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DOLFIN9700 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Barings China Select Fund
## Investment objective and policy
The investment objective of the Barings China Select Fund (“the Fund”) is to achieve long-term capital growth in the value of assets by investing in companies which the Company believes will benefit from the economic growth and development of China.
The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities in companies quoted on recognised exchanges in China or Hong Kong or incorporated in China or Hong Kong, or which have a significant proportion of their assets or other interests in China or Hong Kong. Baring Asset Management Limited (“the Investment Manager”) may also invest in equities in companies elsewhere in the Asia Pacific (ex Japan) region with the potential, in the opinion of the Investment Manager, to benefit from the development of China. For this purpose, total assets exclude cash and ancillary liquidities.
## Please refer to the Prospectus for the full investment objective and policy.
## How the Fund is managed
The Manager of the Company, Baring International Fund Managers (Ireland) Limited, has appointed Baring Asset Management Limited as the Investment Manager of the Fund. In turn, Baring Asset Management Limited has appointed Baring Asset Management (Asia) Limited as Sub-Investment Manager of the Fund.
The Fund is managed using a “Growth at a Reasonable Price” (“GARP”) approach. This means that when researching candidates for the portfolio, just as much emphasis is placed on the likely growth in corporate earnings of a company as is placed on the share price valuation before deciding whether to invest or not. This approach combines the best features of both “growth” and “value” investment styles, to the benefit of investors. A significant emphasis is placed on fundamental research, looking for companies which have the potential to deliver better-than-expected earnings growth. Over the long term, the Investment Manager aims to deliver the majority of returns through active stock picking and expects to achieve most of the added value from stock selection.
## Risk profile
## Please see detailed below some of the key risks applicable to the Fund:
- Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund are valued can have the effect of increasing or decreasing the value of the Fund and any income generated.
- Derivative instruments can make a profit or a loss and there is no guarantee that a financial derivative contract will achieve its intended outcome. The use of derivatives can increase the amount by which the Fund’s value rises and falls and could expose the Fund to losses that are significantly greater than the cost of the derivative as a relatively small movement may have a larger impact on derivatives than the underlying assets.
- China may face more political, economic or structural challenges than developed countries. Coupled with less developed regulation, this means your money is at greater risk.
- Country-specific funds have a narrower focus than those which invest broadly across markets and are therefore considered to be more risky.
- The Fund can hold smaller company shares, which can be more difficult to buy and sell as they may trade infrequently and in small volumes, so their share prices may fluctuate more than those of larger companies.
- Losses may occur if an organisation through which we buy an asset (such as a bank) fails to meet its obligations.
## Please refer to the Prospectus for the full risk profile.
Introduction (continued) | # Barings China Select Fund
## Objectif et politique d’investissement
Le Barings China Select Fund (« le Fonds ») vise à dégager des plus-values en capital sur ses actifs, sur long terme, en investissant dans des sociétés qui, selon la Société, profiteront de la croissance économique et de l’expansion de la Chine.
Le Fonds compte réaliser son objectif d’investissement en investissant au moins 70% de son actif total, à tout moment, dans des actions de sociétés qui sont cotées sur les places boursières reconnues de la Chine ou de Hong Kong, qui sont constituées en Chine ou à Hong Kong ou dont une partie importante des actifs ou autres intérêts est située en Chine ou à Hong Kong. Baring Asset Management Limited (« le Gestionnaire d’investissement ») peut également investir dans les actions de sociétés implantées dans le reste de la région Asie-Pacifique hors Japon qui, de l’avis du Gestionnaire d’investissement, sont susceptibles de profiter de l’expansion de la Chine. À ces fins, le terme « actif total » exclut les liquidités et les actifs liquides accessoires.
## Pour une description complète de l’objectif et de la politique d’investissement, veuillez lire le Prospectus.
## Gestion du Fonds
La Société de gestion de la Société, Baring International Fund Managers (Ireland) Limited, a nommé Baring Asset Management Limited comme Gestionnaire d’investissement du Fonds. Baring Asset Management Limited a nommé Baring Asset Management (Asia) Limited comme sous-gestionnaire d’investissement du Fonds.
Le Fonds est géré selon la méthode dite de « croissance à un prix raisonnable » (GARP). Dans ce contexte, afin d’identifier des titres de placement convenables pour le portefeuille, il est accordé autant d’importance au potentiel de croissance des résultats de la société qu’à la valorisation individuelle des actions de cette dernière. Cette approche combine les meilleurs aspects des styles d’investissement de croissance et de rendement, au profit des investisseurs. La recherche fondamentale a une grande importance, dans le but d’identifier des entreprises capables de dégager une croissance des bénéfices supérieure aux prévisions. Sur le long terme, le Gestionnaire d’investissement vise à dégager la plupart des rendements par le biais d’une sélection de titres active, et compte réaliser la majeure partie de la valeur ajoutée grâce à la sélection de titres.
## Profil de risque
## Certains des principaux risques subis par le Fonds sont détaillés ci-dessous :
- Les fluctuations des taux de change entre la devise du Fonds et les devises dans lesquelles les actifs du Fonds sont évalués peuvent faire augmenter ou diminuer la valeur du Fonds et tout revenu en découlant.
- Les produits dérivés peuvent générer des bénéfices ou des pertes, et il n’est aucunement garanti qu’un contrat sur instrument financier dérivé produise les résultats escomptés. Les produits dérivés peuvent décupler la hausse ou la baisse de la valeur du Fonds, ce qui peut exposer ce dernier à des pertes largement supérieures au coût du produit dérivé concerné, une fluctuation relativement modérée pouvant avoir un impact plus important sur les produits dérivés que les actifs sous-jacents.
- La Chine peut subir plus de problèmes politiques, économiques ou structurels que les pays développés, et présenter une réglementation moins solide. Pour ces raisons, votre capital est soumis à des risques plus importants.
- Les fonds qui se concentrent sur un pays spécifique étant plus spécialisés que ceux qui investissent globalement sur plusieurs marchés, ils sont donc plus risqués.
- Le Fonds peut détenir des actions de petites entreprises qui sont plus difficiles à acheter et à vendre car elles sont négociées moins fréquemment, et selon des volumes moins importants, de sorte que leurs cours peuvent fluctuer de façon plus prononcée que ceux des actions de grandes entreprises.
- Des pertes peuvent survenir si une entreprise à travers laquelle nous achetons un actif (comme une banque) ne satisfait pas ses obligations.
## Pour consulter le profil de risque complet, veuillez lire le Prospectus.
Introduction (suite) | # Barings China Select Fund
## Investment objective and policy
The investment objective of the Barings China Select Fund (“the Fund”) is to achieve long-term capital growth in the value of assets by investing in companies which the Company believes will benefit from the economic growth and development of China.
The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities in companies quoted on recognised exchanges in China or Hong Kong or incorporated in China or Hong Kong, or which have a significant proportion of their assets or other interests in China or Hong Kong. Baring Asset Management Limited (“the Investment Manager”) may also invest in equities in companies elsewhere in the Asia Pacific (ex Japan) region with the potential, in the opinion of the Investment Manager, to benefit from the development of China. For this purpose, total assets exclude cash and ancillary liquidities.
## Please refer to the Prospectus for the full investment objective and policy.
## How the Fund is managed
The Manager of the Company, Baring International Fund Managers (Ireland) Limited, has appointed Baring Asset Management Limited as the Investment Manager of the Fund. In turn, Baring Asset Management Limited has appointed Baring Asset Management (Asia) Limited as Sub-Investment Manager of the Fund.
The Fund is managed using a “Growth at a Reasonable Price” (“GARP”) approach. This means that when researching candidates for the portfolio, just as much emphasis is placed on the likely growth in corporate earnings of a company as is placed on the share price valuation before deciding whether to invest or not. This approach combines the best features of both “growth” and “value” investment styles, to the benefit of investors. A significant emphasis is placed on fundamental research, looking for companies which have the potential to deliver better-than-expected earnings growth. Over the long term, the Investment Manager aims to deliver the majority of returns through active stock picking and expects to achieve most of the added value from stock selection.
## Risk profile
## Please see detailed below some of the key risks applicable to the Fund:
- Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund are valued can have the effect of increasing or decreasing the value of the Fund and any income generated.
- Derivative instruments can make a profit or a loss and there is no guarantee that a financial derivative contract will achieve its intended outcome. The use of derivatives can increase the amount by which the Fund’s value rises and falls and could expose the Fund to losses that are significantly greater than the cost of the derivative as a relatively small movement may have a larger impact on derivatives than the underlying assets.
- China may face more political, economic or structural challenges than developed countries. Coupled with less developed regulation, this means your money is at greater risk.
- Country-specific funds have a narrower focus than those which invest broadly across markets and are therefore considered to be more risky.
- The Fund can hold smaller company shares, which can be more difficult to buy and sell as they may trade infrequently and in small volumes, so their share prices may fluctuate more than those of larger companies.
- Losses may occur if an organisation through which we buy an asset (such as a bank) fails to meet its obligations.
## Please refer to the Prospectus for the full risk profile.
Introduction (continued) | en | fr |
DOLFIN9701 | 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.
There is no guarantee in place against the default of the Sub-Fund and you could lose your capital if this happens.
The Sub-Fund's assets are held with BNP Paribas, Luxembourg Branch and are segregated from the assets of other sub-funds of the Fund. The assets of the Sub-Fund cannot be used to pay the debts of other sub-funds.
The Sub-Fund would not be liable in the event of failure or default of the Fund.
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does.
The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- EUR 10 000 is invested. | Lo scenario di stress mostra il rendimento che si potrebbe ottenere in condizioni di mercato estreme.
Non è prevista alcuna garanzia che scongiuri il rischio di insolvenza del Comparto e, in tal caso, potreste perdere il vostro capitale.
Il patrimonio legato al Comparto viene detenuto presso BNP Paribas, Luxembourg Branch ed è separato da quello di altri comparti del Fondo. Il patrimonio del Comparto non può essere utilizzato per pagare i debiti di altri comparti.
Il Comparto non sarà responsabile in caso di fallimento o inadempienza del Fondo.
Le tabelle mostrano gli importi che vengono prelevati dall'investimento per coprire diversi tipi di costi. Tali importi dipendono dall'entità dell'investimento, dal periodo di detenzione del prodotto e dal suo rendimento.
Gli importi indicati sono a titolo illustrativo e si basano su un importo di investimento esemplificativo e su diversi periodi di investimento possibili.
Abbiamo ipotizzato:
- Nel corso del primo anno viene recuperato l'importo investito (rendimento annuo dello 0 %). Per gli altri periodi di detenzione, abbiamo ipotizzato che il prodotto offra una performance simile a quella dello scenario moderato.
- Viene investito un importo di EUR 10 000. | The stress scenario shows what you might get back in extreme market circumstances.
There is no guarantee in place against the default of the Sub-Fund and you could lose your capital if this happens.
The Sub-Fund's assets are held with BNP Paribas, Luxembourg Branch and are segregated from the assets of other sub-funds of the Fund. The assets of the Sub-Fund cannot be used to pay the debts of other sub-funds.
The Sub-Fund would not be liable in the event of failure or default of the Fund.
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does.
The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- EUR 10 000 is invested. | en | it |
DOLFIN9702 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above EONIA. |
| Over the last accounting year, a performance fee of 0.50% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,35% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del EONIA. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,50%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above EONIA. |
| Over the last accounting year, a performance fee of 0.50% was charged. | | en | es |
DOLFIN9703 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Exclusions
- Controversial weapons - exclusion of companies/issuers involved in controversial weapons.
- Tobacco – exclusion of companies producing tobacco and tobacco related-products. | Esclusioni
- Armi controverse - esclusione di società/emittenti coinvolti in armi controverse.
- Tabacco - esclusione di società che producono tabacco e prodotti del tabacco. | Exclusions
- Controversial weapons - exclusion of companies/issuers involved in controversial weapons.
- Tobacco – exclusion of companies producing tobacco and tobacco related-products. | en | it |
DOLFIN9704 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Pursuant to article 111bis of the Law, the Management Company implemented a remuneration policy that is consistent with and promotes sound and effective risk management. Such policy as well as related practices, must not encourage any risk taking that is inconsistent with the risk profile, the Prospectus or the Articles of the Fund, and must not impair compliance with the Management Company’s duty to act in the best interest of the Fund.
The remuneration policy and related practices shall apply to categories of staff, including senior management, risk takers, control functions, and any employee receiving total remuneration that falls within the bracket of senior management and risk takers, whose professional activities have a material impact on the risk profile of the Management Company or the Fund.
The remuneration includes a fixed (essentially the base salary) and variable component (annual bonuses). The variable component can be paid in cash, share related securities or a combination of both. A significant portion of the bonus can be deferred for at least three years and payment of bonus is subject to claw back provisions.
The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the compensation committee is available on the Website. Paper copy will be made available free of charge upon request.
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# Financial techniques and instruments
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### General provisions | Nach Artikel 111bis des Gesetzes hat die Verwaltungsgesellschaft eine Vergütungspolitik angewandt, die im Einklang mit einem umsichtigen, wirksamen Risikomanagement steht und dieses fördert. Diese Politik und die damit verbundene Praxis dürfen nicht so angelegt sein, dass sie das Eingehen von Risiken fördern, die nicht mit dem Risikoprofil, dem Prospekt oder der Satzung des Fonds im Einklang stehen, und dürfen nicht die Verpflichtung der Verwaltungsgesellschaft gefährden, im besten Interesse des Fonds zu handeln.
Die Vergütungspolitik und die damit verbundene Praxis gelten für die Personalkategorien, einschliesslich Senior Management, Risikoträger, Kontrollfunktionen und Mitarbeiter mit einer Gesamtvergütung, die in die Gruppe des Senior Management und der Risikoträger fallen, deren berufliche Tätigkeiten wesentliche Auswirkungen auf das Risikoprofil der Verwaltungsgesellschaft oder des Fonds haben.
Die Vergütung umfasst einen festen (im Wesentlichen das Grundgehalt) und einen variablen Bestandteil (jährliche Boni). Der variable Bestandteil kann in bar, in Form von anteilsbezogenen Wertpapieren oder als Kombination beider ausbezahlt werden. Die Zuteilung eines wesentlichen Anteils des Bonus kann für mindestens drei Jahre aufgeschoben werden und unterliegt Rückholklauseln.
Ausführliche Angaben zur aktuellen Vergütungspolitik, darunter eine Beschreibung der Art und Weise, wie die Vergütung und die Leistungen berechnet werden, die Identität der Personen, die für die Zuteilung der Vergütung und der Leistungen verantwortlich sind, einschliesslich der Zusammensetzung des Vergütungsausschusses, sind auf der Website verfügbar. Eine Druckversion wird auf Anfrage kostenlos zur Verfügung gestellt.
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# Anlagetechniken und -instrumente
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### Allgemeines | Pursuant to article 111bis of the Law, the Management Company implemented a remuneration policy that is consistent with and promotes sound and effective risk management. Such policy as well as related practices, must not encourage any risk taking that is inconsistent with the risk profile, the Prospectus or the Articles of the Fund, and must not impair compliance with the Management Company’s duty to act in the best interest of the Fund.
The remuneration policy and related practices shall apply to categories of staff, including senior management, risk takers, control functions, and any employee receiving total remuneration that falls within the bracket of senior management and risk takers, whose professional activities have a material impact on the risk profile of the Management Company or the Fund.
The remuneration includes a fixed (essentially the base salary) and variable component (annual bonuses). The variable component can be paid in cash, share related securities or a combination of both. A significant portion of the bonus can be deferred for at least three years and payment of bonus is subject to claw back provisions.
The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the compensation committee is available on the Website. Paper copy will be made available free of charge upon request.
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# Financial techniques and instruments
-
### General provisions | en | de |
DOLFIN9705 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Politique d'investissement
Le Fonds investit son actif dans des titres de toutes sortes, parmi lesquels figurent des actions, des obligations, des instruments du marché monétaire, des certificats et des dépôts à terme. La proportion d'actions, de fonds en actions et de titres assimilables à des actions ne doit pas dépasser au total 49 % de l'actif net du Fonds. Jusqu'à 20 % de l'actif net du Fonds peuvent être investis indirectement dans des métaux précieux et matières premières. L'investissement dans d'autres fonds ne doit pas dépasser 10 % de l'actif du Fonds. L'acquisition est principalement axée sur des actifs d'émetteurs ayant leur siège dans un État membre de l'OCDE. Le Fonds peut avoir recours à des instruments financiers dont la valeur dépend des cours futurs d'autres éléments d'actifs (« produits dérivés »), afin de couvrir ou d'accroître son actif. Des informations détaillées relatives aux possibilités de placement du Fonds susmentionnées et, le cas échéant, à d'autres solutions de placement sont
disponibles dans le prospectus actuellement en vigueur. Dans son processus décisionnel, le Fonds prend en compte non seulement les aspects financiers mais aussi écologiques et sociaux et les principes de bonne gouvernance d'entreprise (Environnement, Social, et Gouvernance - ESG) en vertu de la stratégie ESG de la société de gestion. L'article 8 du règlement (UE) 2019/2088 et l'article 6 du règlement (UE) 2020/852 (taxonomie de l'UE) s'appliquent à ce Fonds. ETHENEA Independent Investors S.A. a signé les Principes pour l'Investissement Responsable (UN PRI - United Nations supported Principles for Responsible Investment). Des informations détaillées sur les principes de l'investissement responsable de la Société de gestion ainsi que le détail des agences de notation de développement durable employées sont disponibles sur www.ETHENEA.com. | ## Política de inversión
El fondo invierte sus activos en valores de todo tipo, entre los que se encuentran acciones, pensiones, instrumentos del mercado monetario, certificados y depósitos a plazo fijo. La proporción total en acciones, fondo de acciones y valores similares a acciones no podrá superar el 49 % de los activos netos del fondo. Se puede invertir de forma indirecta hasta un
20 % del patrimonio neto del fondo en metales preciosos y materias primas. La inversión en otros fondos no podrá superar el 10 % de los activos del fondo. Se adquirirán, en particular, activos de emisores con domicilio social en un Estado miembro de la OCDE. A fin de asegurar o incrementar los activos, el fondo podrá emplear instrumentos financieros, cuyo valor dependerá de los futuros precios de otros activos ("derivados"). En el folleto de emisión en vigor encontrará información detallada sobre lo anterior, así como sobre otras posibilidades de inversión del fondo.
Durante la toma de decisiones de inversión, el Fondo tiene en cuenta no solo los aspectos financieros, sino también los aspectos medioambientales y sociales y los principios de una gobernanza adecuada (Environment, Social, Governance - ESG) de acuerdo con la estrategia ESG de la Sociedad Gestora. El artículo 8 del Reglamento (UE) 2019/2088 y el artículo 6 del Reglamento (UE) 2020/852 (Taxonomía de la UE) se aplican a este fondo. ETHENEA Independent Investors S.A. ha firmado los Principios para la Inversión Responsable promovidos por las Naciones Unidas (UN PRI - United Nations-supported Principles for Responsible Investment). Puede encontrar información detallada sobre los principios de inversión responsable de la sociedad gestora y el nombre de las agencias de calificación de la sostenibilidad consultadas en www.ETHENEA.com. | ## Politique d'investissement
Le Fonds investit son actif dans des titres de toutes sortes, parmi lesquels figurent des actions, des obligations, des instruments du marché monétaire, des certificats et des dépôts à terme. La proportion d'actions, de fonds en actions et de titres assimilables à des actions ne doit pas dépasser au total 49 % de l'actif net du Fonds. Jusqu'à 20 % de l'actif net du Fonds peuvent être investis indirectement dans des métaux précieux et matières premières. L'investissement dans d'autres fonds ne doit pas dépasser 10 % de l'actif du Fonds. L'acquisition est principalement axée sur des actifs d'émetteurs ayant leur siège dans un État membre de l'OCDE. Le Fonds peut avoir recours à des instruments financiers dont la valeur dépend des cours futurs d'autres éléments d'actifs (« produits dérivés »), afin de couvrir ou d'accroître son actif. Des informations détaillées relatives aux possibilités de placement du Fonds susmentionnées et, le cas échéant, à d'autres solutions de placement sont
disponibles dans le prospectus actuellement en vigueur. Dans son processus décisionnel, le Fonds prend en compte non seulement les aspects financiers mais aussi écologiques et sociaux et les principes de bonne gouvernance d'entreprise (Environnement, Social, et Gouvernance - ESG) en vertu de la stratégie ESG de la société de gestion. L'article 8 du règlement (UE) 2019/2088 et l'article 6 du règlement (UE) 2020/852 (taxonomie de l'UE) s'appliquent à ce Fonds. ETHENEA Independent Investors S.A. a signé les Principes pour l'Investissement Responsable (UN PRI - United Nations supported Principles for Responsible Investment). Des informations détaillées sur les principes de l'investissement responsable de la Société de gestion ainsi que le détail des agences de notation de développement durable employées sont disponibles sur www.ETHENEA.com. | fr | es |
DOLFIN9706 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Investment Horizon
This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 5 years.
Credit Risk: Risk that issuers of debt securities held in the Sub-Fund may default on their obligations or have their credit rating downgraded, resulting in a decrease in the Net Asset Value.
Impact of any techniques such as derivatives: Certain management strategies involve specific risks, such as liquidity risk, credit risk, counterparty risk, legal risk, valuation risk, operational risk and risks related to the underlying assets.The use of such strategies may also involve leverage, which may increase the effect of market movements on the Sub-Fund and may result in significant risk of losses. | ## Anlagehorizont
Dieser Teilfonds ist unter Umständen für Anleger nicht geeignet, die ihr Geld innerhalb eines Zeitraums von 5 Jahren aus dem Teilfonds wieder zurückziehen wollen.
Kreditrisiko: Risiko, dass Emittenten von im Teilfonds enthaltenen Schuldtiteln ihren Verpflichtungen nicht nachkommen oder dass ihr Kreditrating herabgestuft wird, was zu einem sinkenden Nettoinventarwert führen würde.
Auswirkungen von Techniken wie beispielsweise Derivaten: Gewisse Verwaltungsstrategien sind mit spezifischen Risiken wie beispielsweise Liquiditätsrisiko, Kreditrisiko, Ausfallrisiko, gesetzlichem Risiko, Bewertungsrisiko, operationellem Risiko und Risiken in Zusammenhang mit den Basisvermögenswerten verbunden.Der Einsatz solcher Strategien kann auch einen gewissen Hebeleffekt beinhalten, was die Auswirkungen von Marktbewegungen auf den Teilfonds erhöhen und zu einem erheblichen Risiko von Verlusten führen kann. | ## Investment Horizon
This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 5 years.
Credit Risk: Risk that issuers of debt securities held in the Sub-Fund may default on their obligations or have their credit rating downgraded, resulting in a decrease in the Net Asset Value.
