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DOLFIN7130 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
How long should I hold it and can I take money out early? Recommended holding period: 4 years.
The recommended holding period is based on our assessment of the risk and reward characteristics and costs of the product.
Order Processing: Requests to buy, exchange or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5. | ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada? Período de mantenimiento recomendado: 4 año(s).
El periodo de tenencia recomendado se basa en nuestra evaluación de las características de riesgo y recompensa y los costes del producto.
Tramitación de órdenes: Las solicitudes de compra, intercambio o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se suele producir en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en cualquier caso, nunca más tarde de los 5 días hábiles posteriores. | How long should I hold it and can I take money out early? Recommended holding period: 4 years.
The recommended holding period is based on our assessment of the risk and reward characteristics and costs of the product.
Order Processing: Requests to buy, exchange or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5. | en | es |
DOLFIN7138 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
| Fund’s Depositary and Administrative Agent: Brown Brothers Harriman (Luxembourg) S.C.A. 80, route d’Esch L-1470 Luxembourg | Management Company: Natixis Investment Managers S.A. 2, rue Jean Monnet L-2180 Luxembourg |
| --- | --- |
| Cut-off Deadline: D at 13h30 (Luxembourg time) | |
Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent.
Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV.
This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser.
Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company.
| | Additional Information |
| --- | --- |
| | Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| | RE/A(USD) RE/A(EUR) | LU0477157175 LU0477157092 | Retail Investors Retail Investors | U.S. dollar Euro | None None | None None | Accumulation Accumulation | 2.70% p.a. 2.70% p.a. |
**or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency
Natixis Investment Managers 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.
The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Natixis Investment Managers S.A. is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 18 February 2021. | # Información práctica
| Depositario y agente administrativo del fondo: Brown Brothers Harriman (Luxembourg) S.C.A. 80, route d’Esch L-1470 Luxembourg | Sociedad de gestión: Natixis Investment Managers S.A. 2, rue Jean Monnet L-2180 Luxembourg |
| --- | --- |
| Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) |
Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo.
Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto.
El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor.
Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión.
| Información adicional |
| --- |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| RE/A(USD) RE/A(EUR) | LU0477157175 LU0477157092 | Inversores minoristas Inversores minoristas | Dólar estadounidense Euro | Ninguna Ninguna | Ninguna Ninguna | Acumulación Acumulación | 2,70% anual 2,70% anual |
**o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa.
Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo.
Este fondo está autorizado en Luxemburgo y regulado por la Commission de Surveillance du Secteur Financier.
Natixis Investment Managers S.A. está autorizada en Luxemburgo y regulada por la Commission de Surveillance du Secteur Financier. Los presentes datos fundamentales para el inversor son exactos a 18 febrero 2021. | # Practical Information
| Fund’s Depositary and Administrative Agent: Brown Brothers Harriman (Luxembourg) S.C.A. 80, route d’Esch L-1470 Luxembourg | Management Company: Natixis Investment Managers S.A. 2, rue Jean Monnet L-2180 Luxembourg |
| --- | --- |
| Cut-off Deadline: D at 13h30 (Luxembourg time) | |
Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent.
Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV.
This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser.
Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company.
| | Additional Information |
| --- | --- |
| | Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| | RE/A(USD) RE/A(EUR) | LU0477157175 LU0477157092 | Retail Investors Retail Investors | U.S. dollar Euro | None None | None None | Accumulation Accumulation | 2.70% p.a. 2.70% p.a. |
**or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency
Natixis Investment Managers 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.
The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Natixis Investment Managers S.A. is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 18 February 2021. | en | es |
DOLFIN7143 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company may after consultation with the Depositary, having regard to the best interests of the Shareholders, temporarily suspend the calculation of the NAV per Share of each Sub-Fund or Share Class as well as any dealing in any Shares upon the occurrence of any of the following:
- during any period (with the exception of regular bank holidays) in which any of the principal stock exchanges or other markets on which a substantial portion of the assets of a Sub-Fund is listed or dealt in is closed, or during any period in which trade on such an exchange or market is restricted or suspended, provided that such closure, restriction or suspension affects the valuation of the assets of the Sub-Fund in question listed on such exchange or market; or
- during any period in which, in the view of the Directors, there is an emergency, the result of which is that the sale or valuation of assets of a certain Sub-Fund or Share Class cannot, for all practical purposes, be carried out; or
- at times when there is a breakdown in the means of communication or calculation normally used on an exchange or other market to determine the price or the value of investments of a Sub-Fund or Share Class or to determine the current price or value of investments of the respective Sub-Fund or Share Class; or
- if, for any other reason, the prices for assets of the Company attributable to the Sub-Fund in question or a Share Class cannot be determined rapidly or precisely; or
- during any period in which it is not possible for the Company to repatriate the necessary funds for the redemption of Shares, or in which the transfer of funds from the sale or for the acquisition of investments or for payments resulting from redemptions of Shares cannot be carried out, in the view of the Board, at normal exchange rates; or
- from the time of the announcement of a call by investors for an extraordinary meeting of Shareholders for the purpose of liquidating the Company or for the purpose of carrying out a merger of the Company, a Sub-Fund or a Share Class, or for the purpose of informing investors of the decision by the Board to liquidate Sub-Funds or Share Classes or for the purpose of merging Sub-Funds or Share Classes; or
- during any period in which the valuation of the currency hedges of Sub-Funds or Share Classes whose respective investment objectives and policies make hedging of currencies at the Share Class or Sub-Fund level desirable cannot be adequately carried out or cannot be carried out at all. | La Sociedad, tras consultarlo con el Depositario, teniendo en cuenta el mejor interés de los Accionistas, puede suspender temporalmente el cálculo del valor liquidativo por acción de cada Compartimento o Clase de Acciones, así como cualquier negociación con cualquier tipo de Acciones si ocurriera alguna de las siguientes circunstancias:
- durante un periodo de tiempo (excluidos los días festivos ordinarios) en los que una de las bolsas principales o uno del resto de los mercados en los que cotiza o se negocia una gran parte de los activos de un Compartimento de la Sociedad estén cerrados, o durante un periodo de tiempo en el que la negociación en dicho mercado o dicha bolsa esté limitada o suspendida, siempre y cuando dicho cierre, limitación o suspensión afecten a la valoración de los activos del Compartimento que se coticen o negocien en dichos lugares; o
- durante un periodo de tiempo en el que, a juicio de los Consejeros, se dé una emergencia que impida ejecutar de forma práctica la venta o la valoración de activos de un determinado Compartimento o Clase de Acciones, o
- en casos de una interrupción de los medios de comunicación o del cálculo que normalmente se emplean para la determinación del precio o del valor de las inversiones de un Compartimento o una Clase de Acciones o para la fijación del precio o del valor actual de las inversiones del Compartimento o la Clase de Acciones correspondientes en una bolsa u otro mercado, o
- si, por cualquier otro motivo, no pueden fijarse con precisión y puntualidad los precios de los activos de la Sociedad imputables al Compartimento en cuestión o una Clase de Accione, o
- durante un periodo de tiempo en el que a la Sociedad le sea imposible recuperar los fondos necesarios para el reembolso de Acciones o en el que no se pueda ejecutar la transferencia de fondos derivados de la enajenación o la adquisición de inversiones o, en el caso de pagos por reembolso de Acciones, los fondos se puedan transferir pero no a un tipo de cambio normal, a juicio del Consejo, o
- a partir del momento en el que se haga pública la convocatoria de una junta general extraordinaria de Accionistas para la disolución de la Sociedad, para la ejecución de la fusión de la Sociedad, un Compartimento o una Clase de Acciones o para informar a los accionistas acerca de la decisión del Consejo de disolver o fusionar Compartimentos o Clases de Acciones, o
- durante un periodo de tiempo en el que no se pueda realizar, o no se pueda realizar adecuadamente, una valoración de las posiciones de cobertura de divisas de Compartimentos o Clases de Acciones cuyos objetivos y políticas de inversión relativos al Compartimento o la Clase de Acciones hacen deseable una cobertura de divisas. | The Company may after consultation with the Depositary, having regard to the best interests of the Shareholders, temporarily suspend the calculation of the NAV per Share of each Sub-Fund or Share Class as well as any dealing in any Shares upon the occurrence of any of the following:
- during any period (with the exception of regular bank holidays) in which any of the principal stock exchanges or other markets on which a substantial portion of the assets of a Sub-Fund is listed or dealt in is closed, or during any period in which trade on such an exchange or market is restricted or suspended, provided that such closure, restriction or suspension affects the valuation of the assets of the Sub-Fund in question listed on such exchange or market; or
- during any period in which, in the view of the Directors, there is an emergency, the result of which is that the sale or valuation of assets of a certain Sub-Fund or Share Class cannot, for all practical purposes, be carried out; or
- at times when there is a breakdown in the means of communication or calculation normally used on an exchange or other market to determine the price or the value of investments of a Sub-Fund or Share Class or to determine the current price or value of investments of the respective Sub-Fund or Share Class; or
- if, for any other reason, the prices for assets of the Company attributable to the Sub-Fund in question or a Share Class cannot be determined rapidly or precisely; or
- during any period in which it is not possible for the Company to repatriate the necessary funds for the redemption of Shares, or in which the transfer of funds from the sale or for the acquisition of investments or for payments resulting from redemptions of Shares cannot be carried out, in the view of the Board, at normal exchange rates; or
- from the time of the announcement of a call by investors for an extraordinary meeting of Shareholders for the purpose of liquidating the Company or for the purpose of carrying out a merger of the Company, a Sub-Fund or a Share Class, or for the purpose of informing investors of the decision by the Board to liquidate Sub-Funds or Share Classes or for the purpose of merging Sub-Funds or Share Classes; or
- during any period in which the valuation of the currency hedges of Sub-Funds or Share Classes whose respective investment objectives and policies make hedging of currencies at the Share Class or Sub-Fund level desirable cannot be adequately carried out or cannot be carried out at all. | en | es |
DOLFIN7144 | 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 5,570 | EUR 6,980 |
| | Average return each year % | -44.30% | -11.29% |
| Unfavourable scenario | What you might get back after costs | EUR 7,910 | EUR 7,790 |
| | Average return each year % | -20.90% | -7.99% |
| Moderate scenario | What you might get back after costs | EUR 10,190 | EUR 10,580 |
| | Average return each year % | 1.90% | 1.90% |
| Favourable scenario | What you might get back after costs | EUR 10,950 | EUR 11,400 |
| | Average return each year % | 9.50% | 4.46% | | | | 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 5.570 | EUR 6.980 |
| | Rendimiento medio cada año | -44,30% | -11,29% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.910 | EUR 7.790 |
| | Rendimiento medio cada año | -20,90% | -7,99% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.190 | EUR 10.580 |
| | Rendimiento medio cada año | 1,90% | 1,90% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 10.950 | EUR 11.400 |
| | Rendimiento medio cada año | 9,50% | 4,46% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 5,570 | EUR 6,980 |
| | Average return each year % | -44.30% | -11.29% |
| Unfavourable scenario | What you might get back after costs | EUR 7,910 | EUR 7,790 |
| | Average return each year % | -20.90% | -7.99% |
| Moderate scenario | What you might get back after costs | EUR 10,190 | EUR 10,580 |
| | Average return each year % | 1.90% | 1.90% |
| Favourable scenario | What you might get back after costs | EUR 10,950 | EUR 11,400 |
| | Average return each year % | 9.50% | 4.46% | | en | es |
DOLFIN7145 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 It is intended that the Fund will maintain a bias towards growth and may invest up to 100% of net assets in equities. The Funds exposure to Fixed Income Securities, property, commodities and currencies may be on an ancillary basis.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Flexible/ Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not
## constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | # Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es conseguir el crecimiento del capital a largo plazo.
2 El Fondo tratará de lograr este objetivo principalmente mediante la inversión en organismos de inversión colectiva de capital variable que adquieran exposición a la renta variable (por ejemplo, acciones), valores de renta fija (sin restricciones sobre el rating crediticio mínimo), inmuebles, materias primas y divisas.
2 Está previsto que el Fondo mantenga un sesgo a favor del crecimiento y podrá invertir hasta el 100% del los activos netos en valores de renta variable. El Fondo podrá tener una exposición a Títulos de Renta Fija, activos inmobiliarios, materias primas y divisas podrá con carácter accesorio.
## 2 A la hora de determinar la asignación de las inversiones, y con vistas a lograr el objetivo de inversión del Fondo, se tendrá en cuenta la situación macroeconómica.
2 Se considera que el Fondo está gestionado activamente con referencia al Lipper Global Mixed Asset GBP Flexible/ Average 1 month deposit rate (los «Índices de referencia»), dado que utiliza los Índices de referencia en la moneda pertinente a efectos de comparación de la rentabilidad. No obstante, no se recurre a los Índices de referencia para determinar la
## composición de la cartera del Fondo y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte de los Índices de referencia.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 El Fondo podrá emplear diversos instrumentos derivados complejos con fines de inversión y/o de una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. Aunque el uso de derivados puede generar exposición adicional, dicha exposición adicional no superará el patrimonio neto del Fondo.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 It is intended that the Fund will maintain a bias towards growth and may invest up to 100% of net assets in equities. The Funds exposure to Fixed Income Securities, property, commodities and currencies may be on an ancillary basis.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Flexible/ Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not
## constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN7146 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*Including all taxes.
For this activity, the Management Company has not opted for VAT.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedure:
Benchmark index: FTSE Gold Mines, net dividends reinvested, expressed in US dollars for A and BR units and in euros for B, CR, E, I and R units.
The outperformance fee is calculated by comparing the UCITS’ performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the UCITS’ benchmark index, adjusted for subscriptions and redemptions.
When the UCITS outperforms its benchmark, a provision of 15% net of tax will be applied to the outperformance. The reference periods shall end with the last net asset value for the month of September.
A provision for performance fees will be made each time the net asset value is calculated.
This performance fee is payable annually after the last net asset value for the reference period has been calculated. No performance fee will be charged if the UCITS underperforms its benchmark index over the calculation period.
In the event of underperformance, the performance fee provision is reduced by provision reversals capped at the level of the allocations. When units are redeemed, the Management Company receives the portion of the outperformance fee corresponding to the units redeemed.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the UCITS will be repaid to the UCITS. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any trailer fees collected by the UCITS.
In the exceptional case that a sub-custodian applies a transaction fee not described in the provisions mentioned above for a specific transaction, a description of the transaction and the transaction fees charged will be provided in the management report of the UCITS.
Procedure for selecting intermediaries:
In accordance with the AMF General Regulations, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties. The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website at www.edram.com.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and any equivalent transaction under foreign law:
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The costs and expenses linked to these transactions are borne by the UCITS. Income generated by the transaction is paid in full to the UCITS.
-
### COMMERCIAL INFORMATION | * TTC = todos los impuestos incluidos.
En esta actividad, la Sociedad de gestión no ha optado por el IVA.
(1) Comisión de rentabilidad
Se pagarán comisiones de rentabilidad superior a la Sociedad gestora según las siguientes modalidades:
Índice de referencia: FTSE Gold Mines, calculado con cupones netos reinvertidos y expresado en dólares estadounidenses para las participaciones «A», «BR» y en euros para las participaciones «B», «CR», «E», «I» y «R».
La comisión de rentabilidad superior se calcula comparando la rentabilidad del OICVM con la del activo de referencia indexado. El activo de referencia indexado reproduce la rentabilidad del índice de referencia del OICVM, las suscripciones y los reembolsos ajustados
Siempre que el OICVM supere al índice de referencia, se aplicará una provisión del 15 %, neta de impuestos, sobre la rentabilidad superior. Los períodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Las comisiones de rentabilidad superior serán objeto de una provisión en el momento del cálculo del valor liquidativo.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del período de referencia.
Si la rentabilidad del OICVM es inferior a la de su índice de referencia durante el período de cálculo, no se pagará ninguna comisión de rentabilidad superior.
En caso de baja rentabilidad, la provisión para la comisión de rentabilidad superior se reducirá mediante la limitación de las recuperaciones de provisión al importe de las dotaciones constituidas.
En caso de reembolso de participaciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las participaciones reembolsadas se revertirá a la Sociedad gestora.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el OICVM revertirán en el OICVM. La tasa de gastos de gestión de las IIC y fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el OICVM.
Excepcionalmente, en la medida en que un subdepositario se vea obligado, para una operación concreta, a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión del OICVM.
Procedimiento de elección de intermediarios:
De acuerdo con el Reglamento General de la AMF, la empresa de gestión ha puesto en marcha una "Política de Mejor Selección/Mejor Ejecución" para intermediarios y contrapartes. El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos, así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el OICVM. Los ingresos generados por la operación se asignan íntegramente al OICVM.
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### INFORMACIÓN COMERCIAL | *Including all taxes.
For this activity, the Management Company has not opted for VAT.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedure:
Benchmark index: FTSE Gold Mines, net dividends reinvested, expressed in US dollars for A and BR units and in euros for B, CR, E, I and R units.
The outperformance fee is calculated by comparing the UCITS’ performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the UCITS’ benchmark index, adjusted for subscriptions and redemptions.
When the UCITS outperforms its benchmark, a provision of 15% net of tax will be applied to the outperformance. The reference periods shall end with the last net asset value for the month of September.
A provision for performance fees will be made each time the net asset value is calculated.
This performance fee is payable annually after the last net asset value for the reference period has been calculated. No performance fee will be charged if the UCITS underperforms its benchmark index over the calculation period.
In the event of underperformance, the performance fee provision is reduced by provision reversals capped at the level of the allocations. When units are redeemed, the Management Company receives the portion of the outperformance fee corresponding to the units redeemed.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the UCITS will be repaid to the UCITS. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any trailer fees collected by the UCITS.
In the exceptional case that a sub-custodian applies a transaction fee not described in the provisions mentioned above for a specific transaction, a description of the transaction and the transaction fees charged will be provided in the management report of the UCITS.
Procedure for selecting intermediaries:
In accordance with the AMF General Regulations, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties. The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website at www.edram.com.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and any equivalent transaction under foreign law:
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The costs and expenses linked to these transactions are borne by the UCITS. Income generated by the transaction is paid in full to the UCITS.
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### COMMERCIAL INFORMATION | en | es |
DOLFIN7149 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, up to 25% of the sub-fund’s assets can be invested in equities of listed companies domiciled in an OECD country. The total of direct investments in equities and long positions via equity index futures may not exceed 25% of the sub-fund‘s assets. In addition, the sub- fund may sell up to maximum 25% of the sub-fund’s assets in equity index futures.
These investments may entail currency risks in CHF, USD, JPY, GBP, AUD, CAD and HKD, which are largely hedged. Unhedged foreign currency positions may make up no more than 10% of the sub-fund’s assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus.
Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi-annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub- fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. Depositary of the sub-fund is UBS Europe SE, Luxembourg Branch. The prospectus and current reports, the current share prices and further information about the sub-fund or further share classes of the sub-fund can be found free of charge in German or English language on our homepage www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund- prices.
The fund is designed for investors who are capable of assessing the risks and value of the investment. The investor must be prepared and able to accept significant fluctuations in the value of the shares, and the potential of a significant loss of capital. The assessment of the company should not be considered investment advice; instead, it is intended to provide the investor with an initial point of reference for determining whether the fund is appropriate for their investing experience, risk tolerance and investment horizon. | Hasta el 25% del patrimonio del subfondo también pueden invertirse en acciones de empresas cotizadas domiciliadas en un país de la OCDE. El total de las inversiones directas en acciones y de las posiciones largas derivadas de contratos de futuros sobre índices de acciones no podrá superar el 25% del patrimonio del subfondo. Además, el subfondo podrá vender hasta un máximo del 25% del patrimonio del subfondo en contratos de futuros sobre índices de acciones.
Estas inversiones pueden acarrear riesgos cambiarios en CHF, USD, JPY, GBP, AUD, CAD y HKD, que serán cubiertos en gran medida. La cuota de posiciones en moneda extranjera no cubiertas se limita a un máximo del 10% del patrimonio del subfondo.
Este subfondo promueve características ambientales y/o sociales en el sentido del artículo 8 del Reglamento de Divulgación (Reglamento (UE) 2019/2088). Para más información, consulte el anexo »Información sobre los subfondos según el artículo 8 del Reglamento de Divulgación de la UE« del folleto de venta. Las operaciones con derivados pueden realizarse con fines de cobertura, gestión eficiente de la cartera y para generar rendimientos adicionales. El subfondo está gestionado activamente. No se gestiona con referencia a un punto de referencia. El subfondo (cuando proceda.: clases de acciones) capitalizará los beneficios, incrementándose el valor de las participaciones. El Documento de Datos Fundamentales del Inversor se refiere a un subfondo de un fondo. El Folleto y el informe anual y semestral conciernen al fondo en su totalidad. El patrimonio y las responsabilidades están segregadas por cada subfondo respecto de otro subfondo del fondo. El accionista tiene derecho a convertir sus acciones de un subfondo en acciones de otro subfondo. Para obtener más información sobre como ejercer este derecho, consulte la descripción detallada en el folleto. Los inversores que ya posean acciones de otro subfondo del fondo paraguas y/o acciones de otra clase de acciones de este subfondo podrán convertirse a esta clase de acciones. En caso de canje, podrá abonarse una comisión de canje hasta un máximo de la prima de emisión de la clase de acciones de un subfondo en el que se efectúe el canje. Debido a restricciones legales, es posible que no todos los inversores puedan convertirse en la clase de acciones de este subfondo. El depositario del subfondo es UBS Europe SE, Luxembourg Branch. El folleto y los informes periódicos, los precios actuales de las participaciones y demás información sobre el subfondo o sobre el resto de clases de participaciones del subfondo podrán consultarse de forma gratuita en lengua inglesa y alemán nuestra página web: www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund-prices.
El fondo está destinado a inversores capaces de evaluar los riesgos y el valor de la inversión. El inversor debe estar dispuesto y en situación de poder asumir fluctuaciones sustanciales en el valor de las acciones y, en su caso, una pérdida sustancial de capital. La evaluación de la sociedad no constituye un asesoramiento en materia de inversión, sino que pretende ofrecer a los inversores una primera indicación sobre si el fondo es adecuado para su experiencia de inversión, su disposición al riesgo y su horizonte de inversión. | In addition, up to 25% of the sub-fund’s assets can be invested in equities of listed companies domiciled in an OECD country. The total of direct investments in equities and long positions via equity index futures may not exceed 25% of the sub-fund‘s assets. In addition, the sub- fund may sell up to maximum 25% of the sub-fund’s assets in equity index futures.
These investments may entail currency risks in CHF, USD, JPY, GBP, AUD, CAD and HKD, which are largely hedged. Unhedged foreign currency positions may make up no more than 10% of the sub-fund’s assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus.
Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi-annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub- fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. Depositary of the sub-fund is UBS Europe SE, Luxembourg Branch. The prospectus and current reports, the current share prices and further information about the sub-fund or further share classes of the sub-fund can be found free of charge in German or English language on our homepage www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund- prices.
The fund is designed for investors who are capable of assessing the risks and value of the investment. The investor must be prepared and able to accept significant fluctuations in the value of the shares, and the potential of a significant loss of capital. The assessment of the company should not be considered investment advice; instead, it is intended to provide the investor with an initial point of reference for determining whether the fund is appropriate for their investing experience, risk tolerance and investment horizon. | en | es |
DOLFIN7152 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The investment objective of the Sub–Fund is to achieve a total return in excess of the the iBoxx Euro Corporates Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations.
The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade and issued by entities domiciled within European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in investment grade rated fixed income securities issued by entities domiciled in non-European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European Union countries and the UK. The Sub-Fund may invest up to one-third of its net assets in securities denominated in currencies of other countries whose sovereign long term debt rating is investment grade.
In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices, but does not have Sustainable Investment as its objective. The Sub-Fund promotes ESG characteristics by following an ESG Oriented approach as referred in the Prospectus' section “Environmental, Social and Governance Framework”. Specifically, the Sub-Fund favours investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
The Investment Manager’s ESG evaluation applies to all fixed income securities held and Sustainability Factors applied by the Sub-Fund are binding independent of any investment materiality. The Sub-Fund aims to only invest in fixed income securities which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities.
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#### BlueBay Funds - BlueBay Impact - Aligned Bond Fund | El objetivo de inversión del Subfondo consiste en lograr una rentabilidad total superior a la del índice iBoxx Euro Corporates invirtiendo en una cartera de valores de renta fija con calificación investment grade, teniendo en cuenta al mismo tiempo los factores ambientales, sociales y de gobierno corporativo (ASG).
El Subfondo invertirá al menos dos tercios de su patrimonio neto en valores de renta fija con calificación investment grade emitidos por entidades con domicilio en países europeos cuya deuda soberana a largo plazo tenga calificación investment grade. El Subfondo podrá invertir hasta un tercio de su patrimonio neto en valores de renta fija con calificación investment grade emitidos por entidades con domicilio en países no europeos cuya deuda soberana a largo plazo tenga calificación investment grade. El Subfondo podrá invertir hasta un 15% de su patrimonio neto en valores de renta fija con una calificación crediticia inferior a investment grade siempre y cuando dicha calificación no sea inferior a B-/B3. Al menos dos tercios del patrimonio neto del Subfondo estarán denominados en divisas de los países de la Unión Europea y del Reino Unido. El Subfondo podrá invertir hasta un tercio de su patrimonio neto en valores denominados en divisas de otros países cuya deuda soberana a largo plazo tenga calificación investment grade.
De conformidad con el artículo 8 del SFDR, el Subfondo promueve características ambientales y sociales, así como inversiones que observan buenas prácticas de gobernanza, pero no tiene como objetivo inversiones sostenibles. El Subfondo promueve características ASG mediante la adopción de un enfoque orientado a los factores ASG, según se describe en el artículo del Folleto titulado «Marco ambiental, social y de gobierno corporativo». En concreto, el Subfondo privilegia la inversión en emisores cuyas actividades o conducta se ajustan a un enfoque ASG apropiado y responsable.
La evaluación ASG de la Gestora de inversiones se aplica a todos los valores de renta fija en cartera, y los factores de sostenibilidad adoptados por el Subfondo son vinculantes, con independencia de la materialidad de la inversión. El Subfondo pretende invertir exclusivamente en valores de renta fija que contribuyan al logro de las características ASG promovidas por el Subfondo. El índice de referencia del Subfondo no tiene en cuenta ninguno de los criterios ASG específicos que se aplican al Subfondo y, por lo tanto, solo se utiliza a efectos de comparación de la rentabilidad.
El Subfondo ha sido concebido para inversores con un horizonte de inversión de medio a largo plazo (de 3 a 5 años) que busquen una cartera gestionada activamente de valores de renta fija con calificación investment grade.
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#### BlueBay Funds - BlueBay Impact - Aligned Bond Fund | The investment objective of the Sub–Fund is to achieve a total return in excess of the the iBoxx Euro Corporates Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations.
The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade and issued by entities domiciled within European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in investment grade rated fixed income securities issued by entities domiciled in non-European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European Union countries and the UK. The Sub-Fund may invest up to one-third of its net assets in securities denominated in currencies of other countries whose sovereign long term debt rating is investment grade.
In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices, but does not have Sustainable Investment as its objective. The Sub-Fund promotes ESG characteristics by following an ESG Oriented approach as referred in the Prospectus' section “Environmental, Social and Governance Framework”. Specifically, the Sub-Fund favours investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
The Investment Manager’s ESG evaluation applies to all fixed income securities held and Sustainability Factors applied by the Sub-Fund are binding independent of any investment materiality. The Sub-Fund aims to only invest in fixed income securities which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities.
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#### BlueBay Funds - BlueBay Impact - Aligned Bond Fund | en | es |
DOLFIN7163 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
combined value of readily available shares compared to other companies. A company's weighting in the index depends on its relative size but cannot exceed 10% of the index at each quarterly review date. The index is reviewed and rebalanced on a quarterly basis. The index is calculated on a gross total return basis which means that all dividends and distributions by the companies are reinvested in the shares on a gross basis. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of a negative (known as a short) position on the Underlying index, meaning that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises. The index is designed to do this on a daily basis only which should not be equated with seeking a short position for periods longer than a day. The performance of the fund over periods longer than one day may not be inversely proportional or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo podría suscribir uno o más derivados con una o más contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas
disponibilidad en comparación con otras empresas. La ponderación de una empresa en el índice depende de su tamaño relativo pero no puede superar el 10% del índice en cada fecha de revisión trimestral. El índice se revisa y se reajusta cada trimestre. El índice se calcula a partir de una base de rentabilidad total bruta, lo que implica la reinversión de todos los dividendos y repartos de las empresas en las acciones a su valor bruto. Para lograr el objetivo, el fondo suscribirá contratos financieros (derivados) con una o más contrapartes de swaps con el fin de intercambiar la mayoría de las ganancias de la suscripción por la rentabilidad del índice. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El índice se construye para replicar el rendimiento de una posición negativa (denominada posición corta) en el índice Subyacente, lo que implica que el nivel del índice debería incrementarse cuando el índice Subyacente disminuye, y disminuir cuando el índice Subyacente se incrementa. El índice está diseñado para replicar el rendimiento a diario, lo cual no es equiparable con buscar una posición corta por períodos superiores a un día. El rendimiento del fondo en períodos superiores a un día podría no ser inversamente proporcional o simétrico a los rendimientos del índice Subyacente. El fondo está dirigido a inversores que deseen asumir una posición a muy corto plazo sobre el índice Subyacente y cuyas inversiones no estén sujetas a una estrategia de comprar y mantener (buy and hold). El derivado empleado para tener más exposición al índice puede ser ajustado para reflejar determinados gastos relativos a impuestos y/o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
combined value of readily available shares compared to other companies. A company's weighting in the index depends on its relative size but cannot exceed 10% of the index at each quarterly review date. The index is reviewed and rebalanced on a quarterly basis. The index is calculated on a gross total return basis which means that all dividends and distributions by the companies are reinvested in the shares on a gross basis. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of a negative (known as a short) position on the Underlying index, meaning that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises. The index is designed to do this on a daily basis only which should not be equated with seeking a short position for periods longer than a day. The performance of the fund over periods longer than one day may not be inversely proportional or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company shall in each year hold a general meeting as its Annual General Meeting in addition to any other meeting in that year and specify the meeting as such in the notices calling it. Not more than fifteen months shall elapse between the date of one Annual General Meeting of the Company and that of the next PROVIDED THAT so long as the Company holds its first Annual General Meeting within eighteen months of its incorporation it need not hold it in the year of its incorporation or in the following year. Subsequent Annual General Meetings shall be held once in each year.
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## Extraordinary General Meetings. | La Sociedad celebrará cada año una Junta General Ordinaria además de cualquier otra junta que celebre ese año, y especificará en su convocatoria que se convoca con dicho carácter. Entre dos Juntas Generales Ordinarias de la Sociedad no deberán transcurrir más de quince meses CON LA SALVEDAD de que, mientras la Sociedad celebre su primera Junta General Ordinaria en un plazo de dieciocho meses a partir de su constitución, no vendrá obligada a celebrar otra junta en el año de su constitución o durante el año siguiente. Las Juntas Generales Ordinarias subsiguientes se celebrarán una vez al año.
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## Juntas Generales Extraordinarias. | The Company shall in each year hold a general meeting as its Annual General Meeting in addition to any other meeting in that year and specify the meeting as such in the notices calling it. Not more than fifteen months shall elapse between the date of one Annual General Meeting of the Company and that of the next PROVIDED THAT so long as the Company holds its first Annual General Meeting within eighteen months of its incorporation it need not hold it in the year of its incorporation or in the following year. Subsequent Annual General Meetings shall be held once in each year.
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## Extraordinary General Meetings. | en | es |
DOLFIN7172 | 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 EUR. Past performance was calculated in EUR.
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 EUR.
La rentabilidad pasada se calculó en EUR.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: July 16, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | en | es |
DOLFIN7173 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Market development
After a somewhat strong start of the year, March turned out to be a bit more tumultuous, with two big events driving market sentiment. The collapse of Silicon Valley Bank and the situation around Credit Suisse and the acquisition by UBS with guarantees from the Swiss government caused some turmoil in the market. That eventually led to fears regarding a broader contagion around the banking system and especially the legitimacy of the Additional Tier-1 space. This risk-off sentiment combined with markets anticipating that central banks might call it a day on their current hiking cycles, resulted in the Treasury curve seeing its largest steepening, with a decline of more than 30 bps in the 2-year intraday on 13 March. By the end of the month, markets returned to calmer waters, as the focus shifted from systemic banking risk to the longer-term implications on growth. Capital market activity also collapsed, with not a single US HY bond deal materializing over a period of three weeks. Spreads moved 39 bps wider for the month and yields tightened 9 bps to 452 bps and 8.21% respectively. | # Evolución del mercado
Tras un comienzo de año algo fuerte, marzo resultó un poco más tumultuoso, con dos grandes acontecimientos que impulsaron el sentimiento del mercado. La quiebra de Silicon Valley Bank y la situación en torno a Credit Suisse y su adquisición por UBS, con garantías del Gobierno suizo, causaron cierta agitación en el mercado. Ello hizo temer un contagio más amplio en torno al sistema bancario y, especialmente, a la legitimidad del espacio adicional Tier-1. Este sentimiento de aversión al riesgo, combinado con la anticipación de los mercados de que los bancos centrales podrían poner fin a sus actuales ciclos de subidas, dio lugar a que la curva del Tesoro experimentara su mayor inclinación, con un descenso de más de 30 pb en el intradía a 2 años, el 13 de marzo. A finales del mes, los mercados volvieron a aguas más tranquilas, ya que la atención se desplazó del riesgo bancario sistémico a las implicaciones a más largo plazo sobre el crecimiento. La actividad de los mercados de capitales también se desplomó, sin que se materializara ni una sola operación de bonos HY estadounidenses en un periodo de tres semanas. Los diferenciales se ampliaron 39 pb durante el mes y los rendimientos se estrecharon 9 pb, hasta los 452 pb y el 8,21%, respectivamente. | # Market development
After a somewhat strong start of the year, March turned out to be a bit more tumultuous, with two big events driving market sentiment. The collapse of Silicon Valley Bank and the situation around Credit Suisse and the acquisition by UBS with guarantees from the Swiss government caused some turmoil in the market. That eventually led to fears regarding a broader contagion around the banking system and especially the legitimacy of the Additional Tier-1 space. This risk-off sentiment combined with markets anticipating that central banks might call it a day on their current hiking cycles, resulted in the Treasury curve seeing its largest steepening, with a decline of more than 30 bps in the 2-year intraday on 13 March. By the end of the month, markets returned to calmer waters, as the focus shifted from systemic banking risk to the longer-term implications on growth. Capital market activity also collapsed, with not a single US HY bond deal materializing over a period of three weeks. Spreads moved 39 bps wider for the month and yields tightened 9 bps to 452 bps and 8.21% respectively. | en | es |
DOLFIN7174 | 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 | 2.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.73% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 2,00% |
| Gastos de salida | No procede |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del OICVM a lo largo de un año |
| Gastos corrientes | 1,73% |
| Gastos detraídos del OICVM en determinadas condiciones específicas |
| Comisión de rentabilidad No aplicable | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.73% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | en | es |
DOLFIN7176 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund is actively managed and seeks to hold a limited number of securities.
The Investment Manager uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term historical growth in revenue and earnings, and/or a strong probability for superior future growth. The Investment Manager’s investment process seeks companies that are industry leaders with strengthening competitive advantages; corporate cultures emphasizing strong, quality and experienced management; low or no debt; and attractive relative valuations. The Investment Manager also considers other factors including political risk, monetary policy risk, and regulatory risk in selecting securities.
On an ancilliary basis, the Fund may use derivatives for hedging and investment purporses. The Fund may also enter into securities lending and borrowing transactions as well as repurchase aggrements and reverse repurchase aggreements. | # El fondo se gestiona activamente y trata de mantener un número reducido de títulos.
El gestor de inversiones adopta un enfoque ascendente con atractivas variables fundamentales, como el crecimiento histórico a largo plazo de los ingresos y los beneficios y/o una importante probabilidad de registrar un crecimiento superior en el futuro. El proceso de inversión del gestor de inversiones busca empresas que son líderes en su sector y con unas ventajas competitivas cada vez más sólidas; culturas corporativas que prestan especial atención a una gestión sólida, de calidad y experimentada; un nivel de endeudamiento escaso o nulo; y unas valoraciones relativas atractivas. A la hora de seleccionar títulos, el gestor de inversiones tiene asimismo en cuenta otros factores, entre ellos el riesgo político, el riesgo de la política monetaria y el riesgo normativo.
