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DOLFIN5661 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in USD.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de enero de 2012. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en USD.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in USD.
15%
10%
5%
0% | en | es |
DOLFIN5662 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance
Based on transaction prices, the fund's return was -4.75%.
From a regional perspective, continental Europe underperformed as the region's leverage ratio of 12x net debt/EBITDA is more than twice the global average. The banking crisis and recession fears also impacted subindustry performance, with office REITs and diversified REITs underperforming. Self-storage and data center REITs outperformed the broader sector, as underlying fundamentals and structural growth trends are seen as more defensive. Public Storage offered to acquire the company last month, while Life Storage rejected the offer pointing to its better growth profile. In March, it was rumored that Extra Space Storage was also considering a takeover bid | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del -4,75%.
Desde una perspectiva regional, Europa continental obtuvo peores resultados, ya que el ratio de apalancamiento de la región, de 12 veces la deuda neta/EBITDA, es más del doble de la media mundial. La crisis bancaria y los temores de recesión también repercutieron en la rentabilidad de los subsectores; los REIT de oficinas y los REIT diversificados obtuvieron peores resultados. Los REIT de autoalmacenamiento y centros de datos obtuvieron mejores resultados que el sector en general, ya que los fundamentales subyacentes y las tendencias de crecimiento estructural se consideran más defensivos. Public Storage ofreció adquirir la empresa el mes pasado, mientras que Life Storage rechazó la oferta alegando su mejor perfil de crecimiento. En marzo, se rumoreó que Extra Space Storage también estaba considerando una oferta pública de adquisición de Life Storage. | # Performance
Based on transaction prices, the fund's return was -4.75%.
From a regional perspective, continental Europe underperformed as the region's leverage ratio of 12x net debt/EBITDA is more than twice the global average. The banking crisis and recession fears also impacted subindustry performance, with office REITs and diversified REITs underperforming. Self-storage and data center REITs outperformed the broader sector, as underlying fundamentals and structural growth trends are seen as more defensive. Public Storage offered to acquire the company last month, while Life Storage rejected the offer pointing to its better growth profile. In March, it was rumored that Extra Space Storage was also considering a takeover bid | en | es |
DOLFIN5663 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6%
-8% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 1 de octubre de 2015. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
4%
2%
0%
-2%
-4%
-6%
-8% | ### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6%
-8% | en | es |
DOLFIN5673 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide long-term total returns (through a combination of income and capital growth). The Fund targets a return in excess of Overnight SOFR +4% gross of fees over a full credit cycle (the phases of access to credit by borrowers). Credit cycles can vary in length and typically last between 3 and 7 years. While the Fund aims to achieve a positive return and
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
its performance target, there is no guarantee that either will be achieved over the full credit cycle, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.
The Fund invests primarily in a diverse portfolio of bonds (contracts to repay borrowed money which pay interest at fixed or times), deposits or derivatives. These securities are issued by governments, institutions or companies from around the world including emerging markets (countries that are in economic terms less developed than the major Western countries).
Investments priced in currencies other than US dollars will be hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund may invest in other assets such as cash, derivatives, money market instruments (tradable securities where money can be invested for short periods) and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Fund cannot replicate the target benchmark index. The benchmark index is not investable and therefore cannot be replicated. The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Income Allocation: On some investments (e.g. the Implied Yield from Forward Foreign Exchange derivative contracts) any gains may be allocated to income rather than the capital account. This may cause greater fluctuations in the capital value of the fund. Income may be taxable.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar rentabilidad total a largo plazo (mediante una combinación de ingresos y crecimiento del capital). El Fondo trata de lograr una rentabilidad superior al tipo SOFR a un día +4%, sin descontar las comisiones, durante un ciclo de crédito completo (las fases de acceso al crédito por los prestatarios). Los ciclos de crédito pueden tener distintas duraciones, normalmente comprendidas entre 3 y 7 años. Aunque el Fondo
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
tratará de lograr una rentabilidad positiva y su objetivo de rentabilidad, no es posible garantizar que vayan a alcanzarse a lo largo del ciclo de crédito completo ni en ningún otro periodo de tiempo. No es posible garantizar que vaya a reembolsarse la totalidad del capital invertido en el Fondo.
El Fondo invierte principalmente en una cartera diversa de bonos (contratos para reembolsar dinero tomado en préstamo que pagan intereses en momentos predeterminados), depósitos o derivados. Estos valores están emitidos por gobiernos, instituciones o empresas de todo el mundo, incluidos los mercados emergentes (países menos desarrollados económicamente que los principales países occidentales).
Las inversiones denominadas en monedas distintas del dólar estadounidense tendrán cobertura (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) en dólares estadounidenses.
El Fondo podrá invertir en otros activos como el efectivo, derivados, instrumentos del mercado monetario (valores mobiliarios en los que se puede invertir dinero durante periodos breves) y otros fondos.
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
El Fondo no invertirá en determinados sectores o instrumentos financieros. Con el tiempo, el Gestor de inversiones, de conformidad con la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Gestor de inversiones utiliza una estrategia de cobertura de divisas (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) cuyo objetivo es que la rentabilidad en la moneda de esta clase de acciones sea similar a la rentabilidad obtenida en la moneda en que están valoradas las inversiones del Fondo.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El Fondo no puede replicar el índice de referencia objetivo. El índice de referencia no es apto para la inversión y, por tanto, no puede replicarse. El Gestor de inversiones tiene libertad para escoger las inversiones del Fondo, que no se asemejarán a los componentes del índice de referencia.
Todo ingreso generado por su inversión se refleja en el valor de sus acciones, en lugar de distribuirse.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte media de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes (incluida China): Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Asignación de ingresos: En algunas inversiones (por ejemplo, el rendimiento implícito de contratos de derivados de divisas a plazo), las plusvalías pueden asignarse a los ingresos y no a la cuenta de capital. Esto puede causar mayores fluctuaciones en el valor del capital del Fondo. Los ingresos pueden ser tributables.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Liquidez: Es posible que no haya suficientes compradores o vendedores de una inversión concreta, lo que puede causar retrasos en la negociación y la liquidación, así como mayores fluctuaciones del valor. Esto puede causar mayores pérdidas financieras de las previstas.
Cobertura en la moneda de referencia: tiene por objeto proteger a los inversores de un descenso del valor de la moneda de referencia exclusivamente (la moneda en la que se elaboran las cuentas) y no protege de una caída del valor de las monedas de las inversiones subyacentes cuando estas no coinciden con la moneda de referencia. La diferencia entre las monedas de las inversiones subyacentes y la moneda de referencia puede generar pérdidas cuando aumenta el valor de esta última frente a la moneda de la clase de acciones. Esta cobertura no será perfecta y su éxito no está garantizado.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide long-term total returns (through a combination of income and capital growth). The Fund targets a return in excess of Overnight SOFR +4% gross of fees over a full credit cycle (the phases of access to credit by borrowers). Credit cycles can vary in length and typically last between 3 and 7 years. While the Fund aims to achieve a positive return and
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
its performance target, there is no guarantee that either will be achieved over the full credit cycle, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.
The Fund invests primarily in a diverse portfolio of bonds (contracts to repay borrowed money which pay interest at fixed or times), deposits or derivatives. These securities are issued by governments, institutions or companies from around the world including emerging markets (countries that are in economic terms less developed than the major Western countries).
Investments priced in currencies other than US dollars will be hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund may invest in other assets such as cash, derivatives, money market instruments (tradable securities where money can be invested for short periods) and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Fund cannot replicate the target benchmark index. The benchmark index is not investable and therefore cannot be replicated. The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Income Allocation: On some investments (e.g. the Implied Yield from Forward Foreign Exchange derivative contracts) any gains may be allocated to income rather than the capital account. This may cause greater fluctuations in the capital value of the fund. Income may be taxable.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN5677 | 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 MSCI EM Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI EM Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity securities in emerging markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other 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 to generate additional income 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 accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, 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 pertenece a 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 refleja la rentabilidad del MSCI EM Minimum Volatility ESG Reduced Carbon Target Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, componen el Índice.
El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable que forman parte del MSCI EM Index (el Índice Matriz) con un perfil de volatilidad mínimo, cumpliendo con ciertas restricciones de exposición en términos de diversificación del riesgo y reducción del carbono, además de con los criterios medioambientales, sociales y de gobierno corporativo (ESG) del proveedor del índice.
El Índice excluye a empresas del Índice Matriz sobre la base de los criterios ESG del proveedor del índice que se recogen en la descripción del índice de referencia del Fondo, en el folleto del Fondo.
Tras la aplicación de los criterios ESG, los componentes del Índice se seleccionan utilizando una estrategia de volatilidad mínima, por la que se eligen valores del Índice Matriz a partir de estimaciones del perfil de riesgo y la volatilidad esperada de cada componente, y la correlación entre todos los componentes del Índice Matriz. Este proceso de selección está sujeto a ciertas restricciones de exposición en términos de diversificación de riesgos, reducción del carbono y mejora de la puntuación ESG, en relación con el Índice Matriz.
El Índice Matriz mide la rentabilidad de valores de renta variable de mercados emergentes. Las empresas se incluyen en el Índice Matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores 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 podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen 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 acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, 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 MSCI EM Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI EM Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity securities in emerging markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other 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 to generate additional income 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 accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, 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 |
DOLFIN5685 | 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: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | 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 | 2,380 USD -76.18% | 2,220 USD -26.01% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,410 USD -25.95% | 7,230 USD -6.28% |
| Moderate² | What you might get back after costs Average return each year | 10,430 USD 4.30% | 12,670 USD 4.84% |
| Favourable³ | What you might get back after costs Average return each year | 16,350 USD 63.46% | 22,950 USD 18.07% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 2.380 USD -76,18% | 2.220 USD -26,01% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.410 USD -25,95% | 7.230 USD -6,28% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.430 USD 4,30% | 12.670 USD 4,84% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.350 USD 63,46% | 22.950 USD 18,07% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | 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 | 2,380 USD -76.18% | 2,220 USD -26.01% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,410 USD -25.95% | 7,230 USD -6.28% |
| Moderate² | What you might get back after costs Average return each year | 10,430 USD 4.30% | 12,670 USD 4.84% |
| Favourable³ | What you might get back after costs Average return each year | 16,350 USD 63.46% | 22,950 USD 18.07% | | en | es |
DOLFIN5688 | 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 and after you invest: |
| --- |
| Entry Charge Exit Charge | 5.00% 2.00% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year: |
| Ongoing Charges | 0.52% |
| Charges taken from the Fund under certain specific conditions |
| Switching/ Conversion fee Performance fee | None 15.00% a year of any returns the Fund achieves above the benchmark for these fees, the ICE BofAML Euro Currency 3-Month Deposit Bid Rate Index (L3EC). Any underperformance of the Fund compared to the benchmark is made good before UII receive another performance fee. No performance fee was charged to the Fund for the last fiscal year. | | | Gastos no recurrentes percibidos con anterioridad y con posterioridad a la inversión |
| --- |
| Gastos de entrada Gastos de salida | 5,00% 2,00% |
| Es la cantidad máxima que puede detraerse de su capital antes de la inversión o antes de distribuirse las ganancias de la inversión. |
| Gastos detraídos del Fondo a lo largo de un año: |
| Gastos corrientes | 0,52% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de canje/ conversión: Comisión de rentabilidad | Ninguno 15,00% anual de toda diferencia positiva de rentabilidad que el Fondo logre con respecto al índice de referencia a efectos de estas comisiones, el ICE BofAML Euro Currency 3- Month Deposit Bid Rate Index (L3EC). Si el Fondo genera una rentabilidad inferior a la del índice de referencia, deberá recuperarla antes de que UII perciba otra comisión de rentabilidad. No se cobró ninguna comisión de rentabilidad al Fondo en el último ejercicio fiscal. | | | One-off charges taken before and after you invest: |
| --- |
| Entry Charge Exit Charge | 5.00% 2.00% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year: |
| Ongoing Charges | 0.52% |
| Charges taken from the Fund under certain specific conditions |
| Switching/ Conversion fee Performance fee | None 15.00% a year of any returns the Fund achieves above the benchmark for these fees, the ICE BofAML Euro Currency 3-Month Deposit Bid Rate Index (L3EC). Any underperformance of the Fund compared to the benchmark is made good before UII receive another performance fee. No performance fee was charged to the Fund for the last fiscal year. | | en | es |
DOLFIN5699 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Deferred processing of redemptions
The right of any shareholder to apply for redemptions from the SICAV will be suspended during any period in which the calculation of the net asset value per share is suspended by the SICAV by virtue of the powers described in the section entitled "Suspension of net asset value calculation and issue, redemption and conversion of shares" in the Prospectus. Any shareholders offering shares for redemption will be notified of this suspension and the end of the suspension. The shares in question will be redeemed on the first Bank Business Day in Luxembourg following the lifting of the suspension.
If the suspension continues for more than one month from the notification of the redemption application, the application may be cancelled by giving written notice to the Transfer Agent, provided this notice reaches the Transfer Agent before the end of the suspension.
If the total redemption orders* received for a sub-fund on a given Valuation Date concern more than 10% of the total net assets of the sub-fund in question, the Board of Directors or Management Company may decide on behalf of the SICAV to defer all or some of these orders exceeding this threshold of 10% for as long as it takes to restore the necessary liquidity to honour these orders, although not in principle more than ten (10) Bank Business Days for each pending redemption. | ### Aplazamiento de la tramitación de reembolsos
El derecho de cualquier accionista a solicitar a la SICAV el reembolso quedará suspendido durante todo el periodo de suspensión del cálculo del valor liquidativo por acción por la SICAV, en virtud de las facultades mencionadas en el apartado «Suspensión del cálculo del valor liquidativo y de la emisión, el reembolso y las conversiones de acciones» del Folleto. Los accionistas que presenten acciones para su reembolso serán avisados de dicha suspensión y del final de la misma. Las acciones en cuestión serán reembolsadas el primer Día Hábil en Luxemburgo después del cese de la suspensión.
Si la suspensión se prolonga durante más de un mes tras la notificación de la solicitud de reembolso, ésta podrá cancelarse mediante aviso escrito enviado al Agente de Transferencias, siempre y cuando dicho aviso se reciba antes del cese de la suspensión.
Si el total de las solicitudes de reembolso(*) recibidas para un subfondo un Día de Valoración determinado supera el 10% del patrimonio neto total del subfondo en cuestión, el Consejo de Administración o la Sociedad Gestora, en nombre de la SICAV, pueden decidir posponer la totalidad o una parte de las solicitudes que superen dicho umbral del 10% mientras la liquidez necesaria para satisfacer tales solicitudes no se haya restablecido; no obstante, en principio dicho periodo no superará los diez (10) Días Hábiles para cada reembolso suspendido. | ### Deferred processing of redemptions
The right of any shareholder to apply for redemptions from the SICAV will be suspended during any period in which the calculation of the net asset value per share is suspended by the SICAV by virtue of the powers described in the section entitled "Suspension of net asset value calculation and issue, redemption and conversion of shares" in the Prospectus. Any shareholders offering shares for redemption will be notified of this suspension and the end of the suspension. The shares in question will be redeemed on the first Bank Business Day in Luxembourg following the lifting of the suspension.
If the suspension continues for more than one month from the notification of the redemption application, the application may be cancelled by giving written notice to the Transfer Agent, provided this notice reaches the Transfer Agent before the end of the suspension.
If the total redemption orders* received for a sub-fund on a given Valuation Date concern more than 10% of the total net assets of the sub-fund in question, the Board of Directors or Management Company may decide on behalf of the SICAV to defer all or some of these orders exceeding this threshold of 10% for as long as it takes to restore the necessary liquidity to honour these orders, although not in principle more than ten (10) Bank Business Days for each pending redemption. | en | es |
DOLFIN5701 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sector allocation
In our portfolio management, we not only factor in weights, but also spreads and durations (DTS). On that basis, we are overweight in financials and underweight in non-financial corporates. The banking sector remains an overweight, while the real estate sector remains an underweight. The fund maintained its overweight positions in agencies, covered bonds and ABS, and swap spreads. The position in the Crossover CDS Index was closed shortly after month-end, after a rally in the high yield markets. The position in ABS consists of European residential mortgages and auto loans.
The agencies category comprises issuers that are majority-owned by governments.
Sector allocation Deviation index | # Distribución del sector
En la gestión de cartera no solo consideramos ponderaciones, sino también diferenciales y duraciones (DTS). Partiendo de esa base, estamos sobreponderados en finanzas e infraponderados en corporativos no financieros. El sector bancario continúa sobreponderado, mientras que el sector inmobiliario continúa infraponderado. El fondo mantuvo sus posiciones de sobreponderación en agencias, bonos cubiertos y ABS, así como en diferenciales de swap. La posición en el índice Crossover CDS se cerró poco tiempo después de finalizar el mes, tras un repunte en los mercados HY. La posición en ABS consiste en hipotecas residenciales europeas y en préstamos para automóviles. La categoría de agencias incluye a emisores cuyos accionistas mayoritarios son los gobiernos. | # Sector allocation
In our portfolio management, we not only factor in weights, but also spreads and durations (DTS). On that basis, we are overweight in financials and underweight in non-financial corporates. The banking sector remains an overweight, while the real estate sector remains an underweight. The fund maintained its overweight positions in agencies, covered bonds and ABS, and swap spreads. The position in the Crossover CDS Index was closed shortly after month-end, after a rally in the high yield markets. The position in ABS consists of European residential mortgages and auto loans.
The agencies category comprises issuers that are majority-owned by governments.
Sector allocation Deviation index | en | es |
DOLFIN5703 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Note 3: Exchange Rates
Purchases and sales of investment securities and income and expense items occurring during the year are translated using the exchange rates prevailing on the transaction date. Cash balances and other assets or liabilities of the Fund expressed in currencies other than USD have been valued after taking into account the market rates of exchange in force at the time for determination of the Net Asset Value per share. Any assets or liabilities expressed in terms of currencies other than USD were translated from 1 January 2022 to 31 December 2022 into the relevant currency after taking into consideration the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value.
The exchange rates at 31 December 2022 are the following: | Nota 3: Tipos de cambio
Las compraventas de valores de inversión y las partidas de ingresos y gastos del ejercicio se convierten aplicando los tipos de cambio vigentes en la fecha de cada operación. Los saldos en efectivo y otros activos y pasivos del Fondo expresados en monedas distintas del USD se han valorado teniendo en cuenta los tipos de cambio de mercado vigentes en el momento de determinación del Valor liquidativo por acción. Todo activo o pasivo expresado en monedas distintas del USD se convirtió entre el 1 de enero de 2022 y el 31 de diciembre de 2022 a la moneda pertinente tras tener en cuenta el tipo o tipos de cambio de mercado vigentes en la fecha y a la hora de determinación del valor liquidativo.
Los tipos de cambio aplicables a 31 de diciembre de 2022 son los siguientes: | Note 3: Exchange Rates
Purchases and sales of investment securities and income and expense items occurring during the year are translated using the exchange rates prevailing on the transaction date. Cash balances and other assets or liabilities of the Fund expressed in currencies other than USD have been valued after taking into account the market rates of exchange in force at the time for determination of the Net Asset Value per share. Any assets or liabilities expressed in terms of currencies other than USD were translated from 1 January 2022 to 31 December 2022 into the relevant currency after taking into consideration the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value.
The exchange rates at 31 December 2022 are the following: | en | es |
DOLFIN5705 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through a combination of income and capital growth (total return).
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, and not less than two thirds, of its assets in equity securities of real estate investment trusts (REITs), mortgage REITs and other real estate operating companies anywhere in the world, including emerging markets.
The Investment Manager seeks to select securities that it believes are undervalued and generate cash flow growth.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks) and efficient portfolio management.
## Responsible Investing
The Fund is classified as Article 8 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
FTSE EPRA NAREIT Developed Real Estate Index USD used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante una combinación de ingresos y crecimiento del capital (rentabilidad total).
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% y nunca menos de dos terceras partes de sus activos en títulos de renta variable de fondos de inversión inmobiliaria (REITs), REITs hipotecarios y otras empresas con actividad inmobiliaria de cualquier parte del mundo, incluidos los mercados emergentes.
La Sociedad Gestora procura seleccionar aquellos títulos que considera que están infravalorados y generan crecimiento de flujos de caja.
El Fondo puede tener exposición a cualquier divisa.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos) y gestión eficaz de la cartera.
## Inversión responsable
El Fondo entra en la categoría del artículo 8 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
FTSE EPRA NAREIT Developed Real Estate Index USD se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Renta variable: Valores que representan una participación en el capital de una sociedad.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through a combination of income and capital growth (total return).
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, and not less than two thirds, of its assets in equity securities of real estate investment trusts (REITs), mortgage REITs and other real estate operating companies anywhere in the world, including emerging markets.
The Investment Manager seeks to select securities that it believes are undervalued and generate cash flow growth.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks) and efficient portfolio management.
## Responsible Investing
The Fund is classified as Article 8 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
FTSE EPRA NAREIT Developed Real Estate Index USD used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. | en | es |
DOLFIN5712 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### What environmental and/or social characteristics are promoted by this financial product?
Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained.
The Financial Product promotes carbon intensity as environmental and social charateristics by taking account of the carbon intensity profile of a company as one factor of the investment decision making process .
The Financial Product also promotes other specific environmental and social characteristics, mainly:
- Preservation of climate with exclusion policies on coal and oil sand activities
- Protection of ecosystem and prevention of deforestation
- Better health with exclusion on tobacco
- Labor rights, society and human rights, business ethics, anti-corruption with exclusion on companies in violation of international norms and standards such as the United Nations Global Compact Principles, International Labor Organization’s (ILO) Conventions or the OECD guidelines for Multinational EnterprisesNo reference benchmark has been designated for the purpose of attaining the environmental and social characteristics promoted by this Financial Product. | ### ¿Qué características medioambientales o sociales promueve este producto financiero?
Los indicadores de sostenibilidad miden cómo se alcanzan las características medioambientales o sociales que promueve el producto financiero.
El Producto financiero promueve la intensidad de carbono como característica medioambiental y social, teniendo en cuenta el perfil de intensidad de carbono de una empresa en el proceso de toma de decisiones de inversión.
El Producto financiero también promueve otras características medioambientales y sociales concretas, en particular:
- Preservación del clima, con políticas de exclusión para actividades relacionadas con el carbón y las arenas bituminosas
- Protección del ecosistema y prevención de la deforestación
- Promoción de la salud, con la exclusión de empresas relacionadas con el tabaco
- Derechos laborales, sociedad y derechos humanos, ética empresarial y lucha contra la corrupción, con la exclusión de empresas que incumplen normas y estándares internacionales tales como los principios del Pacto Mundial de las Naciones Unidas, los convenios de la Organización Internacional del Trabajo (OIT) o las Líneas Directrices de la OCDE para Empresas MultinacionalesNo se ha designado ningún índice de referencia para lograr las características medioambientales y sociales que promueve este Producto financiero. | ### What environmental and/or social characteristics are promoted by this financial product?
Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained.
The Financial Product promotes carbon intensity as environmental and social charateristics by taking account of the carbon intensity profile of a company as one factor of the investment decision making process .
The Financial Product also promotes other specific environmental and social characteristics, mainly:
- Preservation of climate with exclusion policies on coal and oil sand activities
- Protection of ecosystem and prevention of deforestation
- Better health with exclusion on tobacco
- Labor rights, society and human rights, business ethics, anti-corruption with exclusion on companies in violation of international norms and standards such as the United Nations Global Compact Principles, International Labor Organization’s (ILO) Conventions or the OECD guidelines for Multinational EnterprisesNo reference benchmark has been designated for the purpose of attaining the environmental and social characteristics promoted by this Financial Product. | en | es |
DOLFIN5714 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Board of Directors has appointed Brown Brothers Harriman (Luxembourg) S.C.A. as depositary of the Fund (the “Depositary”). Brown Brothers Harriman (Luxembourg) S.C.A. was incorporated in Luxembourg as a “société en commandite par actions” on 16 February 1982 and has its registered office at 80, Route d’Esch, L-1470, Luxembourg, Grand Duchy of Luxembourg.
The rights and duties of the Depositary are governed by the depositary agreement, referred to under the “Material Contracts” section of this Prospectus, effective as at 4 November 2019 for an unlimited period of time from the date of its signature (the “Depositary Agreement”).
In performing its obligations under the Depositary Agreement, the Depositary shall observe and comply with (i) Luxembourg laws, (ii) the Depositary Agreement and (iii) the terms of this Prospectus. Furthermore, in carrying out its role as depositary bank, the Depositary must act solely in the interest of the Fund and of its Shareholders.
The Depositary will further, in accordance with the 2010 Law and with CSSF circular 16/644 applicable to credit institutions acting as UCITS depositaries subject to Part I of the 2010 Law:
- ensure that the issue, redemption, conversion and cancellation of Shares effected by or on behalf of the Fund are carried out in accordance with the law and the Articles of Incorporation;
- ensure that the Net Asset Value of the Shares of the Fund is calculated in accordance with Luxembourg laws and with the Articles of Incorporation;
- carry out the instructions of the Fund or the Management Company on behalf of the Fund, unless they conflict with Luxembourg law or with the Articles of Incorporation;
- ensure that in transactions involving the assets of the Fund, the consideration is remitted to it within the usual time limits; and
- ensure that the income of the Fund is applied in accordance with its Articles of Incorporation. | El Consejo de administración ha designado a Brown Brothers Harriman (Luxembourg) S.C.A. en calidad de depositario del Fondo (el «Depositario»). Brown Brothers Harriman (Luxembourg) S.C.A. se constituyó en Luxemburgo como «société en commandite par actions» el 16 de febrero de 1982 y tiene su domicilio social en 80, Route d’Esch, L-1470, Luxemburgo (Gran Ducado de Luxemburgo).
Los derechos y las obligaciones del Depositario se rigen por el contrato de depósito, al que se hace referencia en la sección «Contratos importantes» del presente Folleto, con efecto a lunes, 4 de noviembre de 2019 por tiempo ilimitado a partir de la fecha de su firma (el «Contrato de depósito»).
En cumplimiento de sus obligaciones con arreglo al Contrato de depósito, el Depositario respetará y cumplirá (i) la legislación luxemburguesa, (ii) el Contrato de depósito y (iii) las condiciones del presente Folleto. Asimismo, en el desempeño de sus funciones de banco depositario, el Depositario actuará únicamente en interés del Fondo y de sus Accionistas.
Además, el Depositario, de conformidad con la Ley de 2010 y la Circular 16/644 de la CSSF aplicable a las entidades de crédito que actúan en calidad de depositarios de OICVM previstos en la parte I de la Ley de 2010:
- garantizará que la emisión, el reembolso, el canje y la cancelación de las Acciones realizados por el Fondo o en nombre de este se realizan con arreglo a la legislación y a los Estatutos sociales;
- se asegurará de que el Valor liquidativo de las Acciones del Fondo se calcula de conformidad con la legislación luxemburguesa y los Estatutos sociales;
- seguirá las instrucciones del Fondo o de la Sociedad gestora en nombre del Fondo, salvo que entren en conflicto con la legislación luxemburguesa o los Estatutos sociales;
- garantizará que en las transacciones en las que estén implicados los activos del Fondo, la contraprestación se remite dentro de los plazos habituales; y
- se asegurará de que los ingresos del Fondo se aplican de acuerdo con sus Estatutos sociales. | The Board of Directors has appointed Brown Brothers Harriman (Luxembourg) S.C.A. as depositary of the Fund (the “Depositary”). Brown Brothers Harriman (Luxembourg) S.C.A. was incorporated in Luxembourg as a “société en commandite par actions” on 16 February 1982 and has its registered office at 80, Route d’Esch, L-1470, Luxembourg, Grand Duchy of Luxembourg.
The rights and duties of the Depositary are governed by the depositary agreement, referred to under the “Material Contracts” section of this Prospectus, effective as at 4 November 2019 for an unlimited period of time from the date of its signature (the “Depositary Agreement”).
In performing its obligations under the Depositary Agreement, the Depositary shall observe and comply with (i) Luxembourg laws, (ii) the Depositary Agreement and (iii) the terms of this Prospectus. Furthermore, in carrying out its role as depositary bank, the Depositary must act solely in the interest of the Fund and of its Shareholders.
The Depositary will further, in accordance with the 2010 Law and with CSSF circular 16/644 applicable to credit institutions acting as UCITS depositaries subject to Part I of the 2010 Law:
- ensure that the issue, redemption, conversion and cancellation of Shares effected by or on behalf of the Fund are carried out in accordance with the law and the Articles of Incorporation;
- ensure that the Net Asset Value of the Shares of the Fund is calculated in accordance with Luxembourg laws and with the Articles of Incorporation;
- carry out the instructions of the Fund or the Management Company on behalf of the Fund, unless they conflict with Luxembourg law or with the Articles of Incorporation;
- ensure that in transactions involving the assets of the Fund, the consideration is remitted to it within the usual time limits; and
- ensure that the income of the Fund is applied in accordance with its Articles of Incorporation. | en | es |
DOLFIN5725 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
To the extent that a Shareholder is acting as an Intermediary on behalf of persons who are neither Irish Resident nor Ordinarily Resident in Ireland no tax will have to be deducted by the Company on the occasion of a chargeable event provided that either
- the Company satisfied and availed of the equivalent measures,or
- the Intermediary has made a Relevant Declaration that he/she is acting on behalf of such persons and the Company is not in possession of any information which would reasonably suggest that the information contained therein is no longer materially correct. | En caso de que un Accionista actúe de Intermediario en nombre de personas que no sean Residentes Irlandeses ni Residentes Habituales en Irlanda, la Sociedad no tendrá que practicar retención fiscal alguna en el momento de producirse el hecho imponible, siempre que
- la Sociedad haya satisfecho y cumplido las medidas equivalentes,o
- dicho Intermediario haya presentado a la Sociedad una Declaración Pertinente en el sentido de actuar por cuenta de dichas personas, y que la Sociedad no posea información de la que pueda razonablemente inferirse que los datos contenidos en dicha Declaración Pertinente han dejado de ser sustancialmente exactos. | To the extent that a Shareholder is acting as an Intermediary on behalf of persons who are neither Irish Resident nor Ordinarily Resident in Ireland no tax will have to be deducted by the Company on the occasion of a chargeable event provided that either
- the Company satisfied and availed of the equivalent measures,or
- the Intermediary has made a Relevant Declaration that he/she is acting on behalf of such persons and the Company is not in possession of any information which would reasonably suggest that the information contained therein is no longer materially correct. | en | es |
DOLFIN5733 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund will invest at least 70% in the shares of companies principally engaged in the real estate industry and other real estate-related investments.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the FTSE EPRA/NAREIT Developed Index (Net) (the ‘‘Index’’) as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Index. Over short time periods, the fund’s performance may be close to the Index, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Index.
- The fund’s performance can be assessed against its Index as the Index’s constituents are representative of the type of companies the fund invests in.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital a largo plazo.
- El fondo invertirá al menos un 70 % en acciones de empresas que se dedican principalmente al sector inmobiliario y otras inversiones relacionadas con bienes inmuebles.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de forma activa. A la hora de elegir las inversiones del Subfondo y a efectos de supervisión del riesgo, el Gestor de Inversiones tendrá en cuenta el FTSE EPRA/NAREIT Developed Index (Net) (en adelante, el «Índice»), ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo. Al supervisar el riesgo, el Gestor de Inversiones puede remitirse al Índice para establecer directrices internas. Dichas directrices representan niveles generales de exposición en relación con el Índice. Cuando el Subfondo invierte en valores que forman parte del Índice, es probable que su asignación a los mismos sea distinta a la del Índice. El Gestor de Inversiones dispone de un amplio margen de libertad con respecto a la selección de inversiones y puede invertir en empresas, sectores, países y valores no incluidos en el Índice para aprovechar las oportunidades de inversión, aunque es probable que una parte sustancial de sus inversiones forme parte de él. Habrá periodos de tiempo cortos en los que la rentabilidad del Subfondo será parecida a la del Índice en función de las condiciones del mercado. Se prevé que tanto la cartera como la rentabilidad del mismo sean distintas a las del Índice durante periodos de tiempo prolongados.
- La rentabilidad del Subfondo puede compararse con la del Índice, ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund will invest at least 70% in the shares of companies principally engaged in the real estate industry and other real estate-related investments.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the FTSE EPRA/NAREIT Developed Index (Net) (the ‘‘Index’’) as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Index. Over short time periods, the fund’s performance may be close to the Index, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Index.
- The fund’s performance can be assessed against its Index as the Index’s constituents are representative of the type of companies the fund invests in.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN5734 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Manager’s Report
may be able to offset the inflation. Given a high base from pandemic-related exports in 2020, export YoY growth will likely slow in second half of the year, but we anticipate strong growth for full year 2021.