Impact of any techniques such as derivatives: Certain management strategies involve specific risks, such as liquidity risk, credit risk, counterparty risk, legal risk, valuation risk, operational risk and risks related to the underlying assets.The use of such strategies may also involve leverage, which may increase the effect of market movements on the Sub-Fund and may result in significant risk of losses. | en | de |
DOLFIN9707 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
fund will attempt to replicate the index by buying all or a substantial number of securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The performance of the fund is linked to shares of companies principally engaged in the property sector which involves special risks including: the cyclical nature of property values, changes in the general economic climate, local conditions and market rental rates, attractiveness and location of the relevant properties, the financial circumstances of the tenants and changes in operational costs including (without limit) the costs of maintenance and insurance. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que
índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El rendimiento del fondo está vinculado a acciones de empresas que se dedican principalmente al sector inmobiliario, lo que entraña riesgos específicos, entre los que se incluyen: el carácter cíclico de los valores inmobiliarios, los cambios en el contexto económico general, la situación local y los precios del alquiler del mercado, el atractivo y la ubicación de los bienes inmobiliarios en cuestión, las circunstancias financieras de los arrendatarios y los cambios en los costes operativos incluidos, entre otros, los costes de mantenimiento y seguros. El fondo podría emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
fund will attempt to replicate the index by buying all or a substantial number of securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The performance of the fund is linked to shares of companies principally engaged in the property sector which involves special risks including: the cyclical nature of property values, changes in the general economic climate, local conditions and market rental rates, attractiveness and location of the relevant properties, the financial circumstances of the tenants and changes in operational costs including (without limit) the costs of maintenance and insurance. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN9708 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Charges
| One-off charges taken before or after you invest |
| --- |
| Entry Charge N/A Exit Charge N/A This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out and the rates applied to investors may vary. |
| Charges taken from the fund over a year |
| Ongoing Charges 0.85%(*) |
| Charges taken from the fund under certain specific conditions |
| Performance Fee N/A |
(*) In order to assist the Fund in minimising its ongoing expenses, the Investment Manager and Distributor of the Fund will assume any expense if the total expense ratio of the Fund exceeds 0.85% of the NAV of the Fund. In such circumstances, the Investment Manager/ Distributor will reduce the amount of its annual fee by a maximum of its fee. | # Spese
| Spese una tantum prelevate prima o dopo l’investimento |
| --- |
| Spesa di sottoscrizione N.d. Spesa di rimborso N.d. Percentuale massima che può essere prelevata dal capitale prima che venga investito o prima che i proventi dell’investimento vengano distribuiti; le percentuali applicate agli investitori possono variare. |
| Spese prelevate dal Fondo in un anno |
| Spese correnti 0.85%(*) |
| Spese prelevate dal Fondo a determinate condizioni specifiche |
| Commissioni legate alla N.d. performance |
(*) Al fine di aiutare il Fondo a ridurre al minimo le spese correnti, il Gestore degli investimenti e il Distributore del Fondo si assumeranno tutte le spese se il TER (Total Expense Ratio) del Fondo supera lo 0,85% del NAV del Fondo. In tali circostanze, il Gestore degli investimenti/Distributore ridurrà l’importo della sua commissione annuale fino a un importo massimo pari alla commissione. | # Charges
| One-off charges taken before or after you invest |
| --- |
| Entry Charge N/A Exit Charge N/A This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out and the rates applied to investors may vary. |
| Charges taken from the fund over a year |
| Ongoing Charges 0.85%(*) |
| Charges taken from the fund under certain specific conditions |
| Performance Fee N/A |
(*) In order to assist the Fund in minimising its ongoing expenses, the Investment Manager and Distributor of the Fund will assume any expense if the total expense ratio of the Fund exceeds 0.85% of the NAV of the Fund. In such circumstances, the Investment Manager/ Distributor will reduce the amount of its annual fee by a maximum of its fee. | en | it |
DOLFIN9709 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| RATING ALLOCATION | | TOP TEN BOND HOLDINGS | |
| --- | --- | --- | --- |
| | | Asset | Coupon | Maturity | Fund weight |
| | | SOCIETE GENERALE SA | 0.5% | 22.05.2024 | 2.3% |
| | | BNP PARIBAS SA | 0.4% | 07.06.2024 | 2.1% |
| | | BANK OF AMERICA CORP | 0.7% | 24.08.2025 | 2.0% |
| | | GOLDMAN SACHS GROUP INC/THE | 0.6% | 07.02.2025 | 2.0% |
| | | MIZUHO FINANCIAL GROUP INC | 0.0% | 10.04.2023 | 1.8% |
| | | WELLS FARGO & COMPANY | 1.3% | 04.05.2025 | 1.7% |
| | | NATWEST MARKETS PLC | 0.6% | 27.08.2025 | 1.6% |
| | | SANTANDER UK GROUP HOLDINGS PLC | 0.7% | 27.03.2024 | 1.5% |
| | | BANCO SANTANDER SA | 0.4% | 21.11.2024 | 1.5% |
| | | HSBC HOLDINGS PLC | 0.8% | 24.09.2026 | 1.5% | | | ALLOCAZIONE PER RATING | | PRIME 10 POSIZIONI OBBLIGAZIONARIE | |
| --- | --- | --- | --- |
| | | Titolo | Cedola | Scadenza | Peso nel fondo |
| | | SOCIETE GENERALE SA | 0,5% | 22.05.2024 | 2,3% |
| | | BNP PARIBAS SA | 0,4% | 07.06.2024 | 2,1% |
| | | BANK OF AMERICA CORP | 0,7% | 24.08.2025 | 2,0% |
| | | GOLDMAN SACHS GROUP INC/THE | 0,6% | 07.02.2025 | 2,0% |
| | | MIZUHO FINANCIAL GROUP INC | 0,0% | 10.04.2023 | 1,8% |
| | | WELLS FARGO & COMPANY | 1,3% | 04.05.2025 | 1,7% |
| | | NATWEST MARKETS PLC | 0,6% | 27.08.2025 | 1,6% |
| | | SANTANDER UK GROUP HOLDINGS PLC | 0,7% | 27.03.2024 | 1,5% |
| | | BANCO SANTANDER SA | 0,4% | 21.11.2024 | 1,5% |
| | | HSBC HOLDINGS PLC | 0,8% | 24.09.2026 | 1,5% | | | RATING ALLOCATION | | TOP TEN BOND HOLDINGS | |
| --- | --- | --- | --- |
| | | Asset | Coupon | Maturity | Fund weight |
| | | SOCIETE GENERALE SA | 0.5% | 22.05.2024 | 2.3% |
| | | BNP PARIBAS SA | 0.4% | 07.06.2024 | 2.1% |
| | | BANK OF AMERICA CORP | 0.7% | 24.08.2025 | 2.0% |
| | | GOLDMAN SACHS GROUP INC/THE | 0.6% | 07.02.2025 | 2.0% |
| | | MIZUHO FINANCIAL GROUP INC | 0.0% | 10.04.2023 | 1.8% |
| | | WELLS FARGO & COMPANY | 1.3% | 04.05.2025 | 1.7% |
| | | NATWEST MARKETS PLC | 0.6% | 27.08.2025 | 1.6% |
| | | SANTANDER UK GROUP HOLDINGS PLC | 0.7% | 27.03.2024 | 1.5% |
| | | BANCO SANTANDER SA | 0.4% | 21.11.2024 | 1.5% |
| | | HSBC HOLDINGS PLC | 0.8% | 24.09.2026 | 1.5% | | en | it |
DOLFIN9710 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# K Acc EUR
30 novembre 2022 Objectif
L’objectif d’investissement du Fonds est de générer de la croissance sur le long terme (5 ans ou plus) en investissant dans un portefeuille diversifié d’actions et d’obligations (prêts à des sociétés) émises par des sociétés dont l’activité principale permet la transition vers une économie durable sobre en carbone. Pour atteindre cet objectif, un facteur clé pour déterminer l’inclusion sera les activités identifiées par la taxonomie de l’UE sur les activités durables. Le Fonds vise à contribuer aux objectifs à long terme de l’Accord de Paris en investissant uniquement dans des sociétés qui tirent d’important revenus de produits et services permettant la transition mondiale vers une économie durable sans carbone. Le Fonds est géré activement et ses placements ne sont pas sélectionnés en référence à un indice de référence et son objectif n’est pas de surperformer un indice de référence. La performance du Fonds (avant frais) peut être comparée à long terme (5 ans ou plus) au rendement moyen du Morningstar Moderate Allocation Global Sector car le profil de rendement devrait être similaire. En raison de l’approche d’investissement Multi-Asset Climate Opportunities, la performance du Fonds peut s’écarter sensiblement de celle de Morningstar Moderate Allocation Global Sector à court terme. | # K Acc EUR
30 noviembre 2022 Objetivo
El objetivo de inversión del fondo es generar crecimiento a largo plazo (5 años o más) invirtiendo en una cartera diversificada de acciones y bonos corporativos (préstamos a empresas) emitidos por empresas cuyo negocio principal permita la transición a una economía baja en carbono. Para lograr ese objetivo, un determinante clave de la inclusión serán las actividades identificadas por la taxonomía de la UE como actividades sostenibles. El objetivo del fondo es contribuir a las metas a largo plazo del Acuerdo de París invirtiendo solo en empresas que obtengan ingresos sustanciales de productos y servicios que permitan la transición global hacia una economía sostenible de cero emisiones de carbono. El fondo se gestiona activamente y sus posiciones no se seleccionan con referencia a un índice de referencia y el fondo no tiene como objetivo superar a ningún índice de referencia, El rendimiento del
fondo (antes de comisiones) se puede comparar a largo plazo (5 años o más) con el rendimiento promedio del sector global de asignación moderada de Morningstar debido a un perfil de rendimiento esperado similar. Debido al Multi Asset Climate Opportunities Investment Approach, el rendimiento del fondo puede desviarse significativamente del Morningstar Moderate Allocation Global Sector a corto plazo. | # K Acc EUR
30 novembre 2022 Objectif
L’objectif d’investissement du Fonds est de générer de la croissance sur le long terme (5 ans ou plus) en investissant dans un portefeuille diversifié d’actions et d’obligations (prêts à des sociétés) émises par des sociétés dont l’activité principale permet la transition vers une économie durable sobre en carbone. Pour atteindre cet objectif, un facteur clé pour déterminer l’inclusion sera les activités identifiées par la taxonomie de l’UE sur les activités durables. Le Fonds vise à contribuer aux objectifs à long terme de l’Accord de Paris en investissant uniquement dans des sociétés qui tirent d’important revenus de produits et services permettant la transition mondiale vers une économie durable sans carbone. Le Fonds est géré activement et ses placements ne sont pas sélectionnés en référence à un indice de référence et son objectif n’est pas de surperformer un indice de référence. La performance du Fonds (avant frais) peut être comparée à long terme (5 ans ou plus) au rendement moyen du Morningstar Moderate Allocation Global Sector car le profil de rendement devrait être similaire. En raison de l’approche d’investissement Multi-Asset Climate Opportunities, la performance du Fonds peut s’écarter sensiblement de celle de Morningstar Moderate Allocation Global Sector à court terme. | fr | es |
DOLFIN9711 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Additional annexes pursuant to Regulation (EU) 2015/2365 on securities financing transactions (unaudited)
Information on Total Return Swaps
| Market value of the Total Return Swaps in the portfolio on the reporting date |
| --- |
| absolute | EUR | 525,828.77 |
| in % of fund assets | | 0.83 |
| Largest counterparty(ies) of Total Return Swaps |
| --- |
| Rank | Name | Gross volume of open transactions in EUR | Country of residence |
| 1 | Goldman Sachs Bank Europe SE - Frankfurt | 8,780,731.02 | Germany |
| 2 | UBS AG London | 4,952,849.69 | Great Britain |
| 3 | JP Morgan Securities plc (OTC) London | 2,421,447.37 | Great Britain |
| Type(s) of settlement and clearing for Total Return Swaps |
| --- |
| Total Return Swaps are concluded bilaterally with the counterparty. |
| Total Return Swaps broken down by residual maturity | |
| --- | --- |
| Maturity band | Gross volume in EUR |
| < 1 day | 0.00 |
| >= 1 day to < 1 week | 0.00 |
| >= 1 week to < 1 month | 0.00 |
| >= 1 month to < 3 months | 0.00 |
| >= 3 months to < 1 year | 16,155,028.08 |
| >= 1 year | 0.00 |
| unlimited | 0.00 | | # Zusätzliche Anhangangaben gemäß der Verordnung (EU) 2015/2365 betreffend Wertpapierfinanzierungsgeschäfte (ungeprüft)
Angaben zu Total Return Swaps
| Marktwert der zum Stichtag im Bestand befindlichen Total Return Swaps |
| --- |
| absolut | EUR | 525.828,77 |
| in % des Fondsvermögens | | 0,83 |
| Größte Gegenpartei(en) von Total Return Swaps |
| --- |
| Rang | Name | Bruttovolumen der offenen Geschäfte in EUR | Sitzstaat |
| 1 | Goldman Sachs Bank Europe SE - Frankfurt | 8.780.731,02 | Deutschland |
| 2 | UBS AG London | 4.952.849,69 | Großbritannien |
| 3 | JP Morgan Securities plc (OTC) London | 2.421.447,37 | Großbritannien |
| Art(en) von Abwicklung und Clearing bei Total Return Swaps |
| --- |
| Die Total Return Swaps werden bilateral mit der Gegenpartei abgeschlossen. |
| Total Return Swaps gegliedert nach Restlaufzeit | |
| --- | --- |
| Laufzeitband | Bruttovolumen in EUR |
| < 1 Tag | 0,00 |
| >= 1 Tag bis < 1 Woche | 0,00 |
| >= 1 Woche bis < 1 Monat | 0,00 |
| >= 1 Monat bis < 3 Monate | 0,00 |
| >= 3 Monate bis < 1 Jahr | 16.155.028,08 |
| >= 1 Jahr | 0,00 |
| unbefristet | 0,00 | | # Additional annexes pursuant to Regulation (EU) 2015/2365 on securities financing transactions (unaudited)
Information on Total Return Swaps
| Market value of the Total Return Swaps in the portfolio on the reporting date |
| --- |
| absolute | EUR | 525,828.77 |
| in % of fund assets | | 0.83 |
| Largest counterparty(ies) of Total Return Swaps |
| --- |
| Rank | Name | Gross volume of open transactions in EUR | Country of residence |
| 1 | Goldman Sachs Bank Europe SE - Frankfurt | 8,780,731.02 | Germany |
| 2 | UBS AG London | 4,952,849.69 | Great Britain |
| 3 | JP Morgan Securities plc (OTC) London | 2,421,447.37 | Great Britain |
| Type(s) of settlement and clearing for Total Return Swaps |
| --- |
| Total Return Swaps are concluded bilaterally with the counterparty. |
| Total Return Swaps broken down by residual maturity | |
| --- | --- |
| Maturity band | Gross volume in EUR |
| < 1 day | 0.00 |
| >= 1 day to < 1 week | 0.00 |
| >= 1 week to < 1 month | 0.00 |
| >= 1 month to < 3 months | 0.00 |
| >= 3 months to < 1 year | 16,155,028.08 |
| >= 1 year | 0.00 |
| unlimited | 0.00 | | en | de |
DOLFIN9712 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Due to its hedging strategy, the level of risk of the Feeder Fund differs from that of the Master Sub-Fund OFI FINANCIAL INVESTMENT - RS EURO EQUITY SMART BETA.
This summary indicator is derived from an estimate of historical volatility calculated on the basis of weekly performances of the Master Sub-Fund, adjusted to those of the hedging strategy, within a limit of 15% of its net assets for a net exposure to equity risk of between 30% and 100%.
The risk of the Fund currently stands at level 5 in the summary indicator. This high level of risk can be explained by the obligation of the Master Sub-Fund to invest at least 85% of the fund's assets in Equities. | # Du fait de sa stratégie de couverture, le niveau de risque du Fonds nourricier diffère de celui du Compartiment Maître OFI FINANCIAL INVESTMENT - RS EURO EQUITY SMART BETA.
Cet indicateur synthétique a été déduit de l'estimation d'une volatilité historique calculée à partir des performances hebdomadaires du Compartiment Maître ajustées de celles de la stratégie de couverture dans la limite de 15% de son actif net pour une exposition nette au risques actions comprise entre 30% et 100%.
Le risque du Fonds se situe actuellement au niveau 5 de l'indicateur synthétique. Ce niveau de risque élevé s’explique par l'obligation du Compartiment Maître d'investir au minimum 85% de l’actif du fonds en Actions | # Due to its hedging strategy, the level of risk of the Feeder Fund differs from that of the Master Sub-Fund OFI FINANCIAL INVESTMENT - RS EURO EQUITY SMART BETA.
This summary indicator is derived from an estimate of historical volatility calculated on the basis of weekly performances of the Master Sub-Fund, adjusted to those of the hedging strategy, within a limit of 15% of its net assets for a net exposure to equity risk of between 30% and 100%.
The risk of the Fund currently stands at level 5 in the summary indicator. This high level of risk can be explained by the obligation of the Master Sub-Fund to invest at least 85% of the fund's assets in Equities. | en | fr |
DOLFIN9713 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Manager analyses the projects financed by the Green Bond’s proceeds. To be eligible, they must be part of the green projects list defined internally by Allianz Global Investors based on research from the Climate Bonds Initiative (CBI), a world-class reputation organisation, which provides a science-based evaluation of the climate change mitigation impacts of the different types of projects.
The Investment Manager completes this analysis by also considering the Environment, Social, Governance, Human Rights and Business behaviour domains in the selection process of an issuer. Indeed, a Sub-Fund’s Investment Manager monitors the sustainability profile of issuers. In case this sustainability profile is poor as measured by the average SRI Rating of such issuer, the bonds issued by or from this issuer would not be eligible according to the Green Bond Strategy.
The last step of the Investment Manager’s analysis is focused on the credibility of the respective issuer’s approach regarding its transition to a low carbon model. The Investment Manager’s intention is to favour Green Bonds from such issuers which have set up a sound strategy to mitigate the negative environmental impacts of their activities. The Investment Manager tries to identify such issuers which only make use of the Green Bond market solely for communication / marketing purposes and therefore will not invest in bonds issued by such issuers.
- Green Transition StrategyThe Green Transition Strategy promotes environmental and/or social characteristics by mobilizing capital markets towards the transition to a low carbon society, natural capital preservation and adaptation to climate change (“Green Transition Strategy”). | El Gestor de inversiones analiza los proyectos financiados con el producto de los Bonos verdes. Para ser admisibles, deben formar parte de la lista de proyectos verdes definida internamente por Allianz Global Investors, basada en los análisis llevados a cabo por la Iniciativa de Bonos Climáticos (CBI), una organización de prestigio mundial que proporciona una evaluación científica de los efectos de mitigación del cambio climático de los diferentes tipos de proyectos.
El Gestor de inversiones realiza este análisis teniendo en cuenta también los aspectos ambientales, sociales, de gobierno corporativo, derechos humanos y conducta empresarial en el proceso de selección de un emisor. En este sentido, el Gestor de inversiones de un Compartimento supervisa el perfil de sostenibilidad de los emisores. En caso de que este perfil de sostenibilidad sea deficiente, a tenor de la Calificación SRI media de ese emisor, los bonos emitidos por él o procedentes de este emisor no serán admisibles según la Estrategia de Bonos verdes.
El último paso del análisis del Gestor de inversiones se centra en la credibilidad del enfoque del emisor respectivo en relación con su transición a un modelo de bajas emisiones de carbono. La intención del Gestor de inversiones es favorecer los Bonos verdes de los emisores que hayan establecido una estrategia sólida para mitigar los efectos ambientales negativos de sus actividades. El Gestor de inversiones trata de identificar los emisores que solo utilizan el mercado de bonos verdes con fines exclusivamente de comunicación/promoción comercial y, por tanto, no invertirá en bonos emitidos por ellos.
- Estrategia de Transición verdeLa Estrategia de Transición verde promueve las características ambientales y/o sociales movilizando los mercados de capitales hacia la transición a una sociedad con bajas emisiones de carbono, la preservación del capital natural y la adaptación al cambio climático («Estrategia de Transición verde»). | The Investment Manager analyses the projects financed by the Green Bond’s proceeds. To be eligible, they must be part of the green projects list defined internally by Allianz Global Investors based on research from the Climate Bonds Initiative (CBI), a world-class reputation organisation, which provides a science-based evaluation of the climate change mitigation impacts of the different types of projects.
The Investment Manager completes this analysis by also considering the Environment, Social, Governance, Human Rights and Business behaviour domains in the selection process of an issuer. Indeed, a Sub-Fund’s Investment Manager monitors the sustainability profile of issuers. In case this sustainability profile is poor as measured by the average SRI Rating of such issuer, the bonds issued by or from this issuer would not be eligible according to the Green Bond Strategy.
The last step of the Investment Manager’s analysis is focused on the credibility of the respective issuer’s approach regarding its transition to a low carbon model. The Investment Manager’s intention is to favour Green Bonds from such issuers which have set up a sound strategy to mitigate the negative environmental impacts of their activities. The Investment Manager tries to identify such issuers which only make use of the Green Bond market solely for communication / marketing purposes and therefore will not invest in bonds issued by such issuers.
- Green Transition StrategyThe Green Transition Strategy promotes environmental and/or social characteristics by mobilizing capital markets towards the transition to a low carbon society, natural capital preservation and adaptation to climate change (“Green Transition Strategy”). | en | es |
DOLFIN9714 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As a result of the Changes, the Funds shall be subject to the disclosure requirements of a financial product under Article 9(3) SFDR. This determination is made solely on the basis that, as of the Effective Date, the Reference Index that each Fund reflects shall have a reduction of carbon emissions as its objective. Prior to the Effective Date, the Funds were subject to the disclosure requirements of a financial product under Article 8(1) SFDR.
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# Fund name change | Como resultado de los Cambios, los Fondos estarán sujetos a los requisitos de divulgación de información para productos financieros que se consignan en el artículo 9.3 del Reglamento SFDR. Esta decisión se ha tomado porque, a partir de la Fecha Efectiva, el Índice de Referencia seguido por cada Fondo deberá fijarse como objetivo la reducción de emisiones de carbono. Antes de la Fecha Efectiva, los Fondos estaban sujetos a los requisitos de divulgación de información para productos financieros que se consignan en el artículo 8.1 del Reglamento SFDR.
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# Cambio de nombre de los Fondos | As a result of the Changes, the Funds shall be subject to the disclosure requirements of a financial product under Article 9(3) SFDR. This determination is made solely on the basis that, as of the Effective Date, the Reference Index that each Fund reflects shall have a reduction of carbon emissions as its objective. Prior to the Effective Date, the Funds were subject to the disclosure requirements of a financial product under Article 8(1) SFDR.
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# Fund name change | en | es |
DOLFIN9715 | 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 November 2021 and January 2023.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2014 and February 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between October 2016 and October 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 novembre 2021 e il gennaio 2023.
Scenario moderato: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il febbraio 2014 e il febbraio 2019.
Scenario favorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il ottobre 2016 e il ottobre 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 November 2021 and January 2023.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2014 and February 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between October 2016 and October 2021. | en | it |
DOLFIN9716 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
Distribution share of a sub-fund of DPAM B, a public SICAV under Belgian law. The units of the fund are distribution units, issued in the form of shares, which give right to a dividend. All income earned by the product can be distributed.
## Duration
Indefinite. This product does not have a fixed maturity date.
## Objectives and investment policy
Objective: The objective of the sub-fund is to offer you exposure to short-term debt securities denominated in euro. This is an actively managed sub-fund. No benchmarks are used in the management of the sub-fund. Quantitative information from a broader market can be used for risk management and evaluation by the manager.
The sub-fund promotes environmental and social aspects within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. It does not have a sustainable investment objective.
Investment policy: The sub-fund mainly invests (without any sectorial restrictions) in bonds and/or other debt securities (including treasury bills and commercial paper), fixed or floating, denominated in euro and with a residual maturity upon subscription of less than 12 months. The securities or, failing this, the issuers, must have a minimum rating of BBB-/Baa3 ('investment grade') on the scale used by S&P and Moody's rating agencies. The sub-fund applies binding investment restrictions to (a) companies that do not comply with Global Standards, (b) companies involved in controversial activities, and
(c) companies involved in controversies of maximum severity. More information on the product can be found on the website www.dpamfunds.com.
Derivative products: The sub-fund may, on an optional basis, use derivatives such as futures and/or forwards in order to achieve the investment objectives and/or for hedging purposes (hedging of or exposure to the risks associated with certain markets).
Subscription/Redemption: All subscription or redemption requests may be made prior to 3:00 p.m. (Belgian time) on each business day to Banque Degroof Petercam SA.
## Intended Retail Investor
This product is intended for investors with an investment horizon of at least 1 years who meet the criteria for access to this share class described in the prospectus and that:
have sufficient knowledge and experience in the markets for bonds, other debt securities and funds, and understand the risks of the product
seeking exposure to short-term debt securities denominated in euro
are interested in an investment that promotes environmental and social characteristics without a sustainable investment objective
can suffer a loss of generally less than 10% per year
## Practical information
Custodian: Banque Degroof Petercam Luxembourg S.A, succursale belge
The Key Information Document describes a share class of the sub-fund DPAM B Bonds EUR Short Term 1 Y of the SICAV DPAM B.
DPAM B is an undertaking for collective investment in transferable securities incorporated in Belgium (the Home Member State of the SICAV), which complies with the requirements of Directive 2009/65/EC and which is subject to prudential supervision by the FSMA.
In accordance with the applicable legal provisions, the assets of the sub-fund are segregated from the assets of the other sub-funds of the SICAV, which means that the rights of the investors and other creditors of this sub-fund are limited to the assets thereof.
The prospectus and periodic reports are drawn up for all the sub-funds of the SICAV.
Additional information on the sub-fund is available in the prospectus and in the periodic reports, which can be obtained on request, without charge, from the registered office of the SICAV. These documents (which are produced in French, Dutch and English) as well as more extensive information about this product are available on the website: www.dpamfunds.com (tab 'Publications').
All other practical information, including the most recent net asset value of the shares, is available on the website mentioned above (tab 'Net asset value'). | # Cos’è questo prodotto?
## Tipo
Azioni di distribuzione di un comparto di DPAM B, Sicav pubblica di diritto belga. Le quote del fondo sono quote di distribuzione, emesse sotto forma di azioni, che danno diritto a un dividendo. Tutti i redditi percepiti dal prodotto possono essere distribuiti.
## Durata
A tempo indeterminato. Questo prodotto non ha una data di scadenza fissa.
## Obiettivi e politica di investimento
Obiettivo: Obiettivo del comparto è offrire, tramite una gestione attiva del portafoglio, un'esposizione ai titoli di credito a breve termine denominati in euro. Il comparto è gestito attivamente. Nella gestione del comparto non viene utilizzato alcun indice di riferimento. Per la gestione dei rischi e la valutazione del gestore possono essere utilizzate informazioni quantitative provenienti dal mercato generale.
Il comparto promuove caratteristiche ambientali e sociali ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari. Non ha un obiettivo d'investimento sostenibile.
Politica d'investimento: Il comparto investe principalmente (senza alcuna limitazione settoriale di qualsivoglia natura) in obbligazioni e/o in altri titoli di credito (inclusi certificati del tesoro e “commercial paper”), a tasso fisso o variabile, denominati in euro e con una durata di vita residua, al momento dell'acquisto, non superiore a 12 mesi. Tali titoli (o, altrimenti, i loro emittenti) devono beneficiare di un rating corrispondente come minimo a BBB-/Baa3 (“investment grade”) secondo la scala delle agenzie di valutazione creditizia S&P/Moody's. Il comparto applica restrizioni vincolanti agli investimenti (a) alle società che non rispettano le norme mondiali (Global Standard), (b) alle società coinvolte in attività controverse e (c) alle società coinvolte in controversie della massima gravità. Per ulteriori informazioni si rimanda al sito www.dpamfunds.com.
Prodotti derivati: Il comparto può, discrezionalmente, utilizzare prodotti derivati (quali opzioni e/o contratti a termine (“future” e/o “forward”)), in un'ottica tanto di realizzazione degli obiettivi d'investimento quanto di copertura dei rischi (copertura del o esposizione al rischio legato a determinati mercati).
Sottoscrizione/rimborso: Le domande di sottoscrizione/rimborso di quote possono essere presentate ogni giorno lavorativo entro le 15:00 (ora del Belgio) presso Banque Degroof Petercam SA.
## Investitori al dettaglio di destinazione
Questo prodotto è destinato agli investitori con un orizzonte d'investimento di almeno 1 anno, che soddisfano i criteri di accesso a questa classe di azioni descritti nel prospetto e che:
hanno una sufficiente conoscenza ed esperienza dei mercati obbligazionari, di altri titoli di credito e dei fondi, e comprendono i rischi del prodotto
cercano un'esposizione ai titoli di credito a breve termine denominati in euro.
sono interessati a un investimento che promuove caratteristiche ambientali e sociali senza un obiettivo d'investimento sostenibile
possono sopportare una perdita annua generalmente inferiore al 10%
## Informazioni pratiche
Depositario: Banque Degroof Petercam Luxembourg S.A, succursale belge
Il Documento contenente le informazioni chiave descrive una classe di azioni del comparto DPAM B Bonds EUR Short Term 1 Y della Sicav DPAM B.
DPAM B è un organismo di investimento collettivo in valori mobiliari costituito in Belgio (Stato membro d'origine della SICAV), conforme ai requisiti della Direttiva 2009/65/CE e soggetto al controllo prudenziale della FSMA.
Conformemente alle disposizioni legali applicabili, il patrimonio del comparto è distinto da quello degli altri comparti della SICAV, il che implica in particolare che i diritti degli investitori e di altri creditori di un comparto sono limitati agli attivi di tale comparto.
Il prospetto e le relazioni periodiche sono redatti per tutti i comparti della Sicav.
Ulteriori informazioni sul Fondo sono disponibili nel prospetto informativo e nelle relazioni periodiche, che possono essere richieste gratuitamente presso la sede legale della SICAV. Tali documenti (redatti in francese, neerlandese e inglese) nonché informazioni più dettagliate su questo prodotto sono inoltre disponibili sul sito web: www.dpamfunds.com (scheda “Documentazione”).
Tutte le altre informazioni pratiche, compreso l'ultimo valore patrimoniale netto delle azioni, sono disponibili sul sito web citato (scheda “Valore patrimoniale netto”). | # What is this product?
## Type
Distribution share of a sub-fund of DPAM B, a public SICAV under Belgian law. The units of the fund are distribution units, issued in the form of shares, which give right to a dividend. All income earned by the product can be distributed.
## Duration
Indefinite. This product does not have a fixed maturity date.
## Objectives and investment policy
Objective: The objective of the sub-fund is to offer you exposure to short-term debt securities denominated in euro. This is an actively managed sub-fund. No benchmarks are used in the management of the sub-fund. Quantitative information from a broader market can be used for risk management and evaluation by the manager.
The sub-fund promotes environmental and social aspects within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. It does not have a sustainable investment objective.
Investment policy: The sub-fund mainly invests (without any sectorial restrictions) in bonds and/or other debt securities (including treasury bills and commercial paper), fixed or floating, denominated in euro and with a residual maturity upon subscription of less than 12 months. The securities or, failing this, the issuers, must have a minimum rating of BBB-/Baa3 ('investment grade') on the scale used by S&P and Moody's rating agencies. The sub-fund applies binding investment restrictions to (a) companies that do not comply with Global Standards, (b) companies involved in controversial activities, and
(c) companies involved in controversies of maximum severity. More information on the product can be found on the website www.dpamfunds.com.
Derivative products: The sub-fund may, on an optional basis, use derivatives such as futures and/or forwards in order to achieve the investment objectives and/or for hedging purposes (hedging of or exposure to the risks associated with certain markets).
Subscription/Redemption: All subscription or redemption requests may be made prior to 3:00 p.m. (Belgian time) on each business day to Banque Degroof Petercam SA.
## Intended Retail Investor
This product is intended for investors with an investment horizon of at least 1 years who meet the criteria for access to this share class described in the prospectus and that:
have sufficient knowledge and experience in the markets for bonds, other debt securities and funds, and understand the risks of the product
seeking exposure to short-term debt securities denominated in euro
are interested in an investment that promotes environmental and social characteristics without a sustainable investment objective
can suffer a loss of generally less than 10% per year
## Practical information
Custodian: Banque Degroof Petercam Luxembourg S.A, succursale belge
The Key Information Document describes a share class of the sub-fund DPAM B Bonds EUR Short Term 1 Y of the SICAV DPAM B.
DPAM B is an undertaking for collective investment in transferable securities incorporated in Belgium (the Home Member State of the SICAV), which complies with the requirements of Directive 2009/65/EC and which is subject to prudential supervision by the FSMA.
In accordance with the applicable legal provisions, the assets of the sub-fund are segregated from the assets of the other sub-funds of the SICAV, which means that the rights of the investors and other creditors of this sub-fund are limited to the assets thereof.
The prospectus and periodic reports are drawn up for all the sub-funds of the SICAV.
Additional information on the sub-fund is available in the prospectus and in the periodic reports, which can be obtained on request, without charge, from the registered office of the SICAV. These documents (which are produced in French, Dutch and English) as well as more extensive information about this product are available on the website: www.dpamfunds.com (tab 'Publications').
All other practical information, including the most recent net asset value of the shares, is available on the website mentioned above (tab 'Net asset value'). | en | it |
DOLFIN9717 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MARKET REVIEW
- Global equities (+0.7%) advanced for the sixth consecutive month, ending July with a 14.5% gain year to date. The global proliferation of the Delta variant of COVID-19 fueled anxiety about the pace of the global economic recovery and forced governments to reinstate targeted lockdowns in many countries, particularly in Asia.
- European equities (+1.5%) rose for the sixth straight month. Europe emerged from a double-dip recession, with preliminary data indicating that eurozone GDP grew 2.0% in the second quarter.
- Emerging markets (EM) equities (-6.0%) sold off, as rising COVID-19 case counts and new outbreaks of the highly infectious Delta variant across Asia and Europe clouded the economic outlook. Europe, the Middle East, and Africa (EMEA) generated positive returns, while Latin America and Asia declined. | # ANALISI DEL MERCATO
- Le azioni globali (+0,7%) si sono mosse al rialzo per il sesto mese consecutivo, chiudendo luglio con un 14,5% da inizio anno. La diffusione mondiale della variante Delta crea apprensione circa il ritmo della ripresa economica globale e ha costretto i governi a ripristinare misure di lockdown mirato in molti paesi, soprattutto in Asia.
