in question. The sub-fund may also incur risks in connection with settlement processes and counterparty default. It is possible that the sub-fund may enter into transactions with counterparties who are then unable to fulfil their obligations by delivering or paying for the appropriate securities.
The CIBM is also subject to regulatory risk.
- Risk of investing in other undertakings with exposure to PRC securitiesThe sub-fund will be subject to the same types of risks as the other undertakings in proportion to its holdings of those specific underlying funds. Different underlying funds in which the sub-fund invests have different underlying investments. The risks associated with such underlying investments, in particular with exposure to PRC securities, would be similar to the risks as set out above.
- PRC Tax RiskBy investing in PRC securities, the sub-fund may be subject to withholding and other taxes imposed in the PRC. There are risks and uncertainties associated with the current PRC tax laws, regulations and practice, which are subject to change, and may be amended with retrospective effect. Based on professional and independent tax advice, the sub-fund does not provide for any PRC tax provision in respect of realized and unrealized capital gains derived from the trading of PRC securities. Upon any further changes to tax law or policies, the board of directors, in consultation with the portfolio manager, will, as soon as practicable, make relevant adjustments to the amount of tax provision as it considers necessary. | Le CIBM est actuellement en phase de développement et d'internationalisation. La volatilité du marché et le manque potentiel de liquidité induit par un faible volume de négociation peuvent faire fortement fluctuer les cours de certains titres de créance négociés sur ce marché. Les compartiments réalisant des investissements sur ce marché sont donc exposés à des risques de liquidité et de volatilité et les transactions obligataires en Chine continentale sont susceptibles de leur faire subir des pertes. En particulier, l'écart entre les cours acheteur et vendeur des obligations de Chine continentale peut être grand et la vente de tels placements est susceptible d’entraîner d’importants coûts de transaction et de réalisation pour le compartiment concerné. Le compartiment peut également encourir des risques en rapport avec les processus de règlement et la défaillance d'une contrepartie. La contrepartie qui a conclu une transaction avec le compartiment peut manquer à son obligation de régler la transaction en remettant le titre pertinent ou en payant la valeur correspondante.
Le CIBM est également soumis au risque réglementaire.
- Risque lié à l’investissement dans d’autres organismes exposés aux titres de RPCLe compartiment sera exposé aux mêmes types de risques que les autres organismes au prorata de ses participations dans ces fonds sous-jacents. Les divers fonds sous-jacents dans lesquels le compartiment investit affichent des placements sous-jacents différents. Ces placements sous-jacents, notamment ceux exposés aux titres de la RPC, comporteront des risques similaires à ceux décrits ci-dessus.
- Risque fiscal en RPCEn investissant dans des titres situés en RPC, le compartiment peut être assujetti à des retenues à la source et autres taxes imposées par la RPC. Des risques et incertitudes sont associés aux lois, règlementations et pratiques fiscales en vigueur en PRC, lesquelles sont susceptibles de changer et peuvent être modifiées avec effet rétroactif. En vertu de conseils fiscaux professionnels et indépendants, le compartiment ne prévoit aucune provision pour impôts en RPC au titre des plus-values réalisées et latentes découlant de la négociation de titres situés en RPC. En cas de modification supplémentaire des lois ou politiques fiscales, le conseil d'administration, après consultation du gestionnaire de portefeuille, procèdera, dès que pratiquement possible, aux ajustements du montant de la provision pour impôts qu'il jugera nécessaires. | The CIBM is undergoing a phase of development and internationalisation. Market volatility and a potential lack of liquidity due to low trade volumes can lead to dramatic fluctuations in certain debt securities traded on this market. Sub- funds that invest in this market are therefore exposed to liquidity and volatility risk, and may suffer losses from mainland Chinese bond trades. In particular, the bid and offer spread of mainland Chinese bonds may be wide, and selling such investments may thus generate considerable trading and realisation costs for the sub-fund in question. The sub-fund may also incur risks in connection with settlement processes and counterparty default. It is possible that the sub-fund may enter into transactions with counterparties who are then unable to fulfil their obligations by delivering or paying for the appropriate securities.
The CIBM is also subject to regulatory risk.
- Risk of investing in other undertakings with exposure to PRC securitiesThe sub-fund will be subject to the same types of risks as the other undertakings in proportion to its holdings of those specific underlying funds. Different underlying funds in which the sub-fund invests have different underlying investments. The risks associated with such underlying investments, in particular with exposure to PRC securities, would be similar to the risks as set out above.
- PRC Tax RiskBy investing in PRC securities, the sub-fund may be subject to withholding and other taxes imposed in the PRC. There are risks and uncertainties associated with the current PRC tax laws, regulations and practice, which are subject to change, and may be amended with retrospective effect. Based on professional and independent tax advice, the sub-fund does not provide for any PRC tax provision in respect of realized and unrealized capital gains derived from the trading of PRC securities. Upon any further changes to tax law or policies, the board of directors, in consultation with the portfolio manager, will, as soon as practicable, make relevant adjustments to the amount of tax provision as it considers necessary. | en | fr |
DOLFIN9561 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class A of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class A of the Absorbed Sub-Fund. | ## Índice de referencia: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculado con cupones netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase A del fondo francés Edmond de Rothschild GLOBAL CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase A del Subfondo absorbido. | ## Benchmark: Refinitiv Global Focus Hedged (EUR) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class A of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class A of the Absorbed Sub-Fund. | en | es |
DOLFIN9562 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- 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 | - 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. | - 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 |
DOLFIN9563 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Borrower's note loans that can be assigned at least twice after being acquired for the Fund and have been granted by one of the following bodies:
- the German Federal Government, an investment fund of the German Federal Government, a German federal state, the EU or an OECD Member State;
- another domestic authority or a regional government or local authority of another EU Mem- ber State or another State party to the EEA Agreement, if the claim can be treated according to the regulations on prudential requirements for credit institutions and securities companies in the same way as one against the central government in whose sovereign area the regional government or authority is located,
- other corporations or institutions under public law with their registered offices in Germany, another EU Member State or another state party to the EEA Agreement,
- companies that issue transferable securities that are admitted to trading on an organised market within the EEA or on another regulated market meets the essential requirements of regulated markets within the meaning of the current version of the directive on markets in fi- nancial instruments, or
- other debtors, provided one of the bodies referred to in (a)–(c) above has guaranteed the payment of interest and repayment of principal. | - Schuldscheindarlehen, die nach dem Erwerb für den Fonds mindestens zweimal abgetreten werden können und von einer der folgenden Einrichtungen gewährt wurden:
- dem Bund, einem Sondervermögen des Bundes, einem Land, der EU oder einem Mitgliedstaat der OECD,
- einer anderen inländischen Gebietskörperschaft oder einer Regionalregierung oder örtlichen Gebietskörperschaft eines anderen Mitgliedstaats der EU oder eines anderen Vertragsstaats des Abkommens über den EWR, sofern die Forderung nach der Verordnung über Aufsichtsanfor- derungen an Kreditinstitute und Wertpapierfirmen in derselben Weise behandelt werden kann wie eine Forderung an den Zentralstaat, auf dessen Hoheitsgebiet die Regionalregierung oder die Gebietskörperschaft ansässig ist,
- sonstigen Körperschaften oder Anstalten des öffentlichen Rechts mit Sitz im Inland oder in einem anderen Mitgliedstaat der EU oder einem anderen Vertragsstaat des Abkommens über den EWR,
- Unternehmen, die Wertpapiere ausgegeben haben, die an einem organisierten Markt innerhalb des EWR zum Handel zugelassen sind oder die an einem sonstigen geregelten Markt, der die wesentlichen Anforderungen an geregelte Märkte im Sinne der Richtlinie über Märkte für Fi- nanzinstrumente in der jeweils geltenden Fassung erfüllt, zum Handel zugelassen sind, oder
- anderen Schuldnern, sofern eine der in Buchstabe a) bis c) bezeichneten Stellen die Gewähr- leistung für die Verzinsung und Rückzahlung übernommen hat. | - Borrower's note loans that can be assigned at least twice after being acquired for the Fund and have been granted by one of the following bodies:
- the German Federal Government, an investment fund of the German Federal Government, a German federal state, the EU or an OECD Member State;
- another domestic authority or a regional government or local authority of another EU Mem- ber State or another State party to the EEA Agreement, if the claim can be treated according to the regulations on prudential requirements for credit institutions and securities companies in the same way as one against the central government in whose sovereign area the regional government or authority is located,
- other corporations or institutions under public law with their registered offices in Germany, another EU Member State or another state party to the EEA Agreement,
- companies that issue transferable securities that are admitted to trading on an organised market within the EEA or on another regulated market meets the essential requirements of regulated markets within the meaning of the current version of the directive on markets in fi- nancial instruments, or
- other debtors, provided one of the bodies referred to in (a)–(c) above has guaranteed the payment of interest and repayment of principal. | en | de |
DOLFIN9564 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Ultra Short Term Euro Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 1.04%. Over the same period, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, Hedged, EUR) returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Eurozone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. Also, credit outperformed, benefiting from better economic. This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave, as economy adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx. On the other hand, the second round of social restrictions impacted the service sector, weighting on consumption, which led the Euro governments to implement two main measures: the first one was a common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second measure consisted in increasing vaccination rollout speed, through the acquisitions of new vaccine types. The period from June to August witnessed a recovery in the Euro bond market, with the help of the new COVID-19 Delta: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen in February. Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The European Central Bank (“ECB”) maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP). The period from September to the end of the year has seen the return of the bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. Rates first rallied in October and November, to sell off materially later as the market finally returned to optimism with New variant being less lethal and hawkish message from central banks.
The Portfolio delivered 1.04% net of fees for the class I in 2021: major contributor to performance was credit and asset-based securities (ABS), as spreads tightened in 2021. Active duration management contributed positively as well as the use of futures on rates contributed by about 40bps absolute net performance. Inflation linked bonds contributed positively, as inflation expectations increased in 2021. The Portfolio was mainly invested in credit and ABS throughout the year, with a limited exposure to government bonds given rates were still very low in 2021, albeit they showed some volatility. The bulk of government exposure was with inflation linked bonds as we had strong expectations for inflation in 2021.
The Portfolio performance was achieved through flexible management of spread and duration throughout the year.
The spread risk was decreased as spreads kept on tightening till September and the Tactical bucket of the Portfolio, where we invest on higher beta bonds, was reduced accordingly, going from 20% at year beginning to 13% in September. When spreads widened in the fall, as market became more nervous on central banks behavior and pandemic resurgence, we increased the Tactical bucket to 15% taking advantage of a 50bps widening of European high yield bonds. We had a very high rotation of this bucket, both through active participation in primary market that allowed us to capture new issue premia, and through active trading on secondary market, on single names stories, sector rotation and relative value opportunities. We also used CDS on indexed to hedge credit risk throughout the year: to mention the positive contribution of ITRAXX Crossover protection in November when Omicron variant was discovered and hit hardly on investors nerves. In the year we also decrease our inflation exposure from 8 to 4% in year end as we believe that the bulk of rally in inflation should be behind us.
As far as duration management, we had a flexible approach in the year, as we were anticipating rates to move into a rising channel. We used the flexibility that the Portfolio has on duration management: we indeed used the 0-2 years duration range. We started the year with a very low absolute duration of 0.2 years as vaccination rollout was gaining speed, Biden was elected and global economy was starting to boom, following the pause imposed by the COVID- 19 pandemic. We were thus anticipating rates to rise in Q1 of 2021 and this is what happened: the first quarter 2021 was indeed the worse quarter for bond managers over the past 14 years, as rates rose with 10-year Bund going from -55 to -28 bps yield. However, it was a good quarter for the Portfolio’s EUR I Accumulating Class, which delivered 73bps bps net of fees in Q1 2021. In the second quarter of 2021 we increased the Portfolio duration to its maximum limit of 2 years, with the purpose of crystallising gains on rates futures sold in Q1 2021 and before. This positioning allowed the Portfolio to deliver a good performance during the rates rally in Q2 and over the summer, where we decided to decrease again Portoflio duration to 1.3 years. Bund was trading at -50 bps in August when it started a steady sell-off which lasted till the end of October when Bund yield reached -10bps. The Portfolio short bias in this time span allowed the strategy to deliver alpha again. In December we decreased Portfolio duration back to 1.2 and brought it down to 0.9 years for the ECB day, which was the 17th of December.
100 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Ultra Short Term Euro Bond – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 1,04%. Durante el mismo periodo, el ICE BofA 0-1 Year AAA Euro Government Index (rentabilidad total en EUR, con cobertura) obtuvo una rentabilidad del -0,66%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El optimismo regresó a la zona euro en el primer semestre de 2021. El comienzo de la normalización de la economía puso fin a la tendencia alcista de los bonos de 2020: la rentabilidad del bono alemán a 10 años subió 47 puntos básicos a mediados de mayo. Además, el segmento de crédito generó una rentabilidad superior, al beneficiarse de la mejora de las condiciones económicas. Este periodo confirmó la resiliencia de la actividad de la zona euro a pesar de la pandemia de COVID-19 y del acuerdo del Brexit: la segunda ronda de confinamientos tuvo una repercusión mucho menor en la actividad que durante la primera ola, dado que la economía se adaptó a la COVID-19, tal y como se pone de manifiesto por la estabilidad de la inversión, el aumento del empleo y el rebote de las exportaciones en la mayoría de los países. El sector manufacturero, salvo la automoción, prácticamente ha recuperado su nivel previo a la crisis. Los indicadores adelantados de la zona euro, como el IFO y el ZEW alemanes, alcanzaron su nivel más alto en años. El desglose del PIB alemán del 1T mostró un inesperado crecimiento sostenible del CapEx. Por otra parte, la segunda ronda de restricciones sociales repercutió en el sector servicios y lastró el consumo, lo que empujó a los gobiernos de la zona euro a tomar dos tipos de medidas principales: la primera consistente en implementar planes fiscales comunes europeos para facilitar la financiación de las empresas, ofrecer rebajas fiscales y pagar empleos a tiempo parcial. La segunda, en acelerar la campaña de vacunación, mediante la compra de nuevos tipos de vacunas. En el periodo comprendido entre junio y agosto se produjo una recuperación del mercado de bonos de la zona euro, con la ayuda de la nueva variante delta de la COVID-19: la rentabilidad del bono alemán a 10 años perdió 32 pb, retrocediendo hasta el -0,50%, el nivel observado en febrero. Sorprendentemente, los indicadores económicos se mantuvieron estables: la inversión, los planes de infraestructuras y el consumo aumentaron a pesar de las tensiones de la cadena de suministro. El dato positivo procedió por primera vez del sur de la zona euro, que se benefició de los pagos públicos de las "subvenciones" enviadas a través del plan Next Generation de la UE. El Banco Central Europeo (“BCE") mantuvo su política monetaria extraordinariamente acomodaticia y solo decidió un ligero reajuste del programa de compras de emergencia frente a la pandemia (PEPP) para el cuarto trimestre. En el periodo transcurrido entre septiembre y final de año se produjo el regreso de la volatilidad del mercado de bonos como consecuencia del aumento inesperado de la inflación, de las reacciones de los bancos centrales y de la evolución de la nueva variante de la COVID-19. Los tipos repuntaron inicialmente en octubre y noviembre, para posteriormente caer de forma significativa cuando el mercado recuperó finalmente el optimismo gracias a la baja letalidad de la nueva variante y al tono restrictivo del mensaje de los bancos centrales.
La clase de acciones I de la Cartera obtuvo una rentabilidad del 1,04%, neta de comisiones, en 2021: las mayores aportaciones a la rentabilidad correspondieron al crédito y a los valores respaldados por activos (ABS), gracias a la contracción de los diferenciales en 2021. La gestión activa de la duración favoreció y el uso de futuros sobre tipos sumó unos 40 pb de rentabilidad absoluta neta. Los bonos vinculados a la inflación contribuyeron a los resultados, al aumentar las expectativas de inflación en 2021. Durante el ejercicio, la Cartera estuvo invertida principalmente en crédito y ABS, con una exposición limitada a bonos de deuda pública dedo que los tipos se mantuvieron en niveles muy bajos en 2021, aunque mostraron cierta volatilidad. El grueso de la exposición a deuda pública se materializó a través de bonos vinculados a la inflación, dado que nuestras expectativas para la inflación eran elevadas en 2021.
La rentabilidad de la Cartera se consiguió a través de una gestión flexible de los diferenciales y la duración a lo largo del ejercicio.