China released its 7th census data in May and the data showed an uptick in the ageing of its population. Specifically, the working age population shrank in the last decade and will likely shrink further when China’s population peaks in the next decade. The potential smaller labour supply as a result may potentially have the effect of slowing GDP growth and put pressure on social security funds. To counter this trend, the government may seek to gradually increase the retirement age to match life expectancy as well as demographic changes. With government expenditure focused on areas such as education, employment, public health, and social welfare, it is expected that there will be an ongoing transfer of labour resources from rural to urban areas and a continued shift from farming to non-farming productivity to support future annual GDP growth. Given the prevailing demographic trends, it will not be surprising for a measured decline in labour intensive sectors and an acceleration of growth within automation, robotics and digitisation sectors in China. At the same time, spending patterns will shift towards consumer services, especially within health care, insurance, financial planning, and old age care. The trends as outlined above presents various long-term, structural opportunities that is represented in the Portfolio.
INTERIM REPORT 2021 55
FINANCIAL STATEMENTS BALANCE SHEET | ## Informe del Gestor de inversiones
logre compensar la inflación. Dado el elevado nivel de base de las exportaciones relacionadas con la pandemia en 2020, es probable que el crecimiento interanual se ralentice en el segundo semestre del año, aunque prevemos un sólido crecimiento en el conjunto del ejercicio 2021.
China publicó los resultados de su séptimo censo nacional en mayo, con un repunte del envejecimiento de su población. En concreto, la población activa se contrajo en la última década y probablemente se reducirá aún más cuando la población china alcance su punto máximo en la próxima década. El posible descenso resultante de la mano de obra podría ralentizar el crecimiento del PIB y ejercer presión sobre los fondos de la seguridad social. Para contrarrestar esta tendencia, es posible que el gobierno trate de aumentar gradualmente la edad de jubilación para adaptarla a la esperanza de vida y a los cambios demográficos. Con el gasto público centrado en áreas como la educación, el empleo, la salud pública y el bienestar social, se prevé una transferencia constante de recursos laborales de las zonas rurales a las urbanas, así como un giro continuo de la productividad agrícola a la no agrícola para fomentar el crecimiento anual futuro del PIB. Habida cuenta de las tendencias demográficas dominantes, cabría esperar un descenso controlado de los sectores intensivos en mano de obra y una aceleración del crecimiento en los sectores de la automatización, la robótica y la digitalización en China. Al mismo tiempo, los patrones de gasto se inclinarán por los servicios de consumo, en particular por lo que respecta a la atención sanitaria, los seguros, la planificación fiscal y la atención a edades avanzadas. Las tendencias anteriormente mencionadas presentan diversas oportunidades estructurales a largo plazo que están representadas en la Cartera.
INFORME SEMESTRAL 2021 55
CUENTAS BALANCE | ## Investment Manager’s Report
may be able to offset the inflation. Given a high base from pandemic-related exports in 2020, export YoY growth will likely slow in second half of the year, but we anticipate strong growth for full year 2021.
China released its 7th census data in May and the data showed an uptick in the ageing of its population. Specifically, the working age population shrank in the last decade and will likely shrink further when China’s population peaks in the next decade. The potential smaller labour supply as a result may potentially have the effect of slowing GDP growth and put pressure on social security funds. To counter this trend, the government may seek to gradually increase the retirement age to match life expectancy as well as demographic changes. With government expenditure focused on areas such as education, employment, public health, and social welfare, it is expected that there will be an ongoing transfer of labour resources from rural to urban areas and a continued shift from farming to non-farming productivity to support future annual GDP growth. Given the prevailing demographic trends, it will not be surprising for a measured decline in labour intensive sectors and an acceleration of growth within automation, robotics and digitisation sectors in China. At the same time, spending patterns will shift towards consumer services, especially within health care, insurance, financial planning, and old age care. The trends as outlined above presents various long-term, structural opportunities that is represented in the Portfolio.
INTERIM REPORT 2021 55
FINANCIAL STATEMENTS BALANCE SHEET | en | es |
DOLFIN5742 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company has established a liquidity risk management policy which enables it to identify, monitor and manage the liquidity risks of each Sub-Fund and to ensure that the liquidity profile of the investments of each Sub-Fund will facilitate compliance with the Sub-Fund’s obligation to meet redemption requests. The policy combines qualitative and quantitative tools to manage liquidity risk arising both the assets and the liabilities with tools to ensure fair treatment of shareholders.
When assessing the liquidity of each Sub-Fund, the Management Company will take to account different factors including (but not limited) to the Sub-Fund’s investment strategy, the nature of the assets invested, the market conditions and the liabilities profile.
The day-to-day liquidity risk management is based on on-going monitoring of the liquidity profile of each investment in each Sub Fund to ensure that all such investment are appropriate to the investment strategy, the risk profile of the Sub- fund, the investor base and the redemption policy.
The liquidity risk management includes periodic and ad hoc stress test allowing the assessment and management of the liquidity risk of each sub-fund under normal and stressed market conditions. Stress test scenarios include both assets and liability stresses. The Management Company will analyse the results of these stress tests and the day-to-day liquidity risk management to consider taking actions which may be an adjustment of the asset in the portfolio or if necessary, the preparation of a contingency plan.
In addition to monitoring and managing the liquidity risk, the Fund may use the liquidity management tools and measures, which, in the interest of ensuring fair treatment of shareholders, have the capacity to affect the investors’ redemption rights. | La Sociedad gestora ha establecido una política de gestión del riesgo de liquidez que le permite identificar, supervisar y gestionar los riesgos de liquidez de cada Subfondo y garantizar que el perfil de liquidez de las inversiones de cada Subfondo facilitará el cumplimiento de la obligación del Subfondo de satisfacer las solicitudes de reembolso. Dicha política combina herramienta cualitativos y cuantitativos para gestionar el riesgo de liquidez que surge tanto en el activo como en el pasivo con instrumentos para garantizar el trato justo de los accionistas.
Al evaluar la liquidez de cada Subfondo, la Sociedad Gestora tendrá en cuenta diferentes factores, entre los que se incluyen (pero no se limitan a) la estrategia de inversión del Subfondo, la naturaleza de los activos invertidos, la coyuntura de mercado y el perfil de los pasivos.
La gestión diaria del riesgo de liquidez se basa en la supervisión continua del perfil de liquidez de cada inversión en cada Subfondo para garantizar que todas esas inversiones se adecuen a la estrategia de inversión, el perfil de riesgo del Subfondo, la base de inversores y la política de reembolsos.
La gestión del riesgo de liquidez incluye una prueba de resistencia (stress test) periódica específica que permite evaluar y gestionar el riesgo de liquidez de cada subfondo en condiciones de mercado normales y de tensión. Los escenarios de la prueba de resistencia incluyen pruebas de tensión para los activos y pasivos. La Sociedad gestora analizará los resultados de estas pruebas de resistencia y la gestión diaria del riesgo de liquidez con el fin de sopesar la posibilidad de adoptar medidas que pueden consistir en un ajuste del activo de la cartera o, de ser necesario, la preparación de un plan de contingencia.
Además de supervisar y gestionar el riesgo de liquidez, el Fondo puede utilizar los instrumentos y medidas de gestión de la liquidez que, con el propósito de garantizar un trato equitativo a los accionistas, pueden afectar los derechos de reembolso de los inversores. | The Management Company has established a liquidity risk management policy which enables it to identify, monitor and manage the liquidity risks of each Sub-Fund and to ensure that the liquidity profile of the investments of each Sub-Fund will facilitate compliance with the Sub-Fund’s obligation to meet redemption requests. The policy combines qualitative and quantitative tools to manage liquidity risk arising both the assets and the liabilities with tools to ensure fair treatment of shareholders.
When assessing the liquidity of each Sub-Fund, the Management Company will take to account different factors including (but not limited) to the Sub-Fund’s investment strategy, the nature of the assets invested, the market conditions and the liabilities profile.
The day-to-day liquidity risk management is based on on-going monitoring of the liquidity profile of each investment in each Sub Fund to ensure that all such investment are appropriate to the investment strategy, the risk profile of the Sub- fund, the investor base and the redemption policy.
The liquidity risk management includes periodic and ad hoc stress test allowing the assessment and management of the liquidity risk of each sub-fund under normal and stressed market conditions. Stress test scenarios include both assets and liability stresses. The Management Company will analyse the results of these stress tests and the day-to-day liquidity risk management to consider taking actions which may be an adjustment of the asset in the portfolio or if necessary, the preparation of a contingency plan.
In addition to monitoring and managing the liquidity risk, the Fund may use the liquidity management tools and measures, which, in the interest of ensuring fair treatment of shareholders, have the capacity to affect the investors’ redemption rights. | en | es |
DOLFIN5748 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Under the terms of the CRS Law, the Fund is likely to be treated as a Luxembourg Reporting Financial Institution. As such, as of 30 June 2017 and without prejudice to other applicable data protection provisions as set out in the Fund documentation, the Fund will be required to annually report to the LTA personal and financial information related, inter alia, to the identification of, holdings by and payments made to (i) certain investors as per the CRS Law (the “Reportable Persons”), and (ii) Controlling Persons of certain non-financial entities (“NFEs”) which are themselves Reportable Persons. This information, as exhaustively set out in Annex I of the CRS Law (the “CRS Information”), will include personal data related to the Reportable Persons.
The Fund’s ability to satisfy its reporting obligations under the CRS Law will depend on each investor providing the Fund with the Information, along with the required supporting documentary evidence.
- In both FATCA Law and CRS Law context, the investors are hereby informed that, as data controller, the Fund will process the FATCA Information and CRS Information for the purposes as set out in the FATCA Law and the CRS Law. Additionally, as further detailed under the provisions of the Data Protection section of this Agreement, the Fund, acting as data controller, is responsible for the processing of Personal Data and each investor has notably a right to access the data communicated to the LTA and to correct such data (if necessary). Any data obtained by the Fund are to be processed in accordance with the Data Protection Law. The investors undertake to inform their Controlling Persons, if applicable, of the processing of their FATCA Information and CRS Information by the Fund. | En virtud de lo previsto por la Ley del CRS, el Fondo será tratado previsiblemente como una Institución financiera luxemburguesa obligada a comunicar información. Como tal, a partir del 30 de junio de 2017 y sin perjuicio de otras disposiciones aplicables en materia de protección de datos incluidas en la documentación del Fondo, este estará obligado a comunicar anualmente a la LTA información personal y financiera relativa, entre otras cosas, a la identidad y las posiciones de (i) determinados inversores identificados en la Ley del CRS (las «Personas sujetas a comunicación de información») y (ii) las Personas que ejercen el control de determinadas entidades no financieras que son a su vez Personas sujetas a comunicación de información, así como la información relativa a los pagos a estas personas. Esta información, que se detalla de forma pormenorizada en el Anexo I de la Ley del CRS (la «Información del CRS»), incluirá los datos personales de las Personas sujetas a comunicación de información.
La capacidad del Fondo para cumplir sus obligaciones de comunicación de información en virtud de la Ley del CRS dependerá de que cada inversor proporcione al Fondo la Información, así como las pruebas documentales preceptivas.
- Se informa a los inversores de que, tanto en el contexto de la Ley de la FATCA como en el de la Ley del CRS, el Fondo, en su condición de responsable del tratamiento de los datos, tratará la Información de la FATCA y la Información del CRS para los fines previstos en la Ley de la FATCA y la Ley del CRS. Por otra parte, tal y como se explica más detalladamente en las disposiciones de la sección de Protección de datos de este Contrato, el Fondo, en su condición de responsable del tratamiento de los datos, se encarga del tratamiento de los Datos personales y todos los inversores tienen derecho de acceso a los datos comunicados a la LTA y a rectificar estos datos (si procede). Todos los datos obtenidos por el Fondo se tratarán de conformidad con la Ley de protección de datos. Los inversores se comprometen a informar a sus Responsables del tratamiento de datos, si procede, de que el Fondo va a tratar su Información de la FATCA y su Información del CRS. | Under the terms of the CRS Law, the Fund is likely to be treated as a Luxembourg Reporting Financial Institution. As such, as of 30 June 2017 and without prejudice to other applicable data protection provisions as set out in the Fund documentation, the Fund will be required to annually report to the LTA personal and financial information related, inter alia, to the identification of, holdings by and payments made to (i) certain investors as per the CRS Law (the “Reportable Persons”), and (ii) Controlling Persons of certain non-financial entities (“NFEs”) which are themselves Reportable Persons. This information, as exhaustively set out in Annex I of the CRS Law (the “CRS Information”), will include personal data related to the Reportable Persons.
The Fund’s ability to satisfy its reporting obligations under the CRS Law will depend on each investor providing the Fund with the Information, along with the required supporting documentary evidence.
- In both FATCA Law and CRS Law context, the investors are hereby informed that, as data controller, the Fund will process the FATCA Information and CRS Information for the purposes as set out in the FATCA Law and the CRS Law. Additionally, as further detailed under the provisions of the Data Protection section of this Agreement, the Fund, acting as data controller, is responsible for the processing of Personal Data and each investor has notably a right to access the data communicated to the LTA and to correct such data (if necessary). Any data obtained by the Fund are to be processed in accordance with the Data Protection Law. The investors undertake to inform their Controlling Persons, if applicable, of the processing of their FATCA Information and CRS Information by the Fund. | en | es |
DOLFIN5757 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | -9.0 | -0.0 | -17.7 | 57.4 | 14.4 | -2.1 | 12.4 | -4.7 | 10.4 |
| Benchmark † | | -8.5 | 0.5 | -17.1 | 58.6 | 15.2 | -1.7 | 13.2 | -4.6 | 11.0 |
The depositary of the Fund is J.P. Morgan SE – Dublin Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Index Selection Fund (BISF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as unit prices, on the BlackRock website at www.blackrock.com, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +353 1612 3394.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BISF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and unit class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BlackRock Asset Management Ireland Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's Prospectus.
Under Irish law, BISF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BISF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their units in the Fund for units in another sub-fund within BISF, (with the exception of the flexible unit classes), subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 05 May 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | -9,0 | -0,0 | -17,7 | 57,4 | 14,4 | -2,1 | 12,4 | -4,7 | 10,4 |
| Índice † | | -8,5 | 0,5 | -17,1 | 58,6 | 15,2 | -1,7 | 13,2 | -4,6 | 11,0 |
El depositario del Fondo es J.P. Morgan SE – Dublin Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Index Selection Fund (BISF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com, en el sitio web de iShares cuya dirección es www.ishares.com, o llamando al equipo Internacional de Servicios al Inversor en el +353 1612 3394.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BISF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto del Fondo y los informes anuales y semestrales del Fondo se elaboran para todo el paraguas.
BlackRock Asset Management Ireland Limited únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación irlandesa, BISF mantiene responsabilidad segregada entre sus compartimentos (es decir, los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BISF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus participaciones del Fondo por participaciones de otro compartimento de BISF (a excepción de las clases de participaciones flexibles), con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 05 mayo 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | -9.0 | -0.0 | -17.7 | 57.4 | 14.4 | -2.1 | 12.4 | -4.7 | 10.4 |
| Benchmark † | | -8.5 | 0.5 | -17.1 | 58.6 | 15.2 | -1.7 | 13.2 | -4.6 | 11.0 |
The depositary of the Fund is J.P. Morgan SE – Dublin Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Index Selection Fund (BISF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as unit prices, on the BlackRock website at www.blackrock.com, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +353 1612 3394.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BISF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and unit class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BlackRock Asset Management Ireland Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's Prospectus.
Under Irish law, BISF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BISF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their units in the Fund for units in another sub-fund within BISF, (with the exception of the flexible unit classes), subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 05 May 2022 | en | es |
DOLFIN5761 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance scenarios
The figures shown include all the costs of the Product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. | # Escenarios de rentabilidad
Las cifras presentadas incluyen todos los costes del Producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. | # Performance scenarios
The figures shown include all the costs of the Product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. | en | es |
DOLFIN5771 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### E = the Subscription Price per Share for the New Shares as at the relevant Valuation Day.
When requesting the switching of Shares as an initial investment in a Sub-Fund, Shareholders should ensure that the value of the Original Shares switched is equal to or exceeds the minimum holding for the relevant Sub- Fund specified in the Supplement for that Sub-Fund.
In the case of a switch of a partial holding only, the value of the remaining holding must also be at least equal to the minimum holding for the Sub-Fund as described in the Supplement for that Sub-Fund.
No fees currently are charged to Shareholders directly in connection with switching, although, to the extent permitted by law, the Articles permit the Company to charge a fee of up to 6% of the Net Asset Value of the Shares tendered for switching and the Company reserves the right to charge Shareholders such fees in the future. | ##### E = el Precio de Suscripción por Acción correspondiente a las Nuevas Acciones en el Día de valoración pertinente.
Cuando se solicite el canje de Acciones como una inversión inicial en un Subfondo, los Accionistas deberán asegurarse de que el valor de las Acciones Originales canjeadas es equivalente o superior a la participación mínima correspondiente al Subfondo pertinente, según lo especificado en el Suplemento correspondiente a ese Subfondo.
En caso de canje de únicamente una participación parcial, el valor de la participación restante también deberá ser equivalente a la participación mínima correspondiente al Subfondo, según lo descrito en el Suplemento correspondiente a ese Subfondo.
En la actualidad, no se cobran comisiones a los Accionistas, directamente, en relación con los canjes. No obstante, en la medida permitida por la ley, los Estatutos permiten a la Sociedad cobrar una comisión de hasta el 6% del Valor de inventario neto de las Acciones entregadas para su canje, y la Sociedad se reserva el derecho a cobrar a los Accionistas esas comisiones en un futuro. | #### E = the Subscription Price per Share for the New Shares as at the relevant Valuation Day.
When requesting the switching of Shares as an initial investment in a Sub-Fund, Shareholders should ensure that the value of the Original Shares switched is equal to or exceeds the minimum holding for the relevant Sub- Fund specified in the Supplement for that Sub-Fund.
In the case of a switch of a partial holding only, the value of the remaining holding must also be at least equal to the minimum holding for the Sub-Fund as described in the Supplement for that Sub-Fund.
No fees currently are charged to Shareholders directly in connection with switching, although, to the extent permitted by law, the Articles permit the Company to charge a fee of up to 6% of the Net Asset Value of the Shares tendered for switching and the Company reserves the right to charge Shareholders such fees in the future. | en | es |
DOLFIN5779 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 14.3 | 36.6 | 40.6 | 15.9 | -5.6 | 6.6 | 9.6 | 26.1 | 3.7 | 22.9 |
| Constraint †¹ | 15.7 | 30.4 | 34.5 | 18.7 | -4.0 | 5.2 | 7.7 | 25.5 | 4.1 | 28.9 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 30 August 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 14,3 | 36,6 | 40,6 | 15,9 | -5,6 | 6,6 | 9,6 | 26,1 | 3,7 | 22,9 |
| Limitación †¹ | 15,7 | 30,4 | 34,5 | 18,7 | -4,0 | 5,2 | 7,7 | 25,5 | 4,1 | 28,9 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 30 agosto 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 14.3 | 36.6 | 40.6 | 15.9 | -5.6 | 6.6 | 9.6 | 26.1 | 3.7 | 22.9 |
| Constraint †¹ | 15.7 | 30.4 | 34.5 | 18.7 | -4.0 | 5.2 | 7.7 | 25.5 | 4.1 | 28.9 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 30 August 2022 | en | es |
DOLFIN5780 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 32.1 | 32.3 | -15.8 | 9.3 | -3.9 | 29.8 | -22.5 | 24.4 | 18.9 | 17.6 |
| Constraint †¹ | 21.2 | 28.9 | -8.4 | -1.4 | 1.3 | 28.1 | -16.9 | 23.2 | 7.9 | 13.5 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 30 August 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 32,1 | 32,3 | -15,8 | 9,3 | -3,9 | 29,8 | -22,5 | 24,4 | 18,9 | 17,6 |
| Limitación †¹ | 21,2 | 28,9 | -8,4 | -1,4 | 1,3 | 28,1 | -16,9 | 23,2 | 7,9 | 13,5 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 30 agosto 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 32.1 | 32.3 | -15.8 | 9.3 | -3.9 | 29.8 | -22.5 | 24.4 | 18.9 | 17.6 |
| Constraint †¹ | 21.2 | 28.9 | -8.4 | -1.4 | 1.3 | 28.1 | -16.9 | 23.2 | 7.9 | 13.5 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 30 August 2022 | en | es |
DOLFIN5783 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Pieter Busscher CFA | |
| --- | --- |
| Fund manager since 01-08-2021 |
| Performance | | |
| | Fund | Index |
| 1 m | -8.63% | -4.25% |
| 3 m | 6.71% | 9.77% |
| Ytd | -26.69% | -18.14% |
| 1 Year | -26.69% | -18.14% |
| 2 Years | -9.96% | -0.14% |
| 3 Years | 9.35% | 4.94% |
| Since 07-2018 | 8.08% | 6.13% | | | Pieter Busscher CFA | |
| --- | --- |
| Gestor del fondo desde 01-08-2021 |
| Rentabilidad | | |
| | Fondo | Índice |
| 1 m | -8,63% | -4,25% |
| 3 m | 6,71% | 9,77% |
| Ytd | -26,69% | -18,14% |
| 1 año | -26,69% | -18,14% |
| 2 años | -9,96% | -0,14% |
| 3 años | 9,35% | 4,94% |
| Since 07-2018 | 8,08% | 6,13% | | | Pieter Busscher CFA | |
| --- | --- |
| Fund manager since 01-08-2021 |
| Performance | | |
| | Fund | Index |
| 1 m | -8.63% | -4.25% |
| 3 m | 6.71% | 9.77% |
| Ytd | -26.69% | -18.14% |
| 1 Year | -26.69% | -18.14% |
| 2 Years | -9.96% | -0.14% |
| 3 Years | 9.35% | 4.94% |
| Since 07-2018 | 8.08% | 6.13% | | en | es |
DOLFIN5787 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe excluding the United Kingdom.
The term Europe refers to European countries including, Eastern Europe and the former Soviet Union countries but excludes the United Kingdom.
Depending on market conditions, the Fund will aim to invest in equity securities of companies that are, in the investment adviser’s (IA) opinion, undervalued (i.e. their share price does not reflect their underlying worth) or have good growth potential.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so the IA will refer to the FTSE World Europe ex UK Index when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares).
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte al menos el 70% de su activo total en valores de renta variable (como acciones) de empresas domiciliadas o que desarrollen una parte predominante de su actividad económica en Europa, excluido el Reino Unido.
El término «Europa» hace referencia a los países europeos, incluidos los países de Europa del Este y los países de la extinta Unión Soviética, aunque no se incluye el Reino Unido.
Dependiendo de las condiciones del mercado, el Fondo tratará de invertir en valores de renta variable de empresas que, en opinión del asesor de inversiones (AI), estén infravaloradas (es decir, que el precio de sus acciones no refleje su valor intrínseco como inversión) o tengan un buen potencial de crecimiento.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al FTSE World Europe ex UK Index para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (anualmente se pagarán ingresos por dividendo sobre las acciones).
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en dólares estadounidenses. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe excluding the United Kingdom.
The term Europe refers to European countries including, Eastern Europe and the former Soviet Union countries but excludes the United Kingdom.
Depending on market conditions, the Fund will aim to invest in equity securities of companies that are, in the investment adviser’s (IA) opinion, undervalued (i.e. their share price does not reflect their underlying worth) or have good growth potential.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so the IA will refer to the FTSE World Europe ex UK Index when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares).
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN5788 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: December 4, 2002. The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
15%
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 4 de diciembre de 2002. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
15%
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: December 4, 2002. The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
15%
10%
5%
0%
-5% | en | es |
DOLFIN5789 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In connection with the above activities, the Depositary or its affiliated companies:
- will seek to make a profit from these activi- ties, and are entitled to receive and retain any profits or remunerations of any kind. They are not required to notify the Investment Com- pany of the nature or amount of any such profits or compensation, including but not limited to fees, costs, commissions, income shares, spreads, markups, markdowns, interest, reimbursements, discounts or other benefits received in connection with such activities;
- may buy, sell, issue, trade or hold securities or other financial products or instruments as principals in their own interest, in the interest of their affiliated companies or for their other clients;
- may trade in the same or the opposite direc- tion to the transactions carried out, including on the basis of information in their posses- sion but not available to the Investment Company;
- may provide the same or similar services to other clients, including competitors of the Investment Company;
- may obtain creditor rights from the Invest- ment Company, which they may exercise. | En relación con las actividades indicadas, la enti- dad depositaria o sus empresas asociadas:
- intentan obtener un beneficio con esas acti- vidades, a cuyo efecto tienen derecho a reci- bir y conservar todos los beneficios o retri- buciones, del tipo que sean. No están obligadas a informar a la sociedad de inver- sión del tipo o la cuantía de tales beneficios o retribuciones, donde se incluyen las tasas, costes, comisiones, cuotas de ingresos, diferenciales, recargos o descuentos de cotización, intereses, indemnizaciones, deducciones u otras ventajas recibidas en relación con estas actividades;
- pueden comprar, vender, emitir, negociar o poseer valores u otros productos o instrumen- tos financieros en calidad de mandante en su propio interés, en interés de sus empresas vinculadas o por cuenta de otros clientes;
- pueden comerciar en el mismo sentido que las operaciones tramitadas, o bien en sentido contrario, también sobre la base de informa- ción que obre en su poder pero no esté dis- ponible para la sociedad de inversión;
- pueden prestar los mismos servicios o servi- cios similares a otros clientes, incluida la competencia de la sociedad de inversión;
- pueden recibir derechos acreedores de la sociedad de inversión que pueden ejercitar. | In connection with the above activities, the Depositary or its affiliated companies:
- will seek to make a profit from these activi- ties, and are entitled to receive and retain any profits or remunerations of any kind. They are not required to notify the Investment Com- pany of the nature or amount of any such profits or compensation, including but not limited to fees, costs, commissions, income shares, spreads, markups, markdowns, interest, reimbursements, discounts or other benefits received in connection with such activities;
- may buy, sell, issue, trade or hold securities or other financial products or instruments as principals in their own interest, in the interest of their affiliated companies or for their other clients;
- may trade in the same or the opposite direc- tion to the transactions carried out, including on the basis of information in their posses- sion but not available to the Investment Company;
- may provide the same or similar services to other clients, including competitors of the Investment Company;
- may obtain creditor rights from the Invest- ment Company, which they may exercise. | en | es |
DOLFIN5790 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PART 7 - MANAGEMENT & REPORTING
## Company Transactions and Conflicts of Interest
Subject to the provisions of this section, the Investment Manager, the Sub-Investment Manager, the Administrative Support Provider, the Administrator, the Depositary, the Directors, any Shareholder, and any of their respective subsidiaries, affiliates, associates, agents or delegates (each a Connected Person), may contract or enter into any financial, banking or other transaction with one another or with the Company, including without limitation, investment by the Company in securities of a Shareholder, or investment by any Connected Persons in any company or body any of whose investments form part of the assets comprised in any Fund or be interested in any such contract or transactions. In particular, without limitation, any Connected Person may invest in and deal with Shares relating to any Fund or any property of the kind included in the property of the relevant Fund for their respective individual accounts or for the account of someone else. The appointment of the Investment Manager and Distributor, the Sub-Investment Manager, the Administrative Support Provider, the Administrator and the Depositary in their primary capacity as service providers to the Company are excluded from the scope of these Connected Person requirements.
In addition, any cash of the Company may be deposited, subject to the provisions of the Central Bank Acts, 1942 to 2015 (as may be amended, consolidated, supplemented or otherwise modified from time to time), with any Connected Person or invested in certificates of deposit or banking instruments issued by any Connected Person. Banking and similar transactions may also be undertaken with or through a Connected Person.
Any Connected Person may also deal as agent or principal in the sale or purchase of securities and other investments to or from the Company through the Depositary or any subsidiary, affiliate, associate, agent or delegate thereof. There will be no obligation on the part of any such Connected Person to account to Shareholders for any benefits so arising, and any such benefits may be retained by the relevant party, provided that such transactions are conducted as if negotiated at arm's length, are in the best interests of Shareholders, and
- a certified valuation of such transaction by a person approved by the Depositary (or by the Directors in the case of a transaction involving the Depositary) as independent and competent has been obtained; or
- such transaction has been executed on best terms on an organised investment exchange under its rules; orwhere neither (1) nor (2) are practicable,
- such transaction has been executed on terms which the Depositary is (or in the case of any such transaction entered into by the Depositary, the Directors are) satisfied conform with the principle that such transactions be conducted as if negotiated at arm’s length and in the best interests of Shareholders.
The Depositary (or in the case of a transaction involving the Depositary, the Directors) shall document how it complied with paragraphs (1), (2) and (3) above and where transactions are conducted in accordance with paragraph (3), the Depositary (or in the case of a transaction involving the Depositary, the Directors), must document the rationale for being satisfied that the transaction conformed to the principles outlined above. | # PARTE 7 - GESTIÓN E INFORMES
## Operaciones de la Sociedad y conflictos de interés
Sin perjuicio de las disposiciones de este apartado, la Gestora de inversiones, la Gestora delegada de inversiones, el Proveedor de servicios de apoyo administrativo, el Administrador, el Depositario, los Consejeros, cualquier Accionista, y cualquiera de sus respectivas filiales, entidades afiliadas, asociados, agentes o delegados (cada uno de ellos, una Persona vinculada), podrá contratar o celebrar cualquier operación financiera, bancaria o de otro tipo con otra Parte vinculada o con la Sociedad, incluyendo, entre otras, cualquier inversión de la Sociedad en valores de un Accionista, o la inversión por cualquier Persona vinculada en cualquier sociedad u organismo cualquiera de cuyas inversiones forme parte de los activos de cualquier Subfondo o esté interesada en cualquiera de estos contratos u operaciones. En concreto, cualquier Persona vinculada podrá, sin límite alguno, negociar e invertir, por cuenta propia o por cuenta de terceros, en Acciones del Subfondo pertinente o en activos de cualquier clase que figuren entre los activos de cualquier Subfondo. El nombramiento de la Gestora de inversiones y del Distribuidor, de la Gestora delegada de inversiones, del Proveedor de servicios de apoyo administrativo, del Administrador y del Depositario en su calidad principal como proveedores de servicios de la Sociedad están excluidos del ámbito de aplicación de estos requisitos de Persona vinculada.
Además, con sujeción a lo dispuesto en las Leyes del Banco Central (Central Bank Acts) irlandesas, de 1942 a 2015 (con sus oportunas modificaciones, consolidaciones, ampliaciones u otras modificaciones), se podrá entregar en depósito cualquier importe en efectivo de la Sociedad a cualquier Persona vinculada o invertirlo en certificados de depósito o instrumentos bancarios emitidos por cualquier Persona vinculada. Asimismo, podrán celebrarse operaciones bancarias o de índole similar por medio o a través de una Persona vinculada.
Cualquier Persona vinculada podrá realizar, en calidad de principal o de agente, operaciones de compra o venta de valores y otras inversiones para o por la Sociedad a través del Depositario o cualquiera de sus filiales, entidades afiliadas, asociados, agentes o delegados. Ninguna Persona vinculada estará obligada a rendir cuentas a los Accionistas de los beneficios que de tal modo obtuviese, que podrán ser retenidos por la parte de que se trate, siempre y cuando dichas operaciones se ejecuten como lo harían dos partes independientes, y redunden en interés de los Accionistas y, además:
- se obtenga una valoración certificada de dicha operación por parte de una persona independiente y competente aprobada por el Depositario (o los Consejeros en el caso de una operación en la que esté involucrado el Depositario); o
- dicha operación se ejecute en las mejores condiciones en un mercado organizado con arreglo a la normativa de dicho mercado; o cuando el cumplimiento de las condiciones (1) y (2) no fuera factible,
- dicha operación se realice en unas condiciones comerciales que el Depositario (o los Consejeros cuando se trate de una operación celebrada por el Depositario) considere satisfactorias conforme al principio de ejecución de las operaciones en condiciones normales del mercado y en el mejor interés de los Accionistas.