- Le azioni europee (+1,5%) hanno guadagnato terreno per il sesto mese consecutivo. L'Europa è emersa da una recessione a doppia cifra, con i dati preliminari che indicano una crescita del PIL dell'Eurozona del 2,0% nel secondo trimestre.
- Le azioni dei mercati emergenti (ME) hanno subito un'ondata di vendite (-6,0%), dato che l'aumento del numero di casi di COVID-19 e le nuove epidemie per la variante Delta, molto contagiosa in Asia ed Europa, hanno offuscato le prospettive economiche. Europa, Medio Oriente e Africa (EMEA) hanno generato rendimenti positivi, mentre America Latina e Asia sono in calo. | # MARKET REVIEW
- Global equities (+0.7%) advanced for the sixth consecutive month, ending July with a 14.5% gain year to date. The global proliferation of the Delta variant of COVID-19 fueled anxiety about the pace of the global economic recovery and forced governments to reinstate targeted lockdowns in many countries, particularly in Asia.
- European equities (+1.5%) rose for the sixth straight month. Europe emerged from a double-dip recession, with preliminary data indicating that eurozone GDP grew 2.0% in the second quarter.
- Emerging markets (EM) equities (-6.0%) sold off, as rising COVID-19 case counts and new outbreaks of the highly infectious Delta variant across Asia and Europe clouded the economic outlook. Europe, the Middle East, and Africa (EMEA) generated positive returns, while Latin America and Asia declined. | en | it |
DOLFIN9718 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The shareholders’ meeting represents the entire body of shareholders, regardless of which partic- ular sub-fund a shareholder has invested in. It has the power to make decisions on all matters pertaining to the Company. The resolutions of the shareholders’ meeting in matters concerning the Company as a whole are binding for all share- holders.
The general shareholders’ meeting takes place annually at 3:30 PM CET on the fourth Wednes- day in April of each year at the registered office of the Investment Company or at any other place specified in the invitation. In years when the fourth Wednesday in April falls on a bank holiday, the general shareholders’ meetings will be held on the next bank business day.
The shareholders of a sub-fund can also hold a shareholders’ meeting at any time in order to decide on actions pertaining exclusively to that sub-fund.
Invitations to ordinary and extraordinary share- holders’ meetings shall be published at least fifteen days prior to the shareholders’ meeting in
the Recueil Electronique des Sociétés et Associ- ations (RESA) of the Trade and Companies Register, in a Luxembourg newspaper and in newspapers which the Board of Directors deems appropriate, in each country of distribution.
Invitations to registered shareholders may be sent at least eight days prior to the shareholders’ meeting.
If all shares are in registered form, the invitation to each shareholders’ meeting at least eight days before the meeting can only be issued by means of a registered letter.
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### Establishment, closing and merger of sub-funds and share classes
- The establishment of sub-funds or share classes is decided by the Board of Directors of the Investment Company.
- The Board of Directors may initiate the liquida- tion of one or more sub-funds if the total value of the net assets of the respective sub-fund falls below a value which, according to the Board of Directors, no longer permits the sub-fund to be managed in an economically meaningful manner. The same shall apply to the extent that a change in political or economic conditions or the protec- tion of the interests of shareholders or the Invest- ment Company justifies such liquidation. In the event of liquidation of a sub-fund, shareholders will be paid the net asset value of their shares on the valuation date on which the decision becomes effective. | L’Assemblea dei soci rappresenta la totalità dei detentori di azioni, prescindendo dalla loro speci- fica partecipazione a un comparto. Potrà decidere
su tutte le questioni inerenti alla Società. Le delibere dell’Assemblea dei soci per questioni inerenti alla Società sono vincolanti per tutti i detentori di azioni.
L’assemblea ordinaria dei soci si tiene annual- mente presso la sede della Società d’investi- mento o in qualsiasi altro luogo specificato nella convocazione ogni quarto mercoledì di aprile alle ore 15.30. Qualora il quarto mercoledì di aprile dell’anno cada in un giorno festivo per le banche, le assemblee dei soci si terranno il successivo giorno lavorativo bancario.
I detentori di azioni di un comparto possono convocare un’assemblea dei soci in qualsiasi momento per deliberare in merito ad aspetti di esclusiva pertinenza del comparto.
Le convocazioni alle assemblee dei soci ordinarie o straordinarie vengono pubblicate almeno quin- dici giorni prima dell’assemblea dei soci sul Recueil Electronique des Sociétés et Associa- tions (RESA) del registro commerciale e delle imprese, su un quotidiano lussemburghese e su quotidiani che il Consiglio di Amministrazione riterrà consoni allo scopo per ogni paese di collo- camento. Le convocazioni ai titolari di azioni nominative possono essere trasmesse almeno otto giorni prima dell’assemblea dei soci.
Se tutte le azioni sono nominative, la convoca- zione per ogni assemblea dei soci può avvenire almeno otto giorni prima dell’assemblea sola- mente tramitelettera raccomandata.
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### Costituzione, chiusura e fusione di comparti e di classi di azioni
- È il Consiglio di Amministrazione della Società d’investimento che delibera la costitu- zione dei comparti o delle classi di azioni.
- Il Consiglio di Amministrazione può deliberare la liquidazione di uno o più comparti se il valore totale del patrimonio netto del rispettivo comparto scende al di sotto di un valore che, secondo quanto stabilito dal Consiglio di Amministrazione, non consenta più un’amministrazione economica- mente ragionevole. Lo stesso dicasi nel caso in cui una variazione delle condizioni politiche o economiche o la tutela degli interessi dei detentori di azioni o della Società d’investimento giustifichi una tale liquidazione. In caso di liquidazione di un comparto, ai titolari di azioni viene rimborsato il valore patrimoniale netto per azione delle rispet- tive azioni al giorno di valutazione corrispondente all’entrata in vigore della delibera a riguardo. | The shareholders’ meeting represents the entire body of shareholders, regardless of which partic- ular sub-fund a shareholder has invested in. It has the power to make decisions on all matters pertaining to the Company. The resolutions of the shareholders’ meeting in matters concerning the Company as a whole are binding for all share- holders.
The general shareholders’ meeting takes place annually at 3:30 PM CET on the fourth Wednes- day in April of each year at the registered office of the Investment Company or at any other place specified in the invitation. In years when the fourth Wednesday in April falls on a bank holiday, the general shareholders’ meetings will be held on the next bank business day.
The shareholders of a sub-fund can also hold a shareholders’ meeting at any time in order to decide on actions pertaining exclusively to that sub-fund.
Invitations to ordinary and extraordinary share- holders’ meetings shall be published at least fifteen days prior to the shareholders’ meeting in
the Recueil Electronique des Sociétés et Associ- ations (RESA) of the Trade and Companies Register, in a Luxembourg newspaper and in newspapers which the Board of Directors deems appropriate, in each country of distribution.
Invitations to registered shareholders may be sent at least eight days prior to the shareholders’ meeting.
If all shares are in registered form, the invitation to each shareholders’ meeting at least eight days before the meeting can only be issued by means of a registered letter.
-
### Establishment, closing and merger of sub-funds and share classes
- The establishment of sub-funds or share classes is decided by the Board of Directors of the Investment Company.
- The Board of Directors may initiate the liquida- tion of one or more sub-funds if the total value of the net assets of the respective sub-fund falls below a value which, according to the Board of Directors, no longer permits the sub-fund to be managed in an economically meaningful manner. The same shall apply to the extent that a change in political or economic conditions or the protec- tion of the interests of shareholders or the Invest- ment Company justifies such liquidation. In the event of liquidation of a sub-fund, shareholders will be paid the net asset value of their shares on the valuation date on which the decision becomes effective. | en | it |
DOLFIN9719 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Gestionnaires de portefeuille et les Gestionnaires de portefeuille par délégation minimisent les concentrations du risque de crédit en effectuant des transactions avec un grand nombre de courtiers et de contreparties sur des bourses reconnues et de bonne réputation. Toutes les transactions portant sur des titres cotés et des titres sur un Marché réglementé sont réglées/payées lors de la livraison en utilisant des courtiers agréés. Les Gestionnaires d’Investissement tiennent à jour une liste de courtiers approuvés. Le risque de défaut est considéré comme minime, car la livraison des titres vendus n’est effectuée qu’une fois que le courtier a reçu le paiement. Le paiement est effectué sur un achat une fois que les titres ont été reçus par le courtier. La transaction ne sera pas conclue si l’une ou l’autre des parties manque à ses obligations.
La quasi-totalité des liquidités et des titres détenus par les Compartiments sont détenus par l’intermédiaire du Dépositaire. La faillite ou l’insolvabilité du Dépositaire peut entraîner un retard ou une limitation des droits des Compartiments concernant les liquidités détenues par le Dépositaire. La notation de crédit du Dépositaire est hautement notée par les principales agences de notation. Si la qualité du crédit ou la situation financière du Dépositaire se détériore de manière significative, la Société transférera les avoirs en liquidités et en titres à une autre banque. Au 30 juin 2020, la notation de crédit du Dépositaire, telle qu’évaluée par S& ;P, était AA-(30 juin 2019 : AA-).
Le tableau ci-dessous présente un résumé de l’exposition au crédit basé sur les notations de crédit des titres de créance détenus dans le Fonds concerné :
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022 Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 | Los Gestores de Inversiones y Subgestores de Inversiones minimizan las concentraciones de riesgo de crédito realizando transa cciones con un gran número de corredores y contrapartes en intercambios reconocidos y de buena reputación. Todas las transacciones en valores cotizados y valores en un Mercado Regulado se liquidan/pagan en el momento de la entrega utilizando corredores aprobados. Los Gestores de Inversiones mantienen una lista de corredores aprobados. El riesgo de impago se considera mínimo, debido a que la entrega de los títulos vendidos solo se hace una vez que el agente de bolsa ha recibido el pago. El pago de una compra se hace una vez que los valores han sido recibidos por el agente de bolsa. La operación fallará si alguna de las partes deja de cumplir su obligación.
Considerablemente, todo el efectivo y los valores mantenidos por los Fondos se mantienen a través del Depositario. La quiebra o insolvencia del Depositario puede provocar que los derechos de los Fondos con respecto al efectivo mantenido por el Depositario se retrasen o limiten. La calificación crediticia del Depositario está muy bien calificada por agencias de calificación desta cadas. Si la calidad crediticia o la posición financiera del Depositario se deteriora significativamente, la Sociedad trasladará las posiciones de efectivo y valores a otro banco. A 30 de junio de 2020, la calificación crediticia del Depositario, evaluada por los S&P, era AA- (30 de junio de 2019: AA-).
La siguiente tabla establece un resumen de la exposición crediticia basada en las calificaciones crediticias de los títulos de deuda mantenidos en el Fondo correspondiente:
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022 Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 | Les Gestionnaires de portefeuille et les Gestionnaires de portefeuille par délégation minimisent les concentrations du risque de crédit en effectuant des transactions avec un grand nombre de courtiers et de contreparties sur des bourses reconnues et de bonne réputation. Toutes les transactions portant sur des titres cotés et des titres sur un Marché réglementé sont réglées/payées lors de la livraison en utilisant des courtiers agréés. Les Gestionnaires d’Investissement tiennent à jour une liste de courtiers approuvés. Le risque de défaut est considéré comme minime, car la livraison des titres vendus n’est effectuée qu’une fois que le courtier a reçu le paiement. Le paiement est effectué sur un achat une fois que les titres ont été reçus par le courtier. La transaction ne sera pas conclue si l’une ou l’autre des parties manque à ses obligations.
La quasi-totalité des liquidités et des titres détenus par les Compartiments sont détenus par l’intermédiaire du Dépositaire. La faillite ou l’insolvabilité du Dépositaire peut entraîner un retard ou une limitation des droits des Compartiments concernant les liquidités détenues par le Dépositaire. La notation de crédit du Dépositaire est hautement notée par les principales agences de notation. Si la qualité du crédit ou la situation financière du Dépositaire se détériore de manière significative, la Société transférera les avoirs en liquidités et en titres à une autre banque. Au 30 juin 2020, la notation de crédit du Dépositaire, telle qu’évaluée par S& ;P, était AA-(30 juin 2019 : AA-).
Le tableau ci-dessous présente un résumé de l’exposition au crédit basé sur les notations de crédit des titres de créance détenus dans le Fonds concerné :
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022 Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 | fr | es |
DOLFIN9720 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Market review and developments
European equity markets lost 3.5% in December. Despite increasing optimism about peak-inflation and peaking interest rates as signaled by the US federal reserve earlier in the month, the market sold off sharply mid-December. The slowing pace of inflation and consequently, expectations of more contained interest rate hikes in the US but also Europe, lulled investors into premature hopes for a normalization of the macro environment, a view that has driven the equities rally since October.
Yet, inflation remains far too high and the direction of travel for short-term interest rates is up. Faced with this situation, the FED and ECB comments were considered hawkish in tone by market participants. In addition, attention has shifted to the strongly inverted US yield curve which in the past has quite reliably predicted recessions. The real-world effects of higher interest rates, persistent high inflation and slowing growth have yet to be felt. Can governments, corporates and households deal with sustainably higher interest rates at record high levels of debt and lower values of financial assets? What does this mean for future government spending, private sector capital expenditure and household consumption in the medium-term? How is the all-important housing market going to develop in this new regime? Is credit standard tightening and higher financing spreads a sign of troubles to come? 2023 will be no less exciting than 2022 as much is still unresolved.
Interest rate sensitive sectors as well as sectors vulnerable to slowing consumption and spending lost the most. The MSCI Europe Technology Index lost nearly 10%, consumer discretionary stocks lost almost 6%. From mid-December, real estate stocks lost close to 7% although they fared relatively well over the entire month. European growth stocks underperformed; value stocks outperformed. European focused ESG indices performed in-line. The fear of a global recession and thus reduced demand also sent the oil and gas sector down by more than 5%. Former market darling Tesla slumped 35%, and other popular US mega caps such as Amazon, Apple and Alphabet (Google) declined more than 10%. Financials and health care held up better but still declined by 1.3% and 1.9%, respectively. | # Analyse et évolution des marchés
Les marchés actions européens ont perdu 3,5 % en décembre. Malgré l'optimisme croissant concernant le pic de l'inflation et des taux d'intérêt annoncé par la Fed plus tôt dans le mois, le marché a brusquement corrigé à la mi- décembre. Le ralentissement de l'inflation et, en conséquence, l'anticipation de hausses plus limitées des taux d'intérêt aux États-Unis, mais aussi en Europe, ont suscité chez les investisseurs un espoir prématuré quant à la normalisation de l'environnement macroéconomique, ce qui contribue au rally des actions depuis octobre.
Mais l'inflation reste bien trop élevée et les taux d'intérêt à court terme suivent une tendance à la hausse. Face à cette situation, les acteurs du marché ont perçu le ton offensif des déclarations de la Fed et de la BCE. De plus, l'attention s'est cristallisée sur la nette inversion de la courbe des taux américains, ce qui a été dans le passé un signe assez fiable annonçant une récession. Les effets réels de la hausse des taux d'intérêt, de l'inflation élevée persistante et du ralentissement de la croissance doivent encore se faire sentir. Est-ce que les gouvernements, les entreprises et les ménages peuvent supporter la hausse durable des taux d'intérêt face aux niveaux record d'endettement et à la baisse de valeur des actifs financiers ? Quelles sont les implications pour les futures dépenses publiques, les dépenses d'investissement du secteur privé et la consommation des ménages à moyen terme ? Comment le très important marché de l'immobilier va-t-il se développer dans ce nouveau régime ? Est-ce que le durcissement des conditions de crédit et l'augmentation des spreads de financement présagent une nouvelle crise ? L'année 2023 ne sera pas moins mouvementée que 2022, car bon nombre de problèmes ne sont toujours pas résolus.
Les secteurs sensibles aux taux d'intérêt et les secteurs exposés au ralentissement de la consommation et des dépenses ont été les plus pénalisés. L'indice MSCI Europe Technology a perdu près de 10 % et les valeurs de la consommation cyclique ont cédé près de 6 %. À partir de la mi-décembre, les valeurs immobilières ont accusé une baisse de près de 7 %, même si elles s'en sont relativement bien tirées sur l'ensemble du mois. Les titres « Growth » européens ont sous- performé, à l'inverse de leurs homologues « Value ». Les indices européens axés sur les critères ESG ont affiché des performances conformes. La crainte d'une récession mondiale et, donc, d'une demande réduite a causé une baisse du secteur pétrolier et gazier de plus de 5 %. L'ancienne coqueluche du marché Tesla a chuté de 35 %, et les autres mégacapitalisations américaines prisées Amazon, Apple et Alphabet (Google) ont perdu plus de 10 %. La finance et la santé ont mieux résisté, mais ont tout de même cédé 1,3 % et 1,9 % respectivement. | # Market review and developments
European equity markets lost 3.5% in December. Despite increasing optimism about peak-inflation and peaking interest rates as signaled by the US federal reserve earlier in the month, the market sold off sharply mid-December. The slowing pace of inflation and consequently, expectations of more contained interest rate hikes in the US but also Europe, lulled investors into premature hopes for a normalization of the macro environment, a view that has driven the equities rally since October.
Yet, inflation remains far too high and the direction of travel for short-term interest rates is up. Faced with this situation, the FED and ECB comments were considered hawkish in tone by market participants. In addition, attention has shifted to the strongly inverted US yield curve which in the past has quite reliably predicted recessions. The real-world effects of higher interest rates, persistent high inflation and slowing growth have yet to be felt. Can governments, corporates and households deal with sustainably higher interest rates at record high levels of debt and lower values of financial assets? What does this mean for future government spending, private sector capital expenditure and household consumption in the medium-term? How is the all-important housing market going to develop in this new regime? Is credit standard tightening and higher financing spreads a sign of troubles to come? 2023 will be no less exciting than 2022 as much is still unresolved.
Interest rate sensitive sectors as well as sectors vulnerable to slowing consumption and spending lost the most. The MSCI Europe Technology Index lost nearly 10%, consumer discretionary stocks lost almost 6%. From mid-December, real estate stocks lost close to 7% although they fared relatively well over the entire month. European growth stocks underperformed; value stocks outperformed. European focused ESG indices performed in-line. The fear of a global recession and thus reduced demand also sent the oil and gas sector down by more than 5%. Former market darling Tesla slumped 35%, and other popular US mega caps such as Amazon, Apple and Alphabet (Google) declined more than 10%. Financials and health care held up better but still declined by 1.3% and 1.9%, respectively. | en | fr |
DOLFIN9721 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Harris US Equity Value, a subfund of the SICAV AMSelect Class ''Classic Capitalisation'' - ISIN code LU2310406843 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark MSCI USA Value is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark The Fund seeks to increase the value of its assets over the medium term by investing mainly in shares of companies that are domiciled or do most of their business in the USA. The Fund may also invest a minor part of its assets in other shares, bonds and money market instruments. The Fund can use derivatives for hedging or efficient portfolio management. The Fund uses a combination of market and fundamental company analysis to select companies that appear to be undervalued (value-oriented bottom-up approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund, as well as its own ESG integration methodologies. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. Historical data may not be reliable indication for the future. . The risk category of a Fund is an indicator but not a target or a guarantee and may shift over time. The lowest category does not mean a risk-free investment. Why is the Fund in this specific category? The risk category is justified by the investment mainly in Stocks and Shares, the value of which can fluctuate considerably. These fluctuations are often amplified in the short term. The higher the risk, the longer the recommended investment horizon. | | | Harris US Equity Value, ein Teilfonds der SICAV AMSelect Klasse „Classic Capitalisation“- ISIN-Code LU2310406843 Dieser Fonds wird von BNP PARIBAS ASSET MANAGEMENT Luxembourg verwaltet, einem Unternehmen der BNP Paribas-Gruppe. |
| --- |
| Ziele und Anlagepolitik |
| Der Fonds wird aktiv verwaltet. Der Referenzindex MSCI USA Value wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte vornehmlich durch Anlagen in Aktien von Unternehmen, die ihren Sitz in den USA haben oder dort den überwiegenden Teil ihrer Geschäftstätigkeit ausüben. Der Fonds kann auch einen geringen Teil seines Vermögens in andere Aktien, Anleihen und Geldmarktinstrumente investieren. Der Fonds kann Derivate zur Absicherung oder zur effizienten Portfolioverwaltung verwenden. Der Fonds verwendet eine Kombination aus Markt- und fundamentaler Unternehmensanalyse, um Unternehmen auszuwählen, die offenbar unterbewertet sind (wertorientierter Bottom-up-Ansatz). Das Anlageteam wendet zudem die Richtlinien von BNP PARIBAS ASSET MANAGEMENT für verantwortungsbewusstes unternehmerisches Handeln an, einschließlich normenbasierter Screenings, Ausschlusslisten und Stewardship-Aktivitäten, wenn bei Anlagen des Fonds die Kriterien für Umwelt, Soziales und Governance (ESG) sowie seine eigene Methodik zur ESG-Integration berücksichtigt werden. Eine nicht finanzbezogene Strategie kann methodische Einschränkungen beinhalten, wie das vom Anlageverwalter definierte Anlagerisiko in Bezug auf Umwellt, Soziales und Unternehmensführung (ESG). ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Managers bei, sind aber kein ausschlaggebender Faktor. Die Erträge werden grundsätzlich reinvestiert. Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben. |
| Risiko- und Ertragsprofil |
| Geringeres Risiko Höheres Risiko Weitere Risiken, die für den Fonds materiell relevant sind und durch den Indikator nicht angemessen erfasst werden: Typischerweise geringerer Ertrag Typischerweise höherer Ertrag Einige Märkte sind weniger stark reguliert als die meisten internationalen Märkte; deswegen können die Dienstleistungen für die Verwahrung und Liquidation für den Teilfonds auf solchen Märkten mit höheren Risiken verbunden sein. Historische Daten stellen keinen zuverlässigen Indikator für die Zukunft dar. Die Risikokategorie eines Fonds dient als Indikator, nicht jedoch als Ziel oder Garantie, und kann sich im Laufe der Zeit ändern. erhältlich Die niedrigste Kategorie weist nicht auf eine risikofreie Anlage hin. ist. Warum ist der Fonds dieser spezifischen Kategorie zugeordnet? Die Risikokategorie ergibt sich aus der überwiegenden Anlage in Aktien und Anteilen, deren Wert erheblich schwanken kann. Diese Schwankungen werden häufig kurzfristig verstärkt. Je höher das Risiko ist, desto länger ist der empfohlene Anlagehorizont. | | | Harris US Equity Value, a subfund of the SICAV AMSelect Class ''Classic Capitalisation'' - ISIN code LU2310406843 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark MSCI USA Value is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark The Fund seeks to increase the value of its assets over the medium term by investing mainly in shares of companies that are domiciled or do most of their business in the USA. The Fund may also invest a minor part of its assets in other shares, bonds and money market instruments. The Fund can use derivatives for hedging or efficient portfolio management. The Fund uses a combination of market and fundamental company analysis to select companies that appear to be undervalued (value-oriented bottom-up approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund, as well as its own ESG integration methodologies. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. Historical data may not be reliable indication for the future. . The risk category of a Fund is an indicator but not a target or a guarantee and may shift over time. The lowest category does not mean a risk-free investment. Why is the Fund in this specific category? The risk category is justified by the investment mainly in Stocks and Shares, the value of which can fluctuate considerably. These fluctuations are often amplified in the short term. The higher the risk, the longer the recommended investment horizon. | | en | de |
DOLFIN9722 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Offering documents
The prospectus, the key investor information, the Investment Terms and Conditions as well as the latest annual and semi-annual reports are available free of charge from the Company, the depositary, and from the agents operating for the Company.
Additional information on the fund’s investment restrictions imposed by the risk management, the risk management methods, and the latest developments of risks and returns of the major asset categories, can be obtained from the Company in a written version on request.
If the Company sends particular investors further information about the composition of the fund portfolio or its performance, it will post this information on its website at the same time. | ## Verkaufsunterlagen
Der Verkaufsprospekt, die wesentlichen Anlegerinformationen, die Anlagebedingungen sowie der aktuelle Jahres- und Halbjahresbericht sind bei der Gesellschaft, bei der Verwahrstelle sowie bei den für die Gesellschaft tätigen Vermittlern kostenfrei erhältlich.
Zusätzliche Informationen über die Anlagegrenzen des Risikomanagements dieses Fonds, die Risikomanagementmethoden und die jüngsten Entwicklungen bei den Risiken und Renditen der wichtigsten Kategorien von Vermögensgegenständen sind auf Anfrage in schriftlicher Form bei der Gesellschaft erhältlich.
Sofern die Gesellschaft einzelnen Anlegern weitere Informationen über die Zusammensetzung des Fondsportfolios oder dessen Wertentwicklung übermittelt, wird sie diese Informationen zeitgleich auf ihrer Website einstellen. | ## Offering documents
The prospectus, the key investor information, the Investment Terms and Conditions as well as the latest annual and semi-annual reports are available free of charge from the Company, the depositary, and from the agents operating for the Company.
Additional information on the fund’s investment restrictions imposed by the risk management, the risk management methods, and the latest developments of risks and returns of the major asset categories, can be obtained from the Company in a written version on request.
If the Company sends particular investors further information about the composition of the fund portfolio or its performance, it will post this information on its website at the same time. | en | de |
DOLFIN9723 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
Distribution share of a sub-fund of DPAM B, a public SICAV under Belgian law. The units of the fund are distribution units, issued in the form of shares, which give right to a dividend. All income earned by the product can be distributed.
## Duration
Indefinite. This product does not have a fixed maturity date.
## Objectives and investment policy
Objective: The objective of the sub-fund is to offer you exposure to equity securities of eurozone companies. The sub-fund promotes a combination of environmental and social aspects within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector, and must contain a minimum proportion of sustainable investments within the meaning of the same Regulation. This is an actively managed sub-fund, which means that the portfolio manager does not aim to replicate the performance of a benchmark.
Investment policy: The sub-fund invests mainly in equities and/or other securities giving access to the capital of companies whose registered office and/or a significant proportion of their assets, activities, profit centres or decision-making centres are located in one of the member states of the European Union which use the euro as their national currency and which are selected on the basis of compliance with environmental, social and governance (ESG) criteria. The selection is based on a methodology that, across the entire portfolio, a) excludes companies that are not in compliance with certain global standards, including the UN Global Compact (human rights, labour, environmental protection and anti-corruption), b) excludes companies that are involved in controversial activities (tobacco, gambling, thermal coal, etc.) or involved in major ESG controversies (incidents, allegations related to environmental, social, governance issues) and c) filters the universe according to a screening process based on the quality of the ESG profile of companies, assessed by non-financial rating agencies. Finally, for the portion of investments with a sustainable objective, impact research and sustainability themes ensure that the company's products and/or services finance – in proportion to its turnover – sustainable development. More information on the product can be found on the website www.dpamfunds.com.
Derivative products: The sub-fund may, on an optional basis, use derivatives such as futures and/or forwards in order to achieve the investment objectives and/or for hedging purposes (hedging of or exposure to the risks associated with certain markets).
Benchmark: MSCI EMU Net Return.
Use of the benchmark: The benchmark is used to compare performance. The selection and weighting of the assets in the sub-fund's portfolio may differ significantly from the composition of the benchmark.
Subscription/Redemption: All subscription or redemption requests may be made prior to 3:00 p.m. (Belgian time) on each business day to Banque Degroof Petercam SA.
## Intended Retail Investor
This product is intended for investors with an investment horizon of at least 5 years meet the criteria for access to this share class described in the prospectus and that:
have sufficient knowledge and experience in the markets for equities and funds, and understand the risks of the product
are seeking exposure to the equity markets of Eurozone companies
are interested in an investment that promotes environmental and social characteristics with a minimum proportion of sustainable investments
can suffer a loss of more than 20% per year
## Practical information
Custodian: Banque Degroof Petercam Luxembourg S.A, succursale belge
The Key Information Document describes a share class of the sub-fund DPAM B Equities Euroland Sustainable of the SICAV DPAM B.
DPAM B is an undertaking for collective investment in transferable securities incorporated in Belgium (the Home Member State of the SICAV), which complies with the requirements of Directive 2009/65/EC and which is subject to prudential supervision by the FSMA.
In accordance with the applicable legal provisions, the assets of the sub-fund are segregated from the assets of the other sub-funds of the SICAV, which means that the rights of the investors and other creditors of this sub-fund are limited to the assets thereof.
The prospectus and periodic reports are drawn up for all the sub-funds of the SICAV.
Additional information on the sub-fund is available in the prospectus and in the periodic reports, which can be obtained on request, without charge, from the registered office of the SICAV. These documents (which are produced in French, Dutch and English) as well as more extensive information about this product are available on the website: www.dpamfunds.com (tab 'Publications').