El riesgo del diferencial se moderó dado que los diferenciales siguieron estrechándose hasta septiembre y el cubo táctico de la Cartera, donde invertimos en bonos de beta más elevada, se redujo en consecuencia, pasando del 20% a comienzos de año al 13% en septiembre. Cuando los diferenciales se ampliaron en otoño, al aumentar la intranquilidad de los mercados por la postura de los bancos centrales y la reactivación de la pandemia, aumentamos el cubo táctico hasta el 15%, aprovechando una ampliación de 50 pb de los bonos de alta rentabilidad europeos. Este cubo estuvo sujeto a una rotación muy elevada, tanto a través de la participación activa en el mercado primario que nos permitió capturar primas de emisiones nuevas, como mediante la negociación activa en el mercado secundario, con historia de empresas individuales, rotación sectorial y oportunidades de valor relativo. También utilizamos CDS indexados para cubrir el riesgo de crédito durante todo el ejercicio: cabe señalar la contribución positiva del ITRAXX Crossover Protection en noviembre, cuando se descubrió la variante ómicron y aumentó de forma significativa el nerviosismo de los inversores. Durante el ejercicio, redujimos asimismo nuestra exposición a la inflación del 8% al 4% hacia finales de año, al considerar que ya habíamos dejado atrás el grueso del repunte de la inflación.
Por lo que respecta a la gestión de la duración, durante el año mantuvimos un enfoque flexible, en previsión de una tendencia ascendente de los tipos. Utilizamos la flexibilidad de la que se beneficia la Cartera por lo que respecta a la gestión de la duración; de hecho, aprovechamos el intervalo de duración de 0-2 años. Comenzamos el ejercicio con una duración absoluta muy baja, de 0,2 años, dado que la campaña de vacunación estaba ganando ritmo, Biden había ganado las elecciones y la economía mundial comenzaba a recuperarse, tras la pausa impuesta por la pandemia de la COVID-19. Por consiguiente preveíamos una subida de tipos en el primer trimestre de 2021 y esto fue lo que ocurrió: el primer trimestre de 2021 fue, de hecho, el peor de los últimos 14 años para los gestores de bonos, dado que los tipos subieron y la rentabilidad del Bund alemán a 10 años pasó de -55 a -28 pb. Sin embargo, fue un buen trimestre para la Clase de acumulación I EUR de la Cartera, que avanzó 73 pb, con las comisiones descontadas, en el primer trimestre de 2021. En el segundo trimestre de 2021 aumentamos la duración de la Cartera hasta su límite máximo de dos años, con el fin de cristalizar las ganancias de los futuros de tipos vendidos en el primer trimestre de 2021 y en fechas anteriores. Este posicionamiento permitió a la Cartera generar una buena rentabilidad durante el repunte de los tipos del segundo trimestre y en el verano, momento en el que decidimos reducir de nuevo la duración de la cartera hasta 1,3 años. El Bund cotizaba a -50 pb en agosto cuando comenzó una constante corriente de ventas que se prolongó hasta finales de octubre, momento en el que la rentabilidad del Bund alcanzó los -10 pb. El sesgo corto de la Cartera en este intervalo de tiempo permitió a la estrategia generar alfa de nuevo. En diciembre volvimos a reducir la duración de la Cartera hasta 1,2 años y posteriormente hasta 0,9 años el día del BCE, que se celebró el 17 de diciembre.
100 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Ultra Short Term Euro Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 1.04%. Over the same period, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, Hedged, EUR) returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Eurozone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. Also, credit outperformed, benefiting from better economic. This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave, as economy adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx. On the other hand, the second round of social restrictions impacted the service sector, weighting on consumption, which led the Euro governments to implement two main measures: the first one was a common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second measure consisted in increasing vaccination rollout speed, through the acquisitions of new vaccine types. The period from June to August witnessed a recovery in the Euro bond market, with the help of the new COVID-19 Delta: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen in February. Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The European Central Bank (“ECB”) maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP). The period from September to the end of the year has seen the return of the bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. Rates first rallied in October and November, to sell off materially later as the market finally returned to optimism with New variant being less lethal and hawkish message from central banks.
The Portfolio delivered 1.04% net of fees for the class I in 2021: major contributor to performance was credit and asset-based securities (ABS), as spreads tightened in 2021. Active duration management contributed positively as well as the use of futures on rates contributed by about 40bps absolute net performance. Inflation linked bonds contributed positively, as inflation expectations increased in 2021. The Portfolio was mainly invested in credit and ABS throughout the year, with a limited exposure to government bonds given rates were still very low in 2021, albeit they showed some volatility. The bulk of government exposure was with inflation linked bonds as we had strong expectations for inflation in 2021.
The Portfolio performance was achieved through flexible management of spread and duration throughout the year.
The spread risk was decreased as spreads kept on tightening till September and the Tactical bucket of the Portfolio, where we invest on higher beta bonds, was reduced accordingly, going from 20% at year beginning to 13% in September. When spreads widened in the fall, as market became more nervous on central banks behavior and pandemic resurgence, we increased the Tactical bucket to 15% taking advantage of a 50bps widening of European high yield bonds. We had a very high rotation of this bucket, both through active participation in primary market that allowed us to capture new issue premia, and through active trading on secondary market, on single names stories, sector rotation and relative value opportunities. We also used CDS on indexed to hedge credit risk throughout the year: to mention the positive contribution of ITRAXX Crossover protection in November when Omicron variant was discovered and hit hardly on investors nerves. In the year we also decrease our inflation exposure from 8 to 4% in year end as we believe that the bulk of rally in inflation should be behind us.
As far as duration management, we had a flexible approach in the year, as we were anticipating rates to move into a rising channel. We used the flexibility that the Portfolio has on duration management: we indeed used the 0-2 years duration range. We started the year with a very low absolute duration of 0.2 years as vaccination rollout was gaining speed, Biden was elected and global economy was starting to boom, following the pause imposed by the COVID- 19 pandemic. We were thus anticipating rates to rise in Q1 of 2021 and this is what happened: the first quarter 2021 was indeed the worse quarter for bond managers over the past 14 years, as rates rose with 10-year Bund going from -55 to -28 bps yield. However, it was a good quarter for the Portfolio’s EUR I Accumulating Class, which delivered 73bps bps net of fees in Q1 2021. In the second quarter of 2021 we increased the Portfolio duration to its maximum limit of 2 years, with the purpose of crystallising gains on rates futures sold in Q1 2021 and before. This positioning allowed the Portfolio to deliver a good performance during the rates rally in Q2 and over the summer, where we decided to decrease again Portoflio duration to 1.3 years. Bund was trading at -50 bps in August when it started a steady sell-off which lasted till the end of October when Bund yield reached -10bps. The Portfolio short bias in this time span allowed the strategy to deliver alpha again. In December we decreased Portfolio duration back to 1.2 and brought it down to 0.9 years for the ECB day, which was the 17th of December.
100 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN9565 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
#### Période de détention recommandée : 5 ans
Le Fonds est conçu pour un investissement à moyen terme et nous vous recommandons de le conserver pendant au moins 5 ans.
Vous pouvez demander à retirer une partie ou la totalité de votre argent à tout moment. Vous pouvez normalement acheter ou vendre vos actions dans le compartiment tout jour ouvrable (tel que précisé dans le prospectus du Fonds).
Si vous sortez du produit avant échéance, vous augmentez le risque d’un rendement inférieur ou d’une perte. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
#### Período de mantenimiento recomendado: 5 años
El Fondo está diseñado para un periodo de mantenimiento a medio plazo, aunque recomendamos que mantenga la inversión durante al menos 5 años.
Puede solicitar la retirada de parte o la totalidad de su dinero en cualquier momento. Normalmente puede solicitar comprar o vender acciones del subfondo en cualquier día hábil (tal como se indica en el folleto del Fondo).
El riesgo de obtener rendimientos de la inversión inferiores o de sufrir pérdidas aumentará en caso de salida anticipada. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
#### Période de détention recommandée : 5 ans
Le Fonds est conçu pour un investissement à moyen terme et nous vous recommandons de le conserver pendant au moins 5 ans.
Vous pouvez demander à retirer une partie ou la totalité de votre argent à tout moment. Vous pouvez normalement acheter ou vendre vos actions dans le compartiment tout jour ouvrable (tel que précisé dans le prospectus du Fonds).
Si vous sortez du produit avant échéance, vous augmentez le risque d’un rendement inférieur ou d’une perte. | fr | es |
DOLFIN9566 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the DAX NET RETURN Index via the use of futures.
management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the DAX NET RETURN Index via the use of options.
These instruments may be used to hedge up to 100% of the Fund’s net assets. The commitments arising from derivatives may not exceed 100% of net assets.
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## Securities incorporating derivatives (“embedded derivatives”): | gestione dei flussi intermedi (dividendi, sottoscrizioni/rimborsi, ecc.) per raggiungere il grado di esposizione desiderato a un titolo, un settore di attività e/o all'Indice DAX NET RETURN attraverso l'utilizzo di futures.
gestione dei flussi intermedi (dividendi, sottoscrizioni/rimborsi, ecc.) per raggiungere il grado di esposizione desiderato a un titolo, un settore di attività e/o all'Indice DAX NET RETURN attraverso l'utilizzo di opzioni.
Questi strumenti sono suscettibili di servire da copertura fino al 100% dell'attivo netto del Fondo. L'impegno proveniente da strumenti derivati è limitato al 100% del patrimonio netto.
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## Titoli che incorporano derivati: | management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the DAX NET RETURN Index via the use of futures.
management of intermediate cash flows (dividends, subscriptions/redemptions, etc.) to reach the desired degree of exposure to a particular stock, business sector and/or to the DAX NET RETURN Index via the use of options.
These instruments may be used to hedge up to 100% of the Fund’s net assets. The commitments arising from derivatives may not exceed 100% of net assets.
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## Securities incorporating derivatives (“embedded derivatives”): | en | it |
DOLFIN9567 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The synthetic risk indicator assumes that you keep the Product until the end of the recommended holding period (5 years). The actual risk can vary significantly if you cash in at an early stage and you may get back less.
In the absence of sufficient historical data, the risk indicator incorporates data simulated from a benchmark portfolio. Risk category 3 reflects a moderate potential gain and/or loss in the value of the portfolio. The exposure to investments in equities and international bonds primarily explains the classification in this category.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you.
The investment is not guaranteed.
Significant risk(s) for the Product not taken into account in this indicator include the following:
Investment in other UCIs/UCITS: A product that invests in other undertakings for collective investment will not play an active role in the daily management of the undertaking for collective investment in which it invests. In addition, a product will not generally have the opportunity to assess the specific investments made by the underlying undertakings for collective investment before they occur. Consequently, a product’s returns shall depend on the performance of the managers of the underlying products and could be adversely affected by poor performance.
Risk linked to the use of derivatives: The Product may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Product to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Product.
Currency risk: The Product invests in overseas markets and could be affected by fluctuations in exchange rates, which may cause the value of your investment to decrease or increase.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Risks linked to emerging markets: The Product invests in emerging markets, which carries a higher risk than investing in developed markets. Investments in emerging markets are likely to experience greater rises and falls in value and may suffer trading problems. A Product that invests in emerging markets rather than developed countries may encounter difficulties when buying and selling securities. Emerging markets are also more likely to experience political uncertainty and investments held in these countries may not have the same protection as those held in more developed countries.
Risk related to investments in structured products: Structured products can be broadly defined as instruments designed to meet the specific needs of investors or borrowers that cannot be met with conventional financial instruments. These are not standardized and generally invest in a variety of underlying assets. The income from structured products is dependent on multiple conditions and/or scenarios that are not always immediately comprehensible. Understanding them demands solid knowledge of financial products and markets. In many cases, investments are made by incorporating index derivatives in bonds or money market instruments. The structured product employs leverage and the percentage price movements will be greater than those of the underlying asset. Many but not all structured products have a level of capital protection. | L’indicatore sintetico di rischio presuppone la detenzione del Prodotto fino al termine del periodo di detenzione raccomandato (5 anni). Il rischio effettivo può essere molto diverso se si opta per un’uscita anticipata, e si può ottenere un rendimento inferiore.
In mancanza di dati storici sufficienti, l’indicatore di rischio incorpora dati simulati partendo da un portafoglio di riferimento. La categoria di rischio 3 riflette un potenziale di rendimento e/o perdita moderato del valore del portafoglio. Ciò si spiega principalmente con investimenti in azioni e obbligazioni internazionali.
L’indicatore sintetico di rischio è un’indicazione orientativa del livello di rischio di questo Prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il Prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
Il capitale non è garantito.
Rischi importanti del Prodotto non contemplati in tale indicatore:
Investimento in altri OIC/OICVM: Un Prodotto che investa in altri organismi d’investimento collettivo non svolgerà un ruolo attivo nella gestione quotidiana dei medesimi. Inoltre, in linea generale un prodotto non avrà occasione di valutare gli investimenti specifici effettuati dagli organismi d’investimento collettivo sottostanti prima che gli stessi siano effettuati. Di conseguenza, i rendimenti di un prodotto dipenderanno dalla performance dei gestori dei prodotti sottostanti e potrebbero risentire negativamente di performance sfavorevoli.
Rischio legato all’utilizzo di strumenti derivati: Il Prodotto può utilizzare strumenti derivati, ossia strumenti finanziari il cui valore dipende da quello di un attivo sottostante. Le fluttuazioni nella quotazione dell’attivo sottostante, anche se minime, possono comportare variazioni importanti nel prezzo dello strumento derivato corrispondente. L’utilizzo degli strumenti derivati negoziati su mercati over-the-counter espone il Prodotto al rischio che la controparte non adempia ai propri obblighi contrattuali, in misura parziale o totale. Il Prodotto potrebbe pertanto subire una perdita finanziaria.
Rischio di valuta: Il Prodotto è investito in mercati esteri e potrebbe essere influenzato da variazioni dei tassi di cambio che producono un aumento o una diminuzione del valore degli investimenti.
Rischio di liquidità: Questo rischio corrisponde al fatto che un’attività non può essere venduta al prezzo previsto o entro il periodo di tempo desiderato, a causa della vicinanza strutturale o ciclica al mercato. Tale rischio è quindi riflesso da una diminuzione del prezzo di cessione delle attività in questione e/o da un ritardo nella rettifica o liquidazione del portafoglio.
Impatto delle tecniche di copertura: L’utilizzo di derivati a fini di copertura in un mercato al rialzo potrebbe ridurre il potenziale di rendimento.
Rischio legato ai mercati emergenti: Il Prodotto investe in mercati emergenti con un rischio maggiore rispetto ai mercati sviluppati. Questi investimenti potrebbero essere più instabili e soffrire una negoziabilità ridotta. Un Prodotto che investe nei mercati emergenti piuttosto che nei mercati sviluppati potrebbe trovarsi in condizioni sfavorevoli al momento dell’acquisto e della vendita di titoli. I mercati emergenti hanno inoltre una maggiore probabilità di subire un’instabilità politica e tali investimenti possono non beneficiare dello stesso livello di protezione dei paesi sviluppati.
Rischio legato agli investimenti nei prodotti strutturati: I prodotti strutturati possono essere generalmente definiti come strumenti creati per soddisfare esigenze specifiche di investitori o mutuatari che non possono essere soddisfatte con strumenti finanziari convenzionali. Non sono prodotti standard e di norma investono in una varietà di attività sottostanti. Il reddito dei prodotti strutturati dipende da molteplici condizioni e/o scenari non sempre facili da decifrare a prima vista. La loro comprensione richiede una buona conoscenza dei prodotti e dei mercati finanziari. Spesso gli investimenti vengono effettuati incorporando i derivati dell’indice in obbligazioni o strumenti del mercato monetario. Il prodotto strutturato utilizza la leva finanziaria e le oscillazioni percentuali del prezzo saranno superiori a quelle dell’attività sottostante. Sebbene molti prodotti strutturati abbiano un livello di protezione del capitale, non tutti ne dispongono. | The synthetic risk indicator assumes that you keep the Product until the end of the recommended holding period (5 years). The actual risk can vary significantly if you cash in at an early stage and you may get back less.
In the absence of sufficient historical data, the risk indicator incorporates data simulated from a benchmark portfolio. Risk category 3 reflects a moderate potential gain and/or loss in the value of the portfolio. The exposure to investments in equities and international bonds primarily explains the classification in this category.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you.