El Depositario (o en el caso de una transacción en la que participe el Depositario, los Consejeros) documentará cómo ha cumplido los apartados (1), (2) y (3) anteriores y si las transacciones se han realizado de conformidad con el apartado (3); el Depositario (o en el caso de una transacción en la que participe el Depositario, los Consejeros) deberá documentar la base lógica por la que ha comprobado de forma satisfactoria que la transacción ha cumplido los principios anteriormente señalados. | # PART 7 - MANAGEMENT & REPORTING
## Company Transactions and Conflicts of Interest
Subject to the provisions of this section, the Investment Manager, the Sub-Investment Manager, the Administrative Support Provider, the Administrator, the Depositary, the Directors, any Shareholder, and any of their respective subsidiaries, affiliates, associates, agents or delegates (each a Connected Person), may contract or enter into any financial, banking or other transaction with one another or with the Company, including without limitation, investment by the Company in securities of a Shareholder, or investment by any Connected Persons in any company or body any of whose investments form part of the assets comprised in any Fund or be interested in any such contract or transactions. In particular, without limitation, any Connected Person may invest in and deal with Shares relating to any Fund or any property of the kind included in the property of the relevant Fund for their respective individual accounts or for the account of someone else. The appointment of the Investment Manager and Distributor, the Sub-Investment Manager, the Administrative Support Provider, the Administrator and the Depositary in their primary capacity as service providers to the Company are excluded from the scope of these Connected Person requirements.
In addition, any cash of the Company may be deposited, subject to the provisions of the Central Bank Acts, 1942 to 2015 (as may be amended, consolidated, supplemented or otherwise modified from time to time), with any Connected Person or invested in certificates of deposit or banking instruments issued by any Connected Person. Banking and similar transactions may also be undertaken with or through a Connected Person.
Any Connected Person may also deal as agent or principal in the sale or purchase of securities and other investments to or from the Company through the Depositary or any subsidiary, affiliate, associate, agent or delegate thereof. There will be no obligation on the part of any such Connected Person to account to Shareholders for any benefits so arising, and any such benefits may be retained by the relevant party, provided that such transactions are conducted as if negotiated at arm's length, are in the best interests of Shareholders, and
- a certified valuation of such transaction by a person approved by the Depositary (or by the Directors in the case of a transaction involving the Depositary) as independent and competent has been obtained; or
- such transaction has been executed on best terms on an organised investment exchange under its rules; orwhere neither (1) nor (2) are practicable,
- such transaction has been executed on terms which the Depositary is (or in the case of any such transaction entered into by the Depositary, the Directors are) satisfied conform with the principle that such transactions be conducted as if negotiated at arm’s length and in the best interests of Shareholders.
The Depositary (or in the case of a transaction involving the Depositary, the Directors) shall document how it complied with paragraphs (1), (2) and (3) above and where transactions are conducted in accordance with paragraph (3), the Depositary (or in the case of a transaction involving the Depositary, the Directors), must document the rationale for being satisfied that the transaction conformed to the principles outlined above. | en | es |
DOLFIN5791 | 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 If you exit after 1 If you exit after 5 Example investment: USD 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,100 USD | 1,090 USD |
| Average return each year | -89.0% | -35.8% |
| Unfavourable (*) | What you might get back after costs | 7,370 USD | 8,020 USD |
| Average return each year | -26.3% | -4.3% |
| Moderate (*) | What you might get back after costs | 11,270 USD | 19,220 USD |
| Average return each year | 12.7% | 14.0% |
| Favourable (*) | What you might get back after costs | 14,660 USD | 25,210 USD |
| Average return each year | 46.6% | 20.3% | | | Período de mantenimiento recomendado: 5 años En caso de salida En caso de salida Ejemplo de inversión: 10.000 USD después de 1 año después de 5 años |
| --- |
| Escenarios |
| Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 1.100 USD | 1.090 USD |
| Rendimiento medio cada año | -89,0 % | -35,8 % |
| Desfavorable (*) | Lo que podría recibir tras deducir los costes | 7.370 USD | 8.020 USD |
| Rendimiento medio cada año | -26,3 % | -4,3 % |
| Moderado (*) | Lo que podría recibir tras deducir los costes | 11.270 USD | 19.220 USD |
| Rendimiento medio cada año | 12,7 % | 14,0 % |
| Favorable (*) | Lo que podría recibir tras deducir los costes | 14.660 USD | 25.210 USD |
| Rendimiento medio cada año | 46,6 % | 20,3 % | | | Recommended holding period: 5 years If you exit after 1 If you exit after 5 Example investment: USD 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,100 USD | 1,090 USD |
| Average return each year | -89.0% | -35.8% |
| Unfavourable (*) | What you might get back after costs | 7,370 USD | 8,020 USD |
| Average return each year | -26.3% | -4.3% |
| Moderate (*) | What you might get back after costs | 11,270 USD | 19,220 USD |
| Average return each year | 12.7% | 14.0% |
| Favourable (*) | What you might get back after costs | 14,660 USD | 25,210 USD |
| Average return each year | 46.6% | 20.3% | | en | es |
DOLFIN5795 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT ARE THE COSTS?
The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that these costs will have on your investment.
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. The figures assume you invest EUR 10 000,00. The figures are estimates and may change in the future.
Cost over time | # ¿CUÁLES SON LOS COSTES?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
La reducción del rendimiento (RIY) muestra el impacto que tendrán los costes totales que usted paga en el rendimiento de la inversión que puede obtener. Los costes totales tienen en cuenta los costes únicos, corrientes y accesorios.
Los importes indicados aquí son los costes acumulativos del producto en sí correspondientes a tres periodos de mantenimiento distintos. Las cifras asumen que usted invertirá 10 000,00 EUR. Las cifras son estimaciones, por lo que pueden cambiar en el futuro.
Costes a lo largo del tiempo | # WHAT ARE THE COSTS?
The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that these costs will have on your investment.
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. The figures assume you invest EUR 10 000,00. The figures are estimates and may change in the future.
Cost over time | en | es |
DOLFIN5798 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The SICAV was launched on 28 February 1980 and its EUR-P class on 25 April 2005.
0.7%
3.7%
8.1%
7.1%
4.4%
4.3%
7.9%
0.7%
2.4%
0.7% | # La SICAV se creó el 28 de febrero de 1980 y su clase EUR-P el 25 de abril de 2005.
0,7%
3,7%
8,1%
7,1%
4,4%
4,3%
7,9%
0,7%
2,4%
0,7% | # The SICAV was launched on 28 February 1980 and its EUR-P class on 25 April 2005.
0.7%
3.7%
8.1%
7.1%
4.4%
4.3%
7.9%
0.7%
2.4%
0.7% | en | es |
DOLFIN5806 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains or losses from the sale and holding of foreign currencies and foreign cash equivalents; (ii) gains or losses between trade date and settlement date on securities transactions and forward currency exchange contracts; and (iii) gains or losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.
The resulting gains or losses on translation are included in “Net realised gain/(loss) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on Forward currency exchange contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net realised gain/(loss) on Forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Unrealised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on Financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | Las plusvalías o minusvalías netas materializadas y latentes sobre operaciones con divisas representan: (i) las plusvalías o minusvalías por diferencias de cambio resultantes de la venta y tenencia de monedas extranjeras y equivalentes de efectivo en moneda extranjera; (ii) las plusvalías o minusvalías entre la fecha de negociación y la fecha de liquidación de operaciones con valores y contratos de divisas a plazo; y (iii) las plusvalías y minusvalías que resulten de la diferencia entre el importe contable de los intereses y dividendos y el importe efectivamente recibido.
Las plusvalías o minusvalías resultantes de la conversión se incluyen en la partida «Plusvalías/(minusvalías) netas materializadas sobre cambio de divisas» de la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales.
- Contratos de divisas a plazoLas plusvalías o minusvalías no materializadas sobre contratos de cambio de divisas a plazo en curso se valoran conforme a los tipos de cambio vigentes en la fecha de valoración pertinente. Las variaciones en dichas cantidades se incluyen en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales en la partida«Variación neta en la apreciación/(depreciación) no materializada sobre Contratos de cambio de divisas a plazo». Al cierre de un contrato, las plusvalías/(minusvalías) materializadas se registran en la partida «Plusvalías/(minusvalías) netas materializadas sobre Contratos de cambio de divisas a plazo» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. Las plusvalías o minusvalías no materializadas se registran en la partida «Plusvalías/(minusvalías) netas no materializadas sobre Contratos de cambio de divisas a plazo» en la Cuenta consolidada del patrimonio neto.
- Contratos de futuros financieros sobre valores e índices bursátilesLos contratos de futuros financieros reglamentados se valoran al precio de liquidación cotizado en bolsa. Los depósitos de margen iniciales se efectúan al celebrarse los contratos y pueden consistir en efectivo o valores. Durante el período en que están abiertos los contratos, los cambios en su valor se reconocen como plusvalías y minusvalías latentes mediante el ajuste al valor de mercado («marking-to-market») efectuado todos los días para reflejar el valor de mercado de los contratos al cierre de cada Día hábil. Se abonan o reciben pagos en concepto de margen de variación en función de si se producen plusvalías o minusvalías. La frecuencia de dichos pagos de margen puede diferir en función de la fecha en que se negoció el contrato. Cuando se cierra un contrato, la SICAV registra una plusvalía o minusvalía materializada equivalente a la diferencia entre el producto o el coste de la operación de cierre y el coste inicial del contrato en la partida «Plusvalías/(minusvalías) netas materializadas sobre Contratos de futuros financieros» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. | Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains or losses from the sale and holding of foreign currencies and foreign cash equivalents; (ii) gains or losses between trade date and settlement date on securities transactions and forward currency exchange contracts; and (iii) gains or losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.
The resulting gains or losses on translation are included in “Net realised gain/(loss) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on Forward currency exchange contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net realised gain/(loss) on Forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Unrealised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on Financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | en | es |
DOLFIN5810 | 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 investment objective of the sub-fund is to achieve long-term capital growth while maintaining an appropriate diversification of risk by investing primarily in equities and other equity securities of companies worldwide. The sub-fund is actively managed. The sub-fund uses the benchmark EURO STOXX NET RETURN EUR (SXXT INDEX) for the comparison of its assets, whereby as part of an active investment approach, no restriction is made to target investments received in this benchmark. The sub-fund's investment universe is not limited to the index components. The sub-fund is an equity fund.
At least 75% of the sub-fund's assets (excluding cash and cash equivalents) will be invested in equities and other equity securities of companies with their registered office in the eurozone. The investment focus can be on companies with large as well as small and medium market capitalisation.
The sub-fund may not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
The sub-fund does not promote sustainable features or have the objective of sustainable investment within the meaning of Article 8 or Article 9 of Regulation (EU) 2019/2088. In accordance with the provisions of Article 7 of Regulation (EU) 2020/852 (EU Taxonomy), attention is drawn to the following in this context: the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | # Objetivos y política de inversión
El objetivo de inversión del subfondo es lograr un crecimiento del capital a largo plazo, manteniendo al mismo tiempo una diversificación adecuada del riesgo, invirtiendo principalmente en acciones y otros valores de participación de empresas de todo el mundo. Es un subfondo de gestión activa. El subfondo utilizará el índice de referencia EURO STOXX NET RETURN EUR (ÍNDICE SXXT) para comparar sus activos, sin restricción alguna en cuanto a las inversiones objetivo recibidas en este índice de referencia como parte de un enfoque de inversión activa. El universo de inversión del subfondo no se limita a los componentes de este índice. Este subfondo es un fondo de acciones.
Al menos el 75 % de los activos del subfondo (sin tener en cuenta los medios líquidos) se invertirá en acciones y otros valores de participación de empresas domiciliadas en la eurozona. La inversión puede centrarse en empresas de gran, pequeña y mediana capitalización bursátil.
El subfondo no debe adquirir participaciones en fondos (OICVM u OIC), independientemente de su forma jurídica. Por lo tanto, el subfondo puede concebirse como fondo objetivo de conformidad con el artículo 41 (1) e) de la Ley de 2010.
El Subfondo no promueve características sostenibles ni tiene el objetivo de la inversión sostenible en el sentido del artículo 8 o el artículo 9 del Reglamento (UE) 2019/2088. De conformidad con lo dispuesto en el artículo 7 del Reglamento (UE) 2020/852 (Taxonomía de la UE), se hace mención expresa de la siguiente situación: las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles a nivel medioambiental.
Por regla general, los inversores podrán reembolsar sus participaciones en cualquier día hábil a efectos bancarios en Luxemburgo, a excepción del 24 y el 31 de diciembre. Se podrá suspender el reembolso de las participaciones si esta medida resulta necesaria a la luz de circunstancias extraordinarias y teniendo en cuenta los intereses de los inversores. | # Objectives and investment policy
The investment objective of the sub-fund is to achieve long-term capital growth while maintaining an appropriate diversification of risk by investing primarily in equities and other equity securities of companies worldwide. The sub-fund is actively managed. The sub-fund uses the benchmark EURO STOXX NET RETURN EUR (SXXT INDEX) for the comparison of its assets, whereby as part of an active investment approach, no restriction is made to target investments received in this benchmark. The sub-fund's investment universe is not limited to the index components. The sub-fund is an equity fund.
At least 75% of the sub-fund's assets (excluding cash and cash equivalents) will be invested in equities and other equity securities of companies with their registered office in the eurozone. The investment focus can be on companies with large as well as small and medium market capitalisation.
The sub-fund may not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
The sub-fund does not promote sustainable features or have the objective of sustainable investment within the meaning of Article 8 or Article 9 of Regulation (EU) 2019/2088. In accordance with the provisions of Article 7 of Regulation (EU) 2020/852 (EU Taxonomy), attention is drawn to the following in this context: the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | en | es |
DOLFIN5821 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Additional important information:
The subfund's overall risk is monitored by applying the absolute Value at Risk (VaR) method.
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
* The composition is set out in the sales prospectus.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premium
- Foreign currency risksThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks, because substantial investments are made in interest-bearing securities where repayment default is possible.
- Operational risks in connection with the safekeeping of assets and the use of derivative financial instruments and other financial techniques for steering risk exposure.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.72% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | # Otra información importante:
El riesgo total del subfondo se supervisa mediante el método de valor en riesgo (Value at Risk, VaR).
Recomendación sobre el periodo de tenencia: Este fondo es adecuado para inversores que tengan un horizonte de inversión a medio plazo (de tres a cinco años) o más largo plazo.
* La composición de la cartera figura en el folleto de venta.
riesgo bajo riesgo alto
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
bajo potencial de rendimiento alto potencial de rendimiento
Los datos históricos empleados para el cálculo de la categoría de riesgo y rendimiento no se pueden considerar una indicación fiable del perfil de riesgo futuro.
La categoría de riesgo y rendimiento indicada puede estar sujeta a cambios. La clasificación en una categoría puede cambiar con el tiempo.
La categoría de riesgo más baja no equivale a una inversión libre de riesgo.
Motivos para la clasificación en la categoría de riesgo y rentabilidad:
- Curva de tipos
- Subida de tipos
- Riesgos de tipo de cambioNo existen garantías de capital ni protección de capital.
Otros riesgos esenciales para el fondo no considerados en la medida adecuada en el indicador mencionado arriba:
- Riesgos de crédito en inversiones por un monto considerable en valores de renta fija cuyo reembolso se puede suspender.
- Riesgos operacionales relacionados con la custodia de activos y el uso de instrumentos derivados y otras técnicas financieras para gestionar la exposición al riesgo.
Los gastos que usted paga están destinados a sufragar la administración, distribución y comercialización del fondo. Los gastos pueden incidir en la evolución del valor del fondo.
| Gastos únicos antes y después de la inversión |
| --- |
| Comisión de suscripción (max.) | 3,00% |
| Gastos de reembolso (max.) | n/a |
| Gastos que se deducen del fondo en el transcurso del año |
| Gastos corrientes | 0,72% |
| Gastos que debe pagar el fondo en determinadas circunstancias |
| Comisiones vinculadas a la evolución de valor del fondo (max.) | n/a |
Todavía no se dispone de un historial suficiente que permita sacar conclusiones sobre la evolución del valor anterior.
Los gastos corrientes se refieren a los últimos doce meses. Los gastos corrientes pueden variar de un año a otro. El informe anual incluye detalles sobre los gastos.
Si desea obtener más información, consulte el punto 3 del folleto. | # Additional important information:
The subfund's overall risk is monitored by applying the absolute Value at Risk (VaR) method.
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
* The composition is set out in the sales prospectus.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premium
- Foreign currency risksThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks, because substantial investments are made in interest-bearing securities where repayment default is possible.
- Operational risks in connection with the safekeeping of assets and the use of derivative financial instruments and other financial techniques for steering risk exposure.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.72% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | en | es |
DOLFIN5827 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Prospectus for the
AXA ROSENBERG EQUITY ALPHA TRUST
Valid as at 13 July 2017
The Fund is a UCITS umbrella type open-ended Unit Trust authorised by the Central Bank of Ireland pursuant to the provisions of the Regulations. The Directors of the Manager of the Fund, whose names appear in the section entitled “Management and Administration”, are the persons responsible for the information contained in this Prospectus and accept responsibility accordingly. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS, YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISERS.
- IMPORTANT INFORMATIONThis Prospectus comprises information relating to the Fund, AXA Rosenberg Equity Alpha Trust. The Fund is structured as an open-ended umbrella unit trust and is authorised in Ireland by the Central Bank as a UCITS for the purposes of the Regulations. The Fund may be divided into different Sub-Funds with one or more classes of Units. The creation of any Sub-Fund or any new Unit class will require the prior approval of the Central Bank. Capitalised terms are defined in section 2. | Folleto informativo para el
AXA ROSENBERG EQUITY ALPHA TRUST
Válido a fecha 13 de julio de 2017
El Fondo es un fondo de participaciones abierto de tipo “paraguas” que cumple las condiciones de OICVM autorizado por el Banco Central de Irlanda conforme a lo dispuesto en el Reglamento. Los Consejeros de la Sociedad Gestora del Fondo, cuyos nombres figuran en el apartado “Dirección y administración”, son las personas responsables de la información recogida en el presente Folleto y, en consecuencia, asumen cualquier responsabilidad derivada de ella. Según el leal saber y entender de los Consejeros (que han emprendido todas las medidas razonables para garantizar que así sea), la información contenida en este documento responde a la realidad y no omite nada que pueda afectar al sentido de dicha información.
IMPORTANTE: SI ALBERGA ALGUNA DUDA SOBRE EL CONTENIDO DEL PRESENTE FOLLETO, DEBE CONSULTAR CON SUS ASESORES PROFESIONALES.
- INFORMACIÓN IMPORTANTEEl presente Folleto contiene información sobre el Fondo, AXA Rosenberg Equity Alpha Trust. El Fondo está estructurado como un fondo de inversión variable tipo “paraguas” y está autorizado en Irlanda por el Banco Central como un OICVM a los efectos del Reglamento. El Fondo puede dividirse en diferentes Subfondos con una o más clases de Participaciones. Para crear un Subfondo o una nueva clase de Participaciones será necesaria la autorización previa del Banco Central. Los términos que empiezan por mayúscula se definen en el apartado 2. | Prospectus for the
AXA ROSENBERG EQUITY ALPHA TRUST
Valid as at 13 July 2017
The Fund is a UCITS umbrella type open-ended Unit Trust authorised by the Central Bank of Ireland pursuant to the provisions of the Regulations. The Directors of the Manager of the Fund, whose names appear in the section entitled “Management and Administration”, are the persons responsible for the information contained in this Prospectus and accept responsibility accordingly. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS, YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISERS.
- IMPORTANT INFORMATIONThis Prospectus comprises information relating to the Fund, AXA Rosenberg Equity Alpha Trust. The Fund is structured as an open-ended umbrella unit trust and is authorised in Ireland by the Central Bank as a UCITS for the purposes of the Regulations. The Fund may be divided into different Sub-Funds with one or more classes of Units. The creation of any Sub-Fund or any new Unit class will require the prior approval of the Central Bank. Capitalised terms are defined in section 2. | en | es |
DOLFIN5838 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI World SMID Cap TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests in equity and equity related securities issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub-Fund is a product which has ‘sustainable investment’ as one of its objectives for the purposes of article 9 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI World SMID Cap TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El subfondo invierte en renta variable y títulos relacionados con renta variable emitidos por empresas de todo el mundo (incluidos mercados emergentes) cuyo crecimiento se beneficiará de regulaciones, innovaciones, servicios o productos que favorezcan la transición a una economía más circular y a una economía que valore el capital natural. El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Como parte de su exposición a mercados emergentes, el subfondo puede invertir hasta un 20 % de su patrimonio neto en acciones emitidas por empresas constituidas en China continental (incluidas acciones A de China). El
gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión. El subfondo es un producto que tiene la «inversión sostenible» como uno de sus objetivos con los fines del Artículo 9 del Reglamento sobre la divulgación de información financiera relativa a la sostenibilidad. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI World SMID Cap TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests in equity and equity related securities issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub-Fund is a product which has ‘sustainable investment’ as one of its objectives for the purposes of article 9 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN5850 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in equity securities of issuers that the Investment Manager believes are Diversity Champions. These issuers may be of any market capitalisation and from any country, including emerging market countries.
The Investment Manager uses fundamental research to build a relatively concentrated, high conviction portfolio of equity securities of issuers that the Investment Manager believes offer attractive returns because, inter alia, they capture the benefits of Diversity, Equity and Inclusion ("DEI"). These issuers are leaders with respect to DEI policies and practices for attracting and retaining diverse talent and may provide products and/or services that seek to solve social DEI issues ("Diversity Champions"). The Fund does not seek to have an investment bias towards any investment style, economic sector, country or capitalisation.
To identify Diversity Champions, the Investment Manager first, creates the investable universe of issuers that it believes align with UN Sustainable Development Goals (UNSDGs) with respect to DEI (e.g. Gender Equality, Decent Work and Economic Growth, and Reduced Inequalities) and then focuses on pillars such as: issuers approach to diversity, recruiting practices, talent development, benefits and policies linked to DEI, culture and leveraging diversity to increase productivity and innovation.
For China-A Shares, the Fund may invest in all markets on which these Shares are traded, such as China Connect Scheme markets. The Fund may also invest in equities of Chinese companies traded in Hong Kong or other offshore markets. The Fund may also invest in China through the QFI scheme.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and for other investment purposes. | ## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de sus activos en títulos de renta variable de emisores que el gestor de inversiones considere líderes en materia de diversidad. Estos emisores pueden tener cualquier capitalización de mercado y estar ubicados en cualquier país, incluso en aquellos pertenecientes a mercados emergentes.
El gestor de inversiones emplea el análisis fundamental para construir una cartera de títulos de renta variable relativamente concentrada y de alta convicción de emisores que el gestor de inversiones cree que ofrecen una rentabilidad atractiva debido, entre otras cosas, a que captan las ventajas de la diversidad, la equidad y la inclusión ("DEI"). Estos emisores son líderes en políticas y prácticas DEI para atraer y retener a un talento diverso, y pueden ofrecer productos o servicios que tratan de resolver problemas sociales de diversidad, equidad e inclusión ("líderes en materia de diversidad"). El Fondo no pretende tener sesgos hacia ningún estilo de inversión sector económico, país o capitalización.
Para identificar a los líderes en materia de diversidad, el gestor de inversiones crea en primer lugar el universo de inversión compuesto por emisores que, en su opinión, están alineados con Objetivos de Desarrollo Sostenible de la ONU (ODS ONU) relativos a cuestiones DEI (p. ej., igualdad de género, trabajo decente y crecimiento económico, y reducción de las desigualdades), y, posteriormente, se centra en pilares como los siguientes: enfoque de los emisores respecto a la diversidad, prácticas de contratación, desarrollo profesional, prestaciones y políticas vinculadas a DEI, cultura y potenciación de la diversidad para incrementar la productividad y la innovación.
En cuanto a las acciones A de China, el Fondo puede invertir en todos los mercados en los que se negocien, como en los del sistema China Connect. El Fondo también puede invertir en acciones de empresas chinas negociadas en Hong Kong u otros mercados fuera de China continental. El Fondo también puede invertir en China a través del sistema QFI.
El Fondo puede tener exposición a cualquier moneda.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión. | ## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in equity securities of issuers that the Investment Manager believes are Diversity Champions. These issuers may be of any market capitalisation and from any country, including emerging market countries.
The Investment Manager uses fundamental research to build a relatively concentrated, high conviction portfolio of equity securities of issuers that the Investment Manager believes offer attractive returns because, inter alia, they capture the benefits of Diversity, Equity and Inclusion ("DEI"). These issuers are leaders with respect to DEI policies and practices for attracting and retaining diverse talent and may provide products and/or services that seek to solve social DEI issues ("Diversity Champions"). The Fund does not seek to have an investment bias towards any investment style, economic sector, country or capitalisation.
To identify Diversity Champions, the Investment Manager first, creates the investable universe of issuers that it believes align with UN Sustainable Development Goals (UNSDGs) with respect to DEI (e.g. Gender Equality, Decent Work and Economic Growth, and Reduced Inequalities) and then focuses on pillars such as: issuers approach to diversity, recruiting practices, talent development, benefits and policies linked to DEI, culture and leveraging diversity to increase productivity and innovation.
For China-A Shares, the Fund may invest in all markets on which these Shares are traded, such as China Connect Scheme markets. The Fund may also invest in equities of Chinese companies traded in Hong Kong or other offshore markets. The Fund may also invest in China through the QFI scheme.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and for other investment purposes. | en | es |
DOLFIN5851 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Underlying exposure through derivative financial instruments: 2 367 822 826,67
- Currency forwards: 1 790 651 163,15
- Futures: 577 171 663,52
- Options:
- Swap: | - Exposición subyacente alcanzada a travis de instrumentos financieros derivados: 2.367.822.826,67
- Contratos a plazo sobre divisas: 1.790.651.163,15
- Futuros: 577.171.663,52
- Opciones:
- Swap: | - Underlying exposure through derivative financial instruments: 2 367 822 826,67
- Currency forwards: 1 790 651 163,15
- Futures: 577 171 663,52
- Options:
- Swap: | en | es |
DOLFIN5853 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment MSCI World (TR) between 30/09/2012-30/09/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 11,137
11.4%
USD 19,844
10.3% | # Este tipo de escenario se produjo para una inversión MSCI World (TR) entre 30/09/2012-30/09/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 137 USD
11,4%
19 844 USD
10,3% | # This type of scenario occurred for an investment MSCI World (TR) between 30/09/2012-30/09/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 11,137
11.4%
USD 19,844
10.3% | en | es |
DOLFIN5854 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The fund is actively managed within its objectives and the investment strategy will not restrict the extent to which portfolio holdings may deviate from the benchmark. It is expected that the fund's deviation from the benchmark will be significant.
## Distributions
## Income will not be distributed to shareholders but reflected in the assets of the fund.
## Redeeming Shares
## You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading.
## Terms to Understand
## Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer.
## Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators.
This rating system is based on how much the returns of the class have varied over the past 5 years. Where 5 years' performance history is not available the data consists of historical returns representative of the fund, benchmark returns or returns for another class with the same currency as appropriate. Past returns may not be a reliable indicator of the future risk and reward profile of the class, and the rating may change over time based on the more recent returns. A fund in the lowest category does not mean a risk-free investment.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | | # PERFIL DE RIESGO Y REMUNERACIÓN
Aunque las inversiones del fondo generalmente estarán representadas en el índice de referencia (MSCI World Index (net div)), es probable que los componentes estén ponderados de forma diferente al índice de referencia y que el fondo invierta fuera del mismo para aprovechar oportunidades de inversión atractivas. El fondo está gestionado activamente dentro de sus objetivos y la estrategia de inversión no restringirá el grado de desviación de los valores de la cartera con respecto al índice de referencia. Se espera que la desviación del fondo del índice de referencia sea significativa.
## Repartos
## Los rendimientos no se distribuirán a los accionistas, sino que se acumularán en los activos del fondo.
## Reembolso de acciones
## Usted podrá vender sus acciones cada día hábil en que los bancos de Luxemburgo estén abiertos para sus operaciones normales y la Bolsa de Nueva York esté abierta a la negociación.
## Términos
## Los títulos de renta variable representan una participación accionarial, o el derecho a adquirir dicha participación, en una empresa u otro emisor.
## Los derivados son contratos financieros cuyo valor se basa en el valor de uno o más indicadores subyacentes o la diferencia entre distintos indicadores subyacentes.
Este sistema de calificación se basa en determinar cuánto han variado los rendimientos de la clase durante los últimos 5 años. Cuando no se dispone del historial de rentabilidad de cinco años se emplean datos consistentes en rentabilidades históricas representativas del fondo, rentabilidades del índice de referencia o aquellas que genera otra clase con la misma divisa, según corresponda. Los rendimientos pasados puede que no sean un indicador fiable del futuro perfil de riesgo y rentabilidad de esa clase y es posible que la calificación cambie con el tiempo, en función de los rendimientos más recientes generados. El hecho de que un fondo se clasifique en la categoría más baja no significa que la inversión esté exenta de riesgo.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | | # RISK AND REWARD PROFILE
weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The fund is actively managed within its objectives and the investment strategy will not restrict the extent to which portfolio holdings may deviate from the benchmark. It is expected that the fund's deviation from the benchmark will be significant.
## Distributions
## Income will not be distributed to shareholders but reflected in the assets of the fund.
## Redeeming Shares
## You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading.
## Terms to Understand
## Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer.
## Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators.
This rating system is based on how much the returns of the class have varied over the past 5 years. Where 5 years' performance history is not available the data consists of historical returns representative of the fund, benchmark returns or returns for another class with the same currency as appropriate. Past returns may not be a reliable indicator of the future risk and reward profile of the class, and the rating may change over time based on the more recent returns. A fund in the lowest category does not mean a risk-free investment.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | | en | es |
DOLFIN5859 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.10% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 1,10% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | ningunos | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.10% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | en | es |
DOLFIN5860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 836 | € 2,097 |
| Annual cost impact* | 8.4% | 4.0% | | | Ejemplo de inversión € 10.000 | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | € 836 | € 2.097 |
| Incidencia anual de los costes* | 8,4% | 4,0% | | | Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 836 | € 2,097 |
| Annual cost impact* | 8.4% | 4.0% | | en | es |
DOLFIN5864 | 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 | 1.25% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 50% JP MORGAN ELMI PLUS + 50% JPM EMBI GLOBAL DIVERSIFIED HEDGED EURO. |
| Over the last accounting year, a performance fee of 0.41% 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 | 1,25% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del 50% JP MORGAN ELMI PLUS + 50% JPM EMBI GLOBAL DIVERSIFIED HEDGED EURO. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,41%. | | | 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 | 1.25% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 50% JP MORGAN ELMI PLUS + 50% JPM EMBI GLOBAL DIVERSIFIED HEDGED EURO. |
| Over the last accounting year, a performance fee of 0.41% was charged. | | en | es |
DOLFIN5870 | 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 simulated 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 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be
administered by FTSE Fixed Income LLC. To achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment. The fund may use derivatives to i) try to manage its investments more efficiently; and ii) try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. 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 simulados 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 1, dado que su precio por acción, por lo general, no sufre prácticamente fluctuaciones y, por ello, tanto las oportunidades de pérdidas como las de ganancias deberían ser reducidas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente
administra el índice, que se revisa y reajusta mensualmente. Para lograr el objetivo, el fondo intentará replicar el índice comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El fondo podría invertir en bonos que estén expuestos a riesgos de crédito y de tipo de interés. Por riesgo de crédito se entiende el riesgo de que el emisor de un bono sea incapaz de pagar los intereses o amortizar el principal, lo cual ocasionaría pérdidas en su inversión. Por riesgo de tipo de interés se entiende que, si suben los tipos de interés, normalmente el valor del bono descenderá, lo cual podría a su vez afectar al valor de su inversión. El fondo podría emplear derivados para (i) tratar de gestionar sus inversiones de una forma más eficiente; y (ii) tratar de reducir las fluctuaciones en los tipos de cambio entre la moneda de los activos del fondo y la moneda de las acciones del fondo. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
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 simulated 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 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be
administered by FTSE Fixed Income LLC. To achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment. The fund may use derivatives to i) try to manage its investments more efficiently; and ii) try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. 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 |
DOLFIN5880 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Corporate Governance (continued)
Diversity
With respect to diversity, the Company has no employees and the only individuals engaged directly by it are the Directors. When there is a vacancy on the Board, the objective is to ensure that the Board is diversified with an appropriate mix as regards age, gender, race and educational/professional backgrounds, while achieving compliance by all individuals with regulatory requirements and an overall composition with the requisite experience and skills. This was most recently reflected in 2019, in the context of the appointment of Naomi Daly and Alex Duncan as directors.
Information and Communication
The Company’s policies and the Directors’ instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as e-mail, correspondence, telephone and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner.
Monitoring
The Directors receive regular presentations and review reports from the Depositary, Manager and Administrator. The Directors also have an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors.
Capital Structure
No person has a significant direct or indirect holding of securities in the Company. No person has any special rights of control over the Company’s share capital. There are no restrictions on voting rights. With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association, Irish statute comprising the Companies Act 2014 (as amended) and with the UCITS Regulations as applicable to investment funds. The Articles of Association themselves may be amended by special resolution of the Shareholders.