De forma complementaria, el fondo puede usar derivados a efectos de cobertura y de inversión. El fondo también puede realizar operaciones de préstamo de valores y toma en préstamo de valores, además de pactos de recompra y pactos de recompra inversos. | # The Fund is actively managed and seeks to hold a limited number of securities.
The Investment Manager uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term historical growth in revenue and earnings, and/or a strong probability for superior future growth. The Investment Manager’s investment process seeks companies that are industry leaders with strengthening competitive advantages; corporate cultures emphasizing strong, quality and experienced management; low or no debt; and attractive relative valuations. The Investment Manager also considers other factors including political risk, monetary policy risk, and regulatory risk in selecting securities.
On an ancilliary basis, the Fund may use derivatives for hedging and investment purporses. The Fund may also enter into securities lending and borrowing transactions as well as repurchase aggrements and reverse repurchase aggreements. | en | es |
DOLFIN7179 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Aside from this exception, the fund is open to all investors.
The amount that is appropriate to invest in this Fund depends on your personal situation. To determine their level of investment, investors are invited to seek professional advice in order to diversify their investments and to determine the proportion of their financial portfolio or their assets to be invested in this fund relative to, more specifically, the recommended investment period and exposure to the aforementioned risks, their personal assets, needs and own objectives. | # Salvo esta excepción, el fondo está abierto a todo tipo de suscriptores.
La inversión considerada adecuada en este fondo dependerá de su situación personal. Para determinarla, se recomienda al partícipe que solicite asesoramiento profesional con el fin de diversificar sus inversiones y determinar la proporción de la cartera financiera o de su patrimonio que vaya a invertir en este fondo con respecto, en particular, del horizonte de inversión recomendado y la exposición a los riesgos anteriormente mencionada, de su patrimonio personal, de sus necesidades y de sus propios objetivos. | # Aside from this exception, the fund is open to all investors.
The amount that is appropriate to invest in this Fund depends on your personal situation. To determine their level of investment, investors are invited to seek professional advice in order to diversify their investments and to determine the proportion of their financial portfolio or their assets to be invested in this fund relative to, more specifically, the recommended investment period and exposure to the aforementioned risks, their personal assets, needs and own objectives. | en | es |
DOLFIN7189 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is GBP. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in a large number of mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas
Para lograr el objetivo, el fondo intentará replicar el índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es GBP. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo invierte en numerosas empresas de mediano tamaño, lo que puede acarrear mayores riesgos que la inversión en empresas más grandes. Las acciones pueden presentar una menor liquidez y experimentar más fluctuaciones en los precios (o volatilidad), lo que podría perjudicar el valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is GBP. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in a large number of mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7193 | 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 long-term capital growth. It takes long and short exposure to stocks issued by companies worldwide (including Emerging Markets), as well as in cash. The Investment Manager implements its strategy by investing in companies that it believes to be undervalued and by using derivative instruments to seek negative exposure to companies that it believes to be overvalued. The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes environmental, social, ethical and/or corporate governance factors. In addition to these selection criteria, the Investment Manager may apply a screen to exclude certain companies from the investment universe based on a specific environmental, social, ethical and/or corporate governance scoring methodology of companies. The sub-fund may be net long or short. The sub-fund may invest in other financial instruments (including bonds and convertible bonds). Derivatives may be used to achieve the investment objective and to reduce risk or manage the fund more efficiently. The Sub-Fund is a
product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El subfondo se gestiona de forma activa. El subfondo no se gestiona con referencia a un índice. El objetivo del subfondo es generar revalorización del capital a largo plazo. Adopta exposición larga y corta a acciones emitidas por empresas de todo el mundo (incluidos los mercados emergentes), así como relacionada con efectivo. El gestor de inversiones aplica su estrategia invirtiendo en empresas que cree que están infravaloradas y utilizando instrumentos derivados para conseguir exposición negativa a empresas que cree que están sobrevaloradas. El enfoque de inversión aplicado por el gestor de inversiones para seleccionar los títulos se basará en criterios de responsabilidad propios que incluyen factores sociales, medioambientales, éticos y/o de gobierno corporativo. Además de estos criterios de selección, el gestor de inversiones puede aplicar un filtro para excluir a determinadas empresas del universo de inversión en función de una metodología específica de calificación medioambiental, social, ética y/o de gobierno corporativo de las empresas. El subfondo puede tener posiciones netas largas o cortas. El subfondo puede invertir en otros instrumentos financieros (incluidos bonos y bonos convertibles). Pueden emplearse derivados para lograr el objetivo de inversión y reducir el riesgo o para gestionar el fondo con
mayor eficiencia. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. The Sub-Fund aims to generate long-term capital growth. It takes long and short exposure to stocks issued by companies worldwide (including Emerging Markets), as well as in cash. The Investment Manager implements its strategy by investing in companies that it believes to be undervalued and by using derivative instruments to seek negative exposure to companies that it believes to be overvalued. The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes environmental, social, ethical and/or corporate governance factors. In addition to these selection criteria, the Investment Manager may apply a screen to exclude certain companies from the investment universe based on a specific environmental, social, ethical and/or corporate governance scoring methodology of companies. The sub-fund may be net long or short. The sub-fund may invest in other financial instruments (including bonds and convertible bonds). Derivatives may be used to achieve the investment objective and to reduce risk or manage the fund more efficiently. The Sub-Fund is a
product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN7197 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
the Underlying Index depends on its relative size based on the combined value of a company’s readily available shares compared to other companies on the stock markets. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of an increased (leveraged) exposure to the Underlying index, meaning that a fall in value of the Underlying index can result in a greater reduction in the level of the index. The index is designed to do this on a daily basis only which should not be equated with seeking a leveraged position for periods longer than a day. The performance of the fund over periods longer than one day will not be correlated or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 7, dado que su precio por acción puede fluctuar con una gran intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser muy elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo podría suscribir uno o más derivados con una o más contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas
el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas de los mercados de renta variable. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. Para lograr el objetivo, el fondo suscribirá contratos financieros (derivados) con una o más contrapartes de swaps con el fin de intercambiar la mayoría de las ganancias de la suscripción por la rentabilidad del índice. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El índice se construye para replicar el rendimiento de una exposición (apalancada) al índice Subyacente, lo que implica que un descenso en el valor del índice Subyacente puede provocar una mayor reducción del nivel del índice. El índice está diseñado para replicar el rendimiento a diario, lo cual no es equiparable con buscar una posición apalancada por períodos superiores a un día. El rendimiento del fondo en períodos superiores a un día no será correlacionado ni simétrico a la rentabilidad del índice Subyacente. El fondo está dirigido a inversores que deseen asumir una posición a muy corto plazo sobre el índice Subyacente y cuyas inversiones no estén sujetas a una estrategia de comprar y mantener (buy and hold). El derivado empleado para tener más exposición al índice puede ser ajustado para reflejar determinados gastos relativos a impuestos y/o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
the Underlying Index depends on its relative size based on the combined value of a company’s readily available shares compared to other companies on the stock markets. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of an increased (leveraged) exposure to the Underlying index, meaning that a fall in value of the Underlying index can result in a greater reduction in the level of the index. The index is designed to do this on a daily basis only which should not be equated with seeking a leveraged position for periods longer than a day. The performance of the fund over periods longer than one day will not be correlated or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7206 | 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 |
| --- |
| Subscription fee | 3.00% |
| Redemption fee | 2.00% |
| Conversion fee | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.31% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3.00% |
| Gastos de salida | 2.00% |
| Comisión de cambio | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.31% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna | | | One-off charges taken before or after you invest |
| --- |
| Subscription fee | 3.00% |
| Redemption fee | 2.00% |
| Conversion fee | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.31% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None | | en | es |
DOLFIN7213 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Global Focus Hedged (USD) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class F of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class F of the Absorbed Sub-Fund. | ## Índice de referencia: Refinitiv Global Focus Hedged (USD) Convertible Bond Index, calculado con cupones netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES R USD
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase F del fondo francés Edmond de Rothschild GLOBAL CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase F del Subfondo absorbido. | ## Benchmark: Refinitiv Global Focus Hedged (USD) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class F of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class F of the Absorbed Sub-Fund. | en | es |
DOLFIN7214 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Following the 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, as may be amended from time to time (“SFDR”), the Fund classifies its Sub-Funds in accordance with SFDR, and further discloses (a) the manner in which Sustainability Risks are integrated into investment decisions; and (b) the results of the assessment of the likely impacts of Sustainability Risks on the returns of the Sub- Funds.
Further details of the Investment Manager’s Responsible Investment and Stewardship Policy and its Sustainable Investment Policy can be found at [https://global.matthewsasia.com/responsible- investment.]
As of the date of this Prospectus, the following classifications are made with respect to the Sub-Funds: | Según el 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 («SFDR»), en su versión vigente, el Fondo clasifica sus Subfondos con arreglo a este y divulga además información sobre: a) la manera en que se integran los Riesgos de sostenibilidad en las decisiones de inversión; y b) los resultados de la evaluación de las posibles repercusiones de los Riesgos de sostenibilidad en la rentabilidad de los Subfondos.
Para obtener más información sobre la Política administrativa y de gestión responsable y la Política de inversión sostenible del Gestor de inversiones, consulte [https://global.matthewsasia.com/responsible- investment].
En la fecha del presente Folleto se realizan las clasificaciones que se detallan a continuación con relación a los Subfondos: | Following the 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, as may be amended from time to time (“SFDR”), the Fund classifies its Sub-Funds in accordance with SFDR, and further discloses (a) the manner in which Sustainability Risks are integrated into investment decisions; and (b) the results of the assessment of the likely impacts of Sustainability Risks on the returns of the Sub- Funds.
Further details of the Investment Manager’s Responsible Investment and Stewardship Policy and its Sustainable Investment Policy can be found at [https://global.matthewsasia.com/responsible- investment.]
As of the date of this Prospectus, the following classifications are made with respect to the Sub-Funds: | en | es |
DOLFIN7232 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
What is this product?
Type
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
Objective
This actively managed Sub-Fund aims to achieve the highest possible capital growth in EUR. It promotes environmental and social characteristics within the meaning of Article 8 SFDR and invests in issuers that the Investment Manager considers well-prepared to handle financially material environmental and social challenges. The Sub-Fund focuses on the theme of the ongoing energy transition from carbon to renewable energy with its sub-themes “Alternative Energy Materials”, “Alternative Energy Generation” and “Energy Storage”. Issuers will be selected based on the Investment Manager's ESG framework. More details can be found in the prospectus.
The Sub-Fund mainly invests in equities and equity-like securities (including transferable securities that are qualified as closed-ended real estate investment trusts, participation certificates) issued by companies worldwide (including emerging markets). It may invest up to 20% via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.
Type of approach: The Sub-Fund invests in the theme of the ongoing transition from carbon to renewable energy, mainly via equities of companies - along the entire supply chain, from basic resources to technology enablers. The sub-fund promotes environmental and social characteristics by following exclusions and ESG integration approaches. In addition, companies must have a minimum ESG rating (i.e. excluding the worst ESG laggards) based on the scoring model of a renowned third party data provider. This ESG rating evaluates companies on specific environmental, social and governance criteria. By focusing on the theme of the ongoing transition from carbon to renewable energy and applying the ESG criteria as described above, the sub-fund excludes at least 20% of the initial investment universe, namely the equity market worldwide. Threshold: At least 90% of the securities in the sub-fund are covered by the ESG analysis. The Sub-Fund applies a comprehensive voting and engagement strategy via a third-party provider that enables it to use its role as shareholders (and prospective shareholders) to support companies in becoming more sustainable. Main methodological limits: potential inconsistency, inaccuracy or lack of availability of ESG data issued by external third party providers.
The Sub-Fund may also hold up to 20% of its net assets in bank deposits at sight.
The Sub-Fund may use derivatives to achieve the investment objective and for hedging purposes.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Income may be paid out each year.
The Sub-Fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
AN shares are reserved for specific investors and do not grant any rebate or retrocessions. See prospectus for details.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The Fund's depositary is RBC Investor Services Bank S.A.
This Sub-Fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this Sub-Fund are relevant for you as an investor. You can request the conversion of some or all of your Shares in the Sub-Fund in accordance with the "Conversion of Shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
Intended Retail Investor
The Sub-Fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have long-term investment horizon and that have the ability to bear losses up to the amount they have invested in the Sub-Fund.
Term
The Shares do not have a maturity date. The Product Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | # Producto
¿Qué es este producto?
Tipo
El Fondo se constituyó como société anonyme, un fondo abierto creado con arreglo a la ley modificada de 17 de diciembre de 2010 sobre organismos de inversión colectiva. Es un fondo paraguas con múltiples compartimentos, siendo el Compartimento uno de ellos. Las Acciones son una clase de acciones del Compartimento.
Objetivos
Este Compartimento de gestión activa tiene como objetivo lograr el mayor crecimiento del capital posible en EUR. Promueve características medioambientales y sociales en el sentido del artículo 8 del SFDR, invirtiendo en emisores que el gestor de inversiones considera bien preparados para hacer frente a los retos medioambientales y sociales de relevancia financiera. El Compartimento se centra en el tema de la actual transición energética del carbono a las energías renovables con sus subtemas «Materiales energéticos alternativos», «Generación de energía alternativa» y «Almacenamiento de energía». Los emisores se seleccionarán con base en el marco ESG del gestor de inversiones.
Puede obtener más información en el folleto.
El Compartimento invierte principalmente en valores de renta variable y valores similares a la renta variable (incluidos valores mobiliarios calificados como fondos de inversión inmobiliaria cerrados, certificados de participación) emitidos por empresas de todo el mundo (incluidos los mercados emergentes). Puede invertir hasta el 20% en acciones A de China a través de los programas Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect.
Tipo de enfoque: El Compartimento invierte en el tema de la actual transición energética del carbono a las energías renovables — principalmente a través de acciones de empresas—, a lo largo de toda la cadena de suministro, desde los recursos básicos hasta los habilitadores tecnológicos. El Compartimento promueve características medioambientales y sociales siguiendo enfoques de exclusión e integración ESG. Además, las empresas deben tener una calificación mínima en materia de ESG (es decir, se excluyen las peor posicionadas en materia ESG) según el modelo de calificación de un proveedor de datos externo reconocido. Esta calificación ESG evalúa a las empresas en función de criterios medioambientales, sociales y de gobierno corporativo específicos. Al centrarse en el tema de la actual transición energética del carbono a la energía renovable y aplicar los criterios ESG descritos anteriormente, el Compartimento excluye, al menos, el 20 % del universo de inversión inicial, concretamente, los mercados de renta variable de todo el mundo. Umbral: El análisis ESG abarca, como mínimo, el 90% de los valores del Compartimento. El Compartimento aplica una estrategia integral de votación e implicación a través de un proveedor externo que le permite desempeñar su función como accionista (y accionista potencial) para ayudar a las empresas a ser más sostenibles. Principales límites metodológicos: posibles incoherencias, imprecisiones o falta de disponibilidad de datos ESG emitidos por proveedores terceros externos.
El Compartimento también puede mantener hasta el 20 % de su patrimonio neto en depósitos bancarios a la vista.
El Compartimento puede invertir en derivados para alcanzar su objetivo de inversión y con fines de cobertura.
Reembolso de participaciones: todos los días en que los bancos se encuentren abiertos en Luxemburgo para el desempeño normal de su actividad (consulte el folleto para obtener información detallada y ver las excepciones).
Los ingresos pueden pagarse cada año.
El Compartimento no se gestiona en relación con un índice de referencia. El gestor de carteras dispone de plena discrecionalidad de inversión dentro de los límites específicos definidos.
Las participaciones AN están reservadas para inversores específicos y no otorgan descuentos o retrocesiones. Consulte el folleto para obtener información detallada.
Teniendo en cuenta el periodo de mantenimiento mínimo recomendado, la rentabilidad dependerá de la evolución de las inversiones subyacentes.
El depositario del Fondo es RBC Investor Services Bank S.A.
Este Compartimento forma parte de un fondo paraguas. Los distintos Compartimentos no son responsables entre sí, lo que significa que solo las ganancias y pérdidas de este Compartimento son relevantes para usted como inversor. Los inversores pueden solicitar la conversión de sus Acciones, en su totalidad o en parte, de conformidad con el apartado Conversion of Shares («Conversión de Acciones»), salvo que se indique otra cosa en la parte especial del folleto de venta.
El folleto de venta, incluyendo la divulgación precontractual de información relativa al SFDR, los informes semestral y anual actualizados, los precios de las acciones y otra información práctica, están disponibles gratuitamente en www.vontobel.com/AM en inglés y alemán.
Inversor Minorista Al Que Va Dirigido
El Compartimento está destinado a pequeños inversores con conocimientos y/o experiencia en este tipo de productos, que hayan obtenido un asesoramiento de inversión adecuado, que tengan un horizonte de inversión a largo plazo y la capacidad para soportar pérdidas hasta el importe que hayan invertido en el Compartimento.
Plazo
Las Participaciones no tienen fecha de vencimiento. El productor del producto puede rescindir las Participaciones unilateralmente. Las Participaciones, el Compartimento y el Fondo pueden rescindirse anticipadamente y liquidarse en los casos previstos en el folleto y los estatutos del Fondo. | # Product
What is this product?
Type
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
Objective
This actively managed Sub-Fund aims to achieve the highest possible capital growth in EUR. It promotes environmental and social characteristics within the meaning of Article 8 SFDR and invests in issuers that the Investment Manager considers well-prepared to handle financially material environmental and social challenges. The Sub-Fund focuses on the theme of the ongoing energy transition from carbon to renewable energy with its sub-themes “Alternative Energy Materials”, “Alternative Energy Generation” and “Energy Storage”. Issuers will be selected based on the Investment Manager's ESG framework. More details can be found in the prospectus.
The Sub-Fund mainly invests in equities and equity-like securities (including transferable securities that are qualified as closed-ended real estate investment trusts, participation certificates) issued by companies worldwide (including emerging markets). It may invest up to 20% via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.
Type of approach: The Sub-Fund invests in the theme of the ongoing transition from carbon to renewable energy, mainly via equities of companies - along the entire supply chain, from basic resources to technology enablers. The sub-fund promotes environmental and social characteristics by following exclusions and ESG integration approaches. In addition, companies must have a minimum ESG rating (i.e. excluding the worst ESG laggards) based on the scoring model of a renowned third party data provider. This ESG rating evaluates companies on specific environmental, social and governance criteria. By focusing on the theme of the ongoing transition from carbon to renewable energy and applying the ESG criteria as described above, the sub-fund excludes at least 20% of the initial investment universe, namely the equity market worldwide. Threshold: At least 90% of the securities in the sub-fund are covered by the ESG analysis. The Sub-Fund applies a comprehensive voting and engagement strategy via a third-party provider that enables it to use its role as shareholders (and prospective shareholders) to support companies in becoming more sustainable. Main methodological limits: potential inconsistency, inaccuracy or lack of availability of ESG data issued by external third party providers.
The Sub-Fund may also hold up to 20% of its net assets in bank deposits at sight.
The Sub-Fund may use derivatives to achieve the investment objective and for hedging purposes.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Income may be paid out each year.
The Sub-Fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
AN shares are reserved for specific investors and do not grant any rebate or retrocessions. See prospectus for details.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The Fund's depositary is RBC Investor Services Bank S.A.
This Sub-Fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this Sub-Fund are relevant for you as an investor. You can request the conversion of some or all of your Shares in the Sub-Fund in accordance with the "Conversion of Shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
Intended Retail Investor
The Sub-Fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have long-term investment horizon and that have the ability to bear losses up to the amount they have invested in the Sub-Fund.
Term
The Shares do not have a maturity date. The Product Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | en | es |
DOLFIN7245 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Investment fund risk
As with any investment fund, investing in the fund involves certain risks an investor would not face if investing in markets directly:
- the actions of other investors, in particular sudden large outflows of cash, could interfere with orderly management of the fund and cause its NAV to fall
- the fund is subject to various investment laws and regulations that limit the use of certain securities and investment techniques that might improve performance, and might be available to an investor through a different investment
- while Luxembourg law provides strong investor protections, they may be different or lesser in certain ways that what a shareholder might receive from a fund domiciled in their own jurisdiction or elsewhere
- to the extent that the fund invests in markets that are in different time zones from where the investment manager is located, it might not be able to react in a timely fashion to price movements that occur when the fund is not open for business
- changes in regulations worldwide and increased regulator scrutiny of financial services could limit opportunities or increase costs for the SICAV; to the extent that the fund decides to invest, conduct operations, register, or distribute shares in a jurisdiction, it increases the risk of being affected by such actions
- for fund shares that are not publicly traded, the only option for liquidation of shares is generally redemption, which is subject to any redemption policies and fees
- the fund’s buying and selling of investments may not be optimal for the tax efficiency of any given investor
- to the extent that the fund invests in other UCITS/UCIs, it will have less direct knowledge of, and no control over, the decisions of the UCITS/ UCIs’ investment managers, it will typically incur a second layer of investment fees (which will erode investment performance), and it could face liquidity risk in trying to unwind its investment in a UCITS/UCI
- the SICAV may not always be able to hold a service provider fully responsible for any losses or lost opportunities arising from the service provider’s actions
- because there is no segregation of liabilities between share classes, it may be impractical or impossible for different share classes to completely isolate their costs and risks from other share classes, including the costs of hedging at the share class level and the risk that creditors of one share class of a fund may attempt to seize assets of another share class to settle an obligation
- to the extent that the SICAV and its funds conduct business with affiliates of Columbia Management Investment Advisers, and these affiliates do business with each other on behalf of the SICAV and its funds, conflicts of interest may be created (although to mitigate these, all such business dealings must be conducted on an arm’s length basis, and all entities, and the individuals associated with them, are subject to strict fair dealing policies that prohibit profiting from inside information and showing favouritism)Where a fund invests in another UCITS or UCI, these risks apply to the fund, and in turn indirectly to shareholders. | ##### Riesgo de fondos de inversión
De forma análoga a cualquier fondo de inversión, la inversión en el fondo implica determinados riesgos a los que un inversor no se enfrentaría en caso de invertir directamente en mercados:
- las actuaciones de otros inversores, en concreto, considerables salidas de efectivo repentinas, podrían interferir en la gestión metódica del fondo y provocar una disminución de su VL;
- el fondo está sujeto a diversas leyes y normativas en materia de inversión que limitan el uso de determinados valores y técnicas de inversión que podrían mejorar el rendimiento y que podrían estar disponibles para un inversor a través de una inversión diferente;
- si bien la ley de Luxemburgo prevé unos sólidos mecanismos de protección para los inversores, estos pueden resultar diferentes o más limitados en determinados aspectos con respecto a lo que un accionista podría recibir de un fondo domiciliado en su propia jurisdicción o en otra;
- en la medida en que el fondo invierte en mercados que se encuentran en diferentes zonas horarias con respecto al lugar donde radica el gestor de inversiones, este podría no ser capaz de reaccionar de manera oportuna a los cambios de precios que se producen fuera del horario de operaciones del fondo;
- los cambios en normativas a nivel mundial y el mayor escrutinio regulador de los servicios financieros podrían limitar las oportunidades o aumentar los costes para la SICAV; en la medida en que el fondo decida invertir, realizar operaciones, registrar o distribuir acciones en una jurisdicción, aumentará el riesgo de que resulte afectado por tales actuaciones;
- en el caso de las acciones de fondos que no coticen en bolsa, la única opción de liquidación de las mismas es, por lo general, el reembolso, el cual está sujeto a políticas y comisiones de reembolso;
- la compraventa de inversiones del fondo puede no resultar óptima para la eficiencia fiscal de cualquier inversor en particular;
- en la medida en que el fondo invierta en otros OICVM/OIC, tendrá un conocimiento menos directo, y no tendrá control alguno, sobre las decisiones de los gestores de inversiones de dichos OICVM/OIC, normalmente incurrirá en un segundo nivel de comisiones de inversión (lo que perjudicará el rendimiento de las inversiones), y podría hacer frente al riesgo de liquidez al intentar retirar su inversión en un OICVM/ OIC;
- la SICAV no siempre podrá responsabilizar por completo al proveedor de servicios de las pérdidas o las oportunidades no aprovechadas derivadas de las actuaciones del proveedor de servicios;
- como no existe segregación de pasivos entre las clases de acciones, puede resultar inconveniente o imposible para las distintas clases de acciones aislar por completo sus costes y riesgos de otras clases de acciones, lo que incluye los costes de cobertura a nivel de la clase de acciones y el riesgo de que los acreedores de una clase de acciones de un fondo puedan intentar incautar los activos de otra clase de acciones para satisfacer una obligación;
- en la medida en que la SICAV y sus fondos desarrollen su actividad comercial con filiales de Columbia Management Investment Advisers, y estas filiales mantengan relaciones comerciales recíprocas en nombre de la SICAV y sus fondos, pueden concurrir conflictos de intereses (aunque, de cara a mitigarlos, todas estas relaciones comerciales se deben llevar a cabo en condiciones de plena competencia, y todas las entidades, así como los individuos asociados a ellas, están sujetos a estrictas políticas de negociación justa que prohíben beneficiarse de información privilegiada y mostrar favoritismo). | ##### Investment fund risk
As with any investment fund, investing in the fund involves certain risks an investor would not face if investing in markets directly:
- the actions of other investors, in particular sudden large outflows of cash, could interfere with orderly management of the fund and cause its NAV to fall
- the fund is subject to various investment laws and regulations that limit the use of certain securities and investment techniques that might improve performance, and might be available to an investor through a different investment
- while Luxembourg law provides strong investor protections, they may be different or lesser in certain ways that what a shareholder might receive from a fund domiciled in their own jurisdiction or elsewhere
- to the extent that the fund invests in markets that are in different time zones from where the investment manager is located, it might not be able to react in a timely fashion to price movements that occur when the fund is not open for business
- changes in regulations worldwide and increased regulator scrutiny of financial services could limit opportunities or increase costs for the SICAV; to the extent that the fund decides to invest, conduct operations, register, or distribute shares in a jurisdiction, it increases the risk of being affected by such actions
- for fund shares that are not publicly traded, the only option for liquidation of shares is generally redemption, which is subject to any redemption policies and fees
- the fund’s buying and selling of investments may not be optimal for the tax efficiency of any given investor
- to the extent that the fund invests in other UCITS/UCIs, it will have less direct knowledge of, and no control over, the decisions of the UCITS/ UCIs’ investment managers, it will typically incur a second layer of investment fees (which will erode investment performance), and it could face liquidity risk in trying to unwind its investment in a UCITS/UCI
- the SICAV may not always be able to hold a service provider fully responsible for any losses or lost opportunities arising from the service provider’s actions
- because there is no segregation of liabilities between share classes, it may be impractical or impossible for different share classes to completely isolate their costs and risks from other share classes, including the costs of hedging at the share class level and the risk that creditors of one share class of a fund may attempt to seize assets of another share class to settle an obligation
- to the extent that the SICAV and its funds conduct business with affiliates of Columbia Management Investment Advisers, and these affiliates do business with each other on behalf of the SICAV and its funds, conflicts of interest may be created (although to mitigate these, all such business dealings must be conducted on an arm’s length basis, and all entities, and the individuals associated with them, are subject to strict fair dealing policies that prohibit profiting from inside information and showing favouritism)Where a fund invests in another UCITS or UCI, these risks apply to the fund, and in turn indirectly to shareholders. | en | es |
DOLFIN7246 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years If you exit after 1 If you exit after 3 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 7,910 EUR | 8,090 EUR |
| Average return each year | -20.9% | -6.8% |
| Unfavourable (*) | What you might get back after costs | 8,580 EUR | 8,830 EUR |
| Average return each year | -14.2% | -4.1% |
| Moderate (*) | What you might get back after costs | 9,940 EUR | 10,420 EUR |
| Average return each year | -0.6% | 1.4% |
| Favourable (*) | What you might get back after costs | 10,540 EUR | 11,240 EUR |
| Average return each year | 5.4% | 4.0% | | | Período de mantenimiento recomendado: 3 años En caso de salida En caso de salida Ejemplo de inversión: 10 000 EUR después de 1 año después de 3 años |
| --- |
| Escenarios |
| Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 7910 EUR | 8090 EUR |
| Rendimiento medio cada año | -20,9 % | -6,8 % |
| Desfavorable (*) | Lo que podría recibir tras deducir los costes | 8580 EUR | 8830 EUR |
| Rendimiento medio cada año | -14,2 % | -4,1 % |
| Moderado (*) | Lo que podría recibir tras deducir los costes | 9940 EUR | 10 420 EUR |
| Rendimiento medio cada año | -0,6 % | 1,4 % |
| Favorable (*) | Lo que podría recibir tras deducir los costes | 10 540 EUR | 11 240 EUR |
| Rendimiento medio cada año | 5,4 % | 4,0 % | | | Recommended holding period: 3 years If you exit after 1 If you exit after 3 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 7,910 EUR | 8,090 EUR |
| Average return each year | -20.9% | -6.8% |
| Unfavourable (*) | What you might get back after costs | 8,580 EUR | 8,830 EUR |
| Average return each year | -14.2% | -4.1% |
| Moderate (*) | What you might get back after costs | 9,940 EUR | 10,420 EUR |
| Average return each year | -0.6% | 1.4% |
| Favourable (*) | What you might get back after costs | 10,540 EUR | 11,240 EUR |
| Average return each year | 5.4% | 4.0% | | en | es |
DOLFIN7251 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund was launched on 20 June 2011.
-9.0
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2021 | ## El Fondo se lanzó el 20 junio 2011.
-9.0
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2021 | ## The Fund was launched on 20 June 2011.
-9.0
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DOLFIN7252 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
Key Investor Information Fidelity Funds - Sustainable Japan Equity Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
Datos fundamentales para el inversor Fidelity Funds - Sustainable Japan Equity Fund | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
Key Investor Information Fidelity Funds - Sustainable Japan Equity Fund | en | es |
DOLFIN7255 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy:
The Fund invests at least two-thirds of its total assets in equity securities of companies located around the world, including the United States and emerging and frontier countries or markets. These are companies domiciled or which exercise the preponderant part of their economic activities in emerging or frontier countries or markets as classified by the World Bank, which are those countries or markets with low- to middle-income economies.
Under normal circumstances, the Fund invests at least 30% of its total assets in companies organized, headquartered or doing a substantial amount of business outside the United States. The Fund considers a company that has at least 50% of their assets, or deriving at least 50% of their revenues from business outside the United States as doing a substantial amount of business outside of the United States.
The Fund is unconstrained by capitalization size, industry or geographic considerations. The Fund may invest in the securities of large, established multinational companies as well as of mid-sized and smaller companies and may make significant investments in certain sectors or group of sectors within a particular industry or industries from time to time. As regard the geographic considerations, the Fund generally invests in securities of companies located in different regions and in at least three different countries.
The Fund’s equity investments may include common stocks, preferred stocks, rights and warrants to subscribe for the purchase of equity securities, depositary receipts for any of those equity investments. As part of the Fund’s investments in securities worldwide, the Fund may also invest in certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”).
The Fund may invest up to one-third of its total assets in cash, cash equivalents or other types of securities than those described above. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including but not limited to, exchange traded funds (ETFs) that qualify as UCITs. | # Política de inversión:
El fondo invierte al menos dos terceras partes de sus activos totales en valores de renta variable de empresas de todo el mundo, incluidos los Estados Unidos y países o mercados emergentes o frontera. Se trata de aquellas empresas que están domiciliadas o desarrollan la parte predominante de su actividad económica en mercados o países emergentes o fronterizos con arreglo a la clasificación del Banco Mundial; estos son aquellos mercados o países con una economía de ingresos de bajos a medios.
En circunstancias normales, el fondo invierte al menos el 30% de sus activos totales en empresas constituidas, con sede o que desarrollan una parte importante de su negocio fuera de los Estados Unidos. El fondo considera que una empresa que tiene al menos el 50% de su activo o que obtiene al menos el 50% de sus ingresos de negocios fuera de los Estados Unidos desarrolla una parte importante de su actividad fuera de dicho país.
El fondo no aplica límites relativos al tamaño de la capitalización ni a consideraciones sectoriales o geográficas. El fondo puede invertir en los valores de grandes empresas multinacionales consolidadas, así como en pequeñas y medianas empresas, y oportunamente puede realizar inversiones cuantiosas en determinados sectores o grupos de sectores de una industria o industrias concretas. En lo que se refiere a las consideraciones demográficas, por lo general el fondo invierte en valores de empresas ubicadas en distintas regiones y en al menos tres países distintos.
Las inversiones del fondo en renta variable pueden incluir acciones ordinarias, acciones preferentes, derechos y warrants de suscripción para la compra de valores de renta variable y certificados de depósito de valores para cualquiera de estas inversiones de renta variable. Como parte de las inversiones del fondo en valores a escala mundial, este también puede invertir en determinadas Acciones A admisibles mediante el programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect (conjuntamente “Stock Connect”).
El fondo puede invertir hasta un tercio de su patrimonio total en efectivo, equivalentes al efectivo y otros tipos de valores distintos de los descritos anteriormente. El fondo puede invertir hasta el 10% de su patrimonio neto en organismos de inversión colectiva, incluyendo, entre otros, fondos cotizados (ETF) cualificados como OICVM. | # Investment policy:
The Fund invests at least two-thirds of its total assets in equity securities of companies located around the world, including the United States and emerging and frontier countries or markets. These are companies domiciled or which exercise the preponderant part of their economic activities in emerging or frontier countries or markets as classified by the World Bank, which are those countries or markets with low- to middle-income economies.
Under normal circumstances, the Fund invests at least 30% of its total assets in companies organized, headquartered or doing a substantial amount of business outside the United States. The Fund considers a company that has at least 50% of their assets, or deriving at least 50% of their revenues from business outside the United States as doing a substantial amount of business outside of the United States.
The Fund is unconstrained by capitalization size, industry or geographic considerations. The Fund may invest in the securities of large, established multinational companies as well as of mid-sized and smaller companies and may make significant investments in certain sectors or group of sectors within a particular industry or industries from time to time. As regard the geographic considerations, the Fund generally invests in securities of companies located in different regions and in at least three different countries.
The Fund’s equity investments may include common stocks, preferred stocks, rights and warrants to subscribe for the purchase of equity securities, depositary receipts for any of those equity investments. As part of the Fund’s investments in securities worldwide, the Fund may also invest in certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”).
The Fund may invest up to one-third of its total assets in cash, cash equivalents or other types of securities than those described above. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including but not limited to, exchange traded funds (ETFs) that qualify as UCITs. | en | es |
DOLFIN7257 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives:
Objectives and Investment Policy This product aims to achieve total return through capital appreciation by investing at least 80% of its net asset value directly in equity and equity related securities issued across a number of developed and emerging markets outside the U.S. by non-U.S. companies typically with a market capitalization over $3 billion. The fund may also invest indirectly through specialist financial techniques (known as derivatives). The fund may use derivatives for hedging and efficient portfolio management but not for leverage as an investment strategy. Nevertheless, although expected to be limited, the use of derivatives may introduce constant leverage to the Fund in order to hedge currency exposure or for risk management. The level of leverage may vary depending on the exposure to non-base currency and the risk appetite of the portfolio manager. The Fund’s leverage will not exceed 100% of the Fund’s Net Asset Value, as measured using the commitment approach. It may also invest up to 10% of its assets in other UCITS and ETFs.
Fund Benchmark The Fund employs an actively managed investment strategy. The Fund uses the MSCI AC World ex-USA Growth Index as a benchmark for performance comparison purposes only and does not track the performance of the benchmark.
Dealing Frequency You may buy and sell shares on any day on which the Irish Stock Exchange and New York Stock Exchange are open for regular business. The Fund holiday calendar is available from the Administrator.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Depositary: State Street Custodial Services (Ireland) Limited.