The investment is not guaranteed.
Significant risk(s) for the Product not taken into account in this indicator include the following:
Investment in other UCIs/UCITS: A product that invests in other undertakings for collective investment will not play an active role in the daily management of the undertaking for collective investment in which it invests. In addition, a product will not generally have the opportunity to assess the specific investments made by the underlying undertakings for collective investment before they occur. Consequently, a product’s returns shall depend on the performance of the managers of the underlying products and could be adversely affected by poor performance.
Risk linked to the use of derivatives: The Product may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Product to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Product.
Currency risk: The Product invests in overseas markets and could be affected by fluctuations in exchange rates, which may cause the value of your investment to decrease or increase.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Risks linked to emerging markets: The Product invests in emerging markets, which carries a higher risk than investing in developed markets. Investments in emerging markets are likely to experience greater rises and falls in value and may suffer trading problems. A Product that invests in emerging markets rather than developed countries may encounter difficulties when buying and selling securities. Emerging markets are also more likely to experience political uncertainty and investments held in these countries may not have the same protection as those held in more developed countries.
Risk related to investments in structured products: Structured products can be broadly defined as instruments designed to meet the specific needs of investors or borrowers that cannot be met with conventional financial instruments. These are not standardized and generally invest in a variety of underlying assets. The income from structured products is dependent on multiple conditions and/or scenarios that are not always immediately comprehensible. Understanding them demands solid knowledge of financial products and markets. In many cases, investments are made by incorporating index derivatives in bonds or money market instruments. The structured product employs leverage and the percentage price movements will be greater than those of the underlying asset. Many but not all structured products have a level of capital protection. | en | it |
DOLFIN9568 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Responsibilities of the management company regarding the annual financial statements
The management company is required to prepare annual financial statements that present a true and fair image, in accordance with French accounting rules and principles, and to establish the internal control measures that it deems necessary for producing annual financial statements free of material misstatement, whether due to fraud or error.
When producing the annual financial statements, it is incumbent on the management company to assess the ability of the fund to continue operating, and where appropriate to include the necessary information on business continuity, and apply the going concern accounting policy unless there are plans to liquidate the fund or cease trading. | #### Verantwortung der Verwaltungsgesellschaft bezüglich des Jahresabschlusses
Es ist Aufgabe der Verwaltungsgesellschaft, einen Jahresabschluss zu erstellen, der gemäß den französischen Rechnungslegungsgrundsätzen ein den tatsächlichen Verhältnissen entsprechendes Bild vermittelt, und eine interne Kontrolle einzurichten, die sie für erforderlich hält um sicherzustellen, dass der Jahresabschluss keine wesentlichen – vorsätzlich oder irrtümlich gemachten – unzutreffenden Angaben enthält.
Bei der Erstellung des Jahresabschlusses ist es Aufgabe der Verwaltungsgesellschaft, die Fähigkeit des Investmentfonds zur Fortführung seiner Geschäftstätigkeit zu prüfen, gegebenenfalls in seinem Abschluss die Informationen anzugeben, die sich auf die Fortführung der Geschäftstätigkeit beziehen, und den Rechnungslegungsgrundsatz der Fortführung der Geschäftstätigkeit anzuwenden, es sei denn, es ist vorgesehen, den Investmentfonds zu liquidieren oder seine Tätigkeit einzustellen. | #### Responsibilities of the management company regarding the annual financial statements
The management company is required to prepare annual financial statements that present a true and fair image, in accordance with French accounting rules and principles, and to establish the internal control measures that it deems necessary for producing annual financial statements free of material misstatement, whether due to fraud or error.
When producing the annual financial statements, it is incumbent on the management company to assess the ability of the fund to continue operating, and where appropriate to include the necessary information on business continuity, and apply the going concern accounting policy unless there are plans to liquidate the fund or cease trading. | en | de |
DOLFIN9569 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 89 CHF | 446 CHF |
| Incidence des coûts annuels (*) | 0.9% | 0.9% Chaque année | | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- |
| Costes totales | 89 CHF | 446 CHF |
| Incidencia anual de los costes (*) | 0.9% | 0.9% cada año | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 89 CHF | 446 CHF |
| Incidence des coûts annuels (*) | 0.9% | 0.9% Chaque année | | fr | es |
DOLFIN9570 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For the U, I, N, M and P classes of Shares, the Management Company is entitled, in addition to the Management Fees, to a Performance Fee when the Sub-Fund exhibits a positive absolute performance during the Performance Period, subject to an Absolute High Water Mark. The Performance Fee amounts to a percentage (at the rates disclosed above) of the Sub-Fund’s performance in excess of the Absolute High Water Mark, with no hurdle rate.
The Absolute High Water Mark is the greater of (i) the Net Asset Value per Share at the end of any performance period where a Performance Fee has been paid or (ii) the initial offer price per Share.
The Performance Fee is payable in arrears at the end of the Performance Period. It shall be calculated and accrued at the frequency of the Net Asset Value calculation.
Shareholders should also be aware that redemptions will cause a "crystallisation" of the Performance Fee. Therefore, for Shares redeemed, any Performance Fee accrued for the relevant Sub-Fund at the date of redemption will be payable to the Management Company, in proportion to the Shares redeemed.
Shareholders should also be aware that if the Net Asset Value is above the High Water Mark, the mechanism used to calculate the Performance Fee may require specific adjustments to ensure the Investment Manager does not benefit from any additional Performance Fee accruals on newly issued Shares.
When the Directors decide to apply the Swing Pricing, as defined in paragraph 15.1, any Performance Fee will be charged on the basis of the unswung NAV.
Examples of Performance Fee calculation | Pour les classes d’Actions U, I, N, M et P, la Société de gestion a droit, en plus des Commissions de gestion, à une Commission de performance lorsque le Compartiment affiche une performance absolue positive durant la Période de performance, en fonction d’une High Water Mark absolue. La Commission de performance équivaut à un pourcentage (aux taux indiqués plus haut) de la performance du Compartiment au-delà de la High Water Mark absolue, sans "hurdle rate".
La High Water Mark absolue est la plus élevée de (i) la Valeur nette d’inventaire par Action à la fin de la période de performance pour laquelle une Commission de performance a été payée ou (ii) du prix initial de souscription par Action.
La Commission de performance est payable à terme échu à la fin de la Période de performance. Elle sera calculée et provisionnée à la même fréquence que le calcul de la Valeur nette d’inventaire.
L’attention des actionnaires est attirée sur le fait que les rachats entraîneront une "cristallisation" de la Commission de performance. Par conséquent, pour les Actions rachetées, toute Commission de performance courue pour le Compartiment concerné à la date du rachat sera payable à la Société de gestion, au prorata des Actions rachetées.
L’attention des investisseurs est également attirée sur le fait que si la Valeur nette d’inventaire est supérieure à la High Water Mark, le mécanisme utilisé pour le calcul de la Commission de performance peut demander des ajustements spécifiques pour garantir que Gérant ne bénéficie pas d’accumulations de la Commission de performance sur les Actions nouvellement émises.
Lorsque les Administrateurs décident de procéder au Swing Pricing, tel que défini au paragraphe 15.1, une éventuelle Commission de performance est le cas échéant calculée sur la base de la VNI avant application du Swing Pricing.
Exemples de calcul de la Commission de performance | For the U, I, N, M and P classes of Shares, the Management Company is entitled, in addition to the Management Fees, to a Performance Fee when the Sub-Fund exhibits a positive absolute performance during the Performance Period, subject to an Absolute High Water Mark. The Performance Fee amounts to a percentage (at the rates disclosed above) of the Sub-Fund’s performance in excess of the Absolute High Water Mark, with no hurdle rate.
The Absolute High Water Mark is the greater of (i) the Net Asset Value per Share at the end of any performance period where a Performance Fee has been paid or (ii) the initial offer price per Share.
The Performance Fee is payable in arrears at the end of the Performance Period. It shall be calculated and accrued at the frequency of the Net Asset Value calculation.
Shareholders should also be aware that redemptions will cause a "crystallisation" of the Performance Fee. Therefore, for Shares redeemed, any Performance Fee accrued for the relevant Sub-Fund at the date of redemption will be payable to the Management Company, in proportion to the Shares redeemed.
Shareholders should also be aware that if the Net Asset Value is above the High Water Mark, the mechanism used to calculate the Performance Fee may require specific adjustments to ensure the Investment Manager does not benefit from any additional Performance Fee accruals on newly issued Shares.
When the Directors decide to apply the Swing Pricing, as defined in paragraph 15.1, any Performance Fee will be charged on the basis of the unswung NAV.
Examples of Performance Fee calculation | en | fr |
DOLFIN9571 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR between 06/2016-06/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,351
3.5%
EUR 11,711
3.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR entre 06/2016-06/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 351 EUR
3,5%
11 711 EUR
3,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR between 06/2016-06/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,351
3.5%
EUR 11,711
3.2% | en | es |
DOLFIN9572 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 JPY |
| Coûts de sortie | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 JPY |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | •1.9% Les frais récurrents reposent sur les frais et dépenses estimés que la Catégorie paiera en un an. Ce chiffre peut varier d'une année sur l'autre. Il exclut les commissions liées aux résultats et les coûts de transaction du portefeuille, à l'exception des frais d'entrée/de sortie payés par le Fonds lors de l'achat ou de la vente de parts d'un autre organisme de placement collectif, mais inclut la Commission de Gestion. | 18500 JPY |
| Coûts de transaction | •0.2% de la valeur de votre investissement par an. Il s'agit d'une estimation des frais encourus lorsque nous achetons et vendons les investissements sous- jacents pour le produit. Le montant réel variera en fonction du montant que nous achetons et vendons. | 1661 JPY |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 15.00% de la surperformance relative, le cas échéant, de la Valeur Liquidative par Action (avant déduction du montant d'une quelconque charge à payer au titre d'une commission liée aux résultats) par rapport au TOPIX TR JPY. | 1301 JPY | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | •0.00 %, representan los gastos que pueden detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. | 0 JPY |
| Costes de salida | •0.00 %, representan los gastos que pueden detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. | 0 JPY |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | •1.9% Los gastos corrientes se basan en las comisiones y gastos estimados que la Clase pagará en un año. Dicha cifra puede variar de un año a otro. No incluye comisiones de rentabilidad o los costes de transacción de la cartera, excepto en caso de que el Fondo pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva, pero incluye la Comisión de gestión. | 18500 JPY |
| Costes de operación | •0.2 % del valor de su inversión cada año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 1661 JPY |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | 15.00 % de la rentabilidad relativa, en su caso, del Valor liquidativo por Acción (antes de deducir el importe de cualquier pasivo devengado por una comisión de rentabilidad), superior al TOPIX TR JPY. | 1301 JPY | | | Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 JPY |
| Coûts de sortie | •0.00%, représente les frais pouvant être prélevés de vos fonds avant de les investir ou avant le paiement des produits de votre investissement. | 0 JPY |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | •1.9% Les frais récurrents reposent sur les frais et dépenses estimés que la Catégorie paiera en un an. Ce chiffre peut varier d'une année sur l'autre. Il exclut les commissions liées aux résultats et les coûts de transaction du portefeuille, à l'exception des frais d'entrée/de sortie payés par le Fonds lors de l'achat ou de la vente de parts d'un autre organisme de placement collectif, mais inclut la Commission de Gestion. | 18500 JPY |
| Coûts de transaction | •0.2% de la valeur de votre investissement par an. Il s'agit d'une estimation des frais encourus lorsque nous achetons et vendons les investissements sous- jacents pour le produit. Le montant réel variera en fonction du montant que nous achetons et vendons. | 1661 JPY |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 15.00% de la surperformance relative, le cas échéant, de la Valeur Liquidative par Action (avant déduction du montant d'une quelconque charge à payer au titre d'une commission liée aux résultats) par rapport au TOPIX TR JPY. | 1301 JPY | | fr | es |
DOLFIN9573 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.610 EUR -73,88 % | 2.410 EUR -24,76 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.880 EUR -21,16 % | 8.100 EUR -4,12 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.920 EUR 9,22 % | 14.300 EUR 7,41 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.290 EUR 52,91 % | 20.700 EUR 15,66 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 2.610 EUR -73,88% | 2.410 EUR -24,76% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.880 EUR -21,16% | 8.100 EUR -4,12% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.920 EUR 9,22% | 14.300 EUR 7,41% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.290 EUR 52,91% | 20.700 EUR 15,66% | | | Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.610 EUR -73,88 % | 2.410 EUR -24,76 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.880 EUR -21,16 % | 8.100 EUR -4,12 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.920 EUR 9,22 % | 14.300 EUR 7,41 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.290 EUR 52,91 % | 20.700 EUR 15,66 % | | fr | es |
DOLFIN9574 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Non-cash collateral received by the Sub-Funds may not be sold, re-invested or pledged. Cash collateral received for the benefit of the Sub-Funds can only be:
- placed on deposit with credit institutions which have their registered office in an EU Member State or, if their registered office is located in a third-country, are subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law;
- invested in high-quality government bonds;
- used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the relevant Sub-Fund is able to recall at any time the full amount of cash on accrued basis; and/or
- invested in short-term money market funds as defined in the CESR Guidelines on a Common Definition of European Money Market Funds (CESR 10-049). | ## Vom Teilfonds erhaltene Sachsicherheiten dürfen nicht verkauft, neu angelegt oder verpfändet werden. Zugunsten des Teilfonds erhaltene Barsicherheiten können nur:
- bei Kreditinstituten hinterlegt werden, deren eingetragener Sitz in einem EU-Mitgliedstaat liegt oder die, falls sich ihr eingetragener Sitz in einem Drittland befindet, aufsichtsrechtlichen Regelungen unterliegen, die von der CFFS als denjenigen des EU-Rechts gleichwertig betrachtet werden;
- in qualitativ hochwertigen Regierungsanleihen angelegt werden;
- zum Zwecke von umgekehrten Repogeschäften verwendet werden, sofern die Geschäfte mit Kreditinstituten durchgeführt werden, die einer sorgfältigen Aufsicht unterliegen, und der entsprechende Teilfonds jederzeit den vollständigen aufgelaufenen Barbetrag abrufen kann; und/oder
- in kurzfristigen Geldmarktfonds angelegt werden, die in den CESR-Richtlinien zu einer gemeinsamen Definition der Europäischen Geldmarktfonds (CESR 10-049) definiert sind. | ## Non-cash collateral received by the Sub-Funds may not be sold, re-invested or pledged. Cash collateral received for the benefit of the Sub-Funds can only be:
- placed on deposit with credit institutions which have their registered office in an EU Member State or, if their registered office is located in a third-country, are subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law;
- invested in high-quality government bonds;
- used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the relevant Sub-Fund is able to recall at any time the full amount of cash on accrued basis; and/or
- invested in short-term money market funds as defined in the CESR Guidelines on a Common Definition of European Money Market Funds (CESR 10-049). | en | de |
DOLFIN9575 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Fund
CS Investment Funds 13 is an undertaking for collective investment in transferable securities in the form of a common fund (“fonds commun de placement”) subject to Part I of the Law of December 17, 2010 on undertakings for collective investment (“Law of December 17, 2010”) transposing Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The Fund is managed by Credit Suisse Fund Management S.A. (“Management Company”) in accordance with the management regulations of the Fund (“Management Regulations”).
The Fund’s assets shall be separate from the Management Company’s assets and hence shall not be liable for the obligations of the Management Company. The Fund is an undivided collection of assets and investors (“Unitholders”) shall have equal undivided co-ownership rights to all of the Fund’s assets in proportion to the number of Units held by them and the corresponding net asset value (“Net Asset Value”) of those Units. These rights shall be represented by the Units issued by the Management Company. There is no provision in the Management Regulations for any meeting of the Unitholders.
The Fund was initially established under the designation of Credit Suisse Fund (Lux). The Management Regulations of the Fund were initially issued on October 24, 2003. They may be amended by the Management Company with the approval of the depositary bank (“Depositary Bank”). All amendments will be announced in accordance with Chapter 13, “Information for Unitholders” and will be deposited with the Registre de Commerce et des Sociétés of the Grand Duchy of Luxembourg. The Management Regulations were last amended on 1 October 2019. Mention of the deposit of the consolidated Management Regulations with the Registre de Commerce et des Sociétés of the Grand Duchy of Luxembourg was published on 2 October 2019 in the Recueil Electronique des Sociétés et Associations (“RESA”). The Management Regulations are filed in their consolidated, legally binding form for public reference with the Commercial and Company Register of the Luxembourg District Court.