Powers of the Directors
The Directors are responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may delegate certain functions to the Administrator and other parties, subject to the supervision and direction by the Directors. The Directors have appointed the Manager to provide the day to day management of the Company's business affairs and have for this purpose delegated certain of their duties and powers to the Manager. The Directors will receive periodic reports from the Manager detailing, inter alia, its review of the performance of the Company and the Portfolios and providing an analysis of their respective investment portfolios. The Manager will also provide such other information as may from time to time be reasonably required by the Directors for the purposes of such meetings. The Directors have appointed the Depositary in respect of the safekeeping of the Company’s assets. Consequently, none of the Directors is an executive Director. The Articles of Association provide that the Directors may exercise all the powers of the Company to borrow money, to mortgage or charge its undertaking, property or any part thereof and may delegate these powers to the Manager.
The Directors may at any time, with prior notification to the Depositary, temporarily suspend the calculation of the Net Asset Value of a particular Portfolio and the issue, valuation, sale, purchase, redemption or conversion of shares and/or the payment of redemption proceeds at any time in any of the following instances:
- any period when any recognised market on which a substantial portion of the investments for the time being comprised in the relevant Portfolio are quoted, listed or dealt in is closed otherwise than for ordinary holidays, or during which dealings on any such recognised market are restricted or suspended;
- any period when, as a result of political, military, economic or monetary events or other circumstances beyond the control, responsibility and power of the Directors, the disposal or valuation of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be effected or completed normally or without prejudicing the interests of Shareholders;
- any breakdown in the means of communication normally employed in determining the value of any investments for the time being comprised in the relevant Portfolio or during any period when for any other reason the value of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be promptly or accurately ascertained;
- any period when the Company is unable to repatriate funds for the purposes of making redemption payments or during which the realisation of investments for the time being comprised in the relevant Portfolio, or the transfer or payment of funds involved in connection therewith cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange;46 NEUBERGER BERMAN INVESTMENT FUNDS PLCGOVERNANCE DIRECTORS’ REPORT | #### Gobierno corporativo (cont.)
Diversidad
Por lo que respecta a la diversidad, la Sociedad no cuenta con empleados y las únicas personas que participan directamente en ella son los Consejeros. Cuando hay una vacante en el Consejo, el objetivo es garantizar que el Consejo presenta una composición diversificada en cuanto a edad, género, raza y perfil educativo y profesional, debiendo cumplir todos sus miembros los requisitos reglamentarios y contar con la experiencia y las capacidades exigidas. Este compromiso se demostró recientemente en 2019 con el nombramiento de Naomi Daly y Alex Duncan como consejeros.
Información y comunicación
Las políticas de la Sociedad y las instrucciones del Consejo de administración relevantes para la emisión de información financiera se actualizan y comunican a través de los canales apropiados, tales como el correo electrónico, la correspondencia postal, conferencias telefónicas y reuniones, para garantizar que todos los requisitos en materia de emisión de información financiera se cumplan de forma completa y precisa.
Seguimiento
El Consejo de administración recibe presentaciones periódicamente y revisa informes del Depositario, la Gestora y el Agente administrativo. El Consejo de administración también dispone de un proceso anual para garantizar que se emprendan las medidas apropiadas para analizar y abordar las deficiencias identificadas y las medidas recomendadas por los auditores independientes.
Estructura del capital
Ninguna persona mantiene una participación directa ni indirecta significativa en la Sociedad. Ninguna persona tiene ningún derecho especial de control sobre el capital social de la Sociedad. No hay restricciones sobre los derechos de voto. Con respecto al nombramiento y la sustitución de Consejeros, la Sociedad se rige por sus Estatutos, la legislación irlandesa, que incluye la Ley de Sociedades de 2014 (en su versión modificada), así como el Reglamento sobre OICVM aplicables a los fondos de inversión. Los Estatutos de la Sociedad pueden ser modificados mediante acuerdo especial de los Accionistas.
Competencias del Consejo de administración
El Consejo de administración tiene encomendada la función de dirigir las actividades de la Sociedad, de conformidad con los Estatutos. El Consejo de administración puede delegar determinadas funciones en el Agente administrativo y otras partes, que no obstante estarán sujetas a su supervisión y dirección. Los Consejeros han designado a la Gestora para que se encargue de la gestión diaria de las actividades de la Sociedad y para ello han delegado en ella algunas de sus obligaciones y competencias. Los Consejeros recibirán de la Gestora informes periódicos en los que se detallarán, entre otras cosas, su evaluación de la rentabilidad de la Sociedad y de las Carteras, además del análisis de sus respectivas carteras de inversión. La Gestora también facilitará periódicamente cualquier otra información que los Consejeros puedan razonablemente solicitar para los fines de estas reuniones. Los Consejeros han designado al Depositario en relación con la salvaguarda de los activos de la Sociedad. Por consiguiente, ninguno de los Consejeros es un Consejero ejecutivo. Los Estatutos establecen que el Consejo de administración puede ejercer todas las competencias de la Sociedad para obtener dinero en préstamo, hipotecar o pignorar su patrimonio, bienes o cualquier parte de los mismos, y puede delegar estas competencias en la Gestora.
El Consejo de administración puede, en cualquier momento previa notificación al Depositario, suspender temporalmente el cálculo del Valor liquidativo de una determinada Cartera, así como la emisión, valoración, venta, compra, reembolso o canje de acciones o el pago del rédito del reembolso, en cualquiera de los siguientes casos:
- cualquier período en el que algún mercado reconocido en el que cotice o se negocie una parte sustancial de las inversiones incluidas en la Cartera correspondiente esté cerrado por un motivo distinto a los períodos habituales de vacaciones, o durante el cual las negociaciones estén restringidas o suspendidas en dicho mercado;
- cualquier período en el que, en opinión del Consejo de administración, como consecuencia de acontecimientos políticos, militares, económicos, monetarios u otras circunstancias ajenas al control, la responsabilidad y la competencia del Consejo de administración, la venta o valoración de las inversiones incluidas en la Cartera correspondiente no se pueda efectuar o completar con normalidad o sin perjudicar a los intereses de los Accionistas;
- cualquier fallo en los medios de comunicación normalmente empleados para determinar el valor de cualquier inversión incluida en la Cartera correspondiente, o cualquier período en el que, en opinión del Consejo de administración, el valor de las inversiones incluidas en esos momentos en la Cartera correspondiente no se pueda obtener de forma rápida o precisa por cualquier razón;
- cualquier período en el que la Sociedad no pueda repatriar fondos al objeto de realizar el pago de reembolsos o durante el que, en opinión del Consejo de administración, la materialización de las inversiones incluidas en la Cartera correspondiente o la transferencia o el pago de fondos asociados no se puedan efectuar a los precios normales o a los tipos de cambio normales;46 NEUBERGER BERMAN INVESTMENT FUNDS PLCGOBIERNO CORPORATIVO INFORME DEL CONSEJO DE ADMINISTRACIÓN | #### Corporate Governance (continued)
Diversity
With respect to diversity, the Company has no employees and the only individuals engaged directly by it are the Directors. When there is a vacancy on the Board, the objective is to ensure that the Board is diversified with an appropriate mix as regards age, gender, race and educational/professional backgrounds, while achieving compliance by all individuals with regulatory requirements and an overall composition with the requisite experience and skills. This was most recently reflected in 2019, in the context of the appointment of Naomi Daly and Alex Duncan as directors.
Information and Communication
The Company’s policies and the Directors’ instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as e-mail, correspondence, telephone and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner.
Monitoring
The Directors receive regular presentations and review reports from the Depositary, Manager and Administrator. The Directors also have an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors.
Capital Structure
No person has a significant direct or indirect holding of securities in the Company. No person has any special rights of control over the Company’s share capital. There are no restrictions on voting rights. With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association, Irish statute comprising the Companies Act 2014 (as amended) and with the UCITS Regulations as applicable to investment funds. The Articles of Association themselves may be amended by special resolution of the Shareholders.
Powers of the Directors
The Directors are responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may delegate certain functions to the Administrator and other parties, subject to the supervision and direction by the Directors. The Directors have appointed the Manager to provide the day to day management of the Company's business affairs and have for this purpose delegated certain of their duties and powers to the Manager. The Directors will receive periodic reports from the Manager detailing, inter alia, its review of the performance of the Company and the Portfolios and providing an analysis of their respective investment portfolios. The Manager will also provide such other information as may from time to time be reasonably required by the Directors for the purposes of such meetings. The Directors have appointed the Depositary in respect of the safekeeping of the Company’s assets. Consequently, none of the Directors is an executive Director. The Articles of Association provide that the Directors may exercise all the powers of the Company to borrow money, to mortgage or charge its undertaking, property or any part thereof and may delegate these powers to the Manager.
The Directors may at any time, with prior notification to the Depositary, temporarily suspend the calculation of the Net Asset Value of a particular Portfolio and the issue, valuation, sale, purchase, redemption or conversion of shares and/or the payment of redemption proceeds at any time in any of the following instances:
- any period when any recognised market on which a substantial portion of the investments for the time being comprised in the relevant Portfolio are quoted, listed or dealt in is closed otherwise than for ordinary holidays, or during which dealings on any such recognised market are restricted or suspended;
- any period when, as a result of political, military, economic or monetary events or other circumstances beyond the control, responsibility and power of the Directors, the disposal or valuation of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be effected or completed normally or without prejudicing the interests of Shareholders;
- any breakdown in the means of communication normally employed in determining the value of any investments for the time being comprised in the relevant Portfolio or during any period when for any other reason the value of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be promptly or accurately ascertained;
- any period when the Company is unable to repatriate funds for the purposes of making redemption payments or during which the realisation of investments for the time being comprised in the relevant Portfolio, or the transfer or payment of funds involved in connection therewith cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange;46 NEUBERGER BERMAN INVESTMENT FUNDS PLCGOVERNANCE DIRECTORS’ REPORT | en | es |
DOLFIN5881 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2017. Past performance has been calculated in EUR. | La cifra de gastos corrientes se basa en las cifras del ejercicio finalizado el 31 diciembre 2021 .
Dicha cifra puede variar de un año a otro y no incluye los costes de transacción del Fondo.
Para obtener más información sobre los gastos, consulte el folleto del Fondo, disponible en www.comgest.com.
La rentabilidad histórica no es un indicador fiable de la rentabilidad futura.
El resultado incluye gastos corrientes detraídos del Fondo, pero no incluye los gastos de entrada que usted pudiera tener que pagar.
La clase de acciones fue lanzada en 2017.
La rentabilidad histórica se ha calculado en EUR. | Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2017. Past performance has been calculated in EUR. | en | es |
DOLFIN5886 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A protection mechanism intended to avoid performance dilution (“Anti-Dilution Mechanism”) has been put in place on all the SICAV's Sub-Funds, with the exception of the following Sub-Funds, for which the application of such a mechanism is deemed neither appropriate nor practicable:
- Candriam Sustainable Defensive Asset Allocation & Candriam Sustainable Balanced Asset Allocation: this Sub-Fund mainly takes positions in funds (for which the Sub-Fund does not directly incur transaction expenses) and in listed derivatives (the transaction costs of which are not deemed to be material in light of the exposure they provide).
- Candriam Sustainable Money Market Euro : the transactions performed on money markets are usually exempt of explicit taxes and brokerage fees and the daily retrieval of bid and ask prices along with the average prices, required to enable this mechanism to be systematically applied, is not practicable.
- Description of the Anti-Dilution Mechanism and applicable thresholdsThe Anti-Dilution Mechanism put in place within the SICAV is intended to save existing Sub-Funds’ shareholders from having to bear expenses incurred for transactions on portfolio assets performed in the wake of significant subscriptions to or redemptions from the Sub-Fund by investors. | Se ha aplicado un mecanismo de protección cuya finalidad consiste en evitar la dilución de la rentabilidad («Mecanismo Antidilución») en todos los Subfondos de la SICAV, con la excepción de los Subfondos siguientes, en cuyo caso la aplicación de dicho mecanismo no se considera ni adecuada ni viable:
- Candriam Sustainable Defensive Asset Allocation y Candriam Sustainable Balanced Asset Allocation: estos Subfondos principalmente mantienen posiciones en fondos (por las que los Subfondos no incurren en gastos de operaciones) y en derivados cotizados (cuyos costes de operaciones no se consideran sustanciales dada la exposición que ofrecen).
- Candriam Sustainable Money Market Euro: las operaciones realizadas en los mercados monetarios suelen estar exentas de tasas explícitas y de comisiones por intermediación, y no es viable la recuperación diaria de los precios de oferta y demanda junto con los precios medios, necesaria para aplicar sistemáticamente este mecanismo.
- Descripción del Mecanismo Antidilución y de los umbrales aplicablesEl mecanismo antidilución implantado en la SICAV tiene por finalidad evitar que los accionistas existentes de los subfondos tengan que soportar gastos derivados de operaciones con los activos de las carteras llevadas a cabo cuando los inversores de los subfondos solicitan suscripciones o reembolsos por importes elevados. | A protection mechanism intended to avoid performance dilution (“Anti-Dilution Mechanism”) has been put in place on all the SICAV's Sub-Funds, with the exception of the following Sub-Funds, for which the application of such a mechanism is deemed neither appropriate nor practicable:
- Candriam Sustainable Defensive Asset Allocation & Candriam Sustainable Balanced Asset Allocation: this Sub-Fund mainly takes positions in funds (for which the Sub-Fund does not directly incur transaction expenses) and in listed derivatives (the transaction costs of which are not deemed to be material in light of the exposure they provide).
- Candriam Sustainable Money Market Euro : the transactions performed on money markets are usually exempt of explicit taxes and brokerage fees and the daily retrieval of bid and ask prices along with the average prices, required to enable this mechanism to be systematically applied, is not practicable.
- Description of the Anti-Dilution Mechanism and applicable thresholdsThe Anti-Dilution Mechanism put in place within the SICAV is intended to save existing Sub-Funds’ shareholders from having to bear expenses incurred for transactions on portfolio assets performed in the wake of significant subscriptions to or redemptions from the Sub-Fund by investors. | en | es |
DOLFIN5887 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
The risks to economic growth have increased recently due to inflation, rate increases by central banks, concerns over the security of the energy supply in Europe and the pandemic policies in China. These factors will dent economic growth going forward, especially in Europe and China. It will therefore be even more important to focus on solid business fundamentals, pricing power and quality. We remain constructive on the mid to long-term potential of the equity markets and are making use of the current market conditions to further solidify our positions in companies that have very strong long-term business prospects. The pandemic has accelerated changes necessary to build more robust and sustainable economies. It has also made individuals more inclined to adopt a healthier lifestyle. The Healthy Living portfolio of sustainable companies is well positioned to benefit from these changes in the longer run. | # Expectativas del gestor del fondo
Los riesgos para el crecimiento económico se han incrementado recientemente debido a la inflación, a las subidas de tipos por los bancos centrales, a las inquietudes por la seguridad del suministro energético en Europa, y a las políticas contra la pandemia adoptadas en China. Esto factores harán mella en el crecimiento económico futuro, sobre todo en Europa y China. Por consiguiente, será incluso más importante centrarse en sólidos fundamentales comerciales, poder fijador de precios y calidad. Nos mantenemos optimistas sobre el potencial de los mercados de renta variable de medio a largo plazo, y aprovechamos las actuales condiciones del mercado para seguir consolidando nuestras posiciones en compañías con perspectivas de negocio muy sólidas a largo plazo. La pandemia ha acelerado los cambios necesarios para que la economía sea más robusta y sostenible. También ha hecho que las personas tiendan a adoptar un estilo de vida más saludable. La cartera Vida saludable de empresas sostenibles está bien posicionada para beneficiarse de estos cambios a largo plazo. | # Expectation of fund manager
The risks to economic growth have increased recently due to inflation, rate increases by central banks, concerns over the security of the energy supply in Europe and the pandemic policies in China. These factors will dent economic growth going forward, especially in Europe and China. It will therefore be even more important to focus on solid business fundamentals, pricing power and quality. We remain constructive on the mid to long-term potential of the equity markets and are making use of the current market conditions to further solidify our positions in companies that have very strong long-term business prospects. The pandemic has accelerated changes necessary to build more robust and sustainable economies. It has also made individuals more inclined to adopt a healthier lifestyle. The Healthy Living portfolio of sustainable companies is well positioned to benefit from these changes in the longer run. | en | es |
DOLFIN5888 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What happens if TreeTop Asset Management S.A. is unable to pay out?
The Product Manufacturer has no payment obligation to you and you will not suffer a loss as a result of this potential insolvency. The Fund assets are kept safe by a depositary appointed by the Fund and are segregated from any other investments of other clients served by the depositary. However, your investment is not protected by an indemnity or guarantee mechanism. | # ¿Qué pasa si TreeTop Asset Management S.A. no puede pagar?
El productor del producto no tiene ninguna obligación de pago con usted y usted no sufrirá pérdidas como resultado de esta posible insolvencia. Los activos del Fondo se mantienen seguros por un depositario designado por el Fondo y están segregados de cualquier otra inversión de otros clientes atendidos por el depositario. Sin embargo, su inversión no está protegida por un mecanismo de indemnización o garantía. | # What happens if TreeTop Asset Management S.A. is unable to pay out?
The Product Manufacturer has no payment obligation to you and you will not suffer a loss as a result of this potential insolvency. The Fund assets are kept safe by a depositary appointed by the Fund and are segregated from any other investments of other clients served by the depositary. However, your investment is not protected by an indemnity or guarantee mechanism. | en | es |
DOLFIN5894 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Bloomberg MSCI Euro High Yield Sustainable and SRI Index (index). The index aims to reflect the performance of Euro-denominated, high yield, fixed-rate corporate bonds, excluding bonds which do not fulfil specific environmental, social and governance (ESG) criteria. The bonds must have a fixed rate of interest, must be rated less than Ba1/BB+ by major rating agencies and meet certain currency, sector, amount outstanding, credit quality, maturity, coupon, seniority of debt, market of issue, and security type criteria. Bonds rated below BB by MSCI ESG Research are excluded. Issuers with a “red” MSCI ESG Controversies score (less than 1) and issuers that are classified by MSCI in their MSCI ESG Business Involvement Screening Research (BISR) as breaching certain thresholds in controversial activities are also excluded from the index. At least 20% of issuers will be excluded from the original universe using the ESG criteria. Issuers with MSCI ESG Ratings of BBB or higher will be weighted in the index at 100% weight by market value while the weight of | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice Bloomberg MSCI Euro High Yield Sustainable and SRI (el “índice”). El objetivo del índice es reproducir la evolución del valor de bonos corporativos a tipo fijo de alta rentabilidad denominados en euros, pero excluyendo aquellos que no cumplan determinados criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés). Los bonos deben ofrecer un tipo fijo de interés y tener una calificación inferior a Ba1/BB+ según las principales agencias, además de cumplir determinados criterios de moneda, sector, saldo vivo, calidad crediticia, vencimiento, cupón, orden de prelación de la deuda, mercado de emisión y tipo de valor. Quedan excluidos los bonos con una calificación de MSCI ESG Research inferior a BB. Los emisores con una puntuación “roja” según MSCI ESG Controversies (inferior a 1) y aquellos que MSCI clasifique en su análisis de implicación empresarial MSCI ESG BISR como incumplidores de determinados umbrales en actividades controvertidas también se excluirán del índice. Al menos el 20% de los emisores quedarán excluidos del universo original con los criterios ESG. Los emisores con calificaciones de BBB o superior según MSCI ESG estarán ponderados en el índice al 100% según | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Bloomberg MSCI Euro High Yield Sustainable and SRI Index (index). The index aims to reflect the performance of Euro-denominated, high yield, fixed-rate corporate bonds, excluding bonds which do not fulfil specific environmental, social and governance (ESG) criteria. The bonds must have a fixed rate of interest, must be rated less than Ba1/BB+ by major rating agencies and meet certain currency, sector, amount outstanding, credit quality, maturity, coupon, seniority of debt, market of issue, and security type criteria. Bonds rated below BB by MSCI ESG Research are excluded. Issuers with a “red” MSCI ESG Controversies score (less than 1) and issuers that are classified by MSCI in their MSCI ESG Business Involvement Screening Research (BISR) as breaching certain thresholds in controversial activities are also excluded from the index. At least 20% of issuers will be excluded from the original universe using the ESG criteria. Issuers with MSCI ESG Ratings of BBB or higher will be weighted in the index at 100% weight by market value while the weight of | en | es |
DOLFIN5898 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
* Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
Outperformance fee:
20% of the fund's outperformance as defined below.
On each fund valuation date, a benchmark asset is established based on a theoretical investment at the capitalised EONIA rate for the Classique, I, N, U, R and Z units denominated in EUR, the capitalised SONIA rate for I in GBP units and the capitalised EFFR rate for I in USD units of all the subscriptions received over the period (the net book value of the assets at the end of the previous financial year being equal to a subscription at the beginning of the period).
If this rate is negative, the rate of 0% is used to determine the benchmark asset.
For redemptions, the latest benchmark asset calculated and the previous day's cumulative amount of subscriptions received are reduced beforehand in proportion to the number of units redeemed. Similarly, a proportion of the provision for variable management fees on the total assets at the latest valuation date is permanently allocated to a specific third party account in proportion to the number of units redeemed. This proportion of the variable management fees is paid to the asset manager when the redemption occurs. When the fund is valued, if the total assets, defined as the net book value of the assets after deducting the variable management fees on redemptions, but excluding the provision for variable management fees corresponding to the units still in issue, are greater than the benchmark asset, an outperformance (or in the opposite case, an underperformance) is recorded. The provision for variable management fees on the total assets is adjusted to 20% of the amount of this new outperformance by allocation or reversal of a provision before calculating the net asset value. The provision for variable management fees on the accounting balance is only payable to the asset manager in respect of the amount at the end of the financial period.
The reference period is the financial year.
Subscribers may at any time obtain details from the asset manager regarding the methods for calculating the variable management fees. The total amount of the variable management fees will appear in the FCP's annual report.
Allocation of distributable income | * Al no estar sujeta la Sociedad Gestora al IVA, estos gastos se facturan sin IVA y el importe con todos los impuestos incluidos es igual al importe libre de impuestos.
** El Fondo tiene invertido como máximo un 10% de su patrimonio neto en IIC.
*** Importe máximo que varía en función de los instrumentos utilizados.
Comisión de rentabilidad superior:
El 20 % de la rentabilidad superior del Fondo de Inversión Colectiva tal y como se indica a continuación.
En cada valoración del Fondo, se determina un activo de referencia suponiendo una inversión teórica con un tipo del EONIA capitalizado para las participaciones «Classique», «I», «N», «U», «R» y «Z», denominadas en EUR, del SONIA capitalizado para las participaciones «I en GBP» y del EFFR capitalizado para las participaciones «I en USD» del conjunto de las suscripciones recibidas durante el periodo (asimilándose el patrimonio neto contable del cierre del ejercicio anterior a una suscripción de inicio del periodo).
En caso de que dicho tipo sea negativo, se aplicará un tipo del 0% para determinar el activo de referencia.
En caso de reembolso, se reducen previamente el último activo de referencia calculado y la suma de todas las suscripciones recibidas en la víspera de forma proporcional al número de participaciones reembolsadas. Asimismo, una parte proporcional de la provisión para gastos de gestión variables sobre el saldo constatado contablemente en la última valoración se asigna, a prorrata del número de participaciones rembolsadas, definitivamente a una cuenta específica de terceros. Esta parte proporcional de gastos de gestión variables se devenga al gestor desde el momento del reembolso. En el momento de la valoración del Fondo, si el saldo, definido como el patrimonio neto contable tras los gastos de gestión variables sobre los reembolsos, dejando fuera la provisión para gastos de gestión variables correspondiente a las participaciones todavía en circulación, fuera superior al activo de referencia, se constata un rendimiento extraordinario (rendimiento insuficiente en el supuesto contrario). La provisión para gastos de gestión variables sobre el saldo se ajusta al 20 % del importe de esta nueva rentabilidad superior mediante dotación o recuperación de la provisión, antes del cálculo del valor liquidativo. La provisión para los gastos de gestión variables sobre el saldo se devenga al gestor tan solo por el importe existente al final del ejercicio social.
El periodo de referencia es el ejercicio social.
Los suscriptores pueden obtener en todo momento del gestor la comunicación del procedimiento de cálculo de los gastos de gestión variables. El importe global de los gastos de gestión variables figurará en el informe anual del Fondo de Inversión Colectiva.
Aplicación de los importes distribuibles | * Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
Outperformance fee:
20% of the fund's outperformance as defined below.
On each fund valuation date, a benchmark asset is established based on a theoretical investment at the capitalised EONIA rate for the Classique, I, N, U, R and Z units denominated in EUR, the capitalised SONIA rate for I in GBP units and the capitalised EFFR rate for I in USD units of all the subscriptions received over the period (the net book value of the assets at the end of the previous financial year being equal to a subscription at the beginning of the period).
If this rate is negative, the rate of 0% is used to determine the benchmark asset.
For redemptions, the latest benchmark asset calculated and the previous day's cumulative amount of subscriptions received are reduced beforehand in proportion to the number of units redeemed. Similarly, a proportion of the provision for variable management fees on the total assets at the latest valuation date is permanently allocated to a specific third party account in proportion to the number of units redeemed. This proportion of the variable management fees is paid to the asset manager when the redemption occurs. When the fund is valued, if the total assets, defined as the net book value of the assets after deducting the variable management fees on redemptions, but excluding the provision for variable management fees corresponding to the units still in issue, are greater than the benchmark asset, an outperformance (or in the opposite case, an underperformance) is recorded. The provision for variable management fees on the total assets is adjusted to 20% of the amount of this new outperformance by allocation or reversal of a provision before calculating the net asset value. The provision for variable management fees on the accounting balance is only payable to the asset manager in respect of the amount at the end of the financial period.
The reference period is the financial year.
Subscribers may at any time obtain details from the asset manager regarding the methods for calculating the variable management fees. The total amount of the variable management fees will appear in the FCP's annual report.
Allocation of distributable income | en | es |
DOLFIN5901 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Remuneration Policy
The Manager has a remuneration policy in place (the “Remuneration Policy”) which is designed to ensure that it's remuneration practices are consistent with and promote sound and effective risk management, do not encourage risk taking and are consistent with the risk profile of the Funds. The Manager considers the Remuneration Policy to be appropriate to its size, internal operations, nature, scale and complexity and in line with the risk profile, risk appetite and the strategy of the Unit Trust. The Remuneration Policy will apply to the fixed and variable (if any) remuneration received by the identified staff. Details of the remuneration policy including, but not limited to, a description of how remuneration and benefits are calculated and the identity of the persons responsible for awarding the remuneration and benefits are available at www.barings.com and a paper copy will be made available to investors upon request.
The Manager does not have any employees and only non-executive directors are in scope of the Remuneration Policy. The non-executive directors (with the exception of Baring Asset Management Limited affiliated directors who do not receive any directors fees) receive a fixed fee only and do not receive performance-based or variable remuneration therefore avoiding a potential conflict of interest. No pension contributions are payable on non- executive Board members’ fees. In respect of any investment management delegates, the Manager requires that:(i) the entities to which such activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under the ESMA Guidelines / Article 14 of the UCITS Directive; or (ii) appropriate contractual arrangements are put in place with entities to which such activities have been delegated in order to ensure that there is no circumvention of the remuneration rules set out in the ESMA Guidelines/UCITS Directive. | ## Política de remuneraciones
La Entidad gestora ha implantado una política de remuneraciones (la “Política de remuneraciones”) que está diseñada para garantizar que sus prácticas de remuneración son coherentes con una gestión de riesgos razonable y eficaz, no estimula la toma de riesgos y es coherente con el perfil de riesgo de los Fondos. La Entidad gestora considera que la Política de remuneraciones es adecuada para su tamaño, sus operaciones internas, su naturaleza, su escala y su complejidad, y está en consonancia con el perfil de riesgo, el apetito por el riesgo y la estrategia del Fideicomiso de inversiones. La Política de remuneraciones se aplicará a las remuneraciones fijas y variables (si las hay) percibidas por el personal identificado. Los detalles de la Política de remuneraciones que incluye, pero no se limita a ella, una descripción de cómo se calculan la remuneración y las prestaciones sociales, junto con la identidad de las personas encargadas de asignar la remuneración y las prestaciones sociales, están disponibles en www.barings.com, y los inversores podrán obtener una copia impresa si lo solicitan.
La Entidad gestora no tiene empleados, y solo los consejeros no ejecutivos entran en el ámbito de la Política de remuneraciones. Los consejeros no ejecutivos (salvo los consejeros afiliados de Baring Asset Management Limited que no perciben honorarios de consejeros) perciben solo un honorario fijo y no perciben remuneraciones basadas en la rentabilidad o remuneraciones variables, con lo que se evita un posible conflicto de intereses. Los honorarios de los miembros no ejecutivos del Consejo de Administración no dan lugar a cotizaciones para jubilación. En relación con los delegados del Gestor de inversiones, la Entidad gestora exige que: (i) las entidades a las que se han delegado tales actividades estén sujetas a las exigencias normativas sobre remuneración que sean igualmente efectivas que las aplicables con arreglo a las Directrices de la ESMA / el artículo 14 de la Directiva OICVM; o (ii) los pactos contractuales adecuados se establezcan con las entidades a las que se le encomiendan dichas actividades con el fin de garantizar la ausencia de soslayamiento en las normas relativas a la remuneración que se establecen en las Directrices de la ESMA / Directiva OICVM. | ## Remuneration Policy
The Manager has a remuneration policy in place (the “Remuneration Policy”) which is designed to ensure that it's remuneration practices are consistent with and promote sound and effective risk management, do not encourage risk taking and are consistent with the risk profile of the Funds. The Manager considers the Remuneration Policy to be appropriate to its size, internal operations, nature, scale and complexity and in line with the risk profile, risk appetite and the strategy of the Unit Trust. The Remuneration Policy will apply to the fixed and variable (if any) remuneration received by the identified staff. Details of the remuneration policy including, but not limited to, a description of how remuneration and benefits are calculated and the identity of the persons responsible for awarding the remuneration and benefits are available at www.barings.com and a paper copy will be made available to investors upon request.
The Manager does not have any employees and only non-executive directors are in scope of the Remuneration Policy. The non-executive directors (with the exception of Baring Asset Management Limited affiliated directors who do not receive any directors fees) receive a fixed fee only and do not receive performance-based or variable remuneration therefore avoiding a potential conflict of interest. No pension contributions are payable on non- executive Board members’ fees. In respect of any investment management delegates, the Manager requires that:(i) the entities to which such activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under the ESMA Guidelines / Article 14 of the UCITS Directive; or (ii) appropriate contractual arrangements are put in place with entities to which such activities have been delegated in order to ensure that there is no circumvention of the remuneration rules set out in the ESMA Guidelines/UCITS Directive. | en | es |
DOLFIN5911 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Composition of Costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 5.3% of the amount you pay in when entering this investment. | 509 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.9% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 182 EUR |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 19 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR |
How long should I hold it and can I take money out early? Recommended holding period: 4 years.
The recommended holding period is based on our assessment of the risk and reward characteristics and costs of the product.
Order Processing: Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within3 business days after receipt of written instructions, and in case of redemptions no later than 5. | # Composición de los costes
| Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 5,3 % del importe que pagará usted al realizar esta inversión. | 509 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,9 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 182 EUR |
| Costes de operación | 0,2 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 16 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR |
¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada? Período de mantenimiento recomendado: 4 año(s).
El periodo de tenencia recomendado se basa en nuestra evaluación de las características de riesgo y recompensa y los costes del producto.
Tramitación de órdenes: Las solicitudes de compra, canje o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se produce en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en caso de reembolso, nunca más tarde de los 5 días hábiles posteriores. | # Composition of Costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 5.3% of the amount you pay in when entering this investment. | 509 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.9% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 182 EUR |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 19 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR |
How long should I hold it and can I take money out early? Recommended holding period: 4 years.
The recommended holding period is based on our assessment of the risk and reward characteristics and costs of the product.
Order Processing: Requests to buy, switch or sell fund shares that are received and accepted by the Management Company by 4:00 PM CET (3:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within3 business days after receipt of written instructions, and in case of redemptions no later than 5. | en | es |
DOLFIN5921 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide a sterling income return at the rate available in the wholesale Eurocurrency market (the market in which currencies are borrowed and lent outside of the country in which those currencies are legal tender, e.g. a bank outside of the US borrowing or lending US dollars).
The Fund is a short-term, variable net asset value money market fund and
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
while it aims to preserve capital, this is not guaranteed.
The Fund normally invests in bank deposits repayable within six months and money market instruments (tradable securities where money can be invested for short periods) with a lifespan of up to one year.