All other practical information, including the most recent net asset value of the shares, is available on the website mentioned above (tab 'Net asset value'). | # Cos’è questo prodotto?
## Tipo
Azioni di distribuzione di un comparto di DPAM B, Sicav pubblica di diritto belga. Le quote del fondo sono quote di distribuzione, emesse sotto forma di azioni, che danno diritto a un dividendo. Tutti i redditi percepiti dal prodotto possono essere distribuiti.
## Durata
A tempo indeterminato. Questo prodotto non ha una data di scadenza fissa.
## Obiettivi e politica di investimento
Obiettivo: Obiettivo del comparto è offrire un'esposizione ai titoli di capitale di imprese dell'eurozona. Il comparto promuove una combinazione di caratteristiche ambientali e sociali ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari e, conformemente al medesimo regolamento, deve includere una quota minima di investimenti sostenibili. Il comparto è gestito attivamente, ossia il gestore del portafoglio non si prefigge l'obiettivo di replicare la performance di un indice di riferimento.
Politica d'investimento: Il comparto investe in azioni di società europee, o altri titoli assimilati, che hanno sede legale e/o una parte significativa dei loro beni, attività, centri di profitto o centri decisionali in uno Stato membro dell'Unione europea che utilizza l'euro come moneta nazionale, selezionate sulla base del rispetto dei criteri ambientali, sociali e di governance (ESG). La selezione si basa su un metodo che, per ogni portafoglio, a) esclude le società che non rispettano alcune normative mondiali, compreso il Global Compact delle Nazioni Unite (diritti umani, diritto del lavoro, tutela dell'ambiente e lotta contro la corruzione), b) esclude le società coinvolte in attività controverse (tabacco, gioco d'azzardo, carbone termico) o coinvolte in gravi controversie ESG (incidenti, accuse legate a problemi ambientali, sociali, di governance) e
c) filtra l'universo sulla base della qualità del profilo ESG delle società, valutata dalle agenzie di rating extra-finanziari. Infine, per la quota degli investimenti con un obiettivo sostenibile, la ricerca di impatto e temi di sostenibilità si accerta che i prodotti e/o i servizi dell'impresa finanzino, in proporzione al suo fatturato, lo sviluppo sostenibile. Per ulteriori informazioni si rimanda al sito www.dpamfunds.com.
Prodotti derivati: Il comparto può, discrezionalmente, utilizzare prodotti derivati (quali opzioni e/o contratti a termine (“future” e/o “forward”)), in un'ottica tanto di realizzazione degli obiettivi d'investimento quanto di copertura dei rischi (copertura del o esposizione al rischio legato a determinati mercati).
Indice di riferimento: MSCI EMU Net Return.
Utilizzo dell'indice di riferimento: l'indice di riferimento è utilizzato per finalità comparative dei risultati. La selezione e la ponderazione degli attivi nel portafoglio del comparto possono differire notevolmente dalla composizione del benchmark.
Sottoscrizione/rimborso: Le domande di sottoscrizione/rimborso di quote possono essere presentate ogni giorno lavorativo entro le 15:00 (ora del Belgio) presso Banque Degroof Petercam SA.
## Investitori al dettaglio di destinazione
Questo prodotto è destinato agli investitori con un orizzonte d'investimento di almeno 5 anni, che soddisfano i criteri di accesso a questa classe di azioni descritti nel prospetto e che:
hanno una sufficiente conoscenza ed esperienza dei mercati azionari e dei fondi, e comprendono i rischi del prodotto
cercano un'esposizione ai mercati azionari di società dell'eurozona
sono interessati a un investimento che promuove caratteristiche ambientali e sociali e contiene una percentuale minima di investimenti sostenibili
possono sopportare una perdita annua superiore al 20%.
## Informazioni pratiche
Depositario: Banque Degroof Petercam Luxembourg S.A, succursale belge
Il Documento contenente le informazioni chiave descrive una classe di azioni del comparto DPAM B Equities Euroland Sustainable della Sicav DPAM B.
DPAM B è un organismo di investimento collettivo in valori mobiliari costituito in Belgio (Stato membro d'origine della SICAV), conforme ai requisiti della Direttiva 2009/65/CE e soggetto al controllo prudenziale della FSMA.
Conformemente alle disposizioni legali applicabili, il patrimonio del comparto è distinto da quello degli altri comparti della SICAV, il che implica in particolare che i diritti degli investitori e di altri creditori di un comparto sono limitati agli attivi di tale comparto.
Il prospetto e le relazioni periodiche sono redatti per tutti i comparti della Sicav.
Ulteriori informazioni sul Fondo sono disponibili nel prospetto informativo e nelle relazioni periodiche, che possono essere richieste gratuitamente presso la sede legale della SICAV. Tali documenti (redatti in francese, neerlandese e inglese) nonché informazioni più dettagliate su questo prodotto sono inoltre disponibili sul sito web: www.dpamfunds.com (scheda “Documentazione”).
Tutte le altre informazioni pratiche, compreso l'ultimo valore patrimoniale netto delle azioni, sono disponibili sul sito web citato (scheda “Valore patrimoniale netto”). | # What is this product?
## Type
Distribution share of a sub-fund of DPAM B, a public SICAV under Belgian law. The units of the fund are distribution units, issued in the form of shares, which give right to a dividend. All income earned by the product can be distributed.
## Duration
Indefinite. This product does not have a fixed maturity date.
## Objectives and investment policy
Objective: The objective of the sub-fund is to offer you exposure to equity securities of eurozone companies. The sub-fund promotes a combination of environmental and social aspects within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector, and must contain a minimum proportion of sustainable investments within the meaning of the same Regulation. This is an actively managed sub-fund, which means that the portfolio manager does not aim to replicate the performance of a benchmark.
Investment policy: The sub-fund invests mainly in equities and/or other securities giving access to the capital of companies whose registered office and/or a significant proportion of their assets, activities, profit centres or decision-making centres are located in one of the member states of the European Union which use the euro as their national currency and which are selected on the basis of compliance with environmental, social and governance (ESG) criteria. The selection is based on a methodology that, across the entire portfolio, a) excludes companies that are not in compliance with certain global standards, including the UN Global Compact (human rights, labour, environmental protection and anti-corruption), b) excludes companies that are involved in controversial activities (tobacco, gambling, thermal coal, etc.) or involved in major ESG controversies (incidents, allegations related to environmental, social, governance issues) and c) filters the universe according to a screening process based on the quality of the ESG profile of companies, assessed by non-financial rating agencies. Finally, for the portion of investments with a sustainable objective, impact research and sustainability themes ensure that the company's products and/or services finance – in proportion to its turnover – sustainable development. More information on the product can be found on the website www.dpamfunds.com.
Derivative products: The sub-fund may, on an optional basis, use derivatives such as futures and/or forwards in order to achieve the investment objectives and/or for hedging purposes (hedging of or exposure to the risks associated with certain markets).
Benchmark: MSCI EMU Net Return.
Use of the benchmark: The benchmark is used to compare performance. The selection and weighting of the assets in the sub-fund's portfolio may differ significantly from the composition of the benchmark.
Subscription/Redemption: All subscription or redemption requests may be made prior to 3:00 p.m. (Belgian time) on each business day to Banque Degroof Petercam SA.
## Intended Retail Investor
This product is intended for investors with an investment horizon of at least 5 years meet the criteria for access to this share class described in the prospectus and that:
have sufficient knowledge and experience in the markets for equities and funds, and understand the risks of the product
are seeking exposure to the equity markets of Eurozone companies
are interested in an investment that promotes environmental and social characteristics with a minimum proportion of sustainable investments
can suffer a loss of more than 20% per year
## Practical information
Custodian: Banque Degroof Petercam Luxembourg S.A, succursale belge
The Key Information Document describes a share class of the sub-fund DPAM B Equities Euroland Sustainable of the SICAV DPAM B.
DPAM B is an undertaking for collective investment in transferable securities incorporated in Belgium (the Home Member State of the SICAV), which complies with the requirements of Directive 2009/65/EC and which is subject to prudential supervision by the FSMA.
In accordance with the applicable legal provisions, the assets of the sub-fund are segregated from the assets of the other sub-funds of the SICAV, which means that the rights of the investors and other creditors of this sub-fund are limited to the assets thereof.
The prospectus and periodic reports are drawn up for all the sub-funds of the SICAV.
Additional information on the sub-fund is available in the prospectus and in the periodic reports, which can be obtained on request, without charge, from the registered office of the SICAV. These documents (which are produced in French, Dutch and English) as well as more extensive information about this product are available on the website: www.dpamfunds.com (tab 'Publications').
All other practical information, including the most recent net asset value of the shares, is available on the website mentioned above (tab 'Net asset value'). | en | it |
DOLFIN9724 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In exceptional circumstances the CRC has the authority to approve counterparties not meeting the minimum ratings.
A downgrade by any one of Fitch, Moody’s or S&P of a counterparty’s long-term rating below A, or investment grade if a cleared OTC derivatives counterparty, will prompt a review by the CRC. The CRC will, in a timely manner, considering the facts and circumstances of the downgrade, and acting in the best interests of clients, determine whether to cease trading with the affected counterparty, or reduce, or maintain existing exposure.
The minimum long-term credit rating requirement as stated in this Prospectus is subject to change, in which case this section will be updated accordingly at the next available opportunity.
-
### Risk Management Process | Dans des circonstances exceptionnelles, le CRC a le pouvoir d’approuver des contreparties qui ne satisfont pas aux notations minimales.
Un abaissement par Fitch, Moody’s ou S&P de la notation à long terme d’une contrepartie en dessous de A, ou un déclassement en investment grade pour une contrepartie de dérivé OTC compensé, entraînera un examen par le CRC. Le CRC examinera en temps utile les faits et les circonstances de l’abaissement de la notation et, agissant au mieux des intérêts des clients, déterminera s’il convient de cesser les opérations avec la contrepartie concernée, de réduire ou de maintenir l’exposition existante.
La notation de crédit à long terme minimale indiquée dans le présent Prospectus est susceptible de changer, auquel cas la présente section sera mise à jour en conséquence à la prochaine occasion.
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### Processus de gestion du risque | In exceptional circumstances the CRC has the authority to approve counterparties not meeting the minimum ratings.
A downgrade by any one of Fitch, Moody’s or S&P of a counterparty’s long-term rating below A, or investment grade if a cleared OTC derivatives counterparty, will prompt a review by the CRC. The CRC will, in a timely manner, considering the facts and circumstances of the downgrade, and acting in the best interests of clients, determine whether to cease trading with the affected counterparty, or reduce, or maintain existing exposure.
The minimum long-term credit rating requirement as stated in this Prospectus is subject to change, in which case this section will be updated accordingly at the next available opportunity.
-
### Risk Management Process | en | fr |
DOLFIN9725 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee. | N/A |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | N/A |
| Ongoing costs | |
| Management fees and other administrative or operating costs | Impact of recurring costs taken from your investment each year. The figure shown is based on the costs for the prior year. The figures cover all recurring costs except for portfolio transaction costs, including management fees and operating expenses. | 84 CHF |
| Transaction costs | Impact of transaction costs taken from your investment each year. The figure shown is based on the costs for the prior year. | 59 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | There are no performance fees for this product. | 0 CHF | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 An |
| --- | --- |
| Coûts d’entrée | Nous ne facturons pas de coût d’entrée. | S.O. |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit, mais la personne qui vous vend le produit peut le faire. | S.O. |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | Impact des coûts récurrents prélevés sur votre investissement chaque année. Les chiffres indiqués sont basés sur les coûts de l'année précédente. Les chiffres présentés couvrent tous les coûts récurrents, à l'exception des coûts de transaction de portefeuille, y compris les frais de gestion et d’exploitation. | 84 CHF |
| Coûts de transaction | Impact des coûts de transaction prélevés sur votre investissement chaque année. Les chiffres indiqués sont basés sur les coûts de l'année précédente. | 59 CHF |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Aucune commission liée aux résultats n’existe pour ce produit. | 0 CHF | | | One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee. | N/A |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | N/A |
| Ongoing costs | |
| Management fees and other administrative or operating costs | Impact of recurring costs taken from your investment each year. The figure shown is based on the costs for the prior year. The figures cover all recurring costs except for portfolio transaction costs, including management fees and operating expenses. | 84 CHF |
| Transaction costs | Impact of transaction costs taken from your investment each year. The figure shown is based on the costs for the prior year. | 59 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | There are no performance fees for this product. | 0 CHF | | en | fr |
DOLFIN9726 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Governing law and contract language
## The Fund is subject to the law of the Grand Duchy of Luxembourg. The same applies to the legal relationship between the investors and the Management Company.
## The German versions of the Sales Prospectus, Management Regulations and other documents and publications are binding.
- | # Anwendbares Recht und Vertragssprache
## Der Fonds unterliegt dem Recht des Großherzogtums Luxemburg. Gleiches gilt für die Rechtsbeziehung zwischen den Anlegern und der Verwaltungsgesellschaft.
## Die deutsche Fassung des Verkaufsprospekts, des Verwaltungsreglements sowie der sonstigen Unterlagen und Veröffentlichungen ist verbindlich.
- | # Governing law and contract language
## The Fund is subject to the law of the Grand Duchy of Luxembourg. The same applies to the legal relationship between the investors and the Management Company.
## The German versions of the Sales Prospectus, Management Regulations and other documents and publications are binding.
- | en | de |
DOLFIN9727 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- optimise its cash management; or
- reduce transaction costs or allowing exposure in the case of illiquid securities or securities which are unavailable for market or regulatory reasons; or
- assist in achieving its investment objective and dealing with some equity local market specificities (market access, liquidity, local tax) and for reasons such as generating efficiencies in gaining exposure to the constituents of the financial index or to the financial index itself; or
- hedging against foreign exchange rate risk.
| The sub-fund may employ techniques and instruments relating to transferable securities and money market instruments, such as securities lending or borrowing, provided that such techniques and instruments are used for the purposes of efficient portfolio management, in accordance with the “Sub-Fund Description”. The use of such techniques and instruments should not result in a change of the declared investment objective of any sub-fund or substantially increase the stated risk profile of the sub-fund. In order to limit the exposure of a sub-fund to the risk of default of the counterparty under a repurchase agreement, the sub-fund will receive cash or other assets as collateral. Each sub-fund’s maximum and expected proportions of the sub-fund’s assets that can be subject to securities lending or borrowing transactions under normal circumstances is defined in the table “USE OF SECURITIES FINANCING TRANSACTIONS AND TOTAL RETURN SWAPS” for each sub-fund. | | - optimizar su gestión del efectivo; o
- reducir los costes operativos o permitir la exposición en el caso de los valores no líquidos o valores que no estén disponibles ya sea por motivos de mercado o por razones legislativas; o
- ayudar a alcanzar su objetivo de inversión y tratar particularidades del mercado local de renta variable (acceso de mercado, liquidez, impuesto local), y por razones tales como generar eficiencia mediante una mayor exposición a los componentes del Índice financiero o al propio Índice financiero; o
- cobertura contra el riesgo de tipo de cambio de divisa.
| El subfondo puede emplear técnicas e instrumentos relacionados con los valores mobiliarios y los instrumentos del mercado monetario, tales como préstamos y empréstito de valores, en el caso de que tales técnicas e instrumentos se usen para fines de gestión eficiente de la cartera, de acuerdo con “Descripciones del subfondo”. El uso de tales técnicas e instrumentos no debería provocar un cambio en el objetivo de inversión declarado de cualquier subfondo ni debería aumentar en gran medida el perfil de riesgo manifestado del subfondo. Para limitar la exposición del subfondo al riesgo de incumplimiento de la contraparte con sujeción a un contrato de recompra, el subfondo recibirá efectivo u otros activos como garantía. Los porcentajes máximos y previstos de los activos de cada subfondo que pueden estar sujetos a operaciones de préstamo y empréstito de valores en condiciones normales se incluyen en la tabla “USO DE OPERACIONES DE FINANCIACIÓN DE VALORES Y PERMUTAS DE RENTABILIDAD TOTAL” en relación con cada subfondo. | | - optimise its cash management; or
- reduce transaction costs or allowing exposure in the case of illiquid securities or securities which are unavailable for market or regulatory reasons; or
- assist in achieving its investment objective and dealing with some equity local market specificities (market access, liquidity, local tax) and for reasons such as generating efficiencies in gaining exposure to the constituents of the financial index or to the financial index itself; or
- hedging against foreign exchange rate risk.
| The sub-fund may employ techniques and instruments relating to transferable securities and money market instruments, such as securities lending or borrowing, provided that such techniques and instruments are used for the purposes of efficient portfolio management, in accordance with the “Sub-Fund Description”. The use of such techniques and instruments should not result in a change of the declared investment objective of any sub-fund or substantially increase the stated risk profile of the sub-fund. In order to limit the exposure of a sub-fund to the risk of default of the counterparty under a repurchase agreement, the sub-fund will receive cash or other assets as collateral. Each sub-fund’s maximum and expected proportions of the sub-fund’s assets that can be subject to securities lending or borrowing transactions under normal circumstances is defined in the table “USE OF SECURITIES FINANCING TRANSACTIONS AND TOTAL RETURN SWAPS” for each sub-fund. | | en | es |
DOLFIN9728 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| DOCUMENT D’INFORMATIONS CLES Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. |
| --- |
| PRODUIT | | | | |
| Produit : | The Cheyne Dynamic Credit Fund (UCITS) - CLASS I1 (US$) | ISIN | IE0005XASCR1 |
| Initiateur : | Cheyne Capital SMC Limited | | | |
| Site internet : | www.cheynecapital.com | Contact : | +44 (0)20 7968 7450 | |
| Autorité compétente : | Cheyne Capital SMC Limited est agréée en Irlande et réglementée par la Banque centrale d’Irlande. |
| Domicile : | Irlande | | | |
| Le présent document est exact au : 01 janvier 2023. |
| Vous êtes sur le point d'acheter un produit qui n'est pas simple et qui peut être difficile à comprendre. |
| EN QUOI CONSISTE CE PRODUIT ? |
| Type : | | | | |
| Le Fonds est un compartiment de Cheyne Select UCITS Fund plc (la « Société »), une société d'investissement de type ouvert appliquant le principe de ségrégation des passifs entre les compartiments. Cela signifie que les actifs du Fonds, y compris votre investissement, ne peuvent pas être utilisés pour honorer les passifs d'autres compartiments de la Société. |
| Durée : Ce produit ne présente pas d'échéance fixe. |
| Objectifs : | | | | |
| L’objectif d’investissement du Fonds est l’obtention de taux de rendement globaux positifs, peu corrélés aux conditions générales du marché, notamment les niveaux de taux d’intérêt et les défauts de paiement des sociétés. Il ne saurait être assuré que le Fonds satisfera à son objectif d’investissement. Le Fonds cherche à atteindre son objectif d’investissement principalement par la mise en œuvre d’une stratégie d’investissement (détaillée ci-après) qui parvient à une exposition longue et/ou courte synthétique au risque de crédit aux entreprises mondial par le biais d’investissements dans des instruments et instruments financiers dérivés (« IFD ») énumérés ci-après, mais aussi en s’assurant un haut degré de couverture. Les positions courtes ne peuvent être prises que par le biais d’IFD. Les positions longues peuvent être détenues par le biais d’une combinaison d’achat direct de titres et/ou d’IFD. L’utilisation des IFD par le Fonds est explicitée dans la section intitulée « Plus de détails sur l’utilisation des instruments financiers dérivés » ci-après. L’effet de levier brut du Fonds, calculé sur la base des valeurs notionnelles des instruments dérivés, ne dépasse généralement pas 1500 % de la Valeur nette d’inventaire du Fonds. Dans des conditions de marché normales, l’effet de levier devrait se situer entre 800 % et 1300 % de la Valeur nette d’inventaire du Fonds. Le Fonds peut investir directement dans des instruments de crédit aux entreprises individuels afin d’obtenir l’exposition souhaitée aux marchés mondiaux du crédit. Ces instruments de crédit aux entreprises comprennent les obligations d’entreprises (qui peuvent être à taux fixe et/ou variable), les billets et débentures. Le Fonds peut également investir indirectement dans des instruments de crédit d’entreprise « long and short » par le biais d’investissements dans des Credit Default Swaps, des CDS Index Swaps, des indices, des tranches, des options sur des CDS Index Swaps, des swaps d’actions (y compris, à titre d’exemple, des swaps sur ETF qui investissent dans des actifs de crédit tels que des obligations d’entreprises) et des Total Return Swaps. Le Fonds conclura des opérations de couverture par le biais d’IFD afin de viser des opportunités de risque/rendement attrayantes et de limiter, sans toutefois l’éliminer, le risque directionnel du marché. En outre, certains investissements peuvent être libellés dans des devises autres que le dollar américain (la devise de référence du Fonds). Le Gestionnaire d’investissement peut, sans y être tenu, couvrir l’exposition au risque de change du Fonds à des devises autres que la devise de référence du Fonds par le biais de certains IFD afin de réduire l’exposition aux fluctuations de change. L’utilisation des IFD par le Fonds à des fins de couverture est explicitée à la section intitulée « Plus de détails sur l’utilisation des instruments financiers dérivés » ci-dessous. Les revenus obtenus par le Fonds (après déduction des frais) ne seront pas distribués aux investisseurs mais ils seront accumulés dans la VNI du Fonds. Les investisseurs peuvent acheter des actions ou demander leur rachat chaque jour durant lequel les banques sont ouvertes à Londres (« Jours ouvrables »), avec un délai de préavis d’un (1) Jour ouvrable pour l’achat et de trois (3) Jours ouvrables pour les rachats. Pour obtenir des informations complètes sur les objectifs et la politique d’investissement, ainsi que sur les politiques de souscription et de rachat, veuillez vous reporter au supplément du Fonds. |
| Investisseurs de détail visés : |
| Le Fonds s'adresse aux investisseurs de détail ayant des connaissances moyennes des instruments financiers sous-jacents ainsi qu'une certaine expérience du secteur financier. Le Fonds convient aux investisseurs à même de supporter des pertes en capital et qui n'ont pas besoin d'une garantie de capital. Le Fonds convient aux clients qui entendent conserver leur investissement pendant au moins deux (2) ans. | | | DOCUMENTO DE DATOS FUNDAMENTALES Finalidad Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos. |
| --- |
| PRODUCTO | | | | |
| Producto: | The Cheyne Dynamic Credit Fund (UCITS) - CLASS I1 (US$) | ISIN | IE0005XASCR1 |
| Productor: | Cheyne Capital SMC Limited | | | |
| Sitio web: | www.cheynecapital.com | Contacto: | +44 (0)20 7968 7450 | |
| Autoridad competente: | Cheyne Capital SMC Limited está autorizada en Irlanda y regulada por el Banco Central de Irlanda. |
| Domicilio: | Irlanda | | | |
| Este documento es exacto a 01 enero 2023. |
| Está a punto de adquirir un producto que no es sencillo y que puede ser difícil de comprender. |
| ¿QUÉ ES ESTE PRODUCTO? |
| Tipo: | | | | |
| El Fondo es un subfondo de Cheyne Select UCITS Fund plc (la «Sociedad»), una sociedad de inversión de tipo abierto con responsabilidad segregada entre los subfondos. Esto significa que los activos del Fondo, incluida su inversión, no podrán utilizarse para atender los pasivos de otros subfondos de la Sociedad. |
| Plazo: Este producto no está sujeto a un plazo fijo. |
| Objetivos: | | | | |
| El objetivo de inversión del Fondo es tratar de generar una rentabilidad total positiva que tenga poca correlación con las condiciones generales del mercado, incluidos los niveles de los tipos de interés y los incumplimientos por parte de las empresas. No se puede garantizar que el Fondo alcance su objetivo de inversión. El Fondo trata de alcanzar su objetivo de inversión principalmente a través de la aplicación de una estrategia de inversión (que se detalla más adelante) que obtiene una exposición larga o corta sintética al riesgo crediticio corporativo global. Dicha exposición se consigue mediante la inversión en los instrumentos y los instrumentos financieros derivados (IFD) que se enumeran a continuación, además de mediante un alto grado de cobertura. Las posiciones cortas solo pueden obtenerse a través de IED. Las posiciones largas pueden mantenerse mediante una combinación de compra directa de valores o IED. El uso de IFD por parte del Fondo se describe con más detalle en el apartado titulado «Más información sobre el uso de los instrumentos financieros derivados» que figura a continuación. El apalancamiento bruto del Fondo, calculado sobre la base de los valores nocionales de los derivados, por lo general no superará el 1500 % del valor liquidativo del Fondo. En condiciones normales de mercado, se espera que el apalancamiento oscile entre el 800 % y el 1300 % del valor liquidativo del Fondo. El Fondo podrá invertir directamente en instrumentos individuales de crédito corporativo para obtener la exposición deseada a los mercados de crédito globales. Dichos instrumentos de crédito corporativo incluyen bonos empresariales (que pueden ser de tipo fijo o variable), pagarés y obligaciones. El Fondo también podrá invertir indirectamente, tanto en posiciones largas como cortas, en instrumentos de crédito corporativo mediante la inversión en permutas de incumplimiento crediticio (CDS), permutas de índices de CDS, índices, instrumentos financieros que se pueden dividir en tramos, opciones sobre permutas de índices de CDS, permutas de renta variable (incluidas, entre otros, las permutas sobre fondos cotizados que invierten en activos de crédito como los bonos corporativos) y permutas de rentabilidad total. El Fondo realizará operaciones de cobertura a través de los IFD con el fin de buscar oportunidades de riesgo/rentabilidad más atractivas y de limitar, aunque no eliminar, el riesgo direccional del mercado. Además, algunas inversiones podrán estar denominadas en divisas distintas del dólar estadounidense (la Divisa Base del Fondo). Aunque no está obligado a hacerlo, el Gestor de inversiones podrá cubrir dicha exposición del Fondo a divisas distintas de la Divisa Base del Fondo mediante el uso de determinados IFD con el fin de reducir la exposición a las fluctuaciones de divisas. El uso de IFD por parte del Fondo con fines de cobertura se describe con más detalle en el apartado titulado «Más información sobre el uso de los instrumentos financieros derivados» que figura a continuación. No se distribuirán los ingresos obtenidos por el Fondo (menos los gastos) a los inversores, sino que se acumularán en el VL del Fondo. Los inversores pueden comprar o reembolsar acciones cada día en el que los bancos estén abiertos al público en Londres («Días hábiles»), con aviso previo de compra de un (1) Día hábil y aviso previo de tres (3) Días hábiles para reembolsos. Para obtener información detallada del objetivo y la política de inversión, así como de las políticas de suscripción y reembolso, consulte el suplemento del Fondo. |
| Inversor minorista al que va dirigido: |
| El Fondo resulta adecuado para inversores minoristas con conocimientos medios sobre los instrumentos financieros subyacentes y una cierta experiencia en el sector financiero. El Fondo es compatible con inversores que puedan soportar pérdidas de capital y que no necesiten ninguna garantía de capital. El Fondo es compatible con clientes que deseen mantener su inversión durante un período mínimo de dos (2) años. | | | DOCUMENT D’INFORMATIONS CLES Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. |
| --- |
| PRODUIT | | | | |
| Produit : | The Cheyne Dynamic Credit Fund (UCITS) - CLASS I1 (US$) | ISIN | IE0005XASCR1 |
| Initiateur : | Cheyne Capital SMC Limited | | | |
| Site internet : | www.cheynecapital.com | Contact : | +44 (0)20 7968 7450 | |
| Autorité compétente : | Cheyne Capital SMC Limited est agréée en Irlande et réglementée par la Banque centrale d’Irlande. |
| Domicile : | Irlande | | | |
| Le présent document est exact au : 01 janvier 2023. |
| Vous êtes sur le point d'acheter un produit qui n'est pas simple et qui peut être difficile à comprendre. |
| EN QUOI CONSISTE CE PRODUIT ? |
| Type : | | | | |
| Le Fonds est un compartiment de Cheyne Select UCITS Fund plc (la « Société »), une société d'investissement de type ouvert appliquant le principe de ségrégation des passifs entre les compartiments. Cela signifie que les actifs du Fonds, y compris votre investissement, ne peuvent pas être utilisés pour honorer les passifs d'autres compartiments de la Société. |
| Durée : Ce produit ne présente pas d'échéance fixe. |
| Objectifs : | | | | |
| L’objectif d’investissement du Fonds est l’obtention de taux de rendement globaux positifs, peu corrélés aux conditions générales du marché, notamment les niveaux de taux d’intérêt et les défauts de paiement des sociétés. Il ne saurait être assuré que le Fonds satisfera à son objectif d’investissement. Le Fonds cherche à atteindre son objectif d’investissement principalement par la mise en œuvre d’une stratégie d’investissement (détaillée ci-après) qui parvient à une exposition longue et/ou courte synthétique au risque de crédit aux entreprises mondial par le biais d’investissements dans des instruments et instruments financiers dérivés (« IFD ») énumérés ci-après, mais aussi en s’assurant un haut degré de couverture. Les positions courtes ne peuvent être prises que par le biais d’IFD. Les positions longues peuvent être détenues par le biais d’une combinaison d’achat direct de titres et/ou d’IFD. L’utilisation des IFD par le Fonds est explicitée dans la section intitulée « Plus de détails sur l’utilisation des instruments financiers dérivés » ci-après. L’effet de levier brut du Fonds, calculé sur la base des valeurs notionnelles des instruments dérivés, ne dépasse généralement pas 1500 % de la Valeur nette d’inventaire du Fonds. Dans des conditions de marché normales, l’effet de levier devrait se situer entre 800 % et 1300 % de la Valeur nette d’inventaire du Fonds. Le Fonds peut investir directement dans des instruments de crédit aux entreprises individuels afin d’obtenir l’exposition souhaitée aux marchés mondiaux du crédit. Ces instruments de crédit aux entreprises comprennent les obligations d’entreprises (qui peuvent être à taux fixe et/ou variable), les billets et débentures. Le Fonds peut également investir indirectement dans des instruments de crédit d’entreprise « long and short » par le biais d’investissements dans des Credit Default Swaps, des CDS Index Swaps, des indices, des tranches, des options sur des CDS Index Swaps, des swaps d’actions (y compris, à titre d’exemple, des swaps sur ETF qui investissent dans des actifs de crédit tels que des obligations d’entreprises) et des Total Return Swaps. Le Fonds conclura des opérations de couverture par le biais d’IFD afin de viser des opportunités de risque/rendement attrayantes et de limiter, sans toutefois l’éliminer, le risque directionnel du marché. En outre, certains investissements peuvent être libellés dans des devises autres que le dollar américain (la devise de référence du Fonds). Le Gestionnaire d’investissement peut, sans y être tenu, couvrir l’exposition au risque de change du Fonds à des devises autres que la devise de référence du Fonds par le biais de certains IFD afin de réduire l’exposition aux fluctuations de change. L’utilisation des IFD par le Fonds à des fins de couverture est explicitée à la section intitulée « Plus de détails sur l’utilisation des instruments financiers dérivés » ci-dessous. Les revenus obtenus par le Fonds (après déduction des frais) ne seront pas distribués aux investisseurs mais ils seront accumulés dans la VNI du Fonds. Les investisseurs peuvent acheter des actions ou demander leur rachat chaque jour durant lequel les banques sont ouvertes à Londres (« Jours ouvrables »), avec un délai de préavis d’un (1) Jour ouvrable pour l’achat et de trois (3) Jours ouvrables pour les rachats. Pour obtenir des informations complètes sur les objectifs et la politique d’investissement, ainsi que sur les politiques de souscription et de rachat, veuillez vous reporter au supplément du Fonds. |
| Investisseurs de détail visés : |
| Le Fonds s'adresse aux investisseurs de détail ayant des connaissances moyennes des instruments financiers sous-jacents ainsi qu'une certaine expérience du secteur financier. Le Fonds convient aux investisseurs à même de supporter des pertes en capital et qui n'ont pas besoin d'une garantie de capital. Le Fonds convient aux clients qui entendent conserver leur investissement pendant au moins deux (2) ans. | | fr | es |
DOLFIN9729 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
Past performance is available for 2 years at https://www.hermes-investment.com/ie/en/professional/fund/federated-hermes-global- equity-esg-fund-class-l2-eur-distributing-portfolio-hedged-IE00BL0BND35 along with previous performance scenarios.
