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DOLFIN6609 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The securities are selected by the portfolio management team on a discretionary basis, based on analysis of corporate and sovereign creditworthiness factors and country risk factors, specific security characteristics, and proprietary analysis of ESG criteria.
In line with the SICAV’s overall sustainability objectives, the Sub-Fund aims to contribute to reducing greenhouse gas emissions through specific targets as well as the integration of climate related indicators in issuer and securities analysis, and aims to have long-term positive impact on environment and social domains.
The Sub-Fund is intended for investors who seek to benefit from the evolution of corporate bonds and other debt securities of emerging markets. The client must be aware of, understand and be able to bear the specific risks of the Sub-Fund listed below and defined in the Risk Factors section of the Prospectus.
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### Investment policy | El equipo de gestión de la cartera selecciona los valores de forma discrecional, a partir de un análisis de factores de solvencia crediticia corporativa y soberana y de factores de riesgo nacionales, características específicas de los valores y el análisis propio de los criterios ESG.
En consonancia con los objetivos de sostenibilidad globales de la SICAV, el Subfondo pretende contribuir a la reducción de las emisiones de gases de efecto invernadero mediante metas específicas, así como mediante la integración de indicadores relacionados con el clima en los análisis de emisores y valores, y pretende tener un impacto positivo a largo plazo en las dimensiones medioambiental y social.
El Subfondo está dirigido a inversores que deseen beneficiarse de la evolución de la deuda corporativa y otros valores de deuda de los mercados emergentes. El cliente debe tener presentes, debe comprender y debe ser capaz de soportar los riesgos específicos del Subfondo que se mencionan a continuación y se definen en la sección «Factores de riesgo» del Folleto.
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### Política de inversión | The securities are selected by the portfolio management team on a discretionary basis, based on analysis of corporate and sovereign creditworthiness factors and country risk factors, specific security characteristics, and proprietary analysis of ESG criteria.
In line with the SICAV’s overall sustainability objectives, the Sub-Fund aims to contribute to reducing greenhouse gas emissions through specific targets as well as the integration of climate related indicators in issuer and securities analysis, and aims to have long-term positive impact on environment and social domains.
The Sub-Fund is intended for investors who seek to benefit from the evolution of corporate bonds and other debt securities of emerging markets. The client must be aware of, understand and be able to bear the specific risks of the Sub-Fund listed below and defined in the Risk Factors section of the Prospectus.
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### Investment policy | en | es |
DOLFIN6611 | 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 investment grade and sub investment grade global emerging-markets corporate bonds denominated in major currencies.
- The fund will invest up to 25% in sovereign bonds of emerging market issuers.
- Investments will be made in, but not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East.
- 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 fund is not subject to any limitation on its investment in sub- investment grade securities or issuers.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- 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, which may include urban investment bonds, asset-backed securities (including asset-backed commercial papers) and bonds which are rated below investment grade or unrated bonds 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.
- 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 J.P. Morgan CEMBI Broad Diversified 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 reinvested in additional shares or paid to shareholders on request.
- 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 mercados emergentes de todo el mundo calificados ya sea con grado de inversión o con grado especulativo denominados en las principales divisas.
- El fondo invertirá hasta un 25 % en bonos soberanos de emisores de mercados emergentes.
- Las inversiones se realizarán, entre otros, en América Latina, Sudeste Asiático, África, Europa del Este (Rusia incluida) y Oriente Medio.
- 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.
- El fondo no está sujeto a ninguna limitación de su inversión en valores o emisores de grado especulativo.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- 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, que pueden incluir bonos municipales, activos titulizados (incluido el papel comercial titulizado) y bonos con grado especulativo o sin calificación, 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.
- 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 J.P. Morgan CEMBI Broad Diversified 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.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- 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 investment grade and sub investment grade global emerging-markets corporate bonds denominated in major currencies.
- The fund will invest up to 25% in sovereign bonds of emerging market issuers.
- Investments will be made in, but not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East.
- 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 fund is not subject to any limitation on its investment in sub- investment grade securities or issuers.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- 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, which may include urban investment bonds, asset-backed securities (including asset-backed commercial papers) and bonds which are rated below investment grade or unrated bonds 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.
- 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 J.P. Morgan CEMBI Broad Diversified 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 reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN6615 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Corporate investors
If any Fund within the Company fails the qualifying investments test under Part 6, Chapter 3 CTA 2009 and is treated as a ‘bond fund’, shares in that Fund held by UK resident corporations will be deemed loan relationships. Broadly speaking this will occur if more than 60% of the total market value of the investments of the Company are ’qualifying investments’ being broadly government and corporate debt, securities or cash on deposit (other than cash awaiting investment) or certain derivative contracts or holdings in other funds which at any time in the relevant accounting period are categorised as ‘bond funds’. In this case, any Shares held in that Fund will be valued at each year end of the UK resident corporate investor and any unrealised appreciation subject to tax. Distributions will be treated as interest.
Whether any Fund of the Company is treated as a ‘bond fund’ would need to be formally confirmed on an annual basis by review of the proportional weighting of the ‘qualifying investments’ to total assets throughout that period.
If the Funds are not treated as ‘bond funds’, then dividend distributions or deemed distributions received by companies resident in the UK may fall within an exempt class of distribution which would exempt such dividends from UK corporation tax. In addition, distributions to non-UK companies carrying on a trade in the UK through a permanent establishment in the UK may also fall within the exemption from UK corporation tax on dividends to the extent that the shares held by that company are used by, or held for, that permanent establishment.
Under CTA 2009 Part 9A, where a dividend or other distribution, or a deemed distribution, is received by a company which is resident in the UK and is a 'small' company (being a company with less than 50 employees and a turnover of less than €2million), that dividend will normally be exempt from corporation tax provided the payer is a resident of a qualifying territory. For the purposes of this legislation, the Fund is a resident of a qualifying territory, being the Republic of Ireland. Where a dividend or other distribution, or deemed distribution, is received by a company which is resident in the UK and is not a small company, that dividend will be exempt from corporation tax if the distribution falls into an exempt class. For the purposes of this legislation, exempt classes include distributions from controlled companies, distributions in respect of non-redeemable ordinary
shares and distributions in respect of portfolio holdings where the recipient holds less than 10% of the issued share capital of the payer. In the case where the investment is a bond fund, any receipt would be reclassified as interest under the loan relationship rules (see above). | # Inversores corporativos
Si cualquiera de los Subfondos de la Sociedad no cumple la prueba de inversión en virtud de la Parte 6, Capítulo 3 de la CTA de 2009 y se trata como un “fondo de renta fija”, las acciones de dicho Subfondo mantenidas por corporaciones con residencia en el Reino Unido se considerarán relaciones de préstamo. En términos generales, esto ocurrirá si más del 60% del valor total del mercado de las inversiones de la Sociedad son “inversiones autorizadas”, que serán por lo general deuda pública y corporativa, valores o efectivo en depósito (que no sea efectivo esperando a ser invertido), o determinados contratos derivados o participaciones en otros fondos que, cuando sea el caso durante el periodo contable pertinente, se clasifiquen como “fondos de renta fija”. En tal caso, cualquier Acción de dicho Fondo se valorará al cierre de cada ejercicio del inversor corporativo residente en el Reino Unido y toda plusvalía latente estará sujeta a tributación. Las distribuciones serán tratadas como intereses.
Con periodicidad anual, se deberá confirmar formalmente si un Subfondo de la Sociedad es tratado como “fondo de renta fija”, mediante la revisión del apalancamiento proporcional de las “inversiones autorizadas” con respecto a los activos totales durante ese periodo.
Si los Subfondos no tienen la consideración de “fondos de renta fija”,las distribuciones de dividendos o las operaciones asimiladas a distribuciones que han recibido las Sociedades residentes en el Reino Unido podrían considerarse atribuidas a una clase de distribución en la que dichos dividendos quedarían exentos del impuesto de sociedades del Reino Unido. Asimismo, las distribuciones a sociedades no británicas que realicen actividades comerciales en el Reino Unido mediante un establecimiento permanente en dicho país podrían también disfrutar de la exención del impuesto de sociedades del Reino Unido sobre dividendos siempre que las acciones de esa sociedad sean utilizadas o poseídas por ese establecimiento permanente.
En virtud de la CTA de 2009, Parte 9A, cuando una empresa que sea residente en el Reino Unido y sea una “pequeña” empresa (que tenga menos de 50 empleados y una cifra de negocios inferior a 2 millones de EUR), reciba un dividendo u otra distribución, o una distribución aplicable, dicho dividendo normalmente estará exento del impuesto de sociedades, siempre y cuando el contribuyente sea residente de un territorio autorizado. A los efectos de esta legislación, el Fondo es un residente de un territorio autorizado, que es la República de Irlanda. Cuando una empresa que sea residente en el Reino Unido y no sea una pequeña empresa perciba un dividendo u otra distribución, o distribución aplicable, dicho dividendo estará exento del impuesto de sociedades si la distribución entra dentro de una clase exenta. A efectos de esta legislación, las clases exentas incluyen las distribuciones de empresas controladas, distribuciones con respecto a acciones ordinarias no reembolsables y
distribuciones con respecto a participaciones de la cartera en las que el destinatario mantenga menos del 10% del capital social emitido del contribuyente. En aquellos casos en los que la inversión sea un fondo de renta fija, cualquier recibo se volvería a clasificar como interés de acuerdo con las normas de relaciones de préstamo (véase más arriba). | # Corporate investors
If any Fund within the Company fails the qualifying investments test under Part 6, Chapter 3 CTA 2009 and is treated as a ‘bond fund’, shares in that Fund held by UK resident corporations will be deemed loan relationships. Broadly speaking this will occur if more than 60% of the total market value of the investments of the Company are ’qualifying investments’ being broadly government and corporate debt, securities or cash on deposit (other than cash awaiting investment) or certain derivative contracts or holdings in other funds which at any time in the relevant accounting period are categorised as ‘bond funds’. In this case, any Shares held in that Fund will be valued at each year end of the UK resident corporate investor and any unrealised appreciation subject to tax. Distributions will be treated as interest.
Whether any Fund of the Company is treated as a ‘bond fund’ would need to be formally confirmed on an annual basis by review of the proportional weighting of the ‘qualifying investments’ to total assets throughout that period.
If the Funds are not treated as ‘bond funds’, then dividend distributions or deemed distributions received by companies resident in the UK may fall within an exempt class of distribution which would exempt such dividends from UK corporation tax. In addition, distributions to non-UK companies carrying on a trade in the UK through a permanent establishment in the UK may also fall within the exemption from UK corporation tax on dividends to the extent that the shares held by that company are used by, or held for, that permanent establishment.
Under CTA 2009 Part 9A, where a dividend or other distribution, or a deemed distribution, is received by a company which is resident in the UK and is a 'small' company (being a company with less than 50 employees and a turnover of less than €2million), that dividend will normally be exempt from corporation tax provided the payer is a resident of a qualifying territory. For the purposes of this legislation, the Fund is a resident of a qualifying territory, being the Republic of Ireland. Where a dividend or other distribution, or deemed distribution, is received by a company which is resident in the UK and is not a small company, that dividend will be exempt from corporation tax if the distribution falls into an exempt class. For the purposes of this legislation, exempt classes include distributions from controlled companies, distributions in respect of non-redeemable ordinary
shares and distributions in respect of portfolio holdings where the recipient holds less than 10% of the issued share capital of the payer. In the case where the investment is a bond fund, any receipt would be reclassified as interest under the loan relationship rules (see above). | en | es |
DOLFIN6621 | 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 relatively high income with the possibility of capital growth.
- The fund will invest at least 70% in Euro-denominated bonds focusing in investment grade European fixed-rate bonds with less than five years to effective maturity. The average duration of the fund’s investments will not exceed three years. The fund may invest less than 30% of its assets in non Euro denominated debt securities.
- 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 fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- 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 1-3 Year Euro Broad Market Index (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 nivel relativamente elevado de ingresos, con la posibilidad de generar crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos denominados en euros, centrándose en bonos europeos de tipo fijo y grado de inversión con menos de cinco años hasta el vencimiento efectivo. La duración media de las inversiones del fondo no superará los tres años. El fondo puede invertir menos de un 30 % de sus activos en valores de deuda que no estén denominados en euros.
- 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.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El 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 1-3 Year Euro Broad Market Index (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 relatively high income with the possibility of capital growth.
- The fund will invest at least 70% in Euro-denominated bonds focusing in investment grade European fixed-rate bonds with less than five years to effective maturity. The average duration of the fund’s investments will not exceed three years. The fund may invest less than 30% of its assets in non Euro denominated debt securities.
- 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 fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- 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 1-3 Year Euro Broad Market Index (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 |
DOLFIN6629 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you should seek professional advice from your investment consultant, tax adviser and/or legal adviser as appropriate.
If you have sold or transferred all of your Shares in Jupiter Pacific Equity Fund, a Sub-Fund of Jupiter Asset Management Series plc (the “Company”), please pass this document at once to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee as soon as possible.
The Directors of the Company accept responsibility for the information contained in this document. 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.
Unless the context otherwise requires and except as varied or otherwise specified in this Circular, capitalised terms used herein shall bear the same meaning as capitalised terms used in the prospectus for the Company dated 30 November 2022 (the “Prospectus”). | Este documento es importante y requiere su atención inmediata. Si tiene alguna duda sobre las medidas que debe tomar, debe solicitar asesoramiento profesional a su asesor de inversiones, asesor fiscal y/o asesor jurídico, según corresponda.
Si ha vendido o transferido todas sus acciones de Jupiter Pacific Equity Fund, un Subfondo de Jupiter Asset Management Series plc (la «Sociedad»), le rogamos que entregue este documento inmediatamente al comprador o cesionario o al agente de bolsa, banco u otro agente a través del cual se haya efectuado la venta o transferencia para que lo transmita al comprador o cesionario lo antes posible.
Los Consejeros de la Sociedad se hacen responsables de la información contenida en este documento. Según el leal saber y entender de los Consejeros (que han actuado con la debida diligencia para que así sea), la información contenida en el presente documento se corresponde con los hechos y no omite nada que pueda afectar al sentido de dicha información.
Salvo que el contexto exija lo contrario y salvo que se modifique o se especifique lo contrario en la presente Circular, los términos en mayúscula aquí utilizados tendrán el mismo significado que los términos en mayúscula utilizados en el folleto de la Sociedad de fecha 30 de noviembre de 2022 (el
«Folleto»). | This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you should seek professional advice from your investment consultant, tax adviser and/or legal adviser as appropriate.
If you have sold or transferred all of your Shares in Jupiter Pacific Equity Fund, a Sub-Fund of Jupiter Asset Management Series plc (the “Company”), please pass this document at once to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee as soon as possible.
The Directors of the Company accept responsibility for the information contained in this document. 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.
Unless the context otherwise requires and except as varied or otherwise specified in this Circular, capitalised terms used herein shall bear the same meaning as capitalised terms used in the prospectus for the Company dated 30 November 2022 (the “Prospectus”). | en | es |
DOLFIN6635 | 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 19, 1997. The reference currency of the Sub-Fund is EUR. Past performance was calculated in USD.
30%
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de diciembre de 1997. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en USD.
30%
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: December 19, 1997. The reference currency of the Sub-Fund is EUR. Past performance was calculated in USD.
30%
20%
10%
0%
-10% | en | es |
DOLFIN6645 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: MILLESIMA 2024 aims, over its recommended investment period, to achieve performance linked to trends on the international fixed-income markets, particularly through exposure to high-yield securities maturing in December 2024 at the latest.
Benchmark index: None
Investment policy: The UCITS implements a Buy and Hold strategy maturing on 31 December 2024; it will thus present a degree of stability in its allocation, though this may be subject to adjustments to reflect the convictions of the management team. Securities maturing before this date will be reinvested at the prevailing market conditions. The maturity of securities held in the portfolio may not surpass 31 December 2024. The UCITS may invest up to 100% of its net assets in debt securities and money market instruments issued by private or public issuers from the OECD, the G20, the European Economic Area or the European Union.
The UCITS may invest up to 20% of its net assets in securities issued by companies domiciled in any geographic area not listed above. Securities of companies domiciled in emerging countries may not represent more than 20% of net assets.
The UCITS’s interest-rate sensitivity may fluctuate between 0 and 5.
The portfolio may invest up to 100% in Investment Grade or High Yield securities, which may be considered speculative (Standard & Poor's or equivalent rating below BBB-, or an equivalent internal rating awarded by the management company).
In addition, up to 10% of the portfolio may be invested in securities rated between CCC+ and CCC-; the remaining securities will have a minimum rating of B.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating.
In the event that an issuer in the “high-yield” class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
With a view to achieving the management objective or hedging the assets, the manager may use financial contracts traded on regulated or over-the-counter markets (futures, options, forward contracts, credit derivatives or swaps, etc.), for up to 100% of the net assets.
Exposure to a currency other than the euro will, after hedging, be residual, up to a maximum of 2% of the net assets.
As the Fund nears maturity, the UCITS will be managed on the money market with reference to the €STR. After approval from the AMF, the UCITS will then opt either for a new investment strategy or for dissolution, or it will be merged with another UCITS. | # Objetivos y política de inversión
Objetivo de gestión: El objetivo de MILLESIMA 2024, a lo largo de su horizonte de inversión recomendado, es obtener una rentabilidad vinculada a la evolución de los mercados de tipos de interés internacionales gracias, principalmente, a una exposición sobre títulos de alto rendimiento cuyo vencimiento máximo sea en diciembre de 2024.
Índice de referencia: Ninguno
Política de inversión: El OICVM aplica una estrategia de tipo “Buy and Hold” con vencimiento el 31 de diciembre de 2024; también presentará una cierta estabilidad en su asignación, que, no obstante, podrá ser objeto de ajustes para reflejar las apuestas del equipo de gestión. Los títulos que alcancen el vencimiento antes de dicha fecha serán objeto de una reinversión en las condiciones que marque el mercado en ese momento. El vencimiento de los títulos mantenidos en cartera no podrá superar el 31 de diciembre de 2024. El OICVM podrá invertir hasta el 100% en títulos de deuda e instrumentos del mercado monetario de emisores privados o públicos de la OCDE, del G20, del Espacio Económico Europeo o de la Unión Europea.
Dentro del límite del 20% de su patrimonio neto, el OICVM podrá invertir en títulos emitidos por sociedades domiciliadas en cualquier zona geográfica no mencionada anteriormente.
Los títulos de sociedades domiciliadas en países emergentes no podrán representar más del 20% del patrimonio neto. El OICVM presentará una sensibilidad a los tipos de interés que podrá fluctuar entre 0 y 5.
La cartera podrá invertir hasta el 100% en títulos con categoría “Investment Grade” o “High Yield”, llamados de “alto rendimiento”, que puedan considerarse especulativos (calificación inferior a BBB- según Standard & Poor’s o equivalente, o que la Sociedad gestora les otorgue una calificación interna equivalente).
Además, la cartera podrá invertir hasta el 10% como máximo en títulos con una calificación comprendida entre CCC+ y CCC-, mientras que el resto de títulos tendrá una calificación mínima de B.
La selección de títulos no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la Sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación.
En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento (“High Yield”), la Sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Con fines de cumplimiento de su objetivo de gestión o de cobertura de sus activos, el gestor podrá utilizar contratos financieros negociados en mercados regulados o extrabursátiles (futuros, opciones, contratos a plazo o swaps, etc.) hasta el 100% de su patrimonio neto.
La exposición a una divisa distinta al euro será, tras la cobertura, residual de un umbral máximo del 2% del patrimonio neto.
A medida que el fondo se vaya aproximando a su fecha de vencimiento, el OICVM se gestionará en términos monetarios con referencia al €STR. El OICVM optará entonces, con sujeción a la aprobación de la AMF, o por una nueva estrategia de inversión, o por la disolución, o por fusionarse con otro OICVM. | # Objectives and investment policy
Management objective: MILLESIMA 2024 aims, over its recommended investment period, to achieve performance linked to trends on the international fixed-income markets, particularly through exposure to high-yield securities maturing in December 2024 at the latest.
Benchmark index: None
Investment policy: The UCITS implements a Buy and Hold strategy maturing on 31 December 2024; it will thus present a degree of stability in its allocation, though this may be subject to adjustments to reflect the convictions of the management team. Securities maturing before this date will be reinvested at the prevailing market conditions. The maturity of securities held in the portfolio may not surpass 31 December 2024. The UCITS may invest up to 100% of its net assets in debt securities and money market instruments issued by private or public issuers from the OECD, the G20, the European Economic Area or the European Union.
The UCITS may invest up to 20% of its net assets in securities issued by companies domiciled in any geographic area not listed above. Securities of companies domiciled in emerging countries may not represent more than 20% of net assets.
The UCITS’s interest-rate sensitivity may fluctuate between 0 and 5.
The portfolio may invest up to 100% in Investment Grade or High Yield securities, which may be considered speculative (Standard & Poor's or equivalent rating below BBB-, or an equivalent internal rating awarded by the management company).
In addition, up to 10% of the portfolio may be invested in securities rated between CCC+ and CCC-; the remaining securities will have a minimum rating of B.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating.
In the event that an issuer in the “high-yield” class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
With a view to achieving the management objective or hedging the assets, the manager may use financial contracts traded on regulated or over-the-counter markets (futures, options, forward contracts, credit derivatives or swaps, etc.), for up to 100% of the net assets.
Exposure to a currency other than the euro will, after hedging, be residual, up to a maximum of 2% of the net assets.
As the Fund nears maturity, the UCITS will be managed on the money market with reference to the €STR. After approval from the AMF, the UCITS will then opt either for a new investment strategy or for dissolution, or it will be merged with another UCITS. | en | es |
DOLFIN6648 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2016. The share class was launched in 2016.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:MSCI Japan Index (JPY)
Historic performance to 31 December 2021 | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en USD para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2016. La clase de acciones se lanzó en 2016.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
† Índice de referencia:MSCI Japan Index (JPY) | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2016. The share class was launched in 2016.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:MSCI Japan Index (JPY)
Historic performance to 31 December 2021 | en | es |
DOLFIN6649 | 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 in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund is not limited in its exposure to equities or debt securities but expects higher exposure to equities than to debt securities.
The Fund may invest in, or be exposed up to (i) 20% in below Investment Grade debt securities rated above Caa1/CCC+/ CCC and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager invests in securities or issuers that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent 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
Euro Short-Term Rate (ESTER) + 5% used for performance comparison.
60% MSCI World Index (50% USD and 50% EUR hedged) and 40% Bloomberg Barclays Global Aggregate Index (EUR hedged) used for risk measurement.
The Fund is actively managed and the Investment Manager is not constrained by its benchmarks. Please see the Fund's prospectus for more information.
## Hedged share class
This share class seeks to reduce the effect of exchange rate fluctuations between the Fund's base currency and the currency of the share class.
## Fund currency
The reference currency of the Fund is EUR.
## 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.
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.
Duration: A measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment. Securities with a higher duration are typically more sensitive and can have greater price fluctuations in case of changes in the interest rates.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
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.
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.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment and institutions for sovereign debt. Sustainable investment themes may change over time.
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. | # 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 normalmente invierte en títulos de renta fija y variable de emisores de cualquier parte del mundo, incluidos los países de mercados emergentes. El Fondo no tiene limitada su exposición a renta variable o renta fija, pero se espera que tenga una mayor exposición a títulos de renta variable que a títulos de renta fija.
El Fondo puede invertir o tener una exposición de hasta el (i) 20% en títulos de renta fija que no tengan un grado de inversión con una calificación crediticia superior a Caa1, CCC+ o CCC y el (ii) 20% en productos estructurados como bonos respaldados por activos y bonos de titulización hipotecaria.
El Gestor de Inversiones invierte en títulos o emisores expuestos de manera favorable a temas de inversión sostenible relacionados con el medioambiente o la sociedad , derivados de los Objetivos de Desarrollo Sostenible de las Naciones Unidas ("ODS").
El Gestor de Inversiones hace hincapié en criterios de selección positiva, en particular mediante el análisis de la exposición a factores medioambientales, sociales y de gobernanza ("ASG") de cada título o emisor, frente a los amplios procesos de evaluación negativos, cuando evalúa la exposición de un emisor a dichos factores ASG.
El Fondo puede tener exposición a cualquier divisa.
El Fondo utiliza derivados de forma significativa para la cobertura (reducción de riesgos), la gestión eficaz de la cartera y otros objetivos 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
Se emplea el Euro Short-Term Rate (ESTER) + 5% para comparar rendimientos.
Se emplea una referencia compuesta en un 60% por el índice MSCI World (cubierto en un 50% en USD y en un 50% en EUR) y en un 40% por el índice Bloomberg Barclays Global Aggregate (cubierto en EUR) para medir el riesgo.
El Fondo se gestiona de forma activa y el gestor de inversiones no está limitado por las referencias empleadas. Para obtener más información, consulte el folleto del Fondo.
## Clase de acciones con cobertura
Esta clase de acciones busca reducir el efecto de las fluctuaciones de los tipos de cambio entre la divisa base del Fondo y la divisa de la clase de acciones.
## Divisa del compartimento
La divisa de referencia del Fondo es EUR.
## 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.
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.
Duración: Un indicador de la fluctuación experimentada en el precio de un activo de renta fija como consecuencia de cambios en los tipos de interés. Los valores cuya duración es mayor suelen ser más sensibles y pueden registrar mayores fluctuaciones de precios cuando cambian los tipos de interés.
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.
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.
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.
Temas de inversión sostenible: temas de inversión derivados de los ODS de la ONU, tales como salud, clima y empoderamiento, e instituciones dedicadas a la deuda soberana. Los temas de inversión sostenible pueden cambiar con el tiempo.
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. | # 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 in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund is not limited in its exposure to equities or debt securities but expects higher exposure to equities than to debt securities.
The Fund may invest in, or be exposed up to (i) 20% in below Investment Grade debt securities rated above Caa1/CCC+/ CCC and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager invests in securities or issuers that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent 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
Euro Short-Term Rate (ESTER) + 5% used for performance comparison.
60% MSCI World Index (50% USD and 50% EUR hedged) and 40% Bloomberg Barclays Global Aggregate Index (EUR hedged) used for risk measurement.
The Fund is actively managed and the Investment Manager is not constrained by its benchmarks. Please see the Fund's prospectus for more information.
## Hedged share class
This share class seeks to reduce the effect of exchange rate fluctuations between the Fund's base currency and the currency of the share class.
## Fund currency
The reference currency of the Fund is EUR.
## 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.
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.
Duration: A measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment. Securities with a higher duration are typically more sensitive and can have greater price fluctuations in case of changes in the interest rates.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
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.
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.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment and institutions for sovereign debt. Sustainable investment themes may change over time.
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. | en | es |
DOLFIN6652 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Secondary market investors (those who buy or sell shares on a stock exchange) may be charged certain fees by their stock broker. These charges, if any, can be obtained from such stock broker. Authorised participants dealing directly with the fund will pay the transaction costs related to their subscriptions and redemptions.
The ongoing charges shown here are a cost estimate. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus.
To the extent the fund undertakes securities lending to generate revenue, the fund will ultimately be allocated 70% of the associated revenue, the securities lending agent, which will be a DWS entity or other Deutsche Bank entity, will be allocated 15% and the remaining 15% will be allocated to the DWS entity which monitors such activities, as set out in the prospectus and supplement. As securities lending revenue sharing does not increase the costs of running the fund, this has been excluded from the composition of costs. | A los inversores del mercado secundario (aquellos que compran o venden acciones en bolsa) se les podrá aplicar ciertas comisiones estipuladas por su bróker. Estos gastos, si los hay, pueden solicitarse a su bróker. Los participantes autorizados que negocien directamente con el fondo abonarán los costes de transacción relacionados con sus suscripciones y reembolsos.
La cifra que aquí se muestra en relación con los gastos corrientes constituye una estimación de dichos gastos. No incluye los costes de transacción de la cartera ni las comisiones de rendimiento, en caso de haberlas.
Puede encontrar más información acerca de los gastos en las secciones sobre costes del folleto de venta.
En la medida en que el fondo se comprometa a prestar valores para generar ingresos, el fondo recibirá al final el 70% de los ingresos asociados, el agente de préstamo de valores, que será una entidad del DWS u otra entidad del Deutsche Bank, recibirá el 15%, y el 15% restante se asignará a la entidad del DWS que supervise dichas actividades, tal como se establece en el folleto y el anexo. Dado que la repartición de los ingresos generados por el préstamo de valores no supone un incremento de los costes de gestión del fondo, esta partida ha sido excluida de la composición de los costes. | Secondary market investors (those who buy or sell shares on a stock exchange) may be charged certain fees by their stock broker. These charges, if any, can be obtained from such stock broker. Authorised participants dealing directly with the fund will pay the transaction costs related to their subscriptions and redemptions.
The ongoing charges shown here are a cost estimate. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus.
To the extent the fund undertakes securities lending to generate revenue, the fund will ultimately be allocated 70% of the associated revenue, the securities lending agent, which will be a DWS entity or other Deutsche Bank entity, will be allocated 15% and the remaining 15% will be allocated to the DWS entity which monitors such activities, as set out in the prospectus and supplement. As securities lending revenue sharing does not increase the costs of running the fund, this has been excluded from the composition of costs. | en | es |
DOLFIN6655 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA A EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class A of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class A of the Absorbed Sub-Fund. | ## Índice de referencia: MSCI China 10/40 Net Return Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA A EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 26 de junio de 2015 tras la fusión por absorción de la Clase A del fondo francés Edmond de Rothschild CHINA (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase A del Subfondo absorbido. | ## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA A EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class A of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class A of the Absorbed Sub-Fund. | en | es |
DOLFIN6657 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### For optimal processing of investments, send money via bank transfer in the currency denomination of the shares you want to buy.
Multi-year investment plans Some distributors, with board approval, may offer plans in which an investor commits to investing a stated amount in one or more sub-funds over a stated period. In exchange, the investor may receive a lower purchase fee than would have applied had the same investments been made outside the plan.
The distributor who operates the plan may charge plan-related fees. However, the total amount of these fees that investors pay over the entire time they are enrolled in the plan must not be more than one- third of the amount they invest in their first year in the plan. The terms and conditions of each plan are described in a leaflet (which must be accompanied by, or state how to obtain, this prospectus). To find out which distributors currently offer plans, and in which jurisdictions, contact the SICAV (see page 125). | ###### Para que las inversiones sean procesadas óptimamente, envíe su dinero por transferencia bancaria en la divisa de denominación de las acciones que desea adquirir.
Planes plurianuales de inversión Algunos distribuidores, con autorización del Consejo, pueden ofrecer planes en los que un inversor se compromete a invertir una cantidad establecida en uno o más subfondos durante un periodo establecido. A cambio, el inversor puede obtener un descuento en la comisión de compra que se aplica a las mismas inversiones fuera del plan.
El distribuidor que gestione el plan podrá aplicar comisiones a dicho plan. Sin embargo, el importe total de las comisiones que los inversores pagarán a lo largo de todo el tiempo que permanezcan inscritos en el plan no deberá ser superior a un tercio del importe que inviertan en su primer año en el plan. Los términos y condiciones de cada plan se describen en un prospecto (que deberá ir acompañado de este folleto, o en el que se detallará cómo obtener este folleto). Si desea saber qué distribuidores ofrecen actualmente planes, y en qué jurisdicciones, póngase en contacto con la SICAV (véase la página 125). | ###### For optimal processing of investments, send money via bank transfer in the currency denomination of the shares you want to buy.
Multi-year investment plans Some distributors, with board approval, may offer plans in which an investor commits to investing a stated amount in one or more sub-funds over a stated period. In exchange, the investor may receive a lower purchase fee than would have applied had the same investments been made outside the plan.
The distributor who operates the plan may charge plan-related fees. However, the total amount of these fees that investors pay over the entire time they are enrolled in the plan must not be more than one- third of the amount they invest in their first year in the plan. The terms and conditions of each plan are described in a leaflet (which must be accompanied by, or state how to obtain, this prospectus). To find out which distributors currently offer plans, and in which jurisdictions, contact the SICAV (see page 125). | en | es |
DOLFIN6664 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Return potentially lower
Return potentially higher
Derivative risk: the use of derivatives may cause a greater drop in the value of net assets than that of the markets in which they are invested.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The above indicator is calculated on the basis of historical data and may, therefore, not be a reliable indication of the future risk profile of the UCITS. It is not certain that the risk and reward category shown will remain unchanged and the classification may change over time. Category 1 does not mean that an investment is risk-free. Repayment of the initial investment is not guaranteed.
This sub-fund is rated in category 5, in line with the type of securities and geographic regions presented under the heading "Objectives and investment policy", as well as the currency of the share.
The occurrence of any of these risks may negatively impact the net asset value. | Remuneración potencialmente menor
Remuneración potencialmente mayor
Riesgo vinculado a los derivados: recurrir a instrumentos derivados puede provocar una caída del patrimonio neto más significativa que la de los mercados en los que se invierte.
Riesgo vinculado a las contrapartes: representa el riesgo de impago por parte de un participante en el mercado que le impide cumplir sus compromisos en relación con su cartera.
El indicador anterior se calcula sobre la base de datos históricos y, por tanto, puede no ser una indicación fiable del perfil de riesgo futuro del OICVM. No es seguro que la categoría de riesgo y remuneración permanezca inalterada y es probable que la clasificación cambie con el tiempo. La categoría 1 no es sinónimo de inversión sin riesgo. El reembolso de la inversión inicial no está garantizado.
Este subfondo está clasificado en la categoría 5, de acuerdo con la naturaleza de los títulos y las zonas geográficas presentadas en la sección “Objetivos y política de inversión”, así como la divisa propia de la acción.
La ocurrencia de uno de estos riesgos puede suponer una reducción del valor liquidativo. | Return potentially lower
Return potentially higher
Derivative risk: the use of derivatives may cause a greater drop in the value of net assets than that of the markets in which they are invested.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The above indicator is calculated on the basis of historical data and may, therefore, not be a reliable indication of the future risk profile of the UCITS. It is not certain that the risk and reward category shown will remain unchanged and the classification may change over time. Category 1 does not mean that an investment is risk-free. Repayment of the initial investment is not guaranteed.
This sub-fund is rated in category 5, in line with the type of securities and geographic regions presented under the heading "Objectives and investment policy", as well as the currency of the share.
The occurrence of any of these risks may negatively impact the net asset value. | en | es |
DOLFIN6669 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# INVESTMENT OBJECTIVE & POLICY
The investment objective of the Fund is to achieve a total return through a combination of capital growth and income by investing in a globally diversified portfolio of fixed income securities. The Fund invests in a range of Sovereigns, Supranationals and Agencies (together 'SSAs') and corporates predominantly denominated in USD. The Fund may invest up to; 40% of its total net assets in Emerging market bonds, 30% in subordinated corporate debt, including corporate hybrid and TIER2 bonds and 30% of its assets in BB or BB+ rated issues as per the Standard & Poor’s ratings. Up to 10% of its Net Asset Value can be invested in unrated bonds excluding convertibles, with exposure to corporate debt in each sector not exceeding 35%, with government bonds and government guaranteed bonds (agencies) being exceptions. Investments in cash or money market instruments including short term government bonds issued by governments and institutions denominated in USD, as well as fixed income securities in a currency other than the base currency up to 20% of NAV are permitted. The Fund may also invest in financial derivatives such as futures, interest rate swaps, warrants and options to indirectly gain exposure to underlying fixed income securities, or use swaps to hedge or reduce credit or default risk of a credit bond market. The Fund is actively managed, with reference to a composite Index (the “Index”) comprising of the Secured Overnight Financing Rate
(USD) and Bloomberg-Barclays US Aggregate Government/ Credit Total Return Value unhedged USD for performance monitoring. The Investment Adviser is not subject to constraints in terms of deviation from the Index composition and may use its discretion to invest in securities/sectors which are not included therein. The degree of freedom from the Index may potentially be significant. You can buy and sell your shares in the Fund on a daily basis. Shares in the AD USD and AD EUR Classes are distributing shares, meaning the Fund may elect to pay a dividend on these Shares. Shares in all other share classes of the Fund are accumulating Shares, as such income from the Fund’s investments will be included in the value of the shares rather than being paid as a dividend. This Fund is deemed to be appropriate for investors who plan to invest with a medium to long term view.