The Management Regulations shall govern the relations between the Management Company, the Depositary Bank and the Unitholders, as described in this Prospectus. The subscription or purchase of Units shall imply acceptance of the Management Regulations by the Unitholder.
The Fund has an umbrella structure and therefore consists of at least one subfund (each referred to as a “Subfund”). Each Subfund represents a portfolio containing different assets and liabilities and is considered to be a separate entity in relation to the Unitholders and third parties. The rights of Unitholders and creditors concerning a Subfund or which have arisen in relation to the establishment, operation or liquidation of a Subfund are limited to the assets of that Subfund. No Subfund will be liable with its assets for the liabilities of another Subfund.
The Management Company may, at any time, establish new Subfunds with Units having similar characteristics to the Units in the existing Subfunds. The Management Company may, at any time, create and issue new classes (“Classes”) or types of Units within any Subfund. If the Management Company establishes a new Subfund and/or creates a new Class or type of Units, the corresponding details shall be set out in this Prospectus. A new Class or type of Units may have different characteristics than the currently existing Classes.
The characteristics of each possible Unit Class are further described in this Prospectus, in particular in Chapter 2, “Summary of Unit Classes” and in Chapter 5, “Investment in CS Investment Funds 13”.
The individual Subfunds shall be denominated as indicated in Chapter 2, “Summary of Unit Classes” and Chapter 22, “Subfunds”. The reference currency in which the Net Asset Value of the corresponding Units of a Subfund is expressed is also stipulated in Chapter 2, “Summary of Unit Classes”.
Information about the performance of the individual Unit Classes of the Subfunds is contained in the Key Investor Information Document.
- | # Le fonds
Le CS Investment Funds 13 est un organisme de placement collectif en valeurs mobilières, est un fonds commun de placement soumis aux dispositions de la partie I de la loi du 17 décembre 2010 du Grand- Duché de Luxembourg relative aux organismes de placement collectif (la «loi du 17 décembre 2010»), laquelle transpose la directive 2009/65/CE du Parlement européen et du Conseil, du 13 juillet 2009, portant coordination des dispositions législatives, réglementaires et administratives concernant certains organismes de placement collectif en valeurs mobilières. Le fonds est géré par Credit Suisse Fund Management S.A. (ci-après la «société de gestion»), conformément au Règlement de gestion du fonds (ci-après le «Règlement de gestion»). Les actifs du fonds sont séparés de ceux de la société de gestion et ne seront donc pas engagés au titre des obligations de la société de gestion. Le fonds est une collection indivisible d’actifs et les investisseurs (ci-après les «porteurs de parts») jouissent de droits égaux de copropriété indivise sur les actifs totaux du fonds proportionnellement au nombre de parts qu’ils détiennent et à la valeur nette d’inventaire («valeur nette d’inventaire») de ces dernières. Ces droits sont incorporés dans les parts émises par la société de gestion. Le Règlement de gestion ne prévoit pas d’assemblée des porteurs de parts.
Le fonds avait été initialement créé sous la dénomination Credit Suisse Fund (Lux). Le Règlement de gestion du fonds a été établi le 24 octobre 2003. Il peut être modifié par la société de gestion avec l’accord de la banque dépositaire (la «banque dépositaire»). Toute modification sera communiquée conformément au chapitre 13 «Informations aux porteurs de parts» et déposée au Registre de Commerce et des Sociétés du Grand-Duché de Luxembourg. Le Règlement de gestion a été modifié pour la dernière fois le 1er octobre 2019. La mention du dépôt du Règlement de gestion unifié au Registre de Commerce et des Sociétés du Grand-Duché de Luxembourg a été publiée le 2 octobre 2019 dans le Recueil Electronique des Sociétés et Associations ( «RESA»). La version en vigueur du Règlement de gestion consolidé est déposée au Registre de Commerce et des Sociétés de Luxembourg, où elle peut être consultée.
Le Règlement de gestion règle les relations entre la société de gestion, la banque dépositaire et les porteurs de parts, telles que décrites dans le présent prospectus. Par la souscription ou l’acquisition de parts, le porteur de parts adhère au Règlement de gestion (y compris les déclarations complémentaires).
Le fonds est doté d’une structure à compartiments multiples et se compose donc au moins d’un compartiment (chacun étant dénommé ci- après «compartiment»). Chaque compartiment représente un portefeuille comprenant des actifs et des passifs distincts, et constitue une entité séparée vis-à-vis des porteurs de parts et de tiers. Les droits des porteurs de parts et des créanciers vis-à-vis d’un compartiment ou découlant de la constitution, du fonctionnement ou de la liquidation de ce compartiment sont limités aux actifs dudit compartiment. Aucun compartiment n’est responsable avec ses actifs des engagements contractés par un autre compartiment.
La société de gestion peut créer en tout temps de nouveaux compartiments avec des parts présentant des caractéristiques semblables à celles des compartiments existants. Elle peut aussi créer et émettre en tout temps de nouvelles catégories de parts («catégories») ou de nouveaux types de parts à l’intérieur d’un compartiment. Chaque fois que la société de gestion crée un nouveau compartiment ou émet une nouvelle catégorie de parts ou encore crée un nouveau type de parts, les informations y relatives seront mentionnées dans le présent prospectus. Les nouvelles catégories ou les nouveaux types de parts peuvent présenter des caractéristiques différentes de celles actuellement émises.
Les caractéristiques de chacune de ces catégories possibles de parts sont décrites en davantage de détails dans le présent prospectus, notamment au chapitre au chapitre 2 «Récapitulatif des catégories de parts» et au chapitre 5 «Participation au CS Investment Funds 13».
Chaque compartiment sera libellé tel qu’indiqué au chapitre 2
«Récapitulatif des catégories de parts» et au chapitre 22 «Les compartiments». La monnaie de référence dans laquelle est exprimée la valeur nette d’inventaire (la «valeur nette d’inventaire») des parts d’un compartiment est également indiquée au chapitre 2 «Récapitulatif des catégories de parts».
Les «informations clés pour l’investisseur» contiennent des données sur l’évolution de la valeur des différentes parts de chaque compartiment.
- | # The Fund
CS Investment Funds 13 is an undertaking for collective investment in transferable securities in the form of a common fund (“fonds commun de placement”) subject to Part I of the Law of December 17, 2010 on undertakings for collective investment (“Law of December 17, 2010”) transposing Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The Fund is managed by Credit Suisse Fund Management S.A. (“Management Company”) in accordance with the management regulations of the Fund (“Management Regulations”).
The Fund’s assets shall be separate from the Management Company’s assets and hence shall not be liable for the obligations of the Management Company. The Fund is an undivided collection of assets and investors (“Unitholders”) shall have equal undivided co-ownership rights to all of the Fund’s assets in proportion to the number of Units held by them and the corresponding net asset value (“Net Asset Value”) of those Units. These rights shall be represented by the Units issued by the Management Company. There is no provision in the Management Regulations for any meeting of the Unitholders.
The Fund was initially established under the designation of Credit Suisse Fund (Lux). The Management Regulations of the Fund were initially issued on October 24, 2003. They may be amended by the Management Company with the approval of the depositary bank (“Depositary Bank”). All amendments will be announced in accordance with Chapter 13, “Information for Unitholders” and will be deposited with the Registre de Commerce et des Sociétés of the Grand Duchy of Luxembourg. The Management Regulations were last amended on 1 October 2019. Mention of the deposit of the consolidated Management Regulations with the Registre de Commerce et des Sociétés of the Grand Duchy of Luxembourg was published on 2 October 2019 in the Recueil Electronique des Sociétés et Associations (“RESA”). The Management Regulations are filed in their consolidated, legally binding form for public reference with the Commercial and Company Register of the Luxembourg District Court.
The Management Regulations shall govern the relations between the Management Company, the Depositary Bank and the Unitholders, as described in this Prospectus. The subscription or purchase of Units shall imply acceptance of the Management Regulations by the Unitholder.
The Fund has an umbrella structure and therefore consists of at least one subfund (each referred to as a “Subfund”). Each Subfund represents a portfolio containing different assets and liabilities and is considered to be a separate entity in relation to the Unitholders and third parties. The rights of Unitholders and creditors concerning a Subfund or which have arisen in relation to the establishment, operation or liquidation of a Subfund are limited to the assets of that Subfund. No Subfund will be liable with its assets for the liabilities of another Subfund.
The Management Company may, at any time, establish new Subfunds with Units having similar characteristics to the Units in the existing Subfunds. The Management Company may, at any time, create and issue new classes (“Classes”) or types of Units within any Subfund. If the Management Company establishes a new Subfund and/or creates a new Class or type of Units, the corresponding details shall be set out in this Prospectus. A new Class or type of Units may have different characteristics than the currently existing Classes.
The characteristics of each possible Unit Class are further described in this Prospectus, in particular in Chapter 2, “Summary of Unit Classes” and in Chapter 5, “Investment in CS Investment Funds 13”.
The individual Subfunds shall be denominated as indicated in Chapter 2, “Summary of Unit Classes” and Chapter 22, “Subfunds”. The reference currency in which the Net Asset Value of the corresponding Units of a Subfund is expressed is also stipulated in Chapter 2, “Summary of Unit Classes”.
Information about the performance of the individual Unit Classes of the Subfunds is contained in the Key Investor Information Document.
- | en | fr |
DOLFIN9576 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### References to past performances of financial instruments should not be interpreted as a guarantee of future returns.
The recipient is recommended in particular to check that the information provided is in line with his own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional adviser. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U.S. person as defined in the fund’s prospectus. This material is not for distribution to the general public. It is intended for the recipient personally, and it may be used solely by the person to whom it was presented. It does not constitute and may not be used for or in connection with a public offer in Luxembourg of the products referred to herein.
The prospectus, the articles of incorporation, the annual and semi-annual reports of BL as well as the key investor information document (KIID) of the sub-fund are available on www.bli.lu or upon request from BLI. The KIIDs are available in French, English and in any other official language of registration of BL. | ### Verweise auf die Wertentwicklung von Finanzinstrumenten in der Vergangenheit sollten nicht als Garantie für zukünftige Erträge ausgelegt werden.
Der Empfänger hat insbesondere zu prüfen, ob die zur Verfügung gestellten Informationen im Hinblick auf rechtliche, regulatorische, steuerliche oder sonstige Folgen mit seiner Situation übereinstimmen, gegebenenfalls unter Hinzuziehung eines professionellen Beraters. Die Informationen sind nicht für Personen bestimmt, die aufgrund ihrer Staatsangehörigkeit oder ihres Wohnsitzes nicht berechtigt sind, auf diese Informationen unter lokalem Recht zuzugreifen. Weder dieses Dokument noch eine Kopie davon dürfen in die Vereinigten Staaten von Amerika versandt, mitgenommen oder dort an eine US-Person, wie im Fondsprospekt definiert, verteilt werden. Dieses Dokument ist nicht für die Öffentlichkeit bestimmt. Es richtet sich persönlich an den Empfänger und kann nur von der Person genutzt werden, der es präsentiert wurde. Es stellt kein öffentliches Angebot der in diesem Dokument genannten Produkte in Luxemburg dar und kann auch nicht als solches oder im Rahmen eines öffentlichen Angebots verwendet werden.
Der Prospekt, die Satzung, die Jahres- und Halbjahresberichte der SICAV-BL und das Key Investor Information Document (KIID) des Fonds sind auf www.bli.lu oder auf Anfrage von BLI erhältlich. KIIDs sind in Englisch, Französisch und jeder anderen offiziellen Registrierungssprache der SICAV-BL verfügbar. | ### References to past performances of financial instruments should not be interpreted as a guarantee of future returns.
The recipient is recommended in particular to check that the information provided is in line with his own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional adviser. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U.S. person as defined in the fund’s prospectus. This material is not for distribution to the general public. It is intended for the recipient personally, and it may be used solely by the person to whom it was presented. It does not constitute and may not be used for or in connection with a public offer in Luxembourg of the products referred to herein.
The prospectus, the articles of incorporation, the annual and semi-annual reports of BL as well as the key investor information document (KIID) of the sub-fund are available on www.bli.lu or upon request from BLI. The KIIDs are available in French, English and in any other official language of registration of BL. | en | de |
DOLFIN9577 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The data is based on the greenhouse gases regulated in the Kyoto Protocol. Scope 1 emissions originate from emission sources within the system boundaries considered. Scope 2 emissions arise from the generation of energy sourced externally. Scope 3 emissions combine all the other emissions caused by the company's activities but not directly controlled.
In terms of emissions data for companies, far too few Scope 3 emissions have been reported using a recognised standard (e.g. Carbon Disclosure Project). The available data sets are therefore based to a large extent on complex estimation models which do not currently provide the required minimum quality for use in the climate strategy.
Accordingly, only Scope 1 and Scope 2 are currently taken into account for the companies. However, the asset man- ager regularly reviews the data available in this area and will include Scope 3 data in the climate strategy as soon as the quality meets the minimum standard. Nevertheless, Scope 3 considerations are already incorporated into the investment process in the form of fundamental analyses. Estimation models are also used by the data providers in Scope 1 and Scope 2 emissions data for companies. Such estimation models lead to statistical outliers, which are dealt with by internal quality control. The maximum CO | Die Grundlage für die Datenbasis sind die im Kyoto Protokoll reglementierten Treibhausgase. Scope 1 Emissionen stammen aus Emissionsquellen innerhalb der betrachteten Systemgrenzen. Scope 2 Emissionen entstehen bei der Erzeugung von Energie, die von ausserhalb bezogen wird. Scope 3 Emissionen fassen alle anderen durch die Unter- nehmenstätigkeit verursachten aber nicht direkt kontrollierten Emissionen zusammen.
Bei den Emissionsdaten für Unternehmungen werden bislang weit zu wenig Scope 3 Emissionen durch einen aner- kannten Standard (z.B. Carbon Disclosure Project) rapportiert. Die verfügbaren Datensätze entspringen somit zum allergrössten Teil komplexen Schätzmodellen, welche zurzeit nicht die benötigte Mindestqualität für den Einsatz in der Klimastrategie liefern. Entsprechend werden bei den Unternehmungen derzeit nur Scope 1 und Scope 2 berück- sichtigt. Der Vermögensverwalter überprüft aber regelmässig das Datenangebot in diesem Bereich und wird Scope 3 Daten in die Klimastrategie miteinbeziehen, sobald die Qualität den Mindeststandard erfüllt. Nichtsdestotrotz fliessen Scope 3 Überlegungen schon heute in Form von fundamentalen Analysen in den Anlageprozess mit ein.
Auch im Bereich Scope 1 und Scope 2 Emissionsdaten für Unternehmungen werden seitens der Datenprovider Schätz- modelle eingesetzt. Solche Schätzmodelle führen zu statistischen Ausreissern, welche in einer internen Qualitätskon- trolle behandelt werden. Die maximale CO | The data is based on the greenhouse gases regulated in the Kyoto Protocol. Scope 1 emissions originate from emission sources within the system boundaries considered. Scope 2 emissions arise from the generation of energy sourced externally. Scope 3 emissions combine all the other emissions caused by the company's activities but not directly controlled.
In terms of emissions data for companies, far too few Scope 3 emissions have been reported using a recognised standard (e.g. Carbon Disclosure Project). The available data sets are therefore based to a large extent on complex estimation models which do not currently provide the required minimum quality for use in the climate strategy.
Accordingly, only Scope 1 and Scope 2 are currently taken into account for the companies. However, the asset man- ager regularly reviews the data available in this area and will include Scope 3 data in the climate strategy as soon as the quality meets the minimum standard. Nevertheless, Scope 3 considerations are already incorporated into the investment process in the form of fundamental analyses. Estimation models are also used by the data providers in Scope 1 and Scope 2 emissions data for companies. Such estimation models lead to statistical outliers, which are dealt with by internal quality control. The maximum CO | en | de |
DOLFIN9578 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The above listed fund promotes environmental, social and corporate governance characteristics (ESG factors), pursuant to Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019. In addition to integrating sustainability risks into investment decisions, the Company considers ESG factors in the analysis and selection of financial instruments with the aim of achieving an ESG score, calculated at the overall portfolio level, which is higher than the ESG score of the investment universe or of the benchmark, if any, using data from the specialised info-provider "MSCI ESG Research". The ESG score of the fund is calculated as a weighted average of the ESG scores of the issuers of the financial instruments in the portfolio.