### The Fund is a sub-fund of Federated Hermes Investment Funds PLC (the "Company"), an umbrella fund with segregated liability between sub-funds.
The Administrator is Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland. Tel (+ 353) 1 434 5002 / Fax (+ 353) 1 531 8595. | # Altre informazioni pertinenti
Le performance passate sono disponibili per 2 anni all’indirizzo https://www.hermes- investment.com/ie/en/professional/fund/federated-hermes-global-equity-esg-fund-class-l2-eur-distributing-portfolio-hedged- IE00BL0BND35 insieme agli scenari di performance precedenti.
### Il Fondo è un comparto di Federated Hermes Investment Funds PLC (la “Società”), un fondo multicomparto con separazione patrimoniale tra i comparti che lo costituiscono.
L’Agente amministrativo è Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Irlanda. Tel (+ 353) 1 434 5002 / Fax (+ 353) 1 531 8595. | # Other relevant information
Past performance is available for 2 years at https://www.hermes-investment.com/ie/en/professional/fund/federated-hermes-global- equity-esg-fund-class-l2-eur-distributing-portfolio-hedged-IE00BL0BND35 along with previous performance scenarios.
### The Fund is a sub-fund of Federated Hermes Investment Funds PLC (the "Company"), an umbrella fund with segregated liability between sub-funds.
The Administrator is Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland. Tel (+ 353) 1 434 5002 / Fax (+ 353) 1 531 8595. | en | it |
DOLFIN9730 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Objective: capital growth over the long term by investing in shares (i.e. equities) and similar investments of companies listed, traded or dealt in on a regulated market in emerging markets worldwide and companies that have a predominant proportion of their assets or business operations in these emerging market countries.
Policy: in seeking to achieve its investment objective, the fund aims to deliver a return, net of fees, greater than that of the MSCI EM (Emerging Markets) Index with net dividends re-invested over rolling 3 year periods. The Fund will typically invest at least 80% in company shares and similar investments. Companies may be of all sizes and in any industry (e.g. pharmaceuticals, finance, etc). The Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect scheme.
## The Fund will typically invest in the shares of fewer than 50 companies.
The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Focus Fund include the promotion of the transition to a low carbon economy and the pursuit of a positive stakeholder agenda.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.
## Portfolio transaction costs are paid out of the assets of the Fund in addition to the charges set out below, and may have an impact on the performance of the Fund.
## Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
## Treatment of income: as shares in this class are accumulation shares, income from investments will be reinvested into the Fund and reflected in the value of the shares.
Dealing: you can buy and sell shares on business days (excluding Saturdays, Sundays and public holidays) where retail banks are open for business in Dublin and London and the New York Stock Exchange is open for business in New York. | # Objetivo y política de inversión
Objetivo: revalorización del capital a largo plazo invirtiendo en acciones (renta variable) y títulos similares de empresas que coticen o se negocien en un mercado regulado de mercados emergentes de todo el mundo y de empresas que tengan una parte sustancial de sus activos o que desarrollen una parte sustancial de su actividad comercial en dichos mercados emergentes.
Política: para alcanzar su objetivo de inversión, el Fondo trata de proporcionar una rentabilidad después de comisiones superior a la del MSCI EM (Emerging Markets) Index, con dividendos netos reinvertidos en periodos rotatorios de tres años. El Fondo invertirá normalmente al menos el 80% en acciones de empresas e instrumentos similares. Las empresas podrán ser de todos los tamaños y pertenecer a cualquier sector (farmacéutico, financiero, etc.). El Fondo puede invertir hasta el 20% en acciones de Clase A chinas a través del sistema China-Hong Kong Stock Connect.
## El Fondo invertirá normalmente en las acciones de menos de 50 empresas.
El Fondo podrá emplear derivados (es decir, contratos financieros cuyo valor está vinculado a los movimientos de precios previstos de un activo subyacente) a fin de generar rentabilidad y/o reducir los costes y/o riesgos generales del Fondo.
El Fondo se gestiona de forma activa. La construcción de la cartera se realiza a partir del análisis de las perspectivas futuras de la empresa, en el contexto del entorno económico, para encontrar oportunidades de inversión con precios atractivos.
El Fondo promueve las características medioambientales y sociales de forma continua de conformidad con el artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. Las características medioambientales y sociales seleccionadas por Jupiter Global Emerging Markets Focus Fund incluyen la transición a una economía con bajas emisiones de carbono y el desarrollo de una agenda positiva de los grupos de interés.
El Índice es una representación amplia del universo de inversión del Fondo. Aunque una gran proporción de las inversiones del Fondo pueden formar parte del Índice, el Fondo puede desviarse considerablemente de este.
## Los costes de transacción de la cartera se pagan con cargo a los activos del Fondo, además de los gastos estipulados abajo, y pueden incidir en la rentabilidad del Fondo.
## Recomendación: el Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 5 años.
## Tratamiento de los ingresos: dado que las acciones de esta clase son de acumulación, los ingresos obtenidos de las inversiones se reinvertirán en el Fondo y se reflejarán en el valor de las acciones.
Negociación: usted puede comprar y vender acciones los días hábiles (excepto sábados, domingos y festivos) en los que los bancos estén abiertos a operaciones en Dublín y Londres y en que la Bolsa de Valores de Nueva York esté abierta a operaciones en Nueva York. | # Objectives and Investment Policy
Objective: capital growth over the long term by investing in shares (i.e. equities) and similar investments of companies listed, traded or dealt in on a regulated market in emerging markets worldwide and companies that have a predominant proportion of their assets or business operations in these emerging market countries.
Policy: in seeking to achieve its investment objective, the fund aims to deliver a return, net of fees, greater than that of the MSCI EM (Emerging Markets) Index with net dividends re-invested over rolling 3 year periods. The Fund will typically invest at least 80% in company shares and similar investments. Companies may be of all sizes and in any industry (e.g. pharmaceuticals, finance, etc). The Fund may invest up to 20% in China A-Shares through the China-Hong Kong Stock Connect scheme.
## The Fund will typically invest in the shares of fewer than 50 companies.
The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Focus Fund include the promotion of the transition to a low carbon economy and the pursuit of a positive stakeholder agenda.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.
## Portfolio transaction costs are paid out of the assets of the Fund in addition to the charges set out below, and may have an impact on the performance of the Fund.
## Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
## Treatment of income: as shares in this class are accumulation shares, income from investments will be reinvested into the Fund and reflected in the value of the shares.
Dealing: you can buy and sell shares on business days (excluding Saturdays, Sundays and public holidays) where retail banks are open for business in Dublin and London and the New York Stock Exchange is open for business in New York. | en | es |
DOLFIN9731 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Russia is a federation composed of republics, regions, areas, cities of federal importance, autonomous districts and one autonomous region. The delineation of authority among the constituent entities of the Russian Federation and federal governmental authorities is subject to change from time to time. This process exists alongside the structure of Presidential representatives in the regions. The lack of consensus between local and regional authorities and the federal governmental authorities often result in the enactment of conflicting legislation at various levels, and may result in political instability and legal uncertainty. It may lead to negative economic effects on the Fund, which could have a material adverse effect on its business, financial conditions or ability to fulfil its investment objective.
In addition, ethnic, religious, and other social divisions periodically give rise to tensions and, in certain cases armed conflicts. In Chechnya, Russian armed forces have conducted anti-terrorist operations for a number of years, and some of them still remain there to keep law and order. Any escalation of violence may entail grave political consequences, which may adversely impact the investment climate in the Russian Federation.
- Economic RisksSimultaneously with the enactment of political reforms, the Russian Government has been attempting to implement policies of economic reform and stabilisation. These policies have involved liberalising prices, reducing defence expenditures and subsidies, privatising state-owned enterprises, reforming the tax and bankruptcy systems and introducing legal structures designed to facilitate private, market-based activities, foreign trade and investment. | La Russia è una federazione composta da repubbliche, regioni, aree, città di rilevanza federale, distretti autonomi e una regione autonoma. La definizione dell'autorità tra le entità che compongono la Federazione russa e le autorità governative federali è di volta in volta soggetta a variazioni. Tale processo va di pari passo alla struttura dei rappresentanti presidenziali nelle regioni. L'assenza di consenso tra le autorità locali e regionali e le autorità governative federali comporta spesso l'attuazione di legislazioni conflittuali a vari livelli, e può comportare instabilità politica e incertezza a livello legale. Questa potrebbe comportare effetti economici negativi per il Fondo che
potrebbe risentirne negativamente dal punto di vista commerciale, finanziario o della capacità di adempiere al proprio obiettivo d'investimento.
Inoltre, divisioni etniche, religiose e sociali danno periodicamente luogo a tensioni e, in taluni casi, a conflitti armati. In Cecenia le forze armate russe hanno svolto operazioni anti-terroristiche per anni, e alcune di queste sono ancora in essere al fine di mantenere la calma e l'ordine. Eventuali ondate di violenza potrebbero comportare gravi conseguenze politiche, che potrebbero influire negativamente sul clima degli investimenti nella Federazione russa.
- Rischi economiciContemporaneamente all'attuazione delle riforme politiche, il Governo russo ha tentato di implementare politiche di riforma economica e stabilizzazione. Tali politiche hanno coinvolto la liberalizzazione dei prezzi, la riduzione delle spese e dei sussidi alla difesa, la privatizzazione delle società di proprietà statale, la riforma dei sistemi fiscali e relativi al fallimento e l'introduzione di strutture legali volte a favorire attività private basate sul mercato, di commercio con l'estero e d'investimento. | Russia is a federation composed of republics, regions, areas, cities of federal importance, autonomous districts and one autonomous region. The delineation of authority among the constituent entities of the Russian Federation and federal governmental authorities is subject to change from time to time. This process exists alongside the structure of Presidential representatives in the regions. The lack of consensus between local and regional authorities and the federal governmental authorities often result in the enactment of conflicting legislation at various levels, and may result in political instability and legal uncertainty. It may lead to negative economic effects on the Fund, which could have a material adverse effect on its business, financial conditions or ability to fulfil its investment objective.
In addition, ethnic, religious, and other social divisions periodically give rise to tensions and, in certain cases armed conflicts. In Chechnya, Russian armed forces have conducted anti-terrorist operations for a number of years, and some of them still remain there to keep law and order. Any escalation of violence may entail grave political consequences, which may adversely impact the investment climate in the Russian Federation.
- Economic RisksSimultaneously with the enactment of political reforms, the Russian Government has been attempting to implement policies of economic reform and stabilisation. These policies have involved liberalising prices, reducing defence expenditures and subsidies, privatising state-owned enterprises, reforming the tax and bankruptcy systems and introducing legal structures designed to facilitate private, market-based activities, foreign trade and investment. | en | it |
DOLFIN9732 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Key Investor Information
AMUNDI ETF DAX UCITS ETF DR
This document provides you with key investor information about this UCITS (the "Fund"). It is not a marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest.
ISIN code: (C/D) FR0010655712
This Fund is managed by Amundi Asset Management, an Amundi company
Objectives and Investment Policy
Classification by the French Market Regulator (AMF): Eurozone equities.
By subscribing to AMUNDI ETF DAX UCITS ETF DR, you are investing in a UCITS that is managed passively, the objective of which is to track, as closely as possible, the performance of the DAX NET RETURN Index (“the Index”), whether the Index rises or falls. The target for maximum tracking error between changes in the Fund’s NAV and that of the Index is 2%.
The euro-denominated Index, net dividends reinvested (dividends net of tax paid by the equities that make up the index are included in the calculation of the index), is published by Deutsche Börse and calculated by STOXX.
The equities in the DAX Index are leading securities traded in the German markets. These are the 40 largest market caps on the Frankfurt Stock Exchange.
More information about the composition of the index and its operating rules are available in the prospectus and at www.dax-indices.com. The Index is available via Reuters (.GDAXIN) and Bloomberg (DAXNR).
To replicate the DAX NET RETURN Index, the Management Company applies “index-linked” management, using the direct replication method, which consists of investing in the financial securities that make up the DAX NET RETURN Index in proportions very close to those of the Index.
Forward financial instruments may be used for hedging and/or exposure purposes.
Through the Portfolio, you will be permanently invested at a level of at least 75% in stocks eligible for the Plan d’Epargne en Actions (PEA, tax wrapper reserved to residents in France).
he Fund's net profit and net realised capital gains are reinvested or redistributed each year at the discretion of the Management Company.
You may resell your units during the trading hours of the various stock exchanges, provided that the Market Makers can maintain market liquidity. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
Risk and reward profile
Lower risk Higher risk
typically lower rewards typically higher rewards | Informations clés pour l'investisseur
AMUNDI ETF DAX UCITS ETF DR
Ce document fournit des informations essentielles aux investisseurs de cet OPCVM (le "Fonds"). Il ne s’agit pas d’un document promotionnel. Les informations qu’il contient vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste un investissement dans cet OPCVM et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d’investir ou non.
Code ISIN : (C/D) FR0010655712
Ce fonds est géré par Amundi Asset Management, société d'Amundi
Objectifs et politique d'investissement
Classification AMF (Autorité des Marchés Financiers) : Actions de pays de la zone euro.
En souscrivant à AMUNDI ETF DAX UCITS ETF DR vous investissez dans un OPCVM de gestion passive dont l'objectif est de répliquer le plus fidèlement possible la performance de l’indice DAX NET RETURN (« l’Indice ») quelle que soit son évolution, positive ou négative. L’objectif d’écart de suivi maximal entre l’évolution de la valeur liquidative du fonds et celle de l’Indice est de 2%.
L’Indice, dividendes nets réinvestis (les dividendes nets de fiscalité versés par les actions composant l’indice sont intégrés dans le calcul de l’indice), libellé en euro, est publié par Deutsche Boerse et calculé par STOXX.
Les actions entrant dans la composition de l’Indice DAX sont issues de l’univers des valeurs les plus importantes du marché allemand. Il s'agit des 40 capitalisations boursières les plus importantes de la bourse de Francfort.
Plus d’informations concernant la composition et les règles de fonctionnement de l’Indice sont disponibles dans le prospectus et sur www.dax-indices.com.
L’Indice est disponible via Reuters (.GDAXIN) et Bloomberg (DAXNR).
Pour répliquer l'Indice DAX NET RETURN, la Société de Gestion applique une gestion de type "indicielle" selon la méthode de la réplication directe qui consiste à investir dans les titres financiers entrant dans la composition de l'Indice DAX NET RETURN dans des proportions extrêmement proches de celles de l'indice.
Des instruments financiers à terme peuvent être utilisés à titre de couverture et /ou d’exposition.
Vous serez en permanence investi, via le Panier, au minimum à 75% en titres éligibles au Plan d’Epargne en Actions (PEA, Plan d’épargne réservé aux investisseurs français).
Le résultat net et les plus-values nettes réalisées par le fonds sont réinvestis ou redistribués sur décision de la Société de Gestion.
Vous pouvez revendre vos parts pendant les heures d’ouverture des différentes places de cotation sous réserve que les Teneurs de Marché soient en mesure d’animer le marché.
Recommandation : ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant 5 ans.
Profil de risque et de rendement
A risque plus faible, A risque plus élevé,
rendement potentiellement plus faible rendement potentiellement plus élevé | Key Investor Information
AMUNDI ETF DAX UCITS ETF DR
This document provides you with key investor information about this UCITS (the "Fund"). It is not a marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest.
ISIN code: (C/D) FR0010655712
This Fund is managed by Amundi Asset Management, an Amundi company
Objectives and Investment Policy
Classification by the French Market Regulator (AMF): Eurozone equities.
By subscribing to AMUNDI ETF DAX UCITS ETF DR, you are investing in a UCITS that is managed passively, the objective of which is to track, as closely as possible, the performance of the DAX NET RETURN Index (“the Index”), whether the Index rises or falls. The target for maximum tracking error between changes in the Fund’s NAV and that of the Index is 2%.
The euro-denominated Index, net dividends reinvested (dividends net of tax paid by the equities that make up the index are included in the calculation of the index), is published by Deutsche Börse and calculated by STOXX.
The equities in the DAX Index are leading securities traded in the German markets. These are the 40 largest market caps on the Frankfurt Stock Exchange.
More information about the composition of the index and its operating rules are available in the prospectus and at www.dax-indices.com. The Index is available via Reuters (.GDAXIN) and Bloomberg (DAXNR).
To replicate the DAX NET RETURN Index, the Management Company applies “index-linked” management, using the direct replication method, which consists of investing in the financial securities that make up the DAX NET RETURN Index in proportions very close to those of the Index.
Forward financial instruments may be used for hedging and/or exposure purposes.
Through the Portfolio, you will be permanently invested at a level of at least 75% in stocks eligible for the Plan d’Epargne en Actions (PEA, tax wrapper reserved to residents in France).
he Fund's net profit and net realised capital gains are reinvested or redistributed each year at the discretion of the Management Company.
You may resell your units during the trading hours of the various stock exchanges, provided that the Market Makers can maintain market liquidity. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
Risk and reward profile
Lower risk Higher risk
typically lower rewards typically higher rewards | en | fr |
DOLFIN9733 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio Activity
We initiated our position in Supreme Industries, a leader in the plastics industry and a play on agricultural and residential demand. The agricultural sector has been resilient given normal rainfall and a recent correction in PVC prices, and we expect a healthy uptick in pipe demand in the medium term. The real estate market remains on a firm footing as well. We believe Supreme can gain sizeable market share from hereon on the back of newly commercialised capacities and product launches. | # ATTIVITÀ DEL PORTAFOGLIO
Abbiamo aperto una posizione in Supreme Industries, leader nel settore della plastica, che ci consente di esporre il portafoglio alla domanda agricola e residenziale. Il settore agricolo si è dimostrato resiliente grazie alle precipitazioni nella norma e alla recente correzione dei prezzi del PVC, e ci aspettiamo una sana ripresa della domanda di tubazioni nel medio termine. Anche nel mercato immobiliare il quadro fondamentale rimane solido. A nostro avviso, Supreme può incrementare sensibilmente la propria quota di mercato grazie alle nuove capacità di commercializzazione e ai lanci di nuovi prodotti. | # Portfolio Activity
We initiated our position in Supreme Industries, a leader in the plastics industry and a play on agricultural and residential demand. The agricultural sector has been resilient given normal rainfall and a recent correction in PVC prices, and we expect a healthy uptick in pipe demand in the medium term. The real estate market remains on a firm footing as well. We believe Supreme can gain sizeable market share from hereon on the back of newly commercialised capacities and product launches. | en | it |
DOLFIN9734 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Audit criteria
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
The responsibilities imposed upon us by these standards are set out in the section entitled “Responsibilities of the auditors in the auditing of the annual accounts” in this report. | ### Relazione di revisione
Abbiamo effettuato la revisione secondo le norme di esercizio professionali applicabili in Francia. Riteniamo che gli elementi da noi raccolti siano sufficienti e adeguati ad argomentare la nostra opinione.
Le responsabilità che ci spettano in virtù di dette norme sono indicate alla sezione “Responsabilità della Società di revisione in merito alla revisione del bilancio d'esercizio” nella presente relazione. | ### Audit criteria
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
The responsibilities imposed upon us by these standards are set out in the section entitled “Responsibilities of the auditors in the auditing of the annual accounts” in this report. | en | it |
DOLFIN9735 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Past performance
- Past performance is net of all charges except any costs incurred when investors buy or sell the fund.
- How the fund has performed in the past is not a guide to how it will perform in the future.
- Performance is calculated in euros.
- Fund launch date: 19 November 2019.
- Class launch date: 25 November 2019. | # Frühere Wertentwicklung
- Die frühere Wertentwicklung versteht sich abzüglich aller Kosten, mit Ausnahme derer, die beim Kauf oder Verkauf des Fonds durch die Anleger anfallen.
- Aus der bisherigen Wertentwicklung des Fonds darf nicht auf die zukünftige Entwicklung geschlossen werden.
- Die Wertentwicklung wird in Euro berechnet.
- Auflegungsdatum des Fonds: 19. November 2019.
- Auflegungsdatum der Klasse: 25. November 2019. | # Past performance
- Past performance is net of all charges except any costs incurred when investors buy or sell the fund.
- How the fund has performed in the past is not a guide to how it will perform in the future.
- Performance is calculated in euros.
- Fund launch date: 19 November 2019.
- Class launch date: 25 November 2019. | en | de |
DOLFIN9736 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Costs
For the unit classes A (EUR) and MeinPlan A (EUR), the Company shall receive a daily all-in fee of 1.50% p.a. in each case of the pro rata value of the fund’s assets, calculated on the basis of the net asset value, which is determined every trading day. For the P (EUR) unit class, the fund’s daily all-in fee amounts to 1.25% p.a. of the pro rata value of the fund’s assets, calculated on the basis of the net asset value, which is determined every trading day. The Company may, however, charge a lower all-in fee for one or more unit classes.
This all-in fee covers the following fees and expenses which are not charged separately to the fund:
- fee for the management of the fund (fund management, administrative activities),
- fee for the distributors of the fund,
- the depositary fee,
- safe-custody fees in line with current banking practice, including any fees charged in line with current banking practices for the custody of foreign securities abroad,
- costs for the printing and dispatch of the statutory sales documents (annual and semi-annual reports, prospectus, key investor information) intended for the investors,
- costs for the publication of the annual and semi-annual reports, the liquidation report, the subscription and redemption prices, and distributions or accumulated income,
- costs for having the fund audited by the Company’s auditors, including the costs for a certificate stating that all tax data complies with the regulations of German tax law,
- costs for providing information to investors in the fund by means of a durable medium, with the exception of information about fund mergers and with the exception of information about measures related to violations of investment limits or calculation errors when determining the unit value,
- fees, costs and taxes charged in relation to the fund by governmental authorities,
- any costs for having the success of the investment analysed by third parties,
- any costs for the storage, transport and insurance of precious metals. | ## Kosten
Die Gesellschaft erhält für die Anteilklassen A (EUR) und MeinPlan A (EUR) aus dem Fonds jeweils eine tägliche Pauschalvergütung in Höhe von 1,50 % p. a. des anteiligen Wertes des Fonds, errechnet auf Basis des börsentäglich ermittelten Inventarwertes. Für die Anteilklasse P (EUR) beträgt die tägliche Pauschalvergütung des Fonds 1,25 % p.a. des anteiligen Wertes des Fonds, errechnet auf Basis des börsentäglich ermittelten Inventarwertes. Es steht der Gesellschaft frei, in einzelnen oder mehreren Anteilklassen eine niedrigere Pauschalvergütung zu berechnen.
Mit dieser Pauschalvergütung sind folgende Vergütungen und Aufwendungen abgedeckt und werden dem Fonds nicht separat belastet:
- Vergütung für die Verwaltung des Fonds (Fondsmanagement, administrative Tätigkeiten),
- Vergütung für die Vertriebsstellen des Fonds,
- Vergütung für die Verwahrstelle,
- bankübliche Depotgebühren, ggf. einschließlich der banküblichen Kosten für die Verwahrung ausländischer Wertpapiere im Ausland,
- Kosten für den Druck und Versand der für die Anleger bestimmten gesetzlich vorgeschriebenen Verkaufsunterlagen (Jahres- und Halbjahresberichte, Verkaufsprospekt, wesentliche Anlegerinformationen),
- Kosten der Bekanntmachung der Jahres- und Halbjahresberichte sowie des Auflösungsberichts, der Ausgabe- und Rücknahmepreise und der Ausschüttungen bzw. der thesaurierten Erträge,
- Kosten für die Prüfung des Fonds durch den Abschlussprüfer der Gesellschaft, einschließlich der Kosten der Bescheinigung, dass die steuerlichen Angaben nach den Regeln des deutschen Steuerrechts ermittelt wurden,
- Kosten für die Information der Anleger des Fonds mittels einen dauerhaften Datenträgers, mit Ausnahme der Informationen über Fondsverschmelzungen und mit Ausnahme der Informationen über Maßnahmen im Zusammenhang mit Anlagegrenzverletzungen oder Berechnungsfehlern bei der Anteilwertermittlung,
- Gebühren, Kosten und Steuern, die von staatlichen Stellen in Bezug auf den Fonds erhoben werden,
- ggf. Kosten zur Analyse des Anlageerfolgs durch Dritte,
- ggf. Kosten für die Lagerung, den Transport und die Versicherung der Edelmetalle. | ## Costs
For the unit classes A (EUR) and MeinPlan A (EUR), the Company shall receive a daily all-in fee of 1.50% p.a. in each case of the pro rata value of the fund’s assets, calculated on the basis of the net asset value, which is determined every trading day. For the P (EUR) unit class, the fund’s daily all-in fee amounts to 1.25% p.a. of the pro rata value of the fund’s assets, calculated on the basis of the net asset value, which is determined every trading day. The Company may, however, charge a lower all-in fee for one or more unit classes.