The Fund’s investments are priced or hedged (an investment technique which aims to protect the value of an investment against currency movements) back into sterling.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Overnight SONIA is used for performance comparison. The Fund cannot replicate the benchmark index. The benchmark index is not investable and therefore cannot be replicated.
The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because the Fund invests in money market instruments, whose returns do not tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Government securities exposure: The Fund may invest up to 100% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Money Market Funds: These investments differ from deposits as the amount invested is not guaranteed; the value of investments may rise and fall. The Fund does not receive external support to help keep its value stable nor guarantee its liquidity, for example its investments can be easily converted to cash. The risk of loss is borne by the investor.
Negative Yield: As a result of market conditions, including but not limited to a reduction in interest rates, certain money market instruments in which the Fund invests may trade at a negative yield. Consequently, this may result in a reduction in value for accumulation shares and in the amount of income available for distribution in respect of income shares.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar una rentabilidad en libras esterlinas al tipo disponible en el mercado Eurocurrency mayorista (el mercado en el que se prestan divisas fuera del país en el que son moneda de curso legal; un ejemplo sería un banco de fuera de Estados Unidos que preste o se endeude en dólares estadounidenses).
El Fondo es un fondo del mercado monetario de valor liquidativo variable
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
que trata de preservar el capital, aunque no puede garantizar que este objetivo vaya a alcanzarse.
El Fondo invierte normalmente en depósitos bancarios reembolsables en el plazo de seis meses e instrumentos del mercado monetario (valores mobiliarios en los que se puede invertir dinero durante periodos breves), con una duración máxima de un año.
Las inversiones del Fondo están denominadas o tienen cobertura (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) en libras esterlinas.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El SONIA a un día se utiliza a efectos de comparación de la rentabilidad. El Fondo no puede replicar el índice de referencia. El índice de referencia no es apto para la inversión y, por tanto, no puede replicarse.
El Gestor de inversiones tiene libertad para escoger las inversiones del Fondo, que no se asemejarán a los componentes del índice de referencia.
Los ingresos generados por la inversión se distribuyen a los inversores.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte inferior de la escala del indicador de riesgo y remuneración. Esto se debe a que el Fondo invierte en instrumentos del mercado monetario, cuya rentabilidad no suele experimentar grandes fluctuaciones.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Exposición a valores de emisores públicos: El Fondo puede invertir hasta el 100% de sus activos en valores emitidos o garantizados por una entidad soberana autorizada, según la definición recogida en el apartado de definiciones del folleto del Fondo.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Fondos del mercado monetario: Estas inversiones son distintas de los depósitos, ya que el importe invertido no está garantizado; el valor de las inversiones puede tanto subir como bajar. El Fondo no recibe ayuda externa para mantener su valor estable ni para garantizar su liquidez, es decir, que sus inversiones puedan convertirse fácilmente en efectivo. El inversor soporta el riesgo de pérdida.
Rentabilidad negativa: Como resultado de las condiciones del mercado (incluyendo, entre otras, una rebaja de los tipos de interés), puede que determinados instrumentos del mercado monetario en los que invierte el Fondo coticen con una rentabilidad negativa. Esto puede dar lugar a una reducción del valor, en el caso de las acciones de acumulación, y de la cantidad de rentas disponibles para reparto, en el caso de las acciones de distribución.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide a sterling income return at the rate available in the wholesale Eurocurrency market (the market in which currencies are borrowed and lent outside of the country in which those currencies are legal tender, e.g. a bank outside of the US borrowing or lending US dollars).
The Fund is a short-term, variable net asset value money market fund and
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
while it aims to preserve capital, this is not guaranteed.
The Fund normally invests in bank deposits repayable within six months and money market instruments (tradable securities where money can be invested for short periods) with a lifespan of up to one year.
The Fund’s investments are priced or hedged (an investment technique which aims to protect the value of an investment against currency movements) back into sterling.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Overnight SONIA is used for performance comparison. The Fund cannot replicate the benchmark index. The benchmark index is not investable and therefore cannot be replicated.
The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because the Fund invests in money market instruments, whose returns do not tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Government securities exposure: The Fund may invest up to 100% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Money Market Funds: These investments differ from deposits as the amount invested is not guaranteed; the value of investments may rise and fall. The Fund does not receive external support to help keep its value stable nor guarantee its liquidity, for example its investments can be easily converted to cash. The risk of loss is borne by the investor.
Negative Yield: As a result of market conditions, including but not limited to a reduction in interest rates, certain money market instruments in which the Fund invests may trade at a negative yield. Consequently, this may result in a reduction in value for accumulation shares and in the amount of income available for distribution in respect of income shares.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN5929 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment CSIP (Lux) Global Investment Grade Convertible Bond Fund IBH EUR between 31/01/2013-31/01/2018.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,374
23.7%
EUR 13,376
6.0% | # Este tipo de escenario se produjo para una inversión CSIP (Lux) Global Investment Grade Convertible Bond Fund IBH EUR entre 31/01/2013-31/01/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
12 374 EUR
23,7%
13 376 EUR
6,0% | # This type of scenario occurred for an investment CSIP (Lux) Global Investment Grade Convertible Bond Fund IBH EUR between 31/01/2013-31/01/2018.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,374
23.7%
EUR 13,376
6.0% | en | es |
DOLFIN5931 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All these stocks will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Furthermore, subject to the maximum limit of 10%, the sub-fund may invest in units or shares of UCIs. The selected UCIs will not be subject to a non-financial analysis. The sub-fund will not use total return swaps.
AMF classification: Equities from eurozone countries
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | Todos estos títulos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Por otra parte, dentro del límite máximo de un 10%, el subfondo podrá invertir en participaciones o acciones de IIC. Las IIC seleccionadas no serán objeto de un análisis extrafinanciero. El subfondo no utilizará swaps de rentabilidad total.
Clasificación AMF: Renta variable de los países de la zona del euro
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: El subfondo fomenta los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) en el sentido del artículo 8 del Reglamento (UE) 2019/2088, denominado “Reglamento de Divulgación” o “SFDR”, y está sujeto al riesgo de sostenibilidad, tal y como se define en el perfil de riesgo del folleto.
Duración de la participación recomendada superior a 5 años | All these stocks will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Furthermore, subject to the maximum limit of 10%, the sub-fund may invest in units or shares of UCIs. The selected UCIs will not be subject to a non-financial analysis. The sub-fund will not use total return swaps.
AMF classification: Equities from eurozone countries
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | en | es |
DOLFIN5932 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high-yielding, sub investment grade bonds of issuers globally.
- Investments are concentrated in a more limited number of bonds and therefore the resulting portfolio will be less diversified.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference ICE BofA Q788 Custom Index Hedged to USD (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corriente y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos de grado especulativo y alta rentabilidad de emisores a nivel mundial.
- Las inversiones se concentran en un número más limitado de bonos y, por lo tanto, la cartera resultante estará menos diversificada.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Los tipos de bonos en los que invertirá principalmente este Subfondo tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación crediticia.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el ICE BofA Q788 Custom Index Hedged to USD (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high-yielding, sub investment grade bonds of issuers globally.
- Investments are concentrated in a more limited number of bonds and therefore the resulting portfolio will be less diversified.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference ICE BofA Q788 Custom Index Hedged to USD (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN5934 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk Profile and Profitability
Lower risk Higher risk
potentially potentially
lower return higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The historical data used to calculate this indicator may not be a reliable indication of future performance of the Fund.
This indicator represents historical volatility of the Fund annualised over a period of 5 years.
Category 1 does not signify a risk-free investment, the risk of losses on your investment is low, but the opportunities for gains are also limited. Category 7 reflects a high risk of losses on investments but also the possibility of achieving higher performance.
The risk category associated with this Fund is not guaranteed and may shift over time.
Given its exposure to equity risk of 75% to 100% of the assets of the Fund, the Fund is classified as category 6.
Presentation of risks to which the Fund may be exposed, not measured by the indicator and which may cause a fall in the net asset value:
- Liquidity risk: the Fund is exposed to the equity market and is subject to the variation of equity market, particularly in terms of liquidity.
Other risks are described in the Fund prospectus. | # Perfil de riesgo y remuneración
A menor riesgo A mayor riesgo
potencialmente potencialmente
menor remuneración mayor remuneración
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Los datos históricos utilizados para calcular este indicador podrían no constituir una indicación fiable del futuro comportamiento del Fondo.
Este indicador representa la Volatilidad histórica del Fondo en un periodo de cinco años.
La categoría 1 no significa que la inversión esté libre de riesgo: el riesgo de pérdidas de su inversión es bajo, pero las posibilidades de ganancias son también limitadas. La categoría 7 indica un riesgo elevado de pérdidas de la inversión, pero también la posibilidad de obtener rentabilidades más elevadas.
La categoría de riesgo que se atribuye a este Fondo no está garantizada y puede variar a lo largo del tiempo.
El Fondo se clasifica en la categoría 6, debido a su exposición al riesgo de renta variable del 75% al 100% de sus activos.
Presentación de riesgos a los que puede estar expuesto el Fondo no reflejados por el indicador y que podrían provocar una disminución del valor liquidativo:
- Riesgo de liquidez: el Fondo está expuesto a los mercados de renta variable y, por tanto, a los riesgos de dichos mercados, especialmente por lo que respecta a la liquidez.
En el folleto del Fondo se describen otros riesgos. | # Risk Profile and Profitability
Lower risk Higher risk
potentially potentially
lower return higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The historical data used to calculate this indicator may not be a reliable indication of future performance of the Fund.
This indicator represents historical volatility of the Fund annualised over a period of 5 years.
Category 1 does not signify a risk-free investment, the risk of losses on your investment is low, but the opportunities for gains are also limited. Category 7 reflects a high risk of losses on investments but also the possibility of achieving higher performance.
The risk category associated with this Fund is not guaranteed and may shift over time.
Given its exposure to equity risk of 75% to 100% of the assets of the Fund, the Fund is classified as category 6.
Presentation of risks to which the Fund may be exposed, not measured by the indicator and which may cause a fall in the net asset value:
- Liquidity risk: the Fund is exposed to the equity market and is subject to the variation of equity market, particularly in terms of liquidity.
Other risks are described in the Fund prospectus. | en | es |
DOLFIN5937 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Compared to its reference indicator (€ STR index), the UCITS aims to maintain annualised volatility of less than 0.50%.
The Fund may be exposed to financial indices (or sub indices) that are periodically rebalanced or not. If the financial index (or sub index) is rebalanced, the costs of implementing the strategy will be negligible. Under exceptional market circumstances (for example, but not limited to, when an issuer is largely dominant in the benchmark market of the index or sub index, or as a result of unusual market movements affecting one or more constituents of the index or sub index) a single component of the financial index (or sub index) may represent more than 20% (not exceeding 35%) of the index (or sub index).
- Description of categories o fassets and financial contracts: | # En relación con su indicador de referencia (índice € STR), el OICVM tiene como objetivo mantener una volatilidad anualizada inferior al 0,50%.
El OICVM puede estar sujeto a índices (o subíndices) financieros que sean objeto o no de un reequilibrio periódico. En caso de reequilibrar el índice (o subíndice) financiero, los costes por la puesta en práctica de la estrategia serán mínimos. En circunstancias de mercado excepcionales (por ejemplo, a título meramente ilustrativo, en caso de que un emisor sea muy dominante en el mercado de referencia del índice o subíndice o tras movimientos en el mercado inusualmente relevantes que afecten a uno o varios elementos integrantes del índice o subíndice financiero) uno único elemento integrante del índice (o subíndice) financiero puede representar más del 20% (dentro del límite del 35%) del índice (o subíndice).
- Descripción de las categorías de activos y de los contratos financieros: | # Compared to its reference indicator (€ STR index), the UCITS aims to maintain annualised volatility of less than 0.50%.
The Fund may be exposed to financial indices (or sub indices) that are periodically rebalanced or not. If the financial index (or sub index) is rebalanced, the costs of implementing the strategy will be negligible. Under exceptional market circumstances (for example, but not limited to, when an issuer is largely dominant in the benchmark market of the index or sub index, or as a result of unusual market movements affecting one or more constituents of the index or sub index) a single component of the financial index (or sub index) may represent more than 20% (not exceeding 35%) of the index (or sub index).
- Description of categories o fassets and financial contracts: | en | es |
DOLFIN5945 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through a combination of high income and capital growth through sustainable investments.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities of issuers that the Investment Manager believes are positively aligned with sustainable investment themes related to climate change and at least 70% of its assets in securities rated below Investment Grade. These securities from issuers may be from anywhere in the world, including emerging market countries.
These sustainable themes are either derived from the UN Sustainable Development Goals (UNSDGs) or aligned with the long-term global warming objectives of the Paris Agreement, that focus on addressing the causes of and effects from climate change: Transition, Resilience, and Innovation.
The Fund may invest in or be exposed up to (i) 20% in structured products such as asset- backed and mortgage-back securities and (ii) 15% in contingent convertible bonds (CoCos).
The Investment Manager emphasizes positive selection criteria in assessing an issuer's exposure to environmental, social and governance (ESG) factors related to climate change. The Investment Manager employs minimum ESG standards to identify issuers misaligned with ESG objectives.
The Fund's exposure to ESG bond structures is at least 15%. The Fund's exposure to USD is at least 95%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Bloomberg Barclays Global High Yield Corporate (USD Hedged) Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
ESG bond structures: Debt issued by both corporate and sovereign issuers that is designed to encourage sustainability.
Emerging market countries: Nations whose economies and securities markets are less established.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
Paris Agreement: An international treaty, adopted under the United Nations Framework Convention on Climate Change, that seeks to strengthen the response to climate change.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion.
Volatility: A measure of price movement of securities or other financial instruments over time. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante una combinación de altos ingresos y crecimiento del capital a través de inversiones sostenibles.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de sus activos en títulos de renta fija de emisores que el gestor de inversiones considere que están alineados de forma positiva con temas de inversión sostenible relacionados con el cambio climático y, como mínimo, un 70% de sus activos en títulos con una calificación inferior al grado de inversión. Los emisores de estos valores pueden ser de cualquier lugar del mundo, incluidos países de mercados emergentes.
Estos temas sostenibles se derivan de los Objetivos de Desarrollo Sostenible de la ONU (ODS) o están alineados con los objetivos a largo plazo en materia de calentamiento global del Acuerdo de París, que se centran en abordar las causas y efectos del cambio climático: transición, resiliencia e innovación.
El Fondo puede invertir o tener una exposición de hasta el (i) 20% en productos estructurados como bonos de titulización de deuda y bonos de titulización hipotecaria y el (ii) 15% en bonos convertibles contingentes (llamados CoCo).
El gestor de inversiones hace hincapié en criterios de selección positiva analizando la exposición de un emisor a factores medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) relacionados con el cambio climático. El gestor de inversiones aplica unos estándares mínimos en materia ESG para identificar a los emisores que no se ajusten a los objetivos ESG.
La exposición del Fondo a estructuras de bonos ESG es de, al menos, el 15%.
La exposición del Fondo al USD es de, al menos, el 95%.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 9 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
Bloomberg Barclays Global High Yield Corporate (USD Hedged) Index se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Valores respaldados por activos: Valores de deuda que representan un una participación en una cartera de deuda de consumo, como saldos de tarjetas de crédito o préstamos de automóviles.
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Bonos convertibles contingentes (CoCo): Los CoCo son un tipo de título contingente emitido por instituciones financieras internacionales. Suelen ser subordinados y se convierten en acciones del emisor o sufren una quita si se produce un evento prefijado.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Estructuras de bonos ESG: Títulos de renta fija de emisores corporativos o soberanos diseñados para fomentar la sostenibilidad.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Valores relacionados con hipotecas: Valores de deuda representativos de una participación en una cartera de hipotecas.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Acuerdo de París: Tratado internacional adoptado en virtud de la Convención Marco de las Naciones Unidas sobre el Cambio Climático que busca reforzar la respuesta ante el cambio climático.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Objetivos de Desarrollo Sostenible de la ONU (ODS): un conjunto de 17 objetivos que representan la visión a la que aspiran las Naciones Unidas de cómo podría ser el mundo en 2030. Estas 17 metas abordan la prosperidad económica, la sostenibilidad medioambiental y la inclusión social.
Volatilidad: medida del oscilamiento de los precios de los valores u otros instrumentos financieros a lo largo del tiempo. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through a combination of high income and capital growth through sustainable investments.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities of issuers that the Investment Manager believes are positively aligned with sustainable investment themes related to climate change and at least 70% of its assets in securities rated below Investment Grade. These securities from issuers may be from anywhere in the world, including emerging market countries.
These sustainable themes are either derived from the UN Sustainable Development Goals (UNSDGs) or aligned with the long-term global warming objectives of the Paris Agreement, that focus on addressing the causes of and effects from climate change: Transition, Resilience, and Innovation.
The Fund may invest in or be exposed up to (i) 20% in structured products such as asset- backed and mortgage-back securities and (ii) 15% in contingent convertible bonds (CoCos).
The Investment Manager emphasizes positive selection criteria in assessing an issuer's exposure to environmental, social and governance (ESG) factors related to climate change. The Investment Manager employs minimum ESG standards to identify issuers misaligned with ESG objectives.
The Fund's exposure to ESG bond structures is at least 15%. The Fund's exposure to USD is at least 95%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Bloomberg Barclays Global High Yield Corporate (USD Hedged) Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
ESG bond structures: Debt issued by both corporate and sovereign issuers that is designed to encourage sustainability.
Emerging market countries: Nations whose economies and securities markets are less established.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
Paris Agreement: An international treaty, adopted under the United Nations Framework Convention on Climate Change, that seeks to strengthen the response to climate change.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion.
Volatility: A measure of price movement of securities or other financial instruments over time. | en | es |
DOLFIN5947 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Risks
The risk indicator assumes you keep the product for five years.
You may not be able to sell your product easily or you may have to sell
at a price that significantly impacts on how much you get back.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets.
We have classified this product as 4 out of 7, which is a medium risk class.
Be aware of currency risk. If you choose a foreign currency share class you will be exposed to currency risk and your final return will depend on the exchange rate between the foreign currency and your local currency. The risk is not considered in the indicator shown above.
Performance scenarios
| Investment EUR 10,000.00 Scenarios 1 year 3 years 5 years (Recommended Holding Period) |
| --- |
| Stress Scenario | What you might get back after costs | EUR 7,064.00 | EUR 6,628.27 | EUR 5,745.90 |
| Average return each year | -29.4% | -12.8% | -10.5% |
| Unfavourable Scenario | What you might get back after costs | EUR 10,491.00 | EUR 12,989.54 | EUR 16,519.24 |
| Average return each year | 4.9% | 9.1% | 10.6% |
| Moderate Scenario | What you might get back after costs | EUR 11,464.00 | EUR 15,436.02 | EUR 20,778.06 |
| Average return each year | 14.6% | 15.6% | 15.8% |
| Favourable Scenario | What you might get back after costs | EUR 13,033.00 | EUR 19,080.08 | EUR 27,193.64 |
| Average return each year | 30.3% | 24.0% | 22.2% |
This table shows the money you could get back over the next five years, under different scenarios, assuming that you invest EUR 10,000.00.
The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.
The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product.
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.
The figures shown include all the costs of the product itself, including performance fees when these are applied, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Riesgos
El indicador de riesgo presupone que mantendrá el producto durante cinco años.
Es posible que no pueda vender su producto fácilmente o que deba venderlo a un precio que afecte de forma considerable al importe que
recupere.
El indicador resumido de riesgo sirve como orientación sobre el nivel de riesgo de este producto en comparación con otros productos. Muestra qué probabilidad hay de que el producto pierda dinero debido a las fluctuaciones de los mercados.
Hemos clasificado este producto en la categoría 4 de 7, que representa un grado de riesgo medio.
Tenga en cuenta el riesgo de divisas. Si elige una clase en una divisa extranjera, estará expuesto al riesgo de divisas y su rentabilidad final dependerá del tipo de cambio entre la divisa extranjera y su divisa local. Este riesgo no se contempla en el indicador anterior.
Escenarios de rentabilidad
| Inversión EUR 10,000.00 5 años Escenarios 1 año 3 años (Periodo de r tenencia ecomendado) |
| --- |
| Escenario de tensión | Lo que podría recuperar tras los costes | EUR 7,064.00 | EUR 6,628.27 | EUR 5,745.90 |
| Rentabilidad media anual | -29.4% | -12.8% | -10.5% |
| Escenario desfavorable | Lo que podría recuperar tras los costes | EUR 10,491.00 | EUR 12,989.54 | EUR 16,519.24 |
| Rentabilidad media anual | 4.9% | 9.1% | 10.6% |
| Escenario moderado | Lo que podría recuperar tras los costes | EUR 11,464.00 | EUR 15,436.02 | EUR 20,778.06 |
| Rentabilidad media anual | 14.6% | 15.6% | 15.8% |
| Escenario favorable | Lo que podría recuperar tras los costes | EUR 13,033.00 | EUR 19,080.08 | EUR 27,193.64 |
| Rentabilidad media anual | 30.3% | 24.0% | 22.2% |
Esta tabla le muestra el dinero que podría obtener durante los próximos cinco años, en diferentes escenarios, suponiendo que invierte EUR 10,000.00.
Los escenarios mostrados ilustran cuál sería la rentabilidad de su inversión. Puede compararlos con los escenarios de otros productos.
Los escenarios que se muestran constituyen una aproximación de la rentabilidad futura según resultados anteriores y no representan un indicador exacto. Lo que obtenga dependerá de la rentabilidad del mercado y del plazo de tiempo durante el cual mantenga la inversión/ el producto.
El escenario de tensión indica lo que puede recuperar en situaciones extremas de mercado y no tiene en cuenta la situación en la que no podamos pagarle.
Los datos que se muestran comprenden todos los costes del propio producto, incluidas las comisiones de rentabilidad, si procede. Sin embargo, es posible que no incluyan todos los costes que usted paga a su asesor o distribuidor. Los datos no tienen en cuenta su situación fiscal personal, lo que también puede afectar al importe que recupere. | # What are the risks and what could I get in return?
Risks
The risk indicator assumes you keep the product for five years.
You may not be able to sell your product easily or you may have to sell
at a price that significantly impacts on how much you get back.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets.
We have classified this product as 4 out of 7, which is a medium risk class.
Be aware of currency risk. If you choose a foreign currency share class you will be exposed to currency risk and your final return will depend on the exchange rate between the foreign currency and your local currency. The risk is not considered in the indicator shown above.
Performance scenarios
| Investment EUR 10,000.00 Scenarios 1 year 3 years 5 years (Recommended Holding Period) |
| --- |
| Stress Scenario | What you might get back after costs | EUR 7,064.00 | EUR 6,628.27 | EUR 5,745.90 |
| Average return each year | -29.4% | -12.8% | -10.5% |
| Unfavourable Scenario | What you might get back after costs | EUR 10,491.00 | EUR 12,989.54 | EUR 16,519.24 |
| Average return each year | 4.9% | 9.1% | 10.6% |
| Moderate Scenario | What you might get back after costs | EUR 11,464.00 | EUR 15,436.02 | EUR 20,778.06 |
| Average return each year | 14.6% | 15.6% | 15.8% |
| Favourable Scenario | What you might get back after costs | EUR 13,033.00 | EUR 19,080.08 | EUR 27,193.64 |
| Average return each year | 30.3% | 24.0% | 22.2% |
This table shows the money you could get back over the next five years, under different scenarios, assuming that you invest EUR 10,000.00.
The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.
The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product.
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.
The figures shown include all the costs of the product itself, including performance fees when these are applied, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. | en | es |
DOLFIN5951 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Re-invested cash collateral should be diversified in accordance with the diversification requirements applicable to non-cash collateral. Re-investment of cash collateral does not release the Sub-Fund from repayment of full cash collateral received, i.e., potential losses incurring from the re-investment have to be borne by the Sub-Fund.
Risks linked to the management of collateral, such as loss in value or illiquidity of received collateral operational and legal risks, should be identified, managed and mitigated by the risk management process. The re-investment of cash collateral exposes to the Sub-Fund to a potential loss of the re-invested assets whereas the full nominal amount (plus interest if applicable) has to be repaid to the counterparty.
Where there is a title transfer, the collateral received should be held by the Depositary. For other types of collateral arrangement, the collateral can be held by a third-party depositary which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
If a Sub-Fund receives collateral for at least 30% of its Net Asset Value an appropriate stress testing policy will be applied to ensure regular stress tests are carried out under normal and exceptional liquidity conditions to enable the Sub-Fund to assess the liquidity risk attached to the collateral. The liquidity stress testing policy should at least prescribe the following:
- design of stress test scenario analysis including calibration, certification and sensitivity analysis,
- empirical approach to impact assessment, including back-testing of liquidity risk estimates,
- reporting frequency and limit/loss tolerance threshold(s), and
- mitigation actions to reduce loss including haircut policy and gap risk protection. | La garantía en efectivo reinvertida debería diversificarse de acuerdo con los requisitos de diversificación aplicables a la garantía diferente del efectivo. La reinversión de la garantía en efectivo no exime al Compartimento del reembolso del total de la garantía en efectivo recibida, es decir, las posibles pérdidas derivadas de la reinversión deben ser asumidas por el Compartimento.
Los riesgos vinculados a la gestión de garantías, tales como los riesgos operativos o jurídicos de la pérdida de valor o la falta de liquidez de la garantía, deberían ser identificados, gestionados y mitigados por el proceso de gestión del riesgo. La reinversión de garantías en efectivo expone al Compartimento a una pérdida potencial de los activos reinvertidos, mientras que el importe nominal total (más los intereses, si los hubiere) deberá reembolsarse a la contraparte.
En caso de que se realice una transferencia de títulos, la garantía recibida debería ser mantenida por el Depositario. Para otros tipos de acuerdos de garantía, la garantía puede ser mantenida por un depositario tercero que esté sujeto a supervisión cautelar y que no esté relacionado con el proveedor de la garantía.
Si un Compartimento recibe garantía por al menos el 30 % de su Valor liquidativo, se aplicará una política de pruebas de estrés adecuadas para garantizar que se llevan a cabo pruebas de estrés ordinarias en condiciones normales y de liquidez excepcional para que el Compartimento pueda evaluar el riesgo de liquidez asociado a la garantía. La política de pruebas de estrés de liquidez debería prescribir al menos lo siguiente:
- diseño del análisis del escenario de las pruebas de estrés, incluidas la calibración, la certificación y el análisis de sensibilidad,
- enfoque empírico de la evaluación de impactos, incluidas pruebas retrospectivas de estimaciones de riesgo de liquidez,
- frecuencia de presentación de informes y umbral(es) de tolerancia a los límites o pérdidas, y
- medidas de mitigación para reducir las pérdidas, incluyendo política de recortes y protección contra el riesgo de brecha. | Re-invested cash collateral should be diversified in accordance with the diversification requirements applicable to non-cash collateral. Re-investment of cash collateral does not release the Sub-Fund from repayment of full cash collateral received, i.e., potential losses incurring from the re-investment have to be borne by the Sub-Fund.
Risks linked to the management of collateral, such as loss in value or illiquidity of received collateral operational and legal risks, should be identified, managed and mitigated by the risk management process. The re-investment of cash collateral exposes to the Sub-Fund to a potential loss of the re-invested assets whereas the full nominal amount (plus interest if applicable) has to be repaid to the counterparty.
Where there is a title transfer, the collateral received should be held by the Depositary. For other types of collateral arrangement, the collateral can be held by a third-party depositary which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
If a Sub-Fund receives collateral for at least 30% of its Net Asset Value an appropriate stress testing policy will be applied to ensure regular stress tests are carried out under normal and exceptional liquidity conditions to enable the Sub-Fund to assess the liquidity risk attached to the collateral. The liquidity stress testing policy should at least prescribe the following:
- design of stress test scenario analysis including calibration, certification and sensitivity analysis,
- empirical approach to impact assessment, including back-testing of liquidity risk estimates,
- reporting frequency and limit/loss tolerance threshold(s), and
- mitigation actions to reduce loss including haircut policy and gap risk protection. | en | es |
DOLFIN5960 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Transaction costs charged by the Depositary on the settlement of purchases and sales of investments are disclosed within administrator and depositary fees in the Statement of Comprehensive Income for each Fund.
Transaction costs on the purchase and sale of bonds and other derivative instruments are included in the purchase and sale price of the investment. These costs cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed.
Transaction costs on purchases and sales of equities and collective investment schemes are disclosed in Note 5 for each Fund.
- Receivable for investments / redeemable participating shares sold and payable for investments purchased / redeemable participating shares reacquiredReceivable for investments / redeemable participating shares sold represents receivables for securities / redeemable participating shares sold that have been contracted for but not yet settled or delivered on the Statement of Financial Position date. These amounts are recognised initially at fair value and subsequently measured at amortised cost. | Los costes de transacción cobrados por el Depositario por la liquidación de las compras y ventas de inversiones se indican dentro de las comisiones del administrador y del depositario en el Estado de resultado global para cada Fondo.
Los costes de transacción por la compra y venta de valores de renta fija y otros instrumentos derivados se incluyen en el precio de compra y venta de la inversión. Dichos costes no pueden calcularse de forma práctica o fiable, ya que están integrados en el coste de la inversión y no pueden comprobarse o indicarse separadamente.
Los costes de transacción sobre compras y ventas de valores y esquemas de inversión colectiva se indican en la Nota 5 para cada Fondo.
- Cuentas por cobrar por inversiones/acciones participativas reembolsables vendidas y pagaderas por inversiones compradas/acciones participativas reembolsables readquiridasLas cuentas por cobrar de inversiones/acciones participativas rescatables vendidas representan cuentas por cobrar por valores /acciones participativas rescatables que se han contratado, pero que aún no se han liquidado o entregado en la fecha del Estado de situación financiera. Estas cantidades se reconocen inicialmente al valor razonable y posteriormente se miden a coste amortizado. | Transaction costs charged by the Depositary on the settlement of purchases and sales of investments are disclosed within administrator and depositary fees in the Statement of Comprehensive Income for each Fund.
Transaction costs on the purchase and sale of bonds and other derivative instruments are included in the purchase and sale price of the investment. These costs cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed.
Transaction costs on purchases and sales of equities and collective investment schemes are disclosed in Note 5 for each Fund.
- Receivable for investments / redeemable participating shares sold and payable for investments purchased / redeemable participating shares reacquiredReceivable for investments / redeemable participating shares sold represents receivables for securities / redeemable participating shares sold that have been contracted for but not yet settled or delivered on the Statement of Financial Position date. These amounts are recognised initially at fair value and subsequently measured at amortised cost. | en | es |
DOLFIN5961 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively managed to capture opportunities in the Regulated European real estate markets. Investment decisions are based on a combination of macroeconomic and industry analysis and share selection. The share selection process relies mainly on a rigorous analysis of the companies’ business model, the quality of the management, growth prospects, the nature of the underlying assets and the overall risk return.
The Sub-Fund invests permanently at least two thirds in transferable securities issued by companies engaged in the real estate industry, domiciled or which exercise the predominant part of their economical activities in Europe.
The Sub-Fund may invest in equity securities of any market capitalisation (including small and micro-sized companies).
Within the limit of 200% of the Sub-Fund net assets, the investment strategy may be achieved by direct investments and/or through derivatives. Derivatives may also be used for hedging purposes.
The Share Class aims at hedging the foreign exchange risk with reference to the currency exposure to the FTSE Epra/Nareit Europe | ## Política de inversión
El Subfondo está gestionado activamente con el fin de captar oportunidades en mercados inmobiliarios europeos regulados. Las decisiones de inversión se basan en una combinación de análisis macroeconómicos y sectoriales, y en la selección de acciones. El proceso de selección de acciones está basado principalmente en un análisis riguroso del modelo de negocio de las empresas, la calidad de su gestión, las perspectivas de crecimiento, la naturaleza de los activos subyacentes y el perfil general de riesgo y rendimiento.
El Subfondo invierte permanentemente como mínimo dos tercios en títulos negociables emitidos por empresas del sector inmobiliario que desarrollen la mayor parte de sus actividades económicas en Europa o estén domiciliadas en dicho continente.
El Subfondo podrá invertir en acciones con cualquier nivel de capitalización (incluidas microempresas y empresas pequeñas).
Dentro del límite del 200 % del patrimonio neto del Subfondo, la estrategia de inversión podrá llevarse a cabo con inversiones directas y/o por medio de derivados. También pueden utilizarse derivados con fines de cobertura.
El objetivo de la clase de acción es proporcionar cobertura frente al riesgo de tipo de cambio en relación con la exposición cambiaria al | ## Investment Policy
The Sub-Fund is actively managed to capture opportunities in the Regulated European real estate markets. Investment decisions are based on a combination of macroeconomic and industry analysis and share selection. The share selection process relies mainly on a rigorous analysis of the companies’ business model, the quality of the management, growth prospects, the nature of the underlying assets and the overall risk return.