Pursuant to the EU’s Sustainable Finance Disclosure Regulation (EU) 2019/2088 (‘SFDR’), this Fund is classified as a fund that promotes environmental or social characteristics. The Fund will have an averaged ESG score higher than the averaged ESG score of its initial investment universe. For more information on this Fund’s investment approach with respect to sustainability and non-financial criteria, please refer to Annex I of the Fund’s prospectus supplement or www.ericsturdza.com. | # OBJETIVO Y POLÍTICA DE INVERSIÓN
El objetivo de inversión del Fondo es lograr una rentabilidad total mediante una combinación de revalorización del capital e ingresos invirtiendo en una cartera globalmente diversificada de valores de renta fija. El Fondo invierte en un conjunto de bonos soberanos, supranacionales y de agencias (conjuntamente, «SSA») y bonos corporativos, denominados principalmente en dólares estadounidenses (USD). El Fondo podrá invertir hasta el 40% de sus activos netos totales en bonos de mercados emergentes, el 30% en deuda corporativa subordinada, incluidos bonos corporativos híbridos y TIER2 y el 30% de sus activos en emisiones con calificación BB o BB+ según Standard & Poor’s. El Fondo tiene flexibilidad para invertir el 10% de su Valor liquidativo en bonos sin calificar, excepto convertibles, con una exposición a deuda corporativa que no superará el 35%, con la deuda pública y los bonos garantizados por gobiernos (agencias) como excepción. Además, el Fondo podrá invertir en efectivo o instrumentos del mercado monetario, incluida deuda pública a corto plazo emitida por gobiernos e instituciones, denominados en USD, así como en valores de renta fija en una divisa distinta a la divisa de referencia hasta el 20% del VL. El Fondo también podrá invertir en instrumentos derivados financieros, como futuros, swaps de tipos de interés, warrants y opciones, para obtener exposición indirectamente a valores de renta variable subyacentes, o utilizar swaps para cubrir o reducir el riesgo de crédito o de impago de un mercado de bonos de crédito. El Fondo se gestiona de forma activa, tomando como referencia un Índice compuesto (el «Índice») integrado por el SOFR (tipo de financiación a un día garantizado) (USD) y el Bloomberg-Barclays US Aggregate
Government/Credit Total Return Value unhedged USD para el seguimiento de la rentabilidad. El Asesor de inversiones no está sujeto a restricciones relacionadas con diferencias con respecto a la composición del índice de referencia y podrá ejercer su criterio para invertir en valores/sectores no incluidos en el Índice. El grado de libertad con respecto al Índice podría ser significativo.
Puede comprar y vender acciones del Fondo todos los días. Las acciones de las Clases de reparto en USD y de reparto cubiertas en EUR son acciones de reparto, lo que quiere decir que el Fondo podrá decidir repartir dividendos de esas Acciones. Las acciones de todas las demás clases de acciones del Fondo son Acciones de capitalización, por lo que los ingresos de las inversiones del Fondo se incluirán en el valor de las acciones en lugar de repartirse en forma de dividendos. Este Fondo se considera adecuado para inversores que prevean invertir de medio a largo plazo.
En virtud del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (UE) 2019/2088 («SFDR») de la UE, este Fondo está clasificado como un fondo que promueve características ambientales o sociales. El Fondo tendrá una puntuación ESG promedio superior a la puntuación ESG promedio de su universo de inversión inicial. Para obtener más información sobre la estrategia de inversión de este Fondo con respecto a la sostenibilidad y los criterios no financieros, consulte el anexo I del suplemento del folleto del Fondo o www.ericsturdza.com. | # INVESTMENT OBJECTIVE & POLICY
The investment objective of the Fund is to achieve a total return through a combination of capital growth and income by investing in a globally diversified portfolio of fixed income securities. The Fund invests in a range of Sovereigns, Supranationals and Agencies (together 'SSAs') and corporates predominantly denominated in USD. The Fund may invest up to; 40% of its total net assets in Emerging market bonds, 30% in subordinated corporate debt, including corporate hybrid and TIER2 bonds and 30% of its assets in BB or BB+ rated issues as per the Standard & Poor’s ratings. Up to 10% of its Net Asset Value can be invested in unrated bonds excluding convertibles, with exposure to corporate debt in each sector not exceeding 35%, with government bonds and government guaranteed bonds (agencies) being exceptions. Investments in cash or money market instruments including short term government bonds issued by governments and institutions denominated in USD, as well as fixed income securities in a currency other than the base currency up to 20% of NAV are permitted. The Fund may also invest in financial derivatives such as futures, interest rate swaps, warrants and options to indirectly gain exposure to underlying fixed income securities, or use swaps to hedge or reduce credit or default risk of a credit bond market. The Fund is actively managed, with reference to a composite Index (the “Index”) comprising of the Secured Overnight Financing Rate
(USD) and Bloomberg-Barclays US Aggregate Government/ Credit Total Return Value unhedged USD for performance monitoring. The Investment Adviser is not subject to constraints in terms of deviation from the Index composition and may use its discretion to invest in securities/sectors which are not included therein. The degree of freedom from the Index may potentially be significant. You can buy and sell your shares in the Fund on a daily basis. Shares in the AD USD and AD EUR Classes are distributing shares, meaning the Fund may elect to pay a dividend on these Shares. Shares in all other share classes of the Fund are accumulating Shares, as such income from the Fund’s investments will be included in the value of the shares rather than being paid as a dividend. This Fund is deemed to be appropriate for investors who plan to invest with a medium to long term view.
Pursuant to the EU’s Sustainable Finance Disclosure Regulation (EU) 2019/2088 (‘SFDR’), this Fund is classified as a fund that promotes environmental or social characteristics. The Fund will have an averaged ESG score higher than the averaged ESG score of its initial investment universe. For more information on this Fund’s investment approach with respect to sustainability and non-financial criteria, please refer to Annex I of the Fund’s prospectus supplement or www.ericsturdza.com. | en | es |
DOLFIN6684 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The change to the New Reference Index is proposed as part of the Company’s continuous review of its existing product range and due to increased demand for ESG compliant investments. Hence, the Board of Directors deems it to be in the best interests of the Shareholders to restructure the Sub-Fund to reflect the New Reference Index.
Further details on the index methodology of the New Reference Index can be found on www.stoxx.com.
-
# Change to the Sub-Fund name | El cambio en el Nuevo Índice de Referencia se propone como parte de la revisión continua de la gama de productos existentes de la Sociedad y debido al aumento de la demanda de inversiones que cumplan los criterios ESG. Por consiguiente, el Consejo de Administración considera que la reestructuración del Subfondo para reflejar el Nuevo Índice de Referencia redunda en los intereses de los Accionistas.
Puede obtener más información sobre la metodología del Nuevo Índice de Referencia en www.stoxx.com.
-
# Cambio de nombre del Subfondo | The change to the New Reference Index is proposed as part of the Company’s continuous review of its existing product range and due to increased demand for ESG compliant investments. Hence, the Board of Directors deems it to be in the best interests of the Shareholders to restructure the Sub-Fund to reflect the New Reference Index.
Further details on the index methodology of the New Reference Index can be found on www.stoxx.com.
-
# Change to the Sub-Fund name | en | es |
DOLFIN6695 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Further information about the Fund including the latest Prospectus, latest published prices of share(s), annual report and half yearly report may be obtained free of charge, in English, from BNP PARIBAS ASSET MANAGEMENT Luxembourg or online at .
- Luxembourg tax legislation may have an impact on the personal tax position of the investor.
- Details of the updated remuneration policy (including a description of how the remuneration and benefits are calculated), the identity of the people responsible for granting the remuneration and benefits and the composition of the remuneration committee are available on the website. A hard copy of the remuneration policy will be available upon request.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
| | - Si desea más información sobre el Fondo, incluidos el último folleto informativo, los últimos precios de acciones publicados, así como el informe anual y el informe semestral, puede obtenerla gratuitamente, en inglés, de BNP PARIBAS ASSET MANAGEMENT Luxembourg o en línea en la página .
- La legislación fiscal de Luxemburgo puede incidir en la situación tributaria personal del inversor.
- Encontrará más información sobre la política de remuneración actualizada (incluida una descripción de cómo se calculan la remuneración y los beneficios), la identidad de las personas responsables de garantizar la remuneración y los beneficios y la composición del comité de remuneración en la página web. Si lo desea, puede solicitar una copia impresa de la política de remuneración.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg 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 informativo del Fondo.
| | - Further information about the Fund including the latest Prospectus, latest published prices of share(s), annual report and half yearly report may be obtained free of charge, in English, from BNP PARIBAS ASSET MANAGEMENT Luxembourg or online at .
- Luxembourg tax legislation may have an impact on the personal tax position of the investor.
- Details of the updated remuneration policy (including a description of how the remuneration and benefits are calculated), the identity of the people responsible for granting the remuneration and benefits and the composition of the remuneration committee are available on the website. A hard copy of the remuneration policy will be available upon request.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
| | en | es |
DOLFIN6697 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Inflation Linked Bond
Schroder ISF Global Inflation Linked Bond (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Global Inflation Linked Bond
Schroder ISF Global Inflation Linked Bond (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación de sostenibilidad general superior a la del ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Global Inflation Linked Bond
Schroder ISF Global Inflation Linked Bond (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the ICE BofA Merrill Lynch Global Governments Inflation-Linked EUR Hedged index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN6700 | 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
The fees listed below are not included in the five categories of fees set out above:
- Contributions due for management of the UCITS pursuant to section II 3° d) of Article L. 621-5-3 of the Code Monétaire et Financier,
- Exceptional and non-recurrent taxes, duties and other government fees (relating to the UCITS),
- Exceptional and non-recurrent costs relating to the collection of debts (e.g. Lehman) or to proceedings in order to exercise a right (e.g. class action lawsuit). | * 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.
Los gastos mencionados a continuación no forman parte de los 5 bloques de gastos indicados anteriormente:
- Las contribuciones debidas por la gestión del OICVM en aplicación de la sección II 3° d) del artículo L. 621-5-3 del Código Monetario y Financiero;
- Los impuestos, las tasas, los gravámenes y los derechos gubernamentales (en relación con el OICVM) extraordinarios y no recurrentes;
- Los costes extraordinarios y no recurrentes destinados al cobro de créditos (por ejemplo, Lehman) o a un procedimiento para hacer valer un derecho (por ejemplo, procedimiento de acción colectiva). | * 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
The fees listed below are not included in the five categories of fees set out above:
- Contributions due for management of the UCITS pursuant to section II 3° d) of Article L. 621-5-3 of the Code Monétaire et Financier,
- Exceptional and non-recurrent taxes, duties and other government fees (relating to the UCITS),
- Exceptional and non-recurrent costs relating to the collection of debts (e.g. Lehman) or to proceedings in order to exercise a right (e.g. class action lawsuit). | en | es |
DOLFIN6716 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The assets are principally invested in convertible or exchangeable bonds and other debt instruments (bonds and financial instruments having the same characteristics) which:
- are issued by private sector issuers;
- are denominated in developed market currency;
- the issuer is rated B-/B3 (or equivalent) at least by one of the independent rating agency or considered of comparable quality by the Management Company (notably when issuer rating is missing)
- may be at fixed or variable rates, indexed. | Los activos se invertirán principalmente en bonos convertibles o canjeables y otros instrumentos de deuda (bonos e instrumentos financieros con las mismas características):
- que estén emitidos por emisores del sector privado;
- que estén denominados en una divisa de un mercado desarrollado;
- cuyo emisor tenga una calificación de B-/B3 (o equivalente) de al menos una agencia de calificación independiente o la Sociedad Gestora lo considere de una calidad comparable (especialmente cuando no se cuenta con la calificación del emisor);
- que estén a tipos de interés fijos o variables, vinculados a un índice. | The assets are principally invested in convertible or exchangeable bonds and other debt instruments (bonds and financial instruments having the same characteristics) which:
- are issued by private sector issuers;
- are denominated in developed market currency;
- the issuer is rated B-/B3 (or equivalent) at least by one of the independent rating agency or considered of comparable quality by the Management Company (notably when issuer rating is missing)
- may be at fixed or variable rates, indexed. | en | es |
DOLFIN6723 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This product is an Undertaking for the Collective Investment in Transferable Securities (UCITS) Fund.
## Term
This product is an open-ended fund and has no maturity date. However, Artemis reserves the right to close the product should there be a business case to do so.
## Objectives
The fund aims to generate a return greater than the benchmark, after the deduction of costs and charges, over rolling three-year periods, through a combination of income and capital growth.
Investment policy:
- The fund is actively managed.
- The fund may invest in the bonds of any type of issuer (for example government or corporates) with no restriction on economic or geographic areas (including emerging markets).
- The fund will invest at least 80% in short-dated high yield bonds, which:
- have a residual maturity of less than five and a half years; and
- either (a) have been given a credit rating of either: (i) Ba1 or lower by Moody’s; (ii) BB+ or lower by Standard & Poor’s; or (iii) BB+ or lower by Fitch; or (b) have not been rated but which the Investment Manager believes would, if they were rated, be given a comparable credit rating.
- Corporate bonds (held either directly or indirectly via derivatives) issued by companies involved in the following are automatically excluded:
- Tobacco: companies which derive more than 5% revenue from tobacco production;
- Nuclear power: companies which derive more than 5% revenue from:
- nuclear power plant ownership or operation;
- manufacturing of nuclear-specific essential components;
- uranium mining; or
- nuclear energy based power generation;
- Weapons: companies:
- involved in the production of controversial weapons (including cluster munitions, landmines, biological and chemical weapons) or nuclear weapons; or
- which derive more than 5% revenue from conventional weapons, related components and systems;
- Fossil fuels: companies which:
- derive more than 10% revenue from thermal coal-based power generation; or
- derive more than 5% revenue from thermal coal mining or sale, oil sands, fracking or arctic drilling;
- Companies that the Investment Manager determines to be in breach of the United Nations Global Compact principles on human rights, labour rights, the environment and anti-corruption.
- The fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. This is achieved through (i) operating exclusions lists, as detailed above, based on industries where the Investment Manager assesses there to be fundamental ESG-related concerns, (ii) taking into consideration ESG risks and opportunities, which may additionally influence the bonds selected depending on the outcome of the ESG evaluation, and (iii) favouring investment in issuers with low or reducing carbon intensity, with the Investment Manager aiming for the fund’s carbon intensity (as measured by scope 1 & 2 emissions) to be below that of the ICE BoAML Global High Yield Constrained Index. Further information is contained in a methodology statement available on the Artemis website at www.artemisfunds.com/methodology-statement.
- The environmental social and governance (ESG) evaluation of individual securities is determined by the Investment Manager using information provided by thecompanies (for example company sustainability reports) and third-party data focusing on individual factors and metrics that the Investment Manager considers to be relevant.
- More information about the environmental or social characteristics for this fund is available in the pre-contractual disclosure for financial products referred to in Article 8 under SFDR in the fund's prospectus.
- The Investment Manager shall target an average duration, across all of the bonds held by the fund, between zero and two years in normal market circumstances; however there may be times (for example in periods of high volatility or market disruption) when average duration will be above two years. In these circumstances, the Investment Manager shall endeavour to return the portfolio to an average duration between zero and two years as soon as practicable taking into account the best interests of shareholders.
- The fund may use derivatives and other techniques for investment, hedging and for efficient portfolio management. The fund's derivatives may include, but are not limited to, futures, forward currency contracts, credit default swaps (single name and indices) and interest rate swaps.
- In particular, the Investment Manager intends to hedge the fund’s base currency against the currencies in which the underlying assets of the fund are denominated. There may be certain currency exposures where it is impractical or not cost effective to apply the portfolio hedge, but the intention is that the fund will operate a target hedge ratio of 100%.
- In the event that any bonds held by the fund are subject to a restructuring process, the fund will be permitted to invest in new bonds or equity securities issued as part of the reorganisation process.
- The fund may invest up to 10% of its assets in each of the following:
- asset-backed securities and mortgage-backed securities;
- distressed/defaulted bonds;
- more speculative high yield bonds, where they carry a credit rating from Moody's, Standard & Poor's or Fitch, that have been given ratings whereby none are at or above B- (for Standard & Poor's and Fitch) or B3 (for Moody's) not qualifying as distressed/defaulted bonds at the time of purchase; and
- other collective investment schemes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may also hold ancillary liquid assets for treasury purposes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may invest in bank deposits, money market instruments and money market funds in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions.
Benchmark: Secured Overnight Financing Rate (SOFR)
The benchmark is a point of reference against which the performance of the fund may be measured. Management of the fund is not restricted by this benchmark. The deviation from the benchmark may be significant and the portfolio of the fund may at times bear little or no resemblance to its benchmark and therefore characteristics such as volatility will vary between the fund and the benchmark. Where share classes are available in a different currency to the fund's base currency, an alternative local currency (equivalent) benchmark may be referenced for performance comparison purposes.
The benchmark does not take into account environmental and/or social characteristics promoted by the fund.
## Intended retail investor
This product is intended for investors who are willing to invest for the medium term and who plan to stay invested for at least 3 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return. | # ¿Qué es este producto?
## Tipo
Este producto es un Fondo organismo de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
Este producto es un fondo abierto sin fecha de vencimiento. Sin embargo, Artemis se reserva el derecho a cerrar el producto en caso de existir motivos comerciales que lo justifiquen.
## Objetivos
El fondo pretende generar un rendimiento superior al del valor de referencia, tras deducir costes y gastos, a lo largo de períodos renovables de tres años, a través de una combinación de ingresos y crecimiento del capital.
Política de inversión:
- El fondo se gestiona activamente.
- El fondo puede invertir en bonos de cualquier tipo de emisor (por ejemplo, público o corporativo) sin restricciones por segmentos económicos o ámbitos geográficos (entre ellas los mercados emergentes).
- El fondo invertirá al menos el 80% en bonos de alto rendimiento a corto plazo, que:
- tengan un vencimiento residual de menos de cinco años y medio; y
- o bien (a) hayan recibido una calificación crediticia de: (i) Ba1 o inferior de Moody’s; (ii) BB+ o inferior de Standard & Poor’s; o (iii) BB+ o inferior de Fitch; o(b) no hayan recibido una calificación, pero que el Gestor de inversiones considere que, en caso de ser calificados, recibirían una calificación crediticia comparable.
- Se excluyen automáticamente los bonos corporativos (que se mantengan directa o indirectamente mediante derivados) emitidos por empresas que participen en las actividades siguientes:
- Tabaco: empresas que obtengan ingresos superiores al 5% de la producción de tabaco;
- Energía nuclear: empresas que obtengan ingresos superiores al 5% de:
- propiedad o la explotación de centrales nucleares;
- fabricación de componentes esenciales específicos de la industria nuclear;
- minería de uranio; o
- generación de electricidad a partir de la energía nuclear;
- Armas: empresas que:
- participen en la producción de armas controvertidas (entre ellas municiones de racimo, minas terrestres, armas biológicas y químicas) o armas nucleares; o que
- obtengan más del 5% de sus ingresos de armas convencionales, componentes y sistemas conexos;
- Combustibles fósiles: empresas que:
- obtengan más del 10% de sus ingresos de la generación de electricidad a partir del carbón térmico; o que
- obtengan más de un 5% de sus ingresos de la minería o la venta de carbón térmico, las arenas bituminosas, el fracking o la perforación en el Ártico;
- Empresas que el Gestor de inversiones determine que incumplen los principios del Pacto Mundial de las Naciones Unidas sobre derechos humanos, derechos laborales, medio ambiente y anticorrupción.
- El fondo promueve características ambientales o sociales con arreglo al significado del artículo 8 del SFDR. Esto se logra mediante (i) listas de exclusiones operativas, como ya se ha indicado, basadas en sectores en los que el gestor de inversiones considera que existen inquietudes fundamentales asociadas con aspectos ambientales, sociales y de gobernanza (ASG), (ii) teniendo en cuenta los riesgos y oportunidades ASG, que también pueden influir en los bonos seleccionados en función del resultado de la evaluación ASG, y (iii) favorecer la inversión en emisores con una intensidad de carbono baja o en proceso de reducción, a fin de que la intensidad de carbono del fondo (medida por las emisiones de alcance 1 y 2) sea inferior a la del Índice ICE BoAML Global High Yield Constrained Index. En el sitio web de Artemis, dentro del apartado www.artemisfunds.com/methodology-statement, se incluye una declaración de lametodología que contiene más información.
- El Gestor de inversiones determina la evaluación ASG de valores concretos empleando la información facilitada por las empresas (por ejemplo, los informes de sostenibilidad) y datos de terceros, centrándose en factores individuales y en las métricas que considere pertinentes.
- Puede obtener más información sobre las características ambientales o sociales de este fondo en la información precontractual relativa a los productos financieros a que se refiere el artículo 8 del SFDR que figura en el folleto.
- En circunstancias normales del mercado, el Gestor de inversiones tendrá como objetivo una duración media de cero a dos años para todos los bonos que mantiene el fondo; sin embargo, en ocasiones (por ejemplo, en períodos de alta volatilidad o de perturbaciones en el mercado) la duración media puede ser superior a dos años. En estas circunstancias, el gestor de inversiones procurará hacer que la cartera recupere una duración media de entre cero y dos años tan pronto como sea posible, teniendo en cuenta el interés superior de los accionistas.
- El fondo puede emplear derivados y otras técnicas con fines de inversión, cobertura y gestión eficiente de la cartera. Los derivados del fondo pueden incluir, entre otros, futuros, contratos de divisas a plazo, permutas de cobertura por impago (de empresas concretas y de índices) y permutas de tipos de interés.
- Concretamente, el gestor de inversiones pretende proporcionar cobertura a la moneda de base del fondo frente a las monedas en las que están denominados los activos subyacentes del fondo. Puede haber algunas exposiciones a divisas en las que no resulte práctico o rentable aplicar una cobertura a la cartera, aunque la intención es que el fondo emplee una ratio de cobertura objetivo del 100%.
- En caso de que los bonos que mantiene el fondo estén sujetos a un proceso de reestructuración, el fondo podrá invertir en nuevos bonos o valores de renta variable emitidos como parte del proceso de reorganización.
- El fondo puede invertir hasta el 10% de sus activos en cada uno de los siguientes:
- valores respaldados por activos y valores respaldados por hipotecas;
- bonos en dificultades o impagados;
- bonos de alto rendimiento más especulativos, en caso de que lleven asociada una calificación crediticia de Moody's, Standard & Poor's o Fitch, que hayan recibido calificaciones que en ningún caso sean iguales o superiores a B- (Standard & Poor's y Fitch) o B3 (Moody's) y que no cumplan los requisitos para ser considerados bonos en dificultades o impagados en el momento de la adquisición; y
- otros organismos de inversión colectiva.
- Dentro de los límites establecidos en la sección «Investment Restrictions» (Restricciones a la inversión) del folleto del fondo, este también podrá mantener activos líquidos accesorios con fines de tesorería.
- Dentro de los límites establecidos en la sección «Investment Restrictions» del folleto del fondo, el fondo puede invertir en depósitos bancarios, instrumentos del mercado monetario y fondos del mercado monetario para lograr sus objetivos de inversión, con fines de tesorería y en caso de condiciones desfavorables del mercado.
Valor de referencia: Secured Overnight Financing Rate (SOFR)
El valor de referencia sirve de punto de referencia con respecto al que puede medirse la rentabilidad del fondo. La gestión del fondo no está limitada por su valor de referencia. El fondo puede desviarse de forma considerable de su valor de referencia y en ocasiones su cartera puede parecerse muy poco o nada a su valor de referencia, por lo que características como la volatilidad variarán entre el fondo y el valor de referencia. Cuando las clases de acciones estén disponibles en una moneda distinta a la moneda de base del fondo, podrá referenciarse a un valor de referencia alternativo (equivalente) en la moneda local a efectos de comparar su rentabilidad.
El valor de referencia no tiene en cuenta las características ambientales o sociales que promueve el fondo.
## Inversor minorista al que va dirigido
Este producto va dirigido a los inversores que están dispuestos a invertir a medio plazo y que prevén mantener su inversión durante al menos 3 años. Los inversores deben estar dispuestos a asumir un nivel de riesgo de pérdida de su capital original relativamente alto para obtener una mayor rentabilidad potencial. | # What is this product?
## Type
This product is an Undertaking for the Collective Investment in Transferable Securities (UCITS) Fund.
## Term
This product is an open-ended fund and has no maturity date. However, Artemis reserves the right to close the product should there be a business case to do so.
## Objectives
The fund aims to generate a return greater than the benchmark, after the deduction of costs and charges, over rolling three-year periods, through a combination of income and capital growth.
Investment policy:
- The fund is actively managed.
- The fund may invest in the bonds of any type of issuer (for example government or corporates) with no restriction on economic or geographic areas (including emerging markets).
- The fund will invest at least 80% in short-dated high yield bonds, which:
- have a residual maturity of less than five and a half years; and
- either (a) have been given a credit rating of either: (i) Ba1 or lower by Moody’s; (ii) BB+ or lower by Standard & Poor’s; or (iii) BB+ or lower by Fitch; or (b) have not been rated but which the Investment Manager believes would, if they were rated, be given a comparable credit rating.
- Corporate bonds (held either directly or indirectly via derivatives) issued by companies involved in the following are automatically excluded:
- Tobacco: companies which derive more than 5% revenue from tobacco production;
- Nuclear power: companies which derive more than 5% revenue from:
- nuclear power plant ownership or operation;
- manufacturing of nuclear-specific essential components;
- uranium mining; or
- nuclear energy based power generation;
- Weapons: companies:
- involved in the production of controversial weapons (including cluster munitions, landmines, biological and chemical weapons) or nuclear weapons; or
- which derive more than 5% revenue from conventional weapons, related components and systems;
- Fossil fuels: companies which:
- derive more than 10% revenue from thermal coal-based power generation; or
- derive more than 5% revenue from thermal coal mining or sale, oil sands, fracking or arctic drilling;
- Companies that the Investment Manager determines to be in breach of the United Nations Global Compact principles on human rights, labour rights, the environment and anti-corruption.
- The fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. This is achieved through (i) operating exclusions lists, as detailed above, based on industries where the Investment Manager assesses there to be fundamental ESG-related concerns, (ii) taking into consideration ESG risks and opportunities, which may additionally influence the bonds selected depending on the outcome of the ESG evaluation, and (iii) favouring investment in issuers with low or reducing carbon intensity, with the Investment Manager aiming for the fund’s carbon intensity (as measured by scope 1 & 2 emissions) to be below that of the ICE BoAML Global High Yield Constrained Index. Further information is contained in a methodology statement available on the Artemis website at www.artemisfunds.com/methodology-statement.
- The environmental social and governance (ESG) evaluation of individual securities is determined by the Investment Manager using information provided by thecompanies (for example company sustainability reports) and third-party data focusing on individual factors and metrics that the Investment Manager considers to be relevant.
- More information about the environmental or social characteristics for this fund is available in the pre-contractual disclosure for financial products referred to in Article 8 under SFDR in the fund's prospectus.
- The Investment Manager shall target an average duration, across all of the bonds held by the fund, between zero and two years in normal market circumstances; however there may be times (for example in periods of high volatility or market disruption) when average duration will be above two years. In these circumstances, the Investment Manager shall endeavour to return the portfolio to an average duration between zero and two years as soon as practicable taking into account the best interests of shareholders.
- The fund may use derivatives and other techniques for investment, hedging and for efficient portfolio management. The fund's derivatives may include, but are not limited to, futures, forward currency contracts, credit default swaps (single name and indices) and interest rate swaps.
- In particular, the Investment Manager intends to hedge the fund’s base currency against the currencies in which the underlying assets of the fund are denominated. There may be certain currency exposures where it is impractical or not cost effective to apply the portfolio hedge, but the intention is that the fund will operate a target hedge ratio of 100%.
- In the event that any bonds held by the fund are subject to a restructuring process, the fund will be permitted to invest in new bonds or equity securities issued as part of the reorganisation process.
- The fund may invest up to 10% of its assets in each of the following:
- asset-backed securities and mortgage-backed securities;
- distressed/defaulted bonds;
- more speculative high yield bonds, where they carry a credit rating from Moody's, Standard & Poor's or Fitch, that have been given ratings whereby none are at or above B- (for Standard & Poor's and Fitch) or B3 (for Moody's) not qualifying as distressed/defaulted bonds at the time of purchase; and
- other collective investment schemes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may also hold ancillary liquid assets for treasury purposes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may invest in bank deposits, money market instruments and money market funds in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions.
Benchmark: Secured Overnight Financing Rate (SOFR)
The benchmark is a point of reference against which the performance of the fund may be measured. Management of the fund is not restricted by this benchmark. The deviation from the benchmark may be significant and the portfolio of the fund may at times bear little or no resemblance to its benchmark and therefore characteristics such as volatility will vary between the fund and the benchmark. Where share classes are available in a different currency to the fund's base currency, an alternative local currency (equivalent) benchmark may be referenced for performance comparison purposes.
The benchmark does not take into account environmental and/or social characteristics promoted by the fund.
## Intended retail investor
This product is intended for investors who are willing to invest for the medium term and who plan to stay invested for at least 3 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return. | en | es |
DOLFIN6724 | 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: March 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
20%
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 16 de marzo de 2020. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
20%
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: March 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
20%
15%
10%
5%
0% | en | es |
DOLFIN6732 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## 2 The Fund's investments in CAT Bonds are subject to relative infrequent but severe losses resulting from the occurrence of one or more catastrophic events.
2 The Fund is considered to be actively managed in reference to Secured Overnight Financing Rate (SOFR) (the “Benchmark”) and the Eurekahedge ILS Advisers Index (the "Index") by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for
performance comparison purposes and the performance fees payable to the Fund Manager may be calculated based on the performance of the Fund against the Benchmark. However the Benchmark and Index are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index. | ## 2 Las inversiones del Fondo en Bonos CAT están sujetas a pérdidas relativamente infrecuentes pero graves derivadas del acaecimiento de uno o más desastres.
2 Se considera que el Fondo está gestionado activamente con referencia al Secured Overnight Financing Rate (SOFR) (el «Índice de referencia») y al índice Eurekahedge ILS Advisers (el «Índice»), dado que utiliza el Índice de referencia y el Índice en la moneda pertinente a efectos de comparación de la rentabilidad; asimismo, las comisiones de rentabilidad
pagaderas al Gestor del Fondo podrán calcularse en función de la rentabilidad del Fondo con respecto al Índice de referencia. No obstante, no se recurre al Índice de referencia ni al Índice para determinar la composición de la cartera del Fondo o como objetivo de rentabilidad y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte del Índice de referencia o del Índice. | ## 2 The Fund's investments in CAT Bonds are subject to relative infrequent but severe losses resulting from the occurrence of one or more catastrophic events.
2 The Fund is considered to be actively managed in reference to Secured Overnight Financing Rate (SOFR) (the “Benchmark”) and the Eurekahedge ILS Advisers Index (the "Index") by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for
performance comparison purposes and the performance fees payable to the Fund Manager may be calculated based on the performance of the Fund against the Benchmark. However the Benchmark and Index are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index. | en | es |
DOLFIN6735 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Key characteristics of the UCITS
In order to achieve its management objective, the fund's assets are composed of:
- Shares of companies listed on a stock exchange in a European Union member state and/or in OECD member states up to 100% of the net assets.
- Shares or units of French or European UCITS which may represent up to 10% of its assets.
- Money market instruments up to 100% if visibility and market conditions so require.
- Bonds from European Union and OECD countries up to 100% of the net assets. These bonds may be denominated in Euros or in another currency.
The MIF may use “Equity Swaps” and/or “Contracts for Difference” tailored to enable it to take either long or short positions, “Futures” or “Options” on the equity/index markets traded on a regulated or over-the-counter market in order to increase (buy) or decrease (sell) the portfolio's exposure to equity risk, “Currency swaps”, “Currency forwards”, “Futures” or “Currency options” in order to hedge against or gain exposure to currency risk. For hedging or exposure purposes, the Fund may use interest rate swaps, futures and/or options traded on a regulated or over-the-counter market. In order to manage overall credit exposure, the Fund may use individual CDS (“Credit Default Swaps”) or standardized CDS indices (such as iTraxx or CDX indices), up to a limit of 40% of the net assets of the MIF.
Investors may obtain a weekly reimbursement of their units upon request. | # Características principales del OICVM
Con el fin de cumplir su objetivo de gestión, el activo del Fondo se compone de:
- Acciones de empresas cotizadas en la bolsa de un Estado miembro de la Unión Europea y/o en Estados miembros de la OCDE hasta el 100% del activo neto.
- Acciones o participaciones de OICVM franceses o europeos, que podrán suponer hasta el 10% de su activo.
- Instrumentos del mercado monetario hasta el máximo del 100% si la certidumbre y las condiciones de mercado lo requieren.
- Bonos de Estados de la Unión Europea y la OCDE hasta el 100% del activo neto. Dichos bonos podrán estar denominados en euros u otras divisas.
El Fondo podrá utilizar swaps de renta variable y/o contratos por diferencia (CFD) adaptados para poder adoptar posiciones de compra o de venta, futuros, opciones de mercados de renta variable/índices negociados en un mercado regulado o extrabursátil para aumentar (compra) o disminuir (venta) la exposición de la cartera al riesgo de renta variable, swaps de divisas, instrumentos de divisas a plazo, futuros u opciones sobre divisas con fines de cobertura o exposición al riesgo de divisas. El Fondo podrá utilizar swaps de renta fija, futuros y/u opciones sobre renta fija negociados en un mercado regulado o extrabursátil, con fines de cobertura o exposición. Con el fin de gestionar la exposición al crédito global, el Fondo podrá hacer uso de CDS (credit default swaps, permutas de incumplimiento crediticio) individuales o de índices de CDS estandarizados (como los índices iTraxx o CDX), hasta el máximo del 40% del activo neto del Fondo. El inversor podrá proceder al reembolso de sus participaciones cada semana, previa solicitud. | # Key characteristics of the UCITS
In order to achieve its management objective, the fund's assets are composed of:
- Shares of companies listed on a stock exchange in a European Union member state and/or in OECD member states up to 100% of the net assets.
- Shares or units of French or European UCITS which may represent up to 10% of its assets.
- Money market instruments up to 100% if visibility and market conditions so require.
- Bonds from European Union and OECD countries up to 100% of the net assets. These bonds may be denominated in Euros or in another currency.
The MIF may use “Equity Swaps” and/or “Contracts for Difference” tailored to enable it to take either long or short positions, “Futures” or “Options” on the equity/index markets traded on a regulated or over-the-counter market in order to increase (buy) or decrease (sell) the portfolio's exposure to equity risk, “Currency swaps”, “Currency forwards”, “Futures” or “Currency options” in order to hedge against or gain exposure to currency risk. For hedging or exposure purposes, the Fund may use interest rate swaps, futures and/or options traded on a regulated or over-the-counter market. In order to manage overall credit exposure, the Fund may use individual CDS (“Credit Default Swaps”) or standardized CDS indices (such as iTraxx or CDX indices), up to a limit of 40% of the net assets of the MIF.
Investors may obtain a weekly reimbursement of their units upon request. | en | es |
DOLFIN6736 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Under the conditions set out in the Articles of Incorporation and applicable law and regulations, any merger of a Sub-Fund with another Sub-Fund or with another UCITS (whether subject to Luxembourg law or not) shall be decided by the Board of Directors unless the Board of Directors decides to submit the decision for the merger to the meeting of Shareholders of the Sub-Fund concerned. In the latter case, no quorum is required for this meeting and the decision for the merger is taken by a simple majority of the votes cast. In the case of a merger of a Sub-Fund where, as a result, the Fund ceases to exist, the merger shall, notwithstanding the foregoing, be decided by a meeting of Shareholders resolving with a simple majority of the votes cast.
In addition, the Board of Directors may liquidate a Sub-Fund:
- in order to proceed to an economic rationalization;
- in the event that a change in the economic or political situation relating to a Sub-Fund so justifies; or
- in the event that the total Net Asset Value of any Sub-Fund is less than the amount which the Board of Directors considers as being the minimum amount required for the existence of such Sub-Fund in the interest of the Shareholders. | En virtud de las condiciones establecidas en los Estatutos sociales y las leyes y normativas aplicables, cualquier fusión de un Subfondo con otro Subfondo o con otro OICVM (tanto si está sujeto a la ley de Luxemburgo como si no) será decidida por el Consejo de administración, a menos que este decida someter la decisión de la fusión a la junta de Accionistas del Subfondo de que se trate. En este último caso, no se requiere cuórum para la junta, y la decisión de la fusión será adoptada por la mayoría simple de los votos emitidos. No obstante lo anterior, en el caso de fusión de un Subfondo cuando, como consecuencia de ello, el Fondo deje de existir, la fusión se decidirá en una junta de Accionistas con la mayoría simple de los votos emitidos.
Además, el Consejo de administración podrá liquidar un Subfondo:
- con el fin de proceder a una racionalización económica;
- en caso de que así lo justifique un cambio en la situación económica o política relativa a un Subfondo; o
- en caso de que el Valor liquidativo total de cualquier Subfondo sea inferior a la cantidad que el Consejo de administración considera la cantidad mínima necesaria para que exista dicho Subfondo en interés de los Accionistas. | Under the conditions set out in the Articles of Incorporation and applicable law and regulations, any merger of a Sub-Fund with another Sub-Fund or with another UCITS (whether subject to Luxembourg law or not) shall be decided by the Board of Directors unless the Board of Directors decides to submit the decision for the merger to the meeting of Shareholders of the Sub-Fund concerned. In the latter case, no quorum is required for this meeting and the decision for the merger is taken by a simple majority of the votes cast. In the case of a merger of a Sub-Fund where, as a result, the Fund ceases to exist, the merger shall, notwithstanding the foregoing, be decided by a meeting of Shareholders resolving with a simple majority of the votes cast.