Further Information: This describes Manulife Global Quality Growth (Ex-U.S.) Fund, which is a sub-fund of Manulife Investment Management I PLC. The assets of this Fund are segregated from those of other sub-funds of Manulife Investment Management I PLC which means that they cannot be used to pay the liabilities of other sub-funds of Manulife Investment Management I PLC. The prospectus and annual reports relate to Manulife Investment Management I PLC. Exchange rights into other sub-funds and relevant charges are detailed in the prospectus. You can find the fund's prospectus and annual reports in our `Documents' section on our website. Please visit our website to view fund prices. | # Objetivos:
Objetivos y política de inversión Este producto tiene por objeto lograr rentabilidad total mediante la revalorización del capital a través de la inversión directa de al menos el 80% de su valor liquidativo en valores de renta variable y relacionados con esta emitidos en varios mercados desarrollados y emergentes distintos de los EE. UU. por empresas no estadounidenses normalmente con una capitalización bursátil superior a 3.000 millones de USD. El fondo también puede invertir indirectamente a través de técnicas financieras especializadas (conocidas como derivados). El fondo puede emplear derivados con fines de cobertura y de gestión eficiente de la cartera, pero no con fines de apalancamiento como estrategia de inversión. Aunque se espera que el uso de derivados sea limitado, estos pueden introducir un apalancamiento constante en el Fondo para cubrir la exposición a divisas o para gestionar el riesgo. El nivel de apalancamiento puede variar en función de la exposición a monedas distintas a la de base y del apetito de riesgo del gestor de la cartera. El apalancamiento del Fondo no superará el 100% de su Valor liquidativo, conforme a lo que se determine según el enfoque de compromiso. También puede invertir hasta el 10% de sus activos en otros OICVM y ETF.
Valor de referencia del Fondo El Fondo emplea una estrategia de inversión que se gestiona de forma activa. El Fondo emplea el Índice MSCI AC World ex- USA Growth Index como valor de referencia únicamente para realizar comparaciones de rentabilidad y no trata de replicar la rentabilidad del valor de referencia.
Frecuencia de negociación Usted puede comprar y vender acciones en cualquier día en que la Bolsa de Irlanda y la Bolsa de Nueva York abran para el desarrollo de su actividad habitual. El calendario de festivos del Fondo está disponible a través del Administrador.
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Depositario: State Street Custodial Services (Ireland) Limited.
Información adicional: Esto describe el Manulife Global Quality Growth (Ex- U.S.) Fund, que es un subfondo de Manulife Investment Management I PLC. Los activos de este Fondo están segregados de los de otros subfondos de Manulife Investment Management I PLC, lo que significa que no pueden utilizarse para atender los pasivos de otros subfondos de Manulife Investment Management I PLC. El folleto y los informes anuales se refieren a Manulife Investment Management I PLC. Los derechos de canje a otros subfondos y los correspondientes gastos se detallan en el folleto. Puede encontrar el folleto y los informes anuales del fondo en la sección «Documents» (Documentos) de nuestro sitio web. Para ver los precios de los fondos visite nuestro sitio web. | # Objectives:
Objectives and Investment Policy This product aims to achieve total return through capital appreciation by investing at least 80% of its net asset value directly in equity and equity related securities issued across a number of developed and emerging markets outside the U.S. by non-U.S. companies typically with a market capitalization over $3 billion. The fund may also invest indirectly through specialist financial techniques (known as derivatives). The fund may use derivatives for hedging and efficient portfolio management but not for leverage as an investment strategy. Nevertheless, although expected to be limited, the use of derivatives may introduce constant leverage to the Fund in order to hedge currency exposure or for risk management. The level of leverage may vary depending on the exposure to non-base currency and the risk appetite of the portfolio manager. The Fund’s leverage will not exceed 100% of the Fund’s Net Asset Value, as measured using the commitment approach. It may also invest up to 10% of its assets in other UCITS and ETFs.
Fund Benchmark The Fund employs an actively managed investment strategy. The Fund uses the MSCI AC World ex-USA Growth Index as a benchmark for performance comparison purposes only and does not track the performance of the benchmark.
Dealing Frequency You may buy and sell shares on any day on which the Irish Stock Exchange and New York Stock Exchange are open for regular business. The Fund holiday calendar is available from the Administrator.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Depositary: State Street Custodial Services (Ireland) Limited.
Further Information: This describes Manulife Global Quality Growth (Ex-U.S.) Fund, which is a sub-fund of Manulife Investment Management I PLC. The assets of this Fund are segregated from those of other sub-funds of Manulife Investment Management I PLC which means that they cannot be used to pay the liabilities of other sub-funds of Manulife Investment Management I PLC. The prospectus and annual reports relate to Manulife Investment Management I PLC. Exchange rights into other sub-funds and relevant charges are detailed in the prospectus. You can find the fund's prospectus and annual reports in our `Documents' section on our website. Please visit our website to view fund prices. | en | es |
DOLFIN7262 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Investment Strategy The Sub-Fund invests mainly in inflation- linked bonds issued in the OECD.
Specifically, at all times the Sub-Fund invests at least two thirds of net assets in inflation-linked bonds issued by governments, public institutions or companies in the OECD countries. The remaining part of the portfolio may be invested in debt securities that are not inflation-linked to reduce its exposure to inflation-linked bonds in anticipation of periods of lower inflation.
The Sub-Fund invests at least 90% of net assets in Investment Grade securities and less than 10% in Sub-Investment Grade securities. However, the Sub-Fund does not invest in securities rated CCC+ or below by Standard & Poor’s or equivalent rating by Moody’s or Fitch. Ratings are based on the lower of two ratings or the second highest of three ratings depending on how many ratings are available. If securities are unrated, they must be judged equivalent to those levels by the investment manager. In case of a credit downgrade below such minimum, securities will be sold within 6 months.
The selection of debt securities is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell securities is also based on other analysis criteria of the investment manager.
The Sub-Fund may invest up to 100% of net assets in sovereign debt securities but does not invest more than 10% in securities issued or guaranteed by a single country (including its government and any public or local authority there) that are Sub-Investment Grade or unrated. | ###### Estrategia de inversión El subfondo invierte principalmente en bonos ligados a la inflación emitidos en los países miembros de la OCDE.
En concreto, el subfondo invierte en todo momento por lo menos dos tercios de su patrimonio neto en bonos ligados a la inflación emitidos por empresas, Estados e instituciones públicas de los países de la OCDE. La parte restante de la cartera podrá invertirse en títulos de deuda que no estén ligados a la inflación a fin de reducir su exposición a los bonos ligados a la inflación en previsión de períodos de menor inflación.
El subfondo invierte por lo menos el 90 % de su patrimonio neto en títulos de deuda con grado de inversión y menos del 10 % en títulos sin grado de inversión. No obstante, el subfondo no invertirá en títulos con una calificación igual o inferior a CCC+ de Standard & Poor’s o su equivalente de Moody’s o Fitch. La calificación que se tendrá en cuenta será la menor de dos calificaciones o la segunda mayor de tres calificaciones, según el número de calificaciones disponibles. Si los títulos carecen de calificación, el gestor de inversiones deberá equipararlos a dichos niveles. En caso de una rebaja de calificación crediticia por debajo de la calidad mínima, los títulos se venderán en un plazo de seis meses.
La selección de títulos de deuda no está basada exclusiva y automáticamente en las calificaciones crediticias publicadas, sino también en un análisis interno del riesgo de crédito o de mercado. La decisión de comprar o vender títulos también está basada en otros criterios de análisis del gestor de inversiones.
El subfondo podrá invertir hasta el 100 % de su patrimonio neto en títulos de deuda pública, pero no invertirá más del 10 % en títulos emitidos o garantizados por ningún país (ya sea por el Estado o por cualquier organismo público o local) sin grado de inversión o sin calificación. | ###### Investment Strategy The Sub-Fund invests mainly in inflation- linked bonds issued in the OECD.
Specifically, at all times the Sub-Fund invests at least two thirds of net assets in inflation-linked bonds issued by governments, public institutions or companies in the OECD countries. The remaining part of the portfolio may be invested in debt securities that are not inflation-linked to reduce its exposure to inflation-linked bonds in anticipation of periods of lower inflation.
The Sub-Fund invests at least 90% of net assets in Investment Grade securities and less than 10% in Sub-Investment Grade securities. However, the Sub-Fund does not invest in securities rated CCC+ or below by Standard & Poor’s or equivalent rating by Moody’s or Fitch. Ratings are based on the lower of two ratings or the second highest of three ratings depending on how many ratings are available. If securities are unrated, they must be judged equivalent to those levels by the investment manager. In case of a credit downgrade below such minimum, securities will be sold within 6 months.
The selection of debt securities is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell securities is also based on other analysis criteria of the investment manager.
The Sub-Fund may invest up to 100% of net assets in sovereign debt securities but does not invest more than 10% in securities issued or guaranteed by a single country (including its government and any public or local authority there) that are Sub-Investment Grade or unrated. | en | es |
DOLFIN7263 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment MSCI AC World (NR) between 31/07/2011-31/07/2018.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,786
7.9%
CHF 17,897
8.7% | # Este tipo de escenario se produjo para una inversión MSCI AC World (NR) entre 31/07/2011-31/07/2018.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 786 CHF
7,9%
17 897 CHF
8,7% | # This type of scenario occurred for an investment MSCI AC World (NR) between 31/07/2011-31/07/2018.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,786
7.9%
CHF 17,897
8.7% | en | es |
DOLFIN7276 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CDO/CLO risk: The lower tranches of CDOs and CLOs can experience significantly higher risk than upper tranches of the same CDOs or CLOs. These securities can be hurt by a decline in the underlying assets. Because of their complex structure, they can also be hard to value accurately and their behavior in different market conditions may be unpredictable. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | | El indicador mide el riesgo de que se produzcan fluctuaciones en el valor liquidativo de la clase de acciones tomando como base la volatilidad de los 5 últimos años y asigna el fondo a la categoría 4. Consecuentemente, la adquisición de participaciones del fondo está vinculada a un riesgo moderado de que se produzcan tales fluctuaciones. Tenga en cuenta que la asignación a la categoría 1 no significa que la inversión esté libre de riesgo. Los datos históricos, tales como los utilizados en el cálculo del indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del OICVM, ya que la categoría podría cambiar en el futuro. Los riesgos siguientes revisten una importancia significativa para el OICVM pero no están adecuadamente reflejados en el indicador sintético y podrían dar lugar a pérdidas adicionales: |
| --- |
| Riesgo vinculado a los ABS/MBS: Los bonos de titulización hipotecaria (MBS) y los bonos de titulización de activos (ABS) suelen conllevar un riesgo de reembolso anticipado y prórroga, y pueden presentar un riesgo de liquidez superior a la media. |
| Riesgo vinculado a las CDO/CLO: Los tramos más subordinados de las CDO y CLO pueden estar sujetos a un riesgo significativamente más elevado que los tramos de mayor prelación de las mismas CDO o CLO. Estos valores pueden verse penalizados por un deterioro de los activos subyacentes. Dada su complejidad estructural, podría resultar difícil valorar dichos títulos con precisión, y su comportamiento en diferentes condiciones de mercado podría revelarse impredecible. |
| 2 Riesgo vinculado a los bonos CoCo: Los emisores de valores convertibles contingentes (bonos CoCo o CoCo) pueden anular o suspender, a su discreción, los pagos de ingresos previstos. Los CoCo comportan un riesgo de prórroga, y pueden experimentar una volatilidad muy elevada. |
| Riesgo vinculado a los valores convertibles: Dado que los valores convertibles están estructurados como bonos que, por lo general, pueden o deben ser reembolsados con una cantidad predeterminada de acciones, en lugar de efectivo, estos valores pueden conllevar, simultáneamente, el riesgo de renta variable y los riesgos de crédito e impago que se suelen asociar a los bonos. |
| Riesgo de crédito: Un bono o un instrumento del mercado monetario, ya sea de un emisor público o privado, podría perder valor si la situación financiera del emisor se deteriora. |
| Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado. |
| Riesgo de cobertura: Los esfuerzos por reducir o eliminar determinados riesgos podrían no dar el resultado esperado y, en caso de funcionar, eliminarán normalmente el potencial de ganancia junto con el riesgo de pérdida. |
| Riesgo de liquidez: Podría resultar difícil valorar ciertos títulos o comprarlos o venderlos en el momento o al precio deseados, lo que podría incidir en el valor del fondo y en su capacidad para abonar el producto del reembolso o satisfacer otras obligaciones de manera oportuna. |
| Riesgo de reembolso anticipado y prórroga: Todo movimiento inesperado en los tipos de interés podría hacer mella en la rentabilidad de los títulos de deuda amortizables (valores cuyos emisores tienen el derecho a abonar completamente el principal del título antes de la fecha de vencimiento). | | | The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CDO/CLO risk: The lower tranches of CDOs and CLOs can experience significantly higher risk than upper tranches of the same CDOs or CLOs. These securities can be hurt by a decline in the underlying assets. Because of their complex structure, they can also be hard to value accurately and their behavior in different market conditions may be unpredictable. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | en | es |
DOLFIN7281 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund is rated four due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.
- Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixedincome securities.
- Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets.
greater where derivatives are used in an extensive or complex way.
- The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Particular risks not adequately captured by the risk indicator include:
- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.
- Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. | # Perfil de Riesgo y Remuneración
- Riesgo de divisas: El Fondo invierte en otras divisas. En consecuencia, las variaciones de los tipos de cambio afectarán al valor de la inversión.
- Los derivados pueden ser muy sensibles a las variaciones del valor del activo en que se basan y pueden aumentar el volumen de las pérdidas y ganancias, provocando mayores oscilaciones en el valor del Fondo. El impacto sobre elEl indicador de riesgo se ha calculado incorporando datos históricos simulados, y es posible que no constituya una indicación fiable del perfil de riesgo del Fondo en el futuro.
La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo.
El Fondo se sitúa en la categoría 4, debido a la naturaleza de sus inversiones, que comportan los riesgos citados a continuación. Estos factores pueden repercutir en el valor de las inversiones del Fondo o hacer que el Fondo sufra pérdidas.
- Los valores calificados por debajo de la "categoría de Inversión" son mássensibles a las variaciones de tipos de interés y presentan mayores "riesgos de crédito" que los valores de renta fija con mejor calificación.
- Los bonos de titulización de activos y los bonos de titulización hipotecaria están expuestos a riesgos similares a los que se han descrito para los valoresde renta fija. Estos instrumentos pueden estar sujetos al “riesgo de liquidez”, tener niveles elevados de endeudamiento y pueden no reflejar plenamente el valor de los activos subyacentes.
Fondo puede ser mayor cuando los derivados se utilizan de forma generalizada o compleja.
- El Fondo pretende excluir a las empresas que participen en determinadasactividades incompatibles con los criterios ESG. Por consiguiente, los inversores deberán realizar una evaluación ética personal del filtro ESG del Fondo antes de invertir en este. Este filtro ESG podría afectar negativamente al valor de las inversiones del Fondo si se compara con un fondo sin dicho filtro.
Entre los riesgos específicos no identificados adecuadamente por el indicador de riesgo están:
- Riesgo de contraparte: La insolvencia de cualquier entidad que presta servicios como la custodia de activos, o como contraparte de contratosfinancieros como los derivados u otros instrumentos, puede exponer al Fondo a pérdidas financieras.
- Riesgo de crédito: El emisor de un valor mantenido en el Fondo puede que desatienda sus obligaciones de pago de importes debidos o de reembolso decapital.
- Riesgo de liquidez: Una menor liquidez significa que el número de compradores y vendedores es insuficiente para permitir que el Fondo venda o compre las inversiones con facilidad. | # Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund is rated four due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.
- Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixedincome securities.
- Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets.
greater where derivatives are used in an extensive or complex way.
- The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Particular risks not adequately captured by the risk indicator include:
- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.
- Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. | en | es |
DOLFIN7291 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The investment strategy of the Fund is deemed by the Directors of the Fund to be capacity constrained. Buying Shares in the Fund (or converting shares from another fund) is capped at a daily limit of EUR 5 million (or the equivalent thereof) per investor until further notice except at the discretion of the Directors of the Fund (you can still sell your Shares daily without limit).
The Fund aims to achieve positive absolute returns through a combination of capital growth and income on your investment regardless of market conditions.
The Fund seeks to gain at least 70% of any market exposure to equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe (including former Soviet Union countries). This is achieved by investing at least 70% of its assets in equity securities, other equity-related securities and when determined appropriate fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short-term maturities) deposits and cash.
The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The investment adviser (IA) will use FDIs (including to achieve synthetic short positions where the Fund uses an FDI to benefit from the sale of an asset it does not physically own with the aim of buying it later at a lower price to secure a profit).
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 and is not constrained by any benchmark in this process. The 3 Month Euro Interbank Offered Rate (EURIBOR) should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
The investment strategy of the Fund has been capacity constrained in the past and steps may be taken to control the size of the Fund in the future. Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can sell your shares daily. Shares, whilst available for purchase, can be bought daily. The minimum initial investment for this share class is US$100,000 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
Los Consejeros del Fondo consideran que la estrategia de inversión del Fondo tiene limitaciones en cuanto a capacidad. La compra de Acciones del Fondo (o la conversión de acciones desde otro fondo) tiene un límite diario de 5 millones de EUR (o su equivalente en otra divisa) por inversor hasta nuevo aviso, salvo que los Consejeros del Fondo indiquen lo contrario (usted puede seguir vendiendo sus Acciones diariamente sin límite).
El Fondo trata de obtener una rentabilidad absoluta positiva a través de una combinación de crecimiento del capital y rendimientos de sus inversiones al margen de las condiciones del mercado.
El Fondo trata de obtener al menos el 70% de su exposición al mercado en valores de renta variable (como las acciones) de empresas domiciliadas o cuya actividad principal se desarrolle en Europa (incluyendo los países de la antigua Unión Soviética). Esto se logra invirtiendo al menos el 70% de sus activos en valores de renta variable, otros valores relacionados con acciones y, cuando resulte oportuno, valores de renta fija (RF) (como bonos), instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), depósitos y efectivo.
Los valores relacionados con acciones abarcan los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
En cualquier momento, un importe sustancial o incluso todos los activos del Fondo podrán mantenerse en efectivo, con el fin de proporcionar cobertura a la exposición creada por los IFD o para ayudarle a alcanzar su objetivo de inversión.
Los valores de RF e IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y podrán tener la calificación de grado de inversión (o sea, cumplirán un nivel específico de solvencia), una calificación por debajo del grado de inversión o carecer de calificación en el momento de la compra.
El asesor de inversiones (AI) utilizará IFD (como la obtención de posiciones cortas sintéticas en las que el Fondo usa un IFD para beneficiarse de la venta de un activo que no posee físicamente, con el propósito de comprarlo más tarde a un menor precio para obtener un beneficio).
El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa, lo que significa que el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el 3 Month Euro Interbank Offered Rate (EURIBOR) para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
La estrategia de inversión del Fondo se ha visto limitada, en el pasado, por razones de capacidad, y se han tomado medidas para controlar el tamaño del Fondo en el futuro.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en dólares estadounidenses. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted vender diariamente sus acciones. Mientras estén disponibles para la compra, las acciones pueden comprarse diariamente. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The investment strategy of the Fund is deemed by the Directors of the Fund to be capacity constrained. Buying Shares in the Fund (or converting shares from another fund) is capped at a daily limit of EUR 5 million (or the equivalent thereof) per investor until further notice except at the discretion of the Directors of the Fund (you can still sell your Shares daily without limit).
The Fund aims to achieve positive absolute returns through a combination of capital growth and income on your investment regardless of market conditions.
The Fund seeks to gain at least 70% of any market exposure to equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe (including former Soviet Union countries). This is achieved by investing at least 70% of its assets in equity securities, other equity-related securities and when determined appropriate fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short-term maturities) deposits and cash.
The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The investment adviser (IA) will use FDIs (including to achieve synthetic short positions where the Fund uses an FDI to benefit from the sale of an asset it does not physically own with the aim of buying it later at a lower price to secure a profit).
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 and is not constrained by any benchmark in this process. The 3 Month Euro Interbank Offered Rate (EURIBOR) should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
The investment strategy of the Fund has been capacity constrained in the past and steps may be taken to control the size of the Fund in the future. Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can sell your shares daily. Shares, whilst available for purchase, can be bought daily. The minimum initial investment for this share class is US$100,000 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 |
DOLFIN7292 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Additional indicators may be considered over time, and the full list of indicators considered will be made available at https://global.matthewsasia.com/siteassets/resources/fund-documents/sfdr-article-10-pacific-tiger-fund.pdf.
The Investment Manager aims at mitigating the adverse impacts of its investment decision on sustainability factors by engaging with the investee companies. The Investment Manager engages with portfolio companies where there is room for improvement on relevant PAIs, depending on the industry in which the investee operates. The results of the engagement strategy will be provided annually in the Principal Adverse Impact Report.
Investors’ attention is drawn to the fact that data gathering in emerging markets remains a challenge. Therefore, in the absence of data, the Investment Manager may rely on modeled/estimated data, which may not fully reflect the reality.
No | Con el tiempo podrán tenerse en cuenta otros indicadores y la lista completa de indicadores considerados estará disponible en https://global.matthewsasia.com/siteassets/resources/fund-documents/sfdr-article-10-pacific-tiger-fund.pdf.
El objetivo del Gestor de inversiones consiste en mitigar los efectos adversos de sus decisiones de inversión sobre los factores de sostenibilidad, involucrándose en las empresas participadas. El Gestor de inversiones se involucra en las empresas en cartera en los casos en los que existe margen de mejora con relación a las principales incidencias adversas relevantes, en función del sector en el que opera la participada. Los resultados de la estrategia de implicación se darán a conocer cada año en el Informe sobre principales incidencias adversas.
Se llama la atención de los inversores sobre el hecho de que la recopilación de datos en los mercados emergentes sigue siendo complicada. Por consiguiente, en los casos en que no existan datos, el Gestor de inversiones podrá recurrir a datos obtenidos a partir de modelos o estimados, lo que puede que no refleje plenamente la realidad.
No | Additional indicators may be considered over time, and the full list of indicators considered will be made available at https://global.matthewsasia.com/siteassets/resources/fund-documents/sfdr-article-10-pacific-tiger-fund.pdf.
The Investment Manager aims at mitigating the adverse impacts of its investment decision on sustainability factors by engaging with the investee companies. The Investment Manager engages with portfolio companies where there is room for improvement on relevant PAIs, depending on the industry in which the investee operates. The results of the engagement strategy will be provided annually in the Principal Adverse Impact Report.
Investors’ attention is drawn to the fact that data gathering in emerging markets remains a challenge. Therefore, in the absence of data, the Investment Manager may rely on modeled/estimated data, which may not fully reflect the reality.
No | en | es |
DOLFIN7299 | 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: Over a recommended investment horizon of more than five years, the Sub-fund is managed with the aim of achieving an increase in net asset value as a result of exposure to mid-cap companies in Europe. The selection criteria will be outlined in the investment strategy. 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, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little. Benchmark index: Stoxx Europe ex UK Small (NR), net dividends reinvested
Investment policy: The Sub-fund implements an active stock-picking management strategy, selecting listed stocks from an investment scope comprising mainly European securities. The management involves investing in securities offering growth potential, regardless of their business or geographical sector. These shares of small and mid- capitalisation companies from the European Economic Area will represent between 75% and 100% of the net assets. The manager will select the stocks exhibiting the most promising potential in terms of performance, based on external analysts’ reports.
At least 60% of the portfolio is exposed to European Union equities
Securities in the portfolio may be denominated in a currency other than the euro, and up to 100% of the Sub-fund’s net assets may be exposed to currency risk.
Depending on the manager’s expectations regarding changes in the currency parity, and in order to protect the Sub-fund’s performance, the Sub-fund may use forward currency contracts or currency swaps. The ESG investment universe is composed of securities in the benchmark index used for the performance comparison. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating.
Furthermore, subject to the maximum limit of 10%, the Sub-fund may invest in units or shares of UCIs. These UCIs may be managed by the Management Company or by an affiliated company.
In order to manage its cash, the Sub-fund may use up to 25% of debt securities or bonds denominated in euros and issued by entities with a rating greater than or equal to A2 or repurchase agreements up to the limit of 20% of the assets.
The Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities up to a limit of 50% of its net assets. The expected proportion is 20%.
A USD (H) units are systematically and fully hedged against EUR/USD currency risk via forward currency contracts, swaps or currency options.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day’s net asset value.
A redemption cap mechanism (known as “Gates”) may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance.
Recommended investment period: more than 5 years | # Objetivos y política de inversión
Objetivo de gestión: La gestión del subfondo, en un horizonte de inversión recomendado superior a 5 años, tiene como objetivo obtener una progresión del valor liquidativo gracias a inversiones en sociedades de mediana capitalización en Europa. La estrategia de inversión incluirá la definición de los criterios de selección. 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, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El Gestor no se encuentra en modo alguno limitado por los componentes del índice de referencia, en lo que se refiere al posicionamiento de su cartera, y es posible que el subfondo no mantenga todos los susodichos componentes, o bien que no contemple ninguno de ellos. La desviación respecto del índice de referencia puede ser total o significativa, si bien también puede verse limitada ocasionalmente.
Índice de referencia: Stoxx Europe (NR) ex UK Small, dividendos netos reinvertidos
Política de inversión: El subfondo lleva a cabo una gestión activa de acciones (“stock-picking”) cotizadas dentro de un universo de valores mayoritariamente europeos. La gestión consiste en invertir en títulos que presenten un potencial de revalorización, independientemente de su pertenencia sectorial o geográfica. Estas acciones de sociedades de pequeña y mediana capitalización del Espacio Económico Europeo representarán del 75% al 100% del patrimonio neto. El gestor seleccionará los títulos que tengan el mejor potencial de rendimiento basándose en informes elaborados por analistas externos.
Al menos el 60% de la cartera está expuesto a la renta variable de la Unión Europea.
Puesto que el subfondo puede mantener títulos denominados en una divisa distinta al euro, cabe la posibilidad de que se vea expuesto al riesgo de cambio, hasta una vez el patrimonio neto. En función de las previsiones del gestor sobre la evolución de la paridad de cambio y a efectos de cobertura de la rentabilidad, el subfondo podrá recurrir a contratos de divisas a plazo o swaps de cambio. El universo de inversión ESG está compuesto por valores del índice de referencia, que se utiliza con fines de comparación de la rentabilidad. La Sociedad Gestora puede seleccionar valores ajenos al índice. No obstante, se asegurará de que el índice de referencia empleado sea un elemento comparativo relevante para la calificación ESG del subfondo.
Por otra parte, dentro del límite máximo de un 10%, el subfondo podrá invertir en participaciones o acciones de IIC. Estas IIC podrán estar gestionadas por la Sociedad gestora o una sociedad vinculada.
Para gestionar su tesorería, el subfondo podrá recurrir, dentro de un límite del 25%, a títulos de deuda o bonos denominados en euros y emitidos por entidades con una calificación crediticia igual o superior a A2, así como a operaciones de recompra inversa dentro del límite del 20% del patrimonio.
El subfondo podrá recurrir a contratos de permuta a plazo negociados de modo extrabursátil en forma de "Total Return Swaps" (TRS) en acciones hasta el 50% de su patrimonio neto. La proporción prevista es del 20%.
Las participaciones “A USD (H)” se cubren de manera sistemática e íntegra frente al riesgo de cambio EUR/USD mediante contratos de cambio a plazo, swaps o incluso opciones sobre divisas.
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: Los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) son un componente de la gestión; su peso en la decisión final no está definido previamente.
Duración de la participación recomendada superior a 5 años | # Objectives and investment policy
Management objective: Over a recommended investment horizon of more than five years, the Sub-fund is managed with the aim of achieving an increase in net asset value as a result of exposure to mid-cap companies in Europe. The selection criteria will be outlined in the investment strategy. 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, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little. Benchmark index: Stoxx Europe ex UK Small (NR), net dividends reinvested
Investment policy: The Sub-fund implements an active stock-picking management strategy, selecting listed stocks from an investment scope comprising mainly European securities. The management involves investing in securities offering growth potential, regardless of their business or geographical sector. These shares of small and mid- capitalisation companies from the European Economic Area will represent between 75% and 100% of the net assets. The manager will select the stocks exhibiting the most promising potential in terms of performance, based on external analysts’ reports.
At least 60% of the portfolio is exposed to European Union equities
Securities in the portfolio may be denominated in a currency other than the euro, and up to 100% of the Sub-fund’s net assets may be exposed to currency risk.
Depending on the manager’s expectations regarding changes in the currency parity, and in order to protect the Sub-fund’s performance, the Sub-fund may use forward currency contracts or currency swaps. The ESG investment universe is composed of securities in the benchmark index used for the performance comparison. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating.
Furthermore, subject to the maximum limit of 10%, the Sub-fund may invest in units or shares of UCIs. These UCIs may be managed by the Management Company or by an affiliated company.
In order to manage its cash, the Sub-fund may use up to 25% of debt securities or bonds denominated in euros and issued by entities with a rating greater than or equal to A2 or repurchase agreements up to the limit of 20% of the assets.
The Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities up to a limit of 50% of its net assets. The expected proportion is 20%.
A USD (H) units are systematically and fully hedged against EUR/USD currency risk via forward currency contracts, swaps or currency options.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day’s net asset value.
A redemption cap mechanism (known as “Gates”) may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance.
Recommended investment period: more than 5 years | en | es |
DOLFIN7301 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Portfolio may invest in companies of any market capitalisation but shall typically invest in companies that have market capitalisation greater than USD 500 million at time of purchase.
In seeking to achieve the Portfolio’s investment objective, the Sub-Investment Managers pursue the following investment process (which is described in further detail below) to identify a universe of companies that offer exposure to disruptive technologies, innovative business models with a relatively low penetration rate in Asia or which are in a relatively early growth phase as well as long-term, structural trends and themes such as 5G/internet of things, (including but not limited to data infrastructure, connected devices or advanced semiconductors), digital lifestyle (including but not limited to healthcare, education or internet and consumer) and industrial innovations (including but not limited to robotics, clean tech or smart logistics) (“Innovative Technologies”):
- Qualitative business analysis: to identify companies which are key enablers of Innovative Technologies, as well as companies that are well-positioned to benefit from new business models related to Innovative Technologies;
- Quantitative screening: to identify stocks that the Sub-Investment Managers believe may be too illiquid or have too small a market capitalistion;
- Strategic valuation and analysis: in-depth research and analysis of companies, including of company/business models, quality of management, competitive strength and record of success which is determined by reference to existing financial data (eg, market share data); and
- Security selection and portfolio construction: to select companies with the ability to provide solutions to drive Innovative Technologies that the Sub- Investment Managers believe have significant capital appreciation potential over three to five years and determine entry and exit price targets based on current market prices for the securities and the preceding analysis, that guide buy and sell decisions. | La Cartera puede invertir en empresas de cualquier capitalización de mercado, pero por lo general invertirá en sociedades con capitalizaciones de mercado superiores a los 500 millones de dólares en el momento de la adquisición de las posiciones.
Para tratar de lograr el objetivo de inversión de la Cartera, los Gestores delegados de inversiones aplican el siguiente proceso de inversión (que se describe detalladamente a continuación) para identificar un universo de empresas que ofrecen exposición a tecnologías disruptivas, modelos de negocio innovadores con una tasa de penetración relativamente baja en Asia o que se encuentran en una fase de crecimiento relativamente temprana, además de temas y tendencias estructurales a largo plazo como la tecnología 5G/Internet de las cosas (incluyendo, entre otros, infraestructuras de datos, dispositivos conectados o semiconductores avanzados), el estilo de vida digital (incluyendo, entre otros, atención sanitaria, educación o Internet y consumo) e innovaciones industriales (incluyendo, entre otros, robótica, tecnologías limpias o logística inteligente) ("Tecnologías innovadoras"):
- Análisis cualitativo de empresas: para identificar empresas que son habilitadores fundamentales de Tecnologías innovadoras, así como empresas bien posicionadas para beneficiarse de nuevos modelos de negocio relacionados con estas tecnologías;
- Selección cuantitativa: para identificar acciones que, a juicio de los Gestores delegados de inversiones, pueden ser demasiado ilíquidas o tener una capitalización de mercado demasiado pequeña;
- Valoración y análisis estratégicos: investigación y análisis en profundidad de empresas, incluyendo modelos de empresa/negocio, calidad del equipo directivo, solidez competitiva e historial de éxito, que se determinan por referencia a datos financieros existentes (por ejemplo, datos de la cuota de mercado); y
- Selección de valores y construcción de carteras: para seleccionar empresas capaces de ofrecer soluciones que promueven Tecnologías innovadoras y que, en opinión de los Gestores delegados de inversiones, ofrecen un potencial significativo de revalorización del capital en un periodo de tres a cinco años, así como para determinar objetivos de precios de entrada y salida basándose en los precios de mercado vigentes de los valores y en los análisis precedentes, que dictan las decisiones de compraventa. | The Portfolio may invest in companies of any market capitalisation but shall typically invest in companies that have market capitalisation greater than USD 500 million at time of purchase.
In seeking to achieve the Portfolio’s investment objective, the Sub-Investment Managers pursue the following investment process (which is described in further detail below) to identify a universe of companies that offer exposure to disruptive technologies, innovative business models with a relatively low penetration rate in Asia or which are in a relatively early growth phase as well as long-term, structural trends and themes such as 5G/internet of things, (including but not limited to data infrastructure, connected devices or advanced semiconductors), digital lifestyle (including but not limited to healthcare, education or internet and consumer) and industrial innovations (including but not limited to robotics, clean tech or smart logistics) (“Innovative Technologies”):
- Qualitative business analysis: to identify companies which are key enablers of Innovative Technologies, as well as companies that are well-positioned to benefit from new business models related to Innovative Technologies;
- Quantitative screening: to identify stocks that the Sub-Investment Managers believe may be too illiquid or have too small a market capitalistion;
- Strategic valuation and analysis: in-depth research and analysis of companies, including of company/business models, quality of management, competitive strength and record of success which is determined by reference to existing financial data (eg, market share data); and
- Security selection and portfolio construction: to select companies with the ability to provide solutions to drive Innovative Technologies that the Sub- Investment Managers believe have significant capital appreciation potential over three to five years and determine entry and exit price targets based on current market prices for the securities and the preceding analysis, that guide buy and sell decisions. | en | es |
DOLFIN7303 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# INFORMATION ON INVESTMENTS AND MANAGEMENT OF THE FUND
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## Classification
This fund is a Euro Zone Equities fund.
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## Investment objective
The Fund seeks to outperform its benchmark index (90% MSCI SMID France NR (net dividends reinvested) + 10% EONIA TR) over an investment horizon of more than five years, while incorporating ESG criteria.
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## Tax regime
The Fund is eligible for the French Equity Savings Plan (Plan d’Epargne en Actions or PEA) and may also be used for life insurance policies.
As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
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## Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF SCA group.
- UCITS held by the Fund and managed by the management company at the Fund’s reporting date: see annual financial statements in the appendices.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management SAS to measure the overall risk to the Fund is the commitment approach.
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###### Environmental, social and governance criteria:
The management of the Fund has incorporated ESG criteria since 19 July 2019.
- Within the framework of its risk management policy, the portfolio management company establishes, implements and maintains a risk management policy and procedures that are effective, appropriate and documented, thereby allowing risks associated with its activities, processes and systems to be identified.
For further information, please consult the KIID of this UCI, and particularly the “Risk and reward profile” section, or its full prospectus, which are available on request from the management company or on the website www.am.oddo-bhf.com.
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###### Portion of income eligible for the 40% allowance under Article 158 of the French general tax code (Code Général des Impôts):
- Coupon amount per unit: EUR 121 for DR EUR units, and EUR 5.45 for DN EUR units, with respect to capital gains
- Amount of income eligible for the 40% allowance: EUR 0
- Proportion of assets invested in securities or rights eligible for the French Equity Savings Plan (Plan d'Epargne en Actions or PEA): 93.04%
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## Code of ethics
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###### Management of intermediaries
The management company has implemented a policy for the selection and evaluation of intermediaries and counterparties. The evaluation criteria used are intermediary fees, quality of execution in view of market conditions, quality of investment advice, quality of research and analysis documents and quality of back-office execution. This policy may be consulted on the management company’s website at www.am.oddo-bhf.com.
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###### Brokerage fees
FCP unitholders can consult the document entitled “Report on brokerage fees” on the management company’s website, www.am.oddo-bhf.com.
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###### Voting rights
No voting rights are attributed to unitholders, decisions concerning the Fund being taken by the Management Company. The voting rights attached to the securities held by the Fund are exercised by the Management Company, which has the sole power to take decisions, pursuant to regulations in force. The Management Company’s voting policy may be consulted at its registered office or online at www.am.oddo-bhf.com, in accordance with article 314-100 of the AMF General Regulation.