The Sub-Fund invests permanently at least two thirds in transferable securities issued by companies engaged in the real estate industry, domiciled or which exercise the predominant part of their economical activities in Europe.
The Sub-Fund may invest in equity securities of any market capitalisation (including small and micro-sized companies).
Within the limit of 200% of the Sub-Fund net assets, the investment strategy may be achieved by direct investments and/or through derivatives. Derivatives may also be used for hedging purposes.
The Share Class aims at hedging the foreign exchange risk with reference to the currency exposure to the FTSE Epra/Nareit Europe | en | es |
DOLFIN5963 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
For further information regarding costs and, in particular, the performance fee calculation method, please refer to the “Costs and Fees”section of the UCITS’ prospectus available upon request from the Management Company.
0.6 % .
0.4
0.2
-0
-0.2
-0.4
-0.6
-0.8
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performances presented in this chart are calculated after deduction of all fees charged by the Fund. The Fund was launched on 1 December 2005 and its R class on 1 December 2017.
The reference currency is the euro (EUR).
-0.4%
-0.4%
-0.3%
-0.4%
-0.4%
-0.5%
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2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | # La comisión de rentabilidad superior se percibe incluso si la rentabilidad de la participación durante el periodo de observación es negativa, siempre que sea superior a la rentabilidad del activo de referencia.
Rentabilidad histórica
Si desea obtener más información sobre los gastos, y, en particular, sobre la metodología de cálculo de las comisiones de rentabilidad superior, consulte la sección «gastos y comisiones» del folleto de este OICVM, disponible previa solicitud del interesado en la Sociedad Gestora.
0.6 % .
0.4
0.2
-0
-0.2
-0.4
-0.6
-0.8
La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras.
La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por el Fondo.
El Fondo se creó el 01 de diciembre de 2005 y su clase R el 01 de diciembre de 2017.
La divisa de referencia es el euro (EUR).
-0,4%
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-0,3%
-0,4%
-0,4%
-0,5%
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-0,5%
2017 2018 2019 2020 2021
Nombre del depositario: CACEIS Bank. | # The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
For further information regarding costs and, in particular, the performance fee calculation method, please refer to the “Costs and Fees”section of the UCITS’ prospectus available upon request from the Management Company.
0.6 % .
0.4
0.2
-0
-0.2
-0.4
-0.6
-0.8
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performances presented in this chart are calculated after deduction of all fees charged by the Fund. The Fund was launched on 1 December 2005 and its R class on 1 December 2017.
The reference currency is the euro (EUR).
-0.4%
-0.4%
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-0.4%
-0.5%
-0.6%
-0.5%
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | en | es |
DOLFIN5971 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
After the UK mini budget event, high inflation and central banks tightening, we are still trying to guess how much impact it will have on growth for the quarters ahead while economic numbers remain firm. Quarterly results for banks are quite good as expected, net interest income raising significantly. Yields and spread continue to remain at elevated levels compared to long term averages and we end the month at 4.2% yield and 118bps of spread for the Euro Credit IG index. In term of return, government bonds have underperformed versus credit due to rates and swap spread movements. The ICE BofA Euro Corporate Index delivered +0.2% over the month with credit contributing positively.
The portfolio performed better at +0.32% driven by the good performance of the diversification into sterling credit and the longer spread duration on the credit curve.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Después del minipresupuesto británico, la elevada inflación y el ajuste de los bancos centrales, seguimos intentando adivinar cuánto impacto tendrá en el crecimiento de cara a trimestres venideros, mientras que las cifras económicas siguen siendo sólidas. Los resultados trimestrales de los bancos son bastante buenos, como se esperaba, y los ingresos netos por intereses aumentan considerablemente. Los rendimientos y los diferenciales siguen en niveles elevados en comparación con las medias a largo plazo y terminamos el mes con un rendimiento del 4,2 % y un diferencial de 118 pb para el índice de deuda corporativa de alta calidad crediticia en euros. En cuanto a rentabilidad, la deuda pública se ha comportado peor que la deuda corporativa debido a las fluctuaciones de los tipos y los diferenciales de swap. El índice ICE BofA Euro Corporate registró un +0,2 % durante el mes y la deuda corporativa contribuyó de forma positiva.
La cartera obtuvo mejores resultados, con un +0,32 %, gracias al buen comportamiento de la diversificación en deuda corporativa en libras esterlinas y a la duración de diferenciales más larga en la curva de crédito.
Fuente(s) : AXA Investment Managers a 31/10/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
After the UK mini budget event, high inflation and central banks tightening, we are still trying to guess how much impact it will have on growth for the quarters ahead while economic numbers remain firm. Quarterly results for banks are quite good as expected, net interest income raising significantly. Yields and spread continue to remain at elevated levels compared to long term averages and we end the month at 4.2% yield and 118bps of spread for the Euro Credit IG index. In term of return, government bonds have underperformed versus credit due to rates and swap spread movements. The ICE BofA Euro Corporate Index delivered +0.2% over the month with credit contributing positively.
The portfolio performed better at +0.32% driven by the good performance of the diversification into sterling credit and the longer spread duration on the credit curve.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN5988 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment 10 000 USD | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| --- | --- | --- |
| Total costs | 34 USD | 115 USD |
| Annual cost impact (*) | 0.34 % | 0.35 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 34 USD | 115 USD |
| Incidencia anual de los costes (*) | 0,34 % | 0,35 % | | | Example Investment 10 000 USD | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| --- | --- | --- |
| Total costs | 34 USD | 115 USD |
| Annual cost impact (*) | 0.34 % | 0.35 % | | en | es |
DOLFIN5990 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Emerging Market Corporate Debt – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 95.14% (31 December 2020: 91.88%) | | | | |
| | Euro | | | | |
| 455,000 | Novolipetsk Steel Via Steel Funding DAC* | 1.45% | 02/06/2026 | 514,743 | 0.36 |
| | Total Euro | | | 514,743 | 0.36 |
| | | | | | |
| | United States Dollar | | | | |
| 1,000,000 | 1MDB Global Investments Ltd** | 4.40% | 09/03/2023 | 1,009,806 | 0.70 |
| 300,000 | ABJA Investment Co Pte Ltd* | 5.45% | 24/01/2028 | 328,863 | 0.23 |
| 200,000 | ABJA Investment Co Pte Ltd* | 5.95% | 31/07/2024 | 217,560 | 0.15 |
| 391,000 | ABQ Finance Ltd* | 3.13% | 24/09/2024 | 405,515 | 0.28 |
| 300,000 | Abu Dhabi Crude Oil Pipeline LLC* | 4.60% | 02/11/2047 | 355,631 | 0.25 |
| 416,000 | Abu Dhabi National Energy Co PJSC* | 2.00% | 29/04/2028 | 412,318 | 0.28 |
| 278,000 | Abu Dhabi National Energy Co PJSC* | 4.88% | 23/04/2030 | 330,453 | 0.23 |
| 200,000 | Access Bank Plc* | 6.13% | 21/09/2026 | 199,750 | 0.14 |
| 650,000 | Adani Electricity Mumbai Ltd* | 3.95% | 12/02/2030 | 643,790 | 0.44 |
| 200,000 | Adani Green Energy Ltd* | 4.38% | 08/09/2024 | 203,230 | 0.14 |
| 300,000 | Adani Green Energy UP Ltd/Prayatna Developers Pvt Ltd/Parampujya Solar Energ* | 6.25% | 10/12/2024 | 327,000 | 0.23 |
| 347,000 | Adani Ports & Special Economic Zone Ltd* | 4.20% | 04/08/2027 | 360,350 | 0.25 |
| 217,000 | Africa Finance Corp* | 2.88% | 28/04/2028 | 215,752 | 0.15 |
| 335,000 | African Export-Import Bank* | 3.99% | 21/09/2029 | 346,765 | 0.24 |
| 303,000 | AIA Group Ltd* | 2.70% | 29/12/2049 | 302,137 | 0.21 |
| 500,000 | AIA Group Ltd** | 3.60% | 09/04/2029 | 546,177 | 0.38 |
| 352,000 | Akbank TAS** | 6.80% | 06/02/2026 | 341,320 | 0.24 |
| 365,000 | Alfa Desarrollo SpA** | 4.55% | 27/09/2051 | 360,846 | 0.25 |
| 650,000 | Alfa SAB de CV** | 6.88% | 25/03/2044 | 844,324 | 0.58 |
| 450,000 | Alibaba Group Holding Ltd* | 4.00% | 06/12/2037 | 488,625 | 0.34 |
| 368,000 | Alpek SAB de CV* | 3.25% | 25/02/2031 | 367,608 | 0.25 |
| 357,000 | Alpek SAB de CV** | 4.25% | 18/09/2029 | 380,271 | 0.26 |
| 806,000 | Alsea SAB de CV** | 7.75% | 14/12/2026 | 836,576 | 0.58 |
| 517,000 | America Movil SAB de CV* | 3.63% | 22/04/2029 | 560,239 | 0.39 |
| 600,000 | AngloGold Ashanti Holdings Plc* | 3.38% | 01/11/2028 | 594,469 | 0.41 |
| 260,000 | AngloGold Ashanti Holdings Plc* | 3.75% | 01/10/2030 | 262,205 | 0.18 |
| 246,000 | Antofagasta Plc** | 2.38% | 14/10/2030 | 234,053 | 0.16 |
| 581,000 | Arabian Centres Sukuk II Ltd* | 5.63% | 07/10/2026 | 577,049 | 0.40 |
| 200,000 | Atento Luxco 1 SA** | 8.00% | 10/02/2026 | 213,841 | 0.15 |
| 200,000 | Axis Bank Ltd* | 4.10% | 29/12/2049 | 199,131 | 0.14 |
| 285,000 | B2W Digital Lux Sarl** | 4.38% | 20/12/2030 | 257,275 | 0.18 |
| 400,000 | Banco BTG Pactual SA* | 2.75% | 11/01/2026 | 379,944 | 0.26 |
| 210,000 | Banco Davivienda SA** | 6.65% | 29/12/2049 | 213,445 | 0.15 |
| 500,000 | Banco de Bogota SA* | 4.38% | 03/08/2027 | 513,630 | 0.35 |
| 750,000 | Banco de Bogota SA* | 6.25% | 12/05/2026 | 811,009 | 0.56 |
140 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | # Emerging Market Corporate Debt – Cartera de inversiones
### Activos financieros al valor razonable con cambios en resultados
| Importe principal | Descripción de los valores | Cupón | Fecha de vencimiento | Valor razonable USD | % del Patri- monio neto |
| --- | --- | --- | --- | --- | --- |
| | Bonos de empresa 95,14% (31 de diciembre de 2020: 91,88%) | | | | |
| | Euro | | | | |
| 455.000 | Novolipetsk Steel Via Steel Funding DAC* | 1,45% | 02/06/2026 | 514.743 | 0,36 |
| | Total euro | | | 514.743 | 0,36 |
| | | | | | |
| | Dólar estadounidense | | | | |
| 1.000.000 | 1MDB Global Investments Ltd** | 4,40% | 09/03/2023 | 1.009.806 | 0,70 |
| 300.000 | ABJA Investment Co Pte Ltd* | 5,45% | 24/01/2028 | 328.863 | 0,23 |
| 200.000 | ABJA Investment Co Pte Ltd* | 5,95% | 31/07/2024 | 217.560 | 0,15 |
| 391.000 | ABQ Finance Ltd* | 3,13% | 24/09/2024 | 405.515 | 0,28 |
| 300.000 | Abu Dhabi Crude Oil Pipeline LLC* | 4,60% | 02/11/2047 | 355.631 | 0,25 |
| 416.000 | Abu Dhabi National Energy Co PJSC* | 2,00% | 29/04/2028 | 412.318 | 0,28 |
| 278.000 | Abu Dhabi National Energy Co PJSC* | 4,88% | 23/04/2030 | 330.453 | 0,23 |
| 200.000 | Access Bank Plc* | 6,13% | 21/09/2026 | 199.750 | 0,14 |
| 650.000 | Adani Electricity Mumbai Ltd* | 3,95% | 12/02/2030 | 643.790 | 0,44 |
| 200.000 | Adani Green Energy Ltd* | 4,38% | 08/09/2024 | 203.230 | 0,14 |
| 300.000 | Adani Green Energy UP Ltd/Prayatna Developers Pvt Ltd/Parampujya Solar Energ* | 6,25% | 10/12/2024 | 327.000 | 0,23 |
| 347.000 | Adani Ports & Special Economic Zone Ltd* | 4,20% | 04/08/2027 | 360.350 | 0,25 |
| 217.000 | Africa Finance Corp* | 2,88% | 28/04/2028 | 215.752 | 0,15 |
| 335.000 | African Export-Import Bank* | 3,99% | 21/09/2029 | 346.765 | 0,24 |
| 303.000 | AIA Group Ltd* | 2,70% | 29/12/2049 | 302.137 | 0,21 |
| 500.000 | AIA Group Ltd** | 3,60% | 09/04/2029 | 546.177 | 0,38 |
| 352.000 | Akbank TAS** | 6,80% | 06/02/2026 | 341.320 | 0,24 |
| 365.000 | Alfa Desarrollo SpA** | 4,55% | 27/09/2051 | 360.846 | 0,25 |
| 650.000 | Alfa SAB de CV** | 6,88% | 25/03/2044 | 844.324 | 0,58 |
| 450.000 | Alibaba Group Holding Ltd* | 4,00% | 06/12/2037 | 488.625 | 0,34 |
| 368.000 | Alpek SAB de CV* | 3,25% | 25/02/2031 | 367.608 | 0,25 |
| 357.000 | Alpek SAB de CV** | 4,25% | 18/09/2029 | 380.271 | 0,26 |
| 806.000 | Alsea SAB de CV** | 7,75% | 14/12/2026 | 836.576 | 0,58 |
| 517.000 | America Movil SAB de CV* | 3,63% | 22/04/2029 | 560.239 | 0,39 |
| 600.000 | AngloGold Ashanti Holdings Plc* | 3,38% | 01/11/2028 | 594.469 | 0,41 |
| 260.000 | AngloGold Ashanti Holdings Plc* | 3,75% | 01/10/2030 | 262.205 | 0,18 |
| 246.000 | Antofagasta Plc** | 2,38% | 14/10/2030 | 234.053 | 0,16 |
| 581.000 | Arabian Centres Sukuk II Ltd* | 5,63% | 07/10/2026 | 577.049 | 0,40 |
| 200.000 | Atento Luxco 1 SA** | 8,00% | 10/02/2026 | 213.841 | 0,15 |
| 200.000 | Axis Bank Ltd* | 4,10% | 29/12/2049 | 199.131 | 0,14 |
| 285.000 | B2W Digital Lux Sarl** | 4,38% | 20/12/2030 | 257.275 | 0,18 |
| 400.000 | Banco BTG Pactual SA* | 2,75% | 11/01/2026 | 379.944 | 0,26 |
| 210.000 | Banco Davivienda SA** | 6,65% | 29/12/2049 | 213.445 | 0,15 |
| 500.000 | Banco de Bogota SA* | 4,38% | 03/08/2027 | 513.630 | 0,35 |
| 750.000 | Banco de Bogota SA* | 6,25% | 12/05/2026 | 811.009 | 0,56 |
140 NEUBERGER BERMAN INVESTMENT FUNDS PLC
CARTERA DE INVERSIONES CUENTAS | # Emerging Market Corporate Debt – Schedule of Investments
### Financial Assets at Fair Value through Profit or Loss
| Principal Amount | Security Description | Coupon | Maturity Date | Fair Value US$ | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| | Corporate Bonds 95.14% (31 December 2020: 91.88%) | | | | |
| | Euro | | | | |
| 455,000 | Novolipetsk Steel Via Steel Funding DAC* | 1.45% | 02/06/2026 | 514,743 | 0.36 |
| | Total Euro | | | 514,743 | 0.36 |
| | | | | | |
| | United States Dollar | | | | |
| 1,000,000 | 1MDB Global Investments Ltd** | 4.40% | 09/03/2023 | 1,009,806 | 0.70 |
| 300,000 | ABJA Investment Co Pte Ltd* | 5.45% | 24/01/2028 | 328,863 | 0.23 |
| 200,000 | ABJA Investment Co Pte Ltd* | 5.95% | 31/07/2024 | 217,560 | 0.15 |
| 391,000 | ABQ Finance Ltd* | 3.13% | 24/09/2024 | 405,515 | 0.28 |
| 300,000 | Abu Dhabi Crude Oil Pipeline LLC* | 4.60% | 02/11/2047 | 355,631 | 0.25 |
| 416,000 | Abu Dhabi National Energy Co PJSC* | 2.00% | 29/04/2028 | 412,318 | 0.28 |
| 278,000 | Abu Dhabi National Energy Co PJSC* | 4.88% | 23/04/2030 | 330,453 | 0.23 |
| 200,000 | Access Bank Plc* | 6.13% | 21/09/2026 | 199,750 | 0.14 |
| 650,000 | Adani Electricity Mumbai Ltd* | 3.95% | 12/02/2030 | 643,790 | 0.44 |
| 200,000 | Adani Green Energy Ltd* | 4.38% | 08/09/2024 | 203,230 | 0.14 |
| 300,000 | Adani Green Energy UP Ltd/Prayatna Developers Pvt Ltd/Parampujya Solar Energ* | 6.25% | 10/12/2024 | 327,000 | 0.23 |
| 347,000 | Adani Ports & Special Economic Zone Ltd* | 4.20% | 04/08/2027 | 360,350 | 0.25 |
| 217,000 | Africa Finance Corp* | 2.88% | 28/04/2028 | 215,752 | 0.15 |
| 335,000 | African Export-Import Bank* | 3.99% | 21/09/2029 | 346,765 | 0.24 |
| 303,000 | AIA Group Ltd* | 2.70% | 29/12/2049 | 302,137 | 0.21 |
| 500,000 | AIA Group Ltd** | 3.60% | 09/04/2029 | 546,177 | 0.38 |
| 352,000 | Akbank TAS** | 6.80% | 06/02/2026 | 341,320 | 0.24 |
| 365,000 | Alfa Desarrollo SpA** | 4.55% | 27/09/2051 | 360,846 | 0.25 |
| 650,000 | Alfa SAB de CV** | 6.88% | 25/03/2044 | 844,324 | 0.58 |
| 450,000 | Alibaba Group Holding Ltd* | 4.00% | 06/12/2037 | 488,625 | 0.34 |
| 368,000 | Alpek SAB de CV* | 3.25% | 25/02/2031 | 367,608 | 0.25 |
| 357,000 | Alpek SAB de CV** | 4.25% | 18/09/2029 | 380,271 | 0.26 |
| 806,000 | Alsea SAB de CV** | 7.75% | 14/12/2026 | 836,576 | 0.58 |
| 517,000 | America Movil SAB de CV* | 3.63% | 22/04/2029 | 560,239 | 0.39 |
| 600,000 | AngloGold Ashanti Holdings Plc* | 3.38% | 01/11/2028 | 594,469 | 0.41 |
| 260,000 | AngloGold Ashanti Holdings Plc* | 3.75% | 01/10/2030 | 262,205 | 0.18 |
| 246,000 | Antofagasta Plc** | 2.38% | 14/10/2030 | 234,053 | 0.16 |
| 581,000 | Arabian Centres Sukuk II Ltd* | 5.63% | 07/10/2026 | 577,049 | 0.40 |
| 200,000 | Atento Luxco 1 SA** | 8.00% | 10/02/2026 | 213,841 | 0.15 |
| 200,000 | Axis Bank Ltd* | 4.10% | 29/12/2049 | 199,131 | 0.14 |
| 285,000 | B2W Digital Lux Sarl** | 4.38% | 20/12/2030 | 257,275 | 0.18 |
| 400,000 | Banco BTG Pactual SA* | 2.75% | 11/01/2026 | 379,944 | 0.26 |
| 210,000 | Banco Davivienda SA** | 6.65% | 29/12/2049 | 213,445 | 0.15 |
| 500,000 | Banco de Bogota SA* | 4.38% | 03/08/2027 | 513,630 | 0.35 |
| 750,000 | Banco de Bogota SA* | 6.25% | 12/05/2026 | 811,009 | 0.56 |
140 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SCHEDULE OF INVESTMENTS FINANCIAL STATEMENTS | en | es |
DOLFIN5995 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| MSCI EMU ESG Filtered Min TE, a subfund of the SICAV BNP PARIBAS EASY Class ''Track Classic Capitalisation'' - ISIN code LU1291098587 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI EMU ESG Filtered Min TE (NTR) index (the Index ) by investing in the shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the Index (optimised replication). When investing in a sample of shares the Fund’s tracking error may be higher. The index is composed of Eurozone companies selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels, while minimizing the tracking error compared to the parent index the MSCI EMU Index. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach used here is Best-in-universe (type of ESG selection consisting of giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. 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. | | MSCI EMU ESG Filtered Min TE, un subfondo de la SICAV BNP PARIBAS EASY Clase «Track Classic Capitalisation» - Código ISIN LU1291098587 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo es un fondo indexado que se gestiona de forma pasiva. El Fondo pretende reproducir (con un error de seguimiento* máximo del 1 %) la rentabilidad del índice MSCI EMU ESG Filtered Min TE (NTR) (el «Índice») mediante la inversión en acciones emitidas por sociedades incluidas en el Índice, respetando las ponderaciones del mismo (reproducción total), o en una muestra de acciones emitidas por sociedades incluidas en el Índice (reproducción optimizada). Cuando se invierte en una muestra de acciones, el error de seguimiento del Fondo puede ser mayor. El Índice se compone de empresas de la zona euro seleccionadas en función de una calificación mínima ambiental, social y de gobernanza (ESG) (oportunidades medioambientales, contaminación y residuos, capital humano o gobernanza empresarial, entre otros) y en función de las medidas que se adoptan para reducir la exposición al carbón y los combustibles fósiles no convencionales, al tiempo que se minimiza el error de seguimiento con respecto al índice principal, MSCI EMU. En consecuencia, quedan excluidas del Índice las empresas que participan en sectores cuyas actividades tienen un impacto negativo y potencialmente alto en términos ESG, aquellas que cometen graves infracciones de los principios del Pacto Mundial de las Naciones Unidas y aquellas involucradas en controversias graves relacionadas con los factores ESG. Se ha usado el enfoque «Mejor de su universo» (es decir, se aplica un filtro ESG que consiste en privilegiar a los emisores con mejor calificación no financiera dentro del universo de inversión, independientemente de su sector de actividad, y en aceptar sesgos sectoriales, ya que los sectores que se considera que poseen una mejor calificación en su conjunto ostentarán mayor representación). La estrategia extrafinanciera del Índice puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice. Encontrará más información acerca del Índice, su composición, cálculo y las normas para la supervisión y el reequilibrio periódicos, así como sobre la metodología general que sustenta los índices MSCI en www.msci.com. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Algunos mercados están menos regulados que la mayoría de los mercados internacionales; por lo tanto, los servicios relacionados con la custodia y la liquidación del subfondo en dichos mercados podrían entrañar un mayor riesgo. | | MSCI EMU ESG Filtered Min TE, a subfund of the SICAV BNP PARIBAS EASY Class ''Track Classic Capitalisation'' - ISIN code LU1291098587 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
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| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI EMU ESG Filtered Min TE (NTR) index (the Index ) by investing in the shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the Index (optimised replication). When investing in a sample of shares the Fund’s tracking error may be higher. The index is composed of Eurozone companies selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels, while minimizing the tracking error compared to the parent index the MSCI EMU Index. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach used here is Best-in-universe (type of ESG selection consisting of giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. 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. | en | es |
DOLFIN6002 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
floating corporate bonds are limited to those issued by property security companies such as non-REIT real estate companies and may or may not be of investment grade.
The Fund may invest in common and preferred equity securities, debt securities, options, warrants (up to 5% of the Fund), convertible bonds, exchange traded funds (ETFs), and depository receipts and other related securities.
While it is generally intended for the Fund to be fully invested at all times, there may be a portion of assets held in cash or deposits at any given time.
Any income received by the unit class will be reinvested.
You may buy or sell units on demand on each Dealing Day being a Business Day as defined in the Fund's supplement (which together with the prospectus constitutes the Prospectus).
The Fund is actively managed and aims to outperform the FTSE EPRA NAREIT Developed NTR Index (the “Index”). The portfolio manager may reference the Index as part of the investment management process, and it is also considered as part of the investment risk monitoring process. However, the portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
Please see the section entitled Investment Objective, Policies, Strategy and Profile of a Typical Investor of the Supplement where full details are disclosed.
This Fund is ranked at 6 because funds of this type have experienced high rises and falls in value in the past.
The following are risks materially relevant that are not captured by the SRRI:
- The Fund may utilise a number of derivative instruments in managing the Investment Objective of the Fund. The primary risks associated with the use of such instruments are credit risk, counterparty risk and collateral risk.
- Due to the underlying real estate assets held in REITS, the liquidity of these securities is typically less than other equity securities.
- The market value of debt securities is affected by changes in prevailing interest rates. The Fund may also be exposed to credit and default risk by investing in such securities. The default risk increases for below investment grade debt securities.
- There are specific risks associated with investing in the securities of companies in the real estate industry such as declines in the value of real estate, economic conditions and variation in property taxes, operating expenses and rental income.
- The value of an investment may fluctuate due to changes in exchange rates between currencies and may or may not be hedged back to the Fund's base currency.
- The price of equity securities fluctuates based on changes in a company's financial condition, overall market and economic conditions and market sentiment, resulting in an increased potential for volatility.
- Fees and/or distributions may be paid out of the capital of the fund, which has the effect of lowering the capital value of investors’ holdings in the fund and limiting the potential for future capital growth.
- Currency hedging may reduce but will not remove risk. Hedging will incur more transaction costs and fees which will affect overall return. | inmobiliarios, como empresas inmobiliarias que no son REIT, y pueden o no tener una calificación de grado de inversión.
El Fondo puede invertir en acciones ordinarias y preferentes, títulos de deuda, opciones, warrants (hasta el 5% del Fondo), bonos convertibles, fondos negociados en bolsa (ETF), recibos de depósito y otros valores relacionados.
Aunque, por lo general, se pretende que el Fondo esté invertido íntegramente siempre, puede haber una parte de activos que se mantengan en efectivo o depósitos en cualquier momento.
Los ingresos recibidos por esta clase de participaciones serán reinvertidos.
Usted puede comprar o vender participaciones a demanda en cualquier Día de negociaciones que sea un Día hábil según se define en el suplemento del Fondo (que, junto con el folleto, constituye el Folleto).
El Fondo se gestiona de manera activa y pretende superar al FTSE EPRA NAREIT Developed NTR Index (el «Índice»). El gestor de la cartera podrá hacer referencia al Índice como parte del proceso de gestión de inversiones y también para el proceso de supervisión del riesgo de inversión. Sin embargo, el gestor de la cartera mantiene plena discreción para seleccionar las inversiones del Fondo con arreglo a la política de inversiones aquí indicada.
Consultar el apartado titulado Objetivo de inversión, Políticas, Estrategia y Perfil de un inversor típico del Suplemento para ver más detalles.
El Fondo ha recibido una calificación de 6 porque los fondos de esta categoría han experimentado subidas y bajadas de tipo alto en el pasado.
A continuación figuran riesgos bastante relevantes no captados por el IRRS:
- El Fondo podrá utilizar una serie de instrumentos derivados para gestionar el Objetivo de inversión del Fondo. Los principales riesgos asociados con el uso de tales instrumentos son el riesgo de crédito, el riesgo de contraparte y el riesgo colateral.
- Debido a los activos inmobiliarios subyacentes que se mantienen en los REITS, la liquidez de estos valores suele ser menor que la de otros valores de renta variable.
- El valor de mercado de los valores de deuda se ve afectado por las variaciones en los tipos de interés vigentes. El Fondo también puede estar expuesto al riesgo de crédito y de impago al invertir en dichos valores. El riesgo de impago aumenta para valores de deuda con una calificación inferior a grado de inversión.
- Existen riesgos específicos asociados con la inversión en valores de empresas del sector inmobiliario, como la disminución del valor de los inmuebles, las condiciones económicas y la variación de los impuestos sobre los inmuebles, los gastos de explotación y los ingresos por alquiler.
- El valor de una inversión puede variar debido a las variaciones en los tipos de cambio entre divisas y puede o no ser cubierto de nuevo a la divisa base del Fondo.
- El precio de los valores de renta variable fluctúa en función de los cambios en la situación financiera de una empresa, las condiciones económicas y del mercado en general y la confianza del mercado, lo que da lugar a un aumento del potencial de volatilidad.
- Las comisiones o las distribuciones pueden pagarse con cargo al capital del fondo, lo que tiene como efecto reducir el valor de capital de las participaciones de los inversores en el fondo y limitar el potencial de crecimiento futuro del capital.
- La cobertura de divisas puede reducir el riesgo pero no eliminarlo. La cobertura incurrirá en más costes de transacción y comisiones que afectarán a la rentabilidad general. | floating corporate bonds are limited to those issued by property security companies such as non-REIT real estate companies and may or may not be of investment grade.
The Fund may invest in common and preferred equity securities, debt securities, options, warrants (up to 5% of the Fund), convertible bonds, exchange traded funds (ETFs), and depository receipts and other related securities.
While it is generally intended for the Fund to be fully invested at all times, there may be a portion of assets held in cash or deposits at any given time.
Any income received by the unit class will be reinvested.
You may buy or sell units on demand on each Dealing Day being a Business Day as defined in the Fund's supplement (which together with the prospectus constitutes the Prospectus).
The Fund is actively managed and aims to outperform the FTSE EPRA NAREIT Developed NTR Index (the “Index”). The portfolio manager may reference the Index as part of the investment management process, and it is also considered as part of the investment risk monitoring process. However, the portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
Please see the section entitled Investment Objective, Policies, Strategy and Profile of a Typical Investor of the Supplement where full details are disclosed.
This Fund is ranked at 6 because funds of this type have experienced high rises and falls in value in the past.
The following are risks materially relevant that are not captured by the SRRI:
- The Fund may utilise a number of derivative instruments in managing the Investment Objective of the Fund. The primary risks associated with the use of such instruments are credit risk, counterparty risk and collateral risk.
- Due to the underlying real estate assets held in REITS, the liquidity of these securities is typically less than other equity securities.
- The market value of debt securities is affected by changes in prevailing interest rates. The Fund may also be exposed to credit and default risk by investing in such securities. The default risk increases for below investment grade debt securities.
- There are specific risks associated with investing in the securities of companies in the real estate industry such as declines in the value of real estate, economic conditions and variation in property taxes, operating expenses and rental income.
- The value of an investment may fluctuate due to changes in exchange rates between currencies and may or may not be hedged back to the Fund's base currency.
- The price of equity securities fluctuates based on changes in a company's financial condition, overall market and economic conditions and market sentiment, resulting in an increased potential for volatility.
- Fees and/or distributions may be paid out of the capital of the fund, which has the effect of lowering the capital value of investors’ holdings in the fund and limiting the potential for future capital growth.
- Currency hedging may reduce but will not remove risk. Hedging will incur more transaction costs and fees which will affect overall return. | en | es |
DOLFIN6005 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 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
| | If you exit after 1 year | If you exit after 7 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 58 | EUR 416 |
| Annual cost impact (*) | 0.6% | 0.6% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.7% before costs and 8.1% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | EUR 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.5% of the value of your investment per year. | EUR 45 |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 13 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
EUR 0 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 EUR está invertido
| | En caso de salida después de 1 año | En caso de salida después de 7 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 58 EUR | 416 EUR |
| Incidencia anual de los costes (*) | 0,6% | 0,6% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 8,7% antes de deducir los costes y 8,1% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 EUR |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 EUR |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,5% del valor de su inversión por año. | 45 EUR |
| Costes de operación | 0,1% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 13 EUR |
Comisiones de rendimiento 0,0% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años.
0 EUR | # 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
| | If you exit after 1 year | If you exit after 7 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 58 | EUR 416 |
| Annual cost impact (*) | 0.6% | 0.6% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.7% before costs and 8.1% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | EUR 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.5% of the value of your investment per year. | EUR 45 |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 13 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
EUR 0 | en | es |
DOLFIN6012 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The sub-fund may invest up to 25% of net assets in bonds issued by companies that are not 100% government-owned.
While complying with the above policies, the sub-fund may also invest in other types of bonds and convertible bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets:
- ABSs and MBSs: 20%
- UCITS/UCIs: 10%The sub-fund’s exposure to contingent convertible bonds is limited to 10% of net assets. | ###### El subfondo podrá invertir hasta el 25 % de su patrimonio neto en bonos emitidos por empresas que no sean de titularidad 100 % pública.