In addition, the Board of Directors may liquidate a Sub-Fund:
- in order to proceed to an economic rationalization;
- in the event that a change in the economic or political situation relating to a Sub-Fund so justifies; or
- in the event that the total Net Asset Value of any Sub-Fund is less than the amount which the Board of Directors considers as being the minimum amount required for the existence of such Sub-Fund in the interest of the Shareholders. | en | es |
DOLFIN6743 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund seeks to achieve income and growth through investment primarily in high yield below investment grade debt securities, of issuers based in OECD countries. The Fund may also invest in investment grade securities.
## The investment manager will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund.
The Fund will invest primarily in debt securities issued by corporations located in OECD member states but may also invest in debt securities issued by governments, government agencies and supranationals based in Europe and the U.S.
## The Fund may use derivatives with the aim of managing interest rate and currency risk more efficiently.
The Fund may also use derivatives for both hedging purposes and for taking investment positions. These may include short positions where the Fund seeks to benefit from the sale of an asset that it does not physically own. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 months.
## Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency. Typically, assets held by the Fund which are denominated in a currency other than the base currency may be hedged or substantially hedged to the base currency. | # Objetivos y política de inversión
El objetivo del Fondo es obtener ingresos y crecimiento a través de la inversión principalmente en valores de deuda de alta rentabilidad por debajo del grado de inversión, de emisores ubicados en países de la OCDE. El Fondo también puede invertir en valores de grado de inversión.
## El gestor de inversiones seleccionará, comprará y venderá activamente valores con el propósito de cumplir los objetivos de inversión del Fondo.
El Fondo invertirá principalmente en valores de deuda emitidos por corporaciones ubicadas en los Estados miembros de la OCDE, pero también puede invertir en valores de deuda emitidos por gobiernos, agencias gubernamentales y supranacionales de Europa y los Estados Unidos.
## El Fondo puede utilizar derivados con el propósito de gestionar mejor los riesgos de los tipos de interés y divisas.
El Fondo puede utilizar también derivados con fines de cobertura y para asumir posiciones de inversión. Estas pueden incluir posiciones cortas cuando el Fondo pretenda beneficiarse de la venta de un activo que no tiene físicamente. Recomendación: este Fondo puede no ser apropiado para los inversores que tengan intención de retirar su dinero en un plazo de 12 meses.
## Sus acciones son acumulativas, lo que significa que las rentas y ganancias del Fondo se reinvertirán para aumentar el valor del Fondo.
Sus acciones se denominan en USD, la divisa base del Fondo. Normalmente, los activos mantenidos por el Fondo que estén denominados en una divisa distinta de la divisa base pueden estar cubiertos o cubiertos sustancialmente en la divisa base. | # Objectives and investment policy
The Fund seeks to achieve income and growth through investment primarily in high yield below investment grade debt securities, of issuers based in OECD countries. The Fund may also invest in investment grade securities.
## The investment manager will actively select, purchase and sell securities with the aim of meeting the investment objectives of the Fund.
The Fund will invest primarily in debt securities issued by corporations located in OECD member states but may also invest in debt securities issued by governments, government agencies and supranationals based in Europe and the U.S.
## The Fund may use derivatives with the aim of managing interest rate and currency risk more efficiently.
The Fund may also use derivatives for both hedging purposes and for taking investment positions. These may include short positions where the Fund seeks to benefit from the sale of an asset that it does not physically own. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 12 months.
## Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency. Typically, assets held by the Fund which are denominated in a currency other than the base currency may be hedged or substantially hedged to the base currency. | en | es |
DOLFIN6747 | 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 6, 2012. The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 6 de diciembre de 2012. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: December 6, 2012. The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
5%
0% | en | es |
DOLFIN6750 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 04/09/2017.
The share class of the Fund was launched on 11/12/2017.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month USD LIBOR + 5%. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 04/09/2017.
La clase de acciones del Fondo se lanzó el 11/12/2017.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en LIBOR a 3 meses (USD) +5%. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 04/09/2017.
The share class of the Fund was launched on 11/12/2017.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month USD LIBOR + 5%. | en | es |
DOLFIN6757 | 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 7, 2016.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
40%
20%
0%
-20% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 7 de octubre de 2016. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
40%
20%
0%
-20% | ### Launch Date and Currency
Sub-Fund's launch date: October 7, 2016.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
40%
20%
0%
-20% | en | es |
DOLFIN6761 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
1 2 3 4 5 6 7
The Fund is categorised as a 4 as it invests on both a long and short basis in credit and credit related instruments.
The categorisation is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category is not guaranteed and may change over time. The lowest category does not mean risk free.
Adverse market conditions may limit the Fund’s ability to dispose of assets and limit liquidity.
The Fund does not provide any capital protection or return guarantee.
For more details, please refer to the section of the prospectus entitled “Risk Factors”.
In pursuing its investment objective, the Fund will be exposed to additional risks including, without limitation:
Leverage can magnify gains and losses, particularly in periods of abnormal and adverse market conditions.
Certain Derivatives may result in gains or losses greater than the original amount invested.
Duration Hedging Risk: (DH classes) Duration-hedging aims to reduce the impact of a rise in interest rates on the value of the underlying investments held but such efforts may not be successful causing a negative financial impact to the share price. (D classes) Classes that do not hedge duration are more susceptible to lower or susceptible to lower or negative performance due to possible fall in price of underlying bond investments when interest rates rise.
A party with whom the Fund contracts may fail to meet its obligations or become bankrupt which may expose the Fund to a financial loss.
Generally, corporate bonds and corporate CDS in which the Fund invests are highly liquid with high trading volumes. The Fund expects to invest substantially in derivatives, particularly CDS. These are contracts which expose the Fund to the performance of a single underlying corporation. CDS will also expose the Fund to the risk of non-performance of the contract by the counterparty to the CDS, which will generally be a large international bank. The Investment Manager will monitor and limit exposures to and creditworthiness of all CDS counterparties.
The Fund is exposed to the credit risk of issuers of corporate debt.
The Fund attempts to hedge currency exchange risk for the non-Euro classes. There can be no guarantee hedging will work. | # Perfil de riesgo y remuneración
1 2 3 4 5 6 7
El Fondo ha sido clasificado en el nivel 4, ya que invierte tanto en una base larga como en una corta en instrumentos de crédito y relacionados con el crédito.
La clasificación se basa en datos históricos y puede no ser una indicación fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo no está garantizada y puede cambiar con el tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
Las condiciones adversas del mercado pueden limitar la liquidez y la capacidad del Fondo para disponer de los activos.
El Fondo no ofrece ninguna protección del capital ni garantiza una rentabilidad.
Para obtener más información, consulte el apartado del folleto titulado “Factores de riesgo”.
Al intentar alcanzar su objetivo de inversión, el Fondo estará expuesto a riesgos adicionales, incluidos, entre otros:
El apalancamiento puede magnificar los beneficios y las pérdidas, especialmente en periodos de condiciones anormales y adversas de mercado.
Determinados derivados podrían resultar en beneficios o pérdidas mayores que el importe invertido originalmente.
Duración Riesgo de cobertura: (Clases DH) La cobertura de duración tiene como objetivo reducir el impacto de un aumento en los tipos de interés sobre el valor de las inversiones subyacentes mantenidas, pero dichos esfuerzos pueden no ser exitosos y causar un impacto financiero negativo en el precio de las acciones. (Clases D) Las clases que no cubren la duración son más susceptibles a la baja o susceptible de una rentabilidad inferior o negativa debido a la posible caída en el precio de las inversiones de bonos subyacentes cuando los tipos de interés suben.
Una parte con la que el Fondo celebre un contrato puede incumplir sus obligaciones o declararse en quiebra, lo cual podría exponer el Fondo a una pérdida financiera.
Por lo general, los bonos empresariales y los CDS empresariales en los que invierte el Fondo tienen una liquidez y un volumen de negociación elevados. El Fondo espera invertir sustancialmente en derivados, especialmente en CDS. Estos son contratos que exponen el Fondo al rendimiento de una única empresa subyacente. Los CDS también expondrán el Fondo al riesgo de incumplimiento del contrato por parte de la contraparte al CDS, que generalmente será un gran banco internacional. El Gestor de inversiones supervisará y limitará las exposiciones y la solvencia de todas las contrapartes de CDS.
El Fondo está expuesto al riesgo crediticio de los emisores de la deuda corporativa.
El Fondo intenta cubrir el riesgo cambiario de las clases que no están denominadas en EUR. No puede garantizarse que la cobertura funcione. | # Risk and Reward Profile
1 2 3 4 5 6 7
The Fund is categorised as a 4 as it invests on both a long and short basis in credit and credit related instruments.
The categorisation is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category is not guaranteed and may change over time. The lowest category does not mean risk free.
Adverse market conditions may limit the Fund’s ability to dispose of assets and limit liquidity.
The Fund does not provide any capital protection or return guarantee.
For more details, please refer to the section of the prospectus entitled “Risk Factors”.
In pursuing its investment objective, the Fund will be exposed to additional risks including, without limitation:
Leverage can magnify gains and losses, particularly in periods of abnormal and adverse market conditions.
Certain Derivatives may result in gains or losses greater than the original amount invested.
Duration Hedging Risk: (DH classes) Duration-hedging aims to reduce the impact of a rise in interest rates on the value of the underlying investments held but such efforts may not be successful causing a negative financial impact to the share price. (D classes) Classes that do not hedge duration are more susceptible to lower or susceptible to lower or negative performance due to possible fall in price of underlying bond investments when interest rates rise.
A party with whom the Fund contracts may fail to meet its obligations or become bankrupt which may expose the Fund to a financial loss.
Generally, corporate bonds and corporate CDS in which the Fund invests are highly liquid with high trading volumes. The Fund expects to invest substantially in derivatives, particularly CDS. These are contracts which expose the Fund to the performance of a single underlying corporation. CDS will also expose the Fund to the risk of non-performance of the contract by the counterparty to the CDS, which will generally be a large international bank. The Investment Manager will monitor and limit exposures to and creditworthiness of all CDS counterparties.
The Fund is exposed to the credit risk of issuers of corporate debt.
The Fund attempts to hedge currency exchange risk for the non-Euro classes. There can be no guarantee hedging will work. | en | es |
DOLFIN6766 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund seeks to provide medium to long-term capital appreciation.
1 The Fund will typically hold 35 -45 positions.
1 The Fund is a long-only Fund which invest at least two thirds of its net assets in equity securities of issuers with a registered office in Asia ex Japan or of issuers which derive the majority of their revenues from activities in Asia ex Japan. The Fund may also invest directly or indirectly (through financial derivative instruments) in China A Shares.
1 The Investment Manager takes a flexible investment approach which is not driven by any particular style, avoiding any permanent bias towards a particular investment style or market capitalisation. The Fund will not have a particular industry or sector focus. The Investment Manager will implement a detailed analysis of potential investments, evaluating individual companies as well as the market as a whole, to ensure that favourable countries, industries or investment styles are included in the Fund.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (“SFDR”) on sustainability-related disclosures in the financial services sector. The Investment Manager's analysis of possible investments integrates stock specific environmental, social and governance considerations. The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)) to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI All Countries Asia ex Japan Total Return (the “Benchmark”) but may be constrained by it to a limited extent. The Investment Manager's risk management function will perform additional monitoring of Fund positions relative to Benchmark weights. These weights will be assessed with reference to a threshold which is reviewed on an ongoing basis to evaluate the Fund's risk-profile compared to the Benchmark. The Benchmark does not dictate the risk profile. While the Fund focusses on
individual issuers that may belong to the Benchmark, such investment may be in different weights to the Benchmark weights. The Benchmark does not define the Fund's investment universe and the Fund may actively invest outside of the Benchmark. The Benchmark is also used for performance comparison purposes.
1 The Fund may also invest up to one third in a number of other assets including money market instruments, debt securities (including government and corporate bonds), other funds, cash and other liquid assets of any geographical focus, including Japan. The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities
1 The Fund's reference currency is USD.
1 The Fund may use FDI to alter the foreign currency exposure of the Fund.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Investment in the Fund is suitable for investors seeking medium to long- term capital growth with an investment horizon of at least five years. | # Objetivos y política de inversión
1 El Fondo trata de proporcionar una revalorización del capital a medio y largo plazo.
1 Normalmente, el Fondo mantendrá entre 35 y 45 posiciones.
1 Se trata de un Fondo largo que invierte al menos dos tercios de sus activos netos en valores de renta variable de emisores con domicilio social en Asia, excepto Japón, o de emisores que obtengan la mayoría de sus ingresos de actividades en Asia, excepto Japón. El Fondo también puede invertir en Acciones A de China de forma directa o indirecta (a través de instrumentos financieros derivados).
1 La Gestora de inversiones aplica un enfoque de inversión flexible que no está impulsado por ningún estilo concreto, evitando así una tendencia permanente hacia un estilo de inversión o capitalización de mercado en particular. El Fondo no se centrará en una industria o sector específicos. La Gestora de Inversiones implementará un análisis detallado de las posibles inversiones evaluando tanto las empresas individuales como el mercado en conjunto, para garantizar la inclusión en el Fondo de países, industrias o estilos de inversión favorables.
1 El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). En el análisis de las posibles inversiones que realiza la Gestora de Inversiones, se integran consideraciones ambientales, sociales y de gobernanza específicas de los valores. Por lo general, la Gestora de Inversiones aplicará una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas y municiones, armas nucleares o la producción de tabaco y carbón.
1 El Fondo puede utilizar instrumentos financieros derivados («IFD», es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) de forma activa para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el MSCI All Countries Asia ex Japan Total Return (el
«Índice de referencia»), pero puede verse limitado por él en cierta medida.
En el marco de su función de gestión de riesgos, la Gestora de inversiones realizará una supervisión adicional de las posiciones del Fondo en relación con las ponderaciones del Índice de referencia. Estas ponderaciones se evaluarán con referencia a un umbral que se revisa continuamente para evaluar el perfil de riesgo del Fondo en comparación con el Índice de referencia. El Índice de referencia no determina el perfil de riesgo. Si bien el Fondo se centra en emisores individuales que pueden pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes a las del Índice de referencia. El Índice de referencia no define el universo de inversión del Fondo y el Fondo puede invertir de forma activa fuera del Índice de referencia. El Índice de referencia también se utiliza a efectos de comparación de rentabilidad.
1 El Fondo también podrá invertir hasta un tercio de su patrimonio en otros activos, entre ellos, instrumentos del mercado monetario, títulos de deuda (lo que incluye bonos corporativos y del Estado), otros fondos, efectivo y otros activos líquidos de cualquier ámbito geográfico, incluido Japón. El Fondo puede incrementar sus posiciones en efectivo y otros activos líquidos durante periodos de circunstancias excepcionales del mercado o cuando se considere que no hay suficientes oportunidades de inversión.
1 La divisa de referencia del Fondo es el USD.
1 El Fondo puede utilizar IFD para modificar su exposición a monedas extranjeras.
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo.
1 La inversión en el Fondo es apropiada para aquellos inversores que deseen obtener una revalorización del capital a medio y largo plazo con un horizonte de inversión mínimo de cinco años. | # Objectives and investment policy
1 The Fund seeks to provide medium to long-term capital appreciation.
1 The Fund will typically hold 35 -45 positions.
1 The Fund is a long-only Fund which invest at least two thirds of its net assets in equity securities of issuers with a registered office in Asia ex Japan or of issuers which derive the majority of their revenues from activities in Asia ex Japan. The Fund may also invest directly or indirectly (through financial derivative instruments) in China A Shares.
1 The Investment Manager takes a flexible investment approach which is not driven by any particular style, avoiding any permanent bias towards a particular investment style or market capitalisation. The Fund will not have a particular industry or sector focus. The Investment Manager will implement a detailed analysis of potential investments, evaluating individual companies as well as the market as a whole, to ensure that favourable countries, industries or investment styles are included in the Fund.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (“SFDR”) on sustainability-related disclosures in the financial services sector. The Investment Manager's analysis of possible investments integrates stock specific environmental, social and governance considerations. The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)) to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI All Countries Asia ex Japan Total Return (the “Benchmark”) but may be constrained by it to a limited extent. The Investment Manager's risk management function will perform additional monitoring of Fund positions relative to Benchmark weights. These weights will be assessed with reference to a threshold which is reviewed on an ongoing basis to evaluate the Fund's risk-profile compared to the Benchmark. The Benchmark does not dictate the risk profile. While the Fund focusses on
individual issuers that may belong to the Benchmark, such investment may be in different weights to the Benchmark weights. The Benchmark does not define the Fund's investment universe and the Fund may actively invest outside of the Benchmark. The Benchmark is also used for performance comparison purposes.
1 The Fund may also invest up to one third in a number of other assets including money market instruments, debt securities (including government and corporate bonds), other funds, cash and other liquid assets of any geographical focus, including Japan. The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities
1 The Fund's reference currency is USD.
1 The Fund may use FDI to alter the foreign currency exposure of the Fund.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Investment in the Fund is suitable for investors seeking medium to long- term capital growth with an investment horizon of at least five years. | en | es |
DOLFIN6769 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
To the extent permitted under the laws and regulations of Luxembourg, (and subject to the investment objectives and investment policy of the Sub-Funds), a Sub-Fund may invest in securities which are not registered pursuant to the United States Securities Act of 1933 and amendments thereto (hereinafter called “the 1933 Act”), but which may be sold according to Rule 144A of the 1933 Act to qualified institutional buyers (“securities pursuant to Rule 144A”) that qualify as securities as defined under section 1. A) above. A Sub- Fund may invest up to 10% of its net assets in securities pursuant to Rule 144A that do not qualify as securities as defined under section 1. A) above, provided that the total value of such assets together with other such securities and money market instruments that do not fall under section 1. A) above, does not exceed 10%.
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## Direct Investments in Russian Securities | En la medida en que las leyes y disposiciones luxemburguesas lo permitan (y con sujeción a la política y los objetivos de inversión de un Compartimento), un Compartimento podrá invertir en títulos-valores que no estén registrados de conformidad con la United States Securities Act de 1933 y sus modificaciones (en adelante, la «Ley de 1933») pero que, sin embargo, según el Artículo 144A de la Ley de 1933, puedan venderse a compradores institucionales cualificados («títulos-valores según el Artículo 144A») que se clasifiquen como títulos-valores según lo establecido en la Sección 1. a) anterior. Un Compartimento puede invertir hasta el 10 % de su patrimonio neto en títulos-valores según el Artículo 144A que no se clasifiquen como títulos-valores según lo dispuesto en la sección 1. a) anterior, siempre que el valor conjunto de estas inversiones, junto con el valor de otros títulos-valores e instrumentos del mercado monetario que no estén sujetos a la sección 1. a) anterior, no supere el 10 %.
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## Inversiones directas en títulos-valores rusos | To the extent permitted under the laws and regulations of Luxembourg, (and subject to the investment objectives and investment policy of the Sub-Funds), a Sub-Fund may invest in securities which are not registered pursuant to the United States Securities Act of 1933 and amendments thereto (hereinafter called “the 1933 Act”), but which may be sold according to Rule 144A of the 1933 Act to qualified institutional buyers (“securities pursuant to Rule 144A”) that qualify as securities as defined under section 1. A) above. A Sub- Fund may invest up to 10% of its net assets in securities pursuant to Rule 144A that do not qualify as securities as defined under section 1. A) above, provided that the total value of such assets together with other such securities and money market instruments that do not fall under section 1. A) above, does not exceed 10%.
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## Direct Investments in Russian Securities | en | es |
DOLFIN6770 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests primarily in fixed or variable-rate securities issued by private and public-sector debtors in EUR, most of which have an investment grade rating. ESG criteria (environment, social, governance) are systematically taken into account in the investment selection process in accordance with responsibility requirements.
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the Bloomberg Barclays Euro Aggregate Bond Index. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark
index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Características importantes:
El fondo invierte principalmente en títulos de tipo de interés fijo o variable de deudores privados y públicos denominados en EUR, que tengan mayoritariamente una calificación de grado de inversión. Al seleccionar las inversiones se tienen en cuenta sistemáticamente los criterios ESG (Environment, Social, Governance, es decir medioambientales, sociales y de gobernanza) de conformidad con los requisitos de responsabilidad.
Los valores se seleccionan de manera discrecional sobre la base de un proceso de inversión coherente (gestión activa). En lo que respecta a la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del Bloomberg Barclays Euro Aggregate Bond Index. La desviación del índice de referencia puede ser considerable.
La política de inversión se rige por este índice y trata de superar su rentabilidad. El gestor de activos podrá, en
cualquier momento, desviarse de manera significativa o mínima, positiva o negativamente, del índice, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
Para alcanzar el objetivo de inversión se pueden emplear derivados.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo.
No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten. | # Important features:
The fund invests primarily in fixed or variable-rate securities issued by private and public-sector debtors in EUR, most of which have an investment grade rating. ESG criteria (environment, social, governance) are systematically taken into account in the investment selection process in accordance with responsibility requirements.
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the Bloomberg Barclays Euro Aggregate Bond Index. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark
index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | es |
DOLFIN6775 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- Aims to provide long-term capital growth.
- At least 70% invested in shares and related instruments that provide exposure to companies that have their head office in, are listed in, or have a main part of their activity in the Asia (excluding Japan) region. The fund may invest its net assets directly in China A and B shares.
- 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.
- Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is actively managed. The Investment Manager will reference MSCI AC Asia ex Japan Index (Net) (the ‘‘Index’’) by seeking to outperform it. The fund’s performance should 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in 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
- Tiene como objetivo obtener un crecimiento del capital a largo plazo.
- Como mínimo un 70% se invierte en acciones e instrumentos relacionados que proporcionen exposición a empresas cuya sede se encuentre en Asia (excepto Japón), o que coticen o lleven a cabo una parte fundamental de su actividad en dicha región. El Subfondo puede invertir su patrimonio neto directamente en Acciones China A y B.
- 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.
- Puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales de acuerdo con el perfil de riesgo del Subfondo. También podrá hacer un amplio uso de los derivados (incluidos instrumentos o estrategias de mayor complejidad) para cumplir el objetivo de inversión, lo que puede generar apalancamiento. En tal caso, la rentabilidad puede experimentar un incremento o disminución mayor del que hubiera obtenido de otro modo, con lo que reflejará dicha exposición adicional.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo se gestiona de manera activa. El Gestor de Inversiones tomará como referencia el MSCI AC Asia ex Japan Index (Net) (en adelante, el «Índice») e intentará superarlo. La rentabilidad del Subfondo debe compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países, sectores y 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
- Aims to provide long-term capital growth.
- At least 70% invested in shares and related instruments that provide exposure to companies that have their head office in, are listed in, or have a main part of their activity in the Asia (excluding Japan) region. The fund may invest its net assets directly in China A and B shares.
- 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.
- Can use derivatives with the aim of risk or cost reduction or to generate additional capital or income in line with the fund's risk profile. May also make extensive use of derivatives including more complex instruments or strategies to achieve the investment objective and these may result in leverage. In such situations performance may rise or fall more than it would have done otherwise, reflecting such additional exposure.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund is actively managed. The Investment Manager will reference MSCI AC Asia ex Japan Index (Net) (the ‘‘Index’’) by seeking to outperform it. The fund’s performance should 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in 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 |
DOLFIN6776 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Benchmark
Rating Breakdown (%) (weighted by market value) ⁷
Country/Location Breakdown (%) (weighted by market value)
BBB BB B
< B
Others Cash
3.3
2.4
0.4
0.8
0.5
0.2
5.7
0.0
27.7
33.9
France 22.6 | Índice de ref.
según el nivel de solvencia en % (ponderado según el valor de mercado) ⁸
por países/localidades en % (ponderado según el valor de mercado)
BBB BB B
< B
Otros Liquidez
3,3
2,4
0,4
0,8
0,5
0,2
5,7
0,0
27,7
33,9
Francia 22,6 | Benchmark
Rating Breakdown (%) (weighted by market value) ⁷
Country/Location Breakdown (%) (weighted by market value)
BBB BB B
< B
Others Cash
3.3
2.4
0.4
0.8
0.5
0.2
5.7
0.0
27.7
33.9
France 22.6 | en | es |
DOLFIN6783 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Further information
Further information about Credit Suisse Wealth Funds 1, its prospectus and its latest annual and semi-annual report may be obtained free of charge, in English language, from MultiConcept Fund Management S.A., Luxembourg, the appointed distributors or online at https://www.credit-suisse.com/microsites/multiconcept/en.html. This key investor information document relates to a fund forming part of Credit Suisse Wealth Funds 1. The prospectus and the periodic reports are prepared for the entire umbrella fund. The assets and liabilities of each fund are segregated, which means that no individual fund will be liable with its assets for liabilities of another fund within the umbrella fund.
Details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including a description of the global Credit Suisse Group compensation committee are available on https://www.credit-suisse.com/microsites/multiconcept/en.html and will be made available to investors free of charge upon request.
The Investment Manager for this Fund is Credit Suisse AG. | ## Información adicional
Puede obtener gratuitamente información adicional sobre Credit Suisse Wealth Funds 1, el folleto del fondo y los últimos informes anual y semestral, en inglés idioma, en el domicilio de MultiConcept Fund Management S.A., Luxemburgo, en las respectivas oficinas de venta o en la página web https://www.credit-suisse.com/microsites/multiconcept/en.html. Este documento de información clave para los inversores se refiere a un fondo de Credit Suisse Wealth Funds
1. El folleto y los informes anual y semestral se elaboran para el conjunto del fondo. El patrimonio y las obligaciones de cada fondo son independientes, lo cual significa que ningún fondo responderá con su patrimonio de las obligaciones contraídas por otro fondo dentro del conjunto del fondo.
Los detalles acerca de la política de remuneración actualizada de la sociedad gestora (incluyendo, sin carácter limitativo, una descripción de cómo se calculan la remuneración y los beneficios, la identidad de las personas responsables de adjudicar la remuneración y los beneficios, así como una descripción del comité global de remuneración de Credit Suisse Group) están disponibles en https://www.credit-suisse.com/microsites/multiconcept/en.html y, en caso de que se solicite, se pondrán a disposición de los inversores de forma gratuita.
La entidad gestora de este fondo es Credit Suisse AG. | ## Further information
Further information about Credit Suisse Wealth Funds 1, its prospectus and its latest annual and semi-annual report may be obtained free of charge, in English language, from MultiConcept Fund Management S.A., Luxembourg, the appointed distributors or online at https://www.credit-suisse.com/microsites/multiconcept/en.html. This key investor information document relates to a fund forming part of Credit Suisse Wealth Funds 1. The prospectus and the periodic reports are prepared for the entire umbrella fund. The assets and liabilities of each fund are segregated, which means that no individual fund will be liable with its assets for liabilities of another fund within the umbrella fund.
Details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, including a description of the global Credit Suisse Group compensation committee are available on https://www.credit-suisse.com/microsites/multiconcept/en.html and will be made available to investors free of charge upon request.
The Investment Manager for this Fund is Credit Suisse AG. | en | es |
DOLFIN6785 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Group Risk Committee may delegate specific duties to several subcommittees.
In particular, the Credit Risk Committee approves limits (on issuers in the UCIs or for its own account) and the counterparty risks on all Amundi Group UCIs. Credit Risk Committee decisions are not submitted for voting but are decided by its Chairman based on discussions in the Committee.
The Group Risk Committee and the Credit Risk Committee are chaired by the Deputy CEO in charge of the Business Support and Audit Division, and in his absence by the Risk Director. The other permanent members of the Group Risk Committee are the heads of Investment and Sales business lines (Retail Clients, Institutional Clients), Operations, Services, IT, and Audit (Compliance, Audit, Risk, including the heads of risk analysis, investment risk and operational risk teams). The Credit Risk Committee also extends standing invitations to the head of the analysis team, credit risk analysts, and team analysts.
The Credit Risk Committee meets on a monthly basis and, if necessary, ad hoc at any time, explaining its terms of reference and conclusions.
- Description of methodologyAt every key stage of the investment cycle, when requested by managers, an independent credit analysis and oversight team, attached to the Amundi Risk division, implements the applicable methodologies:
- information gathering,
- analysis and assessment of credit quality, recommendations for investment terms (risk rating, ceilings, maximum maturities), to the Credit Risk Committee for approval,
- monitoring of credit risk as approved by the Credit Risk Committee, including monitoring of credit downgrading and alerts,
- management of breaches of ceilings or durations. | El Comité de riesgos del Grupo delega sus responsabilidades específicas en varios subcomités.
Así, el Comité de riesgos de crédito valida los límites por emisor de las IIC supervisadas, así como la cuenta propia y los límites de contraparte de todas las IIC del Grupo Amundi. Las decisiones del Comité de riesgos de crédito no están sujetas a votación, sino que son adoptadas por su Presidente, en función de las deliberaciones del Comité.
El Comité de riesgos del Grupo y el Comité de riesgos de crédito están presididos por el Director general delegado responsable de la División de control y apoyo al negocio y, en su defecto, por el Director de riesgos. El resto de miembros permanentes del Comité de riesgos del Grupo son los responsables de las líneas de negocio de Inversiones, Comerciales (Clientes particulares, Clientes institucionales), Operaciones, Servicios y TI, y Controles (Cumplimiento, Auditoría, Riesgos, incluyendo los responsables de las líneas de negocio de Peritaje, riesgos de inversión y riesgos operativos). Para el Comité de riesgos de crédito, el jefe del equipo de análisis y gestión de riesgos de crédito y los analistas del equipo también son invitados permanentes.
El Comité de riesgos de crédito se reúne mensualmente y, en su caso, en cualquier momento y de forma ad hoc, y decide los términos de su validación.
- Descripción de la metodologíaEn todas las etapas clave del ciclo de inversión, a petición de la dirección, un equipo independiente de análisis y gestión del crédito, vinculado a los Riesgos de Amundi, implementa las metodologías aplicables:
- recopilación de información;
- análisis y evaluaciones de la calidad crediticia, recomendación de las condiciones de inversión (código de riesgo, límites de importe y vencimiento máximo) al Comité de riesgos de crédito para su validación;
- seguimiento de los riesgos de crédito validados por el Comité de riesgos de crédito, incluido el seguimiento del crédito en deterioro y el seguimiento de las alertas; y
- gestión de los casos que exceden de los límites en importe o en duración. | The Group Risk Committee may delegate specific duties to several subcommittees.
In particular, the Credit Risk Committee approves limits (on issuers in the UCIs or for its own account) and the counterparty risks on all Amundi Group UCIs. Credit Risk Committee decisions are not submitted for voting but are decided by its Chairman based on discussions in the Committee.
The Group Risk Committee and the Credit Risk Committee are chaired by the Deputy CEO in charge of the Business Support and Audit Division, and in his absence by the Risk Director. The other permanent members of the Group Risk Committee are the heads of Investment and Sales business lines (Retail Clients, Institutional Clients), Operations, Services, IT, and Audit (Compliance, Audit, Risk, including the heads of risk analysis, investment risk and operational risk teams). The Credit Risk Committee also extends standing invitations to the head of the analysis team, credit risk analysts, and team analysts.
The Credit Risk Committee meets on a monthly basis and, if necessary, ad hoc at any time, explaining its terms of reference and conclusions.
- Description of methodologyAt every key stage of the investment cycle, when requested by managers, an independent credit analysis and oversight team, attached to the Amundi Risk division, implements the applicable methodologies:
- information gathering,
- analysis and assessment of credit quality, recommendations for investment terms (risk rating, ceilings, maximum maturities), to the Credit Risk Committee for approval,
- monitoring of credit risk as approved by the Credit Risk Committee, including monitoring of credit downgrading and alerts,
- management of breaches of ceilings or durations. | en | es |
DOLFIN6792 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### South Korea
Investing in South Korean securities has special risks, including political, economic and social instability, and the potential for increasing militarization in North Korea (as discussed above under Japan). The market capitalization and trading volume of issuers in South Korean securities markets are concentrated in a small number of issuers, which results in potentially fewer investment opportunities for the Fund. South Korea’s financial sector has shown certain signs of systemic weakness and illiquidity, which, if exacerbated, could prove to be a material risk for any investments in South Korea.
There are also a number of risks to the Fund associated with the South Korean government. The South Korean government has historically exercised and continues to exercise substantial influence over many aspects of the private sector. The South Korean government from time to time has informally influenced the prices of certain products, encouraged companies to invest or to concentrate in particular industries and induced mergers between companies in industries experiencing excess capacity. The South Korean government has sought to minimize excessive price volatility on the South Korean Stock Exchange through various steps, including the imposition of limitations on daily price movements of securities, although principal risks of investing in the Fund there is no assurance that this would prevent the value of an investment from declining over time.
South Korea is dependent on foreign sources for its energy needs. A significant increase in energy prices could have an adverse impact on South Korea’s economy. | #### Corea del Sur
Invertir en valores surcoreanos conlleva riesgos específicos, incluidos los relativos a la estabilidad política, económica y social, y a la posibilidad de que Corea del Norte continúe militarizándose (como ya se ha analizado en el apartado sobre Japón). La capitalización de mercado y el volumen de negociación de los emisores de los mercados surcoreanos de valores se concentran en un pequeño número de emisores, por lo que el Fondo tiene a su disposición un número potencialmente menor de oportunidades de inversión. El sector financiero de Corea del Sur ha mostrado ciertos indicios de debilidad e iliquidez sistémicas, que, si se agravan, podrían constituir un riesgo sustancial para cualquier inversión en el país.
El Fondo se enfrenta también a varios riesgos relacionados con el Gobierno surcoreano. Este ha ejercido históricamente y continúa ejerciendo una influencia significativa sobre muchos aspectos del sector privado. En ocasiones, el Gobierno surcoreano ha influido de forma oficiosa en los precios de determinados productos, ha alentado a las empresas a invertir en sectores concretos o a concentrarse en ellos y ha propiciado fusiones entre empresas en sectores con exceso de capacidad. Asimismo, ha tratado de minimizar la excesiva volatilidad de las cotizaciones en la Bolsa surcoreana mediante distintas medidas, como la imposición de límites a la fluctuación diaria de los precios de los valores; sin embargo, los principales riesgos de invertir en el Fondo se derivan de que no es posible garantizar que estas medidas vayan a impedir que el valor de una inversión caiga con el tiempo.
Corea del Sur depende de otros países para satisfacer sus necesidades energéticas. Todo encarecimiento significativo de la energía podría tener repercusiones negativas para la economía surcoreana. | #### South Korea
Investing in South Korean securities has special risks, including political, economic and social instability, and the potential for increasing militarization in North Korea (as discussed above under Japan). The market capitalization and trading volume of issuers in South Korean securities markets are concentrated in a small number of issuers, which results in potentially fewer investment opportunities for the Fund. South Korea’s financial sector has shown certain signs of systemic weakness and illiquidity, which, if exacerbated, could prove to be a material risk for any investments in South Korea.
There are also a number of risks to the Fund associated with the South Korean government. The South Korean government has historically exercised and continues to exercise substantial influence over many aspects of the private sector. The South Korean government from time to time has informally influenced the prices of certain products, encouraged companies to invest or to concentrate in particular industries and induced mergers between companies in industries experiencing excess capacity. The South Korean government has sought to minimize excessive price volatility on the South Korean Stock Exchange through various steps, including the imposition of limitations on daily price movements of securities, although principal risks of investing in the Fund there is no assurance that this would prevent the value of an investment from declining over time.
South Korea is dependent on foreign sources for its energy needs. A significant increase in energy prices could have an adverse impact on South Korea’s economy. | en | es |
DOLFIN6793 | 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 Eastern Europe 10/40 Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Fund's benchmark index.
The Index measures the performance of large and mid-capitalisation companies across emerging markets countries in Eastern Europe. The imbedded 10/40 rule refers to UCITS investment limits and ensures that the weight of a single company is limited to 10% of the Index. The sum of all companies with weights between 5% and 10% is limited to 40%. Companies are included in the Index based on a free float market capitalisation weighted basis and MSCI’s size and liquidity criteria. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions.
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. In order to gain exposure to certain securities in emerging markets that make up the Index, the Fund may invest in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). ADRs and GDRs are investments issued by financial institutions which give exposure to underlying equity securities.
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 quarterly).
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 es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI EM Eastern Europe 10/40 Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el índice de referencia del Fondo.
El Índice mide la rentabilidad de las empresas de elevada y mediana capitalización de los mercados emergentes de Europa del Este. La regla de 10/40 incorporada se refiere a los límites de inversión en OICVM, y garantiza que la ponderación de una única empresa se limita al 10 % del Índice. La suma de todas las empresas con ponderaciones entre 5 % y 10 % se limita al 40 %. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil ajustada a flotación libre y los criterios de tamaño y liquidez de MSCI. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de una empresa por el número de acciones disponibles para inversores internacionales. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este.
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. Para obtener exposición a determinados valores de mercados emergentes que componen el Índice, el Fondo puede invertir en recibos de depósito estadounidenses (ADR) y recibos de depósito mundiales (GDR). Los ADR y los GDR son instrumentos de inversión emitidos por instituciones financieras que ofrecen exposición a valores de renta variable subyacentes.
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 (trimestralmente se pagarán ingresos sobre las acciones).