This all-in fee covers the following fees and expenses which are not charged separately to the fund:
- fee for the management of the fund (fund management, administrative activities),
- fee for the distributors of the fund,
- the depositary fee,
- safe-custody fees in line with current banking practice, including any fees charged in line with current banking practices for the custody of foreign securities abroad,
- costs for the printing and dispatch of the statutory sales documents (annual and semi-annual reports, prospectus, key investor information) intended for the investors,
- costs for the publication of the annual and semi-annual reports, the liquidation report, the subscription and redemption prices, and distributions or accumulated income,
- costs for having the fund audited by the Company’s auditors, including the costs for a certificate stating that all tax data complies with the regulations of German tax law,
- costs for providing information to investors in the fund by means of a durable medium, with the exception of information about fund mergers and with the exception of information about measures related to violations of investment limits or calculation errors when determining the unit value,
- fees, costs and taxes charged in relation to the fund by governmental authorities,
- any costs for having the success of the investment analysed by third parties,
- any costs for the storage, transport and insurance of precious metals. | en | de |
DOLFIN9737 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as communication services, healthcare and consumer staples. Conversely, the more cyclical sectors such as consumer discretionary and financials benefited from the good state of the market. The Swiss equity market rallied much less strongly than its European counterparts over the month due to the lower weighting of cyclical stocks. Small and mid caps outperformed the 20 largest caps.
AWF Framlington Switzerland slightly outperformed its benchmark over the month. Financials and healthcare stocks contributed most to the good performance, while technology weighed on performance due to the recovery in the Logitech share. In healthcare, the Straumann share and the underweighting in Roche were beneficial. Roche suffered from the failure in phase 3 of trials on its drug Gantenerumab for the treatment of Alzheimer’s. In financials, it was wealth management specialists UBS and Julius Baer that stood out the most, while Zurich Insurance continued to impress with solid results. Richemont profited from the beginnings of a reopening on the Chinese market. Conversely, the fact of not holding Swatch, Schindler and AMS was unfavourable.
During the month we did not realise many movements on the fund, only reducing our position in Straumann slightly and increasing in VAT, Barry Callebaut, and Bucher.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
This year, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average. However, this compression is mainly due to the strong growth of corporate earnings, and marginally to the decline observed on the financial markets. In addition, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas needs – and it is therefore certainly too early to be optimistic. Although changes in interest rates could have less influence on valuation multiples, it is still difficult at this stage to know what will be the scale of downward revisions of company results for 2023; an increase seems unlikely.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers as at 30/11/2022 Editor: AXA Investment Managers Paris | # Relazione del gestore
A novembre i mercati azionari hanno proseguito la loro ascesa; i primi segni di una distensione sul fronte inflazionistico e un deterioramento dei dati macroeconomici statunitensi fanno infatti sperare in aumenti dei tassi di minore entità. Mentre la BCE ha ribadito che, nonostante il rischio di recessione nell'eurozona, la lotta all'inflazione resta la sua priorità, la Fed ha iniziato a evocare un possibile rallentamento del ciclo rialzista. Questa auspicata svolta delle politiche monetarie si è tradotta in un ritorno della propensione al rischio. Inoltre, in Cina la questione di una revoca parziale delle restrizioni sanitarie e di un allentamento della politica zero-Covid ha alimentato l'ottimismo dei mercati, oltre alle misure adottate in favore del settore immobiliare. Questo rinnovato ottimismo e la prospettiva di un innalzamento più contenuto dei tassi hanno penalizzato i settori difensivi come i servizi di comunicazione, la sanità e i consumi di base. Viceversa, i settori più ciclici come i consumi discrezionali e i finanziari hanno sfruttato il pregevole andamento del mercato. Il mercato azionario svizzero ha registrato un rimbalzo molto inferiore rispetto alle controparti europee, a causa del minore peso dei titoli ciclici nella sua composizione. Il mercato delle piccole e medie capitalizzazioni ha sovraperformato quello delle 20 maggiori capitalizzazioni.
Nel mese AWF Framlington Switzerland sovraperforma lievemente il suo indice di riferimento. Da finanza e sanità sono giunti i migliori contributi alla pregevole performance, mentre il settore tecnologico ha pesato in seguito al rimbalzo di Logitech. Nell'ambito del settore sanitario, le azioni di Straumann e la sottoponderazione in Roche sono state vantaggiose. Quest'ultima ha patito l'esito negativo degli studi di fase 3 sul suo farmaco Gantenerumab per il trattamento dell'Alzheimer. Tra i titoli finanziari, gli specialisti della gestione patrimoniale UBS e Julius Baer si sono messi particolarmente in luce, mentre Zurich Insurance ha continuato a stupire con i suoi solidi risultati. Richemont ha beneficiato di un'iniziale riapertura del mercato cinese. Per contro, la mancata detenzione di Swatch, Schindler e AMS è risultata penalizzante.
Nel mese abbiamo effettuato pochissimi movimenti, a parte una leggera riduzione della posizione in Straumann e un rafforzamento di VAT, Barry Callebault e Bucher.
Con l'avvicinarsi della fine dell'anno, i mercati azionari potrebbero restare ben orientati, favoriti dalla prospettiva di un'imminente inversione della stretta monetaria operata dalla Fed.
Quest'anno i multipli di valutazione dei mercati sono diminuiti su livelli inferiori alla loro media di lungo termine, sotto il peso dei tassi in ascesa. Tuttavia, questa compressione è imputabile essenzialmente alla forte crescita degli utili aziendali e in misura minima al calo osservato sui mercati finanziari. Di conseguenza, pur comprendendo il recente rimbalzo, riteniamo che le incertezze siano ancora numerose, nello specifico le condizioni meteorologiche determineranno il fabbisogno di gas, e che sia quindi probabilmente prematuro tornare a essere positivi. Per quanto l'evoluzione dei tassi possa avere un'influenza minore sui multipli di valutazione, è ancora troppo presto per sapere quale sarà l'entità delle revisioni al ribasso dei risultati per il 2023, con un rialzo che sembra poco probabile.
Siamo sempre convinti che sia importante mantenere una buona diversificazione. Restiamo fedeli alla nostra strategia di investimento, concentrandoci su imprese che combinano capacità di rivedere i prezzi, visibilità e/o prospettive di crescita tramite l'esposizione a tematiche di lungo termine e solida struttura finanziaria.
Fonti : AXA Investment Managers al 30/11/2022 Prodotto da : AXA Investment Managers Paris. | # Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as communication services, healthcare and consumer staples. Conversely, the more cyclical sectors such as consumer discretionary and financials benefited from the good state of the market. The Swiss equity market rallied much less strongly than its European counterparts over the month due to the lower weighting of cyclical stocks. Small and mid caps outperformed the 20 largest caps.
AWF Framlington Switzerland slightly outperformed its benchmark over the month. Financials and healthcare stocks contributed most to the good performance, while technology weighed on performance due to the recovery in the Logitech share. In healthcare, the Straumann share and the underweighting in Roche were beneficial. Roche suffered from the failure in phase 3 of trials on its drug Gantenerumab for the treatment of Alzheimer’s. In financials, it was wealth management specialists UBS and Julius Baer that stood out the most, while Zurich Insurance continued to impress with solid results. Richemont profited from the beginnings of a reopening on the Chinese market. Conversely, the fact of not holding Swatch, Schindler and AMS was unfavourable.
During the month we did not realise many movements on the fund, only reducing our position in Straumann slightly and increasing in VAT, Barry Callebaut, and Bucher.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
This year, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average. However, this compression is mainly due to the strong growth of corporate earnings, and marginally to the decline observed on the financial markets. In addition, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas needs – and it is therefore certainly too early to be optimistic. Although changes in interest rates could have less influence on valuation multiples, it is still difficult at this stage to know what will be the scale of downward revisions of company results for 2023; an increase seems unlikely.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers as at 30/11/2022 Editor: AXA Investment Managers Paris | en | it |
DOLFIN9738 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Chaque semaine, l’équipe de gestion se réunit avec l’équipe macroé- conomique pour procéder à une revue complète de l’environnement macro-économique mondial, fondé sur l’analyse de la conjoncture globale, l’évolution des taux d’intérêt et la tolérance au risque des investisseurs.
Cet examen permet à l’équipe d’élaborer une stratégie de placement et de déterminer l’écart en termes de risque de taux d’intérêt, de risque de spread et de risque de change le mieux approprié pour le portefeuille. L’écart ou tracking error est réduit lorsque le rende- ment corrigé du risque est faible et est accru lorsque le rendement corrigé du risque est élevé. D’une manière générale, le tracking error ex-ante est compris entre 150 et 285 points de base.
-
## Analyse par pays | Semanalmente, el equipo de gestión de la cartera se reúne con el equipo de macroeconomistas para llevar a cabo una completa evaluación del entorno global, sobre la base del análisis macroeconómico, las perspec- tivas de los tipos de interés y la tolerancia al riesgo de los inversores.
Este paso ayuda al equipo a desarrollar la estrategia de inversión y a determinar el “tracking error” más apropiado para la cartera en términos del riesgo de tipos de interés, riesgo de diferenciales soberanos y riesgo divisa. El “tracking error” se reduce cuando las oportunidades de rentabilidad ajustadas al riesgo son bajas y se eleva cuando se anticipan oportunidades de elevada rentabilidad ajustadas al riesgo. Por regla general, el “tracking error” esperado oscila entre 150 y 285 puntos básicos.
-
## Análisis por país | Chaque semaine, l’équipe de gestion se réunit avec l’équipe macroé- conomique pour procéder à une revue complète de l’environnement macro-économique mondial, fondé sur l’analyse de la conjoncture globale, l’évolution des taux d’intérêt et la tolérance au risque des investisseurs.
Cet examen permet à l’équipe d’élaborer une stratégie de placement et de déterminer l’écart en termes de risque de taux d’intérêt, de risque de spread et de risque de change le mieux approprié pour le portefeuille. L’écart ou tracking error est réduit lorsque le rende- ment corrigé du risque est faible et est accru lorsque le rendement corrigé du risque est élevé. D’une manière générale, le tracking error ex-ante est compris entre 150 et 285 points de base.
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## Analyse par pays | fr | es |
DOLFIN9739 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Units or shares in open-ended UCIs shall be valued on the basis of their last available Net Asset Value as reported by such UCIs.
- Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner.
- Investments in private equity funds will be valued by reference to the most recent Net Asset Value as reported by the relevant manager as adjusted for subsequent net capital activity.
- A fair value adjustment may be made to the valuations received from the managers of the funds into which a Fund invests in the event of changes affecting underlying holdings. Changes may include, but are not limited to, FX movements, distributions, material changes in the circumstances of underlying companies or significant movements in public markets.
- For Direct investments in private equity, the Company will establish its own estimate of fair value determined in good faith and in accordance with generally accepted valuation principles and procedures, and in particular the International Private Equity and Venture Capital Valuation guidelines (IPEV). The valuation methodology will be based on either (i) a market approach (based on the value of comparable entities, applying a multiple) (ii) an income approach based on the cash generated by the relevant entity (iii) a "milestone", event driven approach, applicable to companies that will not generate income or cash flows for the foreseeable future or (iv) a combination of the aforementioned. Where a direct private equity investment is held alongside a sponsor, the sponsor's valuation will be considered in the valuation process.
- If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Company’s assets, the Directors may fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures.
- Any assets or liabilities in currencies other than the Fund Currency (as defined in Appendix IV) will be converted using the relevant spot rate quoted by a bank or other recognised financial institution.
- The swaps are valued at their fair value based on the underlying assets as well as on the characteristics of the underlying commitments.
- If on any Dealing Day the aggregate transactions in Shares of a Fund result in a net increase or decrease of Shares which exceeds a threshold set by the Directors from time to time for that Fund (relating to the cost of market dealing for that Fund), the Net Asset Value of the Fund will be adjusted by an amount (not exceeding 2% of that Net Asset Value) which reflects both the estimated fiscal charges and dealing costs that may be incurred by the Fund and the estimated bid/offer spread of the assets in which the Fund invests. The adjustment will be an addition when the net movement results in an increase of all Shares of the Fund and a deduction when it results in a decrease. Please see "Dilution" and "Dilution Adjustment" below for more details. | - Les parts ou actions d’OPC de type ouvert seront évaluées sur la base de leur dernière Valeur liquidative disponible telle que communiquée par ces OPC.
- Les actifs liquides et les instruments du marché monétaire peuvent être évalués à leur valeur nominale majorée des intérêts courus ou selon la méthode du coût amorti. Tous les autres avoirs seront, dans la mesure du possible, évalués de la même manière.
- Les investissements dans des fonds de capital- investissement seront évalués en fonction de la dernière Valeur liquidative indiquée par le gestionnaire concerné, ajustée pour tenir compte de l’activité de capital net ultérieure.
- Un ajustement à la juste valeur peut être apporté aux évaluations reçues des gestionnaires des fonds dans lesquels un Compartiment investit en cas de changement ayant une incidence sur les participations sous-jacentes. Les changements peuvent inclure notamment les fluctuations des taux de change, les distributions, les changements importants dans la situation des sociétés sous- jacentes ou les mouvements importants sur les marchés publics.
- Pour les investissements directs en capital- investissement, la Société établira sa propre estimation de la juste valeur, déterminée de bonne foi et conformément aux principes et procédures d’évaluation généralement admis, et en particulier aux International Private Equity and Venture Capital Valuation Guidelines (IPEV). La méthode d’évaluation reposera sur (i) une approche axée sur le marché (basée sur la valeur d’entités comparables, en appliquant un multiple), (ii) une approche axée sur les revenus basée sur les flux de trésorerie générés par l’entité concernée, (iii) une approche axée sur les événements ou les étapes clés, applicable aux entreprises qui ne généreront pas de revenus ou de flux de trésorerie dans un avenir prévisible, ou (iv) une combinaison de ce qui précède. Lorsqu’un placement direct en capital-investissement est détenu aux côtés d’un promoteur, l’évaluation du promoteur sera prise en compte dans le processus d’évaluation.
- Si l’un des principes d’évaluation précités ne reflète pas la méthode d’évaluation communément utilisée sur des marchés spécifiques ou ne semble pas suffisamment précis pour déterminer la valeur des actifs de la Société, les Administrateurs peuvent, de bonne foi et conformément aux principes et méthodes d’évaluation généralement admis, fixer des principes d’évaluation différents.
- Les éléments d’actif ou de passif libellés dans des devises autres que la Devise du Compartiment (telle que définie en Annexe IV) seront convertis en appliquant le taux de change au comptant publié par une banque ou un autre établissement financier reconnu.
- Les swaps sont évalués à leur juste valeur sur la base des actifs sous-jacents en tenant compte des caractéristiques des engagements sous-jacents.
- Si lors d’un Jour de transaction, les transactions cumulées en Actions d’un Compartiment entraînent une augmentation ou diminution nette des Actions au-delà d’un seuil défini en tant que de besoin par les Administrateurs pour ce Compartiment (par rapport au coût de négociation sur le marché), la Valeur liquidative du Compartiment sera ajustée d’un montant (qui ne dépassera pas 2 % de cette Valeur liquidative) reflétant à la fois la charge fiscale et les coûts de transaction estimés pouvant être supportés par le Compartiment et l’écart estimé entre cours acheteur/cours vendeur des actifs dans lesquels le Compartiment investit. L’ajustement se traduira par un ajout lorsque la variation nette entraînera une augmentation de toutes les Actions du Compartiment et par une déduction lorsqu’elle entraînera une baisse. Pour de plus amples informations, veuillez consulter les rubriques « Dilution » et« Ajustement dilutif » ci-dessous. | - Units or shares in open-ended UCIs shall be valued on the basis of their last available Net Asset Value as reported by such UCIs.
- Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner.
- Investments in private equity funds will be valued by reference to the most recent Net Asset Value as reported by the relevant manager as adjusted for subsequent net capital activity.
- A fair value adjustment may be made to the valuations received from the managers of the funds into which a Fund invests in the event of changes affecting underlying holdings. Changes may include, but are not limited to, FX movements, distributions, material changes in the circumstances of underlying companies or significant movements in public markets.
- For Direct investments in private equity, the Company will establish its own estimate of fair value determined in good faith and in accordance with generally accepted valuation principles and procedures, and in particular the International Private Equity and Venture Capital Valuation guidelines (IPEV). The valuation methodology will be based on either (i) a market approach (based on the value of comparable entities, applying a multiple) (ii) an income approach based on the cash generated by the relevant entity (iii) a "milestone", event driven approach, applicable to companies that will not generate income or cash flows for the foreseeable future or (iv) a combination of the aforementioned. Where a direct private equity investment is held alongside a sponsor, the sponsor's valuation will be considered in the valuation process.
- If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Company’s assets, the Directors may fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures.
- Any assets or liabilities in currencies other than the Fund Currency (as defined in Appendix IV) will be converted using the relevant spot rate quoted by a bank or other recognised financial institution.
- The swaps are valued at their fair value based on the underlying assets as well as on the characteristics of the underlying commitments.
- If on any Dealing Day the aggregate transactions in Shares of a Fund result in a net increase or decrease of Shares which exceeds a threshold set by the Directors from time to time for that Fund (relating to the cost of market dealing for that Fund), the Net Asset Value of the Fund will be adjusted by an amount (not exceeding 2% of that Net Asset Value) which reflects both the estimated fiscal charges and dealing costs that may be incurred by the Fund and the estimated bid/offer spread of the assets in which the Fund invests. The adjustment will be an addition when the net movement results in an increase of all Shares of the Fund and a deduction when it results in a decrease. Please see "Dilution" and "Dilution Adjustment" below for more details. | en | fr |
DOLFIN9740 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Note 17 - Changes in investments
A copy of the statement of changes in the investments referring to the reporting period is available without any costs:
- at the registered office of the Company
- at the Correspondent Banks in ItalySOCIETE GENERALE SECURITIES SERVICES S.p.a. | ## Nota 17 - Movimenti del portafoglio titoli
Una copia dei movimenti del portafoglio titoli riferendosi al periodo del rendiconto è disponibile gratuitamente presso:
- la sede sociale della Società
- le banche corrispondenti in ItaliaSOCIETE GENERALE SECURITIES SERVICES S.p.a. | ## Note 17 - Changes in investments
A copy of the statement of changes in the investments referring to the reporting period is available without any costs:
- at the registered office of the Company
- at the Correspondent Banks in ItalySOCIETE GENERALE SECURITIES SERVICES S.p.a. | en | it |
DOLFIN9741 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Les actifs du Compartiment sont détenus auprès de son dépositaire, Northern Trust Fiduciary Services (Ireland) Limited.
Burren Global Arbitrage UCITS Fund est un Compartiment de MontLake UCITS Platform ICAV. Les actifs de ce Compartiment sont distincts de ceux des autres Compartiments de MontLake UCITS Platform ICAV. Cela signifie que, en vertu du droit irlandais, les avoirs du Compartiment sont détenus séparément des avoirs des autres Compartiments de MontLake UCITS Platform ICAV.
Vous pouvez échanger sans frais vos actions contre les actions d'un autre Compartiment de MontLake UCITS Platform ICAV.
Le Compartiment est assujetti aux lois et règlementations fiscales d'Irlande. En fonction de votre pays de résidence, cela peut avoir une incidence sur votre investissement. Pour plus de détails, veuillez consulter votre conseiller.
La responsabilité de MontLake UCITS Platform ICAV ne peut être engagée que sur la base des déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de MontLake UCITS Platform ICAV.
Les frais d'entrée/sortie indiqués correspondent au taux maximum. Vous pouvez dans certains cas payer moins que les frais indiqués ; veuillez consulter votre conseiller financier ou votre distributeur pour connaître le montant effectif.
Le montant des frais courants est basé sur les charges des douze mois clôturés en décembre 2020. Ce chiffre peut varier d'un exercice à l'autre. Il ne tient pas compte des coûts de transactions du portefeuille et des commissions de performance.
Pour plus de détails sur les frais et les modes de calcul, veuillez vous référer au prospectus et au supplément du Compartiment, disponibles sur le site Internet www.montlakeucits.com.
Les données sont insuffisantes pour renseigner de manière utile la performance passée de la Catégorie d'actions.
La performance passée tient compte de tous les frais et coûts.
Les performances passées ne sont pas un indicateur fiable des résultats futurs.
Le Compartiment a été créé en 2015.
Cette catégorie d'actions a été lancée le 28 juin 2018. La valeur de la Catégorie d'actions est calculée en USD.
Les informations complémentaires relatives à MontLake UCITS Platform ICAV, les exemplaires de son prospectus et de ses rapports annuels et semestriels, peuvent être obtenus sans frais, en anglais. Veuillez écrire à l'Agent administratif du Compartiment, Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Irlande, ou visiter le site Internet www.montlakeucits.com.
Des informations détaillées concernant la politique de rémunération du Gestionnaire, comprenant entre autres, la description du mode de calcul de la rémunération et des avantages ainsi que l'identité des personnes responsables de l'accord de ces rétributions et avantages, y compris la composition du comité de rémunération, le cas échéant, sont disponibles sur le site Internet www.montlakefunds.com/policies et une copie écrite de ladite politique de rémunération est disponible gratuitement sur demande.
Les autres informations pratiques, dont les derniers cours des actions, sont disponibles auprès du siège du Gestionnaire et de l'Agent administratif durant les heures ouvrées normales et seront publiées chaque jour sur le site Internet www.montlakeucits.com.
Le Gestionnaire et ce Compartiment sont agréés en Irlande et réglementés par le(la) Central Bank of Ireland. Ces informations clés pour l'investisseur sont exactes au 18 février 2021. | # Información práctica
El depositario de los activos del subfondo es Northern Trust Fiduciary Services (Ireland) Limited.
Burren Global Arbitrage UCITS Fund es un subfondo de MontLake UCITS Platform ICAV. Los activos de este subfondo están segregados de otros subfondos de MontLake UCITS Platform ICAV. Esto significa que, de conformidad con la ley irlandesa, las posiciones del Subfondo se mantienen por separado de las de los restantes Subfondos de MontLake UCITS Platform ICAV.
Puede cambiar sus acciones por acciones de otro subfondo de MontLake UCITS Platform ICAV de forma gratuita.
Este subfondo está sujeto a la legislación y las normativas irlandesas. Esto puede tener un impacto en su inversión dependiendo de su país de origen o residencia. Consulte con su asesor para obtener más información.
MontLake UCITS Platform ICAV 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 de MontLake UCITS Platform ICAV.
Los gastos de entrada/salida indicados representan una cifra máxima. Cuando se indican los gastos, es posible que en algunos casos se deba pagar un importe inferior; puede consultar estas cuestiones a su asesor financiero o distribuidor.
La cifra de gastos corrientes se basa en los gastos del período de doce meses finalizado el diciembre de 2020. Esta cifra puede variar de un año a otro. No incluye los costes de transacción de cartera ni comisiones de rentabilidad.
Puede encontrar más información sobre los gastos y cómo están calculados en el folleto y el suplemento del subfondo, que están disponibles en www.montlakeucits.com.
No hay datos suficientes para producir una estimación útil de la rentabilidad histórica de la Clase de acciones.
La rentabilidad histórica tiene en cuenta todos los gastos y costes.
La rentabilidad histórica no es un indicador fiable de los resultados futuros.
El subfondo fue creado en 2015.
Esta clase de acciones se lanzó el 28 de junio de 2018. El valor de la Clase de acciones está calculado en USD.
Se puede obtener más información sobre MontLake UCITS Platform ICAV, así como ejemplares de su folleto y de los informes anuales y semestrales en inglés de forma gratuita. Para ello, diríjase al Administrador del Subfondo, Northern Trust International Fund Administration Services (Ireland) Limited, escribiendo a la dirección Georges Court, 54-62 Townsend Street, Dublín 2, Irlanda, o visite www.montlakeucits.com.
Los detalles de la política remunerativa de la Gestora, incluidas, entre otras cosas, una descripción de la forma en que se calculan la remuneración y los beneficios y la identidad de las personas responsables de determinar la remuneración y los beneficios, con la composición del comité de remuneraciones si lo hay, están disponibles en el sitio web www.montlakefunds.com/policies y puede obtenerse gratuitamente una copia en papel previa petición.
Se puede obtener otra información práctica, incluida la última cotización de las acciones, en el domicilio social de la Gestora y del Administrador durante el horario laboral habitual. Dicha información también se publicará diariamente en el sitio web www.montlakeucits.com.
Tanto la Gestora como este subfondo están autorizados en Irlanda y regulados por el Central Bank of Ireland. Estos datos fundamentales para el inversor son exactos a 18 de febrero de 2021. | # Informations pratiques
Les actifs du Compartiment sont détenus auprès de son dépositaire, Northern Trust Fiduciary Services (Ireland) Limited.
Burren Global Arbitrage UCITS Fund est un Compartiment de MontLake UCITS Platform ICAV. Les actifs de ce Compartiment sont distincts de ceux des autres Compartiments de MontLake UCITS Platform ICAV. Cela signifie que, en vertu du droit irlandais, les avoirs du Compartiment sont détenus séparément des avoirs des autres Compartiments de MontLake UCITS Platform ICAV.
Vous pouvez échanger sans frais vos actions contre les actions d'un autre Compartiment de MontLake UCITS Platform ICAV.
Le Compartiment est assujetti aux lois et règlementations fiscales d'Irlande. En fonction de votre pays de résidence, cela peut avoir une incidence sur votre investissement. Pour plus de détails, veuillez consulter votre conseiller.
La responsabilité de MontLake UCITS Platform ICAV ne peut être engagée que sur la base des déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de MontLake UCITS Platform ICAV.
Les frais d'entrée/sortie indiqués correspondent au taux maximum. Vous pouvez dans certains cas payer moins que les frais indiqués ; veuillez consulter votre conseiller financier ou votre distributeur pour connaître le montant effectif.
Le montant des frais courants est basé sur les charges des douze mois clôturés en décembre 2020. Ce chiffre peut varier d'un exercice à l'autre. Il ne tient pas compte des coûts de transactions du portefeuille et des commissions de performance.
Pour plus de détails sur les frais et les modes de calcul, veuillez vous référer au prospectus et au supplément du Compartiment, disponibles sur le site Internet www.montlakeucits.com.
Les données sont insuffisantes pour renseigner de manière utile la performance passée de la Catégorie d'actions.
La performance passée tient compte de tous les frais et coûts.
Les performances passées ne sont pas un indicateur fiable des résultats futurs.
Le Compartiment a été créé en 2015.
Cette catégorie d'actions a été lancée le 28 juin 2018. La valeur de la Catégorie d'actions est calculée en USD.
Les informations complémentaires relatives à MontLake UCITS Platform ICAV, les exemplaires de son prospectus et de ses rapports annuels et semestriels, peuvent être obtenus sans frais, en anglais. Veuillez écrire à l'Agent administratif du Compartiment, Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Irlande, ou visiter le site Internet www.montlakeucits.com.
Des informations détaillées concernant la politique de rémunération du Gestionnaire, comprenant entre autres, la description du mode de calcul de la rémunération et des avantages ainsi que l'identité des personnes responsables de l'accord de ces rétributions et avantages, y compris la composition du comité de rémunération, le cas échéant, sont disponibles sur le site Internet www.montlakefunds.com/policies et une copie écrite de ladite politique de rémunération est disponible gratuitement sur demande.
Les autres informations pratiques, dont les derniers cours des actions, sont disponibles auprès du siège du Gestionnaire et de l'Agent administratif durant les heures ouvrées normales et seront publiées chaque jour sur le site Internet www.montlakeucits.com.
Le Gestionnaire et ce Compartiment sont agréés en Irlande et réglementés par le(la) Central Bank of Ireland. Ces informations clés pour l'investisseur sont exactes au 18 février 2021. | fr | es |
DOLFIN9742 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### 5 RELATED PARTY TRANSACTIONS
(continued)
The Management Company (on behalf of the SICAV) has delegated certain marketing and/or distribution functions to other Columbia Threadneedle Group entities. The Management Company receives a monthly fee for asset management services at an annual rate detailed in this note, expressed as a percentage of the average daily net assets for each of the Portfolios. The Management Company is responsible for paying sub-distribution fees out of this fee. Some of the sub-advisors are related entities.
As described in Note 8, the Management Company may also receive performance fees with respect to all A, D, I and Z Shares of the Threadneedle (Lux) - American Absolute Alpha Portfolio, with respect to all J and Y Shares of the Threadneedle (Lux) - Global Investment Grade Credit Opportunities Portfolio and with respect to all A, D, I, L and Z Shares of the Threadneedle (Lux) - Pan European Absolute Alpha Portfolio.
All expenses incurred in the operation of the SICAV and defined below (hereafter the “Operating Expenses”, “Asset Management Fee” or “Portfolio Charges”, together, the “Expenses”) are fixed at the rates shown in the tables from page 223 onwards. All expenses are accrued daily based on the Net Asset Value of the relevant Share Class in the relevant Portfolio.