For more information about ESG approach components, go to:
eurizoncapital.com/pages/eurizon-responsibility-and-sustainability-en.aspx.
With regard to information on the transparency of the promotion of environmental or social characteristics and sustainable investments in periodic reports, this information will be available, in line with the completion of the regulatory framework, in the periodic report of FCP as at 31 December 2021. | I Fondi promuovono caratteristiche ambientali, sociali e di governo societario (fattori ESG), ai sensi dell’articolo 8 del Regolamento (UE) 2019/2088 del Parlamento Europeo e del Consiglio del 27 novembre 2019. La Società, oltre all’integrazione dei rischi di sostenibilità nelle decisioni di investimento, considera i fattori ESG nell’analisi e nella selezione degli strumenti f inanziari con l’obiettivo di ottenere un punteggio ESG, calcolato a livello complessivo di portafoglio, superiore al punteggio ESG del parametro di riferimento (benchmark), utilizzando i dati dell’info-provider specializzato “MSCI ESG Research”. Il punteggio ESG del Fondo è calcolato come media ponderata dei punteggi ESG degli emittenti gli strumenti f inanziari in portafoglio.
Per maggiori informazioni sui componenti dell’approccio ESG, si rimanda alla sezione :
eurizoncapital.com/pages/eurizon-responsibility-and-sustainability-en.aspx.
Relativamente alle informazioni circa la trasparenza della promozione delle caratteristiche ambientali o sociali e degli investimenti sostenibili nelle relazioni periodiche, tali informazioni saranno disponibili, coerentemente con il completamento del quadro normativo di riferimento, nel rendiconto annuale del FCI del 31 Dicembre 2021. | The above listed fund promotes environmental, social and corporate governance characteristics (ESG factors), pursuant to Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019. In addition to integrating sustainability risks into investment decisions, the Company considers ESG factors in the analysis and selection of financial instruments with the aim of achieving an ESG score, calculated at the overall portfolio level, which is higher than the ESG score of the investment universe or of the benchmark, if any, using data from the specialised info-provider "MSCI ESG Research". The ESG score of the fund is calculated as a weighted average of the ESG scores of the issuers of the financial instruments in the portfolio.
For more information about ESG approach components, go to:
eurizoncapital.com/pages/eurizon-responsibility-and-sustainability-en.aspx.
With regard to information on the transparency of the promotion of environmental or social characteristics and sustainable investments in periodic reports, this information will be available, in line with the completion of the regulatory framework, in the periodic report of FCP as at 31 December 2021. | en | it |
DOLFIN9579 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Derivative financial instruments used for hedging purposes
- Investments for diversification purposes or investments for which data are missing and do not follow minimum protection rules in relation to E&S
| | - Derivative Finanzinstrumente, welche zur Absicherung eingesetzt wer- den
- Anlagen zu Diversifizierungszwecken oder Anlagen, für die Daten fehlen und keinen Mindestschutzvorschriften in Bezug auf E&S folgen
| | - Derivative financial instruments used for hedging purposes
- Investments for diversification purposes or investments for which data are missing and do not follow minimum protection rules in relation to E&S
| | en | de |
DOLFIN9580 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# POWERS OF DIRECTORS
- The business of the Company shall be managed by the Directors, who may exercise all such powers of the Company as are not by the Act, by the Regulations or hereby required to be exercised by the Company in general meeting. The Directors' exercise of such powers shall be subject, nevertheless, to the provisions of the Act, the Regulations and (subject to the following proviso) the regulations herein contained. In the event of any conflict between the regulations herein contained and such regulations as may be prescribed by the Company in general meeting, memorandum and articles of association the latter regulations shall prevail and, in the event of any conflict between either of the foregoing sets of regulations and the Act and the Regulations, the Act and the Regulations shall prevail. No regulations made by the Company in general meeting shall invalidate any prior act of the Directors which would have been valid if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by this or any other Article.
- All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments drawn on the Company, and all other receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Directors from time to time shall by resolution determine.
- The Directors may exercise all the powers of the Company to invest all or any funds of the Company as authorised by these Articles of Association and may establish subsidiary companies in the circumstances specified by the Central Bank and subject to the conditions imposed by the Central Bank and the Regulations. Shares issued by any subsidiary and all of its assets will be held by the CustodianDepositary.
- The Directors may authorise the redemption of shares in connection with any equalisation arrangements concerning the calculation of performance fees as set out in the Prospectus.
- The Directors may exercise the voting powers conferred by shares of any other company held or owned by the Company in such manner in all respects as they think fit and in particular they may exercise their voting powers in favour of any resolution appointing the Directors or any of them as directors or officers of such other company or providing for the payment of remuneration to the directors or officers of such other company.
- | # POUVOIRS DES ADMINISTRATEURS
- Les activités de la Société seront gérées par les Administrateurs qui peuvent exercer tous les pouvoirs de la Société dont il n’est pas requis par la Loi, par les Règlementsou par les présentes qu’ils soient exercés par la Société en assemblée générale. L’exercice de ces pouvoirs par les Administrateurs est néanmoins soumis aux dispositions de la Loi, des Règlements et (sous réserve de la disposition suivante) des règlements contenus dans les présentes. En cas de conflit entre les règlements contenus dans le présent document et les règlements qui peuvent être prescrits par la Société en assemblée générale, dans l’acte constitutif et les statuts, ces derniers prévaudront et, en cas de conflit entre l’un ou l’autre des ensembles de règlements précédents et la Loi et les Règlements, la Loi et les Règlements prévaudront. Aucun règlement adopté par la Société lors d’une assemblée générale ne saurait annuler toute action antérieure des Administrateurs qui aurait été valide si un tel règlement n’avait pas été adopté. Les pouvoirs généraux octroyés par le présent Article ne seront pas limités ni restreints par toute autorisation ou tout pouvoir spécial accordé aux Administrateurs par le présent Article ou tout autre Article.
- Tous les chèques, billets à ordre, traites, lettres de change et autres instruments négociables ou cessibles tirés sur la Société et tous autres reçus de fonds versés à la Société seront signés, tirés, acceptés, endossés ou autrement exécutés, selon le cas, de la manière déterminée occasionnellement par les Administrateurs par voie de résolution.
- Les Administrateurs peuvent exercer tous les pouvoirs de la Société pour investir la totalité ou une partie des fonds de la Société comme autorisé par les présents Statuts et peuvent créer des filiales dans les circonstances fixées par la Banque centrale et moyennant le respect des conditions imposées par cette dernière et par les Règlements. Les Actions émises par toute filiale et tous ses actifs seront détenus par le ConservateurDépositaire.
- Les Administrateurs peuvent autoriser le rachat d’actions dans le cadre de tout accord de péréquation concernant le calcul des commissions de performance, comme indiqué dans le Prospectus.
- Les Administrateurs peuvent exercer les droits de vote conférés par les actions de toute autre société détenue ou possédée par la Société de la manière qu’ils jugent à tous égards appropriée et, en particulier, peuvent exercer leurs droits de vote en faveur de toute résolution nommant les Administrateurs ou l’un d’entre eux en qualité d’administrateur ou dirigeant d’une telle autre société ou stipulant le paiement de la rémunération aux administrateurs ou dirigeants d’une telle autre société.
- | # POWERS OF DIRECTORS
- The business of the Company shall be managed by the Directors, who may exercise all such powers of the Company as are not by the Act, by the Regulations or hereby required to be exercised by the Company in general meeting. The Directors' exercise of such powers shall be subject, nevertheless, to the provisions of the Act, the Regulations and (subject to the following proviso) the regulations herein contained. In the event of any conflict between the regulations herein contained and such regulations as may be prescribed by the Company in general meeting, memorandum and articles of association the latter regulations shall prevail and, in the event of any conflict between either of the foregoing sets of regulations and the Act and the Regulations, the Act and the Regulations shall prevail. No regulations made by the Company in general meeting shall invalidate any prior act of the Directors which would have been valid if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by this or any other Article.
- All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments drawn on the Company, and all other receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the Directors from time to time shall by resolution determine.
- The Directors may exercise all the powers of the Company to invest all or any funds of the Company as authorised by these Articles of Association and may establish subsidiary companies in the circumstances specified by the Central Bank and subject to the conditions imposed by the Central Bank and the Regulations. Shares issued by any subsidiary and all of its assets will be held by the CustodianDepositary.
- The Directors may authorise the redemption of shares in connection with any equalisation arrangements concerning the calculation of performance fees as set out in the Prospectus.
- The Directors may exercise the voting powers conferred by shares of any other company held or owned by the Company in such manner in all respects as they think fit and in particular they may exercise their voting powers in favour of any resolution appointing the Directors or any of them as directors or officers of such other company or providing for the payment of remuneration to the directors or officers of such other company.
- | en | fr |
DOLFIN9581 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The fund mostly invests on Eurozone markets but occasionally on international markets. These investments on fixed income markets are determined by:
- the allocation of modified duration between the different fixed income markets;
- the allocation of modified duration between the different segments of the yield curve;Credit strategy:Investments on credit markets are chosen on the basis of expected international macroeconomic scenarios and financial research into issuers' solvency. This research determines the fund's overall level of credit exposure. The fund invests on all international markets. | # Der Fonds ist überwiegend auf den Märkten der Eurozone und in begrenztem Umfang auf den internationalen Märkten aktiv. Die Transaktionen auf den Zinsmärkten werden bestimmt durch:
- die Allokation der modifizierten Duration auf die verschiedenen Zinsmärkte;
- die Allokation der modifizierten Duration zwischen den verschiedenen Segmenten der Zinsstrukturkurven;Anleihestrategie:Die Auswahl der Anlagen, die auf den Anleihemärkten getätigt werden, basiert sowohl auf den erwarteten internationalen makroökonomischen Szenarien als auch auf Finanzanalysen zur Bonität der Emittenten. Auf der Grundlage dieser Analysen wird das Gesamtexposure des Fonds in Anleihen festgelegt. Der Fonds ist auf allen internationalen Märkten aktiv. | # The fund mostly invests on Eurozone markets but occasionally on international markets. These investments on fixed income markets are determined by:
- the allocation of modified duration between the different fixed income markets;
- the allocation of modified duration between the different segments of the yield curve;Credit strategy:Investments on credit markets are chosen on the basis of expected international macroeconomic scenarios and financial research into issuers' solvency. This research determines the fund's overall level of credit exposure. The fund invests on all international markets. | en | de |
DOLFIN9582 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?
Compliance with the exclusionary screens is measured based on the exclusionary criteria summarised below and the percentage of the Fund’s investments which breach the exclusionary screens.
The sustainable investments made by the Fund shall be assessed based on their net positive contribution to the UN Sustainable Development Goals (which shall be determined using contribution assessment scores obtained from third party data providers) and the mandatory principal adverse impact indicators in the Sustainable Finance Disclosure Regulation (“SFDR”) rules. | #### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?
Le respect des filtres d’exclusion est mesuré sur la base des critères d’exclusion résumés ci-dessous, et sur la base du pourcentage des investissements du Compartiment qui ne respectent pas les filtres d’exclusion.
Les investissements durables réalisés par le Compartiment seront évalués sur la base de leur contribution positive nette aux Objectifs de développement durable de l’ONU (déterminée sur la base des scores d’évaluation de la contribution obtenus auprès de fournisseurs de données tiers) et des indicateurs de principales incidences négatives issus des règles du règlement sur la publication d’informations en matière finance durable (« SFDR »). | #### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?
Compliance with the exclusionary screens is measured based on the exclusionary criteria summarised below and the percentage of the Fund’s investments which breach the exclusionary screens.
The sustainable investments made by the Fund shall be assessed based on their net positive contribution to the UN Sustainable Development Goals (which shall be determined using contribution assessment scores obtained from third party data providers) and the mandatory principal adverse impact indicators in the Sustainable Finance Disclosure Regulation (“SFDR”) rules. | en | fr |
DOLFIN9583 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The techniques and instruments specified in Article 42 of the Law of 17 December 2010 are excluded.
- “money market instruments”The term “money market instruments” refers to instruments that are normally traded on the money markets, are liquid and the value of which can be determined precisely at any time.
- “UCI”Undertakings for collective investment.
- “UCITS”Undertakings for collective investment in transferable securities which are subject to Directive 2009/65/EC. | Fanno eccezione le tecniche e gli strumenti menzionati nell'articolo 42 della Legge del 17 dicembre 2010.
- “Strumenti del mercato monetario”Si definiscono “strumenti del mercato monetario” gli strumenti abitualmente negoziati sul mercato monetario, liquidi e il cui valore è esattamente determinabile in qualsiasi momento.
- “OIC”Organismi di investimento collettivo.
- “OICVM”Organismi di investimento collettivo in valori mobiliari sottoposti alla direttiva 2009/65/CE. | The techniques and instruments specified in Article 42 of the Law of 17 December 2010 are excluded.
- “money market instruments”The term “money market instruments” refers to instruments that are normally traded on the money markets, are liquid and the value of which can be determined precisely at any time.
- “UCI”Undertakings for collective investment.
- “UCITS”Undertakings for collective investment in transferable securities which are subject to Directive 2009/65/EC. | en | it |
DOLFIN9584 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Sub-Fund will not:
- purchase common stocks, preferred stocks, warrants or other equity securities;
- borrow monies;
- purchase securities on margin;
- write or purchase put or call options or combinations thereof;
- purchase or sell real estate or real estate investment trust securities;
- make loans to others, except through the purchase of debt obligations, or repurchase agreements permitted for liquidity management purposes or investment in the manner envisaged in Section 1.5 of Appendix II, referred to in the Prospectus or this Supplement;
- pledge, hypothecate, mortgage or otherwise encumber its assets;
- engage in a Short Sale of any of the following instruments: money market instruments, securitisations, ABCPs and units or shares of MMFs;
- take direct or indirect exposure to equity or commodities, including via derivatives, certificates representing them, indices based on them, or any other means or instrument that would give an exposure to them;
- enter into securities lending agreements or securities borrowing agreements, or any other agreement that would encumber the assets of the Sub-Fund;or
- invest more than one third of its Net Asset Value in securities other than transferable securities issued and guaranteed as to principal and interest by theU.S. Government, or for liquidity management purposes or investment in the manner envisaged in Section 1.5(c) of Appendix II, repurchase agreements in respect of these securities;
- invest in asset classes not provided for under Appendix II to the Prospectus and in the section entitled “Investment Objectives and Policies” in this Supplement. In the event of a conflict between Appendix II and the "Investment Objectives and Policies" section, Appendix II shall prevail. | ##### El Subfondo no:
- adquirirá acciones ordinarias, acciones preferentes, warrants u otros títulos de renta variable;
- tomará prestado dinero;
- adquirirá valores con margen;
- suscribirá o adquirirá opciones de venta o compra, o combinaciones de estas;
- adquirirá o venderá bienes inmuebles o títulos de fondos de inversión inmobiliarios;
- concederá préstamos a otros, salvo a través de la compra de obligaciones de deuda o contratos con pacto de recompra permitidos con fines de gestión de liquidez o para invertir en la forma descrita en el apartado 1.5 del Apéndice II, según lo indicado en el Folleto o este Suplemento;
- pignorará, hipotecará o gravará de cualquier otra forma sus activos;
- participará en una venta en corto de cualquiera de los siguientes instrumentos: instrumentos del mercado monetario, titulizaciones, ABCP y unidades o acciones de FMM;
- asumirá una exposición directa o indirecta a renta variable o materias primas, entre otros, a través de derivados, certificados que los representen, índices basados en estos o cualquier otro medio o instrumento que pudiera brindar exposición a ellos;
- suscribirá contratos de préstamo de valores o contratos de toma en préstamo de valores, o cualquier otro acuerdo que pudiera gravar los activos del Subfondo;o
- invertirá más de una tercera parte de su Valor de inventario neto en títulos, exceptuados valores mobiliarios, emitidos y garantizados con respecto a su capital y a los intereses por el Gobierno de losEE. UU., o con fines de gestión de liquidez o para invertir en la forma descrita en el epígrafe (c) del apartado 1.5 del Apéndice II, en contratos con pacto de recompra relacionados con dichos valores;
- invertirá en clases de activos no contempladas en el Apéndice II del Folleto y en el apartado titulado«Objetivos y políticas de inversión» de este Suplemento. En caso de divergencias entre el Apéndice II y el apartado «Objetivos y políticas de inversión», prevalecerá el Apéndice II. | #### The Sub-Fund will not:
- purchase common stocks, preferred stocks, warrants or other equity securities;
- borrow monies;
- purchase securities on margin;
- write or purchase put or call options or combinations thereof;
- purchase or sell real estate or real estate investment trust securities;
- make loans to others, except through the purchase of debt obligations, or repurchase agreements permitted for liquidity management purposes or investment in the manner envisaged in Section 1.5 of Appendix II, referred to in the Prospectus or this Supplement;
- pledge, hypothecate, mortgage or otherwise encumber its assets;
- engage in a Short Sale of any of the following instruments: money market instruments, securitisations, ABCPs and units or shares of MMFs;
- take direct or indirect exposure to equity or commodities, including via derivatives, certificates representing them, indices based on them, or any other means or instrument that would give an exposure to them;
- enter into securities lending agreements or securities borrowing agreements, or any other agreement that would encumber the assets of the Sub-Fund;or
- invest more than one third of its Net Asset Value in securities other than transferable securities issued and guaranteed as to principal and interest by theU.S. Government, or for liquidity management purposes or investment in the manner envisaged in Section 1.5(c) of Appendix II, repurchase agreements in respect of these securities;
- invest in asset classes not provided for under Appendix II to the Prospectus and in the section entitled “Investment Objectives and Policies” in this Supplement. In the event of a conflict between Appendix II and the "Investment Objectives and Policies" section, Appendix II shall prevail. | en | es |
DOLFIN9585 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 937 USD | 2130 USD |
| Annual cost impact (*) | 9.4% | 3.4% each year | | | Wenn Sie nach 1 Jahr aussteigen | Wenn Sie nach 5 Jahren aussteigen |
| --- | --- |
| Kosten insgesamt | 937 USD | 2130 USD |
| Jährliche Auswirkungen der Kosten (*) | 9.4% | 3.4% pro Jahr | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 937 USD | 2130 USD |
| Annual cost impact (*) | 9.4% | 3.4% each year | | en | de |
DOLFIN9586 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Specifically, the fund invests at least two thirds of total assets in debt securities issued by companies and public authorities. The fund invests at least 50% of total assets in debt securities that are denominated in USD, or issued in the United States of America, or issued by companies that are domiciled or conduct the majority of their business in the United States of America.