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 Eastern Europe 10/40 Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Fund's benchmark index.
The Index measures the performance of large and mid-capitalisation companies across emerging markets countries in Eastern Europe. The imbedded 10/40 rule refers to UCITS investment limits and ensures that the weight of a single company is limited to 10% of the Index. The sum of all companies with weights between 5% and 10% is limited to 40%. Companies are included in the Index based on a free float market capitalisation weighted basis and MSCI’s size and liquidity criteria. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions.
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. In order to gain exposure to certain securities in emerging markets that make up the Index, the Fund may invest in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). ADRs and GDRs are investments issued by financial institutions which give exposure to underlying equity securities.
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 quarterly).
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 |
DOLFIN6800 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Redemption of Shares
Shares may be redeemed, at the option of the relevant Shareholder, on any Valuation Day. Such requests will be dealt with at the Constant Net Asset Value per Share, Accumulating Class Net Asset Value per Share or Variable Net Asset Value per Share (as the case may be) for the Sub-Fund calculated as at the relevant Valuation Day at the Valuation Point as adjusted in the event of a Net Negative Yield.
Redemption of Shares will be made at the Constant Net Asset Value per Share, Accumulating Class Net Asset Value per Share or Variable Net Asset Value per Share (as the case may be) next determined after a redemption order in proper form is received by the Administrator.
The Company imposes no redemption fees or charges when Shares are redeemed directly. Financial intermediaries may charge their clients a separate fee for effecting redemptions of Shares. Investors should consult their financial intermediaries in this regard.
Shareholders may redeem Shares in writing or by facsimile, telephone or wire to the Administrator or other financial intermediary authorised to receive redemption requests. In addition, without obligation on the investor, the Company may make available to Shareholders and financial intermediaries, the ability to redeem Shares through a compatible automated interface or trading system deemed acceptable to the Administrator or as may be agreed with the Administrator via the Company's website or by such other means as the Directors in their sole discretion may determine with the prior approval of the Central Bank. At the Directors’ discretion, redemption requests may be sent to the Administrator as an attachment to an email. To place an order to redeem Shares, investors or their financial intermediary, as applicable, may contact the Administrator at (353-1) 448- 5052 or toll free from the United States at 1-800-429- 1487. Calls will be answered on any Valuation Day until the Dealing Deadline, by dialling either location.
If a redemption request is received in proper form by the Administrator prior to the Dealing Deadline, it will become effective at the Net Asset Value determined at the Valuation Point, on that Valuation Day. The proceeds of the redemption ordinarily will be transmitted on the same Valuation Day and the Shares redeemed will not receive the dividend declared for that day.
Other entities also may be authorised to accept redemption requests, provided always that all redemption requests must be received by the Administrator by the Dealing Deadline, in order for the redemption to be effective on that Valuation Day.
A redemption request received in proper form by the Administrator after the Dealing Deadline, on a Valuation Day, will be held over and will become effective at the Net Asset Value determined at the Valuation Point on the next Valuation Day and the proceeds of redemption ordinarily will be transmitted on that same day. | ### Reembolso de Acciones
Las Acciones podrán reembolsarse, a opción del Accionista en cuestión, en cualquier Día de valoración. Esas solicitudes se tramitarán según el Valor Liquidativo de la Acción Constante, el Valor Liquidativo de la Acción de las Clases de Acumulación o el Valor Liquidativo de la Acción Variable (según los casos) del Subfondo calculado en el Momento de Valoración del Día de Valoración pertinente ajustado en caso de Rendimiento Neto Negativo.
El reembolso de Acciones se hará según el Valor liquidativo de la Acción constante, Valor liquidativo de la Acción de las Clases de Acumulación o Valor liquidativo de la Acción variable (según los casos) determinado después de que el Agente administrativo reciba una orden de reembolso en un formulario adecuado.
La Sociedad no impone ninguna comisión o cargo cuando las Acciones se reembolsen directamente. Los intermediarios financieros podrán cobrar a sus clientes una comisión independiente por efectuar reembolsos de Acciones. Los inversores deberán consultar a sus intermediarios financieros a este respecto.
Los Accionistas podrán reembolsar Acciones por escrito o por fax, por teléfono o por telegrama enviado al Agente administrativo o a otro intermediario financiero autorizado a recibir solicitudes de reembolso. Asimismo, sin obligación para el inversor, la Sociedad podrá poner a la disposición de los Accionistas y de los intermediarios financieros la opción de cursar órdenes de reembolso de Acciones mediante un interfaz automatizado compatible o sistema de contratación que se considere aceptable para el Agente administrativo o que haya sido aceptado por el Agente administrativo, a través de la página web de la Sociedad, o por otro medio que determinen los Consejeros, a su entera discreción, con la aprobación previa del Banco Central. Si así lo consideran oportuno los Consejeros, las solicitudes de reembolso se pueden enviar al Agente administrativo como archivo adjunto a un correo electrónico. Para realizar una orden de reembolso de Acciones, los inversores o su intermediario financiero, según corresponda, podrán ponerse en contacto con el Agente administrativo llamando al teléfono (353-1) 448-5052, o bien podrán llamar gratuitamente desde los Estados Unidos al teléfono 1- 800-429-1487. Las llamadas se atenderán en cualquier Día de valoración hasta la Hora límite de contratación, en cualquiera de esos dos teléfonos.
Si el Agente administrativo recibe, en su formato adecuado, una solicitud de reembolso, antes de la Hora límite de contratación, esta se tramitará según el Valor de inventario neto en el Momento de valoración de ese Día de valoración. Las cantidades obtenidas del reembolso normalmente se transferirán en el mismo Día de valoración, y las Acciones reembolsadas no recibirán el dividendo declarado para ese día.
También se podrá autorizar a otras entidades para que acepten solicitudes de reembolso, siempre y cuando todas las solicitudes de reembolso sean recibidas por el Agente administrativo antes de la Hora límite de contratación, a fin de que el reembolso sea efectivo en ese Día de valoración.
Las solicitudes de reembolso recibidas en su formato adecuado por el Agente administrativo después de la Hora límite de contratación, en un Día de valoración, quedarán sin gestionar y se tramitarán según el Valor de inventario neto calculado en el Momento de valoración del siguiente Día de valoración, y las cantidades obtenidas del reembolso se transferirán normalmente en ese mismo día. | ### Redemption of Shares
Shares may be redeemed, at the option of the relevant Shareholder, on any Valuation Day. Such requests will be dealt with at the Constant Net Asset Value per Share, Accumulating Class Net Asset Value per Share or Variable Net Asset Value per Share (as the case may be) for the Sub-Fund calculated as at the relevant Valuation Day at the Valuation Point as adjusted in the event of a Net Negative Yield.
Redemption of Shares will be made at the Constant Net Asset Value per Share, Accumulating Class Net Asset Value per Share or Variable Net Asset Value per Share (as the case may be) next determined after a redemption order in proper form is received by the Administrator.
The Company imposes no redemption fees or charges when Shares are redeemed directly. Financial intermediaries may charge their clients a separate fee for effecting redemptions of Shares. Investors should consult their financial intermediaries in this regard.
Shareholders may redeem Shares in writing or by facsimile, telephone or wire to the Administrator or other financial intermediary authorised to receive redemption requests. In addition, without obligation on the investor, the Company may make available to Shareholders and financial intermediaries, the ability to redeem Shares through a compatible automated interface or trading system deemed acceptable to the Administrator or as may be agreed with the Administrator via the Company's website or by such other means as the Directors in their sole discretion may determine with the prior approval of the Central Bank. At the Directors’ discretion, redemption requests may be sent to the Administrator as an attachment to an email. To place an order to redeem Shares, investors or their financial intermediary, as applicable, may contact the Administrator at (353-1) 448- 5052 or toll free from the United States at 1-800-429- 1487. Calls will be answered on any Valuation Day until the Dealing Deadline, by dialling either location.
If a redemption request is received in proper form by the Administrator prior to the Dealing Deadline, it will become effective at the Net Asset Value determined at the Valuation Point, on that Valuation Day. The proceeds of the redemption ordinarily will be transmitted on the same Valuation Day and the Shares redeemed will not receive the dividend declared for that day.
Other entities also may be authorised to accept redemption requests, provided always that all redemption requests must be received by the Administrator by the Dealing Deadline, in order for the redemption to be effective on that Valuation Day.
A redemption request received in proper form by the Administrator after the Dealing Deadline, on a Valuation Day, will be held over and will become effective at the Net Asset Value determined at the Valuation Point on the next Valuation Day and the proceeds of redemption ordinarily will be transmitted on that same day. | en | es |
DOLFIN6801 | 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 | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Bloomberg Barclays WGILB All Markets Euro Hedged. |
| Over the last accounting year, a performance fee of 0.18% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,35% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del Bloomberg Barclays WGILB All Markets Euro Hedged. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,18%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.35% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Bloomberg Barclays WGILB All Markets Euro Hedged. |
| Over the last accounting year, a performance fee of 0.18% was charged. | | en | es |
DOLFIN6805 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important information
The Investment Objective as stated in this document is a summary, please refer to the supplement for full details of the Investment Objective and Policy of the Fund.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.
NTR stands for net total return. An NTR Index is net of withholding taxes.
On 1 November 2013, the performance comparator for the Fund changed to the current Index from the MSCI World Index (the "Prior Index"). Prior to that date, index returns show those of the Prior Index. The two methods of calculation of performance may not be identical.
Unless specified in this document, the strategy does not:
- promote environmental or social characteristics in a way that meets the specific criteria contained in Article 8 of the Sustainable Finance Disclosure Regulation (EU) No. 2019/2088 ("SFDR"); nor
- have sustainable investment as its objective in a way that meets the specific criteria contained in Article 9 of SFDR.
Notwithstanding this, the strategy/product is managed in line with the Principal Global Investors responsible investment policy, incorporating its Sustainability Risk and Principle Adverse Impacts policies. These policies can be found at https://www.principalglobal.com/about-us. | # Información importante
El objetivo de inversión que se indica en este documento es un resumen, consulte el suplemento para obtener información detallada sobre el objetivo y la política de inversión del fondo.
MSCI no ofrece garantías ni realiza declaraciones, ya sea de forma expresa o implícita, respecto a los datos de MSCI que aquí se ofrecen, y tampoco asume responsabilidad alguna en relación con los mismos. Los datos de MSCI podrían no redistribuirse o utilizarse para crear índices o productos financieros. MSCI no ha aprobado o elaborado el presente informe.
NTR significa el rendimiento total neto. Un índice NTR es neto de retenciones fiscales.
El 1 de noviembre de 2013, el comparador de rendimiento para el Fondo cambió al índice actual del MSCI World Index (el "Índice anterior"). Antes de esa fecha, los rendimientos del índice muestran los del Índice anterior. Los dos métodos de cálculo de la rentabilidad pueden no ser idénticos.
A menos que se especifique en este documento, la estrategia:
- no promueve características ambientales o sociales de una manera que cumpla con los criterios específicos contenidos en el Artículo 8 del Reglamento sobre Divulgación de Finanzas Sostenibles (UE) 2019/2088 ("SFDR"); ni
- tiene la inversión sostenible como su objetivo de una manera que cumpla con los criterios específicos contenidos en el Artículo 9 del SFDR.
No obstante, la estrategia/el producto se gestiona de acuerdo con la política de inversión responsable de Principal Global Investors, incorporando sus políticas de Riesgo de Sostenibilidad y Principios de Impactos Adversos. Estas políticas se pueden consultar en https://www.principalglobal.com/about-us. | # Important information
The Investment Objective as stated in this document is a summary, please refer to the supplement for full details of the Investment Objective and Policy of the Fund.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.
NTR stands for net total return. An NTR Index is net of withholding taxes.
On 1 November 2013, the performance comparator for the Fund changed to the current Index from the MSCI World Index (the "Prior Index"). Prior to that date, index returns show those of the Prior Index. The two methods of calculation of performance may not be identical.
Unless specified in this document, the strategy does not:
- promote environmental or social characteristics in a way that meets the specific criteria contained in Article 8 of the Sustainable Finance Disclosure Regulation (EU) No. 2019/2088 ("SFDR"); nor
- have sustainable investment as its objective in a way that meets the specific criteria contained in Article 9 of SFDR.
Notwithstanding this, the strategy/product is managed in line with the Principal Global Investors responsible investment policy, incorporating its Sustainability Risk and Principle Adverse Impacts policies. These policies can be found at https://www.principalglobal.com/about-us. | en | es |
DOLFIN6808 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Portfolio transaction costs, except in the case of an entry/exit charge paid by the Company when buying or selling shares in another collective investment undertaking.
For more information about charges and the waiver, please see the Fees and Expenses section of the prospectus and the supplement for the Fund, which are available at https://www.tokiomarineam.com/uk/ucits/index.html.
40%
30%
20%
10%
0%
-10%
-20%
-30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ## Los costes de transacción de la cartera, excepto en el caso de que la Sociedad pague gastos de entrada o de salida cuando compre o venda acciones en otro organismo de inversión colectiva.
Para obtener más información sobre las comisiones y la exención de las mismas, consulte el apartado «Comisiones y gastos» del folleto y el suplemento del Fondo, que pueden obtenerse en https://www.tokiomarineam.com/uk/ucits/index.html.
40%
30%
20%
10%
0%
-10%
-20%
-30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ## Portfolio transaction costs, except in the case of an entry/exit charge paid by the Company when buying or selling shares in another collective investment undertaking.
For more information about charges and the waiver, please see the Fees and Expenses section of the prospectus and the supplement for the Fund, which are available at https://www.tokiomarineam.com/uk/ucits/index.html.
40%
30%
20%
10%
0%
-10%
-20%
-30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | en | es |
DOLFIN6813 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
- This Key Investor Information Document (KIID) is specific to this share class. Other Share Classes are available for this Fund as described in the Fund’s prospectus.
- Depositary: The Fund’s assets are held with Northern Trust Global Services SE and are segregated from the assets of other sub‐ funds of the Company. The assets of the Fund cannot be used to pay the debts of other sub‐ funds of the Company.
- Taxation: The Fund is subject to taxation legislation in Luxembourg, which may have an impact on your personal tax position as an investor in the Fund.
- Liability: Fuchs Asset Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
- Specific information: You may convert shares in the Fund for shares in other Sub‐Funds. Further information and provisions are in the Prospectus.
- Remuneration policy: A paper copy of the up‐ to‐ date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, and the persons responsible for awarding the remuneration and benefits, is available free of charge upon request. A detailed description of the policy is also available at https://www.fuchsgroup.com/references-reglementaires/.
- Further information and price availability: Further information about the Company (including the current Prospectus and most recent annual report) is available in English, and information about the Fund and other share classes (including the latest prices of shares and translated versions of this document), are available free of charge from the registered office of the Management Company, or on www.fuchsgroup.com. | # Información práctica
- Este documento de datos fundamentales para el inversor hace referencia específica a esta clase de acciones. Existen otras Clases de acciones disponibles en este Fondo, según se describe en el folleto del Fondo.
- Depositario: los activos del Fondo se mantienen en Northern Trust Global Services SE y están separados de los activos de otros subfondos de la Sociedad. Los activos del Fondo no pueden utilizarse para atender las deudas de otros subfondos de la Socieda d.
- Fiscalidad: el Fondo está sujeto a la legislación tributaria de Luxemburgo, lo cual puede incidir en su posición tributaria personal como inversor del Fondo.
- Responsabilidad: Fuchs Asset Management S.A. únicamente incurrirá en responsabilidad por cualquier declaración recog ida en el presente documento que resulte engañosa, inexacta o incoherente con las correspondientes partes del Folleto del Fondo.
- Información específica: Usted puede convertir sus acciones del Fondo por acciones de otros Subfondos. Para más información y disposiciónes, consulte el Folleto.
- Política de remuneración: Se puede obtener, previa solicitud y de forma gratuita, una copia en papel de la política de remuneración actualizada de la Sociedad de gestión, incluidas, entre otras cosas, una descripción de cómo se calcula la remuneración y los beneficios, así como la identidad de las personas encargadas de conceder la remuneración y los beneficios. También se puede consultar una descripción detallada de la política en https://www.fuchsgroup.com/references -reglementaires/.
- Información adicional y disponibilidad de precios: Puede obtenerse más información sobre la empresa (incluido el Folleto vigente y el informe anual más reciente) en inglés, y la información sobre el Fondo y otras clases de acciones (incluidos los precios más recientes de las acciones y las versiones traducidas de este documento) está disponible gratuitamente en el domicilio social de la Sociedad de gestión en www.fuchsgroup.com. | # Practical Information
- This Key Investor Information Document (KIID) is specific to this share class. Other Share Classes are available for this Fund as described in the Fund’s prospectus.
- Depositary: The Fund’s assets are held with Northern Trust Global Services SE and are segregated from the assets of other sub‐ funds of the Company. The assets of the Fund cannot be used to pay the debts of other sub‐ funds of the Company.
- Taxation: The Fund is subject to taxation legislation in Luxembourg, which may have an impact on your personal tax position as an investor in the Fund.
- Liability: Fuchs Asset Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
- Specific information: You may convert shares in the Fund for shares in other Sub‐Funds. Further information and provisions are in the Prospectus.
- Remuneration policy: A paper copy of the up‐ to‐ date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, and the persons responsible for awarding the remuneration and benefits, is available free of charge upon request. A detailed description of the policy is also available at https://www.fuchsgroup.com/references-reglementaires/.
- Further information and price availability: Further information about the Company (including the current Prospectus and most recent annual report) is available in English, and information about the Fund and other share classes (including the latest prices of shares and translated versions of this document), are available free of charge from the registered office of the Management Company, or on www.fuchsgroup.com. | en | es |
DOLFIN6816 | 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?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
duration of the Bloomberg World Government Inflation-Linked Bond 1-5 Year Index (the "Index"). Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in interest rates.
The fund may invest in emerging markets, which in investment terms are those economies that are not as developed. The fund is considered to be actively managed in reference to the Bloomberg World Government Inflation-Linked Bond 1-5 Year Index by virtue of the fact that the index is used for duration measurement and in reference to the Bloomberg Commodity Index Total Return by virtue of the fact that the index is used for calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes (together the “Indices”). Certain of the fund’s securities may be components of and may have similar weightings to the Indices. However, the Indices are not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the Indices.
The fund may use derivatives for hedging or as part of its investment strategy. The assets held by the fund may be denominated in a wide variety of currencies. The investment advisor may use foreign exchange and related derivative instruments to hedge or implement currency positions.
Dealing Day Shares in the fund can normally be redeemed on a daily basis. Please refer to the section entitled "How to Redeem Shares" in the prospectus.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Intended retail investor
Typical investors in the Fund will be investors who are looking to maximise total return through a combination of both income and capital growth and are looking for a diversified exposure to the commodities and global fixed income markets and are willing to accept the risks and volatility associated with investing in such markets and who have an investment horizon over the medium to long term.
This classification is subject to change over time.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level and poor market conditions could impact the value of your investment.
Be aware of currency risk. In some circumstances, you may receive payments in a different currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
Other risks not covered by the risk indicator include Commodities Risk, Interest Rate Risk and Derivatives and Counterparty Risk. For a full list of risks, please refer to the fund’s prospectus.
This product does not include any protection from future market performance so you could lose some or all of your investment. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
La duración total del fondo oscilará por lo general entre dos años más y dos años menos que la duración del Bloomberg World Government Inflation-Linked Bond 1-5 Year Index (el «Índice»). La duración mide la sensibilidad de los activos al riesgo de tipos de interés. Cuanto mayor es la duración, mayor es la sensibilidad a las variaciones de los tipos de interés.
El fondo puede invertir en mercados emergentes, que, en términos de inversión, son aquellas economías que no están plenamente desarrolladas. Se considera que el fondo se gestiona de forma activa por referencia al Bloomberg World Government Inflation-Linked Bond 1-5 Year Index por el hecho de que se utiliza para medir la duración y por referencia al Bloomberg Commodity Index Total Return por el hecho de que se utiliza para calcular la exposición global del fondo aplicando la metodología del valor en riesgo (VaR) relativo y para realizar comparaciones de rentabilidad (conjuntamente, los «Índices»). Determinados valores en cartera del fondo pueden ser componentes de los Índices o tener ponderaciones similares. Sin embargo, los Índices no se utilizan para definir la composición de la cartera del fondo ni un objetivo de rentabilidad, y el fondo podrá estar totalmente invertido en valores que no forman parte de los Índices.
El fondo puede utilizar instrumentos derivados con fines de cobertura o como parte de su estrategia de inversión. Los activos en cartera del fondo pueden estar denominados en una amplia variedad de divisas. El asesor de inversiones puede usar divisas e instrumentos derivados relacionados para cubrir o abrir posiciones en divisas.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad total mediante una combinación de ingresos y crecimiento del capital, que busca una exposición diversificada a los mercados de materias primas y mundiales de renta fija y está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 4 en una escala de 7, en la que 4 significa un riesgo medio. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media y es posible que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de materias primas, el riesgo de tipos de interés y el riesgo de derivados y de contraparte. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
duration of the Bloomberg World Government Inflation-Linked Bond 1-5 Year Index (the "Index"). Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in interest rates.
The fund may invest in emerging markets, which in investment terms are those economies that are not as developed. The fund is considered to be actively managed in reference to the Bloomberg World Government Inflation-Linked Bond 1-5 Year Index by virtue of the fact that the index is used for duration measurement and in reference to the Bloomberg Commodity Index Total Return by virtue of the fact that the index is used for calculating the global exposure of the fund using the relative VaR methodology and for performance comparison purposes (together the “Indices”). Certain of the fund’s securities may be components of and may have similar weightings to the Indices. However, the Indices are not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the Indices.
The fund may use derivatives for hedging or as part of its investment strategy. The assets held by the fund may be denominated in a wide variety of currencies. The investment advisor may use foreign exchange and related derivative instruments to hedge or implement currency positions.
Dealing Day Shares in the fund can normally be redeemed on a daily basis. Please refer to the section entitled "How to Redeem Shares" in the prospectus.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Intended retail investor
Typical investors in the Fund will be investors who are looking to maximise total return through a combination of both income and capital growth and are looking for a diversified exposure to the commodities and global fixed income markets and are willing to accept the risks and volatility associated with investing in such markets and who have an investment horizon over the medium to long term.
This classification is subject to change over time.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level and poor market conditions could impact the value of your investment.
Be aware of currency risk. In some circumstances, you may receive payments in a different currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
Other risks not covered by the risk indicator include Commodities Risk, Interest Rate Risk and Derivatives and Counterparty Risk. For a full list of risks, please refer to the fund’s prospectus.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN6819 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed in the Statement of Comprehensive Income. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presented in the Statement of Comprehensive Income in the financial year in which they arise. Gains or losses on the sale of securities are calculated by using the First-In-First-Out (‘‘FIFO’’) basis.
Each security (other than bonds) which is listed or traded on a regulated market has been valued on the basis of the last traded price on the dealing day. Bonds which are traded on a regulated market have been valued on the basis of the closing bid price on the dealing day. In the case of unlisted securities or any assets traded on a regulated market, but in respect of which a price or quotation is not available at the time of valuation which would provide a fair valuation, the value of such asset shall be estimated with care and in good faith by a competent person selected by the Directors and approved for that purpose by the Depositary and such value shall be determined on the basis of the probable realisation value of the investment.
Cash and other liquid assets are valued at their face value with interest accrued (if any) to the close of business on the dealing day.
Investments in collective investment schemes, other than exchange traded funds (“ETFs”), are valued on the basis of the latest available net asset value for the shares or units in the collective investment scheme as published by the collective investment scheme. The Funds may invest in ETFs, which are securities that track an index, a commodity or a basket of assets like an index fund, but trade like a stock on an exchange. ETFs are securities which are subject to market fluctuations and their current value is determined in the same manner as for other securities.
Exchange-traded financial derivative instruments (“FDI”) shall be valued at the relevant settlement price on the applicable exchange. FDI not traded on an exchange shall be valued daily using the counterparty valuation, provided that the valuation will be approved or verified by a competent person who is independent of the counterparty, which may include an independent pricing vendor, appointed by the Directors and approved for that purpose by the Depositary. Such valuation shall be reconciled on at least a weekly basis to the valuation provided by the counterparty to such instrument. Forward foreign currency contracts shall be valued by reference to the price at which a new forward contract of the same size and maturity could be undertaken as of the close of business on the dealing day.
Notwithstanding the foregoing, the Administrator may use a systematic fair valuation model provided by an independent third party approved by the Depositary to value equity securities and/or fixed income securities where such an adjustment is considered necessary to reflect the fair value in the context of currency, marketability, dealing costs and/or such other considerations which are deemed relevant, including in order to adjust for stale pricing which may occur between the close of foreign exchanges and the valuation point on the relevant dealing day.
- Recognition/derecognitionRegular-way purchases and sales of investments are recognised on trade date plus one – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value and transaction costs for all financial assets carried at fair value through profit or loss are expensed as incurred. Investments cease to be recognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. | Los activos y pasivos financieros a valor razonable en la cuenta de pérdidas y ganancias se contabilizan inicialmente al valor razonable. Los costes de transacción se contabilizan como gastos en el Estado de resultado global. Posteriormente a la contabilización inicial, todos los activos y pasivos financieros expresados a valor razonable en la cuenta de pérdidas y ganancias se miden al valor razonable. Las ganancias y pérdidas derivadas de las variaciones en el valor razonable de los activos o pasivos financieros a valor razonable en la categoría de pérdidas y ganancias se presentan en el Estado de resultado global en el ejercicio fiscal en el que surgen. Las ganancias o pérdidas sobre la venta de títulos se calculan usando el método de primero en entrar, primero en salir (FIFO, por sus siglas en inglés).
Cada valor (que no sean bonos) que cotiza o se negocia en un mercado regulado ha sido valorado sobre la base del último preci o negociado en el día de negociación. Los bonos que se negocian en un mercado regulado se han valorado sobre la base del precio de oferta de cierre en el día de negociación. En el caso de valores no cotizados o de cualquier activo negociado en un mercado regulado, pero con respecto al cual un precio o cotización no está disponible en el momento de la valoración que proporcionaría una val oración justa, el valor de dicho activo se estimará con cuidado y de buena fe por una persona competente seleccionada por los Consejeros y aprobada a tal efecto por el Depositario, y dicho valor se determinará sobre la base del valor de realización probab le de la inversión.
El efectivo y otros activos líquidos se valoran a su valor nominal con intereses acumulados (si los hubiera) al cierre de la actividad comercial el día de negociación.
Las inversiones en planes de inversión colectiva, distintos de los fondos cotizados (“ETF”), se valoran sobre la base del último valor liquidativo disponible para las acciones o participaciones en el plan de inversión colectiva publicado por el plan de inversión colectiva. Los Fondos pueden invertir en ETFs, que son valores que siguen un índice, una materia prima o una cesta de activos como un fondo de índice, pero que cotizan como una acción en una bolsa. Los ETF son valores que están sujetos a fluctuaciones del mercado y su valor actual se determina de la misma manera que para otros valores.
Los instrumentos financieros derivados negociados en bolsa (“FDI”) se valorarán al precio de liquidación pertinente en el intercambio aplicable. El FDI no negociado en una bolsa se valorará diariamente utilizando la valoración de la contraparte, siempre que la valoración sea aprobada o verificada por una persona competente que sea independiente de la contraparte, que puede incluir un proveedor de precios independiente, designado por los Consejeros y aprobado a tal efecto por el Depositario. Dicha valoración se conciliará al menos semanalmente con la valoración proporcionada por la contraparte a dicho instrumento. Los contratos de divisas a plazo se valorarán por referencia al precio al que se podría suscribir un nuevo contrato a plazo del mismo tamaño y vencimiento a partir del cierre del día de negociación.
Sin perjuicio de lo anterior, el Administrador puede utilizar un modelo sistemático de valoración justa proporcionado por un tercero independiente aprobado por el Depositario para valorar valores de renta variable y/o valores de renta fija cuando dicho ajuste se considere necesario para reflejar el valor razonable en el contexto de la divisa, la comercialización, los costes de negociación y/o cualesquiera otras consideraciones que se consideren relevantes, con el fin de ajustar los precios por vencimiento que puedan producirse entre el cierre de los tipos de cambio y el punto de valoración en el día de negociación pertinente.
- Reconocimiento/desreconocimientoLas compras y las ventas de inversiones por vía regular se contabilizan en la fecha de negociación más uno, que es la fecha en la que la Sociedad se compromete a efectuar la compra o la venta del activo. Las inversiones se contabilizan inicialmente a su valor razonable y los costes de transacción de todos los activos asentados a su valor razonable en la cuenta de pérdidas y ganancias se imputan en cuando se producen. Las inversiones se dejan de contabilizar cuando los derechos para recibir flujos de efectivo procedentes de las inversiones han expirado o bien cuando la Sociedad ha transferido prácticamente todos los riesgos y los beneficios de los derechos de propiedad. | Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed in the Statement of Comprehensive Income. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presented in the Statement of Comprehensive Income in the financial year in which they arise. Gains or losses on the sale of securities are calculated by using the First-In-First-Out (‘‘FIFO’’) basis.
Each security (other than bonds) which is listed or traded on a regulated market has been valued on the basis of the last traded price on the dealing day. Bonds which are traded on a regulated market have been valued on the basis of the closing bid price on the dealing day. In the case of unlisted securities or any assets traded on a regulated market, but in respect of which a price or quotation is not available at the time of valuation which would provide a fair valuation, the value of such asset shall be estimated with care and in good faith by a competent person selected by the Directors and approved for that purpose by the Depositary and such value shall be determined on the basis of the probable realisation value of the investment.
Cash and other liquid assets are valued at their face value with interest accrued (if any) to the close of business on the dealing day.
Investments in collective investment schemes, other than exchange traded funds (“ETFs”), are valued on the basis of the latest available net asset value for the shares or units in the collective investment scheme as published by the collective investment scheme. The Funds may invest in ETFs, which are securities that track an index, a commodity or a basket of assets like an index fund, but trade like a stock on an exchange. ETFs are securities which are subject to market fluctuations and their current value is determined in the same manner as for other securities.
Exchange-traded financial derivative instruments (“FDI”) shall be valued at the relevant settlement price on the applicable exchange. FDI not traded on an exchange shall be valued daily using the counterparty valuation, provided that the valuation will be approved or verified by a competent person who is independent of the counterparty, which may include an independent pricing vendor, appointed by the Directors and approved for that purpose by the Depositary. Such valuation shall be reconciled on at least a weekly basis to the valuation provided by the counterparty to such instrument. Forward foreign currency contracts shall be valued by reference to the price at which a new forward contract of the same size and maturity could be undertaken as of the close of business on the dealing day.
Notwithstanding the foregoing, the Administrator may use a systematic fair valuation model provided by an independent third party approved by the Depositary to value equity securities and/or fixed income securities where such an adjustment is considered necessary to reflect the fair value in the context of currency, marketability, dealing costs and/or such other considerations which are deemed relevant, including in order to adjust for stale pricing which may occur between the close of foreign exchanges and the valuation point on the relevant dealing day.