Siempre que cumpla con la política descrita más arriba, el subfondo podrá invertir igualmente en otros tipos de bonos, en bonos convertibles, en instrumentos del mercado monetario, en depósitos y en los siguientes instrumentos, hasta los porcentajes máximos del patrimonio neto respectivamente indicados:
- ABS y MBS: 20 %
- OICVM/OIC: 10 %La exposición del subfondo a las obligaciones convertibles contingentes se limita al 10 % del patrimonio neto. | ###### The sub-fund may invest up to 25% of net assets in bonds issued by companies that are not 100% government-owned.
While complying with the above policies, the sub-fund may also invest in other types of bonds and convertible bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets:
- ABSs and MBSs: 20%
- UCITS/UCIs: 10%The sub-fund’s exposure to contingent convertible bonds is limited to 10% of net assets. | en | es |
DOLFIN6027 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Franklin S&P 500 Paris Aligned Climate UCITS ETF (the “Fund”) provides exposure to large capitalisation US stocks which are aligned to the transition to a low carbon economy.
The Fund is passively managed and seeks to track the performance of the S&P 500 Paris-Aligned Climate Index (Net Return) (the “Index”) as closely as possible, regardless of whether the Index level rises or falls.
The Index provides exposure to US large capitalisation securities selected from the S&P 500 Index (Net Return) (the “Parent Index”) which are better aligned with the move towards a low-carbon economy and helps investors align their investments to the Paris Climate Agreement. The Index is constructed to follow the EU Paris-aligned Benchmark (EU PAB) Regulations(Regulation (EU) 2019/2089) (the “PAB Regulations”). The Parent Index includes 500 of the largest companies by market capitalisations in the US.
The Index has been constructed to align with the transition to a low carbon economy. Relative to the Parent Index, the Index (i) overweights those companies which are committed to reducing greenhouse gas emissions, assessed using Green House Gas Intensity as measured by scope 1, 2 and 3 emissions described in the PAB Regulations and (ii) will have a 50% decarbonisation. In addition, the total Green House Gas Intensity of the Index must reduce by 7% annually. These criteria are applied to 100% of the Parent Index and result in the Index having a weighted average ESG score which is greater than or equal to the weighted average ESG score of the Parent Index after 20% of the worst ESG scoring companies are removed from the Index and their weights redistributed proportionately to the remaining components. | ### Franklin S&P 500 Paris Aligned Climate UCITS ETF (el «Fondo») ofrece exposición a acciones estadounidenses de alta capitalización que se ajustan a la transición hacia una economía baja en carbono.
El Fondo se gestiona de forma pasiva y trata de reproducir en la mayor medida posible el rendimiento del S&P 500 Paris-Aligned Climate Index (Net Return) (el «índice»), independientemente de si este sube o baja.
El índice ofrece exposición a los valores estadounidenses de alta capitalización seleccionados del S&P 500 Index (Net Return) (el «índice matriz») que se ajustan mejor a la evolución hacia una economía baja en carbono y ayudan al inversor a adaptar sus inversiones al Acuerdo de París, relativo al clima. El índice se elabora siguiendo el Reglamento relativo a losíndices de referencia de la UE armonizados con el Acuerdo de París(Reglamento (UE) 2019/2089) (el «Reglamento PAB»). El índice matriz incluye 500 de las mayores empresas por capitalización bursátil de EE. UU.
El índice se ha elaborado de conformidad con la transición a una economía baja en carbono. En relación con el índice matriz, el índice i) sobrepondera a aquellas empresas que se han comprometido a reducir las emisiones de gases de efecto invernadero, evaluadas mediante la intensidad de gases de efecto invernadero medida por las emisiones de alcance 1, 2 y 3 descritas en el Reglamento PAB y ii) tendrá una descarbonización del 50 %. Además, la intensidad de gases de efecto invernadero total del Índice debe reducirse en un 7 % anual. Estos criterios se aplican al 100 % del índice matriz y dan como resultado que el índice tenga una puntuación ESG media ponderada que sea mayor o igual que la puntuación ESG media ponderada del índice matriz después de que el 20 % de las empresas con peor puntuación ESG se eliminen del índice y sus ponderaciones se redistribuyan proporcionalmente a los componentes restantes. | ### Franklin S&P 500 Paris Aligned Climate UCITS ETF (the “Fund”) provides exposure to large capitalisation US stocks which are aligned to the transition to a low carbon economy.
The Fund is passively managed and seeks to track the performance of the S&P 500 Paris-Aligned Climate Index (Net Return) (the “Index”) as closely as possible, regardless of whether the Index level rises or falls.
The Index provides exposure to US large capitalisation securities selected from the S&P 500 Index (Net Return) (the “Parent Index”) which are better aligned with the move towards a low-carbon economy and helps investors align their investments to the Paris Climate Agreement. The Index is constructed to follow the EU Paris-aligned Benchmark (EU PAB) Regulations(Regulation (EU) 2019/2089) (the “PAB Regulations”). The Parent Index includes 500 of the largest companies by market capitalisations in the US.
The Index has been constructed to align with the transition to a low carbon economy. Relative to the Parent Index, the Index (i) overweights those companies which are committed to reducing greenhouse gas emissions, assessed using Green House Gas Intensity as measured by scope 1, 2 and 3 emissions described in the PAB Regulations and (ii) will have a 50% decarbonisation. In addition, the total Green House Gas Intensity of the Index must reduce by 7% annually. These criteria are applied to 100% of the Parent Index and result in the Index having a weighted average ESG score which is greater than or equal to the weighted average ESG score of the Parent Index after 20% of the worst ESG scoring companies are removed from the Index and their weights redistributed proportionately to the remaining components. | en | es |
DOLFIN6030 | 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
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
Key Investor Information Fidelity Funds - Sustainable Global Dividend Plus Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- Los mercados emergentes pueden ser más volátiles y presentar más trabas para la venta o negociación de valores. Es posible que cuenten con menos supervisión y normativas, y que los procedimientos no estén tan bien definidos como en los países más desarrollados. Los mercados emergentes pueden verse afectados por la inestabilidad política, lo que puede generar más volatilidad e incertidumbre y someter al Subfondo al riesgo de pérdidas.
Datos fundamentales para el inversor Fidelity Funds - Sustainable Global Dividend Plus Fund | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
Key Investor Information Fidelity Funds - Sustainable Global Dividend Plus Fund | en | es |
DOLFIN6033 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| JPM ESG EMU Government Bond IG 3-5 Y, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2244387457 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
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| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (the Index) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index applies an Environmental, Social and Governance (ESG) scoring and screening methodology (such as environmental conventions, labour rights conventions, human rights, etc.) to tilt toward issuers ranked higher on ESG criteria, and to underweight or remove issuers that rank lower. As a result, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach implemented here is Best-effort (a type of ESG selection consisting of giving priority to the issuers demonstrating an improvement in or good prospects for their ESG practices and performance over time). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all J.P Morgan ESG indices, can be found at www.jpmorgan.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. 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 - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | JPM ESG EMU Government Bond IG 3-5 Y, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF Capitalisation» - Código ISIN LU2244387457 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo es un fondo indexado que se gestiona de forma pasiva. El Fondo pretende reproducir (con un error de seguimiento* máximo del 1 %) la rentabilidad del JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (el Índice) mediante la inversión en valores de deuda emitidos por países incluidos en el Índice, respetando las ponderaciones del Índice (reproducción total), o en una muestra de valores de deuda incluidos en el Índice (reproducción optimizada). Cuando se invierte en una muestra de valores de deuda, el error de seguimiento del Fondo puede ser mayor. El Índice aplica una puntuación relativa a su tratamiento de los criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) y una metodología de exclusión (según pactos ambientales, laborales o relativos a los derechos humanos, por ejemplo) a fin de privilegiar a los emisores con una mejor puntuación ESG y para reducir la ponderación de los emisores con peores calificaciones o eliminarlos. En consecuencia, quedan excluidos del Índice aquellos emisores que cometen importantes infracciones de los principios del Pacto Mundial de las Naciones Unidas y los que se ven involucrados en controversias graves relacionadas con los factores ESG. Se aplica el enfoque ESG denominado «best-effort» (que consiste en privilegiar a los emisores que demuestran una mejora de sus prácticas ESG y de sus resultados a largo plazo, o que tienen visos de mejorar). La estrategia extrafinanciera del Índice puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice. Puede obtener más información sobre el Índice, su composición, el cálculo y las normas de supervisión y reequilibrio periódico, así como la información sobre la metodología general común a todos los índices ESG de J.P. Morgan, en www.jpmorgan.com. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Este riesgo hace referencia a la capacidad de un emisor para cumplir sus compromisos: las rebajas en la calificación crediticia de una emisión o de un emisor pueden ocasionar una caída en el valor de los bonos relacionados. | | JPM ESG EMU Government Bond IG 3-5 Y, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2244387457 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (the Index) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index applies an Environmental, Social and Governance (ESG) scoring and screening methodology (such as environmental conventions, labour rights conventions, human rights, etc.) to tilt toward issuers ranked higher on ESG criteria, and to underweight or remove issuers that rank lower. As a result, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach implemented here is Best-effort (a type of ESG selection consisting of giving priority to the issuers demonstrating an improvement in or good prospects for their ESG practices and performance over time). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all J.P Morgan ESG indices, can be found at www.jpmorgan.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. 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 - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | es |
DOLFIN6035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The purpose of this policy is to describe the remuneration principles and practices within the Company. Such principles and practices are designed:
- to be consistent with, and promote, sound and effective risk management;
- to be in line with the business strategy, objectives, values and interests of the Company;
- not to encourage excessive risk-taking as compared to the investment policy of the relevant sub-funds of the Company (each, a “Fund”);
- to provide a framework for remuneration to attract, motivate and retain staff (including directors) to which the policy applies in order to achieve the objectives of the Company; and
- to ensure that any relevant conflicts of interest can be managed appropriately at all times.
- ApplicationThis policy applies to identified staff, being those whose professional activities have a material impact on the risk profile of the Company or of the Funds and so covers: (i) senior management; (ii) risk takers1; (iii) control functions2; and (iv) any employees receiving total remuneration that takes them into the same remuneration bracket3 as senior management and risk takers, whose professional activities have a material impact on the risk profile of the Company. The Company currently does not have any employees – the only personnel are the Company’s management body (i.e., the board of directors) (each, a “Director” and collectively, the “Board”). All members of the Board are non-executive Directors. Certain of the Directors are affiliated with the investment managers of the Funds (each an “Investment Manager”). This policy applies both to the Directors who receive remuneration – namely, those Directors who are not affiliated with the Investment Manager (the “Independent Directors”) – and the Directors who do not receive remuneration in light of their affiliation with the Investment Manager.
- GovernanceUCITS management companies and self-managed investment companies that are significant in terms of their size or of the size of the funds they manage, their internal organisation and the nature, the scope and the complexity of their activities are required to establish a remuneration committee. In view of the non-complex nature of the Company’s internal structure and its activities, it is not considered necessary for the Company to establish a remuneration committee. In particular, the Company has taken account of the following circumstances prevailing as of the date of this document:
- the assets under management of the Company;
- the number of directors on the Board;
- the Company has no employees;
- the Company is not listed;
- the Company does not act as an alternative investment fund manager under Directive 2011/61/EU (“AIFMD”) or provide the services mentioned under Article 6(3) of the UCITS Directive; and
- the Company is a self-managed investment company and so does not manage UCITS in any other EU or non-EU jurisdictions. | El objetivo de esta política es describir los principios y las prácticas de remuneración de la Sociedad. Dichos principios y prácticas están diseñados para:
- ser coherentes con y promover una gestión de riesgos sólida y eficaz;
- ser consistentes con la estrategia de negocio, los objetivos, los valores y los intereses de la Sociedad;
- no fomentar la toma de riesgos excesiva en relación con la política de inversión de los subfondos correspondientes de la Sociedad (cada uno, un “Fondo”);
- proporcionar un marco de remuneración para atraer, motivar y retener empleados (incluidos los consejeros) al que se aplica la política con el fin de alcanzar los objetivos de la Sociedad; y
- garantizar que todos los conflictos de intereses pertinentes se gestionen de forma adecuada en todo momento.
- AplicaciónEsta política se aplica a los empleados cuyas actividades profesionales tengan un impacto significativo en el perfil de riesgo de la Sociedad o de los Fondos y, por tanto, afecte a: (i) altos cargos; (ii) tomadores de riesgos1; (iii) funciones de control2; y (iv) cualquier trabajador que reciba remuneración total que le incluya en el mismo grupo de remuneración3 que los altos cargos y tomadores de riesgos, cuyas actividades profesionales tengan un impacto significativo en el perfil de riesgo de la Sociedad. En la actualidad, la Sociedad no tiene empleados, el único personal es el órgano de administración de la Sociedad (es decir, el consejo de administración) (cada uno, un “Consejero” y colectivamente, el “Consejo”). Todos los miembros del Consejo son Consejeros no ejecutivos. Algunos Consejeros están afiliados a los gestores de inversiones de los Fondos (cada uno un “Gestor de Inversiones”). Esta política se aplica tanto a los Consejeros que reciben remuneración, es decir, aquellos que no están afiliados al Gestor de Inversiones (los “Consejeros Independientes”), como a los Consejeros que no reciben remuneración por su afiliación al Gestor de Inversiones.
- Gobierno corporativoLas sociedades de gestión de OICVM y las sociedades de inversión autogestionadas que sean significativas en cuanto a su tamaño o al tamaño de los fondos que gestionan, su organización interna y la naturaleza, el alcance y la complejidad de sus actividades deben crear un comité de remuneraciones. En vista de que la naturaleza de la Sociedad, su estructura interna y sus actividad no son de gran complejidad, no se considera necesario que establezca un comité de remuneraciones. En particular, la Sociedad ha tenido en cuenta las siguientes circunstancias que prevalecen a la fecha de este documento:
- los activos que gestiona la Sociedad;
- el número de consejeros del Consejo;
- la Sociedad no posee empleados;
- la Sociedad no cotiza;
- la Sociedad no actúa como gestora de fondos de inversión alternativos en virtud de la Directiva 2011/61/UE (“AIFMD”) ni presta los servicios mencionados en el artículo 6(3) de la Directiva sobre OICVM; y
- la Sociedad es una sociedad de inversión autogestionada, por lo que no gestiona OICVM en ninguna otra jurisdicción de la UE o de fuera de la UE. | The purpose of this policy is to describe the remuneration principles and practices within the Company. Such principles and practices are designed:
- to be consistent with, and promote, sound and effective risk management;
- to be in line with the business strategy, objectives, values and interests of the Company;
- not to encourage excessive risk-taking as compared to the investment policy of the relevant sub-funds of the Company (each, a “Fund”);
- to provide a framework for remuneration to attract, motivate and retain staff (including directors) to which the policy applies in order to achieve the objectives of the Company; and
- to ensure that any relevant conflicts of interest can be managed appropriately at all times.
- ApplicationThis policy applies to identified staff, being those whose professional activities have a material impact on the risk profile of the Company or of the Funds and so covers: (i) senior management; (ii) risk takers1; (iii) control functions2; and (iv) any employees receiving total remuneration that takes them into the same remuneration bracket3 as senior management and risk takers, whose professional activities have a material impact on the risk profile of the Company. The Company currently does not have any employees – the only personnel are the Company’s management body (i.e., the board of directors) (each, a “Director” and collectively, the “Board”). All members of the Board are non-executive Directors. Certain of the Directors are affiliated with the investment managers of the Funds (each an “Investment Manager”). This policy applies both to the Directors who receive remuneration – namely, those Directors who are not affiliated with the Investment Manager (the “Independent Directors”) – and the Directors who do not receive remuneration in light of their affiliation with the Investment Manager.
- GovernanceUCITS management companies and self-managed investment companies that are significant in terms of their size or of the size of the funds they manage, their internal organisation and the nature, the scope and the complexity of their activities are required to establish a remuneration committee. In view of the non-complex nature of the Company’s internal structure and its activities, it is not considered necessary for the Company to establish a remuneration committee. In particular, the Company has taken account of the following circumstances prevailing as of the date of this document:
- the assets under management of the Company;
- the number of directors on the Board;
- the Company has no employees;
- the Company is not listed;
- the Company does not act as an alternative investment fund manager under Directive 2011/61/EU (“AIFMD”) or provide the services mentioned under Article 6(3) of the UCITS Directive; and
- the Company is a self-managed investment company and so does not manage UCITS in any other EU or non-EU jurisdictions. | en | es |
DOLFIN6039 | 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 | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.65% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 15.00% of any Share Class Return, subject to a High Water Mark. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 1.80%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.65% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 15.00% de cualquier rentabilidad de la clase de acciones, con sujeción a una High Water Mark. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 1.80%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.65% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 15.00% of any Share Class Return, subject to a High Water Mark. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 1.80%. | | en | es |
DOLFIN6042 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The risk category associated with this FCP is not guaranteed and may change over time.
- The lowest category does not mean "risk free".
- The risk category is justified by diversified management and the volatility objective.
Significant risk(s) not taken into account in the indicator which could lead to a drop in the net asset value: - Risk that the creditworthiness of an issuer may deteriorate or that it may default, potentially causing the value of the instruments in which the SICAV is invested to fall.
- the use of derivatives can amplify fluctuations in the value of investments, thus increasing the volatility of returns.
| | - No se garantiza la categoría de riesgo asociada a este FCP, que puede cambiar con el tiempo.
- La categoría más baja no significa «libre de riesgo».
- La gestión diversificada y el objetivo de volatilidad justifican la categoría de riesgo.
Riesgos significativos que no se tienen en cuenta en el indicador y que podrían provocar una caída en el valor liquidativo: - riesgo de deterioro de la firma de un emisor o de su incumplimiento que puede comportar una reducción del valor de los instrumentos financieros asociados a él.
- el uso de derivados puede aumentar los cambios en el valor de las inversiones y, por lo tanto, la volatilidad de losrendimientos.
| | - The risk category associated with this FCP is not guaranteed and may change over time.
- The lowest category does not mean "risk free".
- The risk category is justified by diversified management and the volatility objective.
Significant risk(s) not taken into account in the indicator which could lead to a drop in the net asset value: - Risk that the creditworthiness of an issuer may deteriorate or that it may default, potentially causing the value of the instruments in which the SICAV is invested to fall.
- the use of derivatives can amplify fluctuations in the value of investments, thus increasing the volatility of returns.
| | en | es |
DOLFIN6046 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For bonds, securities will also be issued by high-quality issuers located in the OECD whose minimum rating may be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the management company. Bonds must have a maximum maturity of 50 years.
Cash collateral received should only be (i) placed on deposit with entities prescribed in Article 41 1) (f) of the 2010 Law, (ii) invested in high-quality government bonds, (iii) used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the concerned Sub-Fund is able to recall at any time the full amount of cash on accrued basis, (iv) invested in short-term money market funds as defined in the Guidelines on a Common Definition of European Money Market Funds.
These criteria are detailed in a Risks policy which can be viewed on the website at www.amundi.com and may be subject to change, especially in the event of exceptional market circumstances.
All assets received as collateral should comply with the ESMA guidelines 2012/832 as to liquidity, valuation, issuer credit quality, correlation and diversification with a maximum exposure to a given issuer of 20% of the net assets.
The assets received as collateral are held in custody by the Depository. | En el caso de los bonos, los valores también serán emitidos por emisores de alta calidad ubicados en la OCDE y contarán con una calificación mínima de entre AAA y BBB- según la escala de calificación de Standard & Poor’s, o con una calificación que la sociedad gestora considere equivalente. Los bonos deben tener un vencimiento máximo de cincuenta años.
Las garantías que se reciban en efectivo únicamente deben (i) depositarse en las entidades prescritas en el Artículo 41 1) (f) de la Ley de 2010, (ii) invertirse en bonos gubernamentales de alta calidad, (iii) utilizarse con fines de operaciones de pacto de recompra inversa, siempre que las operaciones se realicen con instituciones de crédito sujetas a supervisión prudencial y el subfondo en cuestión pueda retirar en cualquier momento el importe total en efectivo devengado, e (iv) invertirse en los fondos del mercado monetario a corto plazo que se definen en las directrices para una definición común de los fondos del mercado monetario europeos.
Estos criterios están detallados en una política de riesgos que puede consultarse en la página web www.amundi.com y que puede estar sujeta a cambios, especialmente en el caso de darse circunstancias excepcionales de mercado.
Todos los activos recibidos como garantía deben cumplir con las directrices 2012/832 de la ESMA relativas a la liquidez, la valoración, la solvencia del emisor, la correlación y la diversificación con una exposición máxima del 20% de los activos netos a un emisor determinado.
Los activos recibidos como garantía son mantenidos en custodia por el Depositario. | For bonds, securities will also be issued by high-quality issuers located in the OECD whose minimum rating may be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the management company. Bonds must have a maximum maturity of 50 years.
Cash collateral received should only be (i) placed on deposit with entities prescribed in Article 41 1) (f) of the 2010 Law, (ii) invested in high-quality government bonds, (iii) used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the concerned Sub-Fund is able to recall at any time the full amount of cash on accrued basis, (iv) invested in short-term money market funds as defined in the Guidelines on a Common Definition of European Money Market Funds.
These criteria are detailed in a Risks policy which can be viewed on the website at www.amundi.com and may be subject to change, especially in the event of exceptional market circumstances.
All assets received as collateral should comply with the ESMA guidelines 2012/832 as to liquidity, valuation, issuer credit quality, correlation and diversification with a maximum exposure to a given issuer of 20% of the net assets.
The assets received as collateral are held in custody by the Depository. | en | es |
DOLFIN6047 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,505
-5.0%
EUR 10,619
1.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 505 EUR
-5,0%
10 619 EUR
1,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,505
-5.0%
EUR 10,619
1.2% | en | es |
DOLFIN6050 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Credit risk: the fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed.
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Sustainability risk: refers to any event or situation in the environmental, social or governance domain that could affect the performance and/or the reputation of the issuers in the portfolio.The sustainability risk may be specific to the issuer, depending on its activities and practices, but it may also be due to external factors. | - Riesgo de crédito: el fondo está sujeto al riesgo de incumplimiento de un emisor, a la hora de cumplir con su obligación de pago de los cupones y/o de rembolsar el importe tomado en préstamo.
- Riesgo de contraparte: como el fondo puede utilizar productos derivados extrabursátiles, estos productos pueden representar un riesgo de contraparte, es decir, situaciones en las que ésta no pueda responder a sus obligaciones de cara al fondo. Este riesgo de contraparte puede estar, en su caso, parcial o totalmente cubierto por la recepción de garantías.
- Riesgo de sostenibilidad: hace referencia a cualquier acontecimiento o situación en el ámbito medioambiental, social o del gobierno corporativo que pudiera afectar a la rentabilidad y/o a la reputación de los emisores en la cartera.El riesgo de sostenibilidad puede ser inherente al emisor, en función de sus actividades y de sus prácticas, pero también puede deberse a factores externos. | - Credit risk: the fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed.
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Sustainability risk: refers to any event or situation in the environmental, social or governance domain that could affect the performance and/or the reputation of the issuers in the portfolio.The sustainability risk may be specific to the issuer, depending on its activities and practices, but it may also be due to external factors. | en | es |
DOLFIN6054 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
JPMorgan Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Funds.
The Sub-Fund is part of JPMorgan Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
Switching Investors may switch into Shares of another Share Class (excluding a T Share Class or an F Share Class) of the Sub-Fund or another Sub-Fund of JPMorgan Funds (excluding Multi-Manager Sub- Funds) subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in
the "Investing in the Sub-Funds" section of the Prospectus.
Privacy Policy You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan.com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF. This Key Investor Information is accurate as at 21/06/2022. | JPMorgan Funds está integrado por Subfondos independientes, cada uno de los cuales puede emitir una o varias Clases de Acciones. El presente documento se ha elaborado para una Clase de Acciones concreta. El Folleto y los informes anual y semestral se elaboran para JPMorgan Funds.
El Subfondo forma parte de JPMorgan Funds. Con arreglo a las leyes de Luxemburgo, cada Subfondo solo es responsable de su propio pasivo. Ello significa que el activo de un Subfondo no estará disponible para hacer frente al pago de las deudas contraídas por otros Subfondos con sus acreedores u otros terceros.
Canje Los inversores podrán canjear sus Acciones por Acciones de otra Clase (con la excepción de una Clase de Acciones T o una Clase de Acciones F) del Subfondo u otro Subfondo de JPMorgan Funds (con la excepción de los Subfondos multigestión), siempre que reúnan los requisitos de admisibilidad pertinentes y cumplan los importes mínimos de tenencia. Si desea más información, consulte el apartado «Inversión en los Subfondos» del Folleto.
Política de privacidad Tenga en cuenta que si se pone en contacto con J.
P. Morgan Asset Management por teléfono, la conversación puede ser grabada y supervisada con fines de seguridad y formación. Asimismo, debe tener presente que toda la información y los datos incluidos en las comunicaciones con usted podrán ser procesados por J.P. Morgan Asset Management, en tanto que responsable del tratamiento, de conformidad con las leyes de protección de datos aplicables. Para obtener más información sobre las actividades de tratamiento de J.P. Morgan Asset Management, consulte la Política de privacidad EMEA, disponible en el sitio web www.jpmorgan.com/emea-privacy-policy. Si lo desea, puede solicitar copias adicionales de la Política de privacidad EMEA.
El Subfondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. está autorizada en Luxemburgo y está regulada por la CSSF. Los presentes datos fundamentales para el inversor son exactos a fecha de 21/06/2022. | JPMorgan Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Funds.
The Sub-Fund is part of JPMorgan Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
Switching Investors may switch into Shares of another Share Class (excluding a T Share Class or an F Share Class) of the Sub-Fund or another Sub-Fund of JPMorgan Funds (excluding Multi-Manager Sub- Funds) subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in
the "Investing in the Sub-Funds" section of the Prospectus.
Privacy Policy You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan.com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF. This Key Investor Information is accurate as at 21/06/2022. | en | es |
DOLFIN6058 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Please refer to page 3 for index definitions.
Page 2 of 3
Not to be read without the others
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years Greater than 10 years
6.5%
14.2%
14.7%
23.2%
21.1%
20.3% | ## Consulte la página 3 para conocer las definiciones de los índices.
Página 2 de 3
No debe leerse sin las otras
Menos de 1 año
1-3 años
3-5 años
5-7 años
7-10 años Más de 10 años
6,5%
14,2%
14,7%
23,2%
21,1%
20,3% | ## Please refer to page 3 for index definitions.
Page 2 of 3
Not to be read without the others
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years Greater than 10 years
6.5%
14.2%
14.7%
23.2%
21.1%
20.3% | en | es |
DOLFIN6065 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
### Type
The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers II iTraxx Crossover Swap UCITS ETF was launched in 2007.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers II for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers II. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) professional clients and eligible counterparties with (ii) advanced knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (three years). The fund is suitable for (v) general capital accumulation (growth). | # ¿Qué es este producto?
### Tipo
El producto es un subfondo OICVM - Parte 1 de una SICAV con arreglo a la legislación luxemburguesa. El fondo es un OICVM ETF.
### Plazo
Este producto es un fondo abierto sin vencimiento prefijado. Para conocer más información acerca de las opciones de reembolso, consulte la sección “¿Cuánto tiempo debo mantener la inversión, y puedo retirar el dinero de manera anticipada?”. Este producto puede reembolsarse anticipadamente en determinadas circunstancias que se indican en el folleto de venta. La clase de acciones 1C de Xtrackers II iTraxx Crossover Swap UCITS ETF se constituyó en 2007.
### Objetivos
El fondo se gestiona pasivamente. El objetivo de su inversión es reflejar el rendimiento del índice iTraxx® Crossover 5-year TOTAL RETURN (el “índice”). El riesgo de que un prestatario no cumpla con sus obligaciones de pago se conoce como riesgo de crédito. Una persona puede obtener protección contra el riesgo de crédito suscribiendo un contrato financiero para transferir este riesgo a un vendedor de protección crediticia (transacción de derivados de crédito) sujeta a ciertos eventos de crédito. El índice mide la rentabilidad para un vendedor de protección crediticia que posea la emisión más reciente de la transacción de derivados de crédito del iTraxx® Crossover con un plazo de 5 años. La evolución del índice dependerá de varios factores, incluido el valor de mercado de las transacciones de derivados de crédito del iTraxx® Crossover a 5 años, los rendimientos generados al vender protección crediticia en relación con los emisores incluidos en el índice y las pérdidas abonadas en caso de impago de dichos emisores. El índice está compuesto por un máximo de 50 empresas europeas con calificaciones crediticias por debajo del grado de inversión y se calcula con una base de rentabilidad total, lo que significa que cualquier saldo que quede tras la adquisición de la exposición crediticia devengará intereses al tipo de interés al que los bancos de la zona euro se prestan dinero entre sí a un día (según lo calculado por el Banco Central Europeo). IHS Markit Benchmark Administration Limited administra el índice. Ciertos costes pueden ser deducidos del índice. Para lograr el objetivo, el fondo invertirá en valores mobiliarios y celebrará contratos financieros (derivados) con una o varias contrapartes de swaps en relación con los valores mobiliarios y el índice con el fin de alcanzar la rentabilidad del índice. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. 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. Este fondo es un subfondo de Xtrackers II, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. para más información, consulte la sección correspondiente del suplemento. Usted no está autorizado para intercambiar sus acciones en este fondo por otros fondos de Xtrackers II. La entidad depositaria es State Street Bank International GmbH, sucursal de Luxemburgo. Puede obtener de forma gratuita información más detallada sobre este fondo, como el folleto y los últimos informes anual y semestral, en la página web www.etf.dws.com. Estos documentos están disponibles en inglés o alemán. Tanto los documentos como el resto de información (incluidos los últimos precios de las acciones) pueden consultarse sin coste.
### Inversor minorista al que va dirigido
El fondo está diseñado para: (i) clientes profesionales y contrapartes aptas para invertir en él con (ii) conocimientos y experiencia avanzados que (iii) estén dispuestos a aceptar el nivel de riesgo que se indica más adelante (incluidas pérdidas que pueden llegar hasta la cantidad total invertida). El inversor típico tendrá (iv) un horizonte de inversión a medio plazo (tres años). El fondo es adecuado para (v) la acumulación general de capital (crecimiento). | # What is this product?
### Type
The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers II iTraxx Crossover Swap UCITS ETF was launched in 2007.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers II for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers II. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) professional clients and eligible counterparties with (ii) advanced knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (three years). The fund is suitable for (v) general capital accumulation (growth). | en | es |
DOLFIN6066 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Credit Suisse Rockefeller Ocean Engagement Fund SB USD between 02/09/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,339
-26.6%
USD 8,295
-2.6% | # Este tipo de escenario se produjo para una inversión Credit Suisse Rockefeller Ocean Engagement Fund SB USD entre 02/09/2021-19/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
7 339 USD
-26,6%
8 295 USD
-2,6% | # This type of scenario occurred for an investment Credit Suisse Rockefeller Ocean Engagement Fund SB USD between 02/09/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,339
-26.6%
USD 8,295
-2.6% | en | es |
DOLFIN6070 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders will be notified and the notice will indicate the reasons for, and the procedures of, the liquidation operations. Unless the Board of Directors otherwise decides in the interests of, or to keep equal treatment between, the Shareholders, the Shareholders of the Sub-Fund concerned may continue to request redemption or conversion of their Shares free of charge. Assets which could not be distributed to their beneficiaries upon the close of the liquidation of the Sub-Fund concerned (i.e. unclaimed proceeds) will be deposited with the Caisse de Consignation on behalf of their beneficiaries within 9 months from the decision to liquidate the Sub-Fund either by the Board of Directors in the circumstances specified above or by the Shareholders as below. Such 9 month period can be extended with the prior approval of the CSSF. Any unclaimed proceeds deposited with the Caisse de Consignation not claimed within the prescribed period (currently 30 years) are liable to be forfeited in accordance with the provisions of Luxembourg law.
The Board of Directors may also submit the question of the liquidation of a Sub-Fund to the Shareholders concerned and such meeting will resolve on such liquidation with a simple majority.
The Board of Directors may also, subject to regulatory approval (if required), decide to consolidate or split any Classes of Shares within a Sub-Fund. To the extent required by Luxembourg law, such decision will be published or notified in the same manner as described above and the publication and/or
notification will contain information in relation to the proposed split or consolidation. The Board of Directors may also decide to submit the question of the consolidation or split of Class(es) of Shares to a meeting of holders or such Class(es) of Shares. No quorum is required for this meeting and decisions are taken by the simple majority of the votes cast.