The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated:
- asset-backed securities (ABSs) that are either issued,guaranteed, or collateral-secured by a government or any of its agencies (including instrumentalities and sponsoredcorporations), including commercial and government agency MBSs, or privately issued mortgage-backed securities (MBSs), backed by non-conforming mortgages and rated at least B-/B3 or equivalent: 50%The fund may invest in securities of any credit rating quality, including unrated securities. | Plus précisément, le fonds investit au moins deux tiers de ses actifs totaux dans des titres de créance émis par des sociétés et des pouvoirs publics. Le fonds investit au moins 50 % de ses actifs totaux dans des titres de créance libellés en USD, ou émis aux Etats-Unis d'Amérique, ou émis par des sociétés domiciliées ou exerçant la majeure partie de leur activité aux Etats-Unis d'Amérique.
Le fonds peut investir dans les instruments suivants ou s'y exposer à concurrence de la proportion indiquée des actifs totaux :
- des titres adossés à des actifs (ABS) ayant été émis,garantis ou couverts par un nantissement garanti par un gouvernement ou l’une de ses agences (y compris leurs organismes et sociétés parrainées), incluant les MBS commerciaux et d’agences gouvernementales, ou les titres adossés à des créances hypothécaires (MBS) d'émetteurs privés, garantis par des hypothèques non conformes et notés au moins B-/B3 ou notation équivalente : 50 %Le fonds peut investir dans des titres de toutes qualités de crédit, y compris dans des titres non notés. | Specifically, the fund invests at least two thirds of total assets in debt securities issued by companies and public authorities. The fund invests at least 50% of total assets in debt securities that are denominated in USD, or issued in the United States of America, or issued by companies that are domiciled or conduct the majority of their business in the United States of America.
The fund may invest in, or be exposed to, the following instruments up to the percentage of total assets indicated:
- asset-backed securities (ABSs) that are either issued,guaranteed, or collateral-secured by a government or any of its agencies (including instrumentalities and sponsoredcorporations), including commercial and government agency MBSs, or privately issued mortgage-backed securities (MBSs), backed by non-conforming mortgages and rated at least B-/B3 or equivalent: 50%The fund may invest in securities of any credit rating quality, including unrated securities. | en | fr |
DOLFIN9587 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée : | Jusqu’à 1%. |
| Frais de sortie : | Néant. |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. Les investisseurs peuvent demander à leur conseiller financier ou à leur distributeur le montant exact des frais d’entrée et de sortie. |
| Frais prélevés par le Fonds sur une année. |
| Frais courants : | 1,10 %. |
| Le taux des frais courants est fondé sur les frais de l’exercice précédent (impôts compris, le cas échéant), pour l’exercice clos en décembre 2021 et peut varier d’un exercice à l’autre. Il ne prend en compte ni les commissions de performance ni les coûts de transaction du portefeuille, mais comprend les frais d’entrée et de sortie payés par le Fonds lorsqu’il achète ou vend des parts ou des actions d’autres organismes de placement collectif. |
| Frais prélevés par le Fonds dans certaines circonstances particulières |
| Commission de performance : | 0,16% pour l’exercice clos le 31 décembre 2021. 10,00 % de la performance nette du Fonds supérieure au « high water mark » majoré de la performance de l’Indice de référence. La commission de performance est cristallisée à la fin de chaque exercice fiscal. La sous-performance du Fonds par rapport à l’Indice de référence sur une période maximale de cinq ans est récupérée avant que toute commission de performance devienne payable. La commission de performance peut varier d’une année à l’autre selon la formule décrite ci-dessus. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada: | Hasta el 1 %. |
| Gastos de salida: | No aplicable. |
| 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. Los inversores pueden obtener información acerca de los gastos efectivos de entrada y salida a través de su asesor financiero o distribuidor. |
| Gastos detraídos del Fondo a lo largo de un año. |
| Gastos corrientes: | 1,10 %. |
| La tasa de gastos corrientes se basa en los gastos del año pasado (incluidos impuestos, si procede) para el ejercicio cerrado en diciembre de 2021, y podría variar de un año a otro. No incluye las comisiones de rentabilidad ni los costes de operación de la cartera, salvo en caso de que el Fondo haya abonado un gasto de entrada/salida al comprar o vender participaciones o acciones de instituciones de inversión colectiva subyacentes. |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad: | 0,16 % para el ejercicio cerrado el 31 de diciembre de 2021. 10,00 % de la rentabilidad neta del Fondo por encima de la rentabilidad máxima alcanzada más la rentabilidad del Índice de referencia. La comisión de rentabilidad se materializa al final de cada ejercicio económico. La rentabilidad del Fondo inferior a la del Índice de referencia durante un periodo máximo de cinco años se recupera antes de que se pague cualquier comisión de rentabilidad. La comisión de rentabilidad puede variar de un año a otro según la fórmula descrita anteriormente. | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée : | Jusqu’à 1%. |
| Frais de sortie : | Néant. |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. Les investisseurs peuvent demander à leur conseiller financier ou à leur distributeur le montant exact des frais d’entrée et de sortie. |
| Frais prélevés par le Fonds sur une année. |
| Frais courants : | 1,10 %. |
| Le taux des frais courants est fondé sur les frais de l’exercice précédent (impôts compris, le cas échéant), pour l’exercice clos en décembre 2021 et peut varier d’un exercice à l’autre. Il ne prend en compte ni les commissions de performance ni les coûts de transaction du portefeuille, mais comprend les frais d’entrée et de sortie payés par le Fonds lorsqu’il achète ou vend des parts ou des actions d’autres organismes de placement collectif. |
| Frais prélevés par le Fonds dans certaines circonstances particulières |
| Commission de performance : | 0,16% pour l’exercice clos le 31 décembre 2021. 10,00 % de la performance nette du Fonds supérieure au « high water mark » majoré de la performance de l’Indice de référence. La commission de performance est cristallisée à la fin de chaque exercice fiscal. La sous-performance du Fonds par rapport à l’Indice de référence sur une période maximale de cinq ans est récupérée avant que toute commission de performance devienne payable. La commission de performance peut varier d’une année à l’autre selon la formule décrite ci-dessus. | | fr | es |
DOLFIN9588 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Fund Rights Related to NAV Calculation and Dealing Arrangements
- Calculate a NAV more often than once a day, whether temporarily or permanently. Examples of circumstances that might lead to additional NAV calculations include where the Management Company considers that there had been a material change to the market value of the investments in one or more Sub-Funds, or where there is an in-specie subscription and the Management Company believes it is in the interests of the Shareholders to value such a subscription separately or where an additional NAV calculation (which may be to more than 2 decimals) regarding a Sub-Fund merger will allow for a more precise calculation of the conversion ratio in the best interest of Shareholders in both the merging and receiving Sub-Funds. If the Management Company decides to alter the frequency of the NAV calculation permanently, the Prospectus will be amended and Shareholders informed accordingly.
- Alter dealing arrangements, whether temporarily or permanently. If the Management Company decides to alter the dealing arrangements permanently, the Prospectus will be amended and Shareholders informed accordingly.
- Apply alternative valuation methods. When it believes the interests of Shareholders or the Fund justify it, the Management Company can apply valuation methods other than those described above, such as:
- drawing upon other available pricing sources
- valuing securities at either their bid or offer Prices, given the prevailing market conditions and/or the level of subscriptions or redemptions relative to the size of the relevant Sub-Fund
- adjusting the NAV for dealing charges incurred by a Sub-Fund, up to 1% of the total net assets of the Sub-Fund at the time, and only if there is no swing pricing in effect on the same Share Class at the time
- fair value methods. | ### Rechte des Fonds im Zusammenhang mit der NIW-Berechnung und Handelsvereinbarungen
- Berechnung eines NIW, vorübergehend oder dauerhaft, häufiger als einmal täglich. Zu den Beispielen für Umstände, die zu zusätzlichenNIW-Berechnungen führen können, zählen Fälle, in denen die Verwaltungsgesellschaft der Auffassung ist, dass eine wesentliche Änderung des Marktwerts der Anlagen in einem oder mehreren Teilfonds eingetreten ist, oder wenn eine Zeichnung gegen Sachwerte erfolgt und die Verwaltungsgesellschaft der Meinung ist, dass es dem Interesse der Anteilseigner entspricht, die Zeichnung separat zu bewerten, oder wenn die zusätzliche NIW-Berechnung (die mehr als 2 Dezimalstellen aufweisen kann) in Verbindung mit der Zusammenlegung von Teilfonds eine genauere Berechnung des Umtauschverhältnisses erlaubt und dies im besten Interesse der Anteilseigner sowohl des aufzunehmenden als auch des aufnehmenden Teilfonds ist. Wenn die Verwaltungsgesellschaft beschließt, die Häufigkeit der NIW-Berechnung dauerhaft zu ändern, wird der Verkaufsprospekt geändert und die Anteilseigner werden entsprechend informiert.
- Änderung von Handelsvereinbarungen, die vorläufig oder dauerhaft erfolgen kann. Wenn die Verwaltungsgesellschaft beschließt, Handelsvereinbarungen dauerhaft zu ändern, wird der Verkaufsprospekt geändert und die Anteilseigner werden entsprechend informiert.
- Anwendung alternativer Bewertungsmethoden. Wenn die Interessen der Anteilseigner oder des Fonds dies nach Auffassung der Verwaltungsgesellschaft rechtfertigen, kann die Verwaltungsgesellschaft andere als die oben beschriebenen Bewertungsmethoden anwenden, wie etwa:
- sich auf andere verfügbare Preisquellen stützen
- Wertpapiere angesichts der herrschenden Marktbedingungen und/oder der Höhe der Zeichnungen und Rücknahmen im Vergleich zur Größe des jeweiligen Teilfonds entweder zu ihrem Ausgabe- oder Rücknahmepreis bewerten
- den NIW um die einem Teilfonds angefallenen Handelskosten um bis zu 1% des gesamten Nettovermögens des betreffenden Teilfonds anpassen, sofern in dieser Anteilklasse zu dem betreffenden Zeitpunkt kein Swing Pricing- Verfahren gilt
- Methoden zur Ermittlung des angemessenen Marktwerts. | ### Fund Rights Related to NAV Calculation and Dealing Arrangements
- Calculate a NAV more often than once a day, whether temporarily or permanently. Examples of circumstances that might lead to additional NAV calculations include where the Management Company considers that there had been a material change to the market value of the investments in one or more Sub-Funds, or where there is an in-specie subscription and the Management Company believes it is in the interests of the Shareholders to value such a subscription separately or where an additional NAV calculation (which may be to more than 2 decimals) regarding a Sub-Fund merger will allow for a more precise calculation of the conversion ratio in the best interest of Shareholders in both the merging and receiving Sub-Funds. If the Management Company decides to alter the frequency of the NAV calculation permanently, the Prospectus will be amended and Shareholders informed accordingly.
- Alter dealing arrangements, whether temporarily or permanently. If the Management Company decides to alter the dealing arrangements permanently, the Prospectus will be amended and Shareholders informed accordingly.
- Apply alternative valuation methods. When it believes the interests of Shareholders or the Fund justify it, the Management Company can apply valuation methods other than those described above, such as:
- drawing upon other available pricing sources
- valuing securities at either their bid or offer Prices, given the prevailing market conditions and/or the level of subscriptions or redemptions relative to the size of the relevant Sub-Fund
- adjusting the NAV for dealing charges incurred by a Sub-Fund, up to 1% of the total net assets of the Sub-Fund at the time, and only if there is no swing pricing in effect on the same Share Class at the time
- fair value methods. | en | de |
DOLFIN9589 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Redemption or conversion
If you find that the acquiring sub-fund does not satisfy your expectations, you can convert your units free of charge into units of another sub-fund within the Swisscanto (LU) Money Market Fund umbrella fund or redeem the units.
If you decide on one of these options, you must request the redemption or conversion before 3:00 pm (CET) on 22 June 2020. Your client adviser will be happy to help. | ## Rückgabe oder Umtausch
Sollten Sie der Meinung sein, dass der übernehmende Teilfonds nicht Ihren Erwartungen entspricht, können Sie Ihre Anteile kostenfrei gegen Anteile eines anderen Teilfonds innerhalb des Umbrella Swisscanto (LU) Money Market Fund tauschen oder die Anteile zurückgeben.
Falls Sie sich für eine dieser Optionen entscheiden, müssen Sie den Umtausch oder die Rückgabe vor 15:00 Uhr (MEZ) am 22. Juni 2020 verlangen. Ihre Kundenberater unterstützen Sie gerne dabei. | ## Redemption or conversion
If you find that the acquiring sub-fund does not satisfy your expectations, you can convert your units free of charge into units of another sub-fund within the Swisscanto (LU) Money Market Fund umbrella fund or redeem the units.
If you decide on one of these options, you must request the redemption or conversion before 3:00 pm (CET) on 22 June 2020. Your client adviser will be happy to help. | en | de |
DOLFIN9590 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement de 10 000 USD |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 3,980.0 USD | 2,980.0 USD |
| Rendement annuel moyen | -60.2% | -21.5% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,410.0 USD | 6,930.0 USD |
| Rendement annuel moyen | -25.9% | -7.1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,930.0 USD | 8,500.0 USD |
| Rendement annuel moyen | -0.7% | -3.2% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 16,450.0 USD | 22,930.0 USD |
| Rendement annuel moyen | 64.5% | 18.1% | | | Inversión de 10.000 USD |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 3,980.0 USD | 2,980.0 USD |
| Rendimiento medio cada año | -60.2% | -21.5% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7,410.0 USD | 6,930.0 USD |
| Rendimiento medio cada año | -25.9% | -7.1% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 9,930.0 USD | 8,500.0 USD |
| Rendimiento medio cada año | -0.7% | -3.2% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 16,450.0 USD | 22,930.0 USD |
| Rendimiento medio cada año | 64.5% | 18.1% | | | Investissement de 10 000 USD |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 3,980.0 USD | 2,980.0 USD |
| Rendement annuel moyen | -60.2% | -21.5% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,410.0 USD | 6,930.0 USD |
| Rendement annuel moyen | -25.9% | -7.1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,930.0 USD | 8,500.0 USD |
| Rendement annuel moyen | -0.7% | -3.2% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 16,450.0 USD | 22,930.0 USD |
| Rendement annuel moyen | 64.5% | 18.1% | | fr | es |
DOLFIN9591 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### All General Meetings of Shareholders shall be convened by the Board of Directors.