- Recognition/derecognitionRegular-way purchases and sales of investments are recognised on trade date plus one – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value and transaction costs for all financial assets carried at fair value through profit or loss are expensed as incurred. Investments cease to be recognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. | en | es |
DOLFIN6820 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Short Duration High Yield Bond – 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 87.15% (31 December 2020: 84.67%) | | | | |
| | United States Dollar | | | | |
| 2,630,000 | Adient Global Holdings Ltd** | 4.88% | 15/08/2026 | 2,685,993 | 0.42 |
| 775,000 | Adient US LLC** | 9.00% | 15/04/2025 | 824,306 | 0.13 |
| 5,675,000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer** | 6.75% | 15/10/2027 | 5,893,714 | 0.91 |
| 4,620,000 | Altice France SA** | 8.13% | 01/02/2027 | 4,943,515 | 0.77 |
| 795,000 | American Airlines Group Inc** | 3.75% | 01/03/2025 | 744,196 | 0.12 |
| 1,660,000 | American Airlines Group Inc** | 5.00% | 01/06/2022 | 1,665,528 | 0.26 |
| 1,990,000 | American Airlines Inc** | 11.75% | 15/07/2025 | 2,457,839 | 0.38 |
| 1,835,000 | American Airlines Inc/AAdvantage Loyalty IP Ltd** | 5.50% | 20/04/2026 | 1,911,024 | 0.30 |
| 285,000 | American Axle & Manufacturing Inc* | 6.50% | 01/04/2027 | 296,329 | 0.05 |
| 4,635,000 | Antero Midstream Partners LP/Antero Midstream Finance Corp** | 7.88% | 15/05/2026 | 5,112,614 | 0.79 |
| 6,610,000 | APX Group Inc** | 6.75% | 15/02/2027 | 6,947,738 | 1.08 |
| 3,540,000 | Aramark Services Inc** | 5.00% | 01/04/2025 | 3,615,260 | 0.56 |
| 6,930,000 | Aramark Services Inc** | 6.38% | 01/05/2025 | 7,250,686 | 1.12 |
| 6,115,000 | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV** | 4.75% | 15/06/2027 | 6,381,002 | 0.99 |
| 6,415,000 | Banijay Entertainment SASU* | 5.38% | 01/03/2025 | 6,550,517 | 1.02 |
| 850,000 | Bausch Health Cos Inc** | 5.50% | 01/11/2025 | 864,888 | 0.13 |
| 2,219,000 | Bausch Health Cos Inc** | 6.13% | 15/04/2025 | 2,263,014 | 0.35 |
| 890,000 | Bausch Health Cos Inc** | 9.00% | 15/12/2025 | 938,487 | 0.15 |
| 3,435,000 | BCPE Empire Holdings Inc** | 7.63% | 01/05/2027 | 3,510,810 | 0.54 |
| 6,955,000 | Beacon Roofing Supply Inc** | 4.50% | 15/11/2026 | 7,208,475 | 1.12 |
| 950,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp** | 6.63% | 15/07/2026 | 981,350 | 0.15 |
| 1,605,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp** | 7.63% | 15/12/2025 | 1,702,969 | 0.26 |
| 1,720,000 | Buckeye Partners LP** | 4.13% | 01/03/2025 | 1,778,059 | 0.28 |
| 9,420,000 | Buckeye Partners LP** | 4.35% | 15/10/2024 | 9,830,288 | 1.53 |
| 1,610,000 | Carvana Co** | 5.50% | 15/04/2027 | 1,595,590 | 0.25 |
| 7,725,000 | Carvana Co** | 5.63% | 01/10/2025 | 7,734,656 | 1.20 |
| 7,223,000 | CD&R Smokey Buyer Inc** | 6.75% | 15/07/2025 | 7,592,059 | 1.18 |
| 2,495,000 | Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp/Millennium Op** | 5.50% | 01/05/2025 | 2,585,481 | 0.40 |
| 1,660,000 | CHS/Community Health Systems Inc** | 5.63% | 15/03/2027 | 1,758,853 | 0.27 |
| 4,955,000 | CHS/Community Health Systems Inc** | 6.63% | 15/02/2025 | 5,134,049 | 0.80 |
| 3,035,000 | CHS/Community Health Systems Inc** | 8.00% | 15/03/2026 | 3,193,852 | 0.50 |
| 830,000 | Cinemark USA Inc** | 5.88% | 15/03/2026 | 841,412 | 0.13 |
| 4,885,000 | Cinemark USA Inc** | 8.75% | 01/05/2025 | 5,183,376 | 0.80 |
| 3,806,000 | Clarios Global LP/Clarios US Finance Co** | 6.25% | 15/05/2026 | 3,986,842 | 0.62 |
| 4,900,000 | CommScope Inc** | 6.00% | 01/03/2026 | 5,053,590 | 0.78 |
| 7,008,000 | CommScope Technologies LLC** | 6.00% | 15/06/2025 | 7,015,814 | 1.09 |
| 4,365,000 | CSC Holdings LLC** | 5.25% | 01/06/2024 | 4,544,969 | 0.71 |
| 2,020,000 | Delta Air Lines Inc** | 7.00% | 01/05/2025 | 2,311,472 | 0.36 |
| 1,725,000 | Delta Air Lines Inc* | 7.38% | 15/01/2026 | 2,032,664 | 0.32 |
ANNUAL REPORT 2021 399
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | # Short Duration High Yield Bond – 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 87,15% (31 de diciembre de 2020: 84,67%) | | | | |
| | Dólar estadounidense | | | | |
| 2.630.000 | Adient Global Holdings Ltd** | 4,88% | 15/08/2026 | 2.685.993 | 0,42 |
| 775.000 | Adient US LLC** | 9,00% | 15/04/2025 | 824.306 | 0,13 |
| 5.675.000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer** | 6,75% | 15/10/2027 | 5.893.714 | 0,91 |
| 4.620.000 | Altice France SA** | 8,13% | 01/02/2027 | 4.943.515 | 0,77 |
| 795.000 | American Airlines Group Inc** | 3,75% | 01/03/2025 | 744.196 | 0,12 |
| 1.660.000 | American Airlines Group Inc** | 5,00% | 01/06/2022 | 1.665.528 | 0,26 |
| 1.990.000 | American Airlines Inc** | 11,75% | 15/07/2025 | 2.457.839 | 0,38 |
| 1.835.000 | American Airlines Inc/AAdvantage Loyalty IP Ltd** | 5,50% | 20/04/2026 | 1.911.024 | 0,30 |
| 285.000 | American Axle & Manufacturing Inc* | 6,50% | 01/04/2027 | 296.329 | 0,05 |
| 4.635.000 | Antero Midstream Partners LP/Antero Midstream Finance Corp** | 7,88% | 15/05/2026 | 5.112.614 | 0,79 |
| 6.610.000 | APX Group Inc** | 6,75% | 15/02/2027 | 6.947.738 | 1,08 |
| 3.540.000 | Aramark Services Inc** | 5,00% | 01/04/2025 | 3.615.260 | 0,56 |
| 6.930.000 | Aramark Services Inc** | 6,38% | 01/05/2025 | 7.250.686 | 1,12 |
| 6.115.000 | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV** | 4,75% | 15/06/2027 | 6.381.002 | 0,99 |
| 6.415.000 | Banijay Entertainment SASU* | 5,38% | 01/03/2025 | 6.550.517 | 1,02 |
| 850.000 | Bausch Health Cos Inc** | 5,50% | 01/11/2025 | 864.888 | 0,13 |
| 2.219.000 | Bausch Health Cos Inc** | 6,13% | 15/04/2025 | 2.263.014 | 0,35 |
| 890.000 | Bausch Health Cos Inc** | 9,00% | 15/12/2025 | 938.487 | 0,15 |
| 3.435.000 | BCPE Empire Holdings Inc** | 7,63% | 01/05/2027 | 3.510.810 | 0,54 |
| 6.955.000 | Beacon Roofing Supply Inc** | 4,50% | 15/11/2026 | 7.208.475 | 1,12 |
| 950.000 | Blue Racer Midstream LLC/Blue Racer Finance Corp** | 6,63% | 15/07/2026 | 981.350 | 0,15 |
| 1.605.000 | Blue Racer Midstream LLC/Blue Racer Finance Corp** | 7,63% | 15/12/2025 | 1.702.969 | 0,26 |
| 1.720.000 | Buckeye Partners LP** | 4,13% | 01/03/2025 | 1.778.059 | 0,28 |
| 9.420.000 | Buckeye Partners LP** | 4,35% | 15/10/2024 | 9.830.288 | 1,53 |
| 1.610.000 | Carvana Co** | 5,50% | 15/04/2027 | 1.595.590 | 0,25 |
| 7.725.000 | Carvana Co** | 5,63% | 01/10/2025 | 7.734.656 | 1,20 |
| 7.223.000 | CD&R Smokey Buyer Inc** | 6,75% | 15/07/2025 | 7.592.059 | 1,18 |
| 2.495.000 | Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp/Millennium Op** | 5,50% | 01/05/2025 | 2.585.481 | 0,40 |
| 1.660.000 | CHS/Community Health Systems Inc** | 5,63% | 15/03/2027 | 1.758.853 | 0,27 |
| 4.955.000 | CHS/Community Health Systems Inc** | 6,63% | 15/02/2025 | 5.134.049 | 0,80 |
| 3.035.000 | CHS/Community Health Systems Inc** | 8,00% | 15/03/2026 | 3.193.852 | 0,50 |
| 830.000 | Cinemark USA Inc** | 5,88% | 15/03/2026 | 841.412 | 0,13 |
| 4.885.000 | Cinemark USA Inc** | 8,75% | 01/05/2025 | 5.183.376 | 0,80 |
| 3.806.000 | Clarios Global LP/Clarios US Finance Co** | 6,25% | 15/05/2026 | 3.986.842 | 0,62 |
| 4.900.000 | CommScope Inc** | 6,00% | 01/03/2026 | 5.053.590 | 0,78 |
| 7.008.000 | CommScope Technologies LLC** | 6,00% | 15/06/2025 | 7.015.814 | 1,09 |
| 4.365.000 | CSC Holdings LLC** | 5,25% | 01/06/2024 | 4.544.969 | 0,71 |
| 2.020.000 | Delta Air Lines Inc** | 7,00% | 01/05/2025 | 2.311.472 | 0,36 |
| 1.725.000 | Delta Air Lines Inc* | 7,38% | 15/01/2026 | 2.032.664 | 0,32 |
INFORME ANUAL 2021 399
CUENTAS CARTERA DE INVERSIONES | # Short Duration High Yield Bond – 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 87.15% (31 December 2020: 84.67%) | | | | |
| | United States Dollar | | | | |
| 2,630,000 | Adient Global Holdings Ltd** | 4.88% | 15/08/2026 | 2,685,993 | 0.42 |
| 775,000 | Adient US LLC** | 9.00% | 15/04/2025 | 824,306 | 0.13 |
| 5,675,000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer** | 6.75% | 15/10/2027 | 5,893,714 | 0.91 |
| 4,620,000 | Altice France SA** | 8.13% | 01/02/2027 | 4,943,515 | 0.77 |
| 795,000 | American Airlines Group Inc** | 3.75% | 01/03/2025 | 744,196 | 0.12 |
| 1,660,000 | American Airlines Group Inc** | 5.00% | 01/06/2022 | 1,665,528 | 0.26 |
| 1,990,000 | American Airlines Inc** | 11.75% | 15/07/2025 | 2,457,839 | 0.38 |
| 1,835,000 | American Airlines Inc/AAdvantage Loyalty IP Ltd** | 5.50% | 20/04/2026 | 1,911,024 | 0.30 |
| 285,000 | American Axle & Manufacturing Inc* | 6.50% | 01/04/2027 | 296,329 | 0.05 |
| 4,635,000 | Antero Midstream Partners LP/Antero Midstream Finance Corp** | 7.88% | 15/05/2026 | 5,112,614 | 0.79 |
| 6,610,000 | APX Group Inc** | 6.75% | 15/02/2027 | 6,947,738 | 1.08 |
| 3,540,000 | Aramark Services Inc** | 5.00% | 01/04/2025 | 3,615,260 | 0.56 |
| 6,930,000 | Aramark Services Inc** | 6.38% | 01/05/2025 | 7,250,686 | 1.12 |
| 6,115,000 | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV** | 4.75% | 15/06/2027 | 6,381,002 | 0.99 |
| 6,415,000 | Banijay Entertainment SASU* | 5.38% | 01/03/2025 | 6,550,517 | 1.02 |
| 850,000 | Bausch Health Cos Inc** | 5.50% | 01/11/2025 | 864,888 | 0.13 |
| 2,219,000 | Bausch Health Cos Inc** | 6.13% | 15/04/2025 | 2,263,014 | 0.35 |
| 890,000 | Bausch Health Cos Inc** | 9.00% | 15/12/2025 | 938,487 | 0.15 |
| 3,435,000 | BCPE Empire Holdings Inc** | 7.63% | 01/05/2027 | 3,510,810 | 0.54 |
| 6,955,000 | Beacon Roofing Supply Inc** | 4.50% | 15/11/2026 | 7,208,475 | 1.12 |
| 950,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp** | 6.63% | 15/07/2026 | 981,350 | 0.15 |
| 1,605,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp** | 7.63% | 15/12/2025 | 1,702,969 | 0.26 |
| 1,720,000 | Buckeye Partners LP** | 4.13% | 01/03/2025 | 1,778,059 | 0.28 |
| 9,420,000 | Buckeye Partners LP** | 4.35% | 15/10/2024 | 9,830,288 | 1.53 |
| 1,610,000 | Carvana Co** | 5.50% | 15/04/2027 | 1,595,590 | 0.25 |
| 7,725,000 | Carvana Co** | 5.63% | 01/10/2025 | 7,734,656 | 1.20 |
| 7,223,000 | CD&R Smokey Buyer Inc** | 6.75% | 15/07/2025 | 7,592,059 | 1.18 |
| 2,495,000 | Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp/Millennium Op** | 5.50% | 01/05/2025 | 2,585,481 | 0.40 |
| 1,660,000 | CHS/Community Health Systems Inc** | 5.63% | 15/03/2027 | 1,758,853 | 0.27 |
| 4,955,000 | CHS/Community Health Systems Inc** | 6.63% | 15/02/2025 | 5,134,049 | 0.80 |
| 3,035,000 | CHS/Community Health Systems Inc** | 8.00% | 15/03/2026 | 3,193,852 | 0.50 |
| 830,000 | Cinemark USA Inc** | 5.88% | 15/03/2026 | 841,412 | 0.13 |
| 4,885,000 | Cinemark USA Inc** | 8.75% | 01/05/2025 | 5,183,376 | 0.80 |
| 3,806,000 | Clarios Global LP/Clarios US Finance Co** | 6.25% | 15/05/2026 | 3,986,842 | 0.62 |
| 4,900,000 | CommScope Inc** | 6.00% | 01/03/2026 | 5,053,590 | 0.78 |
| 7,008,000 | CommScope Technologies LLC** | 6.00% | 15/06/2025 | 7,015,814 | 1.09 |
| 4,365,000 | CSC Holdings LLC** | 5.25% | 01/06/2024 | 4,544,969 | 0.71 |
| 2,020,000 | Delta Air Lines Inc** | 7.00% | 01/05/2025 | 2,311,472 | 0.36 |
| 1,725,000 | Delta Air Lines Inc* | 7.38% | 15/01/2026 | 2,032,664 | 0.32 |
ANNUAL REPORT 2021 399
FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS | en | es |
DOLFIN6828 | 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 return Potentially higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- The risk level shown reflects the fund's historical volatility, completed where applicable by that of its reference framework. The volatility indicates the extent to which the value of the fund may fluctuate upwards or downwards.
- The historical data may not be a reliable indication for the future.
- The indicated category may vary over time.
- The lowest category does not mean "risk-free".
- There is no guarantee or mechanism to protect the capital.
## The investor needs to be aware of the following significant risks which are not necessarily adequately taken into account by the indicator:
- 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.
- as an investment universe.In general, most issuers of the financial instruments in the fund portfolio are part of the index.This being said, investments outside the index are authorised,
- In determining risk levels/risk parameters,
- For the purpose of performance comparisons,
- For the purpose of calculating performance fees for certain share classes.
Deviation of portfolio composition in respect of the index:
Since the fund is actively managed, it does not have the goal of investing in all components of the index, nor that of investing in the same proportions as the components of this index.
In normal market conditions, the expected tracking error of the fund will be limited to moderate, i.e. between 0.4% and 1.5%.
This measurement is an estimate of the performance gap between the fund and its benchmark index.The greater the tracking error, the greater the deviations from the benchmark index.The actual tracking error depends in particular on market conditions (volatility and correlations between financial instruments) and may therefore deviate from the tracking error expected.
Redemption of shares: On request, every day, in Luxembourg.
Allocation of income: Distribution.
Recommendation: This fund may not be suitable for investors who plan to withdraw their capital within 3 years.
- 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.
- Risk related to financial derivative instruments: their use implies risk associated with the underlying assets and can accentuate downward movements via the resulting leverage effect. Hedging strategies using derivatives may not be perfect. Some derivatives may be difficult to value under exceptional markets circumstances.
- 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.
- Concentration risk: given the significant concentration of assets in one market segment and a limited number of issuers, the risks potentially associated with a deterioration of the fundamentals and/or the liquidity of this segment would have a greater impact on the assets compared to a more diversified portfolio of assets. | # PERFIL DE RIESGO Y REMUNERACIÓN
Riesgo más bajo Riesgo más alto
Rentabilidad potencialmente más baja Rentabilidad potencialmente más alta
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- El nivel de riesgo mencionado refleja la volatilidad del historial del fondo y en su caso, se completa con el de su marco de referencia. La volatilidad indica la medida en la que el valor del fondo puede fluctuar tanto a la alza como a la baja.
- Los datos históricos no suponen ninguna garantía en cuanto al perfil de riesgo futuro.
- La categoría indicada podrá evolucionar con el tiempo.
- La categoría de riesgo más bajo no significa que tenga "riesgo cero".
- No existe ninguna garantía ni mecanismo de protección del capital.
## El inversor debe ser consciente de los siguientes riesgos importantes que no siempre son considerados adecuadamente por el indicador:
- 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.
forman mayoritariamente parte del índice.No obstante, se autorizan inversiones al margen del índice,
- para la determinación de los niveles de riesgo / parámetros de riesgo,
- para establecer una comparación de la rentabilidad,
- para calcular la comisión de rendimiento para ciertas clases de acciones.
Nivel de desvío de la composición de la cartera con respecto al índice:
El objetivo de la gestión activa del fondo no es invertir en todos los componentes del índice, ni tampoco invertir en las mismas proporciones que los componentes de este índice.
En condiciones normales de mercado, el tracking error previsto del fondo será moderado, es decir comprendido entre el 0,4% y el 1,5%.
Esta medida es una estimación de los diferenciales de rentabilidad del fondo con relación a la rentabilidad de su índice.Cuanto más importante sea el tracking error, más importantes serán los diferenciales en comparación con el índice.El tracking error obtenido depende sobre todo de las condiciones de mercado (volatilidad y correlaciones entre instrumentos financieros) y, por lo tanto, puede alejarse del tracking error previsto.
Rembolso de las acciones: Bajo pedido, a diario, en Luxemburgo.
Asignación de resultados: Distribución.
Recomendación: Es posible que este fondo no sea idóneo para los inversores que prevean retirar su aportación en 3 años.
- 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 vinculado a los instrumentos financieros derivados: su uso conlleva un riesgo asociado a sus subyacentes y puede acentuar los movimientos bajistas a causa del efecto de apalancamiento que se deriva de ello. En caso de estrategia de cobertura, es imposible que sea perfecta. Puede resultar complejo valorar determinados derivados en condiciones de mercado excepcionales.
- 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.
- Riesgo de concentración: vista la concentración importante de activos en un segmento de mercado, o en un número restringido de emisores, los riesgos que podrían derivarse de un deterioro de los fundamentales y/o de la liquidez de este segmento o estos emisores repercutirían de forma más importante en los activos, en comparación con una cartera de activos más diversificada. | # RISK AND REWARD PROFILE
Lower risk Higher risk
Potentially lower return Potentially higher return
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- The risk level shown reflects the fund's historical volatility, completed where applicable by that of its reference framework. The volatility indicates the extent to which the value of the fund may fluctuate upwards or downwards.
- The historical data may not be a reliable indication for the future.
- The indicated category may vary over time.
- The lowest category does not mean "risk-free".
- There is no guarantee or mechanism to protect the capital.
## The investor needs to be aware of the following significant risks which are not necessarily adequately taken into account by the indicator:
- 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.
- as an investment universe.In general, most issuers of the financial instruments in the fund portfolio are part of the index.This being said, investments outside the index are authorised,
- In determining risk levels/risk parameters,
- For the purpose of performance comparisons,
- For the purpose of calculating performance fees for certain share classes.
Deviation of portfolio composition in respect of the index:
Since the fund is actively managed, it does not have the goal of investing in all components of the index, nor that of investing in the same proportions as the components of this index.
In normal market conditions, the expected tracking error of the fund will be limited to moderate, i.e. between 0.4% and 1.5%.
This measurement is an estimate of the performance gap between the fund and its benchmark index.The greater the tracking error, the greater the deviations from the benchmark index.The actual tracking error depends in particular on market conditions (volatility and correlations between financial instruments) and may therefore deviate from the tracking error expected.
Redemption of shares: On request, every day, in Luxembourg.
Allocation of income: Distribution.
Recommendation: This fund may not be suitable for investors who plan to withdraw their capital within 3 years.
- 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.
- Risk related to financial derivative instruments: their use implies risk associated with the underlying assets and can accentuate downward movements via the resulting leverage effect. Hedging strategies using derivatives may not be perfect. Some derivatives may be difficult to value under exceptional markets circumstances.
- 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.
- Concentration risk: given the significant concentration of assets in one market segment and a limited number of issuers, the risks potentially associated with a deterioration of the fundamentals and/or the liquidity of this segment would have a greater impact on the assets compared to a more diversified portfolio of assets. | en | es |
DOLFIN6830 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund aims to provide income and capital growth by investing directly or indirectly in fixed and floating rate securities predominantly in pan-Europe.
1 The Fund may pursue a 'long-short strategy' whereby, while the Fund will typically have a long bias (i.e. it will benefit from an increase in the value of assets to which it obtains exposure), the Fund may also take short positions to achieve a return in respect of those issuers whose securities the Investment Manager believes to be overvalued or expects to fall in value.
1 The Fund will invest primarily in government, corporate or supra-national bonds rated below investment grade (as measured by Standards & Poors and other rating agencies), which may be fixed or floating rate notes, and may also invest in cash and cash equivalents including deposits, certificates of deposit, bankers acceptances and commercial paper but may also invest in common stock, ordinary shares, preference shares and warrants, money market instruments, bonds convertible into common stock, and other fixed income and equity linked investments.
1 The Investment Manager selects investments having regard to factors such as leverage, the debt-to-enterprise value ratio, cash-flow and earnings of a given issuer (enterprise value is calculated as the market capitalisation plus debt, minority interest and preferred shares, minus total cash and cash equivalents). In doing so, the Investment Manager will consider in particular information from the financial statements of a target investment.
1 Whilst bottom-up analysis (approach focusing on the analysis of individual stocks rather than the industry in which a company operates) remains at the forefront of the investment process, considerations of investment themes will supplement this approach, including consumer trends, technology, demographics, regulation or other external trends that may impact an individual target investment.
1 The Fund's investments will not have any particular industry or sector focus. The Fund may invest up to 20% of its Net Asset Value in emerging markets. | # Objetivos y política de inversión
1 El objetivo del Fondo es proporcionar un crecimiento de los ingresos y del capital invirtiendo directa o indirectamente en valores de renta fija y variable predominantemente paneuropeos.
1 El Fondo podrá seguir una estrategia de inversión «long-short», mediante la cual, si bien el Fondo normalmente aplicará un enfoque a largo plazo (es decir, se beneficiará de un aumento en el valor de los activos a los cuales obtiene exposición), también podrá adoptar posiciones a corto plazo para lograr un rendimiento con respecto a aquellos emisores cuyos valores la Gestora de Inversiones considere sobrevalorados o cuyo valor prevea que vaya a disminuir.
1 El Fondo invertirá principalmente en bonos gubernamentales, corporativos o supranacionales con una calificación inferior al grado de inversión (según determinen Standard & Poor's y otras agencias de calificación), que pueden ser de tipo fijo o variable, y también podrá invertir en efectivo y equivalentes de efectivo, incluidos depósitos, certificados de depósito, aceptaciones bancarias y pagarés de empresa, aunque también podrá invertir en acciones comunes, acciones ordinarias y preferentes, y warrants, instrumentos del mercado monetario, bonos convertibles en acciones comunes y otras inversiones vinculadas a la renta fija y variable.
1 La Gestora de Inversiones selecciona las inversiones teniendo en cuenta factores como el apalancamiento, la relación entre la deuda y el valor de la empresa, el flujo de caja y los beneficios de un emisor determinado (el valor de la empresa se calcula como la capitalización bursátil más la deuda, el interés minoritario y las acciones preferentes, menos el efectivo total y los equivalentes de efectivo). Al hacerlo, la Gestora de Inversiones considerará en particular la información de los estados financieros de una inversión objetivo.
1 Aunque el análisis ascendente (enfoque centrado en el análisis de los valores individuales en lugar del sector en el que opera una empresa) sigue estando en la vanguardia del proceso de inversión, las consideraciones de los temas de inversión complementarán este enfoque, incluidas las tendencias de los consumidores, la tecnología, la demografía, la reglamentación u otras tendencias externas que puedan afectar a una inversión objetivo individual.
1 Las inversiones del Fondo no se centrarán en una industria o un sector específicos. El Fondo puede invertir hasta un 20 % de su Valor liquidativo en mercados emergentes. | # Objectives and investment policy
1 The Fund aims to provide income and capital growth by investing directly or indirectly in fixed and floating rate securities predominantly in pan-Europe.
1 The Fund may pursue a 'long-short strategy' whereby, while the Fund will typically have a long bias (i.e. it will benefit from an increase in the value of assets to which it obtains exposure), the Fund may also take short positions to achieve a return in respect of those issuers whose securities the Investment Manager believes to be overvalued or expects to fall in value.
1 The Fund will invest primarily in government, corporate or supra-national bonds rated below investment grade (as measured by Standards & Poors and other rating agencies), which may be fixed or floating rate notes, and may also invest in cash and cash equivalents including deposits, certificates of deposit, bankers acceptances and commercial paper but may also invest in common stock, ordinary shares, preference shares and warrants, money market instruments, bonds convertible into common stock, and other fixed income and equity linked investments.
1 The Investment Manager selects investments having regard to factors such as leverage, the debt-to-enterprise value ratio, cash-flow and earnings of a given issuer (enterprise value is calculated as the market capitalisation plus debt, minority interest and preferred shares, minus total cash and cash equivalents). In doing so, the Investment Manager will consider in particular information from the financial statements of a target investment.
1 Whilst bottom-up analysis (approach focusing on the analysis of individual stocks rather than the industry in which a company operates) remains at the forefront of the investment process, considerations of investment themes will supplement this approach, including consumer trends, technology, demographics, regulation or other external trends that may impact an individual target investment.
1 The Fund's investments will not have any particular industry or sector focus. The Fund may invest up to 20% of its Net Asset Value in emerging markets. | en | es |
DOLFIN6833 | 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 Sub-Fund is not managed in reference to a benchmark.
The Sub-Fund aims to generate capital appreciation over the long term with an exposure to multiple asset classes. It invests worldwide in a diversified portfolio consisting of fixed-rate and floating rate debt securities (including convertible bonds), equity and equity equivalent securities, currencies and/or cash and cash equivalents, either directly or through financial derivative instruments or units of UCITS/UCIs. Up to 25% of the Sub-Fund’s net assets may be exposed to alternative asset classes, such as but not limited to commodities, precious metals and hedge funds, either through indices or other eligible securities.
The Investment Manager uses its discretion with regard to the selection of issuers, countries (including emerging markets), sectors, asset classes and currencies.
The use of derivatives is part of the investment strategy. | ### Objetivos y política de inversión
El subfondo se gestiona de forma activa. El subfondo no se gestiona con referencia a un índice.
El objetivo del subfondo es conseguir la revalorización del capital a largo plazo con exposición a múltiples clases de activos. Invierte en todo el mundo en una cartera diversificada integrada por títulos de deuda con tipo de interés fijo y variable (incluyendo bonos convertibles), títulos de renta variable y asimilables a renta variable, divisas y/o efectivo y equivalentes de efectivo, directamente o a través de instrumentos financieros derivados o participaciones en OICVM/OIC. Hasta el 25% del patrimonio neto del subfondo podrá invertirse en clases de activos alternativos como materias primas, metales preciosos y hedge funds, entre otros, ya sea mediante índices u otros valores admitidos.
El gestor de inversiones seleccionará los emisores, países (incluidos mercados emergentes), sectores, clases de activos y divisas según su criterio.
Se permite la utilización de derivados como parte de la estrategia de inversión. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark.
The Sub-Fund aims to generate capital appreciation over the long term with an exposure to multiple asset classes. It invests worldwide in a diversified portfolio consisting of fixed-rate and floating rate debt securities (including convertible bonds), equity and equity equivalent securities, currencies and/or cash and cash equivalents, either directly or through financial derivative instruments or units of UCITS/UCIs. Up to 25% of the Sub-Fund’s net assets may be exposed to alternative asset classes, such as but not limited to commodities, precious metals and hedge funds, either through indices or other eligible securities.
The Investment Manager uses its discretion with regard to the selection of issuers, countries (including emerging markets), sectors, asset classes and currencies.
The use of derivatives is part of the investment strategy. | en | es |
DOLFIN6838 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The extractive activities for metals and energy can come with sizeable Sustainability Risks including but not limited to environmental damage, ecosystem impact and resource depletion. Soft commodities are subject to environmental risks such as adverse climate change impact, deforestation and animal welfare. Sustainability Risks related to commodities also consist of social risks which may relate to supply chain management and labour standards, health and safety and human rights as well as governance risk due to sourcing from countries with weak governance standards.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on society and the environment.
- Real Estate Related
- Real Estate Investment Trusts (“REITs”)REITs are exchange-traded entities where the underlying investments are primarily investments in real estate, which are generally less liquid than certain other asset classes such as equities, which may then be reflected in wider bid-offer spreads. Limited liquidity may affect the ability of a REIT to vary its investment portfolio or liquidate part of its assets in response to changes in economic conditions, international securities markets, foreign exchange rates, interest rates, real estate market or other conditions. Heavy cash flow dependency, borrowers’ default risk, declines in the credit rating of the REIT and interest rate rises will potentially lead to a decline in the value of the investments. | Las actividades extractivas de metales y combustibles pueden implicar riesgos de sostenibilidad considerables, entre otros, daños medioambientales, impacto sobre los ecosistemas y agotamiento de los recursos. Las materias primas blandas se exponen a riesgos medioambientales, como los efectos adversos del cambio climático, la deforestación y el bienestar animal. Los riesgos de sostenibilidad relacionados con las materias primas son riesgos sociales, que pueden tener que ver con la gestión de la cadena de suministro y la normativa laboral, la salud y seguridad y los Derechos Humanos, así como riesgos de gobernanza, debidos a la obtención de productos en países con criterios laxos de buen gobierno.
La incapacidad de gestionar eficazmente estos riesgos puede provocar un deterioro del resultado económico, así como un impacto negativo sobre la sociedad y el medioambiente.
- Valores relacionados con el sector inmobiliario
- Fondos de inversión inmobiliaria («REIT»)Los REIT son entidades cotizadas cuyas inversiones subyacentes son fundamentalmente inversiones inmobiliarias, que normalmente resultan menos líquidas que algunas otras clases de activos, como la renta variable, hecho que posteriormente puede reflejarse en mayores diferenciales entre precio de compra y de venta. El carácter limitado de la liquidez puede afectar a la capacidad de un REIT de modificar su cartera de inversiones o liquidar parte de sus activos para dar respuesta a los cambios en el entorno económico, los mercados de valores internacionales, los tipos de cambio, el mercado inmobiliario u otras circunstancias. La elevada dependencia del flujo de caja, el riesgo de impago de los prestatarios, la rebaja de la calificación crediticia del REIT y la subida de los tipos de interés pueden provocar una reducción del valor de las inversiones. | The extractive activities for metals and energy can come with sizeable Sustainability Risks including but not limited to environmental damage, ecosystem impact and resource depletion. Soft commodities are subject to environmental risks such as adverse climate change impact, deforestation and animal welfare. Sustainability Risks related to commodities also consist of social risks which may relate to supply chain management and labour standards, health and safety and human rights as well as governance risk due to sourcing from countries with weak governance standards.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on society and the environment.
- Real Estate Related
- Real Estate Investment Trusts (“REITs”)REITs are exchange-traded entities where the underlying investments are primarily investments in real estate, which are generally less liquid than certain other asset classes such as equities, which may then be reflected in wider bid-offer spreads. Limited liquidity may affect the ability of a REIT to vary its investment portfolio or liquidate part of its assets in response to changes in economic conditions, international securities markets, foreign exchange rates, interest rates, real estate market or other conditions. Heavy cash flow dependency, borrowers’ default risk, declines in the credit rating of the REIT and interest rate rises will potentially lead to a decline in the value of the investments. | en | es |
DOLFIN6846 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Threadneedle (Lux) – European Smaller Companies
The European Smaller Companies Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of European Smaller Companies (excluding the United Kingdom). For this Portfolio, European Smaller Companies are companies that are not represented in the top 225 companies in the FTSE World Europe ex UK Index at the time of purchase.
The Portfolio may use financial derivative instruments for hedging purposes.
The Portfolio is actively managed in reference to the EMIX Smaller European Companies Ex UK Index. The index is broadly representative of the companies in which the Portfolio invests, and provides a suitable target benchmark against which Portfolio performance will be measured and evaluated over time. The Portfolio promotes environmental and social characteristics by aiming to compare favourably against the index over rolling 12-month periods when assessed according to the Columbia Threadneedle ESG Materiality Rating, as set out below. The index is not designed to specifically consider environmental or social characteristics. The Sub-Advisor has discretion to select investments with weightings different to the index, and that are not in the index, and the Portfolio may display significant divergence from the index.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | #### Threadneedle (Lux) – European Smaller Companies
La Cartera European Smaller Companies busca alcanzar una revalorización del capital invirtiendo principalmente en valores de renta variable de Empresas Europeas de Pequeña Capitalización (excluyendo las del Reino Unido). En el caso de esta Cartera, las Empresas Europeas de Pequeña Capitalización son aquellas que no formen parte, en el momento de comprarse sus valores, de las 225 mayores empresas del índice FTSE World Europe ex UK.
La Cartera podrá utilizar instrumentos financieros derivados con fines de cobertura.
La Cartera se gestiona activamente en referencia al EMIX Smaller European Companies Ex UK Index. El índice es ampliamente representativo de las empresas en las que invierte la Cartera, y proporciona un índice de referencia objetivo adecuado con el que se medirá y evaluará el rendimiento de la Cartera a lo largo del tiempo. La Cartera promueve características ambientales y sociales con el objetivo de obtener resultados mejores que los del índice durante periodos consecutivos de 12 meses, según la calificación de la materialidad ESG de Columbia Threadneedle expuesta más abajo. El índice no está diseñado para considerar específicamente las características ambientales o sociales. El Subasesor está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice, y que no estén en el índice, y la Cartera puede mostrar una divergencia significativa con respecto al mismo.
Las desviaciones con respecto al índice, incluidas las consideraciones sobre el nivel de riesgo en relación con el índice, se considerarán como parte del proceso de supervisión de riesgos del Subasesor para garantizar que el nivel general de riesgo sea en su mayoría coherente con el índice. De acuerdo con su estrategia de gestión activa, puede haber una desviación significativa del índice. | #### Threadneedle (Lux) – European Smaller Companies
The European Smaller Companies Portfolio seeks to achieve capital appreciation by investing principally in the equity securities of European Smaller Companies (excluding the United Kingdom). For this Portfolio, European Smaller Companies are companies that are not represented in the top 225 companies in the FTSE World Europe ex UK Index at the time of purchase.
The Portfolio may use financial derivative instruments for hedging purposes.
The Portfolio is actively managed in reference to the EMIX Smaller European Companies Ex UK Index. The index is broadly representative of the companies in which the Portfolio invests, and provides a suitable target benchmark against which Portfolio performance will be measured and evaluated over time. The Portfolio promotes environmental and social characteristics by aiming to compare favourably against the index over rolling 12-month periods when assessed according to the Columbia Threadneedle ESG Materiality Rating, as set out below. The index is not designed to specifically consider environmental or social characteristics. The Sub-Advisor has discretion to select investments with weightings different to the index, and that are not in the index, and the Portfolio may display significant divergence from the index.
Deviations from the index, including guidance on the level of risk relative to the index, will be considered as part of the Sub-Advisor’s risk monitoring process, to ensure the overall level of risk is broadly consistent with the index. In line with its active management strategy, there may be significant deviation from the index. | en | es |
DOLFIN6856 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment Policy
The Fund uses a growth style of investment in US micro-capitalisation companies within the same market capitalisation range as those included in the Russell Microcap® Growth index. The Sub-Investment Manager seeks out investments with good growth potential where investment decisions are based on the belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. Investment decisions also involve evaluating a company’s competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the relevant company. Investment decisions will also be based on an evaluation of the relative valuation of the company and macroeconomic and/or technical factors, such as economic growth, inflation and stock market volume statistics, affecting the company and its stock price. The Fund is actively managed which means the Sub-Investment Manager is actively making investment decisions for the Fund. The Fund
measures its performance for comparative purposes against the Russell Micro Cap Growth TR USD Index ("the Benchmark"). However, when selecting investments, the Fund is not required to follow the composition of this index. Additional information is detailed in the Prospectus. | # Política de inversión
El Fondo adopta un estilo de inversión basado en el crecimiento de empresas de micro capitalización estadounidenses que se sitúan en el mismo segmento de capitalización de mercado que las empresas incluidas en el índice Russell Microcap® Growth index. El Subgestor de Inversiones busca inversiones con un buen potencial de crecimiento en las que las decisiones de inversión se basan en la creencia de que las empresas fundamentalmente fuertes tienen más probabilidades de generar un mayor crecimiento de ingresos de forma sostenida y de experimentar revisiones de beneficios positivas. Las decisiones de inversión también implican evaluar la posición competitiva de una empresa, evaluar la dinámica del sector, identificar posibles catalizadores del crecimiento y evaluar la posición financiera de la empresa correspondiente. Las decisiones de inversión también se basarán en una evaluación de la valoración relativa de la empresa y factores macroeconómicos y/o técnicos, como el crecimiento económico, la inflación y las estadísticas de volumen del mercado de valores que afectan a la empresa y a su cotización bursátil. El Fondo se gestiona de forma activa, lo que significa que la Gestora
delegada de inversiones toma las decisiones de inversión del Fondo de forma activa. A efectos de comparación, el Fondo mide su rentabilidad en función del índice Russell Micro Cap Growth TR USD ("Índice De Referencia"). No obstante, a la hora de seleccionar sus inversiones, el Fondo puede desviarse de la composición de dicho índice. En el Folleto se ofrece información adicional. | # Investment Policy
The Fund uses a growth style of investment in US micro-capitalisation companies within the same market capitalisation range as those included in the Russell Microcap® Growth index. The Sub-Investment Manager seeks out investments with good growth potential where investment decisions are based on the belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. Investment decisions also involve evaluating a company’s competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the relevant company. Investment decisions will also be based on an evaluation of the relative valuation of the company and macroeconomic and/or technical factors, such as economic growth, inflation and stock market volume statistics, affecting the company and its stock price. The Fund is actively managed which means the Sub-Investment Manager is actively making investment decisions for the Fund. The Fund
measures its performance for comparative purposes against the Russell Micro Cap Growth TR USD Index ("the Benchmark"). However, when selecting investments, the Fund is not required to follow the composition of this index. Additional information is detailed in the Prospectus. | en | es |
DOLFIN6862 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Share Class Benchmark J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | Índice de referencia de la Clase de Acciones J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo. | Share Class Benchmark J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations. | en | es |
DOLFIN6866 | 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 M1 ACC USD between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,717
-2.8%
USD 11,343
2.6% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M1 ACC USD entre 08/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 717 USD
-2,8%
11 343 USD
2,6% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M1 ACC USD between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,717
-2.8%
USD 11,343
2.6% | en | es |
DOLFIN6867 | 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?
Risk Indicator
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
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Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
We have classified this product as 4 out of 7, which is a medium risk class.
This rates the potential losses from future performance at a medium level, and poor market conditions could impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Exposure to emerging markets and foreign currencies may increase risk.
This product does not include any protection from future market performance so you could lose some or all of your investment. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a los movimientos en los mercados o porque no podamos pagarle.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
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Riesgo más bajo Riesgo más alto
El indicador de riesgo asume que va a mantener el producto durante 5 años. El riesgo real puede variar significativamente si usted sale anticipadamente y podría recibir una cantidad inferior.
Hemos clasificado este producto en la clase de riesgo 4 en una escala de 7, en la que 4 significa el riesgo medio.
Este indicador evalúa las pérdidas potenciales del rendimiento futuro en un nivel medio, y las malas condiciones del mercado podrían afectar a la capacidad de Baillie Gifford Investment Management (Europe) Limited para pagarle.
La exposición a mercados emergentes y a divisas extranjeras puede aumentar el riesgo.
Este producto no incluye ninguna protección contra la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
Risk Indicator
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
We have classified this product as 4 out of 7, which is a medium risk class.
This rates the potential losses from future performance at a medium level, and poor market conditions could impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Exposure to emerging markets and foreign currencies may increase risk.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN6869 | 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 India Index Net USD, 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 measures the performance of large and mid capitalisation stocks of the Indian market, which are subject to MSCI’s size, liquidity and free-float criteria. The Index is a free float-adjusted market capitalisation weight index and rebalances on a quarterly basis. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on, one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
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 es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI India Index Net USD, 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 realizable, componen el Índice.
El Índice mide la rentabilidad de los valores de elevada y mediana capitalización del mercado indio, que están sometidos a los criterios de tamaño, liquidez y flotación libre del MSCI. El Índice es un índice ponderado por capitalización bursátil ajustado a flotación libre y se reajusta trimestralmente. Ajustado a flotación libre significa que para el cálculo del Índice solamente se utilizan las acciones inmediatamente disponibles en el mercado, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de una empresa por el número de acciones inmediatamente disponibles en el mercado. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice, en proporciones similares a este.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esa Clase de acciones, está previsto que la utilización de IFD sea limitada.
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 India Index Net USD, 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 measures the performance of large and mid capitalisation stocks of the Indian market, which are subject to MSCI’s size, liquidity and free-float criteria. The Index is a free float-adjusted market capitalisation weight index and rebalances on a quarterly basis. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on, one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
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 |
DOLFIN6873 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### It has been decided that henceforth applications for subscription, redemption or conversion of shares of AXA World Funds – MiX in Perspectives (note 1b) received by the registrar agent prior to 3 pm on any valuation day (D) will be traded at the dealing price applicable to such valuation day (D) and not to the following valuation day (D+1).