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###### Information on the remuneration policy
Regulatory information on remuneration is appended to this report.
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## Information on the efficient investment techniques and derivatives used in the fund
The Oddo BHF Avenir fund did not use efficient investment techniques or derivatives during the financial year.
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## Changes during the financial year
None
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## SFTR reporting
Securities financing transactions in accordance with the SFTR: the Fund did not engage in securities financing transactions during the financial year ended 30 June 2021.
- | # INFORMACIÓN RELATIVA A LAS INVERSIONES Y LA GESTIÓN DEL OICVM
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## Vocación del Fondo
El Fondo está clasificado como «OICVM de renta variable de los países de la zona euro».
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## Objetivo de gestión
El objetivo del Fondo consiste en obtener una rentabilidad superior a la de su índice de referencia (90% MSCI SMID France NR con dividendos netos reinvertidos + 10% EONIA TR) en un horizonte mínimo de inversión de 5 años, teniendo en cuenta los criterios ESG.
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## Régimen fiscal
El Fondo es apto para el PEA y puede utilizarse en el marco de contratos de seguros de vida.
Desde el 1 de julio de 2014, el Fondo se rige por lo dispuesto en el anexo II, punto II. B. del Acuerdo (IGA), firmado el 14 de noviembre de 2013 entre el gobierno de la República Francesa y el gobierno de Estados Unidos de América, con el fin de avanzar en el cumplimiento de las obligaciones fiscales a escala internacional y de aplicar la ley relativa a estas obligaciones sobre las cuentas extranjeras, conocida como la «Ley FATCA».
El presente informe anual no tiene como objeto resumir las consecuencias fiscales para cada inversor derivadas de la suscripción, el reembolso, la tenencia o la cesión de participaciones del Fondo. Dichas consecuencias variarán en función de las leyes y prácticas vigentes en el país de residencia, domicilio o constitución del partícipe, así como de su situación personal.
En función de su régimen fiscal, su país de residencia o la jurisdicción desde la cual invierta en este Fondo, las plusvalías y los ingresos eventuales derivados de la tenencia de participaciones de este podrán estar sujetos a impuestos. Le recomendamos que consulte con un asesor fiscal las posibles consecuencias de la compra, la tenencia, la venta o el reembolso de participaciones del Fondo conforme a la legislación de su país de residencia fiscal, de residencia ordinaria o de domicilio.
La Sociedad gestora y las entidades comercializadoras no asumen responsabilidad alguna, bajo ningún concepto, en relación con las consecuencias fiscales para cualquier inversor que pudieran derivarse de una decisión de compra, tenencia, venta o reembolso de participaciones del Fondo
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## Información reglamentaria
- El Fondo no mantiene instrumentos financieros emitidos por sociedades vinculadas al grupo Oddo BHF SCA.
- OICVM mantenidos por el Fondo y gestionados por la Sociedad gestora en la fecha de cierre de las cuentas del Fondo (véanse las cuentas anuales anexas).
- Método de cálculo del riesgo global del OICVM: el método elegido por Oddo BHF Asset Management SAS para medir el riesgo global del OICVM es la metodología del compromiso.
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###### Criterios medioambientales, sociales y de gobierno corporativo:
La gestión del fondo integra los criterios ESG desde el 19 de julio de 2019.
- En el marco de su política de gestión de riesgos, la Sociedad gestora de carteras establece, adopta y mantiene en vigor una política y unos procedimientos de gestión de riesgos eficaces, apropiados ydocumentados que permiten la identificación de los riesgos vinculados a sus actividades, procesos y sistemas.
Para obtener más información, se ruega consultar el documento de datos fundamentales para el inversor de este OIC y, en concreto, el apartado «Perfil de riesgo y remuneración» o su folleto completo; estos documentos pueden obtenerse, previa solicitud, a través de la Sociedad gestora o en el sitio web www.am.oddo-bhf.com.
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###### Parte de los ingresos elegible para la deducción fiscal del 40% prevista en el artículo 158 del Código General Tributario francés:
- Importe unitario del cupón de la participación DR EUR 121 EUR y la participación DN EUR 5,45 EUR en concepto de las plusvalías
- Importe de los ingresos elegible para la deducción fiscal del 40%:0 EUR
- Proporción de los activos invertidos en títulos o derechos aptos para el PEA: 93,04%
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## Deontología
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###### Control de los intermediarios
La Sociedad gestora ha implementado una política de selección y evaluación de intermediarios y contrapartes. Los criterios de evaluación son los siguientes: el coste de intermediación, la calidad de la ejecución atendiendo a las condiciones de mercado, la calidad del asesoramiento, la calidad de los documentos de investigación y análisis y la calidad de la ejecución posterior a la contratación. Esta política está disponible en la página web de la Sociedad gestora: www.am.oddo-bhf.com.
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###### Gastos de intermediación
Los partícipes del FCP pueden consultar el documento sobre información relativa a los gastos de intermediación (Compte rendu relatif aux frais d’intermédiation) en el sitio web de la Sociedad gestora: www.am.oddo-bhf.com.
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###### Derechos de voto
Las participaciones no confieren derecho de voto alguno, y es la Sociedad gestora quien adopta todas las decisiones. Los derechos de voto que corresponden a cada uno de los títulos en cartera del Fondo son ejercidos por la Sociedad gestora, la única habilitada para tomar decisiones de acuerdo con la normativa vigente. Los interesados pueden consultar la política de voto de la Sociedad gestora en su domicilio social o en el sitio web www.am.oddo-bhf.com, de conformidad con lo dispuesto en el artículo 314-100 del Reglamento General de la AMF.
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###### Información sobre la política de remuneración
Los elementos de remuneración de índole reglamentaria se adjuntan al presente informe.
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## Información sobre las técnicas de gestión eficaces y los instrumentos derivados presentes en el Fondo
En el transcurso del ejercicio, el fondo Oddo BHF Avenir no recurrió a las técnicas de gestión eficaces o los instrumentos derivados.
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## Cambios producidos en el transcurso del ejercicio
N/A
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## Comunicación de información SFTR
Operaciones de financiación de valores en aplicación del Reglamento SFTR: el OIC no ha recurrido a operaciones de financiación de valores durante el ejercicio cerrado a 30 de junio de 2021.
- | # INFORMATION ON INVESTMENTS AND MANAGEMENT OF THE FUND
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## Classification
This fund is a Euro Zone Equities fund.
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## Investment objective
The Fund seeks to outperform its benchmark index (90% MSCI SMID France NR (net dividends reinvested) + 10% EONIA TR) over an investment horizon of more than five years, while incorporating ESG criteria.
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## Tax regime
The Fund is eligible for the French Equity Savings Plan (Plan d’Epargne en Actions or PEA) and may also be used for life insurance policies.
As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
-
## Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF SCA group.
- UCITS held by the Fund and managed by the management company at the Fund’s reporting date: see annual financial statements in the appendices.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management SAS to measure the overall risk to the Fund is the commitment approach.
-
###### Environmental, social and governance criteria:
The management of the Fund has incorporated ESG criteria since 19 July 2019.
- Within the framework of its risk management policy, the portfolio management company establishes, implements and maintains a risk management policy and procedures that are effective, appropriate and documented, thereby allowing risks associated with its activities, processes and systems to be identified.
For further information, please consult the KIID of this UCI, and particularly the “Risk and reward profile” section, or its full prospectus, which are available on request from the management company or on the website www.am.oddo-bhf.com.
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###### Portion of income eligible for the 40% allowance under Article 158 of the French general tax code (Code Général des Impôts):
- Coupon amount per unit: EUR 121 for DR EUR units, and EUR 5.45 for DN EUR units, with respect to capital gains
- Amount of income eligible for the 40% allowance: EUR 0
- Proportion of assets invested in securities or rights eligible for the French Equity Savings Plan (Plan d'Epargne en Actions or PEA): 93.04%
-
## Code of ethics
-
###### Management of intermediaries
The management company has implemented a policy for the selection and evaluation of intermediaries and counterparties. The evaluation criteria used are intermediary fees, quality of execution in view of market conditions, quality of investment advice, quality of research and analysis documents and quality of back-office execution. This policy may be consulted on the management company’s website at www.am.oddo-bhf.com.
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###### Brokerage fees
FCP unitholders can consult the document entitled “Report on brokerage fees” on the management company’s website, www.am.oddo-bhf.com.
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###### Voting rights
No voting rights are attributed to unitholders, decisions concerning the Fund being taken by the Management Company. The voting rights attached to the securities held by the Fund are exercised by the Management Company, which has the sole power to take decisions, pursuant to regulations in force. The Management Company’s voting policy may be consulted at its registered office or online at www.am.oddo-bhf.com, in accordance with article 314-100 of the AMF General Regulation.
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###### Information on the remuneration policy
Regulatory information on remuneration is appended to this report.
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## Information on the efficient investment techniques and derivatives used in the fund
The Oddo BHF Avenir fund did not use efficient investment techniques or derivatives during the financial year.
-
## Changes during the financial year
None
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## SFTR reporting
Securities financing transactions in accordance with the SFTR: the Fund did not engage in securities financing transactions during the financial year ended 30 June 2021.
- | en | es |
DOLFIN7309 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important Information for Investors
The Directors accept responsibility for the information contained in this Prospectus. 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 Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.
If you have any doubts about the content of this Prospectus, you should consult with your broker, the customer service representative at your bank, your lawyer, tax advisor, auditor or another financial advisor. Any Appendix, and any subsequent supplements to this Prospectus, form part of this Prospectus and should be read accordingly.
The Company is registered under Part I of the Law. This registration does not require the CSSF to approve or disapprove of either the adequacy or accuracy of the information contained in this Prospectus, or the assets or portfolios held by the Sub-Funds. Any representation to the contrary is unauthorised.
The value of Shares and income arising from them may rise and fall and investors may not recover the amount originally invested. Before investing in a Sub-Fund, investors are advised to take into account the risks associated with making an investment (see “Risk Factors” under Section XV). Investors should inform themselves as to any applicable legal requirements, any foreign-exchange restrictions, or any tax implication in their country of citizenship, residence or domicile prior to the purchase, conversion or redemption of Shares.
The annual and semi-annual reports of the Company, the Articles, this Prospectus and the KIIDs, as well as the issue, redemption and conversion prices are available, free of charge, from the Company, the Management Company, the Distributors and the Information Agents.
No person is authorised to provide information about the Company other than that which is contained in this Prospectus or in the other documents referred to herein and, if given, such statements or representations should not be relied on as having been authorised by the Company.
This Prospectus does not constitute an offer or an invitation to subscribe for Shares in any jurisdiction in which such an offer or invitation is not lawful or in which the person making such offer or invitation is not qualified or in which the person so invited does not fulfil the requirements for such purchase.
This Prospectus may be translated into other languages. In the event of inconsistency or ambiguities in the interpretation of the translated text, the original English version is binding provided that it does not violate applicable local laws. | # Información importante para los inversores
Los Consejeros asumen la responsabilidad de la información contenida en este Folleto. Al leal saber y entender de los Consejeros (quienes han tomado todas las precauciones razonables para garantizar que así sea), la información contenida en el presente Folleto es fiel a los hechos y no omite nada que pueda afectar al significado de la mencionada información. Los Consejeros asumen la consiguiente responsabilidad.
Si tiene alguna duda acerca del contenido del presente Folleto, le recomendamos que consulte a su intermediario, director de banco, abogado, asesor fiscal, auditor u otro asesor financiero. Cualquier Anexo y cualquier suplemento posterior a este Folleto forman parte del mismo y deben leerse en este sentido.
La Sociedad se encuentra registrada en virtud de la Parte I de la Ley. Dicho registro no exige a la CSSF autorizar o rechazar la adecuación o la precisión de la información contenida en este Folleto, o de los activos o las carteras incluidos en los diversos Compartimentos. Cualesquiera manifestaciones en sentido contrario no están autorizadas.
El valor de las Acciones y la renta obtenida de las mismas pueden subir y bajar y es posible que los inversores no recuperen el importe inicial invertido. Antes de invertir en un Compartimento, se recomienda a los inversores tener en cuenta los riesgos que representa realizar una inversión (véase el apartado «Factores de riesgo» en la Sección XV). Los inversores deberán informarse en cuanto a los requisitos legales, los reglamentos sobre control de divisas y los impuestos aplicables en su país de ciudadanía, residencia o domicilio, antes de la compra, canje o reembolso de Acciones.
Los informes anual y semestral de la Sociedad, los Estatutos, este Folleto y los Documentos de datos fundamentales para el inversor (KIID), así como los precios de emisión, reembolso y canje, están disponibles, de forma gratuita, de la Sociedad, la Sociedad Gestora, los Distribuidores y los Agentes de información.
Nadie está facultado a distribuir datos o información sobre la Sociedad que no estén contenidos en este Folleto o en los otros documentos que se mencionan en este Folleto y, si fuese el caso, no se debe confiar en dichas afirmaciones o manifestaciones como si hubieran sido autorizadas por la Sociedad.
Este Folleto no constituye una oferta ni una invitación para la suscripción de Acciones en ninguna jurisdicción en la que no sea legal dicha oferta o invitación, o en la que la persona que realiza dicha oferta o invitación no esté cualificada para ello o en la que la persona a la que se le invita no cumpla con los requisitos para realizar dicha adquisición.
El presente Folleto se podrá traducir a otros idiomas. En caso de incoherencia o ambigüedades en relación con una versión traducida del presente Folleto, prevalecerá la versión original en lengua inglesa, siempre y cuando esta no contravenga las leyes locales de la ordenación jurídica correspondiente. | # Important Information for Investors
The Directors accept responsibility for the information contained in this Prospectus. 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 Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.
If you have any doubts about the content of this Prospectus, you should consult with your broker, the customer service representative at your bank, your lawyer, tax advisor, auditor or another financial advisor. Any Appendix, and any subsequent supplements to this Prospectus, form part of this Prospectus and should be read accordingly.
The Company is registered under Part I of the Law. This registration does not require the CSSF to approve or disapprove of either the adequacy or accuracy of the information contained in this Prospectus, or the assets or portfolios held by the Sub-Funds. Any representation to the contrary is unauthorised.
The value of Shares and income arising from them may rise and fall and investors may not recover the amount originally invested. Before investing in a Sub-Fund, investors are advised to take into account the risks associated with making an investment (see “Risk Factors” under Section XV). Investors should inform themselves as to any applicable legal requirements, any foreign-exchange restrictions, or any tax implication in their country of citizenship, residence or domicile prior to the purchase, conversion or redemption of Shares.
The annual and semi-annual reports of the Company, the Articles, this Prospectus and the KIIDs, as well as the issue, redemption and conversion prices are available, free of charge, from the Company, the Management Company, the Distributors and the Information Agents.
No person is authorised to provide information about the Company other than that which is contained in this Prospectus or in the other documents referred to herein and, if given, such statements or representations should not be relied on as having been authorised by the Company.
This Prospectus does not constitute an offer or an invitation to subscribe for Shares in any jurisdiction in which such an offer or invitation is not lawful or in which the person making such offer or invitation is not qualified or in which the person so invited does not fulfil the requirements for such purchase.
This Prospectus may be translated into other languages. In the event of inconsistency or ambiguities in the interpretation of the translated text, the original English version is binding provided that it does not violate applicable local laws. | en | es |
DOLFIN7314 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Subject to the provisions of the Acts, the Directors may from time to time if they think fit or the Manager may in accordance with procedures adopted by the Directors declare and pay such interim dividends on Participating Shares of any class as appear to the Directors to be justified by the profits of the relevant Fund or as shall be determined by the Manager in accordance with procedures adopted by the Directors.
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## Source of Dividends. | Con sujeción a lo previsto en las Leyes, los Consejeros podrán, si lo consideran conveniente, o bien el Gestor, declarar y pagar, conforme a los procedimientos aprobados por los Consejeros, dividendos a cuenta sobre las Acciones de cualquier clase que, en opinión de los Consejeros, estén justificados por los beneficios del Fondo correspondiente o que el Gestor determine de acuerdo con dichos procedimientos.
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## Origen de los dividendos. | Subject to the provisions of the Acts, the Directors may from time to time if they think fit or the Manager may in accordance with procedures adopted by the Directors declare and pay such interim dividends on Participating Shares of any class as appear to the Directors to be justified by the profits of the relevant Fund or as shall be determined by the Manager in accordance with procedures adopted by the Directors.
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## Source of Dividends. | en | es |
DOLFIN7322 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,840 | EUR 1,890 |
| | Average return each year % | -81.60% | -28.34% |
| Unfavourable scenario | What you might get back after costs | EUR 7,080 | EUR 6,380 |
| | Average return each year % | -29.20% | -8.60% |
| Moderate scenario | What you might get back after costs | EUR 10,600 | EUR 13,620 |
| | Average return each year % | 6.00% | 6.37% |
| Favourable scenario | What you might get back after costs | EUR 16,330 | EUR 20,670 |
| | Average return each year % | 63.30% | 15.63% | | | | 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 1.840 | EUR 1.890 |
| | Rendimiento medio cada año | -81,60% | -28,34% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.080 | EUR 6.380 |
| | Rendimiento medio cada año | -29,20% | -8,60% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.600 | EUR 13.620 |
| | Rendimiento medio cada año | 6,00% | 6,37% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 16.330 | EUR 20.670 |
| | Rendimiento medio cada año | 63,30% | 15,63% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,840 | EUR 1,890 |
| | Average return each year % | -81.60% | -28.34% |
| Unfavourable scenario | What you might get back after costs | EUR 7,080 | EUR 6,380 |
| | Average return each year % | -29.20% | -8.60% |
| Moderate scenario | What you might get back after costs | EUR 10,600 | EUR 13,620 |
| | Average return each year % | 6.00% | 6.37% |
| Favourable scenario | What you might get back after costs | EUR 16,330 | EUR 20,670 |
| | Average return each year % | 63.30% | 15.63% | | en | es |
DOLFIN7326 | 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 under certain specific conditions
Performance fee None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in British Pounds.
The Fund was launched on 26 November 1990 and this share class on 30 November 2020.
- Class ZX Accumulation shares hedged in sterling
- NYSE Arca Gold Miners Total Return (Euromoney Global Gold Total Return pre 01/04/2018, Euromoney Global Gold Price Return pre01/10/2014)0%-2%-4%-6%-8%-10%-12%-14%2017 2018 2019 2020 2021Fund -11.7%Index -8.0% | # Gastos detraídos del fondo en determinadas condiciones específicas
Comisión de rentabilidad Ninguna
La rentabilidad histórica no es indicativa de los resultados futuros. El valor de su inversión y el valor de los ingresos generados por ella pueden tanto aumentar como disminuir y es posible que no recupere el importe invertido.
El Fondo no trata de replicar la rentabilidad de un índice, por lo que cualquier índice mostrado se indica exclusivamente con fines ilustrativos.
La rentabilidad histórica mostrada en el gráfico tiene en cuenta todos los gastos excepto los gastos de entrada del Fondo y se calcula en libras esterlinas.
El Fondo se lanzó el 26 noviembre 1990 y esta clase de acciones se lanzó el 30 noviembre 2020.
- Acciones de acumulación de clase ZX con cobertura en libras esterlinas
- NYSE Arca Gold Miners Total Return (Euromoney Global Gold Total Return pre 01/04/2018, Euromoney Global Gold Price Return pre01/10/2014)0%-2%-4%-6%-8%-10%-12%-14%2017 2018 2019 2020 2021Fondo -11.7%Índice -8.0% | # Charges taken from the fund under certain specific conditions
Performance fee None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in British Pounds.
The Fund was launched on 26 November 1990 and this share class on 30 November 2020.
- Class ZX Accumulation shares hedged in sterling
- NYSE Arca Gold Miners Total Return (Euromoney Global Gold Total Return pre 01/04/2018, Euromoney Global Gold Price Return pre01/10/2014)0%-2%-4%-6%-8%-10%-12%-14%2017 2018 2019 2020 2021Fund -11.7%Index -8.0% | en | es |
DOLFIN7328 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% through investment in the equity securities of companies throughout the world and linked to the theme of consumer brands (i.e. companies with intellectual property, pricing power and strong track record of growth). Investments will include, but will not be limited to, companies involved in the designing, manufacturing, marketing and/or selling of branded consumer goods and/or services. The strategy aims to give investors exposure to consumer brands as outlined above.
- 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 adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- 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, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Index (Net)(the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is 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 proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá al menos un 70 % de su patrimonio neto mediante la inversión en valores de renta variable de empresas de todo el mundo vinculadas al tema de las marcas de consumo (es decir, empresas con propiedad intelectual, poder de fijación de precios y un sólido historial de crecimiento). Las inversiones incluirán, entre otras, empresas implicadas en el diseño, la fabricación, la comercialización o la venta de bienes o servicios de consumo de marcas reconocidas. La estrategia tiene como objetivo brindar a los inversores exposición a marcas de consumo, tal y como se ha explicado anteriormente.
- 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 sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. El universo de inversión del Subfondo se reduce en, como mínimo, un 20 % debido a la exclusión de emisores sobre la base de sus características ESG.
- 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 fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. A la hora de elegir las inversiones del Subfondo y a efectos de supervisión del riesgo, el Gestor de Inversiones tendrá en cuenta el MSCI ACWI Index (Net) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- 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 long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% through investment in the equity securities of companies throughout the world and linked to the theme of consumer brands (i.e. companies with intellectual property, pricing power and strong track record of growth). Investments will include, but will not be limited to, companies involved in the designing, manufacturing, marketing and/or selling of branded consumer goods and/or services. The strategy aims to give investors exposure to consumer brands as outlined above.
- 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 adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- 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, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Index (Net)(the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is 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 |
DOLFIN7344 | 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?
We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund’s performance. Please refer to the Amundi Funds prospectus.
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 movement in the markets or because we are not able to pay you. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como muy improbable.
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Subfondo. Consulte el folleto de Amundi Funds.
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. | # What are the risks and what could I get in return?
We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund’s performance. Please refer to the Amundi Funds prospectus.
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 movement in the markets or because we are not able to pay you. | en | es |
DOLFIN7346 | 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: Shares of a Sub-Fund of MULTI UNITS FRANCE, a SICAV.
Term: The Sub-Fund has an unlimited duration. The Management Company may dissolve the Fund by means of liquidation or merger with another fund in accordance with legal requirements.
AMF Classification ("Autorité des Marchés Financiers"): Eurozone country equities
Objectives:
The Fund is a passively managed index-based UCITS. The Fund's management objective is to replicate, upwards and downwards, the performance of the FTSE Italia PIR PMI Net Tax Index (net dividends reinvested) (the "Benchmark"), which is denominated in euro (EUR) and is representative of the performance of small- and mid-cap stocks listed on Borsa Italiana, while minimising the tracking error between the Fund's performance and that of the Benchmark.
The expected tracking error (the "Tracking Error") under normal market conditions is indicated in the Fund's prospectus.
The shares of the Sub-Fund are included in the list of investments eligible for the "Piano Individuale di Risparmio a lungo termine" (PIR) regime, implemented before 31 December 2018 or from 1 January 2020, pursuant to the Italian Finance Law 2017 (Law No. 232 of 11 December 2016) as amended and supplemented (the "PIR Law").
The Sub-Fund must invest at least 70% of its assets in eligible financial instruments, regardless of whether they are traded on a regulated market or a multilateral trading facility, issued by or entered into with companies domiciled in Italy, or in a Member State of the European Union or of the EEA with a permanent establishment in Italy.
At least 25% of these eligible financial instruments, which corresponds to 17.5% of the total value of the Sub-Fund's assets, must be issued by companies not belonging to the FTSE MIB Index or any other equivalent index. At least 5% of these eligible financial instruments, which corresponds to 3.5% of the total value of the Sub-Fund's assets, shall be issued by companies which do not belong to the FTSE MIB Index and the FTSE Italia Mid Cap Index or any other equivalent index.
The Sub-Fund may not invest more than 10% of the total value of its assets in eligible financial instruments issued by or entered into with a single company, or companies belonging to the same group, or in cash deposits. The Sub-Fund will not be able to invest in companies domiciled in countries that do not have an adequate information exchange agreement with Italy.
In order for the Sub-Fund to be eligible for the PIR Law for one calendar year, these investment restrictions will be respected at least for two-thirds of each calendar year from 01/01/2020.
The FTSE website (www.ftserussell.com) contains more detailed information on the FTSE indices.
The Fund aims to achieve its objective through direct replication, namely by investing primarily in the components of the Benchmark.
In order to optimise Benchmark replication, the Fund may use a sampling technique as well as temporary sales of securities.
Intended retail investors: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds, seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and transaction: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the MULTI UNITS FRANCE prospectus.
In accordance with the prospectus, net income and capital gains from sales may be capitalised or distributed at the discretion of the Management Company.
More information: Further information regarding the Sub-Fund, including the prospectus and financial reports, is available free of charge on request from: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 Paris, France.
The net asset value of this Sub-Fund is available at www.amundi.fr.
Depositary: SOCIETE GENERALE. | # ¿Qué es este producto?
Tipo: Acciones de un Subfondo de MULTI UNITS FRANCE, una SICAV.
Duración: La duración del Subfondo es ilimitada. La sociedad de gestión podrá disolver el Fondo mediante su liquidación o fusión con otro Fondo de acuerdo con los requisitos legales.
Clasificación de la AMF (Autorité des Marchés Financiers): Renta variable de países de la zona euro
Objetivos:
El Fondo es un OICVM de gestión pasiva que replica un índice de referencia. El objetivo de gestión del Fondo es seguir la evolución, tanto al alza como a la baja, del índice FTSE Italia PIR PMI Net Tax (con reinversión de dividendos netos) (en lo sucesivo, el “Índice de referencia”), denominado en euros (EUR) y representativo de la rentabilidad de la renta variable de pequeña o mediana capitalización que cotiza en la Bolsa Italiana, minimizando al mismo tiempo la diferencia entre el rendimiento del Fondo y el del Índice de referencia (en lo sucesivo, el “Error de seguimiento”).
El nivel previsto de Error de seguimiento en condiciones de mercado normales se indica en el folleto del Fondo.
Las acciones del Subfondo están incluidas en la lista de las inversiones admitidas que pueden formar parte de un “Piano Individuale di Risparmio a lungo termine” (PIR), iniciado antes del 31 de diciembre de 2018 o a partir del 1 de enero de 2020, al amparo de la ley de Finanzas italiana de 2017 (Ley n.° 232 de 11 de diciembre de 2016) en su versión modificada y completada (en lo sucesivo, la “Ley PIR“”).
El Subfondo deberá invertir al menos el 70 % de sus activos en instrumentos financieros, negociados o no en un mercado regulado o un sistema multilateral de negociación, emitidos o suscritos con empresas domiciliadas en Italia, o en un Estado miembro de la Unión Europea o del EEE con un establecimiento permanente en Italia.
Al menos el 25 % de estos instrumentos financieros, lo que corresponde a un 17,5 % del valor total de los activos del Subfondo, deberán haber sido emitidos por empresas que no formen parte del índice FTSE MIB o cualquier otro índice equivalente. Al menos el 5 % de estos instrumentos financieros, lo que corresponde a un 3,5 % del valor total de los activos del Subfondo, deberán haber sido emitidos por empresas que no formen parte de los índices FTSE MIB, FTSE Italia Mid Cap o cualquier otro índice equivalente.
El Subfondo no podrá invertir más del 10 % del valor total de sus activos en instrumentos financieros emitidos o suscritos con una sola empresa, o con empresas que pertenezcan al mismo grupo, o en depósitos de efectivo.
El Subfondo no podrá invertir en empresas domiciliadas en países que no dispongan de un acuerdo de intercambio de información adecuado con Italia.
Para que el Subfondo cumpla con los requisitos de la Ley PIR durante un año natural, estas restricciones de inversión deberán respetarse al menos durante dos tercios de cada año natural a partir del 01/01/2020.
El sitio web de FTSE (www.ftserussell.com) contiene información más detallada sobre los índices FTSE.
El Fondo pretende alcanzar su objetivo por medio de una réplica directa invirtiendo principalmente en los componentes del Índice de referencia.
Para optimizar la réplica del Índice de referencia, el Fondo podría emplear una estrategia de réplica de muestreo, así como operaciones de cesiones temporales de títulos.
Inversores minoristas a los que va dirigido: Este producto está destinado a inversores con un conocimiento básico y poca o ninguna experiencia en inversiones en fondos, que busquen aumentar el valor de su inversión durante el período de mantenimiento recomendado y que estén dispuestos a asumir un nivel de riesgo alto respecto a su capital inicial.
Reembolso y transacción: Las acciones se pueden vender (reembolsar) según se indica en el folleto al precio de negociación correspondiente (valor liquidativo). Puede encontrar más información en el folleto de MULTI UNITS FRANCE.
Según lo dispuesto en el folleto, los ingresos netos y las plusvalías de las cesiones podrán capitalizarse o distribuirse a discreción de la sociedad de gestión.
Más información: Puede obtener más información sobre este Subfondo, incluidos el folleto y los informes financieros, de forma gratuita, previa solicitud a: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 París, Francia.
El valor liquidativo del Subfondo está disponible en www.amundi.fr.
Depositario: SOCIÉTÉ GÉNÉRALE. | # What is this product?
Type: Shares of a Sub-Fund of MULTI UNITS FRANCE, a SICAV.
Term: The Sub-Fund has an unlimited duration. The Management Company may dissolve the Fund by means of liquidation or merger with another fund in accordance with legal requirements.
AMF Classification ("Autorité des Marchés Financiers"): Eurozone country equities
Objectives:
The Fund is a passively managed index-based UCITS. The Fund's management objective is to replicate, upwards and downwards, the performance of the FTSE Italia PIR PMI Net Tax Index (net dividends reinvested) (the "Benchmark"), which is denominated in euro (EUR) and is representative of the performance of small- and mid-cap stocks listed on Borsa Italiana, while minimising the tracking error between the Fund's performance and that of the Benchmark.
The expected tracking error (the "Tracking Error") under normal market conditions is indicated in the Fund's prospectus.
The shares of the Sub-Fund are included in the list of investments eligible for the "Piano Individuale di Risparmio a lungo termine" (PIR) regime, implemented before 31 December 2018 or from 1 January 2020, pursuant to the Italian Finance Law 2017 (Law No. 232 of 11 December 2016) as amended and supplemented (the "PIR Law").
The Sub-Fund must invest at least 70% of its assets in eligible financial instruments, regardless of whether they are traded on a regulated market or a multilateral trading facility, issued by or entered into with companies domiciled in Italy, or in a Member State of the European Union or of the EEA with a permanent establishment in Italy.
At least 25% of these eligible financial instruments, which corresponds to 17.5% of the total value of the Sub-Fund's assets, must be issued by companies not belonging to the FTSE MIB Index or any other equivalent index. At least 5% of these eligible financial instruments, which corresponds to 3.5% of the total value of the Sub-Fund's assets, shall be issued by companies which do not belong to the FTSE MIB Index and the FTSE Italia Mid Cap Index or any other equivalent index.
The Sub-Fund may not invest more than 10% of the total value of its assets in eligible financial instruments issued by or entered into with a single company, or companies belonging to the same group, or in cash deposits. The Sub-Fund will not be able to invest in companies domiciled in countries that do not have an adequate information exchange agreement with Italy.
In order for the Sub-Fund to be eligible for the PIR Law for one calendar year, these investment restrictions will be respected at least for two-thirds of each calendar year from 01/01/2020.
The FTSE website (www.ftserussell.com) contains more detailed information on the FTSE indices.
The Fund aims to achieve its objective through direct replication, namely by investing primarily in the components of the Benchmark.
In order to optimise Benchmark replication, the Fund may use a sampling technique as well as temporary sales of securities.
Intended retail investors: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds, seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and transaction: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the MULTI UNITS FRANCE prospectus.
In accordance with the prospectus, net income and capital gains from sales may be capitalised or distributed at the discretion of the Management Company.
More information: Further information regarding the Sub-Fund, including the prospectus and financial reports, is available free of charge on request from: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 Paris, France.
The net asset value of this Sub-Fund is available at www.amundi.fr.
Depositary: SOCIETE GENERALE. | en | es |
DOLFIN7349 | 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 8, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 8 de octubre de 2018. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: October 8, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
15%
10%
5%
0% | en | es |
DOLFIN7350 | 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 NASDAQ 100 Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of 100 of the largest US and international companies listed on the NASDAQ stock exchange and which are not in the financial sector, selected according to size and liquidity criteria. The Index is market capitalisation weighted. Market capitalisation is the share price of a company multiplied by the number of shares issued. 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 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.
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 objectives. FDIs (including FX forward contracts) may be used for direct investment purposes.
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).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo 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 NASDAQ 100 Index, el índice de referencia del Fondo (el «Índice»). La Clase de Acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través 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 integran el Índice, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio.
El Índice mide la rentabilidad de 100 de las mayores empresas estadounidenses e internacionales que cotizan en el mercado de valores del NASDAQ, y que no pertenecen al sector financiero, seleccionados a partir de criterios de tamaño y liquidez. El Índice está ponderado por capitalización bursátil. La capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas. 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.
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.
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 los objetivos de inversión del Fondo. Se pueden utilizar IFD (incluidos contratos de divisas a plazo) con fines de inversión directa.
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).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the NASDAQ 100 Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of 100 of the largest US and international companies listed on the NASDAQ stock exchange and which are not in the financial sector, selected according to size and liquidity criteria. The Index is market capitalisation weighted. Market capitalisation is the share price of a company multiplied by the number of shares issued. 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 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.
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 objectives. FDIs (including FX forward contracts) may be used for direct investment purposes.
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).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7357 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Shareholders’ Information (unaudited)
The SICAV is an investment company organised as a “Société d’Investissement à Capital Variable” in the Grand Duchy of Luxembourg under the Law of August 10, 1915, as amended, and qualifies as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under Part I of the law of December 17, 2010, as amended.
The SICAV was incorporated on February 10, 1995 for an unlimited period. The SICAV’s articles of incorporation were first published in the Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg on March 31, 1995 and were last amended effective on September 14, 2018.
The SICAV is registered under the Number R.C.S. Luxembourg B-50216.
The annual general meeting of Shareholders of the SICAV is held in Luxembourg as may be specified in the notice of meeting, within six months of the accounting year end. The annual general meeting may be held abroad if, in the absolute and final judgment of the Board, exceptional circumstances so require. Other meetings of Shareholders may be held at such place and period of notice as may be specified in the respective notices of meeting. Notices of general meetings are given in accordance with Luxembourg law and in accordance with applicable rules in the relevant countries where Shares are publicly offered for sale. Notices will specify the place and time of the meeting, the conditions of admission, the agenda, the quorum and voting requirements.
The accounting year of the SICAV terminates on March 31 in each year.
The annual report and audited financial statements and the unaudited semi-annual report are available at the registered office of the SICAV and at the principal office of each paying agent and distributor. The combined accounts of the SICAV are expressed in U.S. Dollars.
The Net Asset Value and the offer and redemption prices of the shares of the SICAV are made public at the registered office of the SICAV.
This report does not constitute an offer or a solicitation of an offer to buy shares in the SICAV. Subscriptions are accepted on the basis of the Prospectus and of the latest available annual report containing the audited financial statements as at March 31 and of the latest available semi-annual report as at September 30, if published thereafter.
Certain Portfolios and/or share classes contained within this report may not be authorised or offered for sale in every jurisdiction at this time.
#### Key Investor Information Document (“KIID”) - Subscription requirements
The KIID is a pre-contractual document and investors will have to confirm that they have read the latest KIID before making a subscription. The Management Company has the right to reject a subscription if the investor does not confirm that they have read the latest KIID at the time of application. The latest KIID may be obtained from www.columbiathreadneedle.com.
#### Remuneration Disclosures
The Threadneedle group (“the Group”) transitioned from the Luxembourg incorporated Threadneedle Asset Management Holdings Sàrl to the English incorporated TAM UK International Holdings Limited (“UK HoldCo” or “the Company”) with effect from July 16, 2021. This disclosure is made in respect of the Group’s Remuneration Policy as it applies to Threadneedle Management Luxembourg S.A. (“the Manager”) in respect of the Undertakings for Collective Investment in Transferable Securities (“UCITS”) Directive and other applicable rules and guidance.
The Remuneration Policy applies to all of the Company’s subsidiary entities to which the UCITS Directives requirements apply, and was last approved by the Remuneration Committee in December 2021.