The General Meeting of Shareholders shall be convened within the time limits and according to the procedures provided for by the law. If bearer shares were issued, the invitation is effected by means of a notification published in compliance with the statutory forms and time limits.
In order to attend general meetings, holders of bearer shares must deposit their share certificates at the establishment indicated in the invitation to attend at least five clear days prior to the date of the meeting.
Under the conditions provided for by the applicable laws and regulations, the invitation to attend for any General Meeting of Shareholders may state that the quorum and majority required shall be determined by reference to the shares issued and outstanding at a specific time and date prior to the meeting (the “Registration Date”), as a shareholder’s right to participate in a General Meeting of Shareholders and to exercise the voting right attached to his/her share(s) shall be determined by the number of shares held by said shareholder on the Registration Date. | #### Toute assemblée générale des actionnaires est convoquée par le conseil d’administration.
L'assemblée générale des actionnaires est convoquée dans les délais et selon les modalités prévues par la loi. Si des actions au porteur sont en circulation, la convocation fera l'objet de publications d'avis dans les formes et délais prévus par la loi.
Les détenteurs d’actions au porteur sont obligés, pour être admis aux assemblées générales, de déposer leurs certificats d’actions auprès d’une institution indiquée dans la convocation au moins cinq jours francs avant la date de l’assemblée.
Dans les conditions prévues par les lois et la règlementation applicable, l'avis de convocation de toute assemblée générale des actionnaires peut préciser que le quorum et la majorité requises seront déterminés par référence aux actions émises et en circulation à une certaine date et heure précédant l'assemblée (« Date d’Enregistrement »), considérant que le droit d'un actionnaire de participer à une assemblée générale des actionnaires et d'exercer le droit de vote attaché à son/ses action(s) sera déterminé en fonction du nombre d'actions détenues par l’actionnaire à la Date d’Enregistrement. | ##### All General Meetings of Shareholders shall be convened by the Board of Directors.
The General Meeting of Shareholders shall be convened within the time limits and according to the procedures provided for by the law. If bearer shares were issued, the invitation is effected by means of a notification published in compliance with the statutory forms and time limits.
In order to attend general meetings, holders of bearer shares must deposit their share certificates at the establishment indicated in the invitation to attend at least five clear days prior to the date of the meeting.
Under the conditions provided for by the applicable laws and regulations, the invitation to attend for any General Meeting of Shareholders may state that the quorum and majority required shall be determined by reference to the shares issued and outstanding at a specific time and date prior to the meeting (the “Registration Date”), as a shareholder’s right to participate in a General Meeting of Shareholders and to exercise the voting right attached to his/her share(s) shall be determined by the number of shares held by said shareholder on the Registration Date. | en | fr |
DOLFIN9592 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- supports thermal coal extraction, transportation or use for energy generation;
- supports the use of crude oil in the transportation and power generation sector;
- are linked to the coal and oil upstream industry (e.g., drilling rig operators, fracking sand suppliers and oilfield service providers); or
- are the treatment and/or provision of logistics services for Canadian oil sands; or | - die Förderung, den Transport oder die Nutzung von Kraftwerkskohle zur Energieerzeugung unterstützen
- den Einsatz von Rohöl im Transport- und Energieerzeugungssektor unterstützen
- in Verbindung mit dem Kohle- und Öl-Upstream-Sektor stehen (z. B. Bohrinsel-Betreiber, Fracking-Sand-Lieferanten und Ölfeld-Dienstleister), oder
- die in der Behandlung und/oder Erbringung von Logistikdienstleistungen für kanadischen Ölsand bestehen, oder | - supports thermal coal extraction, transportation or use for energy generation;
- supports the use of crude oil in the transportation and power generation sector;
- are linked to the coal and oil upstream industry (e.g., drilling rig operators, fracking sand suppliers and oilfield service providers); or
- are the treatment and/or provision of logistics services for Canadian oil sands; or | en | de |
DOLFIN9593 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance target: To outperform the iBOXX Euro Corporates Index by 1.5% per annum, before the deduction of charges, over any 5 year period.
The Fund invests at least 80% of its assets in investment grade corporate bonds and other types of investment grade bonds, denominated in Euros. The Fund may invest up to 20% of its net assets in contingent convertible bonds (CoCos); and/or asset-backed and mortgage-backed securities.
The investment manager may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the iBOXX Euro Corporates Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. | # Performanceziel: Outperformance gegenüber dem iBOXX Euro Corporates Index um 1,5 % p. a. vor Abzug von Gebühren über einen beliebigen Zeitraum von fünf Jahren.
Der Fonds investiert mindestens 80 % seines Vermögens in Unternehmensanleihen mit Investment-Grade sowie andere Arten von Anleihen mit Investment-Grade, die auf Euro lauten. Der Fonds kann bis zu 20 % seines Nettovermögens in Pflichtwandelanleihen (CoCo-Bonds) und/oder forderungs- und hypothekenbesicherte Wertpapiere investieren.
Der Anlageverwalter kann Derivate (komplexe Finanzinstrumente), einschließlich Total Return Swaps, einsetzen, um im Einklang mit dem Anlageziel des Fonds Anlagegewinne zu erzielen, das Risiko zu verringern oder den Fonds effizienter zu verwalten.
Der Fonds wird aktiv unter Bezugnahme auf den iBOXX Euro Corporates Index verwaltet, der weitgehend repräsentativ für die Anleihen ist, in die er investieren darf, da dieser die Grundlage für das Performanceziel des Fonds darstellt. Der Anlageverwalter kann nach eigenem Ermessen Anlagen für den Fonds tätigen, deren Gewichtungen sich von denen im Index unterscheiden oder die nicht im Index vertreten sind. Der Fonds kann jedoch zeitweise Anlagen halten, die dem Index entsprechen. | # Performance target: To outperform the iBOXX Euro Corporates Index by 1.5% per annum, before the deduction of charges, over any 5 year period.
The Fund invests at least 80% of its assets in investment grade corporate bonds and other types of investment grade bonds, denominated in Euros. The Fund may invest up to 20% of its net assets in contingent convertible bonds (CoCos); and/or asset-backed and mortgage-backed securities.
The investment manager may use derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the iBOXX Euro Corporates Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. | en | de |
DOLFIN9594 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: €10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2,540 | €1,980 |
| Rendement annuel moyen | -74.56% | -27.66% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8,620 | €9,440 |
| Rendement annuel moyen | -13.85% | -1.15% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11,310 | €16,430 |
| Rendement annuel moyen | 13.15% | 10.43% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14,940 | €21,450 |
| Rendement annuel moyen | 49.37% | 16.47% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: €10,000 En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2,540 | €1,980 |
| Rendimiento medio cada año | -74.56% | -27.66% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8,620 | €9,440 |
| Rendimiento medio cada año | -13.85% | -1.15% |
| Moderado | Lo que podría recibir tras deducir los costes | €11,310 | €16,430 |
| Rendimiento medio cada año | 13.15% | 10.43% |
| Favorable | Lo que podría recibir tras deducir los costes | €14,940 | €21,450 |
| Rendimiento medio cada año | 49.37% | 16.47% | | | Période de détention recommandée: 5 ans Exemple d'investissement: €10,000 Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pouvez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €2,540 | €1,980 |
| Rendement annuel moyen | -74.56% | -27.66% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8,620 | €9,440 |
| Rendement annuel moyen | -13.85% | -1.15% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €11,310 | €16,430 |
| Rendement annuel moyen | 13.15% | 10.43% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14,940 | €21,450 |
| Rendement annuel moyen | 49.37% | 16.47% | | fr | es |
DOLFIN9595 | 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
Action de distribution d'un compartiment de DPAM B, Sicav publique de droit belge. Les parts du fonds sont des parts de distribution, émises sous forme d'actions, donnant droit à un dividende. Tous les revenus que le produit perçoit peuvent être distribués.
## Durée
Illimitée. Ce produit n'a pas de date d'échéance déterminée.
## Objectifs et politique d'investissement
Objectif: L'objectif du compartiment est de vous offrir une exposition aux titres de créance libellés en euro. Il s'agit d'un compartiment géré activement, ce qui signifie que le gestionnaire de portefeuille n'a pas pour objectif de reproduire la performance d'un benchmark.
Le compartiment promeut des caractéristiques environnementales et sociales au sens de l'article 8 du Règlement (UE) 2019/2088 sur la publication d'informations en matière de durabilité dans le secteur des services financiers. Il n'a pas un objectif d'investissement durable.
Politique d'investissement: Le compartiment investit principalement (sans aucune restriction sectorielle quelconque) dans des obligations et/ou d'autres titres de créance, à taux fixe ou flottant, libellé(e)s en euro et émis(es) ou garanti(e)s par des Etats Membres de l'Union Européenne. Le compartiment applique des restrictions d'investissement contraignantes (a) aux sociétés non-conformes aux normes mondiales (Global Standards), (b) aux sociétés impliquées dans des activités controversées, et (c) aux sociétés impliquées dans des controverses de sévérité maximale. Vous trouverez plus d'informations sur le site www.dpamfunds.com.
Produits dérivés: Le compartiment peut, de manière facultative, utiliser des produits dérivés (tels que des options et/ou des contrats à terme ('futures' et/ ou 'forwards')), et ce tant dans un but de réalisation des objectifs d'investissement que dans un but de couverture des risques (couverture ou exposition du/au risque lié à certains marchés).
Benchmark: JPM EMU Government Bond Total Return.
Utilisation du benchmark: le benchmark est utilisé à titre de comparaison des performances. La sélection et la pondération des actifs dans le portefeuille du compartiment peuvent différer significativement de la composition du benchmark.
Souscription/Remboursement: Toute demande de souscription/ remboursement de parts peut être introduite chaque jour ouvrable avant 15h00 (heure belge) auprès de Banque Degroof Petercam SA.
## Investisseurs de détail visés
Ce produit s'adresse aux investisseurs qui ont un horizon d'investissement de minimum 3 ans, qui satisfont aux critères d'accès à cette classe d'action décrits dans le prospectus et qui:
ont une connaissance et une expérience suffisantes des marchés d'obligations, d'autres titres de créance et des fonds, et comprennent les risques du produit
recherchent une exposition aux titres de créance libellés en euro et émis ou garantis par des Etats Membres de l'Union Européenne
sont intéressés par un investissement qui promeut des caractéristiques environnementales et sociales sans objectif d'investissement durable
peuvent supporter une perte par an généralement inférieure à 10%
## Informations pratiques
Dépositaire: Banque Degroof Petercam Luxembourg S.A, succursale belge
Le document d'informations clés décrit une classe d'action du compartiment DPAM B Bonds Eur de la Sicav DPAM B.
DPAM B est un organisme de placement collectif en valeurs mobilières constitué en Belgique (Etat membre d'origine de la SICAV), répondant aux exigences de la Directive 2009/65/CE et soumis au contrôle prudentiel de la FSMA.
Conformément aux dispositions légales applicables, le patrimoine du compartiment est distinct du patrimoine des autres compartiments de la SICAV, ce qui implique notamment que les droits des investisseurs et autres créanciers de ce compartiment sont limités aux actifs de celui-ci.
Le prospectus et les rapports périodiques sont établis pour l'ensemble des compartiments de la Sicav.
Des informations supplémentaires sur le compartiment sont disponibles dans le prospectus et les rapports périodiques qui peuvent être obtenus sur demande, sans frais, au siège social de la SICAV. Ces documents (établis en français, néerlandais et anglais) ainsi que de plus amples informations sur ce produit sont par ailleurs disponibles sur le site: www.dpamfunds.com (onglet 'Documentation').
Toute autre information pratique, notamment la dernière valeur nette d'inventaire des actions est disponible sur le site internet mentionné ci- dessus (onglet 'Valeur nette d'inventaire'). | # ¿Qué es este producto?
## Tipo
Acción de distribución de un subfondo de DPAM B, SICAV pública de derecho belga. Las participaciones del fondo son participaciones de distribución, emitidas en forma de acciones, que dan derecho a un dividendo. Todos los ingresos recibidos por el producto pueden ser distribuidos.
## Duración
Ilimitada Este producto no tiene fecha de vencimiento determinada.
## Objetivos y política de inversión
Objetivo: El objetivo del subfondo es proporcionar exposición a los títulos de deuda denominados en euros. Se trata de un subfondo de gestión activa, lo que significa que el gestor de la cartera no tiene como objetivo replicar la rentabilidad de un índice de referencia.
El subfondo promueve características medioambientales y sociales en el sentido del Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. No hay un objetivo de inversión sostenible.
Política de inversión: El subfondo invierte principalmente (sin ningún tipo de restricción sectorial) en obligaciones y/u otros títulos de deuda, a tipo fijo o variable, denominados en euros y emitidos o garantizados por Estados miembros de la Unión Europea. El subfondo aplica restricciones de inversión vinculantes a (a) las empresas que no cumplen las normas mundiales (Global Standards), (b) las empresas implicadas en actividades controvertidas y (c) las empresas implicadas en controversias de máxima gravedad. Puede encontrar más información en el sitio web www.dpamfunds.com.
Productos derivados: El subfondo puede, opcionalmente, utilizar productos derivados (como las opciones y/o los contratos a plazo («futuros» y/o
«forwards»)), tanto con miras a cumplir los objetivos de inversión como con fines de cobertura de riesgos (cobertura o exposición ante el riesgo vinculado a determinados mercados).
Índice de referencia: JPM EMU Government Bond Total Return.
Uso del índice de referencia: El índice de referencia se utiliza como una comparación del rendimiento. La selección y la ponderación de los activos en la cartera del subfondo pueden diferir significativamente de la composición del índice.
Suscripción/Reembolso: Cualquier solicitud de suscripción/reembolso de participaciones puede presentarse al Banco Degroof Petercam SA antes de las 15:00 (hora belga) en todos los días hábiles.
## Inversor minorista al que va dirigido
Este producto está destinado a inversores con un horizonte de inversión de al menos 3 años, que cumplan los criterios de admisibilidad para esta clase de acciones descritos en el folleto y que:
tengan suficientes conocimientos y experiencia de los mercados de renta fija y otros títulos de deuda y de los fondos, y que comprendan los riesgos del producto
busquen exposición a los títulos de deuda denominados en euros emitidos o garantizados por Estados miembros de la Unión Europea
estén interesados en una inversión que promueva características medioambientales y sociales sin objetivo de inversión sostenible
puedan soportar una pérdida anual generalmente inferior al 10 %
## Información práctica
Depositario: Banque Degroof Petercam Luxembourg S.A, succursale belge
El documento de datos fundamentales describe una clase del subfondo DPAM B Bonds Eur de la SICAV DPAM B.
DPAM B es un organismo de inversión colectiva en valores mobiliarios constituido en Bélgica (Estado miembro de origen de la SICAV), que responde a las exigencias de la Directiva 2009/65/CE y está sujeto al control prudencial de la FSMA.
De conformidad con las disposiciones legales aplicables, el patrimonio del subfondo es distinto del patrimonio de los demás subfondos de la SICAV, lo cual implica concretamente que los derechos de los inversores y demás acreedores de este subfondo se limitarán a los activos del mismo.
El folleto y los informes periódicos se elaboran para el conjunto de los subfondos de la SICAV.
Para más información sobre el subfondo, consulte el folleto y los informes periódicos, que pueden obtenerse previa solicitud, de forma gratuita, dirigida al domicilio social de la SICAV. Estos documentos (en francés, neerlandés e inglés), así como más información sobre este producto, también están disponibles en el sitio web www.dpamfunds.com (en la pestaña
«Documentación».
El resto de la información práctica, en particular el último valor liquidativo de las acciones, se encuentra disponible en el sitio web indicado anteriormente (pestaña «Valor liquidativo»). | # En quoi consiste ce produit?
## Type
Action de distribution d'un compartiment de DPAM B, Sicav publique de droit belge. Les parts du fonds sont des parts de distribution, émises sous forme d'actions, donnant droit à un dividende. Tous les revenus que le produit perçoit peuvent être distribués.
## Durée
Illimitée. Ce produit n'a pas de date d'échéance déterminée.