SolEx share class
- AXA World Funds – Framlington Eurozone | #### Se ha acordado que, a partir de ahora, las solicitudes de suscripción, reembolso y conversión de Acciones del AXA World Funds - MiX in Perspectives (nota 1b) recibidas por el agente de registro antes de las 15:00 horas de cualquier día de valoración (D) serán tramitadas al precio de negociación aplicable a dicho día de valoración
(D) y no al día de valoración siguiente (D+1).
Clase de Acciones SolEx
- AXA World Funds – Framlington Eurozone | #### It has been decided that henceforth applications for subscription, redemption or conversion of shares of AXA World Funds – MiX in Perspectives (note 1b) received by the registrar agent prior to 3 pm on any valuation day (D) will be traded at the dealing price applicable to such valuation day (D) and not to the following valuation day (D+1).
SolEx share class
- AXA World Funds – Framlington Eurozone | en | es |
DOLFIN6880 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Sub-Fund may suffer a reduction in value as a result of the transaction costs incurred in the purchase and sale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions, redemptions and/or switches in and out of the Sub-Fund. This is known as “dilution.” In order to counter this and to protect Shareholders’ interests against dilution by transferring the impact to those Shareholders transacting in the Sub-Fund, the Board of Directors may apply “swing pricing” as part of its daily valuation policy. This will mean that in certain circumstances the Board of Directors may make adjustments in the calculations of the Net Asset Values per Share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant. Swing pricing may be applied across all Sub-Funds.
If on any Valuation Day the aggregate transactions in Shares of a Sub-Fund result in a net increase or decrease of Shares which exceeds a threshold preset by the Board of Directors from time to time for that Sub-Fund (relating to the cost of market dealing for that Sub-Fund), the Net Asset Value of the Sub-Fund will be adjusted by an amount (not exceeding 2% of that Net Asset Value) which reflects both the estimated fiscal charges and dealing costs that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the Sub-Fund invests. The adjustment will be an addition when the net movement results in an increase of all Shares of the Fund and a deduction when it results in a decrease. When applied, all Classes within a Sub-Fund will swing in the same direction (upwards or downwards), and by the same percentage. This occurs even if the net increase or decrease of Shares that exceeds the threshold occurs in only one Class of the Sub-Fund. This is done in order to protect all investors and treat all Shareholders fairly.
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#### Temporary Suspension of Issues, Redemptions and Conversions | Un Subfondo puede sufrir una reducción de su valor como resultado de los costes de transacción incurridos en la compra y venta de sus inversiones subyacentes y la diferencia entre los precios de compra y los de venta de dichas inversiones provocada por las suscripciones, reembolsos o canjes del Subfondo. Esto se denomina «dilución». Para contrarrestar esto y para proteger los intereses de los Accionistas de la dilución trasladando los efectos a aquellos Accionistas que realizan operaciones en el Subfondo, el Consejo de administración podrá aplicar un «swing pricing» (precio oscilante) en su política de valoración diaria. Esto significa que, en determinadas circunstancias, el Consejo de administración podrá realizar ajustes en los cálculos de los Valores liquidativos de la Acción, para contrarrestar el impacto de negociación y otros costes en ocasiones cuando estas se consideren significativas. El mecanismo de swing pricing puede aplicarse a todos los Subfondos.
Si en cualquier Día de valoración las transacciones totales en Acciones de un Subfondo provocan un aumento o disminución netos de las Acciones que supere un umbral oportunamente predeterminado por el Consejo de administración para ese Subfondo (en relación con el coste de la negociación de mercado de ese Subfondo), el Patrimonio Neto del Subfondo se ajustará en una cantidad (no superior al 2% del Valor liquidativo) que refleje tanto las cargas fiscales previstas y los costes de negociación en que pueda incurrir el Subfondo como el diferencial del precio comprador/vendedor de los activos en los que invierte el Subfondo. El ajuste será una suma cuando el movimiento neto produzca un incremento de todas las Acciones del Fondo y una deducción cuando produzca una disminución. Cuando se aplique, los valores liquidativos de todas las Clases de un Subfondo se modificarán en la misma dirección (al alza o a la baja) y por el mismo porcentaje. Será así incluso cuando el incremento neto o la reducción neta del número de Acciones que supere el umbral se haya producido en una sola Clase del Subfondo. El objetivo de este mecanismo es proteger a todos los inversores y tratar de forma justa a todos los Accionistas.
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#### Suspensión temporal de la emisión, el reembolso y el canje | A Sub-Fund may suffer a reduction in value as a result of the transaction costs incurred in the purchase and sale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions, redemptions and/or switches in and out of the Sub-Fund. This is known as “dilution.” In order to counter this and to protect Shareholders’ interests against dilution by transferring the impact to those Shareholders transacting in the Sub-Fund, the Board of Directors may apply “swing pricing” as part of its daily valuation policy. This will mean that in certain circumstances the Board of Directors may make adjustments in the calculations of the Net Asset Values per Share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant. Swing pricing may be applied across all Sub-Funds.
If on any Valuation Day the aggregate transactions in Shares of a Sub-Fund result in a net increase or decrease of Shares which exceeds a threshold preset by the Board of Directors from time to time for that Sub-Fund (relating to the cost of market dealing for that Sub-Fund), the Net Asset Value of the Sub-Fund will be adjusted by an amount (not exceeding 2% of that Net Asset Value) which reflects both the estimated fiscal charges and dealing costs that may be incurred by the Sub-Fund and the estimated bid/offer spread of the assets in which the Sub-Fund invests. The adjustment will be an addition when the net movement results in an increase of all Shares of the Fund and a deduction when it results in a decrease. When applied, all Classes within a Sub-Fund will swing in the same direction (upwards or downwards), and by the same percentage. This occurs even if the net increase or decrease of Shares that exceeds the threshold occurs in only one Class of the Sub-Fund. This is done in order to protect all investors and treat all Shareholders fairly.
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#### Temporary Suspension of Issues, Redemptions and Conversions | en | es |
DOLFIN6887 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
The ongoing charges figure shown here is an estimate of the charges due to the evolution of the assets under management since January 1, 2022. The UCITS' annual report for each financial year include detail on the exact charges made. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the Fund when buying or selling units of another collective investment vehicle). The charges paid are used to pay the costs of running the Fund, including the costs of marketing and distributing units; these charges reduce the potential growth of the investment. For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 31.3.2021 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | Los gastos de entrada, salida y conversión que se muestran representan el importe máximo aplicable y se abonan al distribuidor. Podrán aplicarse comisiones más bajas en algunos casos; póngase en contacto son su asesor financiero o al distribuidor si desea saber el importe real.
La cifra de gastos corrientes que se muestra aquí constituye una estimación de los gastos que se deben a la evolución de los activos gestionados desde el 1 de enero de 2022. El informe anual de la IIC correspondiente a cada ejercicio incluirá los detalles sobre los gastos exactos que se han realizado. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el Fondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos que se abonan están destinados a pagar los costes de funcionamiento del Fondo, incluidos los costes de comercialización y distribución de las participaciones; dichos gastos reducen el potencial de crecimiento de la inversión. Para obtener más información sobre las comisiones, los gastos y la metodología de cálculo de las comisiones de rentabilidad, consulte el apartado de «Comisiones y gastos» del folleto, disponible en el sitio web: www.carmignac.com
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
La comisión de rentabilidad se basa en la rentabilidad superior de la clase de acciones con respecto a la de su indicador de referencia. La comisión de rentabilidad se calcula para un periodo de rentabilidad de 1 año, correspondiente al ejercicio financiero del subfondo, y se devenga a diario. La comisión de rentabilidad será pagadera cuando la rentabilidad de la clase de acciones sea superior a la del indicador de referencia durante el periodo de rentabilidad. No obstante, no se abonará ninguna comisión de rentabilidad hasta que no se recupere cualquier rentabilidad inferior registrada en un periodo máximo de 5 años (aplicable desde el 31 de marzo de 2021 o desde el lanzamiento de la clase de acciones si se produce posteriormente).
Asimismo, la comisión de rentabilidad podrá cobrarse incluso si la rentabilidad absoluta es negativa, es decir, si la rentabilidad absoluta del fondo es negativa pero sigue siendo superior a la del indicador de referencia. | Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
The ongoing charges figure shown here is an estimate of the charges due to the evolution of the assets under management since January 1, 2022. The UCITS' annual report for each financial year include detail on the exact charges made. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the Fund when buying or selling units of another collective investment vehicle). The charges paid are used to pay the costs of running the Fund, including the costs of marketing and distributing units; these charges reduce the potential growth of the investment. For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 31.3.2021 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | en | es |
DOLFIN6902 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2003. This class was launched on 03/07/2006. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 05/09/2003. Esta clase se creó el 03/07/2006.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2003. This class was launched on 03/07/2006. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN6919 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the euro (EUR).
14.0%
13.0%
-10.5%
9.7%
0.7%
-8.2%
21.5%
14.6%
3.7%
8.1%
7.1%
4.4%
-5.7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # La divisa de referencia es el euro (EUR).
14,0%
13,0%
-10,5%
9,7%
0,7%
-8,2%
21,5%
14,6%
3,7%
8,1%
7,1%
4,4%
-5,7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # The reference currency is the euro (EUR).
14.0%
13.0%
-10.5%
9.7%
0.7%
-8.2%
21.5%
14.6%
3.7%
8.1%
7.1%
4.4%
-5.7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | en | es |
DOLFIN6933 | 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 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,437
14.4%
EUR 12,278
4.2% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 437 EUR
14,4%
12 278 EUR
4,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,437
14.4%
EUR 12,278
4.2% | en | es |
DOLFIN6939 | 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 track the performance, before fees and expenses, of the MSCI Total Return Net World Index (index) which is designed to reflect the performance of the shares of certain companies of various developed countries. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. As of 31 May 2019, the index consists of the following developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento, antes de gastos y comisiones, del MSCI Total Return Net World index (el «Índice»), que está diseñado para reflejar el rendimiento de las acciones de determinadas empresas de distintos países desarrollados. Las empresas que conforman el índice son grandes y medianas empresas cuyo tamaño está basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. La ponderación de una empresa en el índice depende de su tamaño relativo. A 31 de mayo de 2019, el índice se compone de los siguientes mercados desarrollados: Australia, Austria, Bélgica, Canadá, Dinamarca, Finlandia, Francia, Alemania, Hong Kong, Irlanda, Italia, Japón, Países Bajos, Nueva Zelanda, Noruega, Portugal, Singapur, España, Suecia, Suiza, Reino Unido y los Estados Unidos. Los componentes subyacentes del índice están admitidos a cotización en múltiples divisas. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar impuestos. El índice se | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI Total Return Net World Index (index) which is designed to reflect the performance of the shares of certain companies of various developed countries. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. As of 31 May 2019, the index consists of the following developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the | en | es |
DOLFIN6941 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of the sub-fund Amundi Funds Equity Green Impact is to achieve long-term capital growth. Specifically, the sub-fund invests as a feeder fund in Amundi Valeurs Durables (Master Fund).
The Master Fund invests mainly in European equities. Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only. Amundi Valeurs Durables is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC.
The Master Fund invests at least 75% of net assets in equities of companies that are headquartered, or do substantial business, in Europe, that derive a large portion of revenue from environmental activities, and that perform well on extra-financial ESG criteria (environment, social and governance).
The Master Fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the Master Fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of its net assets in UCITS/UCIs.
Derivatives are integral to the Master Fund's investment strategies. The Master Fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives, the Master Fund may use credit derivatives(on single issuer and on indices). The Master Fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The Master Fund is not managed in consideration of any index though its performance is compared to the MSCI Europe Index.
The Master Fund's investment team analyses about 100 European equities, among which they select companies that are active in green technologies (energy efficiency, renewable energies, water and waste management) and exclude companies that produce energy from fossil fuels or nuclear power. The investment team uses an optimisation process to achieve the desired diversification, number of securities, risk profile and liquidity.
The Investment manager of the both sub-funds is Amundi Asset Management.
Fees directly charged to Amundi Funds Equity Green Impact amount to EUR 935 which is summarized in the table below in terms of percentages of the average NAV of Amundi Funds Equity Green Impact share-classes: | El objetivo del subfondo Amundi Funds Equity Green Impact es lograr el crecimiento a largo plazo del capital. El subfondo invierte específicamente como fondo subordinado en Amundi Valeurs Durables (Fondo principal).
El Fondo principal invierte sobre todo en renta variable europea. En concreto, el subfondo invierte como mínimo el 85% de su patrimonio neto en participaciones del Fondo principal (Clase OR). El subfondo podrá invertir hasta el 15% en depósitos y derivados que se empleen exclusivamente a efectos de cobertura. Amundi Valeurs Durables es un FI constituido en virtud de la legislación francesa y considerado como un Fondo principal en virtud de la Directiva 2009/65/CE.
El Fondo principal invierte un mínimo del 75% del patrimonio neto en acciones de empresas que tienen sede en Europa, o que realizan una actividad considerable en dicho continente, que obtienen un elevado porcentaje de ingresos de actividades medioambientales y que obtienen buena puntuación en lo relativo a criterios extrafinancieros de índole medioambiental, social y de buen gobierno (criterios ESG, por sus siglas en inglés).
El Fondo principal prevé tener una exposición a la renta variable de entre el 75% y el 120%. No existen limitaciones en cuanto a capitalización bursátil para estas inversiones.
Al tiempo que cumple con las políticas antes mencionadas, el Fondo principal también podrá invertir en bonos aptos para la inversión y bonos convertibles, instrumentos del mercado monetario, depósitos y hasta un 10% de su patrimonio neto en OICVM/OIC.
Los derivados forman parte integrante de las estrategias de inversión del Fondo principal. El Fondo principal podrá emplear derivados a efectos de cobertura y gestión eficiente de la cartera, y para incrementar su exposición neta. Además de derivados principales, el Fondo principal podrá emplear derivados de crédito (sobre un emisor único y sobre índices). El Fondo principal podrá formalizar compraventas temporales de títulos (pactos de recompra y recompra inversa). Este no está gestionado teniendo en cuenta ningún índice, si bien su rentabilidad se compara con la del índice MSCI Europe.
El equipo de inversión del Fondo principal analiza alrededor de 100 títulos de renta variable europea, entre los que selecciona a empresas activas en tecnologías limpias (eficiencia energética, energías renovables, gestión del agua y los residuos) y excluye a empresas que producen energía a partir de combustibles fósiles o energía nuclear. El equipo de inversión aplica un proceso de optimización para lograr la diversificación, el número de títulos, el perfil de riesgo y la liquidez deseados.
El Gestor de inversiones de ambos subfondos es Amundi Asset Management.
En la siguiente tabla se resumen, en términos de VL porcentual medio de sus clases de acciones, las comisiones cobradas directamente a Amundi Funds Equity Green Impact, que ascienden a 935 EUR: | The objective of the sub-fund Amundi Funds Equity Green Impact is to achieve long-term capital growth. Specifically, the sub-fund invests as a feeder fund in Amundi Valeurs Durables (Master Fund).
The Master Fund invests mainly in European equities. Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only. Amundi Valeurs Durables is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC.
The Master Fund invests at least 75% of net assets in equities of companies that are headquartered, or do substantial business, in Europe, that derive a large portion of revenue from environmental activities, and that perform well on extra-financial ESG criteria (environment, social and governance).
The Master Fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the Master Fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of its net assets in UCITS/UCIs.
Derivatives are integral to the Master Fund's investment strategies. The Master Fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives, the Master Fund may use credit derivatives(on single issuer and on indices). The Master Fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The Master Fund is not managed in consideration of any index though its performance is compared to the MSCI Europe Index.
The Master Fund's investment team analyses about 100 European equities, among which they select companies that are active in green technologies (energy efficiency, renewable energies, water and waste management) and exclude companies that produce energy from fossil fuels or nuclear power. The investment team uses an optimisation process to achieve the desired diversification, number of securities, risk profile and liquidity.
The Investment manager of the both sub-funds is Amundi Asset Management.
Fees directly charged to Amundi Funds Equity Green Impact amount to EUR 935 which is summarized in the table below in terms of percentages of the average NAV of Amundi Funds Equity Green Impact share-classes: | en | es |
DOLFIN6946 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2009.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -7.9 | 17.8 | -14.9 | -30.0 | 27.7 | -1.5 | -22.9 | 9.0 | -29.2 | 40.5 |
| Constraint †¹ | 1.8 | 18.1 | -11.8 | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en EUR para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2001. La clase de acciones se lanzó en 2009.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | -7,9 | 17,8 | -14,9 | -30,0 | 27,7 | -1,5 | -22,9 | 9,0 | -29,2 | 40,5 |
| Limitación †¹ | 1,8 | 18,1 | -11,8 | -23,5 | 27,8 | 5,3 | -16,3 | 12,3 | -29,8 | 39,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2009.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -7.9 | 17.8 | -14.9 | -30.0 | 27.7 | -1.5 | -22.9 | 9.0 | -29.2 | 40.5 |
| Constraint †¹ | 1.8 | 18.1 | -11.8 | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN6950 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### All regulations will be interpreted and valuations carried out in accordance with generally accepted accounting principles.
Adequate provisions will be established for each Sub-Fund for the expenses incurred by each Sub-Fund of the Company and any off- balance sheet liabilities shall be taken into account in accordance with fair and prudent criteria.
For each Sub-Fund and for each Share-Class, the Net Asset Value per Share will be determined in the calculation currency of the Net Asset Value of the relevant Class, by a figure obtained by dividing, on the Valuation Day, the net assets of the Share-Class concerned, comprising the assets of this Share-Class less any liabilities attributable to it, by the number of Shares issued and outstanding for the Share-Class concerned.
If several Share-Classes are available for a Sub-Fund, the Net Asset Value per Share of a given Share-Class will at all times be equal to the amount obtained by dividing the portion of net assets attributable to this Share-Class by the total number of Shares of this Share-Class issued and outstanding.
Any Share that is in the process of being redeemed pursuant to Chapter III “Subscriptions, redemptions and conversions” of Part I of the Prospectus (“Essential information regarding the Company”) will be treated as an issued and existing share until the close of the Valuation Day applicable to the redemption of this share and, until such time as the redemption is settled, it will be deemed a Company liability. | #### Todo reglamento se interpretará conforme a los principios contables generalmente aceptados, conforme a los que también se realizarán las valoraciones.
Se establecerán disposiciones adecuadas para cada Subfondo relativas a los gastos soportados por cada Subfondo de la Sociedad y cualquier pasivo fuera del balance se tendrá en cuenta conforme a criterios justos y prudentes.
El Valor liquidativo por Acción de cada Subfondo y cada Clase de Acciones se determinará en la divisa de cálculo del Valor liquidativo de la Clase correspondiente, mediante una cifra obtenida dividiendo, en el Día de valoración, el patrimonio neto de la Clase de Acciones en cuestión, que incluye el activo de esta Clase de Acciones menos cualquier pasivo a ella atribuible, entre el número de Acciones emitidas y en circulación para la Clase de Acciones en cuestión.
Si un Subfondo cuenta con varias Clases de Acciones, el Valor liquidativo por Acción de una Clase de Acciones dada será, en todo momento, igual al importe obtenido mediante la división de la porción del patrimonio neto atribuible a esta Clase de Acciones entre el número total de Acciones de esta Clase de Acciones emitidas y en circulación.
Toda Acción que esté en proceso de reembolso conforme al Capítulo III «Suscripciones, reembolsos y conversiones» de la Parte I del Folleto («Información esencial sobre la Sociedad»), será tratada como una Acción emitida y existente hasta el cierre del Día de valoración aplicable al reembolso de esta Acción y se considerará un pasivo de la Sociedad hasta el momento en el que se liquide el reembolso. | ##### All regulations will be interpreted and valuations carried out in accordance with generally accepted accounting principles.
Adequate provisions will be established for each Sub-Fund for the expenses incurred by each Sub-Fund of the Company and any off- balance sheet liabilities shall be taken into account in accordance with fair and prudent criteria.
For each Sub-Fund and for each Share-Class, the Net Asset Value per Share will be determined in the calculation currency of the Net Asset Value of the relevant Class, by a figure obtained by dividing, on the Valuation Day, the net assets of the Share-Class concerned, comprising the assets of this Share-Class less any liabilities attributable to it, by the number of Shares issued and outstanding for the Share-Class concerned.
If several Share-Classes are available for a Sub-Fund, the Net Asset Value per Share of a given Share-Class will at all times be equal to the amount obtained by dividing the portion of net assets attributable to this Share-Class by the total number of Shares of this Share-Class issued and outstanding.
Any Share that is in the process of being redeemed pursuant to Chapter III “Subscriptions, redemptions and conversions” of Part I of the Prospectus (“Essential information regarding the Company”) will be treated as an issued and existing share until the close of the Valuation Day applicable to the redemption of this share and, until such time as the redemption is settled, it will be deemed a Company liability. | en | es |
DOLFIN6957 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Derivatives
- Equity
- Hedging
- Currency
| - Interest rate
- Investment fund
- Management
- Market
- Small and Midcap stock
| | - Instrumentos derivados
- Valores de renta variable
- Cobertura
- Divisas
| - Tipo de interés
- Fondo de inversión
- Gestión
- Mercado
- Valores de pequeña y mediana capitalización
| | - Derivatives
- Equity
- Hedging
- Currency
| - Interest rate
- Investment fund
- Management
- Market
- Small and Midcap stock
| | en | es |
DOLFIN6965 | 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 FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,653
-13.5%
EUR 9,413
-1.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) entre 31/01/2022-31/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 653 EUR
-13,5%
9 413 EUR
-1,2% | # This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,653
-13.5%
EUR 9,413
-1.2% | en | es |
DOLFIN6966 | 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 key features of the sub-fund are as follows:
2 The sub-fund aims to outperform its reference indicator over a recommended investment period of five years. The sub-fund seeks to invest sustainably for long-term growth and pursues a thematic approach for a positive environmental contribution.
2 The sub-fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. The sub-fund's investment universe is at least partly derived from the reference indicator. The sub-fund's investment strategy is not dependent on the reference indicator; therefore, the sub-fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation. The reference indicator is MSCI AC WORLD NR (USD) index (Bloomberg code: NDUEACWF), calculated with net dividends reinvested, then converted into euro for EUR Shares, and into the relevant reference currency for unhedged Shares.
2 The sub-fund invests mainly in international equity markets. The fund can invest up to 10% of the net assets in bonds with a rating below investment grade. The fund manager seeks to invest thematically in companies that provide products or services that are addressing climate change mitigation, such as companies providing low carbon solutions, enabling emissions reductions, or undertaking activities that contribute to a transition to net zero emissions by 2050 (including companies involved in the more efficient extraction of commodities).
2 The portfolio manager implements a bottom-up analysis, complemented by a fundamental top-down approach. Stock selection is completely discretionary and relies on the portfolio manager's expectations and financial analysis.
2 The sub-fund may invest on an ancilliary basis in debt securities (such as fixed and/or floating rate bonds), and/or money market instruments. The portfolio manager reserves the right to invest up to 10% of the net assets in bonds with a rating below investment grade. 2 The Sub-Fund has a sustainable objective seeks to invest at least 60% of assets in companies whose activity contribute to climate change mitigation and positive environmental change in accordance with article 9 of the Sustainable Finance Disclosure Regulation (“SFDR”). This Sub-Fund uses a thematic approach based on binding negative and positive screening using best-in-universe and best-efforts approaches. For the purpose of assessing the environmental sustainability, it will use science-based data to evaluate the progress and contribution towards mitigation of greenhouse gases (example measures include carbon intensity, total carbon emissions, greenhouse gas reduction targets, total renewable energy production), while maintaining minimum standards in Social and | # Objetivos y política de inversión
A continuación se recogen las principales características del subfondo:
2 El objetivo del subfondo consiste en superar la rentabilidad de su indicador de referencia durante un periodo recomendado de inversión de cinco años. El subfondo pretende invertir de forma sostenible con el fin de lograr un crecimiento a largo plazo, y adopta un enfoque temático con el fin de realizar una contribución positiva al medioambiente.
2 El subfondo es una IIC gestionada activamente. El gestor de inversiones puede determinar, a su discreción, la composición de su cartera, teniendo en cuenta la política y los objetivos de inversión indicados. El universo de inversión del subfondo se deriva, al menos parcialmente, del indicador de referencia. La estrategia de inversión del subfondo no depende del indicador de referencia; por lo tanto, las posiciones y las ponderaciones del subfondo podrían desviarse sustancialmente de la composición del indicador de referencia. No se establece ningún límite concreto en cuanto al grado de dicha desviación. El indicador de referencia es el índice MSCI AC WORLD NR (USD) (código Bloomberg: NDUEACWF), con dividendos netos reinvertidos, que luego se convierte a euros en el caso de las Acciones en euros, así como a la divisa de referencia pertinente en el caso de las Acciones sin cobertura.
2 El subfondo invierte principalmente en los mercados internacionales de renta variable. El fondo puede invertir hasta un 10% del patrimonio neto en bonos con una calificación inferior a «investment grade». El gestor del fondo trata de invertir temáticamente en empresas que ofrezcan productos o servicios que aborden la mitigación del cambio climático, tales como empresas que proporcionen soluciones con reducidas emisiones de carbono, permitan reducir las emisiones o lleven a cabo actividades que contribuyan a la transición hacia las emisiones netas cero de aquí a 2050, incluidas las compañías que apuestan por una extracción de materias primas más eficiente).
2 El gestor de carteras implementa un análisis ascendente («bottom-up»), complementado con un enfoque fundamental de carácter descendente («top-down»). La selección de valores reviste un carácter totalmente discrecional y se basa en el análisis financiero y las expectativas del gestor de carteras.
2 El subfondo podrá invertir, con carácter accesorio, en títulos de deuda (como bonos de tipo fijo y/o variable), y/o instrumentos del mercado monetario. El gestor de carteras se reserva el derecho a invertir, en un límite del 10% del patrimonio neto, en bonos cuya calificación podrá ser inferior a «investment grade».
2 El Subfondo tiene como objetivo sostenible invertir al menos el 60% de su patrimonio en empresas cuya actividad contribuya a la atenuación del cambio climático y genere un cambio medioambiental positivo, con arreglo al artículo 9 del Reglamento sobre la | # Objectives and investment policy
The key features of the sub-fund are as follows:
2 The sub-fund aims to outperform its reference indicator over a recommended investment period of five years. The sub-fund seeks to invest sustainably for long-term growth and pursues a thematic approach for a positive environmental contribution.
2 The sub-fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. The sub-fund's investment universe is at least partly derived from the reference indicator. The sub-fund's investment strategy is not dependent on the reference indicator; therefore, the sub-fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation. The reference indicator is MSCI AC WORLD NR (USD) index (Bloomberg code: NDUEACWF), calculated with net dividends reinvested, then converted into euro for EUR Shares, and into the relevant reference currency for unhedged Shares.
2 The sub-fund invests mainly in international equity markets. The fund can invest up to 10% of the net assets in bonds with a rating below investment grade. The fund manager seeks to invest thematically in companies that provide products or services that are addressing climate change mitigation, such as companies providing low carbon solutions, enabling emissions reductions, or undertaking activities that contribute to a transition to net zero emissions by 2050 (including companies involved in the more efficient extraction of commodities).
2 The portfolio manager implements a bottom-up analysis, complemented by a fundamental top-down approach. Stock selection is completely discretionary and relies on the portfolio manager's expectations and financial analysis.
2 The sub-fund may invest on an ancilliary basis in debt securities (such as fixed and/or floating rate bonds), and/or money market instruments. The portfolio manager reserves the right to invest up to 10% of the net assets in bonds with a rating below investment grade. 2 The Sub-Fund has a sustainable objective seeks to invest at least 60% of assets in companies whose activity contribute to climate change mitigation and positive environmental change in accordance with article 9 of the Sustainable Finance Disclosure Regulation (“SFDR”). This Sub-Fund uses a thematic approach based on binding negative and positive screening using best-in-universe and best-efforts approaches. For the purpose of assessing the environmental sustainability, it will use science-based data to evaluate the progress and contribution towards mitigation of greenhouse gases (example measures include carbon intensity, total carbon emissions, greenhouse gas reduction targets, total renewable energy production), while maintaining minimum standards in Social and | en | es |
DOLFIN6968 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of intelligent machines are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from the ongoing technology- driven transformation of products, software, systems and machinery as wellas product design, manufacture, logistics, distribution and maintenance, including through developments in artificial intelligence. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | ### El Fondo puede invertir en menor medida en:
- títulos de deuda de cualquier vencimiento o calidad emitidos por sociedades de cualquier tamaño, situadas en cualquier país
- participaciones de otros fondos de inversión y fondos cotizados en bolsa (limitadas al 10 % de los activos)Las empresas pertinentes para el tema de inversión de las máquinas inteligentes del Fondo son aquellas que, en opinión del equipo de inversiones, se centran básicamente en la constante transformación tecnológica de los productos, el software, los sistemas y la maquinaria, así como del diseño, la fabricación, la logística, la distribución y elmantenimiento de los productos, incluidos los avances en la esfera de la inteligencia artificial, y que se espera que obtengan importantes beneficios de todo esto. El Fondo puede invertir una parte importante de su cartera en empresas ubicadas o cotizadas en Estados Unidos. | ### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of intelligent machines are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from the ongoing technology- driven transformation of products, software, systems and machinery as wellas product design, manufacture, logistics, distribution and maintenance, including through developments in artificial intelligence. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | en | es |
DOLFIN6974 | 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
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 274 | CHF 1,448 |
| Annual cost impact (*) | 2.7% | 2.7% |
(*) 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 7.0% before costs and 4.3% 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. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.0% of the value of your investment per year. | CHF 101 |
| Transaction costs | 0.9% 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. | CHF 85 |
Performance fees 0.9% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 88 | # 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 CHF está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 274 CHF | 1 448 CHF |
| Incidencia anual de los costes (*) | 2,7% | 2,7% |
(*) 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 7,0% antes de deducir los costes y 4,3% 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 CHF |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 CHF |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,0% del valor de su inversión por año. | 101 CHF |
| Costes de operación | 0,9% 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. | 85 CHF |
Comisiones de rendimiento 0,9% 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.
88 CHF | # 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
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 274 | CHF 1,448 |
| Annual cost impact (*) | 2.7% | 2.7% |
(*) 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 7.0% before costs and 4.3% 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. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.0% of the value of your investment per year. | CHF 101 |
| Transaction costs | 0.9% 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. | CHF 85 |
Performance fees 0.9% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 88 | en | es |
DOLFIN6976 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SOFT COMMISSION, BROKERAGE & RESEARCH ARRANGEMENTS
To the extent not prohibited by applicable laws or regulations, the Sub-Advisers may, in circumstances in which two or more broker-dealers are in a position to offer comparable results for a portfolio transaction, give preference to a broker-dealer that has provided statistical or other research services to the Sub-Advisers. In selecting a broker-dealer under these circumstances, the Sub-Advisers will consider, in addition to the factors listed above, the quality of the research provided by the broker-dealer. The Sub-Advisers may cause a Sub-Fund to pay higher commissions than those obtainable from other broker-dealers in exchange for such research services. The research services generally include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the advisability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto. By allocating transactions in this manner, the Sub-Advisers are able to supplement their research and analysis with the views and information of securities firms. Information so received will be in addition to, and not in lieu of, the services required to be performed by the Sub-Advisers under the advisory contracts, and the expenses of the Sub-Advisers will not necessarily be reduced as a result of the receipt of this supplemental research information. Furthermore, research services furnished by broker-dealers through which the Sub-Advisers place securities transactions for a Sub-Fund may be used by the Sub-Advisers in servicing their other accounts, and although not all of these services may be used by the Sub-Advisers in connection with advising the Sub-Funds, they will always be in the interest of the Sub-Funds. It should be noted that the Sub-Advisers may place portfolio transactions with an affiliated broker-dealer. | # ACUERDOS DE COMISIONES EN ESPECIE, INTERMEDIACIÓN E INVESTIGACIÓN
En la medida en que no esté prohibido por las leyes o normativas aplicables, los Subasesores pueden, cuando dos corredores de bolsa estén en condiciones de ofrecer resultados comparables para una operación de cartera, dar prioridad al corredor de bolsa que les haya facilitado servicios estadísticos u otros servicios de análisis. A la hora de seleccionar un corredor de bolsa en tales circunstancias, los Subasesores considerarán, además de los factores indicados anteriormente, la calidad del análisis facilitado por el corredor de bolsa en cuestión. Los Subasesores pueden hacer que un Subfondo pague comisiones más elevadas que las que obtenga de otros corredores de bolsa a cambio de dichos servicios de análisis. Los servicios de análisis generalmente incluyen: (1) la provisión de asesoramiento sobre el valor de los títulos, la conveniencia de invertir, comprar o vender títulos, y la conveniencia de los títulos o de los compradores o vendedores de títulos; (2) la provisión de análisis e informes relativos a emisores, sectores, títulos, factores y tendencias económicos, estrategias de cartera, así como el rendimiento de cuentas; y (3) la realización de operaciones con títulos y otras funciones adicionales relacionadas. Por medio de esta asignación de operaciones, los Subasesores pueden complementar su análisis con las perspectivas y la información de las entidades de títulos. Toda la información recibida de este modo será complementaria y no sustituirá los servicios que se solicite a los Subasesores en virtud de los contratos de asesoramiento, y los gastos de los Subasesores no se verán necesariamente reducidos como resultado de la recepción de dicha información de análisis adicional. Además, los servicios de análisis facilitados por los corredores de bolsa a través de los cuales los Subasesores realizan operaciones con títulos para un Subfondo pueden utilizarse para prestar servicios a sus otras cuentas y, a pesar de que los Subasesores pueden no utilizar la totalidad de estos servicios para ofrecer asesoramiento a los Subfondos, siempre será en beneficio de estos. Debe tenerse en cuenta que los Subasesores podrán realizar operaciones de cartera con un corredor de bolsa afiliado. | # SOFT COMMISSION, BROKERAGE & RESEARCH ARRANGEMENTS
To the extent not prohibited by applicable laws or regulations, the Sub-Advisers may, in circumstances in which two or more broker-dealers are in a position to offer comparable results for a portfolio transaction, give preference to a broker-dealer that has provided statistical or other research services to the Sub-Advisers. In selecting a broker-dealer under these circumstances, the Sub-Advisers will consider, in addition to the factors listed above, the quality of the research provided by the broker-dealer. The Sub-Advisers may cause a Sub-Fund to pay higher commissions than those obtainable from other broker-dealers in exchange for such research services. The research services generally include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the advisability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto. By allocating transactions in this manner, the Sub-Advisers are able to supplement their research and analysis with the views and information of securities firms. Information so received will be in addition to, and not in lieu of, the services required to be performed by the Sub-Advisers under the advisory contracts, and the expenses of the Sub-Advisers will not necessarily be reduced as a result of the receipt of this supplemental research information. Furthermore, research services furnished by broker-dealers through which the Sub-Advisers place securities transactions for a Sub-Fund may be used by the Sub-Advisers in servicing their other accounts, and although not all of these services may be used by the Sub-Advisers in connection with advising the Sub-Funds, they will always be in the interest of the Sub-Funds. It should be noted that the Sub-Advisers may place portfolio transactions with an affiliated broker-dealer. | en | es |
DOLFIN6981 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### In all the above cases, the requests received will be executed at the first Net Asset Value applicable upon the expiry of the suspension period.
In exceptional circumstances which may have an adverse effect on the interests of Shareholders, in the event of large volumes of subscription, redemption or conversion requests or in the event of a lack of liquidity on the markets, the Board of Directors of the Company reserves the right to set the Net Asset Value of the Company Shares only after carrying out the required purchases and sales of securities on behalf of the Company (for redemptions, “large volumes” shall mean that the total value of Shares in all redemption requests in one Valuation Day exceeds 10% of the total Net Asset Value of the Sub-Fund on the same Valuation Day). In this case, any subscriptions, redemptions and conversions simultaneously pending will be executed on the basis of a single Net Asset Value.
The temporary suspension of the calculation of the Net Asset Value and resulting suspension of dealing of one or more Sub- Funds will be announced by any appropriate means and more specifically by publication in the press, unless the Board of Directors of the Company feels that such a publication is not useful in view of the short duration of the suspension. | ##### En todos los casos anteriores las solicitudes recibidas se tramitarán en función del primer Valor liquidativo aplicable una vez concluido el periodo de suspensión.
En circunstancias excepcionales que puedan afectar negativamente a los intereses de los Accionistas, en caso de grandes volúmenes de solicitudes de suscripción, reembolso o conversión, o en caso de falta de liquidez en los mercados, el Consejo de administración de la Sociedad se reserva el derecho a establecer el Valor liquidativo de las Acciones de la Sociedad únicamente tras haber realizado las compras y las ventas de valores necesarias en nombre de la Sociedad (en el caso de los reembolsos, «grandes volúmenes» significará que el valor total de las Acciones reembolsado un Día de valoración supera el 10 % del Valor liquidativo total del Subfondo ese mismo Día de valoración). En este caso, toda suscripción, reembolso y conversión simultáneamente pendiente se ejecutará conforme al mismo Valor liquidativo.