- The Remuneration CommitteeThe Remuneration Committee of the UK HoldCo (“the Committee”) is a sub-committee of the UK HoldCo Board with the responsibility to establish the philosophy and objectives that will govern the Group’s compensation and benefit programmes; review and approve compensation and benefit plans, policies, and practices; and oversee and approve the Group’s remuneration. It has been determined to be independent of the day-to-day executive management of the Group, its Members being Directors of the Group who are nominated by Ameriprise Financial, the Group’s parent company.
Current Committee Members are Mr Walter Berman, Mr William Turner and Ms Karen Wilson-Thissen. Meetings are normally held in January, March, June, September and December. The Head of Reward, EMEA and APAC acts as Secretary to the Committee. The Committee may invite the attendance of any Group employee or functional expert from the parent company as deemed appropriate, to allow it to fulfil its responsibilities including ensuring remuneration is consistent with effective risk management and does not encourage excessive risk taking. | # Información para los accionistas (sin auditar)
La SICAV es una sociedad de inversión organizada como una «Société d’Investissement à Capital Variable» en el Gran Ducado de Luxemburgo en virtud de la Ley de 10 de agosto de 1915, en su versión modificada, y se considera un organismo de inversión colectiva en valores mobiliarios («OICVM») en virtud de la Parte I de la Ley del 17 de diciembre de 2010, en su versión modificada.
La SICAV se constituyó el 10 de febrero de 1995 por un periodo ilimitado. Los estatutos de la SICAV se publicaron por primera vez en el Recueil des Sociétés et Associations (Registro Mercantil) del Gran Ducado de Luxemburgo el 31 de marzo de 1995 y se modificaron por última vez el 14 de septiembre de 2018.
La SICAV está registrada en el Registro Mercantil de Luxemburgo con el número B-50216.
La junta general anual de Accionistas de la SICAV se celebrará en Luxemburgo, según se especifique en la convocatoria, dentro de los seis meses siguientes al cierre del ejercicio contable. La junta general anual podrá celebrarse en el extranjero si, a juicio absoluto y definitivo del Consejo, las circunstancias excepcionales así lo requieren. Las demás juntas de Accionistas podrán celebrarse en el lugar y plazo de la convocatoria que se especifique en las respectivas convocatorias. Las convocatorias de las juntas generales se realizan con arreglo a la legislación luxemburguesa y a las normas aplicables en los países pertinentes en los que las Acciones se ofrecen públicamente a la venta. En las convocatorias se especificarán el lugar y la hora de la junta, las condiciones de admisión, el orden del día, el quórum y los requisitos de votación.
El ejercicio contable de la SICAV finaliza el 31 de marzo de cada año.
El informe anual y los estados financieros auditados y el informe semestral sin auditar están disponibles en el domicilio social de la SICAV y en la oficina principal de cada agente de pagos y distribuidor. Las cuentas combinadas de la SICAV se expresan en dólares estadounidenses.
El Valor liquidativo y los precios de oferta y reembolso de las acciones de la SICAV se hacen públicos en el domicilio social de la SICAV.
Este informe no constituye una oferta o una solicitud de una oferta para comprar acciones en la SICAV. Las suscripciones se aceptan según el Folleto y el último informe anual disponible que contiene los estados financieros auditados a 31 de marzo y el último informe semestral disponible a 30 de septiembre, si se publican posteriormente.
Ciertas Carteras y/o clases de acciones contenidas en este informe pueden no estar autorizadas ni ofrecerse para la venta en todas las jurisdicciones en este momento.
#### Documento de datos fundamentales para el inversor («KIID»): requisitos de suscripción
El KIID es un documento precontractual y los inversores deberán confirmar que han leído el último KIID antes de hacer una suscripción. La Sociedad Gestora tiene el derecho de rechazar una suscripción si el inversor no confirma que ha leído el último KIID en el momento de la solicitud. El último KIID se podrá obtener en www.columbiathreadneedle.com.
#### Declaraciones de la remuneración
El grupo Threadneedle («el Grupo») cambió su denominación de Threadneedle Asset Management Holdings Sàrl, constituida en Luxemburgo, a TAM UK International Holdings Limited («UK HoldCo» o «la Sociedad»), constituida en Reino Unido, con efecto a partir del 16 de julio de 2021. Esta declaración se hace con respecto a la Política de remuneración del Grupo, tal como se aplica a Threadneedle Management Luxembourg S.A. («el Gestor») con respecto a la Directiva sobre Organismos de inversión colectiva en valores mobiliarios («OICVM») y otras normas y directrices aplicables.
La Política de remuneración se aplica a todas las entidades filiales a las que se aplican los requisitos de las Directivas sobre OICVM, y el Comité de remuneración la aprobó por última vez en diciembre de 2021.
- El Comité de remuneraciónEl Comité de remuneración de UK HoldCo («el Comité») es un subcomité del Consejo de UK HoldCo que asume la responsabilidad de establecer la filosofía y los objetivos que regirán los programas de retribución y beneficios del Grupo; de revisar y aprobar los planes, las políticas y las prácticas de retribución y beneficios; y de supervisar y aprobar la remuneración del Grupo. Se ha determinado que sea independiente de la gestión ejecutiva diaria del Grupo y está formado por Consejeros del Grupo designados por Ameriprise Financial, la sociedad matriz del Grupo.
Los miembros actuales del Comité son el Sr. Walter Berman, el Sr. William Turner y la Sra. Karen Wilson-Thissen. Las juntas normalmente se celebran en enero, marzo, junio, septiembre y diciembre. El director de remuneraciones para EMEA y APAC actúa como secretario del Comité. El Comité puede invitar a asistir a las juntas a cualquier empleado del Grupo o experto funcional de la sociedad matriz que considere adecuado, a fin de permitirle cumplir con sus responsabilidades, incluido garantizar que la remuneración es coherente con la gestión de riesgos efectiva y no fomentar una asunción de riesgos excesiva. | # Shareholders’ Information (unaudited)
The SICAV is an investment company organised as a “Société d’Investissement à Capital Variable” in the Grand Duchy of Luxembourg under the Law of August 10, 1915, as amended, and qualifies as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under Part I of the law of December 17, 2010, as amended.
The SICAV was incorporated on February 10, 1995 for an unlimited period. The SICAV’s articles of incorporation were first published in the Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg on March 31, 1995 and were last amended effective on September 14, 2018.
The SICAV is registered under the Number R.C.S. Luxembourg B-50216.
The annual general meeting of Shareholders of the SICAV is held in Luxembourg as may be specified in the notice of meeting, within six months of the accounting year end. The annual general meeting may be held abroad if, in the absolute and final judgment of the Board, exceptional circumstances so require. Other meetings of Shareholders may be held at such place and period of notice as may be specified in the respective notices of meeting. Notices of general meetings are given in accordance with Luxembourg law and in accordance with applicable rules in the relevant countries where Shares are publicly offered for sale. Notices will specify the place and time of the meeting, the conditions of admission, the agenda, the quorum and voting requirements.
The accounting year of the SICAV terminates on March 31 in each year.
The annual report and audited financial statements and the unaudited semi-annual report are available at the registered office of the SICAV and at the principal office of each paying agent and distributor. The combined accounts of the SICAV are expressed in U.S. Dollars.
The Net Asset Value and the offer and redemption prices of the shares of the SICAV are made public at the registered office of the SICAV.
This report does not constitute an offer or a solicitation of an offer to buy shares in the SICAV. Subscriptions are accepted on the basis of the Prospectus and of the latest available annual report containing the audited financial statements as at March 31 and of the latest available semi-annual report as at September 30, if published thereafter.
Certain Portfolios and/or share classes contained within this report may not be authorised or offered for sale in every jurisdiction at this time.
#### Key Investor Information Document (“KIID”) - Subscription requirements
The KIID is a pre-contractual document and investors will have to confirm that they have read the latest KIID before making a subscription. The Management Company has the right to reject a subscription if the investor does not confirm that they have read the latest KIID at the time of application. The latest KIID may be obtained from www.columbiathreadneedle.com.
#### Remuneration Disclosures
The Threadneedle group (“the Group”) transitioned from the Luxembourg incorporated Threadneedle Asset Management Holdings Sàrl to the English incorporated TAM UK International Holdings Limited (“UK HoldCo” or “the Company”) with effect from July 16, 2021. This disclosure is made in respect of the Group’s Remuneration Policy as it applies to Threadneedle Management Luxembourg S.A. (“the Manager”) in respect of the Undertakings for Collective Investment in Transferable Securities (“UCITS”) Directive and other applicable rules and guidance.
The Remuneration Policy applies to all of the Company’s subsidiary entities to which the UCITS Directives requirements apply, and was last approved by the Remuneration Committee in December 2021.
- The Remuneration CommitteeThe Remuneration Committee of the UK HoldCo (“the Committee”) is a sub-committee of the UK HoldCo Board with the responsibility to establish the philosophy and objectives that will govern the Group’s compensation and benefit programmes; review and approve compensation and benefit plans, policies, and practices; and oversee and approve the Group’s remuneration. It has been determined to be independent of the day-to-day executive management of the Group, its Members being Directors of the Group who are nominated by Ameriprise Financial, the Group’s parent company.
Current Committee Members are Mr Walter Berman, Mr William Turner and Ms Karen Wilson-Thissen. Meetings are normally held in January, March, June, September and December. The Head of Reward, EMEA and APAC acts as Secretary to the Committee. The Committee may invite the attendance of any Group employee or functional expert from the parent company as deemed appropriate, to allow it to fulfil its responsibilities including ensuring remuneration is consistent with effective risk management and does not encourage excessive risk taking. | en | es |
DOLFIN7360 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Letter to Shareholders
Dear Shareholder,
We are pleased to provide you with the annual report for Legg Mason Global Solutions Plc (the “Company”) for the 12 months ended 30 June 2020. In this report we highlight the key drivers behind the performance of bond and equity markets over the period.
Global Economic Review
After initially expanding, the global economy then contacted given the fallout from the COVID-19 pandemic. In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) said, “The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. As with the April 2020 WEO [World Economic Outlook] projections, there is a higher-than-usual degree of uncertainty around this forecast. The baseline projection rests on key assumptions about the fallout from the pandemic. In economies with declining infection rates, the slower recovery path in the updated forecast reflects persistent social distancing into the second half of 2020. For economies struggling to control infection rates, a lengthier lockdown will inflict an additional toll on activity.” From a regional perspective, the IMF projects the US economy will contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF anticipates that 2020 GDP growth in the Eurozone, UK and Japan will be -10.2%,
-10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.
Market Review – Fixed Income
Global fixed income markets posted strong results during the reporting period. In the US, the Federal Reserve Board (“Fed”) aggressively lowered interest rates and introduced a number of initiatives to support the economy and help keep the financial market functioning properly. In addition, there were a number of “flights to quality” and increased demand for fixed income securities. Against this backdrop, US Treasury yields moved sharply lower (yields and prices move in the opposite direction) and the spread sectors (non-US Treasuries) rallied. Outside the US, a number of central banks also pursued highly accommodative monetary policies given the sharp decline in economic activity. This also contributed to falling bond yields and rising prices.
Market Review – Global Equities
Global equities were extremely volatile and generated mixed results during the reporting period. After initially moving higher, the market experienced a rapid and severe decline in February and March 2020 given the headwinds from the COVID-19 pandemic. In the US, the equity market’s 11-year bull market ended in March 2020 and it then experienced its fastest fall ever from an all-time high to a bear market. US equities then rallied sharply during the second quarter of the year and posted a positive return for the 12-month reporting period as a whole. This turnaround was triggered by significant monetary and fiscal stimulus efforts, the reopening of certain economies and hopes for a COVID-19 vaccine. Equities outside the US also rallied during the second quarter of 2020, but it was not enough to offset their previous losses.
Yours sincerely,
Legg Mason Investments (Ireland) Limited
It should be noted that the value of investments and the income from them may go down as well as up. Investment involves risks, including the possible loss of the amount invested. Past performance is not a reliable indicator of future results.
This information and data in this material has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Ireland) Limited nor any Legg Mason, Inc. company or affiliate (together “Legg Mason”). No representation is made that the information is correct as of any time subsequent to its date.
Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situations or needs of investors.
This material is not intended for any person or use that would be contrary to local law or regulation. Legg Mason is not responsible and takes no liability for the onward transmission of this material.
Issued and approved by Legg Mason Investments (Ireland) Limited, registered office 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Dublin 4, D04 EP27, Ireland. Registered in Ireland, Company No. 271887. Authorised and regulated by the Central Bank of Ireland. | # Carta a los accionistas
Estimado accionista:
Nos complace proporcionarle el informe anual de Legg Mason Global Solutions Plc (la “Empresa”) para el periodo de 12 meses finalizado el 30 de junio de 2020. En este informe destacamos los impulsores clave del rendimiento de los mercados de bonos y renta variable durante el periodo.
Revisión económica global
Después de la expansión inicial, la economía global se puso en contacto con usted dada la caída de la pandemia de COVID-19. En su actualización de las perspectivas de la economía mundial de junio de 2020, el Fondo Monetario Internacional (“FMI”) afirmó: “La pandemia de COVID-19 ha tenido un impacto más negativo en la actividad en la primera mitad de 2020 de lo previsto, y se prevé que la recuperación sea más gradual de lo previsto anteriormente. Al igual que con las proyecciones de WEO [World Economic Outlook] de abril de 2020, hay un grado de incertidumbre superior al habitual en torno a esta previsión. La proyección inicial se basa en suposiciones clave sobre las consecuencias de la pandemia. En las economías con tasas de infección en declive, la trayectoria de recuperación más lenta en la previsión actualizada refleja el distanciamiento social persistente en la segunda mitad de 2020. Para las economías que tienen dificultades para controlar las tasas de infección, un confinamiento más prolongado infligirá un peaje adicional en la actividad”. Desde una perspectiva regional, el FMI prevé que la economía estadounidense se contraiga un 8,0 % en 2020, en comparación con la expansión del 2,3 % del PIB en 2019. Por otra parte, el FMI prevé que el crecimiento del PIB de 2020 en la zona euro, el Reino Unido y Japón será del -10,2 %, el -10,2 % y el
-5,8 %, respectivamente. Con fines comparativos, el PIB de estas economías se amplió un 1,3 %, 1,4 % y 0,7 %, respectivamente, en 2019.
Análisis del mercado: renta fija
Los mercados mundiales de renta fija registraron resultados sólidos durante el período que abarca el informe. En EE. UU., la Junta de la Reserva Federal (“Fed”) rebajó agresivamente los tipos de interés e introdujo una serie de iniciativas para apoyar la economía y ayudar a mantener el correcto funcionamiento del mercado financiero. Además, hubo una serie de “vuelos hacia la calidad” y una mayor demanda de valores de renta fija. En este contexto, los rendimientos de los bonos del Tesoro de EE. UU. bajaron considerablemente (los rendimientos y los precios se mueven en la dirección opuesta) y los sectores de diferenciales (no bonos del Tesoro de EE. UU.) subieron. Fuera de EE. UU., varios bancos centrales también persiguieron políticas monetarias altamente acomodaticias debido al fuerte descenso de la actividad económica. Esto también contribuyó a la caída de los rendimientos de los bonos y al aumento de los precios.
Análisis del mercado – Renta variable global
La renta variable global fue extremadamente volátil y generó resultados mixtos durante el periodo del informe. Tras una subida inicial, el mercado experimentó un descenso rápido y grave en febrero y marzo de 2020 debido a los obstáculos de la pandemia de COVID-19. En EE. UU., el mercado alcista del mercado de renta variable a 11 años finalizó en marzo de 2020 y luego experimentó su caída más rápida hasta la fecha, desde un máximo histórico hasta un mercado bajista. La renta variable estadounidense repuntó con fuerza durante el segundo trimestre del año y registró una rentabilidad positiva para el periodo de 12 meses en su conjunto. Este cambio de rumbo se desencadenó por importantes esfuerzos de estímulo monetario y fiscal, la reapertura de ciertas economías y la esperanza de una vacuna contra la COVID-19. La renta variable fuera de EE. UU. también repuntó durante el segundo trimestre de 2020, pero no fue suficiente para compensar sus pérdidas anteriores.
Atentamente,
Legg Mason Investments (Ireland) Limited
Cabe destacar que el valor de las inversiones y los ingresos procedentes de ellas pueden caer del mismo modo en que pueden subir. Invertir implica riesgos, incluida la posible pérdida del importe invertido. La rentabilidad histórica no es un indicador fiable de los resultados futuros.
Esta información y los datos contenidos en el material se han preparado a partir de fuentes que se consideran fiables, pero ni Legg Mason Investments (Ireland) Limited ni ninguna de las empresas de Legg Mason, Inc. o afiliadas (conjuntamente denominadas “Legg Mason”) los garantizan de forma alguna. No se declara que la información sea correcta en ningún momento posterior a su fecha.
Las opiniones expresadas están sujetas a cambios sin previo aviso y no tienen en cuenta los objetivos particulares de inversión, las situaciones financieras o las necesidades de los inversores.
Este material no está destinado a ninguna persona o uso que sea contrario a las leyes o regulaciones locales. Legg Mason no es responsable y no se hace responsable de la posterior transmisión de este material.
Emitido y aprobado por Legg Mason Investments (Ireland) Limited, sede social: 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Dublín 4, D04 EP27, Irlanda. Registrada en Irlanda, N.º de Sociedad 271887. Autorizada y regulada por el Banco Central de Irlanda. | # Letter to Shareholders
Dear Shareholder,
We are pleased to provide you with the annual report for Legg Mason Global Solutions Plc (the “Company”) for the 12 months ended 30 June 2020. In this report we highlight the key drivers behind the performance of bond and equity markets over the period.
Global Economic Review
After initially expanding, the global economy then contacted given the fallout from the COVID-19 pandemic. In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) said, “The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. As with the April 2020 WEO [World Economic Outlook] projections, there is a higher-than-usual degree of uncertainty around this forecast. The baseline projection rests on key assumptions about the fallout from the pandemic. In economies with declining infection rates, the slower recovery path in the updated forecast reflects persistent social distancing into the second half of 2020. For economies struggling to control infection rates, a lengthier lockdown will inflict an additional toll on activity.” From a regional perspective, the IMF projects the US economy will contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF anticipates that 2020 GDP growth in the Eurozone, UK and Japan will be -10.2%,
-10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.
Market Review – Fixed Income
Global fixed income markets posted strong results during the reporting period. In the US, the Federal Reserve Board (“Fed”) aggressively lowered interest rates and introduced a number of initiatives to support the economy and help keep the financial market functioning properly. In addition, there were a number of “flights to quality” and increased demand for fixed income securities. Against this backdrop, US Treasury yields moved sharply lower (yields and prices move in the opposite direction) and the spread sectors (non-US Treasuries) rallied. Outside the US, a number of central banks also pursued highly accommodative monetary policies given the sharp decline in economic activity. This also contributed to falling bond yields and rising prices.
Market Review – Global Equities
Global equities were extremely volatile and generated mixed results during the reporting period. After initially moving higher, the market experienced a rapid and severe decline in February and March 2020 given the headwinds from the COVID-19 pandemic. In the US, the equity market’s 11-year bull market ended in March 2020 and it then experienced its fastest fall ever from an all-time high to a bear market. US equities then rallied sharply during the second quarter of the year and posted a positive return for the 12-month reporting period as a whole. This turnaround was triggered by significant monetary and fiscal stimulus efforts, the reopening of certain economies and hopes for a COVID-19 vaccine. Equities outside the US also rallied during the second quarter of 2020, but it was not enough to offset their previous losses.
Yours sincerely,
Legg Mason Investments (Ireland) Limited
It should be noted that the value of investments and the income from them may go down as well as up. Investment involves risks, including the possible loss of the amount invested. Past performance is not a reliable indicator of future results.
This information and data in this material has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Ireland) Limited nor any Legg Mason, Inc. company or affiliate (together “Legg Mason”). No representation is made that the information is correct as of any time subsequent to its date.
Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situations or needs of investors.
This material is not intended for any person or use that would be contrary to local law or regulation. Legg Mason is not responsible and takes no liability for the onward transmission of this material.
Issued and approved by Legg Mason Investments (Ireland) Limited, registered office 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Dublin 4, D04 EP27, Ireland. Registered in Ireland, Company No. 271887. Authorised and regulated by the Central Bank of Ireland. | en | es |
DOLFIN7361 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
What’s happening?
- October saw some stability return to markets towards month-end, as the UK political crisis dissipated with another change of leadership and subsequent rally in UK related assets. Yields on US 10-year treasuries, however, rose to 4%, with shorter 2-year maturities rising to 4.5%, reflecting the expected rise in Federal Reserve official interest rates. Credit and high yield markets had a solid month following the spread widening and large drawdowns of September.
- Whilst employment data remains robust and inflation across the world remains stubborn, central banks are aggressively tightening monetary policy. The ECB raised rates by 75bps in October, with markets expecting a similar move from both the Bank of England and Federal Reserve in early November.
- Markets continue to oscillate between trading on fears of a recession to fears of sustained inflation and interest rate hikes, making 2022 by the far the most volatile year for a long time, leading to fixed income’s biggest drawdown experienced in living memory.
Portfolio positioning and performance
- Defensive (34%): we moved our duration exposure up to 2.5 years from 0.9 years in September, adding both UK duration and shorter dated US duration, as the worst of the sell off during September, particular in sterling bonds, looks to be behind us. In the space of six months, the strategy’s duration exposure has been both the highest and lowest ever since launch in 2012 as we try to navigate the headwinds of extreme volatility.
- Intermediate (32%): we are finding very attractive opportunities in developed market investment grade credit, even if short-term volatility may persist. Whilst the market effect has reduced exposure, we are well invested in BBBs, predominantly in the UK and Europe but also US, which we believe have the potential to perform well over coming quarters. The combination of relatively low default risk, together with elevated yields due to higher rates and wider credit spreads, looks a compelling proposition into 2023.
- Aggressive (35%): asset allocation in developed market high yield and emerging market bonds remained stable during the month, although we closed our CDS protection position. This meant that, compared with the previous month, we carried more credit risk and hence benefitted from the current tightening of credit spreads.
Outlook
- Many investors will be pleased to see the back of 2022, although there are no immediate signs that the short term will provide a better environment for capital markets. Persistent inflation is a major headwind to markets and central banks are aggressively tightening financial conditions to tame the threat posed.
- There have, however, been periods in the last few months when markets have rallied on the expectation that the Fed may “pivot” and hike interest rates less than the market is expecting, albeit so far central bankers have been keen to push back against this view. In this respect, markets are proving to be even more volatile, as the twin threats of high inflation and weakening growth give little obvious direction to markets.
- Taking a more medium-term view, fixed income markets – particularly at the higher quality part of the broad spectrum – offer very attractive yields, which could potentially convert into decent return. The repricing of bond markets this year has been the worst on record for many markets, but forward-looking prospects are much more attractive.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
¿Qué está sucediendo?
- En octubre, los mercados recuperaron cierta estabilidad hacia el final del mes, ya que la crisis política del Reino Unido se disipó con otro cambio de liderazgo y el consiguiente repunte de los activos relacionados con el Reino Unido. Sin embargo, los rendimientos de los bonos del Tesoro estadounidense a 10 años subieron al 4 %, y los vencimientos más cortos a 2 años aumentaron hasta el 4,5 %, lo que refleja la subida prevista de los tipos de interés oficiales de la Reserva Federal. Los mercados de deuda corporativa y de alto rendimiento vivieron un mes sólido tras la ampliación de los diferenciales y las grandes caídas de septiembre.
- Mientras que los datos del empleo siguen siendo sólidos y la inflación en todo el mundo sigue siendo persistente, los bancos centrales están endureciendo agresivamente la política monetaria. El BCE subió los tipos 75 pb en octubre y los mercados esperaban una medida similar tanto del Banco de Inglaterra como de la Reserva Federal a principios de noviembre.
- Los mercados siguen oscilando entre el temor a una recesión y el temor a una inflación sostenida y a la subida de los tipos de interés, lo que hace que 2022 sea, con mucho, el año más volátil en mucho tiempo, provocando la mayor caída de la renta fija de la que se tiene recuerdo.
Posicionamiento y rentabilidad de la cartera
- Cartera defensiva (34 %): elevamos nuestra exposición a duración hasta 2,5 años desde 0,9 años en septiembre y añadimos duración británica y duración estadounidense a más corto plazo, ya que la peor oleada de ventas de septiembre, en particular en bonos en libras esterlinas, parece haber quedado atrás. En seis meses, la exposición a duración de la estrategia ha llegado a ser tanto la más alta como la más baja desde su lanzamiento en 2012, ya que intentamos capear los obstáculos de la extrema volatilidad.
- Cartera intermedia (32 %): encontramos oportunidades muy atractivas en el crédito de alta calidad de los mercados desarrollados, aunque la volatilidad a corto plazo persista. Aunque el efecto de mercado ha reducido la exposición, estamos bien invertidos en títulos BBB, principalmente en el Reino Unido y Europa, pero también en Estados Unidos, y creemos que tienen potencial para obtener buenos resultados en los próximos trimestres. La combinación de un riesgo de impago relativamente bajo, junto con los elevados rendimientos debido a la subida de los tipos y la ampliación de los diferenciales de crédito, parece una propuesta atractiva para 2023.
- Cartera agresiva (35 %): la asignación de activos en bonos de alto rendimiento de los mercados desarrollados y bonos de los mercados emergentes se mantuvo estable durante el mes, aunque cerramos nuestra posición de cobertura de CDS. Esto significó que, en comparación con el mes anterior, asumimos más riesgo de crédito y, por tanto, nos beneficiamos del ajuste actual de los diferenciales crediticios.
Perspectivas
- Muchos inversores estarán encantados de dejar atrás el año 2022, aunque no hay señales inmediatas de que el corto plazo vaya a ofrecer un mejor entorno para los mercados de capitales. La persistencia de la inflación es un gran obstáculo para los mercados y los bancos centrales están endureciendo agresivamente las condiciones financieras para atenuar la amenaza que plantea.
- Sin embargo, en los últimos meses ha habido periodos en los que los mercados han repuntado ante la expectativa de que la Fed podría «dar un giro» y subir los tipos de interés menos de lo que espera el mercado, aunque, hasta ahora, los bancos centrales se han mostrado dispuestos a rebatir esta opinión. En este sentido, los mercados están demostrando ser aún más volátiles, ya que la doble amenaza de inflación elevada y debilitamiento del crecimiento no dan una dirección clara a los mercados.
- Desde una perspectiva más a medio plazo, los mercados de renta fija, especialmente en la parte de mayor calidad del amplio espectro, ofrecen rendimientos muy atractivos, que podrían resultar en una rentabilidad decente. La revalorización de los mercados de renta fija este año ha sido la peor de la historia para muchos mercados, pero las perspectivas a futuro son mucho más atractivas.
Fuente(s) : AXA Investment Managers a 31/10/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
What’s happening?
- October saw some stability return to markets towards month-end, as the UK political crisis dissipated with another change of leadership and subsequent rally in UK related assets. Yields on US 10-year treasuries, however, rose to 4%, with shorter 2-year maturities rising to 4.5%, reflecting the expected rise in Federal Reserve official interest rates. Credit and high yield markets had a solid month following the spread widening and large drawdowns of September.
- Whilst employment data remains robust and inflation across the world remains stubborn, central banks are aggressively tightening monetary policy. The ECB raised rates by 75bps in October, with markets expecting a similar move from both the Bank of England and Federal Reserve in early November.
- Markets continue to oscillate between trading on fears of a recession to fears of sustained inflation and interest rate hikes, making 2022 by the far the most volatile year for a long time, leading to fixed income’s biggest drawdown experienced in living memory.
Portfolio positioning and performance
- Defensive (34%): we moved our duration exposure up to 2.5 years from 0.9 years in September, adding both UK duration and shorter dated US duration, as the worst of the sell off during September, particular in sterling bonds, looks to be behind us. In the space of six months, the strategy’s duration exposure has been both the highest and lowest ever since launch in 2012 as we try to navigate the headwinds of extreme volatility.
- Intermediate (32%): we are finding very attractive opportunities in developed market investment grade credit, even if short-term volatility may persist. Whilst the market effect has reduced exposure, we are well invested in BBBs, predominantly in the UK and Europe but also US, which we believe have the potential to perform well over coming quarters. The combination of relatively low default risk, together with elevated yields due to higher rates and wider credit spreads, looks a compelling proposition into 2023.
- Aggressive (35%): asset allocation in developed market high yield and emerging market bonds remained stable during the month, although we closed our CDS protection position. This meant that, compared with the previous month, we carried more credit risk and hence benefitted from the current tightening of credit spreads.
Outlook
- Many investors will be pleased to see the back of 2022, although there are no immediate signs that the short term will provide a better environment for capital markets. Persistent inflation is a major headwind to markets and central banks are aggressively tightening financial conditions to tame the threat posed.
- There have, however, been periods in the last few months when markets have rallied on the expectation that the Fed may “pivot” and hike interest rates less than the market is expecting, albeit so far central bankers have been keen to push back against this view. In this respect, markets are proving to be even more volatile, as the twin threats of high inflation and weakening growth give little obvious direction to markets.
- Taking a more medium-term view, fixed income markets – particularly at the higher quality part of the broad spectrum – offer very attractive yields, which could potentially convert into decent return. The repricing of bond markets this year has been the worst on record for many markets, but forward-looking prospects are much more attractive.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN7368 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | | El indicador mide el riesgo de que se produzcan fluctuaciones en el valor liquidativo de la clase de acciones tomando como base la volatilidad de los 5 últimos años y asigna el fondo a la categoría 4. Consecuentemente, la adquisición de participaciones del fondo está vinculada a un riesgo moderado de que se produzcan tales fluctuaciones. Tenga en cuenta que la asignación a la categoría 1 no significa que la inversión esté libre de riesgo. Los datos históricos, tales como los utilizados en el cálculo del indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del OICVM, ya que la categoría podría cambiar en el futuro. Los riesgos siguientes revisten una importancia significativa para el OICVM pero no están adecuadamente reflejados en el indicador sintético y podrían dar lugar a pérdidas adicionales: |
| --- |
| Riesgo vinculado a los ABS/MBS: Los bonos de titulización hipotecaria (MBS) y los bonos de titulización de activos (ABS) suelen conllevar un riesgo de reembolso anticipado y prórroga, y pueden presentar un riesgo de liquidez superior a la media. |
| Riesgo vinculado a los valores convertibles: Dado que los valores convertibles están estructurados como bonos que, por lo general, pueden o deben ser reembolsados con una cantidad predeterminada de acciones, en lugar de efectivo, estos valores pueden conllevar, simultáneamente, el riesgo de renta variable y los riesgos de crédito e impago que se suelen asociar a los bonos. |
| Riesgo de crédito: Un bono o un instrumento del mercado monetario, ya sea de un emisor público o privado, podría perder valor si la situación financiera del emisor se deteriora. |
| Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado. |
| Riesgo de cobertura: Los esfuerzos por reducir o eliminar determinados riesgos podrían no dar el resultado esperado y, en caso de funcionar, eliminarán normalmente el potencial de ganancia junto con el riesgo de pérdida. |
| Riesgo de liquidez: Podría resultar difícil valorar ciertos títulos o comprarlos o venderlos en el momento o al precio deseados, lo que podría incidir en el valor del fondo y en su capacidad para abonar el producto del reembolso o satisfacer otras obligaciones de manera oportuna. |
| Riesgo de reembolso anticipado y prórroga: Todo movimiento inesperado en los tipos de interés podría hacer mella en la rentabilidad de los títulos de deuda amortizables (valores cuyos emisores tienen el derecho a abonar completamente el principal del título antes de la fecha de vencimiento). | | | The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | en | es |
DOLFIN7371 | 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
| 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.
## We have classified this product as 3 out of 7, which is a medium-low risk class. Due to the nature of the Fund's investments, the Fund's performance can fluctuate moderately over time.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
## Other risks materially relevant to the PRIIP not included in the summary risk indicator:
- Credit riskFor more information, please see 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?
| 4 | 5 | 6 | 7 |
| --- | --- | --- | --- |
## Indicador de riesgo
El indicador de riesgo resumido es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero por los movimientos de los mercados o porque no podamos pagarle.
## Hemos clasificado este producto como 3 de 7, que es una clase de riesgo medio-bajo. Debido a la naturaleza de las inversiones del Fondo, su rendimiento puede fluctuar de forma moderada con el tiempo.
Sea consciente del riesgo de divisa. Recibirá los pagos en una moneda diferente, por lo que el rendimiento final que obtendrá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador mostrado anteriormente.
## Otros riesgos sustancialmente relevantes para el PRIIP no incluidos en el indicador de riesgo resumido:
- Riesgo crediticioPara más información, consulte el folleto.
## Este producto no incluye ninguna protección frente a la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
## Risk Indicator
| 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.
## We have classified this product as 3 out of 7, which is a medium-low risk class. Due to the nature of the Fund's investments, the Fund's performance can fluctuate moderately over time.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
## Other risks materially relevant to the PRIIP not included in the summary risk indicator:
- Credit riskFor more information, please see prospectus.
## This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN7373 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Should a Sub-Fund qualify as a Feeder UCITS, a description of all remuneration and reimbursement of costs payable by the Feeder UCITS by virtue of its investments in shares/units of the Master UCITS, as well as the aggregate charges of both the Feeder UCITS and the Master UCITS, shall be disclosed in the relevant Sub-Fund’s Appendix. In its annual report, the Fund shall include a statement on the aggregate charges of both the Feeder UCITS and the Master UCITS.
- A Sub-Fund (the “Investing Fund”) may subscribe, acquire and/or hold securities to be issued by one or more Sub-Funds (each, a “Target Fund”) without the Fund being subject to the requirements of the law of 10 August 1915 on commercial companies, as amended, with respect to the subscription, acquisition and/or the holding by a company of its own shares, under the condition however that:
- the Target Fund does not, in turn, invest in the Investing Fund invested in this Target Fund; and
- no more than 10% of the assets of the Target Fund whose acquisition is contemplated may, according to its investment policy, be invested in shares or units of other UCITS or other UCIs; and
- the Investing Fund may not invest more than 20% of its net assets in units of a single Target Fund; and
- the voting right linked to the securities of the Target Fund are suspended during the period of investment; and
- for as long as these securities are held by the Investing Fund, their value will not be taken into consideration for the calculation of the net assets of the Fund for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law. | En caso de que un Subfondo cumpla los requisitos de OICVM subordinado, en el correspondiente Anexo del Subfondo se recogerá una descripción de todas las remuneraciones y el reembolso de los gastos pagaderos por el OICVM subordinado en virtud de sus inversiones en las acciones o participaciones del OICVM principal, así como los gastos totales tanto del OICVM subordinado como del OICVM principal. En su informe anual, el Fondo deberá incluir una declaración de los gastos totales tanto del OICVM subordinado como del OICVM principal.
- Un Subfondo (el «Fondo inversor») podrá suscribir, adquirir y mantener valores que vayan a ser emitidos por uno o más Subfondos (cada uno de ellos, un «Fondo objetivo») sin que el Fondo esté sujeto a los requisitos de la Ley de 10 de agosto de 1915 sobre sociedades mercantiles, en su versión modificada, con respecto a la suscripción, adquisición y/o tenencia por una sociedad de sus propias acciones, bajo la condición, sin embargo, de que:
- el Fondo objetivo no invierta, a su vez, en el Fondo inversor invertido en dicho Fondo objetivo;
- en ningún caso podrá invertirse más del 10% de los activos del Fondo objetivo cuya adquisición se contemple, de conformidad con su política de inversión, en acciones o participaciones de otros OICVM u otros OIC;
- el Fondo inversor no podrá invertir más del 20% de su patrimonio neto en participaciones de un mismo Fondo objetivo;
- el derecho de voto asociado a los valores del Fondo objetivo queda suspendido durante el período de la inversión; y
- durante el tiempo en que esos valores sean mantenidos por el Fondo inversor, su valor no se tendrá en cuenta para el cálculo del patrimonio neto del Fondo a efectos de la verificación del umbral mínimo del patrimonio neto impuesto por la Ley de 2010. | Should a Sub-Fund qualify as a Feeder UCITS, a description of all remuneration and reimbursement of costs payable by the Feeder UCITS by virtue of its investments in shares/units of the Master UCITS, as well as the aggregate charges of both the Feeder UCITS and the Master UCITS, shall be disclosed in the relevant Sub-Fund’s Appendix. In its annual report, the Fund shall include a statement on the aggregate charges of both the Feeder UCITS and the Master UCITS.