The Board of Directors may also decide upon the reorganization of any Sub-Fund by means of a division into two or more separate Sub-Funds. Such decision will be published or notified to Shareholders and, in addition, the publication or notification will contain information in relation to the two or more separate Sub-Funds resulting from the reorganization. Such publication or notification will be made at least one month before the date on which the reorganization becomes effective in order to enable Shareholders to request redemption or switch, free of charge, of their Shares before the reorganization becomes effective.
-
#### Liquidation of the Fund | Las operaciones de liquidación se notificarán a los Accionistas, indicándoles los motivos y los procedimientos de esta. A menos que el Consejo de administración decida lo contrario en interés de los accionistas, o para garantizar un trato equitativo entre estos, los Accionistas del Subfondo en cuestión podrán continuar solicitando el reembolso o el canje de sus Acciones de forma gratuita. Los activos que no hayan podido distribuirse a sus beneficiarios cuando concluya la liquidación del Subfondo en cuestión (es decir, el producto no reclamado) se depositará en la Caisse de Consignation a nombre de los beneficiarios en el plazo de nueve meses a partir de la fecha en que el Consejo de administración, en las circunstancias antes indicadas, o los Accionistas, como se contempla a continuación, tomaran la decisión de liquidar el Subfondo. Ese período de nueve meses podrá prorrogarse con la autorización previa de la CSSF. Todo producto no reclamado depositado en la Caisse de Consignation y que no se reclame en el período fijado (actualmente, 30 años) podrá considerarse abandonado de acuerdo con lo dispuesto en la legislación luxemburguesa.
El Consejo de administración podrá también someter la cuestión de la liquidación de un Subfondo a los Accionistas correspondientes, y dicha junta decidirá la disolución por mayoría simple.
Con sujeción a la autorización por parte del organismo regulador (en caso necesario), el Consejo de administración podrá decidir consolidar o dividir cualquier Clase de Acciones dentro de un Subfondo. En la medida exigida por la ley de Luxemburgo, dicha decisión será publicada o notificada del mismo modo anteriormente descrito, y la publicación o notificación contendrá la información relativa a la división o consolidación propuesta. El Consejo de administración también podrá decidir someter la cuestión de la consolidación o división de la Clase o las Clases de Acciones a una junta de los titulares
de dicha Clase o Clases de Acciones. No se requiere cuórum para la junta, y las decisiones serán adoptadas por mayoría simple de los votos emitidos.
El Consejo de administración podrá decidir sobre la reorganización de un Subfondo mediante una división en dos o más Subfondos separados. Dicha decisión será publicada o notificada a los Accionistas y, además, la publicación o notificación contendrá la información relativa a los dos o más Subfondos separados resultantes de la reorganización. Dicha publicación o notificación se realizará por lo menos un mes antes de la fecha en que la reorganización sea efectiva, con el fin de que los Accionistas puedan solicitar el reembolso o canje de forma gratuita de sus Acciones antes de que la reorganización sea efectiva.
-
#### Liquidación del Fondo | Shareholders will be notified and the notice will indicate the reasons for, and the procedures of, the liquidation operations. Unless the Board of Directors otherwise decides in the interests of, or to keep equal treatment between, the Shareholders, the Shareholders of the Sub-Fund concerned may continue to request redemption or conversion of their Shares free of charge. Assets which could not be distributed to their beneficiaries upon the close of the liquidation of the Sub-Fund concerned (i.e. unclaimed proceeds) will be deposited with the Caisse de Consignation on behalf of their beneficiaries within 9 months from the decision to liquidate the Sub-Fund either by the Board of Directors in the circumstances specified above or by the Shareholders as below. Such 9 month period can be extended with the prior approval of the CSSF. Any unclaimed proceeds deposited with the Caisse de Consignation not claimed within the prescribed period (currently 30 years) are liable to be forfeited in accordance with the provisions of Luxembourg law.
The Board of Directors may also submit the question of the liquidation of a Sub-Fund to the Shareholders concerned and such meeting will resolve on such liquidation with a simple majority.
The Board of Directors may also, subject to regulatory approval (if required), decide to consolidate or split any Classes of Shares within a Sub-Fund. To the extent required by Luxembourg law, such decision will be published or notified in the same manner as described above and the publication and/or
notification will contain information in relation to the proposed split or consolidation. The Board of Directors may also decide to submit the question of the consolidation or split of Class(es) of Shares to a meeting of holders or such Class(es) of Shares. No quorum is required for this meeting and decisions are taken by the simple majority of the votes cast.
The Board of Directors may also decide upon the reorganization of any Sub-Fund by means of a division into two or more separate Sub-Funds. Such decision will be published or notified to Shareholders and, in addition, the publication or notification will contain information in relation to the two or more separate Sub-Funds resulting from the reorganization. Such publication or notification will be made at least one month before the date on which the reorganization becomes effective in order to enable Shareholders to request redemption or switch, free of charge, of their Shares before the reorganization becomes effective.
-
#### Liquidation of the Fund | en | es |
DOLFIN6086 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund aims to achieve consistent absolute returns through investments in global issuers (mainly domiciled in the US) engaged in or subject to mergers, acquisitions and similar corporate transactions. The Fund aims to preserve capital, seeking to derive a profit by realising the price differential, or "spread" between the market price of securities and the future expected value of those securities following the completion or termination of the relevant corporate transaction.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund is classified as Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector ("SFDR").
To achieve its investment objective, the Fund has flexibility to invest in a wide range of instruments including, but not limited to, common stocks, preferred stocks, equity-related instruments, corporate bonds, ETFs, FX Forwards, swaps, options and other derivative instruments.
To implement the Sub-Fund's investment objective, the Investment Manager employs a proprietary fundamental research process that assesses each potential corporate transaction individually and will seek to determine amongst other things, the likelihood that the particular corporate transaction will be completed, the value of the relevant | # Objetivos y política de inversión
El Fondo tiene como objetivo obtener una rentabilidad absoluta de forma continua mediante inversiones en valores de emisores globales (principalmente, con domicilio en los Estados Unidos) implicadas en o sometidas a procesos de fusión, adquisición y transacciones corporativas similares. El Fondo pretende conservar el capital y obtener un beneficio mediante el aprovechamiento del diferencial de precios entre el precio de mercado de los valores y el valor futuro previsto de estos mismos valores una vez completada o finalizada la transacción corporativa correspondiente.
El Fondo se gestiona de forma activa y no utiliza ningún índice de referencia.
El Fondo está clasificado de conformidad con el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
Para alcanzar su objetivo de inversión, el Fondo tiene flexibilidad para invertir en una amplia gama de instrumentos, incluidos, entre otros, acciones ordinarias, acciones preferentes, instrumentos relacionados con renta variable, bonos de empresa, ETF, contratos de divisas a plazo, swaps, opciones y otros instrumentos derivados. | # Objectives and investment policy
The Fund aims to achieve consistent absolute returns through investments in global issuers (mainly domiciled in the US) engaged in or subject to mergers, acquisitions and similar corporate transactions. The Fund aims to preserve capital, seeking to derive a profit by realising the price differential, or "spread" between the market price of securities and the future expected value of those securities following the completion or termination of the relevant corporate transaction.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund is classified as Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector ("SFDR").
To achieve its investment objective, the Fund has flexibility to invest in a wide range of instruments including, but not limited to, common stocks, preferred stocks, equity-related instruments, corporate bonds, ETFs, FX Forwards, swaps, options and other derivative instruments.
To implement the Sub-Fund's investment objective, the Investment Manager employs a proprietary fundamental research process that assesses each potential corporate transaction individually and will seek to determine amongst other things, the likelihood that the particular corporate transaction will be completed, the value of the relevant | en | es |
DOLFIN6088 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As at the date of this Prospectus, all Sub-Funds fall into the middle category above and have sustainability risks integrated in their investment decision-making process.
As at the date of this Prospectus, the Management Company does not consider the adverse impacts of
investment decisions or investment advice on sustainability factors in accordance with SFDR as the regulatory rules have not yet been finalised.
The above should not be considered to be an exhaustive list of the risks which potential investors should consider before investing in a Sub-Fund. Potential investors should be aware that an investment in a Sub-Fund may be exposed to other risks of an exceptional nature from time to time. | En la fecha del presente Folleto, todos los Subfondos se incluyen en la categoría intermedia arriba descrita e integran los riesgos de sostenibilidad en sus procesos de toma de decisiones de inversión.
En la fecha del presente Folleto, la Sociedad gestora no analiza las incidencias adversas de las decisiones de inversión o del asesoramiento de inversión sobre los factores de sostenibilidad con arreglo al SFDR, dado que las normas regulatorias todavía no se han completado.
Los riesgos anteriormente expuestos no deben considerarse como una lista exhaustiva de los riesgos que los posibles inversores deben considerar antes de invertir en un Subfondo. Los posibles inversores deben tener en cuenta que una inversión en un Subfondo podrá estar expuesta ocasionalmente a otros riesgos de carácter excepcional. | As at the date of this Prospectus, all Sub-Funds fall into the middle category above and have sustainability risks integrated in their investment decision-making process.
As at the date of this Prospectus, the Management Company does not consider the adverse impacts of
investment decisions or investment advice on sustainability factors in accordance with SFDR as the regulatory rules have not yet been finalised.
The above should not be considered to be an exhaustive list of the risks which potential investors should consider before investing in a Sub-Fund. Potential investors should be aware that an investment in a Sub-Fund may be exposed to other risks of an exceptional nature from time to time. | en | es |
DOLFIN6089 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos corporativos de grado de inversión de todo el mundo.
- El Subfondo se centra en la gestión de los riesgos relacionados con el clima y favorece a aquellos emisores con un perfil de emisiones de carbono más bajo, promoviendo la transición ecológica a través de la selección de aquellos inmersos en una transición hacia la neutralidad de carbono que vaya mejorando, e invirtiendo en emisores de bonos verdes cuidadosamente seleccionados.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El Subfondo tiene como objetivo contar con una huella de carbono inferior a la del resto del mercado.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. La calificación media de ESG del Subfondo será superior a la calificación media de ESG del universo de inversión del Subfondo una vez excluido, como mínimo, el 20 % de los activos con calificaciones ESG más bajas.
- El Subfondo tendrá en cuenta una amplia gama de características medioambientales y será proactivo en la lucha contra el cambio climático a través de su compromiso continuo con los emisores de bonos corporativos de todo el mundo y la inversión en emisores de bonos verdes cuidadosamente seleccionados.
- Al invertir en bonos verdes, sociales y de sostenibilidad, el Gestor de Inversiones recurre a un proceso de selección basado principalmente en las directrices de los Principios de los Bonos Verdes y Sociales (GSBP) de la International Capital Market Association (ICMA). Tendrán prioridad los bonos certificados como cumplidores de la Climate Bonds Initiative (CBI) o los European Green Bond Standards (EUGBS), pero el Gestor de Inversiones podrá utilizar otros criterios cuando resulte oportuno.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo podrá invertir hasta un 10 % directamente en bonos del mercado interior chino que coticen o se negocien en cualquier mercado autorizado de China (con una exposición total, inversiones directas e indirectas incluidas, de menos de un 30 %).
- El fondo invertirá menos del 30 % en bonos híbridos y bonos convertibles contingentes, con menos del 20 % invertido en bonos convertibles contingentes.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Bloomberg Global Aggregate Corporate Index Hedged to EUR (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN6093 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Unfavourable scenario: This type of scenario occurred for an investment between August 2021 and October 2022. Moderate scenario: This type of scenario occurred for an investment between February 2017 and February 2022. Favourable scenario: This type of scenario occurred for an investment between October 2016 and October 2021.
The figures shown include all the costs of the product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. | Escenario desfavorable: Este tipo de escenario se produjo para una inversión entre agosto de 2021 y octubre de 2022.
Escenario moderado: Este tipo de escenario se produjo para una inversión entre febrero de 2017 y febrero de 2022.
Escenario favorable: Este tipo de escenario se produjo para una inversión entre octubre de 2016 y octubre de 2021.
Las cifras mostradas incluyen todos los costes del producto en sí, pero es posible que no incluyan todos los costes que usted paga a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. | Unfavourable scenario: This type of scenario occurred for an investment between August 2021 and October 2022. Moderate scenario: This type of scenario occurred for an investment between February 2017 and February 2022. Favourable scenario: This type of scenario occurred for an investment between October 2016 and October 2021.
The figures shown include all the costs of the product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. | en | es |
DOLFIN6094 | 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 Funds’ investments, which reflects the return of the Markit iBoxx USD Liquid High Yield Capped Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging.
The Index measures the performance of the most liquid US dollar-denominated sub-investment grade bonds issued by companies in developed markets (i.e. the US Dollar high yield corporate bond market). Liquid bonds mean that they can easily be bought or sold in the market in normal market conditions. The bonds will be sub- investment grade (which means that at the time of inclusion in the Index, they have a relatively low credit rating credit or are unrated but deemed to be of comparable quality with sub-investment grade FI securities) and rated by at least one of three rating services: Moody’s, Standard & Poor’s or Fitch. The individual companies in the Index are weighted according to their market capitalisation (i.e. the share price of the company multiplied by the number of shares issued). The maximum original time to maturity is 15 years and the minimum time to maturity is one and a half years for new bonds to be included and one year for bonds that already exist in the Index.
The Fund uses optimising techniques to achieve a similar return to its 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 (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income 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 semi-annually).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
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 alcanzar una rentabilidad en 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 USD Liquid High Yield Capped Index, el índice de referencia del Fondo (el Índice). La Clase de acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
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 integran el Índice y cumplen sus requisitos de calificación de solvencia, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio.
El Índice mide el rendimiento de los bonos más líquidos denominados en dólares estadounidenses, con categoría inferior a la de inversión, emitidos por empresas de los mercados desarrollados (es decir, el mercado de bonos empresariales de alto rendimiento en dólares estadounidenses). Se entiende por liquidez de los bonos que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. Los bonos tendrán la calificación inferior a la categoría de inversión, lo que significa que en el momento de su inclusión en el Índice tendrán una calificación de solvencia relativamente baja, o carecerán de calificación pero se considerarán de calidad comparable a la de los valores de RF con calificación inferior a la categoría de inversión, y estarán calificados por al menos uno de los tres servicios de calificación: Moody’s, Standard & Poor’s o Fitch. Las empresas que componen el Índice se ponderan de acuerdo con su capitalización bursátil (es decir, el precio por acción de la empresa multiplicado por el número de acciones emitidas). El plazo de vencimiento original máximo es de 15 años y el plazo de vencimiento residual mínimo es de un año y medio para los nuevos bonos que se incluyan y de un año para los que ya están incluidos en el Índice.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD (incluidos los contratos de divisas) pueden utilizarse con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen 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 (semestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
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 Funds’ investments, which reflects the return of the Markit iBoxx USD Liquid High Yield Capped Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging.
The Index measures the performance of the most liquid US dollar-denominated sub-investment grade bonds issued by companies in developed markets (i.e. the US Dollar high yield corporate bond market). Liquid bonds mean that they can easily be bought or sold in the market in normal market conditions. The bonds will be sub- investment grade (which means that at the time of inclusion in the Index, they have a relatively low credit rating credit or are unrated but deemed to be of comparable quality with sub-investment grade FI securities) and rated by at least one of three rating services: Moody’s, Standard & Poor’s or Fitch. The individual companies in the Index are weighted according to their market capitalisation (i.e. the share price of the company multiplied by the number of shares issued). The maximum original time to maturity is 15 years and the minimum time to maturity is one and a half years for new bonds to be included and one year for bonds that already exist in the Index.
The Fund uses optimising techniques to achieve a similar return to its 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 (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income 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 semi-annually).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
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 |
DOLFIN6098 | 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 5.00%
Exit charge None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in Euro.
The Fund was launched on 25 January 1985 and this share class on 29 October 2009.
- Class A Accumulation shares in euros
- MSCI Europe Net Return (MSCI Europe ex UK Net Return pre 30/11/2012)35%30%25%20% | # Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión
Gastos de entrada 5,00%
Gastos de salida Ninguno
La rentabilidad histórica no es indicativa de los resultados futuros. El valor de su inversión y el valor de los ingresos generados por ella pueden tanto aumentar como disminuir y es posible que no recupere el importe invertido.
El Fondo no trata de replicar la rentabilidad de un índice, por lo que cualquier índice mostrado se indica exclusivamente con fines ilustrativos.
La rentabilidad histórica mostrada en el gráfico tiene en cuenta todos los gastos excepto los gastos de entrada del Fondo y se calcula en Euro.
El Fondo se lanzó el 25 enero 1985 y esta clase de acciones se lanzó el 29 octubre 2009.
- Acciones de acumulación de clase A en euros
- MSCI Europe Net Return (MSCI Europe ex UK Net Return pre 30/11/2012)35%30%25%20%15%10% | # One-off charges taken before or after you invest
Entry charge 5.00%
Exit charge None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in Euro.
The Fund was launched on 25 January 1985 and this share class on 29 October 2009.
- Class A Accumulation shares in euros
- MSCI Europe Net Return (MSCI Europe ex UK Net Return pre 30/11/2012)35%30%25%20% | en | es |
DOLFIN6100 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Non cash collateral cannot be sold, pledged or re-invested and any cash collateral received for and on behalf of a Fund may be invested in any of the following:
- deposits with relevant institutions (as defined in the Central Bank UCITS Regulations);
- high quality government bonds;
- reverse repurchase agreements provided that the transactions are with credit institutions (as defined in the Central Bank UCITS Regulations) and the UCITS is able to recall at any time the full amount of cash on an accrued basis;
- short term money market funds as defined in the ESMA Guidelines on a Common Definition of European Money Market Funds. | ## Cualquier garantía que no sea en efectivo no podrá ser vendida, concedida ni reinvertida y cualquier garantía en efectivo recibida en nombre y representación de un Fondo podrá invertirse en:
- depósitos en entidades relevantes (tal y como se definen en el Reglamento OICVM del Banco Central);
- bonos soberanos de alta calidad;
- contratos con pacto de recompra inversa siempre y cuando las operaciones se efectúen con entidades de crédito (de acuerdo con lo definido en las regulaciones del Banco Central OICVM) y el OICVM sea capaz de recuperar en todo momento el importe total de efectivo sobre base devengada;
- fondos del mercado monetario a corto plazo, tal y como se definen en las Directrices de la ESMA sobre una definición común de los fondos europeos del mercado monetario. | ## Non cash collateral cannot be sold, pledged or re-invested and any cash collateral received for and on behalf of a Fund may be invested in any of the following:
- deposits with relevant institutions (as defined in the Central Bank UCITS Regulations);
- high quality government bonds;
- reverse repurchase agreements provided that the transactions are with credit institutions (as defined in the Central Bank UCITS Regulations) and the UCITS is able to recall at any time the full amount of cash on an accrued basis;
- short term money market funds as defined in the ESMA Guidelines on a Common Definition of European Money Market Funds. | en | es |
DOLFIN6101 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,970 | USD 2,230 |
| | Average return each year % | -80.30% | -25.93% |
| Unfavourable scenario | What you might get back after costs | USD 7,240 | USD 6,610 |
| | Average return each year % | -27.60% | -7.95% |
| Moderate scenario | What you might get back after costs | USD 9,920 | USD 10,370 |
| | Average return each year % | -0.80% | 0.73% |
| Favourable scenario | What you might get back after costs | USD 14,510 | USD 14,450 |
| | Average return each year % | 45.10% | 7.64% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 1.970 | USD 2.230 |
| | Rendimiento medio cada año | -80,30% | -25,93% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.240 | USD 6.610 |
| | Rendimiento medio cada año | -27,60% | -7,95% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 9.920 | USD 10.370 |
| | Rendimiento medio cada año | -0,80% | 0,73% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 14.510 | USD 14.450 |
| | Rendimiento medio cada año | 45,10% | 7,64% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,970 | USD 2,230 |
| | Average return each year % | -80.30% | -25.93% |
| Unfavourable scenario | What you might get back after costs | USD 7,240 | USD 6,610 |
| | Average return each year % | -27.60% | -7.95% |
| Moderate scenario | What you might get back after costs | USD 9,920 | USD 10,370 |
| | Average return each year % | -0.80% | 0.73% |
| Favourable scenario | What you might get back after costs | USD 14,510 | USD 14,450 |
| | Average return each year % | 45.10% | 7.64% | | en | es |
DOLFIN6102 | 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 simulated 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
after tax. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the 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 financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund 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 simulados 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
impuestos. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, 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 contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
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 simulated 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
after tax. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the 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 financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund 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 |
DOLFIN6105 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SUMMARY OF STRUCTURE
Corporate Information. The ICAV was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 on 12 October 2017 under registration number C174024 and is authorised by the Central Bank as a UCITS. The object of the ICAV is the collective investment in transferable securities and/or other liquid financial assets of capital raised from the public, operating on the principle of risk spreading in accordance with the UCITS Regulations. The ICAV has been structured as an umbrella fund, with segregated liability between Sub-Funds, in that the Directors may from time to time, with the prior approval of the Central Bank, create different series of Shares in accordance with the requirements of the Central Bank representing separate portfolios of assets, with each such series comprising a Sub-Fund. Each Sub-Fund will bear its own liabilities and, under Irish law, none of the ICAV, any of the Service Providers appointed to the ICAV, the Directors, any receiver, examiner or liquidator, nor any other person will have access to the assets of a Sub-Fund in satisfaction of a liability of any other Sub-Fund. The ICAV is promoted by the Global Distributor. Details of the promoter may be found under the “Global Distributor” section.
The ICAV is incorporated in Ireland and is therefore subject to the Act and is required to comply with the corporate governance requirements of the UCITS Regulations. The Directors have committed to maintain a high standard of corporate governance and will seek to comply with the Act, the UCITS Regulations and the Central Bank's requirements for UCITS.
Sub-Funds. The portfolio of assets maintained for each series of Shares and comprising a Sub-Fund will be invested in accordance with the investment objectives and policies applicable to such Sub-Fund as specified in the Relevant Supplement. Shares may be divided into different Classes to accommodate, amongst other things, different dividend policies, charges, fee arrangements (including different total expense ratios), currencies, or to provide for foreign exchange hedging in accordance with the policies and requirements of the Central Bank from time to time. | # RESUMEN DE LA ESTRUCTURA
Información corporativa. El 12 de octubre de 2017, el ICAV se registró en Irlanda de conformidad con la Ley irlandesa de instrumentos de gestión colectiva de activos de 2015 con el número de registro C174024 y está autorizada por el Banco Central como OICVM. El objeto del ICAV es la inversión colectiva en valores mobiliarios u otros activos financieros líquidos de los capitales recaudados del público, operando bajo el principio de reparto de riesgos de acuerdo con el Reglamento sobre OICVM. El ICAV se ha estructurado como un fondo paraguas, con responsabilidad segregada entre Subfondos, en el sentido de que los Consejeros pueden crear ocasionalmente, con la aprobación previa del Banco Central, diferentes series de Acciones de acuerdo con los requisitos del Banco Central que representen carteras de activos separadas, constituyendo cada una de dichas series un Subfondo. Cada Subfondo asumirá sus propias responsabilidades y, de acuerdo con la legislación irlandesa, ni el ICAV, ni ninguno de los Proveedores de servicios designados para el ICAV, ni los Consejeros, ni ningún síndico, examinador o liquidador, ni ninguna otra persona tendrán acceso a los activos de un Subfondo para satisfacer una responsabilidad de cualquier otro Subfondo. El ICAV es promovido por el Distribuidor global. Los datos del promotor se encuentran en la sección «Distribuidor global».
El ICAV está constituido en Irlanda y, por tanto, está sujeto a la Ley y debe cumplir los requisitos de gobierno corporativo del Reglamento sobre OICVM. Los Consejeros se han comprometido a mantener un alto nivel de gobierno corporativo y tratarán de cumplir con la Ley, el Reglamento sobre OICVM y los requisitos del Banco Central para los OICVM.
Subfondos. La cartera de activos mantenida para cada serie de Acciones y que comprende un Subfondo se invertirá de acuerdo con los objetivos y políticas de inversión aplicables a dicho Subfondo, tal y como se especifica en el Suplemento correspondiente. Las acciones pueden dividirse en diferentes Clases para dar cabida, entre otras cosas, a diferentes políticas de dividendos, cargos, acuerdos de comisiones (incluidos diferentes coeficientes de gastos totales), divisas, o para proporcionar cobertura de divisas de acuerdo con las políticas y requisitos del Banco Central oportunamente. | # SUMMARY OF STRUCTURE
Corporate Information. The ICAV was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 on 12 October 2017 under registration number C174024 and is authorised by the Central Bank as a UCITS. The object of the ICAV is the collective investment in transferable securities and/or other liquid financial assets of capital raised from the public, operating on the principle of risk spreading in accordance with the UCITS Regulations. The ICAV has been structured as an umbrella fund, with segregated liability between Sub-Funds, in that the Directors may from time to time, with the prior approval of the Central Bank, create different series of Shares in accordance with the requirements of the Central Bank representing separate portfolios of assets, with each such series comprising a Sub-Fund. Each Sub-Fund will bear its own liabilities and, under Irish law, none of the ICAV, any of the Service Providers appointed to the ICAV, the Directors, any receiver, examiner or liquidator, nor any other person will have access to the assets of a Sub-Fund in satisfaction of a liability of any other Sub-Fund. The ICAV is promoted by the Global Distributor. Details of the promoter may be found under the “Global Distributor” section.
The ICAV is incorporated in Ireland and is therefore subject to the Act and is required to comply with the corporate governance requirements of the UCITS Regulations. The Directors have committed to maintain a high standard of corporate governance and will seek to comply with the Act, the UCITS Regulations and the Central Bank's requirements for UCITS.
Sub-Funds. The portfolio of assets maintained for each series of Shares and comprising a Sub-Fund will be invested in accordance with the investment objectives and policies applicable to such Sub-Fund as specified in the Relevant Supplement. Shares may be divided into different Classes to accommodate, amongst other things, different dividend policies, charges, fee arrangements (including different total expense ratios), currencies, or to provide for foreign exchange hedging in accordance with the policies and requirements of the Central Bank from time to time. | en | es |
DOLFIN6107 | 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 | 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 | 880 EUR -91.16% | 990 EUR -37.03% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,660 EUR -43.36% | 5,410 EUR -11.55% |
| Moderate² | What you might get back after costs Average return each year | 11,460 EUR 14.62% | 18,170 EUR 12.68% |
| Favourable³ | What you might get back after costs Average return each year | 16,870 EUR 68.70% | 27,990 EUR 22.85% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 880 EUR -91,16% | 990 EUR -37,03% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.660 EUR -43,36% | 5.410 EUR -11,55% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.460 EUR 14,62% | 18.170 EUR 12,68% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.870 EUR 68,70% | 27.990 EUR 22,85% | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | 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 | 880 EUR -91.16% | 990 EUR -37.03% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,660 EUR -43.36% | 5,410 EUR -11.55% |
| Moderate² | What you might get back after costs Average return each year | 11,460 EUR 14.62% | 18,170 EUR 12.68% |
| Favourable³ | What you might get back after costs Average return each year | 16,870 EUR 68.70% | 27,990 EUR 22.85% | | en | es |
DOLFIN6108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
This is the maximum that might be taken out of your money before it is invested or
before proceeds of your investments are paid out.
| Charges taken from the Unit Class over each year |
| --- |
| Ongoing Charges | 0.46% |
| Charges taken from the Unit Class under certain conditions |
| Performance Fee | None |
Past performance is not a guide to future performance.
The chart shows the Unit Class’ annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Unit Class’ net asset value at each year-end. The fund was launched in 2002. The Unit Class was launched in 2002.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:STOXX® Europe 600 Automobiles & Parts (EUR) | # Rentabilidad Pasada
Este es el máximo que puede detraerse de su capital antes de la inversión, o antes
de abonar el producto de la inversión.
| Gastos soportados por la Clase de Participaciones cada año |
| --- |
| Gastos corrientes | 0,46% |
| Gastos soportados por la Clase de Participaciones en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna |
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual de la Clase de Participaciones en EUR para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor liquidativo de la Clase de Participaciones al cierre de cada ejercicio. El fondo se lanzó en 2002. La Clase de Participaciones se lanzó en 2002.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
† Índice de referencia:STOXX® Europe 600 Automobiles & Parts (EUR) | # Past Performance
This is the maximum that might be taken out of your money before it is invested or
before proceeds of your investments are paid out.
| Charges taken from the Unit Class over each year |
| --- |
| Ongoing Charges | 0.46% |
| Charges taken from the Unit Class under certain conditions |
| Performance Fee | None |
Past performance is not a guide to future performance.
The chart shows the Unit Class’ annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Unit Class’ net asset value at each year-end. The fund was launched in 2002. The Unit Class was launched in 2002.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:STOXX® Europe 600 Automobiles & Parts (EUR) | en | es |
DOLFIN6111 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
It was with the aim of assessing the degree of integration of ESG challenges by companies and respect for stakeholders that extra-financial analysis naturally enriched our financial analysis.
ESG analysis takes into account the parameters that we believe are essential to the company's solidity, stability and financial sustainability. It enables us to identify major ESG issues, detect potentially damaging risks for the company and its investors, but also future opportunities.
It is therefore important to select companies that integrate the following non-financial issues into their development model:
ESG criteria incorporated by the NORDEN SRI SICAV
An internal ESG analysis process has been developed and implemented by Lazard Frires Gestion's analyst-manager teams in the form of an internal ESG grid. Analysis construction requires an in-depth, informed, forward-looking and, if necessary, critical study. ESG analyses are carried out directly by our analysts-managers in accordance with our desire to reject a "silo" ESG approach. The result of a rigorous methodology, our ESG analysis process summarises the information relating to each company in an internal grid shared by all analysts-managers. The Equity and Fixed income teams therefore have a common analysis to support the implementation of integration processes adapted to the different asset classes. | Con el fin de evaluar el grado de integración de las cuestiones ASG por parte de las empresas y el respeto de las partes interesadas, el análisis extrafinanciero ha enriquecido naturalmente nuestro análisis financiero.
El análisis ASG tiene en cuenta los parámetros que nos parecen imprescindibles para la solidez, la estabilidad y la sostenibilidad financiera de la empresa. Nos permite identificar los principales retos ASG y detectar riesgos potencialmente perjudiciales para la empresa y sus inversores, así como oportunidades futuras.
Por tanto, es importante seleccionar empresas que integren en su modelo de desarrollo los retos extrafinancieros siguientes:
Naturaleza de los criterios ASG considerados en la Sicav NORDEN SRI
Los equipos de analistas/gestores de Lazard Frires Gestion han elaborado y puesto en marcha un proceso de análisis interno ASG en forma de matriz ASG interna. Los análisis se basan en un estudio profundo, bien fundado, prospectivo y, si es necesario, crítico. Los análisis ASG los llevan a cabo directamente nuestros analistas-gestores de acuerdo con nuestra voluntad de rechazar un enfoque ASG en compartimentos aislados. Fruto de una metodología rigurosa, nuestro proceso de análisis ASG sintetiza la información relativa a cada empresa en una matriz interna compartida por el conjunto de los analistas-gestores. Los equipos de Renta variable y Renta fija disponen así de un análisis común que sirve de apoyo a la puesta en marcha de unos procesos de integración adaptados a las diferentes clases de activos. | It was with the aim of assessing the degree of integration of ESG challenges by companies and respect for stakeholders that extra-financial analysis naturally enriched our financial analysis.
ESG analysis takes into account the parameters that we believe are essential to the company's solidity, stability and financial sustainability. It enables us to identify major ESG issues, detect potentially damaging risks for the company and its investors, but also future opportunities.
It is therefore important to select companies that integrate the following non-financial issues into their development model:
ESG criteria incorporated by the NORDEN SRI SICAV
An internal ESG analysis process has been developed and implemented by Lazard Frires Gestion's analyst-manager teams in the form of an internal ESG grid. Analysis construction requires an in-depth, informed, forward-looking and, if necessary, critical study. ESG analyses are carried out directly by our analysts-managers in accordance with our desire to reject a "silo" ESG approach. The result of a rigorous methodology, our ESG analysis process summarises the information relating to each company in an internal grid shared by all analysts-managers. The Equity and Fixed income teams therefore have a common analysis to support the implementation of integration processes adapted to the different asset classes. | en | es |
DOLFIN6113 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2013-30/06/2018.
Favourable scenario
What you might get back after costs
Average return each year
EUR 10,843
8.4%
EUR 12,916
5.3% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2013-30/06/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 843 EUR
8,4%
12 916 EUR
5,3% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2013-30/06/2018.
Favourable scenario
What you might get back after costs
Average return each year
EUR 10,843
8.4%
EUR 12,916
5.3% | en | es |
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