The Operating Expenses include, among other things, taxes, expenses for legal and auditing services, costs of printing proxies, stock certificates, Shareholders’ reports and notices, Prospectuses and Key Investor Information and other promotional expenses, fees and charges of the Depositary and its correspondents, and of the Domiciliary Agent, Administrative Agent, Registrar and Transfer Agent and of any paying agent, expenses of the issue and redemption of Shares, registration fees and expenses in various jurisdictions, listing fees, fees of unaffiliated Directors of the SICAV, expenses of the Directors and officers of the SICAV and the Sub-Advisors relating to attendance at meetings of the Directors and of the Shareholders of the SICAV, translation costs, accounting and pricing costs (including the calculation of Net Asset Value per Share), insurance, litigation and other extraordinary or non-recurring expenses, and all other expenses properly payable by the SICAV. The Operating Expenses also include the service fee payable to the Management Company. The Management Company will bear the excess of any Operating Expenses above the annual rate. Conversely the Management Company will be entitled to retain any amount by which the annual rate of Operating Expenses exceeds the actual expenses incurred by the SICAV.
Furthermore, the Management Company is entitled to receive an asset management fee (the “Asset Management Fee”) as more fully described in the tables from page 223 onwards which are accrued daily and paid monthly. An Asset Management Fee is not payable for X Shares and 4 Shares. For the avoidance of doubt, Operating Expenses do not include either Asset Management Fees or performance fees which are separate and distinct.
The SICAV offers B Shares on the Threadneedle (Lux) - Global Technology Portfolio.
Those B Shares are a legacy Share Class available only for further subscription by existing Shareholders and bear no initial sales charge. | ### 5 OPERACIONES VINCULADAS
(continuación)
La Sociedad Gestora (en nombre de la SICAV) ha delegado ciertas funciones de comercialización y/o distribución a otras entidades del Grupo Columbia Threadneedle. La Sociedad Gestora recibe una comisión mensual por los servicios de gestión de activos a una tasa anual que se detalla en esta nota, expresada como porcentaje del patrimonio neto diario promedio de cada una de las Carteras. La Sociedad Gestora es responsable de pagar las comisiones de subdistribución de esta comisión. Algunos de los subasesores son entidades relacionadas.
Como se describe en la Nota 8, la Sociedad Gestora también puede recibir comisiones de rendimiento con respecto a todas las Acciones A, D, I y Z de Threadneedle (Lux) - American Absolute Alpha Portfolio, con respecto a todas las Acciones J e Y de Threadneedle (Lux) - Global Investment Grade Credit Opportunities Portfolio y con respecto a todas las Acciones A, D, I, L y Z de Threadneedle (Lux) - Pan European Absolute Alpha Portfolio.
Todos los gastos incurridos en el funcionamiento de la SICAV y definidos a continuación (en adelante, «Gastos operativos», «Comisión de gestión de activos» o «Cargos de Cartera», juntos, los «Gastos») se fijan a las tasas mostradas en las tablas de la página 223 en adelante. Todos los gastos se acumulan diariamente en función del Valor liquidativo de la Clase de Acciones correspondiente en la Cartera correspondiente.
Los Gastos operativos incluyen, entre otras cosas, impuestos, gastos por servicios legales y de auditoría, costes de impresión de apoderados, certificados de acciones, informes y avisos de los Accionistas, Folletos y Datos fundamentales para el inversor y otros gastos promocionales, comisiones y cargos del Depositario y sus corresponsales, y del Agente domiciliario, Agente administrativo, Secretario y Agente de transferencia y de cualquier agente de pagos, gastos de emisión y reembolso de Acciones, comisiones de registro y gastos en diversas jurisdicciones, comisiones de cotización, comisiones de consejeros no afiliados de la SICAV, gastos de los Consejeros y directivos de la SICAV y de los Subasesores relacionados con la asistencia a las juntas de los Consejeros y de los Accionistas de la SICAV, costes de traducción, costes de contabilidad y fijación de precios (incluido el cálculo del Valor liquidativo por Acción), seguros, litigios y otros gastos extraordinarios o no recurrentes, y todos los demás gastos pagaderos debidamente por la SICAV. Los Gastos operativos también incluyen la comisión de servicio a pagar a la Sociedad Gestora. La Sociedad Gestora soportará el exceso de cualquier Gasto operativo por encima de la tasa anual. En cambio, la Sociedad Gestora tendrá derecho a retener cualquier cantidad en la cual la tasa anual de Gastos operativos exceda los gastos reales incurridos por la SICAV.
Además, la Sociedad Gestora tiene derecho a recibir una comisión de gestión de activos (la «Comisión de gestión de activos») tal como se describe más detalladamente en las tablas de la página 223 en adelante que se acumulan diariamente y se pagan mensualmente. Las Acciones X y las Acciones 4 están exentas del pago de una Comisión de gestión de activos. Para evitar dudas, los Gastos operativos no incluyen las Comisiones de gestión de activos ni las comisiones de rendimiento, que son independientes y distintas.
La SICAV ofrece Acciones B en Threadneedle (Lux) - Global Technology Portfolio.
Esas Acciones B son una Clase de Acciones heredada disponible solo para su suscripción posterior por los Accionistas actuales y no tienen coste de venta inicial. | ### 5 RELATED PARTY TRANSACTIONS
(continued)
The Management Company (on behalf of the SICAV) has delegated certain marketing and/or distribution functions to other Columbia Threadneedle Group entities. The Management Company receives a monthly fee for asset management services at an annual rate detailed in this note, expressed as a percentage of the average daily net assets for each of the Portfolios. The Management Company is responsible for paying sub-distribution fees out of this fee. Some of the sub-advisors are related entities.
As described in Note 8, the Management Company may also receive performance fees with respect to all A, D, I and Z Shares of the Threadneedle (Lux) - American Absolute Alpha Portfolio, with respect to all J and Y Shares of the Threadneedle (Lux) - Global Investment Grade Credit Opportunities Portfolio and with respect to all A, D, I, L and Z Shares of the Threadneedle (Lux) - Pan European Absolute Alpha Portfolio.
All expenses incurred in the operation of the SICAV and defined below (hereafter the “Operating Expenses”, “Asset Management Fee” or “Portfolio Charges”, together, the “Expenses”) are fixed at the rates shown in the tables from page 223 onwards. All expenses are accrued daily based on the Net Asset Value of the relevant Share Class in the relevant Portfolio.
The Operating Expenses include, among other things, taxes, expenses for legal and auditing services, costs of printing proxies, stock certificates, Shareholders’ reports and notices, Prospectuses and Key Investor Information and other promotional expenses, fees and charges of the Depositary and its correspondents, and of the Domiciliary Agent, Administrative Agent, Registrar and Transfer Agent and of any paying agent, expenses of the issue and redemption of Shares, registration fees and expenses in various jurisdictions, listing fees, fees of unaffiliated Directors of the SICAV, expenses of the Directors and officers of the SICAV and the Sub-Advisors relating to attendance at meetings of the Directors and of the Shareholders of the SICAV, translation costs, accounting and pricing costs (including the calculation of Net Asset Value per Share), insurance, litigation and other extraordinary or non-recurring expenses, and all other expenses properly payable by the SICAV. The Operating Expenses also include the service fee payable to the Management Company. The Management Company will bear the excess of any Operating Expenses above the annual rate. Conversely the Management Company will be entitled to retain any amount by which the annual rate of Operating Expenses exceeds the actual expenses incurred by the SICAV.
Furthermore, the Management Company is entitled to receive an asset management fee (the “Asset Management Fee”) as more fully described in the tables from page 223 onwards which are accrued daily and paid monthly. An Asset Management Fee is not payable for X Shares and 4 Shares. For the avoidance of doubt, Operating Expenses do not include either Asset Management Fees or performance fees which are separate and distinct.
The SICAV offers B Shares on the Threadneedle (Lux) - Global Technology Portfolio.
Those B Shares are a legacy Share Class available only for further subscription by existing Shareholders and bear no initial sales charge. | en | es |
DOLFIN9743 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Dated: 2021
Name and Address of Shareholder Signature of Shareholder
Name and Address of Shareholder Signature of Shareholder
Notes:
- If the Shareholder is a corporation, the form of proxy should be completed either under seal or under the hand of an officer or attorney duly authorised.
- A Shareholder must insert his full name and registered address in type or block letters. In the case of joint accounts, the names of all holders must be stated. | Data: 2021
Nome e indirizzo dell'Azionista Firma dell'Azionista
Nome e indirizzo dell'Azionista Firma dell'Azionista
Note:
- Nel caso di una persona giuridica, il modulo di delega va corredato del timbro della società o firmato per mano di un funzionario o legale debitamente autorizzato.
- Gli Azionisti devono inserire a macchina oppure in stampatello il proprio nome completo e l'indirizzo registrato. Nel caso di conti congiunti, devono essere indicati i nomi di tutti i relativi titolari. | Dated: 2021
Name and Address of Shareholder Signature of Shareholder
Name and Address of Shareholder Signature of Shareholder
Notes:
- If the Shareholder is a corporation, the form of proxy should be completed either under seal or under the hand of an officer or attorney duly authorised.
- A Shareholder must insert his full name and registered address in type or block letters. In the case of joint accounts, the names of all holders must be stated. | en | it |
DOLFIN9744 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 31/10/2011. This class was launched on 31/10/2011. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 31/10/2011. Esta clase se creó el 31/10/2011.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 31/10/2011. This class was launched on 31/10/2011. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN9745 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company manages the collateral it receives in relation to transactions in OTC financial derivative instruments in accordance with the terms of the relevant ISDA Master Agreement and Credit Support Annex ("CSA"). At present, the Company has ISDA Master Agreements and CSAs in place with two OTC derivative trading counterparties: Quintet Private Bank (Europe) S.A., for forward foreign exchange transactions; and Morgan Stanley ("MSI") for total return equity swaps, contracts for difference and OTC options.
Under the terms of each ISDA Master Agreement and Credit Support Annex, all collateral received by the Company to mitigate counterparty risk arising from OTC derivative transactions must be in the form of either cash or highly liquid, high grade securities which are independent of the OTC derivative counterparty and traded on a regulated market or multilateral trading facility, with transparent pricing in order to ensure that the collateral can be sold quickly at a price that is close to the pre-sale valuation. Collateral is valued on a mark-to- market basis at least daily. At present, it is the Company's practice only to use cash collateral in relation to its OTC financial derivative transactions.
Risks linked to the management of collateral, including counterparty, market, legal and operational risks, are identified, managed and mitigated in accordance with the Company's risk management process and the investment limits set out in Appendix A ('Investment Restrictions'). In addition, Section 3) below sets out the Collateral Policy and Section 4) below sets out the Company's policy on the reinvestment of cash received as collateral. | Die Gesellschaft verwaltet die Sicherheiten, die sie im Rahmen von Transaktionen mit OTC-Finanzderivaten erhält, in Übereinstimmung mit den Bedingungen des betreffenden Rahmenvertrags und Besicherungsanhangs (Credit Support Annex, „CSA“) der ISDA. Gegenwärtig bestehen bei der Gesellschaft ISDA-Rahmenverträge und ISDA-CSA mit zwei Gegenparteien im Handel mit OTC-Derivaten: Quintet Private Bank (Europe) S.A. für Devisentermingeschäfte; und Morgan Stanley („MSI“) für Total Return Equity Swaps, Differenzkontrakte und OTC-Optionen.
Nach den einzelnen ISDA-Rahmenverträgen und -Besicherungsanhängen muss es sich bei sämtlichen Sicherheiten, die die Gesellschaft zur Minderung des aus Transaktionen mit OTC-Derivaten erwachsenden Gegenparteirisikos erhält, entweder um Barmittel oder um hochliquide, hochwertige Wertpapiere handeln, die von der Gegenpartei des OTC-Derivats unabhängig sind und an einem geregelten Markt oder über ein multilaterales Handelssystem mit transparenter Preisgestaltung gehandelt werden, damit sichergestellt ist, dass die Sicherheiten schnell zu einem Preis verkauft werden können, der nicht weit von der Bewertung vor dem Verkauf entfernt ist. Die Sicherheiten werden mindestens täglich zu Marktpreisen bewertet. Gegenwärtig verwendet die Gesellschaft bezüglich ihrer Transaktion mit OTC-Finanzderivaten nur Barsicherheiten.
Mit der Verwaltung der Sicherheiten verbundene Risiken, zu denen Gegenpartei-, Markt- und Rechtsrisiken und operationale Risiken gehören, werden in Übereinstimmung mit dem Risikomanagementverfahren der Gesellschaft und den in Anhang A (‚Investitionsbeschränkungen’) angegebenen Anlagegrenzen identifiziert, gesteuert und gemildert. Zusätzlich sind nachstehend in Abschnitt 3) die Sicherheitengrundsätze und in Abschnitt 4) die Grundsätze der Gesellschaft für die Wiederanlage von als Sicherheiten erhaltenen Barmitteln beschrieben. | The Company manages the collateral it receives in relation to transactions in OTC financial derivative instruments in accordance with the terms of the relevant ISDA Master Agreement and Credit Support Annex ("CSA"). At present, the Company has ISDA Master Agreements and CSAs in place with two OTC derivative trading counterparties: Quintet Private Bank (Europe) S.A., for forward foreign exchange transactions; and Morgan Stanley ("MSI") for total return equity swaps, contracts for difference and OTC options.
Under the terms of each ISDA Master Agreement and Credit Support Annex, all collateral received by the Company to mitigate counterparty risk arising from OTC derivative transactions must be in the form of either cash or highly liquid, high grade securities which are independent of the OTC derivative counterparty and traded on a regulated market or multilateral trading facility, with transparent pricing in order to ensure that the collateral can be sold quickly at a price that is close to the pre-sale valuation. Collateral is valued on a mark-to- market basis at least daily. At present, it is the Company's practice only to use cash collateral in relation to its OTC financial derivative transactions.
Risks linked to the management of collateral, including counterparty, market, legal and operational risks, are identified, managed and mitigated in accordance with the Company's risk management process and the investment limits set out in Appendix A ('Investment Restrictions'). In addition, Section 3) below sets out the Collateral Policy and Section 4) below sets out the Company's policy on the reinvestment of cash received as collateral. | en | de |
DOLFIN9746 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
### Type
Ce produit est un un fonds d’investissement.
### Objectifs
Objectif d’investissement
Générer un rendement supérieur à l’Indice de référence (détaillé ci- dessous) avec des niveaux de volatilité similaires de moyen à long terme, avant commissions et charges, tout en tenant compte des facteurs environnementaux, sociaux et de gouvernance (« ESG »).
Politiques d’investissement Le Fonds :
- investira l’essentiel de sa valeur liquidative dans des Fallen Angels inclus dans l’Indice de référence. Les Fallen Angels sont définis comme des obligations et des titres de créance similaires de qualité inférieure (notés Ba1/BB+/BB+ ou moins par Standard & Poor’s, Moody’s Investor Services, Fitch Ratings ou une agence de notation reconnue équivalente) après avoir été précédemment notés de qualité investment grade ;
- investira dans des dérivés (instruments financiers dont la valeur est dérivée d’autres actifs) afin de parvenir à réaliser son objectif d’investissement. Le Fonds utilisera également des dérivés aux fins de réduire le risque ou les coûts ou de générer du capital ou des revenus supplémentaires ;
- investira dans le monde entier, sans industrie ou secteur de prédilection particuliers ; et
- promouvra des caractéristiques environnementales et sociales au titre de l’Article 8 du Règlement sur la publication d’informations en matière de finance durable (« SFDR »).
Le Fonds peut :
- investir dans des obligations d’entreprise et d’État à taux fixe et des titres de créance similaires ;
- investir dans des obligations et des titres de créance similaires qui ne sont pas inclus dans l’Indice de référence, mais devraient l’être à l’avenir ;
- investir jusqu’à 10 % cumulés de sa valeur liquidative dans des organismes de placement collectif, en ce compris des fonds ouverts négociés en Bourse (ETF) ;
- investir jusqu’à 10 % cumulés de sa valeur liquidative dans des valeurs mobilières qui ne sont pas admises ou négociées sur un marché éligible ; et
- détenir du numéraire à des fins de couverture ou de liquidité.
Indice de référence de la classe d’actions
Le Fonds mesurera sa performance par rapport à l’indice Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (l’« Indice de référence »).
Le Gestionnaire de portefeuille utilisera l’Indice de référence pour construire l’univers d’investissement. Le Fonds est géré activement et ne vise pas à répliquer toutes les composantes de l’Indice de référence. Le Gestionnaire de portefeuille n’a qu’un pouvoir limité pour investir hors de l’Indice de référence lorsque le titre concerné satisfait aux exigences de l’Indice de référence et devrait y être inclus à l’avenir.
La majorité des avoirs du Fonds seront des constituants de l’Indice de référence et le Fonds sera donc similaire, tant en termes d’expositions de change, de duration et sectorielles, qu’en termes de profil de qualité de crédit, sous réserve de contraintes d’investissement. Cependant, le Gestionnaire de portefeuille ne vise pas à refléter le profil d’échéances de l’Indice de référence.
La stratégie d’investissement permet d’obtenir une volatilité similaire à celle de l’Indice de référence sur le moyen et le long terme.
Rachats et opérations : vous pouvez acheter et vendre vos actions dans le Fonds entre 9 h et 17 h (heure d’Irlande) chaque jour ouvrable en Irlande et aux États-Unis. Les instructions reçues avant 12 h se verront attribuer le prix coté ce jour-là. L’investissement initial minimum pour cette catégorie d’actions est de USD 5,000,000.
Politique de distribution les revenus nets sur investissements seront retenus dans le Fonds et reflétés dans la valeur de vos actions.
### Échéance du produit
Le produit n’est pas assorti d’une date d’échéance. Le conseil d’administration de BNY Mellon Global Funds, plc pourra liquider le Fonds unilatéralement selon les termes de la documentation du fonds.
### Investisseurs de détail visés
Ce produit est destiné aux investisseurs qui prévoient de conserver leur investissement pendant au moins 3 ans et qui sont prêts à assumer un niveau de risque un niveau faible à modéré de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé. Il est conçu pour s’intégrer dans un portefeuille d’investissements.
### Informations pratiques
Dépositaire Le dépositaire du fonds est The Bank of New York Mellon SA/NV, succursale de Dublin. | # ¿Qué es este producto?
### Tipo
Este producto es un fondo de inversión.
### Objetivos
Objetivo de inversión
Generar una rentabilidad superior a la del Índice de referencia que se detalla a continuación con unos niveles de volatilidad similares de medio a largo plazo, antes de deducir comisiones y gastos, al tiempo que tiene en cuenta los factores ambientales, sociales y de gobernanza («ASG»).
Políticas de inversión El Fondo:
- invertirá la mayor parte de su valor de inventario neto en «ángeles caídos» incluidos en el Índice de referencia. Los «ángeles caídos» se definen como bonos con grado inferior al de inversión y valores de deuda similares (con una calificación Ba1/BB+/BB+ o inferior otorgada por Standard & Poor’s, Moody's Investor Services, Fitch Ratings o una Agencia de calificación crediticia reconocida equivalente) y que en el pasado contaron con grado de inversión;
- invertirá en derivados (instrumentos financieros cuyo valor se deriva de otros activos) para contribuir a lograr el objetivo de inversión del Fondo. El Fondo también empleará derivados para reducir los riesgos o costes, o para generar capital o ingresos adicionales;
- invertirá en todo el mundo sin centrarse en una industria o sector específicos; y
- promoverá características medioambientales y sociales con arreglo al artículo 8 del Reglamento sobre transparencia en materia de finanzas sostenibles («SFDR»).
El Fondo podrá:
- invertir en bonos de empresa y deuda pública de tipo fijo, así como en valores de deuda similares;
- invertir en bonos y valores de deuda similares no incluidos en el Índice de referencia, pero que se espere que estén incluidos en el futuro;
- invertir en total hasta el 10% de su valor de inventario neto en organismos de inversión colectiva, incluyendo fondos cotizados (ETF) de capital variable;
- invertir en total hasta el 10% de su valor de inventario neto en valores mobiliarios que no estén admitidos o no se negocien en un mercado admisible; y
- mantener efectivo con fines de cobertura o liquidez.
Índice de referencia para la Clase de acción
El Fondo medirá su rentabilidad comparándola con el Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (el «Índice de referencia»).
La Gestora de inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Fondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de inversiones cuenta con una potestad limitada para invertir fuera del Índice de referencia cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que en el futuro se incluya en este.
La mayoría de las posiciones del Fondo serán componentes del Índice de referencia y, como resultado, el Fondo será similar en sus exposiciones a divisas, duración y sectores, así como en términos de perfil de calidad crediticia, sujeto a las limitaciones de inversión. Con todo, la Gestora de inversiones no pretenderá reflejar el perfil de vencimientos del Índice de referencia.
La estrategia de inversión ofrece una volatilidad similar a la del Índice de referencia de medio a largo plazo.
Reembolso y negociación: el inversor podrá comprar y vender sus acciones en el Fondo entre las 9:00 y las 17:00 (hora de Irlanda) de cualquier día que sea un día hábil en Irlanda y los Estados Unidos. Las instrucciones recibidas antes de las 12:00 recibirán el precio de cotización correspondiente a ese día. La inversión inicial mínima para esta clase de acciones es de USD 5,000,000.
Política de distribución los rendimientos netos generados por las inversiones serán reinvertidos en el Fondo y se reflejarán en el valor de sus acciones.
### Duración del producto
Este producto no tiene fecha de vencimiento. El consejo de BNY Mellon Global Funds, plc podrá terminar el Fondo de forma unilateral de acuerdo con la documentación del fondo.
### Inversor minorista al que va dirigido
Este producto va dirigido a los inversores que prevén mantener su inversión durante al menos 3 años y que están dispuestos a asumir un nivel de riesgo de pérdida de su capital original un nivel medio bajo para obtener una mayor rentabilidad potencial. Está diseñado para formar parte de una cartera de inversiones.
### Información práctica
Entidad depositaria El depositario del fondo es The Bank of New York Mellon SA/NV Dublin Branch. | # En quoi consiste ce produit ?
### Type
Ce produit est un un fonds d’investissement.
### Objectifs
Objectif d’investissement
Générer un rendement supérieur à l’Indice de référence (détaillé ci- dessous) avec des niveaux de volatilité similaires de moyen à long terme, avant commissions et charges, tout en tenant compte des facteurs environnementaux, sociaux et de gouvernance (« ESG »).
Politiques d’investissement Le Fonds :
- investira l’essentiel de sa valeur liquidative dans des Fallen Angels inclus dans l’Indice de référence. Les Fallen Angels sont définis comme des obligations et des titres de créance similaires de qualité inférieure (notés Ba1/BB+/BB+ ou moins par Standard & Poor’s, Moody’s Investor Services, Fitch Ratings ou une agence de notation reconnue équivalente) après avoir été précédemment notés de qualité investment grade ;
- investira dans des dérivés (instruments financiers dont la valeur est dérivée d’autres actifs) afin de parvenir à réaliser son objectif d’investissement. Le Fonds utilisera également des dérivés aux fins de réduire le risque ou les coûts ou de générer du capital ou des revenus supplémentaires ;
- investira dans le monde entier, sans industrie ou secteur de prédilection particuliers ; et
- promouvra des caractéristiques environnementales et sociales au titre de l’Article 8 du Règlement sur la publication d’informations en matière de finance durable (« SFDR »).
Le Fonds peut :
- investir dans des obligations d’entreprise et d’État à taux fixe et des titres de créance similaires ;
- investir dans des obligations et des titres de créance similaires qui ne sont pas inclus dans l’Indice de référence, mais devraient l’être à l’avenir ;
- investir jusqu’à 10 % cumulés de sa valeur liquidative dans des organismes de placement collectif, en ce compris des fonds ouverts négociés en Bourse (ETF) ;
- investir jusqu’à 10 % cumulés de sa valeur liquidative dans des valeurs mobilières qui ne sont pas admises ou négociées sur un marché éligible ; et
- détenir du numéraire à des fins de couverture ou de liquidité.
Indice de référence de la classe d’actions
Le Fonds mesurera sa performance par rapport à l’indice Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (l’« Indice de référence »).
Le Gestionnaire de portefeuille utilisera l’Indice de référence pour construire l’univers d’investissement. Le Fonds est géré activement et ne vise pas à répliquer toutes les composantes de l’Indice de référence. Le Gestionnaire de portefeuille n’a qu’un pouvoir limité pour investir hors de l’Indice de référence lorsque le titre concerné satisfait aux exigences de l’Indice de référence et devrait y être inclus à l’avenir.
La majorité des avoirs du Fonds seront des constituants de l’Indice de référence et le Fonds sera donc similaire, tant en termes d’expositions de change, de duration et sectorielles, qu’en termes de profil de qualité de crédit, sous réserve de contraintes d’investissement. Cependant, le Gestionnaire de portefeuille ne vise pas à refléter le profil d’échéances de l’Indice de référence.
La stratégie d’investissement permet d’obtenir une volatilité similaire à celle de l’Indice de référence sur le moyen et le long terme.
Rachats et opérations : vous pouvez acheter et vendre vos actions dans le Fonds entre 9 h et 17 h (heure d’Irlande) chaque jour ouvrable en Irlande et aux États-Unis. Les instructions reçues avant 12 h se verront attribuer le prix coté ce jour-là. L’investissement initial minimum pour cette catégorie d’actions est de USD 5,000,000.
Politique de distribution les revenus nets sur investissements seront retenus dans le Fonds et reflétés dans la valeur de vos actions.
### Échéance du produit
Le produit n’est pas assorti d’une date d’échéance. Le conseil d’administration de BNY Mellon Global Funds, plc pourra liquider le Fonds unilatéralement selon les termes de la documentation du fonds.
### Investisseurs de détail visés
Ce produit est destiné aux investisseurs qui prévoient de conserver leur investissement pendant au moins 3 ans et qui sont prêts à assumer un niveau de risque un niveau faible à modéré de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé. Il est conçu pour s’intégrer dans un portefeuille d’investissements.