- A Sub-Fund (the “Investing Fund”) may subscribe, acquire and/or hold securities to be issued by one or more Sub-Funds (each, a “Target Fund”) without the Fund being subject to the requirements of the law of 10 August 1915 on commercial companies, as amended, with respect to the subscription, acquisition and/or the holding by a company of its own shares, under the condition however that:
- the Target Fund does not, in turn, invest in the Investing Fund invested in this Target Fund; and
- no more than 10% of the assets of the Target Fund whose acquisition is contemplated may, according to its investment policy, be invested in shares or units of other UCITS or other UCIs; and
- the Investing Fund may not invest more than 20% of its net assets in units of a single Target Fund; and
- the voting right linked to the securities of the Target Fund are suspended during the period of investment; and
- for as long as these securities are held by the Investing Fund, their value will not be taken into consideration for the calculation of the net assets of the Fund for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law. | en | es |
DOLFIN7374 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | 5% of the amount you pay in when entering this investment. This is the most you will pay, and you could pay less. We do not charge an exit fee for this Product. | USD 479 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 2.62% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% 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. | USD 262 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. 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. | USD 94 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | # ¿Cuáles son los costes? (continuación)
## Tabla 2: Composición de los costes
| Costes únicos de entrada o salida Impacto en el rendimiento si sale después de un año |
| --- |
| Costes de entrada Costes de salida | 5% de la cantidad que paga al entrar en esta inversión. Esto es lo máximo que pagará y podría pagar menos. No cobramos comisión de salida por este Producto. | USD 479 USD 0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento Costes de operación | 2,62% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. 0,63% 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. | USD 262 USD 63 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento (y participaciones en cuenta) | Cargamos comisiones de rendimiento de su inversión del 15% de la rentabilidad superior en comparación con la Nueva Apreciación Neta. La cantidad real variará según el rendimiento de su inversión. La estimación de costes agregados anterior incluye el promedio de los últimos 5 años. | USD 94 |
Puede aplicarse una comisión de canje de hasta el 1 % del valor de las Acciones objeto de canje. Esta comisión solo se aplica si canjea las Acciones que posee por otras clases de Acciones de un Subfondo del Fondo. | # What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | 5% of the amount you pay in when entering this investment. This is the most you will pay, and you could pay less. We do not charge an exit fee for this Product. | USD 479 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 2.62% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% 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. | USD 262 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. 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. | USD 94 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | en | es |
DOLFIN7379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| 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 | 2.85% of the value of your investment per year. This includes a Fund of Funds fee. This is an estimate based on actual costs over the last year. | 262 EUR |
| Transaction costs | 0.24% 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. | 24 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | 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 | 2,85% del valor de su inversión al año. Esto incluye una comisión relativa al fondo de fondos. Se trata de una estimación basada en los costes reales del último año. | 262 EUR |
| Costes de operación | 0,24% 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. | 24 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de éxito para este producto. | 0 EUR | | | 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 | 2.85% of the value of your investment per year. This includes a Fund of Funds fee. This is an estimate based on actual costs over the last year. | 262 EUR |
| Transaction costs | 0.24% 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. | 24 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN7381 | 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 04/12/2013.
The share class of the Fund was launched on 23/01/2014.
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. | 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 04/12/2013.
La clase de acciones del Fondo se lanzó el 23/01/2014.
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. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 04/12/2013.
The share class of the Fund was launched on 23/01/2014.
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. | en | es |
DOLFIN7382 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The ODDO BHF Haut Rendement 2023 fund invested selectively in securities having an attractive risk/reward profile, based on an in-depth fundamental credit analysis. The fund opened some new positions for diversification purposes.
It reduced its exposure to the travel industry, which was hit hardest by COVID-19 restrictions. Positions on companies whose credit profile is likely to deteriorate (e.g. EG Group, Saipem and Ryanair) were reduced. The fund also sold its low yield credit (e.g. Stellantis and Sappi).
The Adler Real Estate Group position was liquidated during the year, as allegations of fraud and shoddy accounting left doubts over the company’s ability to refinance its short-term debt.
The proceeds of this trade, and of the redeemed bonds, were reinvested in sectors/names with solid fundamentals such as telecoms/telecom cables (e.g. Sprint, CSC Holdings and Lumen), health care (e.g. Teva) and packaging (e.g. CCK, Ball). | El fondo ODDO BHF Haut Rendement 2023 invirtió de manera selectiva en títulos que presentaban un atractivo perfil de riesgo-rentabilidad, sobre la base de un exhaustivo análisis crediticio fundamental. El Fondo emprendió nuevas posiciones con fines de diversificación.
Redujimos la exposición al sector de los viajes, que siguió siendo el más afectado por las restricciones ligadas a la COVID-19. Recortamos las posiciones en las empresas cuyo perfil de crédito debería deteriorarse (por ejemplo, EG Group, Saipem o Ryanair). Por otro lado, el Fondo liquidó los créditos de bajo rendimiento (como Stellantis o Sappi).
La posición en Adler Real Estate Group se liquidó durante el año, dado que las alegaciones de fraude y deficiente contabilidad pusieron en tela de juicio la capacidad de la sociedad para refinanciar las deudas a corto plazo.
El producto de esta operación y de las obligaciones reembolsadas se reinvirtió en sectores/títulos con sólidos fundamentales como las telecomunicaciones/cableado de telecomunicaciones (p. ej.: Sprint, CSC Holdings, Lumen), la medicina y salud (p. ej.: Teva) o los envases (p. ej.: CCK, Ball). | The ODDO BHF Haut Rendement 2023 fund invested selectively in securities having an attractive risk/reward profile, based on an in-depth fundamental credit analysis. The fund opened some new positions for diversification purposes.
It reduced its exposure to the travel industry, which was hit hardest by COVID-19 restrictions. Positions on companies whose credit profile is likely to deteriorate (e.g. EG Group, Saipem and Ryanair) were reduced. The fund also sold its low yield credit (e.g. Stellantis and Sappi).
The Adler Real Estate Group position was liquidated during the year, as allegations of fraud and shoddy accounting left doubts over the company’s ability to refinance its short-term debt.
The proceeds of this trade, and of the redeemed bonds, were reinvested in sectors/names with solid fundamentals such as telecoms/telecom cables (e.g. Sprint, CSC Holdings and Lumen), health care (e.g. Teva) and packaging (e.g. CCK, Ball). | en | es |
DOLFIN7384 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Fund will:
- gain exposure to company shares (i.e., equities) and similar investments, debt (i.e. bonds) and similar investments and currencies and commodities, principally through derivatives (financial instruments whose value is derived from other assets);
- invest in investment grade (i.e. BBB- or above) and sub-investment grade (i.e.BB+ or below) debt and debt-related securities as rated by Standard and Poor's or similar agencies;
- invest in a diverse set of risk premia across asset classes. A risk premia is the reward an investor may gain for taking a risk. For example, the equity risk premia is the potential for an investment in an equity to increase in value more than the same amount held in a risk free asset such as cash. The Fund seeks to capture premia which exist across equities, bonds, currencies, commodities and volatility;
- invest on a long and short basis; and
- use derivatives with the aim of risk or cost reduction or to generate additional capital or income; | #### El Fondo:
- lograr exposición a las acciones de empresas (es decir, renta variable) e inversiones similares, deuda (es decir, bonos) e inversiones similares, y divisas y materias primas, sobre todo mediante derivados (instrumentos financieros cuyo valor se deriva del de otros activos);
- inversión en valores de deuda y relacionados con la deuda con grado de inversión (es decir, BBB- o superior) y con grado inferior al de inversión (es decir, BB+ o inferior) con arreglo a la calificación otorgada por Standard and Poor’s o agencias similares;
- invertir en un conjunto diverso de primas de riesgo en distintas clases de activos. Las primas de riesgo constituyen la remuneración que puede obtener un inversor por asumir un riesgo. Por ejemplo, las primas de riesgo de renta variable constituyen el potencial de una inversión en una acción de ver aumentado su valor más que ese mismo importe mantenido en un activo libre de riesgo, como el efectivo. El Fondo pretende captar las primas existentes en las acciones, los bonos, las divisas, las materias primas y la volatilidad;
- invertir a corto y largo plazo; y
- emplear instrumentos derivados para reducir los riesgos o costes, o para generar capitales o ingresos adicionales; | #### The Fund will:
- gain exposure to company shares (i.e., equities) and similar investments, debt (i.e. bonds) and similar investments and currencies and commodities, principally through derivatives (financial instruments whose value is derived from other assets);
- invest in investment grade (i.e. BBB- or above) and sub-investment grade (i.e.BB+ or below) debt and debt-related securities as rated by Standard and Poor's or similar agencies;
- invest in a diverse set of risk premia across asset classes. A risk premia is the reward an investor may gain for taking a risk. For example, the equity risk premia is the potential for an investment in an equity to increase in value more than the same amount held in a risk free asset such as cash. The Fund seeks to capture premia which exist across equities, bonds, currencies, commodities and volatility;
- invest on a long and short basis; and
- use derivatives with the aim of risk or cost reduction or to generate additional capital or income; | en | es |
DOLFIN7385 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company has put in place a system of risk management procedures in order to measure the risk of the positions and their contribution to the overall risk of the portfolio.
The method of determining the overall risk is established on the basis of the investment policy and strategy of each Sub-Fund (and, in particular, on the basis of the use of derivative financial instruments).
One of the two methods below is used to monitor the overall risk: commitment method or the value at risk method. The method used is stated in the Fact Sheet of each Sub-Fund.
- Commitment methodThis method consists in converting the derivative financial instruments into equivalent positions in the underlying assets (where applicable, based on their respective sensitivity). This conversion may, if necessary, be replaced by the notional value. | La Sociedad Gestora ha instaurado un sistema de procedimientos de gestión del riesgo con objeto de medir el riesgo de las posiciones y su contribución al riesgo total de la cartera.
El método para determinar el riesgo total se establece sobre la base de la política y la estrategia de inversión de cada Subfondo (y, en particular, del uso de instrumentos financieros derivados).
Se utiliza uno de los dos métodos siguientes para vigilar el riesgo total: método del compromiso o método de valor en riesgo. El método utilizado se especifica en la Ficha Técnica de cada Subfondo.
- Método del compromisoEste método consiste en convertir los instrumentos derivados financieros en posiciones equivalentes en los activos subyacentes (donde proceda, sobre la base de su sensibilidad respectiva). Si es necesario, esta conversión puede ser sustituida por el valor teórico. | The Management Company has put in place a system of risk management procedures in order to measure the risk of the positions and their contribution to the overall risk of the portfolio.
The method of determining the overall risk is established on the basis of the investment policy and strategy of each Sub-Fund (and, in particular, on the basis of the use of derivative financial instruments).
One of the two methods below is used to monitor the overall risk: commitment method or the value at risk method. The method used is stated in the Fact Sheet of each Sub-Fund.
- Commitment methodThis method consists in converting the derivative financial instruments into equivalent positions in the underlying assets (where applicable, based on their respective sensitivity). This conversion may, if necessary, be replaced by the notional value. | en | es |
DOLFIN7388 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference J.P. Morgan Asia Credit Non-Investment Grade 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 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 proporcionar un alto nivel de renta corriente y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos de grado especulativo de alta rentabilidad de emisores o en bonos de alta rentabilidad de emisores de grado especulativo, todos ellos con sus actividades principales en Asia.
- Esta región incluye países considerados mercados emergentes.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Los tipos de bonos en los que invertirá principalmente este Subfondo tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación crediticia.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el J.P. Morgan Asia Credit Non-Investment Grade 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.
- 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 a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference J.P. Morgan Asia Credit Non-Investment Grade 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 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 |
DOLFIN7392 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The investment objective of the Fund is to seek capital gains over the medium term while maintaining low volatility. The Fund will seek to achieve its investment objective by following a fund of funds approach and accordingly up to 100% of the Net Asset Value of the Fund may be invested directly in Underlying Funds. The Fund will not invest more than 20% of its Net Asset Value in any one Underlying Fund. The Fund, through its investment in Underlying Funds, will be a multi strategy fund. The Investment Manager shall employ an asset allocation process which combines qualitative fund research, risk management and asset allocation management in order to achieve its investment objectives in an efficient manner. The asset allocation will target Underlying Funds pursuing a range of strategies including alternative and absolute return. Examples of the strategies include, but are not limited to, the following: equity market neutral, equity long/short, macro, credit long/short, bond, money market, multi-manager funds, event driven and volatility arbitrage. The Underlying Funds may be active
in specific and/or across various geographies, sectors and industries. Furthermore, there will be a focus on diversification and low correlation amongst Underlying Funds.
Although principally following a fund of funds approach the Fund may invest in Financial Derivative Instruments (FDI) for hedging purposes and/or investment purposes. The use of FDI is intended to contribute to the achievement of the investment objective on an ancillary basis. The Fund is actively managed but not managed in reference to any benchmark index.
The currency of the Fund is the EUR and your shares will be denominated in EUR.
Your shares are non-distributing (i.e. any income arising from your shares will be included in their value).
You may redeem your shares on demand on each banking day, which is a UK and Irish banking day. | # Objetivos y política de inversión
El objetivo de inversión del Fondo es buscar ganancias de capital a medio plazo manteniendo una volatilidad baja. El Fondo tratará de alcanzar su objetivo de inversión siguiendo un enfoque de fondo de fondos y, en consecuencia, se podrá invertir hasta el 100 % del Valor liquidativo del Fondo directamente en los Fondos subyacentes. El Fondo no invertirá más del 20 % del Valor liquidativo en ningún Fondo subyacente. El Fondo, a través de su inversión en Fondos subyacentes, será un fondo de estrategias múltiples. El Gestor de inversiones empleará un proceso de asignación de activos que combina la investigación cualitativa de los fondos, la gestión de riesgos y la gestión de la asignación de activos con el fin de lograr sus objetivos de inversión de manera eficiente. La asignación de activos se dirigirá a los Fondos subyacentes que sigan una serie de estrategias, entre ellas el rendimiento alternativo y absoluto. Entre los ejemplos de estas estrategias se incluyen, entre otros, los siguientes: neutralidad del mercado de renta variable, renta variable a corto/largo plazo macro, crédito a corto/largo plazo, fondos de bonos, del mercado monetario, y multigestores, y arbitraje impulsado por eventos y de volatilidad. Los
Fondos subyacentes pueden actuar en áreas geográficas, sectores e industrias específicos y/o en varios de ellos. Además, se centrará en la diversificación y la baja correlación entre los Fondos subyacentes. Aunque principalmente siguiendo un enfoque de fondo de fondos, el Fondo podrá invertir en Instrumentos Financieros Derivados (FDI) con fines de cobertura y/o de inversión. El uso de FDI tiene por objeto contribuir al logro del objetivo de inversión de manera accesoria.
El Fondo se gestiona activamente pero no se gestiona por referencia a ningún índice de referencia.
La divisa del Fondo es EUR y sus acciones estarán denominadas en EUR.
Sus acciones no son distributivas (es decir, cualquier ingreso que surja de sus acciones se incluirá en su valor).
Puede obtener el reembolso de sus acciones previa solicitud en cualquier día hábil a efectos bancarios, que sea un día hábil en Reino Unido e Irlanda. | # Objectives and investment policy
The investment objective of the Fund is to seek capital gains over the medium term while maintaining low volatility. The Fund will seek to achieve its investment objective by following a fund of funds approach and accordingly up to 100% of the Net Asset Value of the Fund may be invested directly in Underlying Funds. The Fund will not invest more than 20% of its Net Asset Value in any one Underlying Fund. The Fund, through its investment in Underlying Funds, will be a multi strategy fund. The Investment Manager shall employ an asset allocation process which combines qualitative fund research, risk management and asset allocation management in order to achieve its investment objectives in an efficient manner. The asset allocation will target Underlying Funds pursuing a range of strategies including alternative and absolute return. Examples of the strategies include, but are not limited to, the following: equity market neutral, equity long/short, macro, credit long/short, bond, money market, multi-manager funds, event driven and volatility arbitrage. The Underlying Funds may be active
in specific and/or across various geographies, sectors and industries. Furthermore, there will be a focus on diversification and low correlation amongst Underlying Funds.
Although principally following a fund of funds approach the Fund may invest in Financial Derivative Instruments (FDI) for hedging purposes and/or investment purposes. The use of FDI is intended to contribute to the achievement of the investment objective on an ancillary basis. The Fund is actively managed but not managed in reference to any benchmark index.
The currency of the Fund is the EUR and your shares will be denominated in EUR.
Your shares are non-distributing (i.e. any income arising from your shares will be included in their value).
You may redeem your shares on demand on each banking day, which is a UK and Irish banking day. | en | es |
DOLFIN7394 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Interest rates vary for each repurchase agreement and are set at the initiation of the agreement. It is the Company’s policy that cash and/or securities be received as collateral on a daily basis and held on behalf of the Sub-Funds by the tri-party agent in accordance with the requirements of the Central Bank UCITS Regulations to protect the Company in the event the cash and/or securities are not redeemed or repurchased by the counterparty. The Company will generally obtain additional collateral if the market value of cash and/or underlying securities is less than the obligation to repurchase under the repurchase agreement plus any accrued interest. In the event of default on the obligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings.
Details of the repurchase agreements are provided in the “Efficient Portfolio Management” section and comments on the relevant credit risk in the “Credit Risk” section of Note 13 to the financial statements.
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### RISK MANAGEMENT OBJECTIVES AND POLICIES | Los tipos de interés varían en función de cada contrato de recompra y se establecen al comienzo del mismo. La Sociedad tiene por política percibir las garantías en efectivo y / o valores a diario y que el agente tripartito los mantenga en nombre de los Subfondos, de acuerdo con los requisitos del Reglamento OICVM del Banco Central, a fin de proteger a la Sociedad en caso de que la contraparte no reembolse el efectivo y / o recompre los valores. Por lo general, la Sociedad obtendrá garantías adicionales si el valor de mercado del efectivo y / o los valores subyacentes es inferior a la obligación de recompra con arreglo al contrato de recompra más cualesquiera intereses devengados. En caso de incumplimiento de la obligación de recompra, la Sociedad tiene derecho a liquidar las garantías y destinar el producto a cumplir dicha obligación. En caso de impago o quiebra de la contraparte del contrato, la realización y / o la retención de las garantías o del producto podrá verse sujeta a procedimientos legales.
Los detalles de los contratos de recompra se recogen en la sección «Gestión eficiente de la cartera» y los comentarios sobre el correspondiente riesgo crediticio en la sección «Riesgo crediticio» de la Nota 13 a los estados financieros.
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### OBJETIVOS Y POLÍTICAS DE GESTIÓN DE RIESGOS | Interest rates vary for each repurchase agreement and are set at the initiation of the agreement. It is the Company’s policy that cash and/or securities be received as collateral on a daily basis and held on behalf of the Sub-Funds by the tri-party agent in accordance with the requirements of the Central Bank UCITS Regulations to protect the Company in the event the cash and/or securities are not redeemed or repurchased by the counterparty. The Company will generally obtain additional collateral if the market value of cash and/or underlying securities is less than the obligation to repurchase under the repurchase agreement plus any accrued interest. In the event of default on the obligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings.
Details of the repurchase agreements are provided in the “Efficient Portfolio Management” section and comments on the relevant credit risk in the “Credit Risk” section of Note 13 to the financial statements.
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### RISK MANAGEMENT OBJECTIVES AND POLICIES | en | es |
DOLFIN7399 | 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 achieve returns in all market conditions over the long term primarily by investing in fixed income securities (eg bonds) denominated in local currency or in the currency of OECD countries and/or financial derivative instruments (ie instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 The fixed income securities primarily invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The fixed income securities are not subject to minimum rating requirements. The Fund may invest up to 100% in emerging markets.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Portfolio may invest up to 25% of its Net Asset Value in aggregate in convertible bonds (which may embed derivatives and/or leverage) and options.
1 The Fund may invest up to 10% of its assets in shares of companies of emerging market countries or which carry out a significant part of their business in an emerging market country. The Fund may also invest up to 10% in other collective investment schemes.
1 Benchmark. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 25% of the Net Asset Value of the Portfolio. | # Objetivos y política de inversión
1 El Fondo trata de lograr rentabilidades en todas las condiciones de mercado a largo plazo, principalmente mediante la inversión en valores de renta fija (como bonos) denominados en divisa local o en la divisa de los países de la OCDE y/o instrumentos financieros derivados (es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes (IFD)).
1 Los valores de renta fija en los que principalmente se invierta serán emitidos o garantizados por sociedades que ofrezcan exposición a mercados emergentes o cuyo domicilio social se encuentre en mercados emergentes o por gobiernos, agencias gubernamentales u organismos supranacionales de mercados emergentes. Los valores se cotizarán o negociarán en mercados desarrollados o los emisores deberán pertenecer a mercados desarrollados y ofrecer exposición a mercados emergentes. Los valores de renta fija no están sujetos a requisitos de valoración mínima. El Fondo puede invertir hasta el 100% en mercados emergentes.
1 El Fondo podrá mantener una proporción considerable de su cartera en efectivo y/o invertir una proporción considerable de la cartera en activos líquidos (es decir, valores que puedan convertirse en efectivo de forma rápida y sencilla). Además, el Fondo podrá negociar en divisas globales.
1 Además, la Cartera podrá invertir hasta el 25% de su valor de inventario neto en bonos convertibles (que pueden integrar derivados y/o apalancamiento) y opciones.
1 El Fondo podrá invertir hasta el 10% de sus activos en acciones de sociedades de países de mercados emergentes o que ejerzan una parte preponderante de su actividad en un país de mercado emergente. El Fondo también podrá invertir hasta el 10% en otras instituciones de inversión colectiva.
1 Índice de referencia. El Fondo se gestiona de forma activa y no se utiliza ningún índice de referencia como universo de selección ni a efectos de comparación de la rentabilidad.
1 Las inversiones de la Cartera, ya sea de manera directa o indirecta mediante derivados, en valores de renta fija cotizados o negociados en Mercados Reconocidos en Rusia no excederán el 25 % del Valor liquidativo de la Cartera. | # Objectives and investment policy
1 The Fund aims to achieve returns in all market conditions over the long term primarily by investing in fixed income securities (eg bonds) denominated in local currency or in the currency of OECD countries and/or financial derivative instruments (ie instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 The fixed income securities primarily invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The fixed income securities are not subject to minimum rating requirements. The Fund may invest up to 100% in emerging markets.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Portfolio may invest up to 25% of its Net Asset Value in aggregate in convertible bonds (which may embed derivatives and/or leverage) and options.
1 The Fund may invest up to 10% of its assets in shares of companies of emerging market countries or which carry out a significant part of their business in an emerging market country. The Fund may also invest up to 10% in other collective investment schemes.
1 Benchmark. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 25% of the Net Asset Value of the Portfolio. | en | es |
DOLFIN7407 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry, exit and conversion charges shown are maximum figures applied on the primary market only. 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.
* Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com.
Past Performance
40 % .
30
20
10 | Los gastos de entrada, salida y conversión indicados son gastos máximos que solo se aplican en el mercado primario. 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.
* Los gastos de entrada y de salida únicamente serán aplicables cuando se suscriban o se reembolsen acciones directamente del Compartimento, y no se aplicarán cuando los inversores compren o vendan estas acciones en la bolsa de valores. Los inversores que negocien en bolsa pagarán las comisiones aplicada por sus intermediarios. Estos gastos se pueden obtener de los intermediarios.
Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com o amundietf.com.
Rentabilidad histórica
40 % .
30
20
10 | The entry, exit and conversion charges shown are maximum figures applied on the primary market only. 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.
* Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com.
Past Performance
40 % .
30
20
10 | en | es |
DOLFIN7409 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Promotion of Environmental, Social and Governance Characteristics
The Portfolios below promote environmental, social and governance characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related
disclosures in the financial services sector (“SFDR”).
- Threadneedle (Lux) – Pan European ESG Equities
- Threadneedle (Lux) – Emerging Market ESG EquitiesThe Sub-Advisor’s environmental, social and governance (“ESG”) investment criteria for the Portfolio are set out in its ESG Investment Guidelines, which may be amended from time-to-time. These are specific to the Portfolio and are over and above the Sub-Advisor’s own normal ethical practices. The Portfolio’s ESG Investment Guidelines are available on request. The key components to the ESG Investment Guidelines are as follows:
- ESG exclusion screening, which excludes companies that are unable to satisfy the ESG Investment Guidelines from time to time. By way of example, it may seek to exclude companies where a significant element of the business revenue is derived from activities such as the manufacture of controversial weapons, tobacco, gambling services, or companies that breach accepted international standards and principles;
- Companies that do not satisfy this exclusion screening may be assessed as suitable for investment by the Portfolio, if in the opinion of the Sub-Advisor they are clearly demonstrating improving ESG characteristics. By way of example, this may include companies that are actively reducing their share of business revenue derived from the type of activities described above. The Sub-Advisor applies these non-financial selection criteria to at least 90% of the total net assets of the Portfolio excluding ancillary liquid assets, and uses measurement methods such as responsible investment rating and exclusion screening to ensure that the Portfolio’s ESG profile exceeds that of the index. | # Promoción de las características ambientales, sociales y de gobernanza
Las siguientes Carteras promueven las características ambientales, sociales y de gobernanza en virtud del artículo 8 del Reglamento de la UE 2019/2088 sobre
la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
- Threadneedle (Lux) – Pan European ESG Equities
- Threadneedle (Lux) – Emerging Market ESG EquitiesLos criterios de inversión ambientales, sociales y de gobernanza («ESG») del Subasesor para la Cartera se establecen en sus Directrices de inversión ESG, que pueden modificarse oportunamente. Estas son específicas de la Cartera y están por encima de las prácticas éticas habituales del Subasesor. Las Directrices de inversión ESG de la Cartera están disponibles previa solicitud. Los componentes clave de las Directrices de inversión ESG son los siguientes:
- Análisis de exclusión ESG, que excluye a las empresas que no puedan cumplir las Directrices de inversión ESG cada cierto tiempo. A modo de ejemplo, puede tratar de excluir a empresas en las que un elemento significativo de los ingresos empresariales se derive de actividades como la fabricación de armas controvertidas, tabaco, servicios de juego o empresas que incumplan los estándares y principios internacionales aceptados.
- Las sociedades que no cumplan con este análisis de exclusión podrán calificarse como aptas para la inversión por la Cartera, si, en opinión del Subasesor, demuestran claramente la mejora de las características ESG. A modo de ejemplo, esto podrá incluir empresas que estén reduciendo activamente su cuota de ingresos empresariales derivados del tipo de actividades descritas anteriormente. El Subasesor aplica estos criterios de selección no financieros a al menos el 90% del patrimonio neto total de la Cartera, excluidos los activos líquidos accesorios, y utiliza métodos de medición como la calificación de inversión responsable y la selección de exclusión para garantizar que el perfil ESG de la Cartera supere al del índice. | # Promotion of Environmental, Social and Governance Characteristics
The Portfolios below promote environmental, social and governance characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related
disclosures in the financial services sector (“SFDR”).
- Threadneedle (Lux) – Pan European ESG Equities
- Threadneedle (Lux) – Emerging Market ESG EquitiesThe Sub-Advisor’s environmental, social and governance (“ESG”) investment criteria for the Portfolio are set out in its ESG Investment Guidelines, which may be amended from time-to-time. These are specific to the Portfolio and are over and above the Sub-Advisor’s own normal ethical practices. The Portfolio’s ESG Investment Guidelines are available on request. The key components to the ESG Investment Guidelines are as follows:
- ESG exclusion screening, which excludes companies that are unable to satisfy the ESG Investment Guidelines from time to time. By way of example, it may seek to exclude companies where a significant element of the business revenue is derived from activities such as the manufacture of controversial weapons, tobacco, gambling services, or companies that breach accepted international standards and principles;
- Companies that do not satisfy this exclusion screening may be assessed as suitable for investment by the Portfolio, if in the opinion of the Sub-Advisor they are clearly demonstrating improving ESG characteristics. By way of example, this may include companies that are actively reducing their share of business revenue derived from the type of activities described above. The Sub-Advisor applies these non-financial selection criteria to at least 90% of the total net assets of the Portfolio excluding ancillary liquid assets, and uses measurement methods such as responsible investment rating and exclusion screening to ensure that the Portfolio’s ESG profile exceeds that of the index. | en | es |
DOLFIN7433 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Qualified Unitholders and Total Redemption
The Manager shall have the power (but shall not be under a duty) to impose such restrictions as it may think necessary for the purpose of ensuring that no Units are acquired or held by any person in breach of the law or any requirements of any country or governmental authority, including any foreign exchange control regulations or by a United States Person or Japanese person (except in transactions exempt from the requirements of the United States Securities Act of 1933 (as amended) and applicable state securities laws) or by any person described in (a) to (f) below.
The Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:-
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding.
The Manager shall be entitled to give notice to such persons requiring him/her to transfer such Units to a person who is qualified or entitled to own them or submit a request for redemption. If any such person upon whom such a notice is served as aforesaid does not within 30 days after such notice transfer such Units or request the Manager to purchase such Units as aforesaid he shall be deemed forthwith upon the expiration of 30 days to have requested the Manager to purchase his Units and the Manager shall be entitled to appoint any delegate to sign on his/her behalf such documents as may be required for the purposes of the purchase of the said Units by the Manager.
All of the Units of any Fund or of the Unit Trust may be realised by the Manager if the holders of 75% in value of the relevant Class or Fund resolve at a meeting of the Unitholders duly convened and held that such Units should be redeemed.
The Manager may resolve at its discretion to retain sufficient monies prior to effecting a total redemption of Units to cover the costs associated with the subsequent termination of the Unit Trust or relevant Fund. | # Titulares de participaciones aptos y Amortización total
La Entidad gestora tendrá la facultad (pero no la obligación) de imponer las restricciones que considere necesarias a los efectos de garantizar que ninguna Participación sea adquirida por una persona, o sea propiedad de esta, en incumplimiento de la ley o de cualesquiera requisitos de un país o de una autoridad oficial, incluido el Reglamento de control de cambio de moneda, por una persona estadounidense o por una persona japonesa (salvo en transacciones exentas de los requisitos de la Ley de Valores de 1933 de Estados Unidos [en su versión modificada] y de las leyes estatales de valores que estén vigentes), o por alguna de las personas que se describen en los siguientes apartados (a) a (f).
La Entidad gestora podrá notificar en cualquier momento, por escrito, la amortización o la solicitud de transmisión de Participaciones de las que sea propietaria directa o usufructuaria:-
- una persona que incumpla una ley o un requisito de un país o de una autoridad gubernamental, o en virtud de los cuales esa persona no es apta para poseer dichas Participaciones;
- una Persona estadounidense;
- una Persona japonesa;
- una o varias personas que estén en circunstancias que (directa o indirectamente afecten a esas persona o personas, tomadas por separado o en conjunto con cualesquiera otras persona o personas vinculadas o no, o en cualquier otra circunstancia que la Entidad gestora considere relevante) en opinión de la Entidad gestora podrían causar que el Fideicomiso de inversiones o sus Titulares de participaciones incurran en una responsabilidad tributaria o sufran desventajas pecuniarias en las que, de otro modo, el Fideicomiso de inversiones o sus Titulares de participaciones no habrían incurrido o sufrido;
- un Titular de participaciones, tomando como base las circunstancias del Titular de participaciones en cuestión, si se tienen motivos suficientes para creer que el Titular de participaciones se dedica a actividades que podrían provocar que el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto sufran un perjuicio reglamentario, pecuniario, legal, tributario o administrativo importante, que en caso contrario el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto podrían no haber sufrido; o
- una persona o personas que posean Participaciones con un valor inferior al de la Participación mínima.
La Entidad gestora tendrá derecho a notificar a dichas personas solicitándoles que transmitan esas Participaciones a una persona cualificada o facultada para poseerlas o enviar una solicitud de amortización. Si esa persona a la que se entrega una notificación como se ha indicado antes, en el plazo de 30 días a partir de esa notificación, no transmite esas Participaciones ni solicita a la Entidad gestora que compre dichas Participaciones en la forma antes indicada, se considerará de inmediato, al vencimiento de los 30 días, que ha solicitado a la Entidad gestora que compre sus Participaciones y la Entidad gestora tendrá derecho a designar a un delegado para que suscriba en representación suya los documentos que se requieran a los efectos de la compra de dichas Participaciones por parte de la Entidad gestora.
La Entidad gestora podrá realizar todas las Participaciones de un Fondo o del Fideicomiso de inversiones cuando los titulares del 75% del valor de la Clase o Fondo pertinente acuerden, en una junta de Titulares de participaciones debidamente convocada, que dichas Participaciones deben ser amortizadas.
La Entidad gestora podrá determinar, a su discreción, la retención de importes dinerarios suficientes antes de tramitar una amortización total de Participaciones con el objetivo de cubrir los costes asociados con una disolución posterior del Fideicomiso de inversiones o el Fondo pertinente. | # Qualified Unitholders and Total Redemption
The Manager shall have the power (but shall not be under a duty) to impose such restrictions as it may think necessary for the purpose of ensuring that no Units are acquired or held by any person in breach of the law or any requirements of any country or governmental authority, including any foreign exchange control regulations or by a United States Person or Japanese person (except in transactions exempt from the requirements of the United States Securities Act of 1933 (as amended) and applicable state securities laws) or by any person described in (a) to (f) below.
The Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:-
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding.
The Manager shall be entitled to give notice to such persons requiring him/her to transfer such Units to a person who is qualified or entitled to own them or submit a request for redemption. If any such person upon whom such a notice is served as aforesaid does not within 30 days after such notice transfer such Units or request the Manager to purchase such Units as aforesaid he shall be deemed forthwith upon the expiration of 30 days to have requested the Manager to purchase his Units and the Manager shall be entitled to appoint any delegate to sign on his/her behalf such documents as may be required for the purposes of the purchase of the said Units by the Manager.
All of the Units of any Fund or of the Unit Trust may be realised by the Manager if the holders of 75% in value of the relevant Class or Fund resolve at a meeting of the Unitholders duly convened and held that such Units should be redeemed.
The Manager may resolve at its discretion to retain sufficient monies prior to effecting a total redemption of Units to cover the costs associated with the subsequent termination of the Unit Trust or relevant Fund. | en | es |
DOLFIN7438 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Scenarios | If you exit after 1 year If you exit after 3 years (recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | GBP 6,650 | GBP 9,050 |
| Average return each year | -33.5% | -3.3% |
| Unfavourable scenario | What you might get back after costs | GBP 9,900 | GBP 10,270 |
| Average return each year | -1.0% | 0.9% |
| Moderate scenario | What you might get back after costs | GBP 10,360 | GBP 11,100 |
| Average return each year | 3.6% | 3.5% |
| Favourable scenario | What you might get back after costs | GBP 10,800 | GBP 11,940 |
| Average return each year | 8.0% | 6.1% | | | Escenarios | En caso de salida después de 1 año En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 6.650 GBP | 9.050 GBP |
| Rendimiento medio cada año | -33,5% | -3,3% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 9.900 GBP | 10.270 GBP |
| Rendimiento medio cada año | -1,0% | 0,9% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10.360 GBP | 11.100 GBP |
| Rendimiento medio cada año | 3,6% | 3,5% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 10.800 GBP | 11.940 GBP |
| Rendimiento medio cada año | 8,0% | 6,1% | | | Scenarios | If you exit after 1 year If you exit after 3 years (recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | GBP 6,650 | GBP 9,050 |
| Average return each year | -33.5% | -3.3% |
| Unfavourable scenario | What you might get back after costs | GBP 9,900 | GBP 10,270 |
| Average return each year | -1.0% | 0.9% |
| Moderate scenario | What you might get back after costs | GBP 10,360 | GBP 11,100 |
| Average return each year | 3.6% | 3.5% |
| Favourable scenario | What you might get back after costs | GBP 10,800 | GBP 11,940 |
| Average return each year | 8.0% | 6.1% | | en | es |
DOLFIN7441 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Derivatives may involve a number of associated risks such as leverage, liquidity, counterparty, market and operational risks.
- - Impact of inflation:The UCITS may be exposed to the risk associated with inflation, i.e. the general rise in prices.