La suspensión temporal del cálculo del Valor liquidativo y la consiguiente suspensión de la negociación de uno o varios Subfondos se anunciará por todos los medios pertinentes y, concretamente, mediante su publicación en prensa, salvo que el Consejo de administración de la Sociedad considere que dicha publicación no es útil, dada la breve duración de la suspensión. | ##### In all the above cases, the requests received will be executed at the first Net Asset Value applicable upon the expiry of the suspension period.
In exceptional circumstances which may have an adverse effect on the interests of Shareholders, in the event of large volumes of subscription, redemption or conversion requests or in the event of a lack of liquidity on the markets, the Board of Directors of the Company reserves the right to set the Net Asset Value of the Company Shares only after carrying out the required purchases and sales of securities on behalf of the Company (for redemptions, “large volumes” shall mean that the total value of Shares in all redemption requests in one Valuation Day exceeds 10% of the total Net Asset Value of the Sub-Fund on the same Valuation Day). In this case, any subscriptions, redemptions and conversions simultaneously pending will be executed on the basis of a single Net Asset Value.
The temporary suspension of the calculation of the Net Asset Value and resulting suspension of dealing of one or more Sub- Funds will be announced by any appropriate means and more specifically by publication in the press, unless the Board of Directors of the Company feels that such a publication is not useful in view of the short duration of the suspension. | en | es |
DOLFIN6989 | 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 high level of income with the opportunity for long-term capital growth.
The Fund invests around the world in a diverse range of bonds (contracts to repay borrowed money which typically pay fixed or variable interest at fixed intervals) issued by governments, institutions and companies.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
Careful attention is paid to the quality and marketability of the investments held by the Fund although the Fund may also invest in bonds rated as below investment grade by the credit rating agencies (companies that rate the ability of the issuers of bonds to repay borrowed money). Investments in below investment grade bonds will still be subject to minimum rating requirements.
The Fund may invest in other assets such as cash, other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party) and derivatives.
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 BofAML Global Broad Market Corporate Hedged EUR Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is paid out to you.
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:
Charges from capital: Expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
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.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
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 un elevado nivel de ingresos, así como la oportunidad de crecimiento del capital a largo plazo.
El Fondo invierte en todo el mundo en una diversa gama de bonos (contratos para reembolsar dinero tomado en préstamo que suelen pagar intereses en momentos predeterminados) emitidos por gobiernos, instituciones y empresas.
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
Se presta mucha atención a la calidad y comerciabilidad de las inversiones en cartera del Fondo, aunque el Fondo también puede invertir en bonos con calificaciones inferiores al grado de inversión de agencias de calificación crediticia (empresas que califican la capacidad de reembolsar el dinero tomado en préstamo de los emisores de los bonos). Las inversiones en bonos con calificaciones inferiores al grado de inversión también están sujetas a requisitos mínimos de calificación.
El Fondo puede invertir en otros activos, como efectivo, otros fondos (que pueden estar gestionados por el Gestor de inversiones, por otras empresas de su grupo o por un tercero) y derivados.
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 índice BofAML Global Broad Market Corporate Hedged EUR Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Los ingresos generados por la inversión se distribuyen a los inversores.
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:
Gastos deducidos del capital: Los gastos se deducirán del capital y no de los ingresos, lo que reducirá el capital. Esto podría limitar el crecimiento futuro del capital y los ingresos. Los ingresos pueden ser tributables.
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.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
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 a high level of income with the opportunity for long-term capital growth.
The Fund invests around the world in a diverse range of bonds (contracts to repay borrowed money which typically pay fixed or variable interest at fixed intervals) issued by governments, institutions and companies.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
Careful attention is paid to the quality and marketability of the investments held by the Fund although the Fund may also invest in bonds rated as below investment grade by the credit rating agencies (companies that rate the ability of the issuers of bonds to repay borrowed money). Investments in below investment grade bonds will still be subject to minimum rating requirements.
The Fund may invest in other assets such as cash, other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party) and derivatives.
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 BofAML Global Broad Market Corporate Hedged EUR Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is paid out to you.
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:
Charges from capital: Expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
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.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
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 |
DOLFIN6990 | 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: July 16, 2012.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
15%
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 16 de julio de 2012. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
15%
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: July 16, 2012.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
15%
10%
5%
0%
-5% | en | es |
DOLFIN6997 | 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 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,414
4.1%
EUR 11,959
3.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 414 EUR
4,1%
11 959 EUR
3,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,414
4.1%
EUR 11,959
3.6% | en | es |
DOLFIN6999 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
Securities acquired in reverse repurchase translations will be issued by
The Fund’s investment objective is to outperform the benchmark index, 50% (Capitalised) €STR and 50% Euro Stoxx 50 (Net Return) (Bloomberg code: SX5T INDEX) calculated with dividends reinvested over a minimum investment period of three years through a flexible allocation between equity markets and money market instruments.
The Fund is a stock-picking fund and is managed on a discretionary and active basis with reference to its benchmark. The investment process is based on (i) actively managing the asset allocation, divided between equity and money markets, through a tactical and strategic allocation determined according to an economic scenario, market valuations and portfolio risk management, and (ii) selecting shares or equity securities through an investment process that favours a contrarian, stock-picking approach.
The Fund’s composition may deviate significantly from that of the benchmark index.
Between 0% and 100% of the Fund’s assets may be invested in equities traded on regulated markets and issued by companies headquartered within the European Economic Area (EEA) or in a European member of the OECD.
At least 60% of the Fund’s equity component is permanently invested in shares issued by companies headquartered in the Euro Zone.
Equities issued by companies headquartered outside the Euro Zone may be held in the equity component up to a maximum of 40% of net assets.
The Fund may invest in equities from any economic sector and with any market capitalisation. Only 10% of the Fund may be exposed to emerging markets.
Between 0% and 100% of the Fund’s assets may be invested in transferable debt securities or money market instruments (maximum maturity of two years) or securities received under repurchase agreements (maximum period of three months). The transferable debt securities and money market instruments will be securities issued by governments, public entities or private corporations, denominated in euro and rated at least BBB+ (long-term rating by Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating).
governments, public institutions or private companies and denominated in euro, and will have a rating of A- to AAA (from Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating), with a maximum of 5% of assets held in securities rated below A- but no lower than BBB- (Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating). The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these money market instruments into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux, and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, the Fund may invest in financial futures or options traded on French or foreign regulated markets or over the counter for the purposes of hedging equity risk or exposing the Fund thereto and/or hedging currency risk. This shall be limited to 40% of the net assets.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-EUR units
accumulate their income
.
Recommended investment horizon: 3 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Los títulos recibidos con pacto de retroventa serán valores emitidos por
El objetivo de gestión del Fondo consiste en lograr una rentabilidad superior a la de su indicador de referencia, compuesto en un 50% por el €STR (capitalizado) y en un 50% por el Euro Stoxx 50 (Net Return) (código Bloomberg: SX5T INDEX) con dividendos reinvertidos, mediante una distribución flexible entre el mercado de renta variable y los productos del mercado monetario en un horizonte mínimo de inversión de tres años.
El Fondo es un fondo de selección de valores y se gestiona de forma discrecional y activa en referencia a su indicador. El proceso de inversión se fundamenta en
(i) una gestión activa de la asignación de activos, repartida entre los mercados de renta variable y los productos monetarios, mediante una asignación táctica y estratégica en función de un escenario económico, la valoración de los mercados y el control del riesgo de la cartera; y (ii) una selección de las acciones o las participaciones de capital a través de un proceso de inversión que prioriza el enfoque «a contracorriente» y la valoración individual de las acciones.
La composición del Fondo puede diferir de manera significativa respecto de la distribución del indicador de referencia.
El Fondo podrá invertir hasta un máximo del 100% de su patrimonio en acciones negociadas en mercados regulados y emitidas por sociedades domiciliadas en el Espacio Económico Europeo (EEE) o en un país europeo perteneciente a la OCDE.
El componente de renta variable del Fondo mantiene siempre una inversión del 60% en acciones emitidas por sociedades domiciliadas en la zona euro.
Las acciones emitidas por sociedades domiciliadas fuera de la zona euro podrán formar parte del componente de renta variable del Fondo en un límite máximo del 40% de su patrimonio neto.
Dichas sociedades, de cualquier capitalización, podrán pertenecer a cualquier sector económico. La exposición del Fondo a los mercados emergentes será del 10% como máximo.
El Fondo podrá invertir hasta un máximo del 100% en títulos de crédito negociables (TCN) o instrumentos del mercado monetario (con un vencimiento máximo de dos años) o títulos recibidos con pacto de retroventa (con un vencimiento máximo de tres meses). Los títulos de crédito negociables y los instrumentos del mercado monetario serán valores emitidos por gobiernos, autoridades públicas o empresas privadas, denominados en euros y que cuenten con una calificación mínima de BBB+ (calificación a largo plazo otorgada por Standard and Poor's, Moody's u otra agencia de calificación equivalente, o concedida de manera interna por parte de la Sociedad gestora).
gobiernos, autoridades públicas o empresas privadas, denominados en euros y que cuenten con una calificación entre A- y AAA (otorgada por Standard & Poor’s, Moody’s u otra agencia de calificación equivalente, o concedida de manera interna por parte de la Sociedad gestora), con un máximo del 5% del patrimonio invertido en títulos con calificación inferior a A- y, como mínimo, igual a BBB- (otorgada por Standard and Poor's, Moody's u otra agencia de calificación equivalente, o concedida de manera interna por parte de la Sociedad gestora). La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos productos del mercado monetario.
El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM conformes a la Directiva europea 2009/65/CE, (ii) en fondos de inversión alternativa constituidos en un Estado miembro de la UE y/o en fondos de inversión de derecho extranjero descritos en el artículo R.214-25 y que reúnan los requisitos previstos en el artículo R.214-13 del Código Monetario y Financiero francés. Dichos OIC podrán estar gestionados por ODDO BHF Asset Management SAS y/o ODDO BHF Asset Management GmbH y/o ODDO BHF Asset Management Lux y serán compatibles con la estrategia de inversión del Fondo.
El Fondo puede invertir, sin búsqueda de sobreexposición, en instrumentos financieros a plazo o condicionales, negociados en mercados regulados u OTC, tanto franceses como extranjeros, con fines de exposición, de cobertura del riesgo de renta variable y/o de cobertura del riesgo de cambio. Este último estará limitado al 40% del patrimonio neto.
La exposición máxima del Fondo a instrumentos financieros (renta variable, títulos de crédito, OIC y derivados) no podrá superar el 100% del patrimonio neto, entendiéndose que la exposición máxima constituye la suma de las exposiciones netas a cada uno de los mercados (renta variable, renta fija y monetario) a los que está expuesto el Fondo (suma de las posiciones compradoras y de cobertura).
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La participación CN-EUR
capitaliza sus ingresos
.
Horizonte de inversión recomendado: 3 años
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIVES AND INVESTMENT POLICY
Securities acquired in reverse repurchase translations will be issued by
The Fund’s investment objective is to outperform the benchmark index, 50% (Capitalised) €STR and 50% Euro Stoxx 50 (Net Return) (Bloomberg code: SX5T INDEX) calculated with dividends reinvested over a minimum investment period of three years through a flexible allocation between equity markets and money market instruments.
The Fund is a stock-picking fund and is managed on a discretionary and active basis with reference to its benchmark. The investment process is based on (i) actively managing the asset allocation, divided between equity and money markets, through a tactical and strategic allocation determined according to an economic scenario, market valuations and portfolio risk management, and (ii) selecting shares or equity securities through an investment process that favours a contrarian, stock-picking approach.
The Fund’s composition may deviate significantly from that of the benchmark index.
Between 0% and 100% of the Fund’s assets may be invested in equities traded on regulated markets and issued by companies headquartered within the European Economic Area (EEA) or in a European member of the OECD.
At least 60% of the Fund’s equity component is permanently invested in shares issued by companies headquartered in the Euro Zone.
Equities issued by companies headquartered outside the Euro Zone may be held in the equity component up to a maximum of 40% of net assets.
The Fund may invest in equities from any economic sector and with any market capitalisation. Only 10% of the Fund may be exposed to emerging markets.
Between 0% and 100% of the Fund’s assets may be invested in transferable debt securities or money market instruments (maximum maturity of two years) or securities received under repurchase agreements (maximum period of three months). The transferable debt securities and money market instruments will be securities issued by governments, public entities or private corporations, denominated in euro and rated at least BBB+ (long-term rating by Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating).
governments, public institutions or private companies and denominated in euro, and will have a rating of A- to AAA (from Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating), with a maximum of 5% of assets held in securities rated below A- but no lower than BBB- (Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating). The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these money market instruments into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux, and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, the Fund may invest in financial futures or options traded on French or foreign regulated markets or over the counter for the purposes of hedging equity risk or exposing the Fund thereto and/or hedging currency risk. This shall be limited to 40% of the net assets.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-EUR units
accumulate their income
.
Recommended investment horizon: 3 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | en | es |
DOLFIN7006 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Information
- Recommendation: This Sub-Fund may not be appropriate for investors who plan to withdraw their money within 3 months.
- Dealing frequency: You may redeem shares in this Sub-Fund on demand on a daily basis.
- The Sub-Fund is denominated in EUR. This Class is in EUR.
- Distribution policy: Income distribution (November). | ### Información
- Recomendación: Este Subfondo puede no ser apropiado para aquellos inversores que tengan previsto retirar su dinero antes de 3 meses.
- Frecuencia de negociación: El reembolso de participaciones de este Subfondo es diario.
- El subfondo está denominado en EUR. Esta clase es en EUR.
- Política de distribución: distribución (noviembre) de beneficios. | ### Information
- Recommendation: This Sub-Fund may not be appropriate for investors who plan to withdraw their money within 3 months.
- Dealing frequency: You may redeem shares in this Sub-Fund on demand on a daily basis.
- The Sub-Fund is denominated in EUR. This Class is in EUR.
- Distribution policy: Income distribution (November). | en | es |
DOLFIN7009 | 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 Sub-Fund aims to achieve a long-term return in excess of MSCI World Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of companies, globally.
Investment Policy: The Sub-Fund pursues an actively-managed investment strategy.
The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities of companies, globally. Issuers of these securities may be located in any country, including emerging markets.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. This screening includes, for example, identifying issuers that are involved in the manufacturing of controversial weapons, thermal coal and tobacco among others. The list of screens applied that may result in exclusions can be found on the Website (www.jpmorganassetmanagement.ie).
The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased.
The Sub-Fund will seek to outperform the Benchmark over the long- term. The Benchmark consists of large and mid-capitalisation stocks issued by issuers in 23 developed markets globally ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear a close resemblance to its Benchmark.
The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of equity securities (which may include but will not be limited to the Benchmark Securities) which is actively selected and managed with the aim of delivering an | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende conseguir una rentabilidad a largo plazo superior a la del MSCI World Index (Total Return Net) (el «Índice de referencia») invirtiendo fundamentalmente y de forma activa en una cartera de compañías de todo el mundo.
Política de inversión: El Subfondo sigue una estrategia de inversión gestionada activamente.
El Subfondo pretende invertir como mínimo el 67% de su patrimonio (excluidos los activos que se mantengan como activos líquidos accesorios) en títulos de renta variable de compañías de todo el mundo. Los emisores de estos valores podrán estar situados en cualquier país, incluidos los mercados emergentes.
Como mínimo el 51% del patrimonio se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna de los Gestores de inversiones y/o datos de terceros.
El Gestor de inversiones evalúa y aplica un filtro basado en el valor y en normas para implementar las exclusiones. Como fundamento de este filtro, el Gestor de inversiones se basa en datos de proveedores externos que identifican, o bien la participación de un emisor en actividades que no están en consonancia con los filtros basados en el valor y en normas, o bien los ingresos que obtienen de tales actividades. Entre otras cosas, este filtro identifica emisores que están implicados en la fabricación de armas controvertidas, carbón térmico, tabaco, etc. La lista de filtros aplicados que pueden dar lugar a exclusiones puede consultarse en el sitio web de (www.jpmorganassetmanagement.ie).
El Subfondo integra sistemáticamente los análisis ESG (ambientales, sociales y de gobierno corporativo) en las decisiones de inversión en, al menos, un 90% de los títulos adquiridos.
El Subfondo tratará de obtener una rentabilidad superior a la del índice de referencia a largo plazo. El índice de referencia está compuesto por acciones de mediana y gran capitalización de emisores de 23 mercados desarrollados de todo el mundo («Valores del índice de referencia»). El Índice de referencia se ha incluido como un parámetro comparativo para medir la rentabilidad del Subfondo. El Subfondo guardará una gran semejanza en su composición con su Índice de referencia.
El Subfondo no tratará de reproducir ni replicar la rentabilidad del índice de referencia, sino que mantendrá una cartera de títulos de renta variable (que podrá incluir, entre otros, valores del índice de referencia) objeto de una selección activa y que se gestiona con el objetivo de lograr una | # Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a long-term return in excess of MSCI World Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of companies, globally.
Investment Policy: The Sub-Fund pursues an actively-managed investment strategy.
The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities of companies, globally. Issuers of these securities may be located in any country, including emerging markets.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. This screening includes, for example, identifying issuers that are involved in the manufacturing of controversial weapons, thermal coal and tobacco among others. The list of screens applied that may result in exclusions can be found on the Website (www.jpmorganassetmanagement.ie).
The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased.
The Sub-Fund will seek to outperform the Benchmark over the long- term. The Benchmark consists of large and mid-capitalisation stocks issued by issuers in 23 developed markets globally ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear a close resemblance to its Benchmark.
The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of equity securities (which may include but will not be limited to the Benchmark Securities) which is actively selected and managed with the aim of delivering an | en | es |
DOLFIN7014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Forward Foreign Exchange Contracts
Outstanding forward foreign exchange contracts were valued at the last available price at NAV Calculation Day, by reference to the forward rate of exchange applicable to the maturity of the relevant contract. The unrealised appreciation/(depreciation) is shown in the Statement of Net Assets under ‘Net unrealised appreciation/(depreciation) on forward foreign exchange contracts’.
On 30 September 2021, the following sub-funds were committed to forward foreign exchange contracts: | #### Contratos de divisas a plazo
Los contratos de divisas a plazo existentes se valoraron al último precio disponible el Día de cálculo del Valor liquidativo sobre la base del tipo de cambio a plazo aplicable al vencimiento del contrato correspondiente. La plusvalía o minusvalía latente se muestra en el Balance bajo el apartado “Plusvalía/ (minusvalía) latente neta sobre contratos de divisas a plazo”.
A 30 de septiembre de 2021, los siguientes subfondos estaban comprometidos con contratos de divisas a plazo existentes: | #### Forward Foreign Exchange Contracts
Outstanding forward foreign exchange contracts were valued at the last available price at NAV Calculation Day, by reference to the forward rate of exchange applicable to the maturity of the relevant contract. The unrealised appreciation/(depreciation) is shown in the Statement of Net Assets under ‘Net unrealised appreciation/(depreciation) on forward foreign exchange contracts’.
On 30 September 2021, the following sub-funds were committed to forward foreign exchange contracts: | en | es |
DOLFIN7028 | 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 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 4,560 | EUR 5,840 |
| | Average return each year % | -54.40% | -16.41% |
| Unfavourable scenario | What you might get back after costs | EUR 8,980 | EUR 8,800 |
| | Average return each year % | -10.20% | -4.17% |
| Moderate scenario | What you might get back after costs | EUR 10,330 | EUR 11,510 |
| | Average return each year % | 3.30% | 4.80% |
| Favourable scenario | What you might get back after costs | EUR 13,550 | EUR 15,450 |
| | Average return each year % | 35.50% | 15.60% | | | | 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 | EUR 4.560 | EUR 5.840 |
| | Rendimiento medio cada año | -54,40% | -16,41% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.980 | EUR 8.800 |
| | Rendimiento medio cada año | -10,20% | -4,17% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.330 | EUR 11.510 |
| | Rendimiento medio cada año | 3,30% | 4,80% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 13.550 | EUR 15.450 |
| | Rendimiento medio cada año | 35,50% | 15,60% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 4,560 | EUR 5,840 |
| | Average return each year % | -54.40% | -16.41% |
| Unfavourable scenario | What you might get back after costs | EUR 8,980 | EUR 8,800 |
| | Average return each year % | -10.20% | -4.17% |
| Moderate scenario | What you might get back after costs | EUR 10,330 | EUR 11,510 |
| | Average return each year % | 3.30% | 4.80% |
| Favourable scenario | What you might get back after costs | EUR 13,550 | EUR 15,450 |
| | Average return each year % | 35.50% | 15.60% | | en | es |
DOLFIN7032 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Objective: To seek long-term total return through income and capital appreciation.
Investment Policy: The Fund invests primarily in a diversified portfolio of local currency-denominated debt securities which are issued by governments and quasi-sovereign agencies and companies in emerging markets. Emerging markets are regions of the world that are still developing their economies. At the time of purchase of an asset by the Fund (i) exposure to a single emerging market country will not exceed 20% of Fund net asset value and (ii) net non-USD exposure will not exceed 150% of Fund net asset value. Up to 20% of the Fund’s net assets may be invested in convertible securities.
The Fund is also permitted to invest in other types of debt securities, other Funds, cash and cash-equivalent securities and money market instruments. The Fund may take currency exposure in respect of the entire portfolio to multiple currencies on an opportunistic basis using cash and derivative products.
The Fund may use derivative instruments for both investment and hedging purposes. The return on a derivative is linked to movements in an underlying instrument referenced by the derivative such as currency or interest rates. The base currency of the Fund is USD.
Distribution Policy: N/A - Income will be rolled up into the value of your investment.
Dealing Frequency: Daily. Investors can buy and sell their shares on demand on each Business Day (as defined in the Prospectus).
Benchmark: J.P. Morgan Government Bond Index - Emerging Markets Global Diversified Index'. The Fund is actively managed and is not designed to track the Benchmark so its performance may deviate materially from the Benchmark. The investment manager will manage global exposure of the Fund to within 200% of the Benchmark's value-at-risk ("VaR”). The VaR of a Fund is a daily estimation of the maximum loss which a Fund may incur over a 1 day period. The investment manager has complete discretion in making investments and is not otherwise constrained by the Benchmark. The Fund may invest significantly in instruments which are not included in the Benchmark. As well as this, the Benchmark is used only for risk management and performance comparison purposes. The investment manager may consider, for example, issuer exposures, duration, sector weights, country weights, credit ratings and tracking error in each case relative to the Benchmark but (other than as set out above) does not use the Benchmark as an investment limitation. | Objetivo: Tratar de conseguir una rentabilidad total a largo plazo mediante la generación de rendimientos y la revalorización del capital.
Política de inversión: El Fondo invierte principalmente en una cartera diversificada de títulos de deuda denominados en moneda local que son emitidos por gobiernos y organismos cuasisoberanos y empresas de mercados emergentes. Los mercados emergentes son regiones del mundo que todavía están desarrollando sus economías. En el momento de la compra de un activo por parte del Fondo (i) la exposición a un solo país de los mercados emergentes no superará el 20% del valor del activo neto del Fondo y (ii) la exposición neta en una moneda diferente al USD no superará el 150% del valor del activo neto del Fondo. Hasta el 20% del patrimonio neto del Fondo podrá invertirse en valores convertibles.
El Fondo también está autorizado para invertir en otros tipos de títulos de deuda, otros Fondos, efectivo y valores equivalentes al efectivo e instrumentos del mercado monetario. El Fondo puede tomar exposición a divisas con respecto a toda la cartera a múltiples divisas de forma oportuna utilizando efectivo y productos derivados.
El Fondo puede utilizar instrumentos derivados tanto con fines de inversión como de cobertura. El rendimiento de un derivado está vinculado a los movimientos de un instrumento subyacente al que hace referencia el derivado, como la moneda o los tipos de interés. La moneda base del Fondo es el USD.
Política de reparto: Los ingresos se añaden al valor del Fondo.
Frecuencia de negociación: Diariamente. Los inversores pueden comprar y vender sus acciones a petición del cliente en cada Día Hábil (según se define en el Folleto).
Índice de Referencia: Índice J.P. Morgan Government Bond - Índice Emerging Markets Global Diversified. El Fondo se gestiona activamente y no está diseñado para seguir el Índice de Referencia, por lo que su rendimiento puede desviarse sustancialmente del Índice de Referencia. El gestor de inversiones gestionará la exposición global del Fondo dentro del 200% del valor en riesgo ("VaR") del Índice de Referencia. El VaR de un Fondo es una estimación diaria de la pérdida máxima en la que puede incurrir un Fondo durante un periodo de 1 día. El gestor de inversiones tiene total discreción a la hora de realizar inversiones y no está limitado por el Índice de Referencia. El Fondo puede invertir significativamente en instrumentos que no están incluidos en el Índice de Referencia. Además, el Índice de Referencia se utiliza únicamente a efectos de gestión del riesgo y de comparación de la rentabilidad. El gestor de inversiones puede tener en cuenta, por ejemplo, la exposición a los emisores, la duración, las ponderaciones por sectores, las ponderaciones por países, las calificaciones crediticias y el error de seguimiento, en cada caso en relación con el Índice de Referencia, pero (aparte de lo indicado anteriormente) no utiliza el Índice de Referencia como limitación de la inversión. | Objective: To seek long-term total return through income and capital appreciation.
Investment Policy: The Fund invests primarily in a diversified portfolio of local currency-denominated debt securities which are issued by governments and quasi-sovereign agencies and companies in emerging markets. Emerging markets are regions of the world that are still developing their economies. At the time of purchase of an asset by the Fund (i) exposure to a single emerging market country will not exceed 20% of Fund net asset value and (ii) net non-USD exposure will not exceed 150% of Fund net asset value. Up to 20% of the Fund’s net assets may be invested in convertible securities.
The Fund is also permitted to invest in other types of debt securities, other Funds, cash and cash-equivalent securities and money market instruments. The Fund may take currency exposure in respect of the entire portfolio to multiple currencies on an opportunistic basis using cash and derivative products.
The Fund may use derivative instruments for both investment and hedging purposes. The return on a derivative is linked to movements in an underlying instrument referenced by the derivative such as currency or interest rates. The base currency of the Fund is USD.
Distribution Policy: N/A - Income will be rolled up into the value of your investment.
Dealing Frequency: Daily. Investors can buy and sell their shares on demand on each Business Day (as defined in the Prospectus).
Benchmark: J.P. Morgan Government Bond Index - Emerging Markets Global Diversified Index'. The Fund is actively managed and is not designed to track the Benchmark so its performance may deviate materially from the Benchmark. The investment manager will manage global exposure of the Fund to within 200% of the Benchmark's value-at-risk ("VaR”). The VaR of a Fund is a daily estimation of the maximum loss which a Fund may incur over a 1 day period. The investment manager has complete discretion in making investments and is not otherwise constrained by the Benchmark. The Fund may invest significantly in instruments which are not included in the Benchmark. As well as this, the Benchmark is used only for risk management and performance comparison purposes. The investment manager may consider, for example, issuer exposures, duration, sector weights, country weights, credit ratings and tracking error in each case relative to the Benchmark but (other than as set out above) does not use the Benchmark as an investment limitation. | en | es |
DOLFIN7039 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
0.5 % .
0.4
0.3
0.2
0.1 | Los gastos de entrada y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
Los datos de gastos corrientes se basan en los gastos del año en curso. Estos datos pueden variar de un año a otro. No incluyen:
Comisiones de rentabilidad
Gastos de transacción de la cartera, excepto en caso de un gasto de entrada/salida abonado por el Subfondo al comprar o vender participaciones de otro organismo de inversión colectiva.
Los gastos corrientes indicados son una estimación. Para cada periodo contable, el informe anual del Compartimento indicará el importe exacto.
Para más información sobre los gastos, consulte el apartado de gastos del folleto de la IIC, que está disponible en: www.amundi.com.
Rentabilidad histórica
0.5 % .
0.4
0.3
0.2
0.1 | The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
0.5 % .
0.4
0.3
0.2
0.1 | en | es |
DOLFIN7043 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through the use of FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities and instruments issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities, instruments or obligations will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager. | ##### Gestión de tesorería y de las garantías
A efectos de la gestión del efectivo y de las garantías, el Subfondo puede invertir ocasionalmente en una amplia gama de activos realizables o prácticamente disponibles, que pueden mantenerse para proporcionar liquidez y cobertura para las exposiciones generadas por la utilización de Derivados. En circunstancias excepcionales (como un colapso bursátil o una gran crisis), el Subfondo podrá invertir temporalmente hasta el 100% en activos líquidos o equivalentes a efectivo con fines de gestión de tesorería.
Los activos líquidos o equivalentes a efectivo pueden incluir Valores de deuda y relacionados con la deuda, depósitos bancarios y obligaciones emitidos o garantizados por cualquier gobierno soberano o sus agencias y títulos e instrumentos emitidos por organismos públicos supranacionales o internacionales, bancos, empresas u otros emisores comerciales. Se pretende que los emisores y / o garantes de tales valores, instrumentos u obligaciones tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.
El Subfondo también podrá invertir en fondos del mercado monetario, incluido otro OICVM irlandés gestionado por Insight Investment Funds Management Limited y asesorado por la Gestora de inversiones. | ##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through the use of FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities and instruments issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities, instruments or obligations will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager. | en | es |
DOLFIN7044 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Emerging markets investment: The fund may invest in the markets of countries which are smaller, less developed and
The indicator is based on the volatility of the returns (past performance) of the reported share class (calculated on a 5 year rolling return basis). Where a share class is inactive / has less than 5 years of returns, the returns of a representative benchmark are used.
There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. | #### Inversión en mercados emergentes: El fondo podrá invertir en los
El indicador se basa en la volatilidad de los ingresos (rentabilidad histórica) de la clase de acciones en cuestión (calculado sobre la base de los ingresos consecutivos a 5 años). Cuando una clase de acciones esté inactiva/tenga unos ingresos de menos de 5 años, se utilizarán los ingresos de un índice de referencia representativo.
No hay garantías de que el fondo se mantenga en la categoría del indicador mostrada anteriormente y es posible que la categoría del fondo varíe a lo largo del tiempo. Los datos históricos utilizados para calcular el indicador pueden no constituir una indicación fiable del perfil del riesgo futuro de este fondo. | #### Emerging markets investment: The fund may invest in the markets of countries which are smaller, less developed and
The indicator is based on the volatility of the returns (past performance) of the reported share class (calculated on a 5 year rolling return basis). Where a share class is inactive / has less than 5 years of returns, the returns of a representative benchmark are used.
There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. | en | es |
DOLFIN7047 | 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: March 21, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 21 de marzo de 2017. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: March 21, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
20%
10%
0%
-10% | en | es |
DOLFIN7052 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### US jurisdiction; and
- formed by a US Person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is organised or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the 1933 Act) who are not natural persons, estates or trusts.
- Notwithstanding (1) above, any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-US Person by a dealer or other professional fiduciary organised, incorporated, or (if an individual) resident in the United States shall not be deemed a "USPerson".
- Notwithstanding (1) above, any estate of which any professional fiduciary acting as executor or administrator is a US Person shall not be deemed a "US Person" if:
- an executor or administrator of the estate who is not a US Person has sole or shared investment discretion with respect to the assets of the estate; and
- the estate is governed by non-US law.
- Notwithstanding (1) above, any trust of which any professional fiduciary acting as trustee is a US Person shall not be deemed a "US Person" if a trustee who is not a US Person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a US Person.
- Notwithstanding (1) above, an employee benefit plan established and administered in accordance with thelaw of a country other than the United States and customary practices and documentation of such country shall not be deemed a "USPerson".
- Notwithstanding (1) above, any agency or branch of a US Person located outside the United States shall not be deemed a "US Person" if:
- the agency or branch operates for valid business reasons; and
- the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located.
- The International Monetary Fund, the International Bank for Reconstruction and Development, the Inter- American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organisations, their agencies, affiliates and pension plans shall not be deemed "US Persons". | #### estadounidense; y
- ha sido creada por una Persona Estadounidense principalmente con el objetivo de invertir en valores no registrados conforme a la Ley de 1933, salvo que esté organizada o constituida y sea propiedad de inversores acreditados (según se definen en la Regla 501(a) de la Ley de 1933) que no sean personas jurídicas, sociedades fiduciarias o de patrimonio.
- Sin perjuicio del punto (1) anterior, cualquier cuenta discrecional o similar (que no sea una sociedad fiduciaria o de patrimonio) poseída por un intermediario u otro agente fiduciario organizado, constituido o (en caso de ser una persona física) residente en Estados Unidos en beneficio o por cuenta de un Ciudadano estadounidense, no se considerará un "Ciudadano estadounidense".
- Sin perjuicio del punto (1) anterior, cualquier patrimonio cuyo agente fiduciario que actúe como albacea o administrador sea Ciudadano estadounidense no se considerará "Ciudadano estadounidense" si:
- un albacea o administrador del patrimonio que no sea Persona Estadounidense tiene potestad para invertir (a título único o compartido) respecto a los activos del patrimonio; y
- el patrimonio se rige por una legislación no estadounidense.
- Sin perjuicio del punto (1) anterior, cualquier sociedad fiduciaria con un agente fiduciario que actúe como tal y además sea Ciudadano estadounidense no se considerará "Ciudadano estadounidense" si un profesional fiduciario que no sea Ciudadano estadounidense tiene la discreción de inversión (a título único o compartido) respecto a los activos de la sociedad fiduciaria y ningún beneficiario de dicha sociedad fiduciaria (y ningún fidecomitente, en caso de que sea revocable) es un Ciudadano estadounidense.
- Sin perjuicio del punto (1) anterior, un plan de prestaciones para empleados constituido y administrado con arreglo a la legislación de un país distinto a Estados Unidos y con prácticas habituales y documentación de dicho país no se considerará "Ciudadano estadounidense".
- Sin perjuicio del punto (1) anterior, cualquier agencia o delegación de un Ciudadano estadounidense ubicada fuera de Estados Unidos no se considerará "Ciudadano estadounidense" si:
- la agencia o delegación desarrolla operaciones empresariales válidas; y
- la agencia o delegación participa en el negocio de seguros o banca y está sujeta a reglamentos sustanciales en materia de seguros o banca, según corresponda, en la jurisdicción en la que se ubica.
- El Fondo Monetario Internacional, el Banco Internacional de Reconstrucción y Fomento, el Banco Interamericano de Desarrollo, el Banco Asiático de Desarrollo, el Banco Africano de Desarrollo, las Naciones Unidas y sus organismos, filiales y planes de pensiones, así como cualquier organización internacional similar, sus agencias, filiales y planes de pensiones no se considerarán "Personas Estadounidenses". | #### US jurisdiction; and
- formed by a US Person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is organised or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the 1933 Act) who are not natural persons, estates or trusts.
- Notwithstanding (1) above, any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-US Person by a dealer or other professional fiduciary organised, incorporated, or (if an individual) resident in the United States shall not be deemed a "USPerson".
- Notwithstanding (1) above, any estate of which any professional fiduciary acting as executor or administrator is a US Person shall not be deemed a "US Person" if:
- an executor or administrator of the estate who is not a US Person has sole or shared investment discretion with respect to the assets of the estate; and
- the estate is governed by non-US law.
- Notwithstanding (1) above, any trust of which any professional fiduciary acting as trustee is a US Person shall not be deemed a "US Person" if a trustee who is not a US Person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a US Person.
- Notwithstanding (1) above, an employee benefit plan established and administered in accordance with thelaw of a country other than the United States and customary practices and documentation of such country shall not be deemed a "USPerson".
- Notwithstanding (1) above, any agency or branch of a US Person located outside the United States shall not be deemed a "US Person" if:
- the agency or branch operates for valid business reasons; and
- the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located.
- The International Monetary Fund, the International Bank for Reconstruction and Development, the Inter- American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organisations, their agencies, affiliates and pension plans shall not be deemed "US Persons". | en | es |
DOLFIN7067 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The ongoing charges figure is based on expenses for the year ending December 2021, this figure may vary from year to year. It excludes portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund. This includes 1.50% management fees and 0.70% maximum estimated research charge.
The Fund's annual report for each financial year will include details on the exact charges made.
Conversion charge: up to 5.00%
For more information about charges, please see the "Fees and Expenses" section of the prospectus, which is available at www.lumyna.com. | La cifra de gastos corrientes se basa en los gastos correspondientes al año finalizado en Diciembre de 2021; esta cifra puede variar de un año a otro. Excluye los costes de la transacciones de la cartera, salvo en el caso de una comisión de entrada/salida abonada por el Fondo al comprar o vender unidades en otro fondo. Esto incluye las comisiones de gestión de 1,50% y la comisión de investigación máxima estimada del 0,70%.
El informe anual del Fondo correspondiente a cada ejercicio presentará de manera pormenorizada los gastos exactos realizados.