### Informations pratiques
Dépositaire Le dépositaire du fonds est The Bank of New York Mellon SA/NV, succursale de Dublin. | fr | es |
DOLFIN9747 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### VALUATION RULES
The assets of each sub-fund shall be valued using mark-to-market whenever possible as follows:
- the value of cash in hand and cash deposit, accounts receivable, prepaid expenses, and dividends and interest due but not yet received, shall comprise the nominal value of these assets, unless it is unlikely that this value could be received; in that event, the value will be determined by deducting an amount which the Company deems adequate to reflect the actual value of these assets;
- the value of shares or units in MMFs shall be determined on the basis of the last net asset value available on the Valuation Day;
- the valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognised and accessible to the public, is based on the last known closing price on the valuation day, and, if the securities concerned are traded on several markets, on the basis of last known closing price on the major marketon which they are traded; if the last known closing price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner;
- only good quality market data shall be used and such data shall be assessed on the basis of all of the following factors:
- the number and quality of counterparties
- the volume and turnover in the market of the asset of the sub-fund
- the issue size and the portion of the issue that the sub-fund plans to buy or sell | #### REGOLE DI VALUTAZIONE
Le attività di ciascun comparto saranno valutate utilizzando ove possibile il metodo del mark-to-market, come segue:
- il valore dei contanti in cassa o in deposito e dei crediti verso clienti, dei risconti attivi e dei dividendi e interessi dovuti ma non ancora incassati, comprenderà il valore nominale di tali attività, salvo qualora il suo recupero siaritenuto improbabile; in quest’ultimo caso, il valore sarà determinato deducendo l’importo che la Società riterrà adeguato a rispecchiare il valore reale di queste attività;
- il valore delle azioni o quote di FCM sarà determinato in base all’ultimo valore patrimoniale netto disponibile il Giorno di valutazione;
- la valutazione di tutti i titoli quotati in borsa o su qualsiasi altro mercato regolamentato, regolarmente operante, riconosciuto e aperto al pubblico, si basa sull'ultimo prezzo di chiusura noto alla data di valutazione e, qualora i titoli in questione siano negoziati su più mercati, sull'ultimo prezzo di chiusura noto del mercato principale per quei titoli; qualora l'ultimo prezzo di chiusura noto non fosse rappresentativo, la valutazione si baserà sul probabile prezzo di vendita stimato con prudenza e in buona fede dal Consiglio di Amministrazione;
- verranno utilizzati solo dati di mercato di buona qualità, che saranno valutati sulla base di tutti i fattori seguenti:
- il numero e la qualità delle controparti
- il volume e il tasso di rotazione sul mercato delle attività del comparto
- l’entità dell’emissione e la percentuale dell’emissione che il comparto intende acquistare o vendere | ##### VALUATION RULES
The assets of each sub-fund shall be valued using mark-to-market whenever possible as follows:
- the value of cash in hand and cash deposit, accounts receivable, prepaid expenses, and dividends and interest due but not yet received, shall comprise the nominal value of these assets, unless it is unlikely that this value could be received; in that event, the value will be determined by deducting an amount which the Company deems adequate to reflect the actual value of these assets;
- the value of shares or units in MMFs shall be determined on the basis of the last net asset value available on the Valuation Day;
- the valuation of all securities listed on a stock exchange or any other regulated market, which functions regularly, is recognised and accessible to the public, is based on the last known closing price on the valuation day, and, if the securities concerned are traded on several markets, on the basis of last known closing price on the major marketon which they are traded; if the last known closing price is not a true reflection, the valuation shall be based on the probable sale price estimated by the Board of Directors in a prudent and bona fide manner;
- only good quality market data shall be used and such data shall be assessed on the basis of all of the following factors:
- the number and quality of counterparties
- the volume and turnover in the market of the asset of the sub-fund
- the issue size and the portion of the issue that the sub-fund plans to buy or sell | en | it |
DOLFIN9748 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Gross Performance MEDICAL BioHealth S | Performance Data MEDICAL BioHealth S |
| --- | --- |
| Period | Performance cumulated | Performance annualised | Volatility | VaR (95%) | Sharpe Ratio | | Period | gross performance | net performance |
| Previous day | -3.33 % | | | | | | 10/8/2021 - 10/10/2022 | -19.91 % | -19.91 % |
| 1 Month | -7.13 % | | 33.46 % | 14.49 % | -1.77 | | 10/9/2020 - 10/8/2021 | 2.09 % | 2.09 % |
| 3 Months | -0.63 % | | 33.42 % | | -0.10 | | 10/10/2019 - 10/9/2020 | 46.34 % | 46.34 % |
| 6 Months | -7.00 % | | 40.66 % | | -0.35 | | 10/10/2018 - 10/10/2019 | -11.36 % | -11.36 % |
| Year to Date | -12.43 % | | 37.66 % | | -0.46 | | 10/10/2017 - 10/10/2018 | 21.42 % | 15.64 % |
| 1 Year | -19.91 % | | 35.14 % | | -0.60 | |
| 3 Years | 19.66 % | 6.16 % | 30.47 % | | 0.16 |
| 5 Years | 28.80 % | 5.19 % | 27.10 % | | 0.14 |
| 10 Years | 228.35 % | 12.62 % | 22.93 % | | 0.49 |
| since first price calculation | 328.76 % | 9.89 % | 22.53 % | | 0.38 | | | Brutto-Performance | MEDICAL BioHealth S | Performancedaten MEDICAL BioHealth S |
| --- | --- | --- |
| Periode | Performance kumuliert | Performance annualisiert | Volatilität | VaR (95%) | Sharpe Ratio | | Periode | Bruttoperformance | Nettoperformance |
| Vortag | -3,33 % | | | | | | 08.10.2021 - 10.10.2022 | -19,91 % | -19,91 % |
| 1 Monat | -7,13 % | | 33,46 % | 14,49 % | -1,77 | | 09.10.2020 - 08.10.2021 | 2,09 % | 2,09 % |
| 3 Monate | -0,63 % | | 33,42 % | | -0,10 | | 10.10.2019 - 09.10.2020 | 46,34 % | 46,34 % |
| 6 Monate | -7,00 % | | 40,66 % | | -0,35 | | 10.10.2018 - 10.10.2019 | -11,36 % | -11,36 % |
| laufendes Kalenderjahr | -12,43 % | | 37,66 % | | -0,46 | | 10.10.2017 - 10.10.2018 | 21,42 % | 15,64 % |
| 1 Jahr | -19,91 % | | 35,14 % | | -0,60 | |
| 3 Jahre | 19,66 % | 6,16 % | 30,47 % | | 0,16 |
| 5 Jahre | 28,80 % | 5,19 % | 27,10 % | | 0,14 |
| 10 Jahre | 228,35 % | 12,62 % | 22,93 % | | 0,49 |
| seit Erstpreisberechnung | 328,76 % | 9,89 % | 22,53 % | | 0,38 | | | Gross Performance MEDICAL BioHealth S | Performance Data MEDICAL BioHealth S |
| --- | --- |
| Period | Performance cumulated | Performance annualised | Volatility | VaR (95%) | Sharpe Ratio | | Period | gross performance | net performance |
| Previous day | -3.33 % | | | | | | 10/8/2021 - 10/10/2022 | -19.91 % | -19.91 % |
| 1 Month | -7.13 % | | 33.46 % | 14.49 % | -1.77 | | 10/9/2020 - 10/8/2021 | 2.09 % | 2.09 % |
| 3 Months | -0.63 % | | 33.42 % | | -0.10 | | 10/10/2019 - 10/9/2020 | 46.34 % | 46.34 % |
| 6 Months | -7.00 % | | 40.66 % | | -0.35 | | 10/10/2018 - 10/10/2019 | -11.36 % | -11.36 % |
| Year to Date | -12.43 % | | 37.66 % | | -0.46 | | 10/10/2017 - 10/10/2018 | 21.42 % | 15.64 % |
| 1 Year | -19.91 % | | 35.14 % | | -0.60 | |
| 3 Years | 19.66 % | 6.16 % | 30.47 % | | 0.16 |
| 5 Years | 28.80 % | 5.19 % | 27.10 % | | 0.14 |
| 10 Years | 228.35 % | 12.62 % | 22.93 % | | 0.49 |
| since first price calculation | 328.76 % | 9.89 % | 22.53 % | | 0.38 | | en | de |
DOLFIN9749 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The principal accounting policies adopted by the Company in the preparation of these financial statements are set out below.
-
## Basis of preparation | Le principali politiche contabili adottate dalla Società nella redazione del bilancio sono illustrate di seguito.
-
## Principi generali di redazione | The principal accounting policies adopted by the Company in the preparation of these financial statements are set out below.
-
## Basis of preparation | en | it |
DOLFIN9750 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Depositary regularly provides the Management Company with a comprehensive list of all assets of the fund.
- The Depositary can delegate the depositary tasks described in 3 a) and b) above to another company (“sub-depositary”) on the following terms:
- the tasks are not delegated with the intention of evading applicable legislation;
- the Depositary can demonstrate that there is an objective reason for the delegation;
- the Depositary applies the appropriate expertise, care and due diligence
- in the selection and appointment of a sub-depositary to which it wants to delegate some of its tasks, and
- in the ongoing monitoring and regular auditing of sub-depositaries to which it has delegated some of its tasks and of the sub-depositary’s precautionary measures for the tasks delegated to it; | Die Verwahrstelle übermittelt der Verwaltungsgesellschaft regelmäßig eine umfassende Aufstellung sämtli- cher Vermögenswerte des Fonds.
- Die Verwahrstelle kann die Verwahraufgaben nach vorgenannten Punkten 3. a) und b) auf ein anderes Un-ternehmen („Unterverwahrer“) unter den folgenden Bedingungen auslagern:
- die Aufgaben werden nicht in der Absicht übertragen, die anwendbaren gesetzlichen Vorschriften zu umge- hen;
- die Verwahrstelle kann darlegen, dass es einen objektiven Grund für die Unterverwahrung gibt;
- die Verwahrstelle geht mit der gebotenen Sachkenntnis, Sorgfalt und Gewissenhaftigkeit vor
- bei der Auswahl und Bestellung eines Unterverwahrers, dem sie Teile ihrer Aufgaben übertragen möchte, und
- bei der laufenden Kontrolle und regelmäßigen Überprüfung von Unterverwahrern, denen sie Teile ih- rer Aufgaben übertragen hat, und von Vorkehrungen des Unterverwahrers hinsichtlich der ihm über- tragenen Aufgaben; | The Depositary regularly provides the Management Company with a comprehensive list of all assets of the fund.
- The Depositary can delegate the depositary tasks described in 3 a) and b) above to another company (“sub-depositary”) on the following terms:
- the tasks are not delegated with the intention of evading applicable legislation;
- the Depositary can demonstrate that there is an objective reason for the delegation;
- the Depositary applies the appropriate expertise, care and due diligence
- in the selection and appointment of a sub-depositary to which it wants to delegate some of its tasks, and
- in the ongoing monitoring and regular auditing of sub-depositaries to which it has delegated some of its tasks and of the sub-depositary’s precautionary measures for the tasks delegated to it; | en | de |
DOLFIN9751 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Past performance is not a guide to future performance.
1
The Old Mutual UK Smaller Companies Focus Fund (the “Original Fund”) was launched on 14/01/2002 as a Sub-Fund of Old Mutual Dublin Funds plc and was merged on 30/05/14 into the Jupiter UK Smaller Companies Focus Fund, a newly created Sub-Fund of Jupiter Asset Management Series PLC. The performance history for the R (GBP) Income Share class which launched on 30/05/14 includes the performance of the R (GBP) Income Share class of the Original Fund for the period of its launch on 28/02/2013 to 30/05/14 when it merged into the Fund.
1 | ## La rentabilidad pasada no constituye una indicación de la rentabilidad futura.
1
Old Mutual UK Smaller Companies Focus Fund (el «Fondo original») se lanzó el 14/1/2002 como Subfondo de Old Mutual Dublin Funds plc y el 30/5/2014 se fusionó con Jupiter UK Smaller Companies Focus Fund, un Subfondo de Jupiter Asset Management Series PLC de nueva creación. El historial de rentabilidad de la Clase de acciones de ingresos R (GBP), que se lanzó el 30/5/2014, incluye la rentabilidad de la Clase de acciones de ingresos R (GBP) del Fondo original correspondiente al periodo desde su lanzamiento, el 28/2/2013, hasta el 30/5/2014, fecha en la que se fusionó con el Fondo.
1 | ## Past performance is not a guide to future performance.
1
The Old Mutual UK Smaller Companies Focus Fund (the “Original Fund”) was launched on 14/01/2002 as a Sub-Fund of Old Mutual Dublin Funds plc and was merged on 30/05/14 into the Jupiter UK Smaller Companies Focus Fund, a newly created Sub-Fund of Jupiter Asset Management Series PLC. The performance history for the R (GBP) Income Share class which launched on 30/05/14 includes the performance of the R (GBP) Income Share class of the Original Fund for the period of its launch on 28/02/2013 to 30/05/14 when it merged into the Fund.
1 | en | es |
DOLFIN9752 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The ICAV may, on behalf of each Sub-Fund, engage in techniques and instruments such as in FDIs, repurchase/reverse repurchase and stock lending agreements for the purposes of efficient portfolio management meaning the reduction of risk, including the risk of tracking error between the performance of a Sub-Fund and the performance of the Index tracked by the relevant passive Sub-Fund, the reduction of costs to the Sub-Funds, the generation of additional capital or income for the Sub-Fund and hedging against market movements, currency exchange or interest rate risks, taking into account the risk profile of each Sub-Fund and the general provisions of the UCITS Regulations. Such transactions may include foreign exchange transactions which alter the currency characteristics of transferable securities held by each Sub-Fund. No securities lending took place during the year ended 30 June 2021 or the year ended 30 June 2020.
-
###### Distributions | Die ICAV kann im Auftrag der einzelnen Teilfonds zum Zwecke eines effizienten Portfoliomanagements – also zur Minderung von Risiken, unter anderem dem Risiko eines Tracking Error (Nachbildungsfehler) zwischen der Wertentwicklung eines Teilfonds und der Wertentwicklung des vom betreffenden passiven Teilfonds nachgebildeten Index, zur Verringerung der Kosten der Teilfonds, zur Erwirtschaftung zusätzlichen Kapitals oder zusätzlicher Erträge für den Teilfonds sowie zur Absicherung gegen Marktbewegungen, Währungs- oder Zinsrisiken – unter Berücksichtigung des Risikoprofils der einzelnen Teilfonds und der allgemeinen Bestimmungen der OGAW-Vorschriften Techniken und Instrumente wie derivative Finanzinstrumente, Pensions-/umgekehrte Pensionsgeschäfte und Aktienleihgeschäfte einsetzen. Solche Transaktionen können Devisengeschäfte umfassen, welche die Währungsmerkmale der von den einzelnen Teilfonds gehaltenen Wertpapiere verändern. Im GESCHÄFTSJAHR ZUM 30. JUNI 2021 oder im Geschäftsjahr zum 30. Juni 2020 erfolgten keine Wertpapierleihgeschäfte.
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###### Ausschüttungen | The ICAV may, on behalf of each Sub-Fund, engage in techniques and instruments such as in FDIs, repurchase/reverse repurchase and stock lending agreements for the purposes of efficient portfolio management meaning the reduction of risk, including the risk of tracking error between the performance of a Sub-Fund and the performance of the Index tracked by the relevant passive Sub-Fund, the reduction of costs to the Sub-Funds, the generation of additional capital or income for the Sub-Fund and hedging against market movements, currency exchange or interest rate risks, taking into account the risk profile of each Sub-Fund and the general provisions of the UCITS Regulations. Such transactions may include foreign exchange transactions which alter the currency characteristics of transferable securities held by each Sub-Fund. No securities lending took place during the year ended 30 June 2021 or the year ended 30 June 2020.
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###### Distributions | en | de |
DOLFIN9753 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | CHF 7,250 | CHF 7,520 |
| | Average return each year % | -27.50% | -9.06% |
| Unfavourable scenario | What you might get back after costs | CHF 7,920 | CHF 7,620 |
| | Average return each year % | -20.80% | -8.66% |
| Moderate scenario | What you might get back after costs | CHF 10,140 | CHF 10,770 |
| | Average return each year % | 1.40% | 2.50% |
| Favourable scenario | What you might get back after costs | CHF 11,250 | CHF 12,050 |
| | Average return each year % | 12.50% | 6.41% | | | | SI VOUS SORTEZ APRÈS 1 AN | SI VOUS SORTEZ APRÈS 3 ANS |
| --- | --- | --- |
| Scénarios de tensions | Ce que vous pourriez obtenir après déduction des coûts | CHF 7.250 | CHF 7.520 |
| | Rendement annuel moyen | -27,50% | -9,06% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | CHF 7.920 | CHF 7.620 |
| | Rendement annuel moyen | -20,80% | -8,66% |
| Scénario modéré | Ce que vous pourriez obtenir après déduction des coûts | CHF 10.140 | CHF 10.770 |
| | Rendement annuel moyen | 1,40% | 2,50% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | CHF 11.250 | CHF 12.050 |
| | Rendement annuel moyen | 12,50% | 6,41% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | CHF 7,250 | CHF 7,520 |
| | Average return each year % | -27.50% | -9.06% |
| Unfavourable scenario | What you might get back after costs | CHF 7,920 | CHF 7,620 |
| | Average return each year % | -20.80% | -8.66% |
| Moderate scenario | What you might get back after costs | CHF 10,140 | CHF 10,770 |
| | Average return each year % | 1.40% | 2.50% |
| Favourable scenario | What you might get back after costs | CHF 11,250 | CHF 12,050 |
| | Average return each year % | 12.50% | 6.41% | | en | fr |
DOLFIN9754 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Markit iBoxx EUR Eurozone 20yr Target Duration Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index is designed to provide a representation of FI securities that provide an aggregate duration of around 20 years, i.e. between 19 and 21 years on every monthly rebalancing. Duration reflects the time it takes for the price of a bond at a particular point in time to be repaid by the payments made by the bond (e.g. the coupon and/or final payment) to the investor. The duration of a bond will be affected by changes in yields, for instance, when yields increase duration typically decreases and vice versa. Accordingly, the higher the duration of a bond, the higher its sensitivity to a change in interest rates. As interest rates change, the price of a bond and its duration will change. The eligible bonds for the Index are selected from the Markit iBoxx EUR Eurozone 15+ Index, which comprises fixed rate and zero coupon bonds maturing 15 years or more in the future and issued by a central government of a member of the Eurozone and denominated in Euro or in a pre-Euro currency. Only bonds that have a minimum rating of AA- or better by Fitch, Moody’s and Standard & Poor’s Ratings Services are eligible for inclusion in the Index. The Index is always comprised of bonds from at least six different issues and the weight of each individual issue is capped at 30%.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Markit iBoxx EUR Eurozone 20yr Target Duration Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible vender la posición.
El Índice está diseñado para ofrecer una representación de los valores de RF que ofrecen una duración total de aproximadamente 20 años, es decir, entre 19 y 21 años, en cada revisión de la ponderación mensual. La duración refleja el tiempo que lleva devolver el precio de un bono en un determinado momento, mediante los pagos realizados por el bono (es decir, el cupón y/o el pago final) al inversor. La duración de un bono se verá afectada por los cambios en los rendimientos; por ejemplo, cuando las rentabilidades se incrementan la duración normalmente disminuye, y viceversa. Por consiguiente, cuando mayor sea la duración de un bono, mayor será su sensibilidad a una variación de los tipos de interés. Según varíen los tipos de interés, el precio de un bono y su duración variarán. Los bonos admisibles del Índice se seleccionan del Markit iBoxx EUR Eurozone 15+ Index, que incluye bonos de tipo fijo y cupón cero con vencimiento en 15 años o más en el futuro y que están emitidos por un gobierno central de un miembro de la zona euro y están denominados en euros o en una moneda anterior al euro. Solo son admisibles para su inclusión en el Índice los bonos que cuentan con una calificación mínima de AA- o superior de Fitch, Moody’s and Standard & Poor’s Ratings Services. El Índice se compone siempre de bonos de al menos seis emisores diferentes y la ponderación de cada una de las emisiones se limita al 30 %.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El Fondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio para generar rendimientos adicionales y compensar los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (anualmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Markit iBoxx EUR Eurozone 20yr Target Duration Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index is designed to provide a representation of FI securities that provide an aggregate duration of around 20 years, i.e. between 19 and 21 years on every monthly rebalancing. Duration reflects the time it takes for the price of a bond at a particular point in time to be repaid by the payments made by the bond (e.g. the coupon and/or final payment) to the investor. The duration of a bond will be affected by changes in yields, for instance, when yields increase duration typically decreases and vice versa. Accordingly, the higher the duration of a bond, the higher its sensitivity to a change in interest rates. As interest rates change, the price of a bond and its duration will change. The eligible bonds for the Index are selected from the Markit iBoxx EUR Eurozone 15+ Index, which comprises fixed rate and zero coupon bonds maturing 15 years or more in the future and issued by a central government of a member of the Eurozone and denominated in Euro or in a pre-Euro currency. Only bonds that have a minimum rating of AA- or better by Fitch, Moody’s and Standard & Poor’s Ratings Services are eligible for inclusion in the Index. The Index is always comprised of bonds from at least six different issues and the weight of each individual issue is capped at 30%.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares annually).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN9755 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Objectives:
The Fund aims to achieve a target average return of 1-2% over the JPMorgan EMBI Global Diversified (Total Return, USD) ("Benchmark") before fees over a market cycle (typically 3 years) by investing primarily in hard currency denominated debt (defined as USD, EUR, GBP, JPY, CHF) issued in emerging (less developed) countries.
There can be no guarantee that the Fund will ultimately achieve its investment objective.
The Fund is managed with a disciplined approach which begins with analysis of the market environment and the global economy. Within this framework, the Sub-Investment Managers (or the Manager where applicable) approach involves forming a view on the economic outlook, identifying asset classes with attractive valuations and liquidity.
This approach provides the basis for the Fund’s asset allocation, country and currency weighting. Investment selection is the result of fundamental analysis in an effort to identify issuers that are believed to be undervalued and have strong credit quality.
Investments may be made in investment grade, high yield or unrated debt securities. Investment grade securities are highly rated securities, generally those rated Baa3, BBB or above by one or more recognised rating agencies. High yield bonds have a lower credit rating because they carry a higher risk of not being paid back and typically offer higher income to make them attractive to investors.
Under normal market conditions, the Sub-Investment Managers (or the Manager where applicable) anticipates that the Fund’s average interest duration will be within the range of +2 years and -2 years compared to the benchmark. The Fund is actively managed and does not intend to track the Benchmark, which is used for performance comparison purposes.
The Fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR.
As your shares are in Euro and the Fund is in US Dollars, currency exchange contracts are used to reduce the effect of changes in the currency exchange rate.
Income will be rolled up into the value of your investment. | ##### Objectifs :
Le Fonds vise à réaliser un rendement cible moyen de 1 à 2 % supérieur à celui de l’indice JPMorgan EMBI Global Diversified (Rendement total, en USD) (« Indice de référence ») avant commissions et sur un cycle de marché (généralement de 3 ans), en investissant principalement dans de la dette libellée en devises fortes (à savoir l’USD, l’EUR, la GBP, le JPY, le CHF) et émise dans des pays émergents (moins développés).
Rien ne permet de garantir que le Fonds parvienne en définitive à atteindre son objectif d’investissement.
Le Fonds est géré selon une approche ordonnée qui commence par l’analyse de l’environnement de marché et de l’économie mondiale. Dans ce cadre, l’approche des Gestionnaires d’investissement délégués (ou du Gestionnaire, le cas échéant) implique de se forger une opinion sur les perspectives économiques et d’identifier les classes d’actifs qui affichent des valorisations intéressantes et de la liquidité.
Cette approche sert de base pour définir la pondération du Fonds en termes d’actifs, de pays et de devises. La sélection des investissements est le fruit d’une analyse fondamentale visant à identifier les émetteurs considérés comme sous-évalués et présentant une solide qualité de crédit.
Les investissements peuvent être effectués dans des titres de créance de qualité investment grade, à haut rendement ou non notés. Les titres de qualité investment grade sont des titres jouissant d’une notation élevée, généralement de Baa3, BBB ou supérieure attribuée par une ou plusieurs agences de notation reconnues. Les obligations à haut rendement sont assorties d’une notation de crédit plus faible, car elles comportent un risque plus élevé de défaut de paiement et offrent généralement un revenu plus important afin de susciter davantage d’intérêt auprès des investisseurs.
Dans des conditions normales de marché, les Gestionnaires d’investissement délégués (ou le Gestionnaire, le cas échéant) prévoient que la duration moyenne des intérêts du Fonds se situera entre +2 ans et -2 ans par rapport à l’indice de référence. Le Fonds fait l’objet d’une gestion active et ne prévoit pas de répliquer l’Indice de référence, lequel est utilisé à seule fin de comparaison des performances.
Le Fonds promeut des caractéristiques environnementales et sociales au titre de l’Article 8 du SFDR.
Attendu que vos actions sont libellées en Euro et que le Fonds est en dollars US, des contrats de change à terme sont utilisés pour réduire l’effet des variations du taux de change.
Les revenus du Fonds seront capitalisés et intégrés dans la valeur de vos investissements. | #### Objectives:
The Fund aims to achieve a target average return of 1-2% over the JPMorgan EMBI Global Diversified (Total Return, USD) ("Benchmark") before fees over a market cycle (typically 3 years) by investing primarily in hard currency denominated debt (defined as USD, EUR, GBP, JPY, CHF) issued in emerging (less developed) countries.
There can be no guarantee that the Fund will ultimately achieve its investment objective.
The Fund is managed with a disciplined approach which begins with analysis of the market environment and the global economy. Within this framework, the Sub-Investment Managers (or the Manager where applicable) approach involves forming a view on the economic outlook, identifying asset classes with attractive valuations and liquidity.
This approach provides the basis for the Fund’s asset allocation, country and currency weighting. Investment selection is the result of fundamental analysis in an effort to identify issuers that are believed to be undervalued and have strong credit quality.
Investments may be made in investment grade, high yield or unrated debt securities. Investment grade securities are highly rated securities, generally those rated Baa3, BBB or above by one or more recognised rating agencies. High yield bonds have a lower credit rating because they carry a higher risk of not being paid back and typically offer higher income to make them attractive to investors.
Under normal market conditions, the Sub-Investment Managers (or the Manager where applicable) anticipates that the Fund’s average interest duration will be within the range of +2 years and -2 years compared to the benchmark. The Fund is actively managed and does not intend to track the Benchmark, which is used for performance comparison purposes.
The Fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR.
As your shares are in Euro and the Fund is in US Dollars, currency exchange contracts are used to reduce the effect of changes in the currency exchange rate.
Income will be rolled up into the value of your investment. | en | fr |
DOLFIN9756 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The master fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the master fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of net assets in UCITS/UCIs.
Derivatives are integral to the master fund's investment strategies. The master fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives (defined on page 112), the master fund may use credit derivatives(on single issuer and on indices). The master fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The master fund is not managed in consideration of any index though its performance is compared to the MSCI Europe index. | ###### Se espera que el fondo principal tenga una exposición a valores de renta variable de entre el 75 % y el 120 %. No hay limitaciones de capitalización bursátil para estas inversiones.
Siempre que cumpla con la política descrita más arriba, el fondo principal podrá invertir igualmente en bonos y bonos convertibles de alta calidad crediticia, instrumentos del mercado monetario y depósitos, y podrá invertir hasta el 10 % de su patrimonio neto en OICVM/OIC.
Los instrumentos derivados forman parte de las estrategias de inversión del fondo principal. El fondo principal podrá recurrir al uso de instrumentos derivados con fines de cobertura y una gestión eficiente de la cartera, así como para aumentar su exposición neta. Además de los principales instrumentos derivados (cuya definición se incluye en la página 112), el fondo principal podrá utilizar derivados de crédito (sobre un solo emisor o sobre índices). El fondo principal podrá llevar a cabo operaciones temporales de compra y venta de valores (pactos de recompra y de recompra inversa). El fondo principal no se gestiona teniendo en cuenta ningún índice, aunque su rendimiento se compara con el índice MSCI Europe. | ###### The master fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the master fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of net assets in UCITS/UCIs.
Derivatives are integral to the master fund's investment strategies. The master fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives (defined on page 112), the master fund may use credit derivatives(on single issuer and on indices). The master fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The master fund is not managed in consideration of any index though its performance is compared to the MSCI Europe index. | en | es |
DOLFIN9757 | 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, and it does not take into account the situation where we are not able to pay you.
Unfavourable scenario: This type of scenario occurred for an investment between 2020 and 2023. An appropriate benchmark or proxy was used to calculate the performance of the product.
Moderate scenario: This type of scenario occurred for an investment between 2016 and 2019. An appropriate benchmark or proxy was used to calculate the performance of the product.
Favourable scenario: This type of scenario occurred for an investment between 2017 and 2020. An appropriate benchmark or proxy was used to calculate the performance of the product. | Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme e non tiene conto della situazione in cui non siamo in grado di pagarvi.
Scenario sfavorevole : Questo tipo di scenario si è verificato per un investimento tra il 2020 e il 2023. Per calcolare la performance del prodotto è stato utilizzato un parametro di riferimento o una variabile proxy adeguati.
Scenario moderato: Questo tipo di scenario si è verificato per un investimento tra il 2016 e il 2019. Per calcolare la performance del prodotto è stato utilizzato un parametro di riferimento o una variabile proxy adeguati.
Scenario favorevole : Questo tipo di scenario si è verificato per un investimento tra il 2017 e il 2020. Per calcolare la performance del prodotto è stato utilizzato un parametro di riferimento o una variabile proxy adeguati. | The stress scenario shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you.
Unfavourable scenario: This type of scenario occurred for an investment between 2020 and 2023. An appropriate benchmark or proxy was used to calculate the performance of the product.
Moderate scenario: This type of scenario occurred for an investment between 2016 and 2019. An appropriate benchmark or proxy was used to calculate the performance of the product.
Favourable scenario: This type of scenario occurred for an investment between 2017 and 2020. An appropriate benchmark or proxy was used to calculate the performance of the product. | en | it |
DOLFIN9758 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,820 EUR -51.85% | 3,710 EUR -17.98% |
| Unfavourable | What you might get back after costs Average return each year | 6,110 EUR -38.92% | 5,570 EUR¹ -11.04%¹ |
| Moderate | What you might get back after costs Average return each year | 9,870 EUR -1.28% | 12,810 EUR² 5.07%² |
| Favourable | What you might get back after costs Average return each year | 13,330 EUR 33.32% | 14,830 EUR³ 8.20%³ | | | 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. Podría perder la totalidad o parte de su inversión. | 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 | 4.820 EUR -51,85% | 3.710 EUR -17,98% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.110 EUR -38,92% | 5.570 EUR¹ -11,04%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.870 EUR -1,28% | 12.810 EUR² 5,07%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.330 EUR 33,32% | 14.830 EUR³ 8,20%³ | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,820 EUR -51.85% | 3,710 EUR -17.98% |
| Unfavourable | What you might get back after costs Average return each year | 6,110 EUR -38.92% | 5,570 EUR¹ -11.04%¹ |
| Moderate | What you might get back after costs Average return each year | 9,870 EUR -1.28% | 12,810 EUR² 5.07%² |
| Favourable | What you might get back after costs Average return each year | 13,330 EUR 33.32% | 14,830 EUR³ 8.20%³ | | en | es |
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