- - Risks related to securities financing transactions and risks related to the management of financial guarantees:These transactions and the collateral received on them could create risks for the UCITS, such as (i) counterparty risk (as described above), (ii) legal risk, (iii) custody risk, (iv) liquidity risk (i.e. the risk resulting from the difficulty of purchasing, selling, terminating or valuing a security or transaction because of the lack of buyers, sellers or counterparties) and, where applicable, (v) risks linked to the reuse of collateral (i.e. mainly the risk that the collateral posted by the UCITS will not be returned to it, e.g. as a result of the default of the counterparty).
- - Risks linked to investments in a single entity:Risk resulting from the concentration of investments made by the UCITS on certain issuers and which may lead to a fall in the net asset value when these issuers present a risk of loss in value or default.
- - Currency risk (residual):The UCITS may invest in foreign securities, i.e. securities denominated in currencies other than the reference currency.
Consequently, the UCITS may be subject to currency risk through its intervention on international markets (outside the euro zone) when these investments and/or exposures are not fully hedged or when currency hedging is not perfect.
- ESG Risk:The inclusion of ESG criteria and sustainability in the investment process may exclude securities of certain issuers for reasons other than investment and therefore certain market opportunities available for funds that do not use ESG or sustainability criteria may not be available to the UCITS, and the performance of the UCITS may sometimes be better or worse than that of comparable funds that do not use ESG or sustainability criteria. In part, the selection of assets may be based on an ESG rating process or on ‘ban list’ that is partly based on third party data. The lack of common or harmonised definitions and labels integrating ESG and sustainability criteria at EU level may result in different approaches by managers when setting ESG objectives and determining that these objectives have been met by the funds they manage. This also means that it may be difficult to compare strategies integrating ESG and sustainability criteria to the extent that the selection and weightings applied to select investments may to a certain extent be subjective or based on metrics that may share the same name but have different underlying meanings.
Investors should note that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Investment Manager’s methodology. The lack of harmonised definitions may also potentially result in certain investments not benefitting from preferential tax treatments or credits because ESG criteria are assessed differently than initially thought.
- Integration of sustainability risks in the investment decision making process:The sustainability risk is an event or situation in the environmental, social or governance field that, if it occurs, could have a significant negative impact, real or potential, on the value of the investment in the UCITS.
The UCITS uses a sustainability risk approach that results from significant integration of ESG (environment, social and governance) criteria in the research and investment process. The UCITS has set up a framework for integrating sustainability risks into investment decisions based on sustainability factors (or ‘ESG factors,’ hereinafter) which is based in particular on sectoral and normative exclusions and an ESG rating methodology. | # Los derivados pueden conllevar una serie de riesgos asociados, como el apalancamiento, la liquidez, la contraparte, el mercado y los riesgos operativos.
- - Consecuencias de la inflación:El OICVM podrá estar expuesto al riesgo vinculado a la inflación, es decir, al aumento general de los precios.
- - Riesgos vinculados a las operaciones de financiación con valores y riesgos vinculados a la gestión de garantías financieras:Dichas operaciones y garantías relacionadas con ellas pueden generar riesgos para el OICVM, como por ejemplo (i) el riesgo de contraparte (según se describe anteriormente), (ii) el riesgo jurídico, (iii) el riesgo de custodia, (iv) el riesgo de liquidez (es decir, el riesgo resultante de la dificultad de comprar, vender, rescindir o valorar un título o una transacción debido a la falta de compradores, vendedores, o contrapartes) y, en su caso, (v) los riesgos relacionados con la reutilización de las garantías (es decir, principalmente el riesgo de que no se le devuelvan las garantías financieras entregadas por el OICVM, por ejemplo, a raíz del incumplimiento de la contraparte).
- - Riesgos inherentes a las inversiones en una misma entidad:Riesgo resultante de la concentración de las inversiones realizadas por el OICVM en determinados emisores y que pueden conllevar una disminución del valor liquidativo cuando dichos emisores presentan concretamente un riesgo de pérdida de valor o de impago.
- - Riesgo de cambio (residual):El OICVM podrá invertir en valores extranjeros, es decir, títulos denominados en divisas distintas de la divisa de referencia.
Por lo tanto, el OICVM puede estar sujeto al riesgo de cambio por su intervención en los mercados internacionales (fuera de la zona euro) cuando dichas inversiones y/o exposiciones no se cubren íntegramente o cuando no se han perfeccionado las coberturas de divisas.
- Riesgo vinculado a los criterios ESG:La integración de los criterios ASG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por motivos distintos de la inversión y, en consecuencia, ciertas oportunidades de mercado disponibles para los fondos que no utilizan los criterios ASG o de sostenibilidad pueden no estar disponibles para el OICVM, y en ocasiones la rentabilidad del OICVM puede ser mejor o peor que la de fondos comparables que no utilizan los criterios ESG o de sostenibilidad. La selección de activos puede basarse en parte en un proceso de calificación ESG o en listas de exclusión ("banlist") que se basan en parte en datos de terceros. La ausencia de definiciones y etiquetas comunes o armonizadas que incorporen los criterios ASG y de sostenibilidad a nivel de la UE puede llevar a los gestores a adoptar enfoques diferentes a la hora de definir los objetivos ASG y determinar que dichos objetivos han sido alcanzados por los fondos que gestionan. También significa que puede resultar difícil comparar estrategias que incorporan criterios ASG y de sostenibilidad, ya que la selección y las ponderaciones que se aplican a las inversiones seleccionadas pueden ser, hasta cierto punto, subjetivas o basadas en indicadores que pueden apostar por el mismo nombre, pero con distintos significados subyacentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden o no asignar a ciertos tipos de criterios ASG puede diferir sustancialmente de la metodología del gestor de inversiones. La falta de definiciones armonizadas puede también tener como consecuencia que algunas inversiones no se beneficien de regímenes fiscales preferenciales o de créditos, ya que los criterios ESG se valoran de manera diferente a la prevista inicialmente.
- Integración de los riesgos de sostenibilidad en el proceso de toma de decisiones de inversión:El riesgo de sostenibilidad es un acontecimiento o una situación medioambiental, social o de gobernanza que, de producirse, podría perjudicar considerablemente, ya sea real o potencial, el valor de la inversión en el OICVM.
El OICVM utiliza un enfoque de los riesgos en materia de sostenibilidad que se deriva de una integración importante de los criterios ESG (medioambiental, social y gobierno corporativo) en el proceso de investigación e inversión. El OICVM ha establecido un marco para integrar los riesgos de sostenibilidad en las decisiones de inversión basado en factores de sostenibilidad (o "factores ESG", en lo sucesivo) que se basa principalmente en exclusiones sectoriales y normativas y en una metodología de calificación ESG. | # Derivatives may involve a number of associated risks such as leverage, liquidity, counterparty, market and operational risks.
- - Impact of inflation:The UCITS may be exposed to the risk associated with inflation, i.e. the general rise in prices.
- - Risks related to securities financing transactions and risks related to the management of financial guarantees:These transactions and the collateral received on them could create risks for the UCITS, such as (i) counterparty risk (as described above), (ii) legal risk, (iii) custody risk, (iv) liquidity risk (i.e. the risk resulting from the difficulty of purchasing, selling, terminating or valuing a security or transaction because of the lack of buyers, sellers or counterparties) and, where applicable, (v) risks linked to the reuse of collateral (i.e. mainly the risk that the collateral posted by the UCITS will not be returned to it, e.g. as a result of the default of the counterparty).
- - Risks linked to investments in a single entity:Risk resulting from the concentration of investments made by the UCITS on certain issuers and which may lead to a fall in the net asset value when these issuers present a risk of loss in value or default.
- - Currency risk (residual):The UCITS may invest in foreign securities, i.e. securities denominated in currencies other than the reference currency.
Consequently, the UCITS may be subject to currency risk through its intervention on international markets (outside the euro zone) when these investments and/or exposures are not fully hedged or when currency hedging is not perfect.
- ESG Risk:The inclusion of ESG criteria and sustainability in the investment process may exclude securities of certain issuers for reasons other than investment and therefore certain market opportunities available for funds that do not use ESG or sustainability criteria may not be available to the UCITS, and the performance of the UCITS may sometimes be better or worse than that of comparable funds that do not use ESG or sustainability criteria. In part, the selection of assets may be based on an ESG rating process or on ‘ban list’ that is partly based on third party data. The lack of common or harmonised definitions and labels integrating ESG and sustainability criteria at EU level may result in different approaches by managers when setting ESG objectives and determining that these objectives have been met by the funds they manage. This also means that it may be difficult to compare strategies integrating ESG and sustainability criteria to the extent that the selection and weightings applied to select investments may to a certain extent be subjective or based on metrics that may share the same name but have different underlying meanings.
Investors should note that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Investment Manager’s methodology. The lack of harmonised definitions may also potentially result in certain investments not benefitting from preferential tax treatments or credits because ESG criteria are assessed differently than initially thought.
- Integration of sustainability risks in the investment decision making process:The sustainability risk is an event or situation in the environmental, social or governance field that, if it occurs, could have a significant negative impact, real or potential, on the value of the investment in the UCITS.
The UCITS uses a sustainability risk approach that results from significant integration of ESG (environment, social and governance) criteria in the research and investment process. The UCITS has set up a framework for integrating sustainability risks into investment decisions based on sustainability factors (or ‘ESG factors,’ hereinafter) which is based in particular on sectoral and normative exclusions and an ESG rating methodology. | en | es |
DOLFIN7446 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70%, normally 75% in shares of companies in countries which are members of the Economic and Monetary Union (EMU) and denominated in Euro.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies 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 complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers with a MSCI ESG rating below ‘’A’’, having exposure to adult entertainment, gambling, uranium mining, nuclear power plant operators or producers of key nuclear- specific products, the nuclear power industry, coal mining, oil sands, fracking, fossil fuel extraction, coalfired power generation, or with high carbon intensity (over 500 tonnes of CO2 per $1m sales, Scope 1 & 2).
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- 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.
- The fund will aim to have a lower carbon footprint compared to that of the MSCI EMU Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the Index as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index and do not imply that the fund will invest in the Index’s constituents. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.
- The fund’s performance can be compared to the Index.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos el 70 %, normalmente el 75 %, en acciones de empresas de países miembros de la Unión Económica y Monetaria (UEM) denominadas en euros.
- El Subfondo sigue una estrategia centrada en la sostenibilidad en virtud de la cual, como mínimo un 70 % de su patrimonio neto se invertirá en acciones de empresas 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 se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones. Además, el Gestor de Inversiones excluirá la inversión en aquellos sectores con una calificación ESG de MSCI inferior a A, expuestos al entretenimiento para adultos, el juego, la extracción de uranio, la gestión de centrales nucleares o la producción de energía nuclear, o productos nucleares clave concretos, la energía nuclear, la minería de carbón, las arenas bituminosas, el fracking, la extracción de combustibles fósiles o la generación de energía en centrales de carbón, o con alta intensidad de carbono (más de 500 toneladas de CO2 por cada millón de dólares en ventas, emisiones de alcance 1 y 2).
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. El universo de inversión del Subfondo se reduce en, como mínimo, un 20 % debido a la exclusión de emisores sobre la base de sus características ESG.
- 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.
- El Subfondo tiene como objetivo contar con una huella de carbono inferior a la del MSCI EMU Index (Net) (el «Índice»).
- El Subfondo se gestiona de forma activa. A la hora de elegir las inversiones del Subfondo y a efectos de supervisión del riesgo, el Gestor de Inversiones tendrá en cuenta el Índice, ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo. Al supervisar el riesgo, el Gestor de Inversiones se remite al Índice para establecer directrices internas. Dichas directrices representan niveles generales de exposición en relación con el Índice y no suponen que el Subfondo invierta en aquellas empresas que lo componen. Cuando el Subfondo invierte en valores que forman parte del Índice, es probable que su asignación a los mismos sea distinta a la del Índice. El Gestor de Inversiones dispone de un amplio margen de libertad con respecto a la selección de inversiones y puede invertir en empresas, sectores, países y valores no incluidos en el Índice para aprovechar las oportunidades de inversión. Se espera que la rentabilidad del Subfondo sea distinta a la del Índice durante periodos de tiempo prolongados. Sin embargo, habrá periodos de tiempo cortos en los que la rentabilidad del Subfondo será parecida a la del Índice, en función de las condiciones del mercado.
- La rentabilidad del Subfondo puede compararse con la del Índice.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70%, normally 75% in shares of companies in countries which are members of the Economic and Monetary Union (EMU) and denominated in Euro.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies 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 complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers with a MSCI ESG rating below ‘’A’’, having exposure to adult entertainment, gambling, uranium mining, nuclear power plant operators or producers of key nuclear- specific products, the nuclear power industry, coal mining, oil sands, fracking, fossil fuel extraction, coalfired power generation, or with high carbon intensity (over 500 tonnes of CO2 per $1m sales, Scope 1 & 2).
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- 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.
- The fund will aim to have a lower carbon footprint compared to that of the MSCI EMU Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the Index as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index and do not imply that the fund will invest in the Index’s constituents. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.
- The fund’s performance can be compared to the Index.
- 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 |
DOLFIN7448 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 4 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 4 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 4 480 EUR | 5 020 EUR |
| Average return each year | -55.20% | -15.83% |
| Unfavourable | What you might get back after costs | 8 480 EUR | 8 680 EUR |
| Average return each year | -15.20% | -3.48% |
| Moderate | What you might get back after costs | 10 400 EUR | 11 780 EUR |
| Average return each year | 4.00% | 4.18% |
| Favourable | What you might get back after costs | 12 300 EUR | 13 140 EUR |
| Average return each year | 23.00% | 7.07% | | | Periodo de mantenimiento recomendado: 4 años Ejemplo de inversión: 10 000 EUR En caso de salida En caso de salida después de 1 año después de 4 años Escenarios |
| --- |
| Mínimo | |
| Tensión | Lo que podría recibir tras deducir los costes | 4 480 EUR | 5 020 EUR |
| Rendimiento medio cada año | -55.20% | -15.83% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 480 EUR | 8 680 EUR |
| Rendimiento medio cada año | -15.20% | -3.48% |
| Moderado | Lo que podría recibir tras deducir los costes | 10 400 EUR | 11 780 EUR |
| Rendimiento medio cada año | 4.00% | 4.18% |
| Favorable | Lo que podría recibir tras deducir los costes | 12 300 EUR | 13 140 EUR |
| Rendimiento medio cada año | 23.00% | 7.07% | | | Recommended holding period: 4 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 4 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 4 480 EUR | 5 020 EUR |
| Average return each year | -55.20% | -15.83% |
| Unfavourable | What you might get back after costs | 8 480 EUR | 8 680 EUR |
| Average return each year | -15.20% | -3.48% |
| Moderate | What you might get back after costs | 10 400 EUR | 11 780 EUR |
| Average return each year | 4.00% | 4.18% |
| Favourable | What you might get back after costs | 12 300 EUR | 13 140 EUR |
| Average return each year | 23.00% | 7.07% | | en | es |
DOLFIN7450 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives
This Fund is actively managed. The benchmark 100% ICE BofAML European Crncy Non-Fin High Yield BB-B Constrained (hedged in EUR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in high-yield bonds or other debt instruments denominated in various european currencies.
After hedging, the exposure to currencies other than the euro will not exceed 5%.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT Sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Fund. An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | ## Objetivos
Este Fondo se gestiona de manera activa. El índice de referencia 100% ICE BofAML European Crncy Non-Fin High Yield BB-B Constrained (hedged in EUR) se utiliza únicamente para comparar la rentabilidad. El Fondo no está limitado por el índice de referencia, y su rentabilidad puede diferir considerablemente de la de dicho índice.
El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo en bonos de alto rendimiento o en otros instrumentos de deuda denominados en diversas divisas europeas.
Después de la cobertura, la exposición a monedas diferentes del EUR no excederá el 5
El equipo de inversiones aplica asimismo la Política de inversión sostenible de BNP PARIBAS ASSET MANAGEMENT, que tiene en cuenta los criterios ambientales, sociales y de gobernanza (ESG) en cada etapa de las inversiones del Fondo, incluidos, entre otros, la reducción de las emisiones de gases de efecto invernadero, el respeto de los derechos humanos o el respeto de los derechos de los accionistas minoritarios. Una estrategia extrafinanciera puede incluir limitaciones metodológicas, como el riesgo de inversióndefinido por el gestor de activos. Los criterios ambientales, sociales y de gobernanza (ESG) contribuyen a la toma de decisiones del gestor, pero no constituyen un factor determinante.
Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. | ## Objectives
This Fund is actively managed. The benchmark 100% ICE BofAML European Crncy Non-Fin High Yield BB-B Constrained (hedged in EUR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in high-yield bonds or other debt instruments denominated in various european currencies.
After hedging, the exposure to currencies other than the euro will not exceed 5%.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT Sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Fund. An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | en | es |
DOLFIN7451 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Recommended holding period: three to six months
Frequency of unit buying or selling: Daily, with the exception of public holidays in France and days on which the French markets are closed (official calendar of Euronext Paris S.A.), for all orders received by the clearing house before 12.30 p.m. on each NAV calculation day and processed at an unknown price based on that day’s net asset value.
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward | ## Plazo de inversión recomendado de 3 a 6 meses
Frecuencia para comprar o vender participaciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas y tramitadas a precio desconocido en función del valor liquidativo del día.
Asignación de los ingresos: Distribución
Asignación de las plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | ## Recommended holding period: three to six months
Frequency of unit buying or selling: Daily, with the exception of public holidays in France and days on which the French markets are closed (official calendar of Euronext Paris S.A.), for all orders received by the clearing house before 12.30 p.m. on each NAV calculation day and processed at an unknown price based on that day’s net asset value.
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward | en | es |
DOLFIN7452 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo invierte en bonos cuyo valor depende de que el
características medioambientales y sociales, o una combinación de ambas, pero no persigue con ello una estrategia de inversión orientada explícitamente a cuestiones ESG o a la sostenibilidad. La moneda del fondo es EUR. El fondo reparte dividendos anual. Por lo general, puede solicitar el reembolso de sus acciones diariamente. La sociedad podrá, no obstante, suspender o limitar el reembolso cuando, por circunstancias extraordinarias, la suspensión o restricción resulte indispensable en atención a los intereses de los inversores.
emisor esté en condiciones de efectuar pagos. El riesgo de impago también puede estar sujeto a fluctuaciones en los emisores. El fondo invierte en instrumentos financieros que, en principio, cuentan con una liquidez suficiente pero que, en determinadas circunstancias, pueden volverse ilíquidos. Es decir, es posible que la negociación ordinaria se vea afectada de forma transitoria o resulte irrealizable. El fondo invierte en bonos convertibles contingentes. Este tipo de bonos conlleva una mayor probabilidad de devaluación total o parcial que los bonos clásicos. La inversión en esta clase especial de bonos puede producir pérdidas considerables en la cartera como consecuencia de determinados eventos desencadenantes. Las inversiones de este tipo también pueden convertirse en acciones de la empresa emisora, que pueden sufrir igualmente retrocesos en su valor.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7465 | 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 Refinitiv Global Focus Convertible Bond TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. It mainly invests in bonds that may be converted into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options) and financial derivative instruments on convertible bonds. The Sub-Fund focuses on the asymmetrical profile of the asset class, i.e. profiting from equity market upturns while benefiting from the downside protection of a fixed-income structure. Derivatives is used for hedging
and efficient of portfolio management and as part of investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El índice Refinitiv Global Focus Convertible Bond TR se utiliza a efectos de comparación de la rentabilidad y con fines de control del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del subfondo. Los valores a los que se dirige el subfondo pueden ser similares a los del índice en un grado que varía con el tiempo, pero se espera que su ponderación difiera sustancialmente. La rentabilidad del subfondo puede diferir sustancialmente de la rentabilidad del índice. El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Invierte principalmente en bonos que pueden convertirse en acciones y en instrumentos relacionados como warrants y acciones preferentes convertibles, denominadas en diversas divisas, así como en bonos convertibles sintéticos (compras segregadas de bonos y opciones) y en instrumentos derivados financieros sobre bonos convertibles. El subfondo intenta explotar el perfil asimétrico de esta clase de activo, es decir, la posibilidad de participar en la revalorización del mercado de renta variable y, al mismo tiempo, estar protegido frente a pérdidas
gracias a una estructura de renta fija. Los derivados se utilizan con fines de cobertura y gestión eficaz de la cartera, así como dentro de la estrategia de inversión.
El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de ambas, a efectos del artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional al analizar el perfil de sostenibilidad de las inversiones del subfondo (lo que incluye selección y puntuaciones, exclusiones, restricciones y revisiones cualitativas y cuantitativas de sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Refinitiv Global Focus Convertible Bond TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. It mainly invests in bonds that may be converted into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options) and financial derivative instruments on convertible bonds. The Sub-Fund focuses on the asymmetrical profile of the asset class, i.e. profiting from equity market upturns while benefiting from the downside protection of a fixed-income structure. Derivatives is used for hedging
and efficient of portfolio management and as part of investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN7469 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.15% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above MSCI WORLD (dividend reinvested)(EUR). |
| Over the last accounting year, a performance fee of 0.05% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 2,15% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | El 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del MSCI WORLD, dividendos reinvertidos (EUR). |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,05%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.15% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above MSCI WORLD (dividend reinvested)(EUR). |
| Over the last accounting year, a performance fee of 0.05% was charged. | | en | es |
DOLFIN7472 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 6?
The Fund presents a high level of risk due to its strategy of investing at least 75% of its assets in Euro Zone equities.
## Material risks to the Fund that are not taken into account in the indicator:
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Fund’s net asset value may fall. | # PERFIL DE RIESGO Y REMUNERACIÓN
Los datos históricos, como los utilizados para calcular el indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
El perfil de riesgo no es constante y podrá evolucionar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El capital inicialmente invertido no está garantizado.
A menor riesgo A mayor riesgo
Remuneración potencialmente menor Remuneración potencialmente mayor
## Motivos por los que se ha asignado al Fondo la categoría 6:
El Fondo presenta un nivel de riesgo elevado debido a su estrategia de inversión, que consiste en invertir como mínimo el 75% de su patrimonio en renta variable de países de la zona euro.
## Riesgos importantes para el Fondo que no engloba el indicador:
Riesgo de liquidez:el Fondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones.
Riesgo de contraparte: representa el riesgo de impago de una contraparte que le impida satisfacer sus obligaciones de pago. El Fondo podrá estar expuesto a este riesgo cuando la entidad de crédito con la que ha celebrado contratos extrabursátiles u OTC de instrumentos financieros a plazo o de adquisición y cesión temporal de valores no pueda cumplir sus compromisos.
Cualquiera de estos riesgos podría conllevar una disminución de valor liquidativo del Fondo. | # RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 6?
The Fund presents a high level of risk due to its strategy of investing at least 75% of its assets in Euro Zone equities.
## Material risks to the Fund that are not taken into account in the indicator:
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Fund’s net asset value may fall. | en | es |
DOLFIN7488 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.31% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 131.5 USD |
| Transaction costs | 0.28% 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. | 27.7 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.30%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 30 USD | | | Costes únicos de entrada o salida | | If you exit after 1 year |
| --- | --- | --- |
| Costes de entrada | 0.00%, no cobramos una tarifa de entrada por este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes de salida | 0.00%, no cobramos una tarifa de salida para este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativ os o de funcionamien to | 1.31% del valor de sus inversiones por año. Esta es una estimación basada en los costos reales durante el último año. | 131.5 USD |
| Costes de operación | 0.28% 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. | 27.7 USD |
| Costes accesorios detraídos en condiciones específicas | | |
| Comisiones de rendimiento | 0.30%, una tarifa de rendimiento del 10 % p.a. por encima del punto de referencia (con marca de agua alta) es aplicable. La cantidad real variará según el rendimiento de su inversión. La estimación de este documento incluye la media de los últimos 5 años. | 30 USD | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.31% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 131.5 USD |
| Transaction costs | 0.28% 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. | 27.7 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.30%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 30 USD | | en | es |
DOLFIN7489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### RESPONSIBILITIES
The management company is responsible for investment management, administrative services, marketing services and distribution services. The management company also serves as domiciliary agent, in which capacity it is responsible for the administrative work required by law and the articles of incorporation, and for keeping the books and records of the sub-funds and the SICAV. The management company is subject to Chapter 15 of the 2010 Law.
The management company has the option of delegating to third parties some or all of its responsibilities. For example, so long as it retains control and supervision, the management company can appoint one or more investment managers to handle the day-to-day management of sub-fund assets, or one or more advisors to provide investment information, recommendations and research concerning prospective and existing investments. The management company can also appoint various service providers, including those listed below, and can appoint distributors to market and distribute sub-fund shares in any jurisdiction where the shares are approved for sale. | ##### RESPONSABILIDADES
La sociedad gestora es responsable de la gestión de inversiones, de los servicios administrativos, de marketing y de distribución. La sociedad gestora actúa además como agente domiciliario y, como tal, es responsable del trabajo administrativo requerido por la ley y por los estatutos de constitución, así como del mantenimiento de los libros y registros de los subfondos y de la SICAV. La sociedad gestora está sujeta al capítulo 15 de la ley de 2010.
La sociedad gestora tiene la opción de delegar en terceras partes todas o algunas de sus responsabilidades. Por ejemplo, siempre que mantenga el control y la supervisión, la sociedad gestora podrá nombrar a uno o más gestores de inversiones para que se encarguen de la gestión diaria de los activos de los subfondos, o a uno o más asesores que proporcionen información, recomendaciones y estudios sobre posibles inversiones y sobre las inversiones actuales. La sociedad gestora podrá además nombrar a varios proveedores de servicios, incluidos los enumerados a continuación, y podrá nombrar a distribuidores que comercialicen y distribuyan las acciones de los subfondos en cualquier jurisdicción en la que esté permitida la venta de las acciones. | ##### RESPONSIBILITIES
The management company is responsible for investment management, administrative services, marketing services and distribution services. The management company also serves as domiciliary agent, in which capacity it is responsible for the administrative work required by law and the articles of incorporation, and for keeping the books and records of the sub-funds and the SICAV. The management company is subject to Chapter 15 of the 2010 Law.
The management company has the option of delegating to third parties some or all of its responsibilities. For example, so long as it retains control and supervision, the management company can appoint one or more investment managers to handle the day-to-day management of sub-fund assets, or one or more advisors to provide investment information, recommendations and research concerning prospective and existing investments. The management company can also appoint various service providers, including those listed below, and can appoint distributors to market and distribute sub-fund shares in any jurisdiction where the shares are approved for sale. | en | es |
DOLFIN7490 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charges | 1.33% |
| Charges taken from the Fund under specific conditions |
| Performance charge | No performance fee for the previous year. | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 1,33% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No se aplicó ninguna comisión de rentabilidad durante el ejercicio anterior. | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charges | 1.33% |
| Charges taken from the Fund under specific conditions |
| Performance charge | No performance fee for the previous year. | | en | es |
DOLFIN7494 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(EUR) | LU2169558033 | Institutional investors | Euro | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(GBP) | LU2188768118 | Institutional investors | Great Britain Pound | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(USD) | LU2188768209 | Institutional investors | U.S. Dollar | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(CHF) | LU2188768035 | Institutional investors | Swiss Franc | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers 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. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| I/A(EUR) | LU2169558033 | Inversores institucionales | Euro | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| I/A(GBP) | LU2188768118 | Inversores institucionales | Libra esterlina | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| I/A(USD) | LU2188768209 | Inversores institucionales | Dólar estadounidense | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| I/A(CHF) | LU2188768035 | Inversores institucionales | Franco suizo | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(EUR) | LU2169558033 | Institutional investors | Euro | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(GBP) | LU2188768118 | Institutional investors | Great Britain Pound | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(USD) | LU2188768209 | Institutional investors | U.S. Dollar | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(CHF) | LU2188768035 | Institutional investors | Swiss Franc | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers 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. | | en | es |
DOLFIN7498 | 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 investment objective is to seek attractive long-term returns through an investment portfolio comprised of long and short positions in equity securities. The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide, as well as in Cash and Cash Equivalents. The Investment Manager may invest up to one-third (1/3rd) of the Sub-Fund's portfolio outside these parameters, in particular in (i) bonds and fixed or floating-rate securities and/or (ii) convertible bonds. Non-investment grade debt securities may not be purchased. The Sub- Fund seeks to invest in companies whose businesses are focused on commercial solutions to the world’s challenges in areas such as modernizing capital and industrial infrastructure, healthy and productive living, environmental solutions, sustainable food systems, and others. The Sub-Fund will seek, through the use of short derivative instruments, to short over-valued equities of companies exacerbating these
challenges. The investment approach applied by the Investment Manager utilizes a proprietary impact assessment methodology and follows a rigorous, fundamental, bottom-up research process. The Investment Manager will strive to construct a diversified portfolio of positions and the strategy is expected to have limited correlation to traditional markets. The Sub-Fund may invest up to 10% of its net assets in UCIs. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El subfondo no se gestiona con referencia a un índice. El objetivo de inversión del subfondo es lograr rentabilidades atractivas a largo plazo mediante una cartera de inversiones compuesta de posiciones largas y cortas en valores de renta variable. El subfondo invierte en renta variable y valores relacionados con renta variable (incluidos, entre otros, warrants) emitidos por empresas de todo el mundo, así como en efectivo y equivalentes de efectivo. El gestor de inversiones podrá invertir hasta un tercio (1/3) de la cartera del subfondo fuera de estos parámetros, en particular en (i) bonos y valores a tipo fijo o variable y/o (ii) bonos convertibles. No se pueden comprar valores de deuda sin grado de inversión. El subfondo busca invertir en empresas cuyos negocios se centran en soluciones comerciales para los desafíos que afronta la sociedad, en áreas como modernización de capital e infraestructura industrial, vida saludable y productiva, soluciones medioambientales, sistemas alimentarios sostenibles y otros. El subfondo buscará, mediante el uso de instrumentos derivados cortos, adoptar posiciones cortas en acciones sobrevaloradas de empresas que exacerben estos desafíos. El enfoque
de inversión aplicado por el gestor de inversiones utiliza una metodología de evaluación de impacto propia y sigue un proceso de investigación riguroso, fundamental y ascendente (bottom-up). El gestor de inversiones se esforzará por construir una cartera diversificada de posiciones y se espera que la estrategia tenga una correlación limitada con los mercados tradicionales. El subfondo podrá invertir hasta un 10% de su patrimonio neto en OIC. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. The Sub-Fund investment objective is to seek attractive long-term returns through an investment portfolio comprised of long and short positions in equity securities. The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide, as well as in Cash and Cash Equivalents. The Investment Manager may invest up to one-third (1/3rd) of the Sub-Fund's portfolio outside these parameters, in particular in (i) bonds and fixed or floating-rate securities and/or (ii) convertible bonds. Non-investment grade debt securities may not be purchased. The Sub- Fund seeks to invest in companies whose businesses are focused on commercial solutions to the world’s challenges in areas such as modernizing capital and industrial infrastructure, healthy and productive living, environmental solutions, sustainable food systems, and others. The Sub-Fund will seek, through the use of short derivative instruments, to short over-valued equities of companies exacerbating these
challenges. The investment approach applied by the Investment Manager utilizes a proprietary impact assessment methodology and follows a rigorous, fundamental, bottom-up research process. The Investment Manager will strive to construct a diversified portfolio of positions and the strategy is expected to have limited correlation to traditional markets. The Sub-Fund may invest up to 10% of its net assets in UCIs. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. | en | es |
DOLFIN7499 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Emerging Market Corporate Debt – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was -0.73%. Performance for all share classes is provided in Appendix II. Over the same period, the benchmark index, the JPMorgan CEMBI Diversified Index (Total Return, USD) (the “Index”), returned 0.49%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The year started with a strong belief in a “reflation” narrative among investors, with the economic recovery set to be supported by vast quantities of stimulus and by the global vaccine rollout. Inflation began to rise sharply across major economies in the second quarter and – despite earlier central bank rhetoric that price pressures would be transient – it ultimately led to hawkish pivot from policymakers over the summer and became a major concern later in the year. The other significant theme for the markets was the COVID-19 pandemic which persisted with the more transmissible Delta and Omicron variants leading to new restrictions. Emerging market (“EM”) assets struggled in this environment, also hindered by concerns over the Chinese financial and property sectors and the broader economy, as well as rising inflation and public debt levels, particularly in the high yielding emerging and frontier countries.
The index posted positive returns for the year. Spreads started the year at 316bps, hit lows of 280bps in June, but ended the year at 310bps coming off the highs for year following the defaults in the Chinese property sector. The high yield segment of the market outperformed investment grade during the year. By region, CEEMEA posted positive returns, while Asia and Latin America saw negative returns for the year. The best performing countries in the index were Ghana, Azerbaijan, and Argentina while the worst performers were Colombia, China and Chile. By sector, metals & mining and infrastructure were the top performers. The real estate and consumer sectors were the only negative performers during the year.
The Portfolio underperformed the benchmark over the year. The primary detractor was country allocation though security selection was also negative. The primary driver of underperformance was the overweight allocation to and security selection in China driven by exposure to the property sector which faced significant stress at the end of the year resulting in the highest number of defaults China has ever had. The underweight allocations to lower beta Asian countries including the Philippines and Hong Kong also detracted. In security selection, positioning in the UAE and Ukraine detracted from performance. However, this was largely offset by positioning in Brazilian metals & mining and exporters, Mexican consumer and industrial names, and Chilean utilities and consumer sectors.
Notwithstanding COVID-19 related challenges our base case is for EM growth to stay above potential in the coming year, on the back of strong global demand, robust EM exports and supportive commodity prices. However, the growth pickup versus developed markets is expected to remain slim.
Tighter financial conditions may create bumps on the road amid a hiking US Federal Reserve, though the market has increased its expectation for tightening already meaningfully and most EM central banks have been proactively raising rates, creating some buffers for time ahead.
Following the decade high default rate of 7.1% in 2021, we anticipate the EM corporate high yield default rate to decline towards a still above average level of 4.7% in 2022, with the China property sector remaining the main area we believe Government action going forward may ease the stress in the market. As for valuations, we see spreads for EM hard currency corporates at the high end of the fair value range following the recent widening, and attractive relative to developed markets fixed income.
64 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Emerging Market Corporate Debt – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al -0,73%. En el Anexo II se recoge la rentabilidad de todas las clases de acciones. En el mismo periodo, el índice de referencia, el JPMorgan CEMBI Diversified Index (rentabilidad total en USD) (el "índice") rindió un 0,49%. (En el Anexo II se recoge la rentabilidad de todas las clases de acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. En la rentabilidad total mostrada se han descontado todas las comisiones y los gastos, y se incluye la reinversión de ingresos por dividendos y otras distribuciones, en su caso).
El año arrancó con una fuerte confianza en una historia de "reflación" entre los inversores, en la que la recuperación económica se vería favorecida por enormes cantidades de estímulos y por el avance de la vacunación en todo el mundo. La inflación comenzó a subir bruscamente en las principales economías en el segundo trimestre, y —a pesar de que anteriormente la retórica de los bancos centrales había apuntado al carácter transitorio de las presiones de precios— en última instancia provocó un endurecimiento de la postura de los responsables políticos en el verano y se convirtió en una preocupación importante más avanzado el año. El otro tema importante para los mercados fue la pandemia de la COVID-19, que persistió mediante las variantes delta y ómicron —con una mayor capacidad de contagio—, dando lugar a nuevas restricciones. Los activos de mercados emergentes ("ME") atravesaron dificultades en este entorno, también perjudicados por la preocupación por los sectores financiero e inmobiliario y por el conjunto de la economía de China, así como por el aumento de la inflación y los niveles de endeudamiento de los gobiernos, particularmente en los países frontera y emergentes de alta rentabilidad.
El índice obtuvo una rentabilidad positiva en el conjunto del año. Los diferenciales arrancaron el año en 316 pb, alcanzaron mínimos de 280 pb en junio y cerraron el ejercicio en 310 pb, perdiendo sus máximos del año siguiente a los impagos del sector inmobiliario chino. El segmento de alta rentabilidad del mercado superó al de grado de inversión durante el año. Por regiones, CEEMEA generó una rentabilidad positiva, mientras que Asia y América Latina obtuvieron resultados negativos. Los países del índice que mejor se comportaron fueron Ghana, Azerbaiyán y Argentina, mientras que por el extremo contrario destacaron Colombia, China y Chile. Por sectores, metales y minería e infraestructuras obtuvieron los mejores resultados. El sector inmobiliario y el de consumo fueron los únicos que generaron rentabilidades negativas durante el año.