## Objectifs et politique d'investissement
Objectif: L'objectif du compartiment est de vous offrir une exposition aux titres de créance libellés en euro. Il s'agit d'un compartiment géré activement, ce qui signifie que le gestionnaire de portefeuille n'a pas pour objectif de reproduire la performance d'un benchmark.
Le compartiment promeut des caractéristiques environnementales et sociales au sens de l'article 8 du Règlement (UE) 2019/2088 sur la publication d'informations en matière de durabilité dans le secteur des services financiers. Il n'a pas un objectif d'investissement durable.
Politique d'investissement: Le compartiment investit principalement (sans aucune restriction sectorielle quelconque) dans des obligations et/ou d'autres titres de créance, à taux fixe ou flottant, libellé(e)s en euro et émis(es) ou garanti(e)s par des Etats Membres de l'Union Européenne. Le compartiment applique des restrictions d'investissement contraignantes (a) aux sociétés non-conformes aux normes mondiales (Global Standards), (b) aux sociétés impliquées dans des activités controversées, et (c) aux sociétés impliquées dans des controverses de sévérité maximale. Vous trouverez plus d'informations sur le site www.dpamfunds.com.
Produits dérivés: Le compartiment peut, de manière facultative, utiliser des produits dérivés (tels que des options et/ou des contrats à terme ('futures' et/ ou 'forwards')), et ce tant dans un but de réalisation des objectifs d'investissement que dans un but de couverture des risques (couverture ou exposition du/au risque lié à certains marchés).
Benchmark: JPM EMU Government Bond Total Return.
Utilisation du benchmark: le benchmark est utilisé à titre de comparaison des performances. La sélection et la pondération des actifs dans le portefeuille du compartiment peuvent différer significativement de la composition du benchmark.
Souscription/Remboursement: Toute demande de souscription/ remboursement de parts peut être introduite chaque jour ouvrable avant 15h00 (heure belge) auprès de Banque Degroof Petercam SA.
## Investisseurs de détail visés
Ce produit s'adresse aux investisseurs qui ont un horizon d'investissement de minimum 3 ans, qui satisfont aux critères d'accès à cette classe d'action décrits dans le prospectus et qui:
ont une connaissance et une expérience suffisantes des marchés d'obligations, d'autres titres de créance et des fonds, et comprennent les risques du produit
recherchent une exposition aux titres de créance libellés en euro et émis ou garantis par des Etats Membres de l'Union Européenne
sont intéressés par un investissement qui promeut des caractéristiques environnementales et sociales sans objectif d'investissement durable
peuvent supporter une perte par an généralement inférieure à 10%
## Informations pratiques
Dépositaire: Banque Degroof Petercam Luxembourg S.A, succursale belge
Le document d'informations clés décrit une classe d'action du compartiment DPAM B Bonds Eur de la Sicav DPAM B.
DPAM B est un organisme de placement collectif en valeurs mobilières constitué en Belgique (Etat membre d'origine de la SICAV), répondant aux exigences de la Directive 2009/65/CE et soumis au contrôle prudentiel de la FSMA.
Conformément aux dispositions légales applicables, le patrimoine du compartiment est distinct du patrimoine des autres compartiments de la SICAV, ce qui implique notamment que les droits des investisseurs et autres créanciers de ce compartiment sont limités aux actifs de celui-ci.
Le prospectus et les rapports périodiques sont établis pour l'ensemble des compartiments de la Sicav.
Des informations supplémentaires sur le compartiment sont disponibles dans le prospectus et les rapports périodiques qui peuvent être obtenus sur demande, sans frais, au siège social de la SICAV. Ces documents (établis en français, néerlandais et anglais) ainsi que de plus amples informations sur ce produit sont par ailleurs disponibles sur le site: www.dpamfunds.com (onglet 'Documentation').
Toute autre information pratique, notamment la dernière valeur nette d'inventaire des actions est disponible sur le site internet mentionné ci- dessus (onglet 'Valeur nette d'inventaire'). | fr | es |
DOLFIN9596 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Details about the SICAV
Candriam Equities L (the “SICAV”) publishes a detailed annual report on its activities, the assets under management. The report includes a combined statement of net assets consolidated and a combined statement of changes in net assets consolidated expressed in EUR, investment portfolio of each sub-fund and the audit report. This report is available at the registered office of the SICAV and at the registered office of the banks designated to provide financial services in the countries in which the SICAV is sold.
Furthermore, every six months a report is issued containing notably the composition of the portfolio, the number of shares in circulation and the number of shares issued or repurchased since the date of the previous report.
The shares are only available in registered form.
The Annual General Meeting of Shareholders of the SICAV is held each year at the registered office of the SICAV or at any other place in Luxembourg as specified in the convening notice. It shall take place within 6 months after the financial year-end.
Notice for all general meetings is sent to all registered shareholders by registered mail at their address specified in the share registrar, at least 8 days before the General Meeting. These notices indicate the time and place of the General Meeting as well as the conditions of admission, the agenda and the quorum and majority required under Luxembourg law.
In addition, notice shall be published in the “Recueil électronique des sociétés et associations” (“RESA”) of the Grand Duchy of Luxembourg and in a Luxembourg newspaper the “Luxemburger Wort” as well as in the press of the countries where the SICAV is marketed if the legislation so requires.
The financial year of the SICAV ends on December 31 of each year.
The net asset value per share of each share class of each sub-fund, the subscription, redemption or conversion’s price of each share class of each sub- fund may be obtained from the registered office of the SICAV and from the banks designated to provide financial services in the countries where the shares of the SICAV are distributed.
The SICAV's prospectus, Key Investor Information Documents, Articles of Incorporation and its annual and semi-annual reports are available to the public, free of charge, from the registered office of the SICAV. | # Détails sur la SICAV
Candriam Equities L ("la SICAV") publie annuellement un rapport détaillé sur son activité, la gestion de ses avoirs. Le rapport comprend l’état combiné des actifs nets et l’état combiné des variations des actifs nets exprimés en EUR, le portefeuille-titres de chaque compartiment et le rapport d’audit. Ce rapport est disponible au siège de la SICAV ainsi qu'au siège des organismes chargés du service financier dans les pays où la SICAV est commercialisée.
En outre, elle procède, après la fin de chaque semestre, à la publication d’un rapport comprenant notamment la composition du portefeuille-titres, le nombre d’actions en circulation et le nombre d’actions émises et rachetées depuis la dernière publication.
Les actions ne sont disponibles que sous forme nominative.
L’Assemblée Générale annuelle des actionnaires de la SICAV a lieu chaque année au siège social de la SICAV ou à tout autre endroit au Luxembourg qui sera spécifié dans l’avis de convocation. Elle se tiendra dans les six mois suivant la fin de l'exercice social.
Les avis de toutes assemblées générales sont envoyés par lettre à tous les actionnaires nominatifs, à leur adresse figurant au registre des actionnaires, au moins 8 jours avant l’Assemblée Générale. Ces avis indiquent l’heure et le lieu de l’Assemblée Générale et les conditions d’admission, l’ordre du jour et les exigences de la loi luxembourgeoise en matière de quorum et de majorité nécessaires.
De plus, des avis seront publiés dans le Recueil électronique des sociétés et associations (« RESA ») du Grand-Duché de Luxembourg et dans un journal luxembourgeois, le « Luxemburger Wort », ainsi que dans la presse des pays où la SICAV est commercialisée si la législation de ces pays l’exige.
L'exercice social de la SICAV se termine le 31 décembre de chaque année.
La valeur nette d’inventaire par action de chaque compartiment, le prix d’émission, de rachat des actions et de conversion de chaque compartiment peuvent être obtenus au siège social de la SICAV et auprès des organismes chargés du service financier dans les pays où la SICAV est commercialisée.
Le prospectus, les informations clés pour l’investisseur, les statuts et les rapports financiers de la SICAV sont tenus gratuitement à la disposition du public au siège social de la SICAV. | # Details about the SICAV
Candriam Equities L (the “SICAV”) publishes a detailed annual report on its activities, the assets under management. The report includes a combined statement of net assets consolidated and a combined statement of changes in net assets consolidated expressed in EUR, investment portfolio of each sub-fund and the audit report. This report is available at the registered office of the SICAV and at the registered office of the banks designated to provide financial services in the countries in which the SICAV is sold.
Furthermore, every six months a report is issued containing notably the composition of the portfolio, the number of shares in circulation and the number of shares issued or repurchased since the date of the previous report.
The shares are only available in registered form.
The Annual General Meeting of Shareholders of the SICAV is held each year at the registered office of the SICAV or at any other place in Luxembourg as specified in the convening notice. It shall take place within 6 months after the financial year-end.
Notice for all general meetings is sent to all registered shareholders by registered mail at their address specified in the share registrar, at least 8 days before the General Meeting. These notices indicate the time and place of the General Meeting as well as the conditions of admission, the agenda and the quorum and majority required under Luxembourg law.
In addition, notice shall be published in the “Recueil électronique des sociétés et associations” (“RESA”) of the Grand Duchy of Luxembourg and in a Luxembourg newspaper the “Luxemburger Wort” as well as in the press of the countries where the SICAV is marketed if the legislation so requires.
The financial year of the SICAV ends on December 31 of each year.
The net asset value per share of each share class of each sub-fund, the subscription, redemption or conversion’s price of each share class of each sub- fund may be obtained from the registered office of the SICAV and from the banks designated to provide financial services in the countries where the shares of the SICAV are distributed.
The SICAV's prospectus, Key Investor Information Documents, Articles of Incorporation and its annual and semi-annual reports are available to the public, free of charge, from the registered office of the SICAV. | en | fr |
DOLFIN9597 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 2 sur 7, qui est une catégorie de risque faible.
L’investissement dans des obligations d’entreprises de marchés émergents exposera le Fonds à toute instabilité politique, sociale et économique affectant les pays en question. L’investissement sur le marché obligataire interbancaire chinois via le système Bond Connect est exposé à des risques liés à la réglementation.
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | # ¿Qué riesgos corro y qué podría obtener a cambio?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Por lo general, remuneración menor Por lo general, remuneración mayor Menor riesgo Mayor riesgo El indicador de riesgo supone que conserva el producto durante 5 años. El riesgo real puede variar significativamente si liquida su inversión en una etapa temprana y es posible que reciba menos. Es posible que no pueda vender su producto fácilmente o que tenga que venderlo a un precio que afecte significativamente a la cantidad que reciba. |
El indicador resumido de riesgo es indicativo del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto como clase 2 de 7, que es una clase de riesgo bajo.
La inversión en bonos corporativos de mercados emergentes expondrá al Fondo a cualquier inestabilidad política, social y económica en los países relevantes. Invertir en el mercado interbancario chino de bonos a través de Bond Connect implica riesgo reglamentario.
El valor del Fondo puede verse afectado por riesgos que no capta el indicador resumido de riesgo, como el impago de una contraparte, el custodio o el emisor, los riesgos relativos al proveedor del índice y los propios del uso de derivados. | # Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 2 sur 7, qui est une catégorie de risque faible.
L’investissement dans des obligations d’entreprises de marchés émergents exposera le Fonds à toute instabilité politique, sociale et économique affectant les pays en question. L’investissement sur le marché obligataire interbancaire chinois via le système Bond Connect est exposé à des risques liés à la réglementation.
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | fr | es |
DOLFIN9598 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Requests for subscriptions and repurchases arising from day D (the transfer date) before noon local time in Paris are executed on the NAV applicable to the date of the transfer, hence D.
The settlement and delivery of units occurs on the transfer date, hence D.
The NAV which strips the subscriptions/repurchases on a given day is dated the day prior and calculated on the basis of the price of the prior trading day (D-1). In the case of an exceptional market event, this NAV may be recalculated to ensure the absence of any market timing opportunities.
Orders are executed in accordance with the table below: | Les demandes de souscription et de rachat parvenant le jour J (jour de centralisation) avant 12 heures (heure de Paris) sont exécutées sur la valeur liquidative s’appliquant au jour de centralisation (soit J).
Le règlement et la livraison des parts s’effectuent le jour de la centralisation, soit en J.
La valeur liquidative servant à dépouiller les souscriptions/rachats d’un jour donné est datée de la veille et calculée sur la base des cours de la veille ouvrée (J-1). En cas d’événement de marché exceptionnel cette valeur liquidative est susceptible d’être recalculée afin de garantir l’absence d’opportunités de market timing.
Les ordres sont exécutés conformément au tableau ci-dessous : | Requests for subscriptions and repurchases arising from day D (the transfer date) before noon local time in Paris are executed on the NAV applicable to the date of the transfer, hence D.
The settlement and delivery of units occurs on the transfer date, hence D.
The NAV which strips the subscriptions/repurchases on a given day is dated the day prior and calculated on the basis of the price of the prior trading day (D-1). In the case of an exceptional market event, this NAV may be recalculated to ensure the absence of any market timing opportunities.
Orders are executed in accordance with the table below: | en | fr |
DOLFIN9599 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund’s sustainable investment objective is to advance the United Nation's Sustainable Development Goals and contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. SDG, climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, ESG and environmental footprint targets as well as voting. Firstly, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. This includes activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks. In addition, the fund excludes stocks issued by companies that have a negative impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. Secondly, financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is at least 10% better than that of the reference index. By restricting the GHG emissions the carbon footprint of the fund is made lower than that of the Paris-Aligned benchmark to ensure alignment with the desired decarbonization trajectory of 7% year on year. Water use and waste generation are made at least 20% lower than that of the reference index. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued
by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. Thirdly, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | # Durabilité
Le fonds a pour objectif d’investissement durable de contribuer aux Objectifs de développement durable des Nations Unies (ODD) et à la limitation de la hausse de la température mondiale à moins de 2 °C en réduisant son empreinte carbone. Les aspects liés aux ODD, au réchauffement climatique et à la durabilité sont intégrés dans le processus d'investissement par l’application d’exclusions, l'intégration des critères ESG, l’établissement d’objectifs (ESG et empreinte environnementale) et le vote. Premièrement, le fonds n’investit pas dans des émetteurs qui enfreignent les normes internationales ou dont les activités sont considérées comme nuisibles à la société selon la politique d’exclusion de Robeco. Cette politique comprend les exclusions basées sur les activités prévues à l'article 12 du règlement européen sur les indices de référence « transition climatique », les indices de référence « Accord de Paris » et la publication d'informations en matière de durabilité pour les indices de référence. De plus, le fonds exclut les titres émis par des sociétés qui ont un impact négatif sur les ODD. L’impact des émetteurs sur les ODD est évalué en appliquant le cadre ODD en trois étapes développé par Robeco. Deuxièmement, les critères ESG d’importance financière sont intégrés dans la construction de
portefeuille pour s’assurer que le score ESG du portefeuille est supérieur d’au moins 10 % à celui de l'indice de référence. La limitation des émissions de gaz à effet de serre permet au fonds d'obtenir une empreinte carbone inférieure à celle de l’indice de référence aligné sur l’Accord de Paris, pour garantir l’alignement sur la trajectoire de décarbonation souhaitée de 7 % en glissement annuel. En outre, l’empreinte environnementale du fonds en termes de consommation d’eau et de production de déchets est inférieure de 20 % à celle de l’indice de référence. Grâce à ces règles relatives à la construction de portefeuille, les titres émis par des sociétés présentant un score ESG élevé ou une empreinte environnementale faible sont plus susceptibles d’être inclus dans le portefeuille, alors que les titres de sociétés ayant un score ESG faible ou une empreinte environnementale élevée sont plus susceptibles d’être éliminés du portefeuille. Troisièmement, si l’émetteur d’un titre est signalé pour non-respect des normes internationales dans le cadre du suivi permanent, il fera alors l’objet d’une exclusion. Enfin, le fonds exerce ses droits d’actionnaire et utilise le vote par procuration conformément à la politique de vote par procuration de Robeco. | # Sustainability
The fund’s sustainable investment objective is to advance the United Nation's Sustainable Development Goals and contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. SDG, climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration, ESG and environmental footprint targets as well as voting. Firstly, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. This includes activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks. In addition, the fund excludes stocks issued by companies that have a negative impact on the SDGs. The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. Secondly, financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is at least 10% better than that of the reference index. By restricting the GHG emissions the carbon footprint of the fund is made lower than that of the Paris-Aligned benchmark to ensure alignment with the desired decarbonization trajectory of 7% year on year. Water use and waste generation are made at least 20% lower than that of the reference index. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued
by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. Thirdly, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | en | fr |
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