Comisión de canje: hasta el 5,00%
Para obtener más información sobre los gastos, consulte el apartado
«Comisiones y gastos» del folleto, que se encuentra disponible en www.lumyna.com. | The ongoing charges figure is based on expenses for the year ending December 2021, this figure may vary from year to year. It excludes portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund. This includes 1.50% management fees and 0.70% maximum estimated research charge.
The Fund's annual report for each financial year will include details on the exact charges made.
Conversion charge: up to 5.00%
For more information about charges, please see the "Fees and Expenses" section of the prospectus, which is available at www.lumyna.com. | en | es |
DOLFIN7070 | 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 capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, but never less than two thirds, of its assets in equity securities of US small and mid-capitalization companies.
The Investment Manager seeks to select securities that it believes are undervalued and offer attractive Shareholder returns.
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
Russell 2500 Index used for performance comparison and volatility measurement.
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.
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.
Volatility: Measure of the pricing behavior of a security. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante el crecimiento del capital.
## 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 empresas estadounidenses de pequeña y mediana capitalización.
La Sociedad Gestora procura seleccionar aquellos títulos que considera que están infravalorados y ofrecen una atractiva rentabilidad a los accionistas.
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
Russell 2500 Index se emplea para comparar la rentabilidad y medir la volatilidad.
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.
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.
Volatilidad: medida del comportamiento de los precios de un título. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, but never less than two thirds, of its assets in equity securities of US small and mid-capitalization companies.
The Investment Manager seeks to select securities that it believes are undervalued and offer attractive Shareholder returns.
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
Russell 2500 Index used for performance comparison and volatility measurement.
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.
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.
Volatility: Measure of the pricing behavior of a security. | en | es |
DOLFIN7074 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in AUD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2014.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | | -29.0 | 27.7 | -0.4 | -21.5 | 9.5 | -32.4 | 38.9 |
| Constraint †¹ | | | | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en AUD para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2001. La clase de acciones se lanzó en 2014.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | | -29,0 | 27,7 | -0,4 | -21,5 | 9,5 | -32,4 | 38,9 |
| Limitación †¹ | | | | -23,5 | 27,8 | 5,3 | -16,3 | 12,3 | -29,8 | 39,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in AUD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2014.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | | -29.0 | 27.7 | -0.4 | -21.5 | 9.5 | -32.4 | 38.9 |
| Constraint †¹ | | | | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN7080 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives
The Fund is actively managed with reference to an index and seeks to outperform its benchmark, the Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index, by getting exposure to commodities indices. These indices represent an active allocation to single commodities using quantitative strategies. The Fund allocates its exposures between such various indices in a dynamic and model driven way. In terms of assets, the Fund will mainly invest in bonds or money market instruments and concludes a TRS to gain exposure to the above mentioned commodity indices
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | ## Objetivos
El Fondo se gestiona de manera activa con referencia a un índice y trata de superar a su índice de referencia, el índice Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index, mediante la obtención de exposición a los índices de materias primas. Estos índices representan una asignación activa en materias primas básicas utilizando estrategias cuantitativas. El Fondo asigna sus exposiciones entre estos índices diferentes de una manera dinámica y basada en un modelo. En cuestión de activos, el Fondo invertirá principalmente en bonos o en instrumentos del mercado monetario, y celebra TRS para obtener exposición a los índices de materias primas mencionados anteriormente.
Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. | ## Objectives
The Fund is actively managed with reference to an index and seeks to outperform its benchmark, the Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index, by getting exposure to commodities indices. These indices represent an active allocation to single commodities using quantitative strategies. The Fund allocates its exposures between such various indices in a dynamic and model driven way. In terms of assets, the Fund will mainly invest in bonds or money market instruments and concludes a TRS to gain exposure to the above mentioned commodity indices
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | en | es |
DOLFIN7084 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For UCITS which have engaged in efficient portfolio management techniques, disclosures are required under UCITS Regulations. A UCITS is required to disclose the revenues arising from repurchase agreements and stock lending transactions for the entire reporting year together with the direct and indirect operational costs and fees incurred. The Funds did not enter into any repurchase agreements and stock lending transactions during the financial years ended 30 June 2020 and 30 June 2019.
Details of open financial derivative instruments at the financial year-end are disclosed in the Portfolio of Investments of the Funds. All realised gains and losses arising from the use of derivative contracts for efficient portfolio management are included in net gains/(losses) on financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income.
- Operating Expenses and Other Related Party Transactions Management FeesPursuant to the management agreement between Legg Mason Investments (Ireland) Limited (the “Manager”) and the Company, dated 22 March 2019 (the “Management Agreement”), the Manager shall be entitled to receive a management fee out of the assets of the relevant Fund for its services as the Manager, which shall accrue on each dealing day and be payable monthly in arrears (the “Management fee”). The Company shall also be responsible for the prompt payment or reimbursement to the Manager of any commissions, transfer fees, registration fees, taxes and similar liabilities, costs and out-of-pocket expenses properly payable or incurred by the Manager. | Para los OICVM que hayan utilizado técnicas de gestión eficiente de la cartera, se exige ofrecer información en virtud del Reglamento sobre OICVM. Se requiere un OICVM para revelar los ingresos derivados de los acuerdos de recompra y las transacciones de préstamo de acciones para todo el año contable junto con los costes operativos directos e indirectos y las comisiones en las que se incurra. Los Fondos no celebraron ningún acuerdo de recompra ni transacción de préstamo de acciones durante los ejercicios financieros finalizados el 30 de junio de 2020 y el 30 de junio de 2019.
Los detalles de los instrumentos financieros derivados abiertos al cierre del ejercicio financiero se indican en la Cartera de Inversiones de los Fondos. Todas las ganancias y pérdidas realizadas derivadas del uso de contratos derivados para la gestión eficiente de la cartera se incluyen en ganancias/(pérdidas) netas so bre activos y pasivos financieros a valor razonable con cambios en resultados en el Estado del resultado global.
- Gastos de explotación y otras transacciones con partes vinculadas Honorarios de gestiónDe conformidad con el acuerdo de gestión entre Legg Mason Investments (Ireland) Limited (el “Gerente”) y la Sociedad, con fecha de 22 de marzo de 2019 (el “Acuerdo de gestión”), el Gestor tendrá derecho a recibir una comisión de gestión de los activos del Fondo correspondiente por sus servicios como Gestor, que se devengará en cada día de negociación y se pagará mensualmente a mes vencido (la “Cuota de gestión”). La Sociedad también será responsable de pagar o reembolsar oportunamente a la Gestora todas las comisiones, las comisiones por transferencia, las comisiones por registro, los impuestos y responsabilidades similares, los costes y los gastos menores que deba pagar o en los que hubiese incurrido la Gestora. | For UCITS which have engaged in efficient portfolio management techniques, disclosures are required under UCITS Regulations. A UCITS is required to disclose the revenues arising from repurchase agreements and stock lending transactions for the entire reporting year together with the direct and indirect operational costs and fees incurred. The Funds did not enter into any repurchase agreements and stock lending transactions during the financial years ended 30 June 2020 and 30 June 2019.
Details of open financial derivative instruments at the financial year-end are disclosed in the Portfolio of Investments of the Funds. All realised gains and losses arising from the use of derivative contracts for efficient portfolio management are included in net gains/(losses) on financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income.
- Operating Expenses and Other Related Party Transactions Management FeesPursuant to the management agreement between Legg Mason Investments (Ireland) Limited (the “Manager”) and the Company, dated 22 March 2019 (the “Management Agreement”), the Manager shall be entitled to receive a management fee out of the assets of the relevant Fund for its services as the Manager, which shall accrue on each dealing day and be payable monthly in arrears (the “Management fee”). The Company shall also be responsible for the prompt payment or reimbursement to the Manager of any commissions, transfer fees, registration fees, taxes and similar liabilities, costs and out-of-pocket expenses properly payable or incurred by the Manager. | en | es |
DOLFIN7086 | 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
The entry and exit charges shown are maximum figures. In some cases, you might pay less – you can find this out from your financial advisor or distributor.
The ongoing charges figure is based on expenses for the year ending December 2021. This figure may vary from year to year. It excludes:
b
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund.
For more information about charges please refer to the "Fees and Expenses" section of the Prospectus and the Fund Supplement.
Charges taken from the Fund under certain specific conditions | ## Gastos detraídos del fondo a lo largo de un año
Los gastos de entrada y salida indicados representan cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior; puede consultar estas cuestiones a su asesor financiero o distribuidor.
La cifra de gastos corrientes se basa en los gastos del ejercicio finalizado en diciembre de 2021. Dicha cifra puede variar de un año a otro. No incluye:
b
Los costes de transacción de la cartera, salvo en el caso de los gastos de entrada y salida que paga el Fondo al comprar o vender participaciones de otro fondo.
Para obtener más información acerca de los gastos, consulte la sección “Comisiones y Gastos” del Folleto y el Suplemento del Fondo.
Gastos detraídos del fondo en determinadas condiciones específicas | ## Charges taken from the Fund over a year
The entry and exit charges shown are maximum figures. In some cases, you might pay less – you can find this out from your financial advisor or distributor.
The ongoing charges figure is based on expenses for the year ending December 2021. This figure may vary from year to year. It excludes:
b
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another fund.
For more information about charges please refer to the "Fees and Expenses" section of the Prospectus and the Fund Supplement.
Charges taken from the Fund under certain specific conditions | en | es |
DOLFIN7093 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Securitisations and ABCPs shall not be received by a MMF as part of a reverse repurchase agreement.
The assets received by a MMF as part of a reverse repurchase agreement shall be sufficiently diversified with a maximum exposure to a given issuer of 15 % of the MMF's Net Asset Value, except where those assets take the form of Money Market Instruments that fulfil the requirements prescribed in Article 17(7) of MMF Regulation. In addition, the assets received by a MMF as part of a reverse repurchase agreement shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
A MMF that enters into a reverse repurchase agreement shall ensure that it is able to recall the full amount of cash at any time on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreement shall be used for the calculation of the Net Asset Value of the MMF.
A MMF may receive as part of a reverse repurchase agreement liquid transferable securities or Money Market Instruments other than those that fulfil the requirements set out in Article 10 of MMF Regulation provided that those assets comply with one of the following conditions:
- they are issued or guaranteed by the European Union, a central authority or central bank of a Member State, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility provided that a favourable assessment has been received;
- they are issued or guaranteed by a central authority or central bank of a third country, provided that a favourable assessment has been received. | #### Los FMM no recibirán titulizaciones ni ABCP como parte de un contrato de recompra inversa.
Los activos recibidos por un FMM como parte de un contrato de recompra inversa estarán lo bastante diversificados, con una exposición máxima a un emisor determinado del 15% del Valor liquidativo del FMM, salvo cuando esos activos adopten la forma de Instrumentos del mercado monetario que cumplan los requisitos establecidos en el Artículo 17(7) del Reglamento sobre FMM. Además, los activos recibidos por un FMM como parte de un contrato de recompra inversa se emitirán por parte de una entidad independiente de la contraparte, y se espera que no muestren una elevada correlación con la rentabilidad de la contraparte.
Los FMM que celebren un contrato de recompra inversa se asegurarán de que pueden recuperar el importe total de efectivo en cualquier momento, ya sea en valores devengados o a precio de mercado. Cuando el efectivo sea recuperable en cualquier momento a precio de mercado, se utilizará el valor de mercado del contrato de recompra inversa para calcular el Valor liquidativo del FMM.
Un FMM podrá recibir como parte de un contrato de recompra inversa valores mobiliarios líquidos o Instrumentos del mercado monetario distintos de los que cumplen los requisitos establecidos en el Artículo 10 del Reglamento sobre FMM, siempre que dichos activos cumplan una de las siguientes condiciones:
- están emitidos o garantizados por la Unión Europea, una autoridad central o un banco central de un Estado miembro, el Banco Central Europeo, el Banco Europeo de Inversiones, el Mecanismo Europeo de Estabilidad o el Fondo Europeo de Estabilidad Financiera, siempre que se haya recibido una evaluación favorable;
- se han emitido o garantizado por parte de una autoridad o de un banco central de un país tercero, siempre que hayan recibido una evaluación favorable. | ##### Securitisations and ABCPs shall not be received by a MMF as part of a reverse repurchase agreement.
The assets received by a MMF as part of a reverse repurchase agreement shall be sufficiently diversified with a maximum exposure to a given issuer of 15 % of the MMF's Net Asset Value, except where those assets take the form of Money Market Instruments that fulfil the requirements prescribed in Article 17(7) of MMF Regulation. In addition, the assets received by a MMF as part of a reverse repurchase agreement shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
A MMF that enters into a reverse repurchase agreement shall ensure that it is able to recall the full amount of cash at any time on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreement shall be used for the calculation of the Net Asset Value of the MMF.
A MMF may receive as part of a reverse repurchase agreement liquid transferable securities or Money Market Instruments other than those that fulfil the requirements set out in Article 10 of MMF Regulation provided that those assets comply with one of the following conditions:
- they are issued or guaranteed by the European Union, a central authority or central bank of a Member State, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility provided that a favourable assessment has been received;
- they are issued or guaranteed by a central authority or central bank of a third country, provided that a favourable assessment has been received. | en | es |
DOLFIN7100 | 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 in a manner consistent with the principles of environmental, social and governance (“ESG”) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
In addition to the investment criteria set out above, the Investment Adviser (IA) will seek to invest in sustainable investments and will consider certain ESG characteristics (https://www.blackrock.com/baselinescreens) when selecting the securities to be held directly by the Fund and the IA may use data provided by external ESG research providers and proprietary models.
The fixed income securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
At least 70% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (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 Bloomberg Global Aggregate USD Hedged Index (the “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 credit rating requirements 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 non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. 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$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, de forma coherente con los principios medioambientales, sociales y de gobierno corporativo («ESG») aplicados a la inversión.
El Fondo invierte a escala mundial al menos el 70 % de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Además de los criterios de inversión indicados anteriormente, el Asesor de Inversiones (AI) buscará invertir en inversiones sostenibles y tendrá en cuenta ciertas características ESG (https://www.blackrock.com/baselinescreens) a la hora de seleccionar los valores que el Fondo mantendrá directamente en su cartera y, al hacerlo, el AI podrá utilizar los datos facilitados por proveedores externos de clasificaciones ESG y modelos propios.
Los valores de renta fija podrán estar emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento).
Al menos el 70% de los activos totales del Fondo tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición. Las inversiones restantes podrían tener una calificación de solvencia relativamente baja, o carecer de calificación.
El asesor de inversiones (AI) puede utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo y/o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento del mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al Bloomberg Global Aggregate USD Hedged Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, los requisitos de calificación de solvencia 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 no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en libras esterlinas. 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 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of environmental, social and governance (“ESG”) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
In addition to the investment criteria set out above, the Investment Adviser (IA) will seek to invest in sustainable investments and will consider certain ESG characteristics (https://www.blackrock.com/baselinescreens) when selecting the securities to be held directly by the Fund and the IA may use data provided by external ESG research providers and proprietary models.
The fixed income securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
At least 70% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (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 Bloomberg Global Aggregate USD Hedged Index (the “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 credit rating requirements 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 non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. 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$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7102 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Minimum | You could lose some or all of your investment. |
| --- | --- |
| Stress | What you might get back after costs | €5500 | €6630 |
| Average return each year | -45.02% | -12.82% |
| Unfavourable | What you might get back after costs | €9030 | €8790 |
| Average return each year | -9.75% | -4.20% |
| Moderate | What you might get back after costs | €10590 | €11650 |
| Average return each year | 5.88% | 5.23% |
| Favourable | What you might get back after costs | €12750 | €14040 |
| Average return each year | 27.45% | 11.98% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | €5500 | €6630 |
| Rendimiento medio cada año | -45.02% | -12.82% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €9030 | €8790 |
| Rendimiento medio cada año | -9.75% | -4.20% |
| Moderado | Lo que podría recibir tras deducir los costes | €10590 | €11650 |
| Rendimiento medio cada año | 5.88% | 5.23% |
| Favorable | Lo que podría recibir tras deducir los costes | €12750 | €14040 |
| Rendimiento medio cada año | 27.45% | 11.98% | | | Minimum | You could lose some or all of your investment. |
| --- | --- |
| Stress | What you might get back after costs | €5500 | €6630 |
| Average return each year | -45.02% | -12.82% |
| Unfavourable | What you might get back after costs | €9030 | €8790 |
| Average return each year | -9.75% | -4.20% |
| Moderate | What you might get back after costs | €10590 | €11650 |
| Average return each year | 5.88% | 5.23% |
| Favourable | What you might get back after costs | €12750 | €14040 |
| Average return each year | 27.45% | 11.98% | | en | es |
DOLFIN7103 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In the semi-annual report as at 31 December 2017, the sub-funds merged or liquidated during this period were shown separately in the Statement of Operations and Changes in Net Assets and were included in the combined figures.
The objective of Amundi Funds Protect 90 is to provide a participation in financial markets evolution while also providing permanent partial protection of your investment over any given 3-year period. Specifically, the sub-fund is designed to ensure that its share price does not fall below 90% of the highest net asset value it has ever achieved.
- Cross Sub-Funds investments - As at 31 December 2017, the value of the investments made by sub-funds in other sub-funds of the SICAV amounts to EUR 701,571,015 corresponding to of 2.05% the total net asset value. Therefore, the total combined NAV at period end without those cross investments would amount to EUR 33,561,907,487.
- Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the Board of Directors.
- Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed in foreign currencies are therefore converted and combined in EUR at the exchange rate in force at the close of the financial period. | En el informe semestral a 31 de diciembre de 2017, los subfondos fusionados o liquidados durante dicho ejercicio financiero se mostraron de forma independiente en el Estado de operaciones y variaciones en el patrimonio neto y se incluyeron en las cifras consolidadas.
El objetivo de Amundi Funds Protect 90 es brindar la oportunidad de participar en la evolución de los mercados financieros, al tiempo que brinda una protección parcial permanente de su inversión en cualquier periodo de tres años. Específicamente, el subfondo está concebido para garantizar que el precio de sus acciones no caiga por debajo del 90% del valor liquidativo máximo que haya registrado nunca.
- Inversiones cruzadas entre subfondos - A 31 de diciembre de 2017, el valor de las inversiones de los subfondos en otros de la SICAV asciende a 701,571,015 EUR, lo que supone el 2.05% del valor liquidativo total. Por lo tanto, el VL consolidado total al cierre del ejercicio menos las inversiones cruzadas ascendería a 33,561,907,487 EUR.
- Cartera de títulos - Los valores mobiliarios cotizados en una Bolsa de valores o en un mercado regulado se valoran a su último precio conocido. Cuando tales precios no son representativos o en caso de que los valores no coticen, se valoran a su valor de realización probable dentro de unos límites razonables, determinado con precaución y de buena fe por el Consejo de administración.
- Conversión de partidas expresadas en divisas extranjeras - Los estados financieros del Fondo se expresan en euros (EUR). Por tanto, el patrimonio neto de cada subfondo expresado en divisas extranjeras se convierte y consolida en euros al tipo de cambio vigente al cierre del periodo financiero. | In the semi-annual report as at 31 December 2017, the sub-funds merged or liquidated during this period were shown separately in the Statement of Operations and Changes in Net Assets and were included in the combined figures.
The objective of Amundi Funds Protect 90 is to provide a participation in financial markets evolution while also providing permanent partial protection of your investment over any given 3-year period. Specifically, the sub-fund is designed to ensure that its share price does not fall below 90% of the highest net asset value it has ever achieved.
- Cross Sub-Funds investments - As at 31 December 2017, the value of the investments made by sub-funds in other sub-funds of the SICAV amounts to EUR 701,571,015 corresponding to of 2.05% the total net asset value. Therefore, the total combined NAV at period end without those cross investments would amount to EUR 33,561,907,487.
- Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the Board of Directors.
- Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed in foreign currencies are therefore converted and combined in EUR at the exchange rate in force at the close of the financial period. | en | es |
DOLFIN7112 | 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 income with the potential for some capital growth.
- The fund will invest at least 70% in the shares of companies globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- 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 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 will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, (for example, by the writing of covered call options on securities, generating extra income in return for agreeing a strike price above which potential capital growth in a specified period is sold), including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide potential for some capital growth. Income will typically be in excess of MSCI ACWI Index (Net) (the "Index"). The fund’s performance can be assessed against its Index. The Index constituents are representative of the type of companies the fund invests in. 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo generar ingresos, y el potencial de lograr un cierto crecimiento del capital.
- El Subfondo invertirá como mínimo un 70 % en acciones de empresas de todo el mundo. El Gestor de Inversiones seleccionará aquellas inversiones que, en su opinión, ofrezcan una atractiva rentabilidad por dividendos, además de un incremento del precio.
- El Subfondo utiliza una estrategia centrada en la sostenibilidad en la que, como mínimo, 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.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- 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 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 Subfondo invertirá menos del 30 % directa o indirectamente en acciones A y B de China de forma conjunta.
- El Subfondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El Subfondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, (por ejemplo, mediante la suscripción de opciones de compra cubiertas sobre los valores, lo que genera ingresos extra a cambio de acordar un precio de ejercicio, por encima del cual se vende el posible crecimiento del capital en un periodo concreto), además de con fines de inversión, de acuerdo con el perfil de riesgo del mismo.
- El Subfondo se gestiona de manera activa y tiene como objetivo ofrecer posibilidades de crecimiento del capital. Normalmente, los ingresos superarán a los generados por el MSCI ACWI Index (Net) (el "Índice"). La rentabilidad del Subfondo puede compararse con la de su Índice. Las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países, sectores y valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to achieve income with the potential for some capital growth.
- The fund will invest at least 70% in the shares of companies globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- 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 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 will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, (for example, by the writing of covered call options on securities, generating extra income in return for agreeing a strike price above which potential capital growth in a specified period is sold), including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide potential for some capital growth. Income will typically be in excess of MSCI ACWI Index (Net) (the "Index"). The fund’s performance can be assessed against its Index. The Index constituents are representative of the type of companies the fund invests in. 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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN7121 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
manufacturer of this product has no obligation to pay out since the product design does not contemplate any such payment being made. However, investors may suffer loss if the Fund or the depositary is unable to pay out. There is no compensation or guarantee scheme in place which may offset, all or any of, your loss.
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- in the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- € 10,000 is invested.
| Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 860 | € 1,923 |
| Annual cost impact* | 8.6% | 4.2% |
(*) 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 -2.1% before costs and -3.2% after costs.
## Composition of costs
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | 500 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 2.57% of the value of your investment per year. This includes a stock lending fee. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.53% 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. | 53 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | 0.00% a year of any returns this Share Class achieves above the benchmark. Under the claw-back model a performance fee can typically be charged even if the Share Class performance is negative, so long as the benchmark has decreased more than the NAV. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 EUR |
A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged. | # ¿Cuáles son los costes?
puesto que el diseño del producto no prevé la realización de dichos pagos. No obstante, los inversores podrían sufrir pérdidas si el Fondo o el depositario no pueden pagar. No existe ningún régimen de compensación o garantía que pueda contrarrestar la totalidad o parte de sus pérdidas.
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.
## Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
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 como muestra el escenario moderado.
- Se invierten € 10.000.
| 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 | € 860 | € 1.923 |
| Incidencia anual de los costes* | 8,6% | 4,2% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del periodo de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del -2,1% antes de deducir los costes y del -3,2% después de deducir los costes.
## Composición de los costes
| Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 5,00% del importe que pagará usted al realizar esta inversión. | 500 EUR |
| Costes de salida | 0,50% de su inversión antes de que se le pague. | 50 EUR |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,57% del valor de su inversión al año. Esto incluye una comisión de préstamo de valores. Se trata de una estimación basada en los costes reales del último año. | 257 EUR |
| Costes de operación | 0,53% 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. | 53 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | 0,00% anual de cualquier rentabilidad que esta Clase de Acciones logre por encima del índice de referencia. Conforme al mecanismo de recuperación («claw back»), por regla general puede aplicarse una comisión de éxito aunque la rentabilidad de la Clase de Acciones sea negativa, siempre y cuando el índice de referencia haya retrocedido más que el Valor liquidativo. El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación de los costes agregados anterior incluye la media de los últimos 5 años. | 0 EUR |
Puede aplicarse una comisión de canje no superior al 1% del Valor liquidativo de las acciones de la nueva Clase de Acciones. | # What are the costs?
manufacturer of this product has no obligation to pay out since the product design does not contemplate any such payment being made. However, investors may suffer loss if the Fund or the depositary is unable to pay out. There is no compensation or guarantee scheme in place which may offset, all or any of, your loss.
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- in the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- € 10,000 is invested.
| Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 860 | € 1,923 |
| Annual cost impact* | 8.6% | 4.2% |
(*) 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 -2.1% before costs and -3.2% after costs.
## Composition of costs
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | 500 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 2.57% of the value of your investment per year. This includes a stock lending fee. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.53% 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. | 53 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | 0.00% a year of any returns this Share Class achieves above the benchmark. Under the claw-back model a performance fee can typically be charged even if the Share Class performance is negative, so long as the benchmark has decreased more than the NAV. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 EUR |
A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged. | en | es |
DOLFIN7128 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: The aim of the sub-fund, over its recommended investment period, is to provide partial exposure to the performance of eurozone equity markets, while hedging the equity risk at all times, completely or in part, on futures and options markets, in line with the manager's expectations. The aforementioned companies are selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection and overall market exposure. The sub-fund's "equities" investment universe is comparable to that of the MSCI EMU NR index.
Benchmark index: 56% MSCI EMU (NR), net dividends reinvested + 44% Capitalised €STR
Investment policy: The sub-fund uses an active selection strategy, by investing, directly or through UCIs, a minimum of 75% of its net assets in eurozone equities eligible for the equity savings plan (PEA), irrespective of stock market capitalisation (including small and mid-caps), while managing exposure to equity risk for between 0% and 90% of its net assets by implementing hedging or exposure strategies via trading on futures and options markets. The ESG investment universe includes listed companies from developed eurozone countries with market capitalisation of over €1 billion. The management company may select securities from outside this ESG universe. However, it will ensure that the chosen ESG universe offers a relevant comparison for the sub-fund's ESG rating.
Securities are selected based on the combined use of financial criteria for selecting eurozone securities as well as non-financial criteria, in order to meet the requirements of Socially Responsible Investment. Shares will be selected in accordance with the following strategy. Various filters will be applied to the investment universe in order to define those securities that will be considered eligible and therefore subject to further analyses. The first category of filters, based on non-financial analysis, will reduce the investment universe according to the individual ESG ratings of the securities. A second category of filters allows securities to be selected on the basis of financial ratios, focusing in particular on style bias (discounted stocks, quality stocks, growth stocks, etc.). The sub-fund will not be exposed to the equities of emerging countries. The analysis of non-financial criteria is designed to allow securities to be rated based on the Management Company's own ESG rating grid, which evaluates securities according to the company's Environmental, Social and Governance criteria. To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid. In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider.
The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. At least 90% of portfolio companies receive either an internal ESG rating or a rating supplied by an external rating agency. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings. The aim of using derivative instruments is to reduce exposure to European equity markets. The sub-fund may invest up to 25% of its assets in debt securities and money market instruments denominated in euros. The sub-fund will target issues from European public or private issuers with a maximum residual maturity of 397 days, rated Investment Grade (i.e. with a rating of BBB- or above according to Standard & Poor's, or any other equivalent rating assigned by another independent agency, or an internal rating deemed equivalent and assigned by the Investment Manager). The sub-fund may be exposed to an ancillary currency risk by holding UCIs and investment funds. Subject to a limit of 100% of its assets, the sub-fund may use, for hedging and/or exposure purposes, derivative instruments traded over the counter or financial contracts traded on regulated markets in the eurozone. The sub-fund may invest in callable and puttable bonds up to a limit of 25% of its assets. In addition, the sub-fund may invest up to a maximum of 10% of its net assets in UCI units or shares or other eligible investment funds. The sub-fund may enter into reverse repurchase agreements involving transferable securities or financial market instruments, up to a limit of 25% of its assets. The UCI may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities, equity indices and/or equity baskets up to a limit of 50% of its assets. The expected proportion of assets under management is 15%.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French equity markets are closed (pursuant to the official calendar of Euronext Paris S.A.) and days on which the European derivatives markets are closed (pursuant to the official calendar of EUREX), 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.
The UCITS stopped issuing PC EUR shares at 12.30 p.m. on 30 June 2017. It has not been possible to subscribe to these shares since this date.
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: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward
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 3 years | # Objetivos y política de inversión
Objetivo de gestión: El objetivo del subfondo, en el horizonte de inversión recomendado, es participar parcialmente en la evolución de los mercados de la zona del euro, estableciendo al mismo tiempo una cobertura permanente, total o parcial, contra el riesgo de renta variable en los mercados de futuros y opciones, en función de las previsiones del gestor. Las sociedades anteriormente mencionadas se seleccionan sobre la base de un análisis tanto de rentabilidad financiera como de cumplimiento de criterios extrafinancieros. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos y el nivel general de exposición al mercado. El universo de inversión en acciones del subfondo es comparable al del índice MSCI EMU NR. Índice de referencia: 56% MSCI EMU (NR) dividendos netos reinvertidos + 44% €STR capitalizado
Política de inversión: El subfondo podrá recurrir a una estrategia de selección activa, invirtiendo, directamente o mediante OIC, en acciones de la zona del euro con un mínimo del 75% elegible en el Plan de Ahorro en Acciones (PEA), sin tener en cuenta la capitalización bursátil (incluidas capitalizaciones pequeñas y medianas), a la vez que mantiene la exposición al riesgo de renta variable entre el 0% y el 90% del patrimonio neto mediante la implementación de estrategias de cobertura o exposición por medio de la intervención en los mercados de futuros y opciones. El universo de inversión ESG incluye empresas cotizadas de países desarrollados de la zona del euro, con una capitalización bursátil superior a los mil millones de euros. La Sociedad Gestora puede seleccionar valores ajenos a este universo de inversión ESG. No obstante, se asegurará de que el universo de inversión ESG empleado sea un elemento comparativo relevante para la calificación ESG del subfondo.
La selección de acciones se basa en el uso combinado de criterios financieros para seleccionar las acciones de la zona del euro y en los criterios extrafinancieros para cumplir con los requisitos de Inversión Socialmente Responsable. Las acciones se seleccionarán de acuerdo con la siguiente estrategia. A partir del universo de inversión se aplicarán distintos filtros que permitirán definir qué valores se considerarán admisibles y serán objeto de análisis complementarios. Una primera categoría de filtros, basada en el análisis extrafinanciero, reducirá el universo de inversión según las calificaciones ESG individuales de los valores. Una segunda categoría de filtros permitirá seleccionar los valores en función de las relaciones financieras, centradas concretamente en el sesgo de estilo (valores con descuentos, valores de calidad, valores de crecimiento, etc.). El subfondo no estará expuesto a acciones de países emergentes. El análisis de los criterios extrafinancieros permite calificar las acciones según una tabla de calificación ESG específica de la sociedad gestora, que evalúa los valores de acuerdo con los criterios medioambientales, sociales y de gobierno corporativo de la empresa. Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la Sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los criterios ESG de la tabla de calificación. A falta de calificación interna, el Gestor podrá emplear una calificación ESG de una agencia de calificación extrafinanciera.
La méthodologie de notations utilisée par l’agence de notation externe utilisée par la Société de Gestion pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires. El gestor es responsable de seleccionar los valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora. Como mínimo el 90% de las sociedades en cartera se benefician de una calificación ESG interna o proporcionada por una agencia de calificación externa. Tras aplicar este proceso, el universo de inversión se reducirá al menos en un 20% al eliminar las peores calificaciones extrafinancieras. Recurrir a los instrumentos derivados tendrá el objetivo de reducir la exposición a los mercados de renta variable europeos. El subfondo puede invertir hasta el 25% de su patrimonio en títulos de deuda e instrumentos del mercado monetario denominados en euros. El subfondo buscará emisiones de emisores públicos o privados europeos, con un vencimiento residual de 397 días como máximo, con una calificación de “Investment Grade” (es decir, con una calificación superior o equivalente a BBB- según Standard & Poor's, cualquier otra calificación que les atribuya otra agencia independiente o una calificación interna considerada equivalente que les atribuya el Gestor de inversiones). El subfondo puede estar expuesto al riesgo de cambio de forma accesoria, mediante la posesión de OIC y fondos de inversión. Con un límite del 100% de su patrimonio, el subfondo podrá recurrir a instrumentos derivados negociados de modo extrabursátil o a contratos financieros negociados en mercados regulados de la zona del euro, con fines de cobertura o exposición. El subfondo podrá invertir en bonos rescatables o con opción de venta hasta el 25% de su patrimonio. Asimismo, el subfondo puede invertir, con un límite máximo del 10% de su patrimonio neto, en participaciones o acciones de OIC o de otros fondos de inversión elegibles. El subfondo puede suscribir pactos de recompra inversa relativos a títulos transferibles o a instrumentos de los mercados financieros, dentro del límite del 25% del patrimonio. El IIC podrá recurrir a contratos de permuta a plazo negociados de modo extrabursátil en forma de “Total Return Swaps” (TRS) en acciones, índices de acciones y/o cestas de acciones hasta el 50% de su patrimonio. La proporción esperada del activo bajo gestión es del 15%.
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados de renta variable franceses (calendario oficial de Euronext Paris S.A.), y los días en que los mercados de derivados europeos están cerrados (calendario oficial de EUREX), 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.
El OICVM dejó de emitir acciones PC EUR el 30 de junio de 2017 a las 12:30 horas. Estas acciones ya no se pueden suscribir a partir de esa fecha.
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: Distribución
Asignación de las plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento
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 3 años | # Objectives and investment policy
Management objective: The aim of the sub-fund, over its recommended investment period, is to provide partial exposure to the performance of eurozone equity markets, while hedging the equity risk at all times, completely or in part, on futures and options markets, in line with the manager's expectations. The aforementioned companies are selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection and overall market exposure. The sub-fund's "equities" investment universe is comparable to that of the MSCI EMU NR index.
Benchmark index: 56% MSCI EMU (NR), net dividends reinvested + 44% Capitalised €STR
Investment policy: The sub-fund uses an active selection strategy, by investing, directly or through UCIs, a minimum of 75% of its net assets in eurozone equities eligible for the equity savings plan (PEA), irrespective of stock market capitalisation (including small and mid-caps), while managing exposure to equity risk for between 0% and 90% of its net assets by implementing hedging or exposure strategies via trading on futures and options markets. The ESG investment universe includes listed companies from developed eurozone countries with market capitalisation of over €1 billion. The management company may select securities from outside this ESG universe. However, it will ensure that the chosen ESG universe offers a relevant comparison for the sub-fund's ESG rating.
Securities are selected based on the combined use of financial criteria for selecting eurozone securities as well as non-financial criteria, in order to meet the requirements of Socially Responsible Investment. Shares will be selected in accordance with the following strategy. Various filters will be applied to the investment universe in order to define those securities that will be considered eligible and therefore subject to further analyses. The first category of filters, based on non-financial analysis, will reduce the investment universe according to the individual ESG ratings of the securities. A second category of filters allows securities to be selected on the basis of financial ratios, focusing in particular on style bias (discounted stocks, quality stocks, growth stocks, etc.). The sub-fund will not be exposed to the equities of emerging countries. The analysis of non-financial criteria is designed to allow securities to be rated based on the Management Company's own ESG rating grid, which evaluates securities according to the company's Environmental, Social and Governance criteria. To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid. In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider.
The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. At least 90% of portfolio companies receive either an internal ESG rating or a rating supplied by an external rating agency. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings. The aim of using derivative instruments is to reduce exposure to European equity markets. The sub-fund may invest up to 25% of its assets in debt securities and money market instruments denominated in euros. The sub-fund will target issues from European public or private issuers with a maximum residual maturity of 397 days, rated Investment Grade (i.e. with a rating of BBB- or above according to Standard & Poor's, or any other equivalent rating assigned by another independent agency, or an internal rating deemed equivalent and assigned by the Investment Manager). The sub-fund may be exposed to an ancillary currency risk by holding UCIs and investment funds. Subject to a limit of 100% of its assets, the sub-fund may use, for hedging and/or exposure purposes, derivative instruments traded over the counter or financial contracts traded on regulated markets in the eurozone. The sub-fund may invest in callable and puttable bonds up to a limit of 25% of its assets. In addition, the sub-fund may invest up to a maximum of 10% of its net assets in UCI units or shares or other eligible investment funds. The sub-fund may enter into reverse repurchase agreements involving transferable securities or financial market instruments, up to a limit of 25% of its assets. The UCI may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities, equity indices and/or equity baskets up to a limit of 50% of its assets. The expected proportion of assets under management is 15%.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French equity markets are closed (pursuant to the official calendar of Euronext Paris S.A.) and days on which the European derivatives markets are closed (pursuant to the official calendar of EUREX), 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.
The UCITS stopped issuing PC EUR shares at 12.30 p.m. on 30 June 2017. It has not been possible to subscribe to these shares since this date.
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: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward
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 3 years | en | es |
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