La rentabilidad de la Cartera fue inferior a la del índice de referencia durante el año. La asignación sectorial fue lo que más lastró los resultados, aunque la selección de valores también perjudicó. Los principales impulsores de la rentabilidad inferior fueron la sobreponderación y la sección de valores en China, como consecuencia de la exposición al sector inmobiliario, que estuvo sometido a fuertes tensiones al final del periodo y esto provocó la mayor cifra de impagos de la historia en el país. La infraponderación en países asiáticos de beta baja, incluyendo Filipinas y Hong Kong, también restó rentabilidad. Por lo que respecta a la selección de valores, las posiciones en los EAU y Ucrania lastraron los resultados. Sin embargo, esto se compensó en gran parte con las posiciones en metales y minería y exportadores de Brasil, en empresas de consumo e industriales de México, y en sectores de suministros públicos y consumo de Chile.
Con independencia de las dificultades relacionadas con la COVID-19, nuestra principal hipótesis es que el crecimiento de ME se mantendrá por encima de su potencial en el próximo ejercicio, gracias a una sólida demanda mundial, a las fuertes exportaciones de estos mercados y a unos precios favorables de las materias primas. Sin embargo, se espera que la recuperación de estos mercados en comparación con sus homólogos desarrollados sea modesta.
El endurecimiento de las condiciones financieras puede crear baches en el camino, en un contexto de subida de tipos de la Reserva Federal estadounidense, aunque el mercado ya ha elevado sus expectativas de endurecimiento de forma significativa y la mayoría de los bancos centrales de ME han aplicado subidas de tipos proactivas, lo que genera un cierto colchón para el futuro.
Tras la tasa de impago más elevada en una década, del 7,1% en 2021, prevemos que la tasa de impago del segmento de deuda corporativa de alta rentabilidad de ME descenderá hasta un nivel todavía superior a la media, del 4,7% en 2022, y creemos que el sector inmobiliario chino será el segmento en el que la actuación del gobierno más aliviará la tensión del mercado de cara al futuro. Con respecto a las valoraciones, los diferenciales de la deuda corporativa de ME en monedas fuertes se sitúan en el nivel máximo del intervalo de valor razonable tras la reciente ampliación, y la clase de activos resulta atractiva en comparación con la renta fija de mercados desarrollados.
64 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Emerging Market Corporate Debt – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was -0.73%. Performance for all share classes is provided in Appendix II. Over the same period, the benchmark index, the JPMorgan CEMBI Diversified Index (Total Return, USD) (the “Index”), returned 0.49%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The year started with a strong belief in a “reflation” narrative among investors, with the economic recovery set to be supported by vast quantities of stimulus and by the global vaccine rollout. Inflation began to rise sharply across major economies in the second quarter and – despite earlier central bank rhetoric that price pressures would be transient – it ultimately led to hawkish pivot from policymakers over the summer and became a major concern later in the year. The other significant theme for the markets was the COVID-19 pandemic which persisted with the more transmissible Delta and Omicron variants leading to new restrictions. Emerging market (“EM”) assets struggled in this environment, also hindered by concerns over the Chinese financial and property sectors and the broader economy, as well as rising inflation and public debt levels, particularly in the high yielding emerging and frontier countries.
The index posted positive returns for the year. Spreads started the year at 316bps, hit lows of 280bps in June, but ended the year at 310bps coming off the highs for year following the defaults in the Chinese property sector. The high yield segment of the market outperformed investment grade during the year. By region, CEEMEA posted positive returns, while Asia and Latin America saw negative returns for the year. The best performing countries in the index were Ghana, Azerbaijan, and Argentina while the worst performers were Colombia, China and Chile. By sector, metals & mining and infrastructure were the top performers. The real estate and consumer sectors were the only negative performers during the year.
The Portfolio underperformed the benchmark over the year. The primary detractor was country allocation though security selection was also negative. The primary driver of underperformance was the overweight allocation to and security selection in China driven by exposure to the property sector which faced significant stress at the end of the year resulting in the highest number of defaults China has ever had. The underweight allocations to lower beta Asian countries including the Philippines and Hong Kong also detracted. In security selection, positioning in the UAE and Ukraine detracted from performance. However, this was largely offset by positioning in Brazilian metals & mining and exporters, Mexican consumer and industrial names, and Chilean utilities and consumer sectors.
Notwithstanding COVID-19 related challenges our base case is for EM growth to stay above potential in the coming year, on the back of strong global demand, robust EM exports and supportive commodity prices. However, the growth pickup versus developed markets is expected to remain slim.
Tighter financial conditions may create bumps on the road amid a hiking US Federal Reserve, though the market has increased its expectation for tightening already meaningfully and most EM central banks have been proactively raising rates, creating some buffers for time ahead.
Following the decade high default rate of 7.1% in 2021, we anticipate the EM corporate high yield default rate to decline towards a still above average level of 4.7% in 2022, with the China property sector remaining the main area we believe Government action going forward may ease the stress in the market. As for valuations, we see spreads for EM hard currency corporates at the high end of the fair value range following the recent widening, and attractive relative to developed markets fixed income.
64 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN7511 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## https://www.schroders.com/en/lu/private-investor/investing-with- us/historical-ongoing-charges/
The fund is actively managed and invests at least 75% of its assets in sustainable investments, which are investments that contribute towards the advancement of one or more of the UN SDGs by contributing positively towards social development and environmental themes.
The fund will invest in bonds issued by governments, government agencies, supra-nationals and companies with the aim to foster financial inclusion and provide decisive funding to economically vulnerable communities globally as well as bonds related to sustainable infrastructure projects and clean energy initiatives. Such issuers may be involved in activities such as micro, small, and medium enterprise (MSME) lending, affordable housing, affordable education, health, agriculture, clean energy, improvements in energy efficiency, renewable energy, green energy products and humanitarian relief activities, among others. The fund will help to advance one or more of the UN SDGs, including but not limited to: the end of poverty in all its forms; the provision of access to affordable, reliable, sustainable and modern energy; the provision of inclusive and sustainable economic growth, employment and decent work for all; the building of resilient infrastructure, promotion of sustainable infrastructure and fostering of innovation; and the reduction of inequality within and among countries.
The fund invests at least two-thirds of its assets in bonds denominated in various currencies and issued by governments, government agencies, supra-nationals and companies of emerging market countries.
The fund may invest up to 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The fund may also invest up to one third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, investment funds, warrants and money market
investments, and hold cash. The investment strategy of the fund and the use of derivatives may lead to situations where it is considered appropriate that prudent levels of cash and money market investments will be maintained, which may be substantial or even represent (exceptionally) 100% of the fund's assets. This will be limited to a maximum of six months (otherwise the fund will be liquidated). | ## https://www.schroders.com/en/lu/private-investor/investing-with- us/historical-ongoing-charges/
El fondo se gestiona de forma activa e invierte al menos el 75 % de sus activos en inversiones sostenibles que contribuyen al avance de uno o más de los ODS de la ONU, contribuyendo positivamente al desarrollo social y a las cuestiones ambientales.
El fondo invertirá en bonos emitidos por Gobiernos, organismos públicos, supranacionales y empresas con el objetivo de fomentar la inclusión financiera y proporcionar financiamiento decisivo a comunidades económicamente vulnerables a nivel mundial, así como bonos relacionados con proyectos de infraestructuras sostenibles e iniciativas de energía limpia. Tales emisores pueden participar en actividades como préstamos a micro, pequeñas y medianas empresas (PYME), vivienda asequible, educación asequible, salud, agricultura, energía limpia, mejoras en la eficiencia energética, energías renovables, productos de energía verde y actividades de ayuda humanitaria, entre otras.
El fondo ayudará a promover uno o más de los ODS de las Naciones Unidas, lo que incluye, entre otros: poner fin a la pobreza en todas sus formas; garantizar el acceso a una energía asequible, fiable, sostenible y moderna; promover el crecimiento económico inclusivo y sostenible, el empleo y el trabajo decente para todos; construir infraestructuras resilientes, promover la industrialización sostenible y fomentar la innovación; y reducir la desigualdad dentro de los países y entre ellos.
El fondo invierte al menos dos tercios de sus activos en bonos denominados en diferentes divisas y emitidos por Gobiernos, organismos gubernamentales, supranacionales y empresas de países de mercados emergentes.
El fondo puede invertir hasta un 50 % de sus activos en valores con una calificación crediticia por debajo de grado de inversión (según el baremo de Standard & Poor's o cualquier calificación equivalente de otras agencias de calificación para los bonos con calificación y según las calificaciones implícitas de Schroders para los bonos sin calificación).
El fondo también podrá invertir hasta un tercio de sus activos, directa o indirectamente, en otros valores (incluidas otras clases de activos), países, regiones, sectores o divisas, fondos de inversión, warrants e inversiones
del mercado monetario, así como mantener efectivo. La estrategia de inversión del fondo y el uso de derivados también puede llevar a situaciones en las que se considere apropiado que se mantengan niveles prudentes de efectivo e inversiones del mercado monetario que pueden ser considerables o incluso representar (de forma excepcional) el 100 % de los activos del fondo. Esto se limitará a un máximo de seis meses (en caso contrario, se procederá a la liquidación del fondo). | ## https://www.schroders.com/en/lu/private-investor/investing-with- us/historical-ongoing-charges/
The fund is actively managed and invests at least 75% of its assets in sustainable investments, which are investments that contribute towards the advancement of one or more of the UN SDGs by contributing positively towards social development and environmental themes.
The fund will invest in bonds issued by governments, government agencies, supra-nationals and companies with the aim to foster financial inclusion and provide decisive funding to economically vulnerable communities globally as well as bonds related to sustainable infrastructure projects and clean energy initiatives. Such issuers may be involved in activities such as micro, small, and medium enterprise (MSME) lending, affordable housing, affordable education, health, agriculture, clean energy, improvements in energy efficiency, renewable energy, green energy products and humanitarian relief activities, among others. The fund will help to advance one or more of the UN SDGs, including but not limited to: the end of poverty in all its forms; the provision of access to affordable, reliable, sustainable and modern energy; the provision of inclusive and sustainable economic growth, employment and decent work for all; the building of resilient infrastructure, promotion of sustainable infrastructure and fostering of innovation; and the reduction of inequality within and among countries.
The fund invests at least two-thirds of its assets in bonds denominated in various currencies and issued by governments, government agencies, supra-nationals and companies of emerging market countries.
The fund may invest up to 50% of its assets in securities that have a below investment grade credit rating (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The fund may also invest up to one third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, investment funds, warrants and money market
investments, and hold cash. The investment strategy of the fund and the use of derivatives may lead to situations where it is considered appropriate that prudent levels of cash and money market investments will be maintained, which may be substantial or even represent (exceptionally) 100% of the fund's assets. This will be limited to a maximum of six months (otherwise the fund will be liquidated). | en | es |
DOLFIN7512 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Contracts constituting financial guarantees:
As part of the conclusion of financial futures instruments and/or repurchase and/or reverse repurchase agreements, and in accordance with the applicable regulations, the Fund may be required to pay and/or receive financial collateral (collateral) to reduce counterparty risk. The collateral received by the UCITS may only be granted by an institution which is UCITS depositary, a credit institution which has its registered office in an OECD Member State or an investment firm whose registered office is located in Europe (EU or EEA) authorised to provide the service of account keeping of financial instruments and whose own funds amount to at least 3.8 million euros. | # Contratos constitutivos de garantías financieras:
En el marco de la formalización de instrumentos financieros a plazo y/o de acuerdos de recompra y/o recompra inversa, y de conformidad con la normativa aplicable, el OICVM puede verse obligado a constituir y/o recibir una garantía financiera en aras de reducir el riesgo de la contraparte. La garantía recibida por el OICVM solo podrá ser otorgada por una entidad que actúe en calidad de depositaria de OICVM, por una entidad de crédito que tenga su domicilio social en un Estado miembro de la OCDE o por una empresa de inversión que tenga su domicilio social en Europa (UE o EEE) y esté autorizada a prestar el servicio de depósito en depósito de instrumentos financieros y cuyo capital social ascienda como mínimo a 3,8 millones de euros. | # Contracts constituting financial guarantees:
As part of the conclusion of financial futures instruments and/or repurchase and/or reverse repurchase agreements, and in accordance with the applicable regulations, the Fund may be required to pay and/or receive financial collateral (collateral) to reduce counterparty risk. The collateral received by the UCITS may only be granted by an institution which is UCITS depositary, a credit institution which has its registered office in an OECD Member State or an investment firm whose registered office is located in Europe (EU or EEA) authorised to provide the service of account keeping of financial instruments and whose own funds amount to at least 3.8 million euros. | en | es |
DOLFIN7518 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## is the lowest yield that can be received on a bond without defaulting.
Average Yield to Maturity
is the rate of return anticipated on a bond if held until it matures. Yield to maturity assumes all the coupon payments are reinvested at an interest rate that equals the yield- to-maturity. The yield to maturity is the long-term yield expressed as an annual rate. | ## es el rendimiento más bajo que puede obtenerse de un bono, sin que este haya incumplido pagos.
Rendimiento al vencimiento, promedio
es la tasa de retorno prevista de un bono si se mantiene hasta el vencimiento. El rendimiento al vencimiento asume que todos los pagos de cupones se reinvierten a una tasa de interés equivalente al rendimiento al vencimiento. El rendimiento al vencimiento es el rendimiento a largo plazo expresado como una tasa anual. | ## is the lowest yield that can be received on a bond without defaulting.
Average Yield to Maturity
is the rate of return anticipated on a bond if held until it matures. Yield to maturity assumes all the coupon payments are reinvested at an interest rate that equals the yield- to-maturity. The yield to maturity is the long-term yield expressed as an annual rate. | en | es |
DOLFIN7521 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Regarding the Distribution of the SICAV in Denmark
The representative in Denmark is StockRate Asset Management A/S (company number 3072 9722), Sdr. Jernbanevej, 18D, DK-3400 Hillerød.
As at 30 June 2018, all Sub-Funds are registered in Denmark, apart from: AXA World Funds – Selectiv’ Infrastructure | ## Comercialización de la SICAV en Dinamarca
El representante en Dinamarca es StockRate Asset Management A/S (company number 3072 9722), Sdr. Jernbanevej, 18D, DK-3400 Hillerød.
A 30 de junio de 2018, todos los Subfondos están registrados en Dinamarca, entre otros: AXA World Funds – Selectiv’ Infrastructure | ## Regarding the Distribution of the SICAV in Denmark
The representative in Denmark is StockRate Asset Management A/S (company number 3072 9722), Sdr. Jernbanevej, 18D, DK-3400 Hillerød.
As at 30 June 2018, all Sub-Funds are registered in Denmark, apart from: AXA World Funds – Selectiv’ Infrastructure | en | es |
DOLFIN7525 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before and after you invest: |
| --- |
| Entry Charge Exit Charge | 5.00% 2.00% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year: |
| Ongoing Charges | 1.58% |
| Charges taken from the Fund under certain specific conditions |
| Switching/ Conversion fee Performance fee | None 15.00% a year of any returns the Fund achieves above the benchmark for these fees, the STOXX Europe Small 200 Price Index (SCXR). Any underperformance of the Fund compared to the benchmark is made good before UII receives another performance fee. No performance fee was charged to the Fund for the last fiscal year. | | | Gastos no recurrentes percibidos con anterioridad y con posterioridad a la inversión |
| --- |
| Gastos de entrada Gastos de salida | 5,00% 2,00% |
| Es la cantidad máxima que puede detraerse de su capital antes de la inversión o antes de distribuirse las ganancias de la inversión. |
| Gastos detraídos del Fondo a lo largo de un año: |
| Gastos corrientes | 1,58% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de canje/ conversión: Comisión de rentabilidad | Ninguno 15,00% anual de toda diferencia positiva de rentabilidad que el Fondo logre con respecto al índice de referencia a efectos de estas comisiones, el STOXX Europe Small 200 Price Index (SCXR). Si el Fondo genera una rentabilidad inferior a la del índice de referencia, deberá recuperarla antes de que UII perciba otra comisión de rentabilidad. No se cobró ninguna comisión de rentabilidad al Fondo en el último ejercicio fiscal. | | | One-off charges taken before and after you invest: |
| --- |
| Entry Charge Exit Charge | 5.00% 2.00% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year: |
| Ongoing Charges | 1.58% |
| Charges taken from the Fund under certain specific conditions |
| Switching/ Conversion fee Performance fee | None 15.00% a year of any returns the Fund achieves above the benchmark for these fees, the STOXX Europe Small 200 Price Index (SCXR). Any underperformance of the Fund compared to the benchmark is made good before UII receives another performance fee. No performance fee was charged to the Fund for the last fiscal year. | | en | es |
DOLFIN7526 | 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 composite benchmark between 03/2014-03/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,452
4.5%
EUR 12,997
5.4% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 03/2014-03/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 452 EUR
4,5%
12 997 EUR
5,4% | # This type of scenario occurred for an investment composite benchmark between 03/2014-03/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,452
4.5%
EUR 12,997
5.4% | en | es |
DOLFIN7527 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company is part of the Invesco Group. The mother company of the Invesco Group is Invesco Ltd, incorporated in Bermuda, with headquarters in Atlanta, USA and with subsidiaries or sister companies located throughout the world. Invesco Ltd. is listed on the New York Stock Exchange under the symbol “IVZ”.
The Management Company shall ensure compliance of the SICAV with the investment restrictions and oversee the implementation of the SICAV’s strategies and investment policies. The Management Company shall send reports to the Directors on a quarterly basis and inform each Director without delay of any non-compliance of the SICAV with the investment restrictions.
The Management Company will receive periodic reports from the Investment Managers detailing the Funds’ performance and analysing their investments. The Management Company will receive similar reports from the other service providers in relation to the services which they provide.
- Segregation of AssetsIn accordance with article 181 of the 2010 Law, each Fund is segregated and corresponds to a distinct part of the assets and liabilities of the SICAV. | La Sociedad Gestora forma parte del Grupo Invesco. La sociedad matriz del Grupo Invesco es Invesco Ltd., constituida en las Bermudas, con oficinas centrales en Atlanta, Estados Unidos, y filiales o asociadas en todo el mundo. Invesco Ltd. cotiza en la Bolsa de Nueva York con el símbolo “IVZ”.
La Sociedad Gestora deberá cerciorarse de que la SICAV cumple los límites de inversión y supervisará la aplicación de las estrategias y políticas de inversión de la SICAV. La Sociedad Gestora enviará trimestralmente informes a los Administradores e informará a cada miembro del Consejo sin demora de cualquier incumplimiento de los límites de inversión por parte de la SICAV.
La Sociedad Gestora recibirá informes periódicos de los Gestores de Inversiones en los que se expondrán las rentabilidades de los Fondos y se desglosarán sus inversiones. La Sociedad Gestora recibirá informes similares de otros proveedores de servicios en relación con los servicios que presten.
- Segregación de activosDe conformidad con el artículo 181 de la Ley de 2010, cada Fondo está segregado y corresponde a una parte distinta de los activos y pasivos de la SICAV. | The Management Company is part of the Invesco Group. The mother company of the Invesco Group is Invesco Ltd, incorporated in Bermuda, with headquarters in Atlanta, USA and with subsidiaries or sister companies located throughout the world. Invesco Ltd. is listed on the New York Stock Exchange under the symbol “IVZ”.
The Management Company shall ensure compliance of the SICAV with the investment restrictions and oversee the implementation of the SICAV’s strategies and investment policies. The Management Company shall send reports to the Directors on a quarterly basis and inform each Director without delay of any non-compliance of the SICAV with the investment restrictions.
The Management Company will receive periodic reports from the Investment Managers detailing the Funds’ performance and analysing their investments. The Management Company will receive similar reports from the other service providers in relation to the services which they provide.
- Segregation of AssetsIn accordance with article 181 of the 2010 Law, each Fund is segregated and corresponds to a distinct part of the assets and liabilities of the SICAV. | en | es |
DOLFIN7533 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, specifically the Bloomberg Global Aggregate Hedged (USD) Index (LEGATRUH Index). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
Other information: The Fund promotes environmental and/or social characteristics, among others, pursuant to Article 8 of the SFDR Regulation, as supplemented by the Taxonomy Regulation. This Fund does not have a sustainable investment objective. | # Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos.
El objetivo del Fondo es obtener una rentabilidad superior a la de su índice de referencia, el Bloomberg Global Aggregate Hedged (USD) Index (LEGATRUH Index). El Fondo está gestionado activamente, lo que significa que su composición puede diferir significativamente del índice de referencia y que no existe ninguna restricción en cuanto a la medida en que la cartera del Fondo puede desviarse del índice. Dado que el universo de inversión no se limita al índice de referencia, el gestor puede comprar títulos o invertir en sectores que no forman parte del índice de referencia, por ejemplo, para aprovechar oportunidades específicas o adaptarse a las condiciones del mercado.
Otra información: El Fondo promueve, entre otras, las características medioambientales y/o sociales en el sentido del artículo 8 del Reglamento SFDR, desarrollado por el Reglamento de taxonomía. Este Fondo no tiene un objetivo de inversión sostenible. | # For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, specifically the Bloomberg Global Aggregate Hedged (USD) Index (LEGATRUH Index). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
Other information: The Fund promotes environmental and/or social characteristics, among others, pursuant to Article 8 of the SFDR Regulation, as supplemented by the Taxonomy Regulation. This Fund does not have a sustainable investment objective. | en | es |
DOLFIN7534 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Multi Asset Income
Schroder ISF Global Multi Asset (the “Fund”) Income 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 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) and 30% Barclays Global High Yield excl CMBS & EMG 2% index (USD) 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 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) and 30% Barclays Global High Yield excl CMBS & EMG 2% index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) and 30% Barclays Global High Yield excl CMBS & EMG 2% index (USD) 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 Multi Asset Income
Schroder ISF Global Multi Asset Income (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) y 30% Barclays Global High Yield excl CMBS & EMG 2% Index (USD), 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 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) y 30% Barclays Global High Yield excl CMBS & EMG 2% Index (USD) en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) y 30% Barclays Global High Yield excl CMBS & EMG 2% Index (USD), 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 Multi Asset Income
Schroder ISF Global Multi Asset (the “Fund”) Income 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 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) and 30% Barclays Global High Yield excl CMBS & EMG 2% index (USD) 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 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) and 30% Barclays Global High Yield excl CMBS & EMG 2% index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 30% MSCI AC World Index (USD), 40% Barclays Global Aggregate Corporate Bond Index (USD) and 30% Barclays Global High Yield excl CMBS & EMG 2% index (USD) 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 |
DOLFIN7553 | 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?
We have classified this product as 3 out of 7, which is medium-low risk class. This rates the potential losses from future performance at a medium- low level, and poor market conditions are unlikely impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Fund's performance. Please refer to the LYXOR PLANET prospectus.
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 movement in the markets or because we are not able to pay you. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, clase de riesgo de baja a media. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media baja y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como improbable.
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Fondo. Consulte el folleto de LYXOR PLANET.
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. | # What are the risks and what could I get in return?
We have classified this product as 3 out of 7, which is medium-low risk class. This rates the potential losses from future performance at a medium- low level, and poor market conditions are unlikely impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Fund's performance. Please refer to the LYXOR PLANET prospectus.
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 movement in the markets or because we are not able to pay you. | en | es |
DOLFIN7565 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 GBP |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 GBP |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.02% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 102 GBP |
| Transaction costs | 0.08% 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. | 8 GBP |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.98% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 198 GBP | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 GBP |
| Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 GBP |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,02% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 102 GBP |
| Costes de operación | 0,08% 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. | 8 GBP |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 1,98% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 198 GBP | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 GBP |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 GBP |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.02% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 102 GBP |
| Transaction costs | 0.08% 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. | 8 GBP |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.98% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 198 GBP | | en | es |
DOLFIN7567 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past Performance
- JPM Global Short Duration Bond I2 (dist) - EUR (hedged) (LU1727355767)% ■ Benchmark10 5 0
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
- A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Share Classes and Costs" section of the Prospectus.
- Past performance is not a guide to future performance.
- Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in EUR.
- Where no past performance is shown there was insufficient data available in that year to provide performance.
- Sub-Fund launch date: 2009.
- Share Class launch date: 2017. | Rentabilidad histórica
- JPM Global Short Duration Bond I2 (dist) - EUR (hedged) (LU1727355767)% ■ Índice de referencia10 5 0-5
- Los gastos de entrada y de salida representan cifras máximas, por lo que los inversores podrían pagar un importe inferior al indicado. Puede obtenerse información sobre las comisiones y los gastos a través del asesor financiero del inversor, el distribuidor o bien consultando cualquier suplemento al Folleto correspondiente a cada país.
- Se podrá aplicar una comisión de canje que no supere el 1% del Valor Liquidativo de las acciones en la nueva Clase de Acciones.
- Los gastos están destinados a sufragar los costes de funcionamiento de esta Clase de Acciones, incluidos los de comercialización y distribución. Dichos gastos reducen el potencial de crecimiento de la inversión.
- Si desea más información sobre los gastos, consulte el apartado «Clases de Acciones y costes» del Folleto.
- La rentabilidad histórica no es una indicación de la rentabilidad futura.
- Los datos de rentabilidad, calculados en EUR, incluyen impuestos, gastos corrientes y costes de transacción, pero excluyen las comisiones de suscripción y reembolso.
- Cuando no se ofrece ninguna cifra de rentabilidad histórica significa que no se dispone de datos suficientes durante el año en cuestión para indicar la rentabilidad.
- Fecha de lanzamiento del Subfondo: 2009.
- Fecha de lanzamiento de la Clase de Acciones: 2017. | Past Performance
- JPM Global Short Duration Bond I2 (dist) - EUR (hedged) (LU1727355767)% ■ Benchmark10 5 0
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
- A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Share Classes and Costs" section of the Prospectus.
- Past performance is not a guide to future performance.
- Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in EUR.
- Where no past performance is shown there was insufficient data available in that year to provide performance.
- Sub-Fund launch date: 2009.
- Share Class launch date: 2017. | en | es |
DOLFIN7575 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 3 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 5,140 USD -48.60% | 6,090 USD -15.24% |
| Unfavourable | What you might get back after costs Average return each year | 7,350 USD -26.51% | 7,560 USD¹ -8.90%¹ |
| Moderate | What you might get back after costs Average return each year | 9,710 USD -2.88% | 10,100 USD² 0.35%² |
| Favourable | What you might get back after costs Average return each year | 11,060 USD 10.56% | 11,830 USD³ 5.75%³ | | | Período de mantenimiento recomendado: 3 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 3 años. Podría perder la totalidad o parte de su inversión. | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.140 USD -48,60% | 6.090 USD -15,24% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.350 USD -26,51% | 7.560 USD¹ -8,90%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.710 USD -2,88% | 10.100 USD² 0,35%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.060 USD 10,56% | 11.830 USD³ 5,75%³ | | | Recommended Holding Period: 3 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 5,140 USD -48.60% | 6,090 USD -15.24% |
| Unfavourable | What you might get back after costs Average return each year | 7,350 USD -26.51% | 7,560 USD¹ -8.90%¹ |
| Moderate | What you might get back after costs Average return each year | 9,710 USD -2.88% | 10,100 USD² 0.35%² |
| Favourable | What you might get back after costs Average return each year | 11,060 USD 10.56% | 11,830 USD³ 5.75%³ | | en | es |
DOLFIN7583 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### This paragraph concerning the financial collateral that may be received by a sub-fund is also applicable to reverse repurchase and repurchase agreements provided that these provisions are not incompatible with the provisions in points E) and F) of section 6.1 above.
- General criteriaAll collateral to reduce exposure to counterparty risk must at all times satisfy the following criteria:
- Liquidity: any collateral received in a form other than cash must have a strong level of liquidity and be traded on a regulated market or within the framework of a multilateral trading system making use of transparent price setting methods such that it can be quickly sold at a price close to the valuation prior to the sale.
- Valuation: the collateral received will be valued on a daily basis and assets with highly volatile prices will only be accepted as collateral if sufficiently prudent safety margins are in place.
- Credit quality of issuers: the financial collateral received must be of excellent quality.
- Correlation: the financial collateral received must be issued by an entity which is independent of the counterparty and does not have a strong correlation with the counterparty's performance.
- Diversification: the financial collateral must be sufficiently diversified in terms of the countries, markets and issuers (for the net assets). As regards issuer diversity, the maximum exposure to an issuer through the collateral received must not exceed 15% of the net assets of the respective sub-fund. However, this limit is raised to 100% for securities issued or guaranteed by a member state of the European Economic Area ("EEA"), by its local authorities, by a member state of the OECD or by public international bodies to which one or more member states of the EEA belong. These issuers must be highly rated (in other words rated at least BBB-/Baa3 by a recognised ratings agency or regarded as such by the Management Company). If the sub-fund exercises this latter option, it must hold securities belonging to at least six different issues from the issuer, with securities belonging to the same issue not exceeding 30% of the total amount of the net assets. | ### El presente párrafo relativo a las garantías financieras que puede recibir un subfondo también se aplica a los pactos de recompra y los pactos de recompra inversa, siempre y cuando las disposiciones del presente no sean incompatibles con las contempladas en las secciones E) y F) del apartado 6.1 anterior.
- Criterios generalesTodas las garantías cuya finalidad sea reducir la exposición al riesgo de contraparte deberán satisfacer en todo momento los criterios siguientes:
- Liquidez: toda garantía recibida en una forma distinta de efectivo presentará una fuerte liquidez y se negociará en un mercado regulado o en el marco de un sistema multilateral de negociación que emplee métodos de fijación de precios transparentes, de modo que pueda venderse con rapidez a un precio próximo a la valoración previa a la venta.
- Valoración: las garantías recibidas se valorarán a diario, y los activos cuyos precios estén sujetos a una fuerte volatilidad únicamente se aceptarán como garantía si se aplican unos márgenes de seguridad suficientemente prudentes.
- Calidad crediticia de los emisores: la garantía financiera recibida deberá ser de excelente calidad.
- Correlación: la garantía financiera recibida deberá estar emitida por una entidad independiente de la contraparte y no deberá presentar una fuerte correlación con la rentabilidad de la contraparte.
- Diversificación: la garantía financiera deberá estar lo suficientemente diversificada por lo que respecta a países, mercados y emisores (al nivel del patrimonio neto). En relación con la diversificación de emisores, la exposición máxima a un emisor a través de las garantías recibidas no superará el 15% del patrimonio neto del subfondo correspondiente. No obstante, este límite asciende al 100% en el caso de los títulos emitidos o garantizados por un país miembro del Espacio Económico Europeo («EEE»), por sus entidades públicas, un Estado miembro de la OCDE o por organismos internacionales de carácter público del que formen parte uno o más Estados miembros del EEE. Estos emisores serán considerados de buena calidad (es decir, con una calificación crediticia de al menos BBB-/Baa3 por parte de una de las agencias de calificación reconocida y/o que la Sociedad Gestora considere equivalentes). Además, si el subfondo utiliza esta última posibilidad, debe poseer valores que pertenezcan como mínimo a seis emisiones diferentes del emisor, sin que ninguna emisión supere el 30% del patrimonio neto. | ### This paragraph concerning the financial collateral that may be received by a sub-fund is also applicable to reverse repurchase and repurchase agreements provided that these provisions are not incompatible with the provisions in points E) and F) of section 6.1 above.
- General criteriaAll collateral to reduce exposure to counterparty risk must at all times satisfy the following criteria:
- Liquidity: any collateral received in a form other than cash must have a strong level of liquidity and be traded on a regulated market or within the framework of a multilateral trading system making use of transparent price setting methods such that it can be quickly sold at a price close to the valuation prior to the sale.
- Valuation: the collateral received will be valued on a daily basis and assets with highly volatile prices will only be accepted as collateral if sufficiently prudent safety margins are in place.
- Credit quality of issuers: the financial collateral received must be of excellent quality.
- Correlation: the financial collateral received must be issued by an entity which is independent of the counterparty and does not have a strong correlation with the counterparty's performance.
- Diversification: the financial collateral must be sufficiently diversified in terms of the countries, markets and issuers (for the net assets). As regards issuer diversity, the maximum exposure to an issuer through the collateral received must not exceed 15% of the net assets of the respective sub-fund. However, this limit is raised to 100% for securities issued or guaranteed by a member state of the European Economic Area ("EEA"), by its local authorities, by a member state of the OECD or by public international bodies to which one or more member states of the EEA belong. These issuers must be highly rated (in other words rated at least BBB-/Baa3 by a recognised ratings agency or regarded as such by the Management Company). If the sub-fund exercises this latter option, it must hold securities belonging to at least six different issues from the issuer, with securities belonging to the same issue not exceeding 30% of the total amount of the net assets. | en | es |
DOLFIN7593 | 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 generate an above average level of income on your investment as well as maintain long term capital growth in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, developed markets.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens
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 distributes income gross of expenses.
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will may take into consideration the MSCI All Country World 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. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Renminbi. 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 trata de generar unos rendimientos de su inversión a un nivel superior a la media, así como mantener una revalorización del capital de un modo coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) y de inversión sostenible aplicados a la inversión.
El Fondo invierte a escala mundial al menos el 70% de su activo total en valores de renta variable (como acciones) de empresas domiciliadas o que desarrollen una parte predominante de su actividad económica en mercados desarrollados.
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información sobre las características ESG, consulte el folleto y visite el sitio web de BlackRock: https://www.blackrock.com/baselinescreens
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).
Los rendimientos de este Fondo se distribuyen sin una deducción previa de los gastos.
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI podrá tener en cuenta el MSCI All Country World 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. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. Los dividendos se calcularán sobre la base de los ingresos brutos previstos y las ganancias previstas, en su caso, derivados de la cobertura de clase de acciones en un período determinado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en renminbi. 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 generate an above average level of income on your investment as well as maintain long term capital growth in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, developed markets.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens
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 distributes income gross of expenses.
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will may take into consideration the MSCI All Country World 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. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Renminbi. 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 |
DOLFIN7600 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | None |
| Conversion charge | None |
| 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 | 1.80% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above Libor USD 3 months + 300 bps. |
| No commission was taken over the last accounting year of the Sub-Fund. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | Ninguno |
| 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 | 1,80% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del Libor USD a 3 meses + 300 pb. |
| No se ha detraído comisión alguna durante el último año contable del Subfondo. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | None |
| Conversion charge | None |
| 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 | 1.80% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above Libor USD 3 months + 300 bps. |
| No commission was taken over the last accounting year of the Sub-Fund. | | en | es |
DOLFIN7604 | 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 CHF 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 2012.
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 | | 17.6 | -15.3 | -31.1 | 26.6 | -2.0 | -22.9 | 8.5 | -28.9 | 40.3 |
| Constraint †¹ | | 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 CHF 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 2012.
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 | | 17,6 | -15,3 | -31,1 | 26,6 | -2,0 | -22,9 | 8,5 | -28,9 | 40,3 |
| Limitación †¹ | | 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 CHF 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 2012.
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 | | 17.6 | -15.3 | -31.1 | 26.6 | -2.0 | -22.9 | 8.5 | -28.9 | 40.3 |
| Constraint †¹ | | 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 |
DOLFIN7606 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
There were no loans outstanding under the Facility at 31 December 2021 and 31 December 2020. During the year ended 31 December 2021 and 31 December 2020, none of the Portfolios utilised the loan facility.
The Facility was renewed on 30 September 2021 for the period of 364 days.
- UNFUNDED LOAN COMMITMENTSAs of 31 December 2021, the Company had the following unfunded loan commitments: | A 31 de diciembre de 2021 y a 31 de diciembre de 2020 no existían préstamos pendientes de amortización en virtud del Servicio. Durante los años finalizados el 31 de diciembre de 2021 y el 31 de diciembre de 2020, ninguna de las Carteras recurrió a la línea de crédito.
El Servicio se renovó el 30 de septiembre de 2021 para un período de 364 días.
- COMPROMISOS DE PRÉSTAMO NO FINANCIADOSA 31 de diciembre de 2021, la Sociedad mantenía los siguientes compromisos de préstamos no financiados: | There were no loans outstanding under the Facility at 31 December 2021 and 31 December 2020. During the year ended 31 December 2021 and 31 December 2020, none of the Portfolios utilised the loan facility.
The Facility was renewed on 30 September 2021 for the period of 364 days.
- UNFUNDED LOAN COMMITMENTSAs of 31 December 2021, the Company had the following unfunded loan commitments: | en | es |
DOLFIN7607 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs ?
The person 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 and 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 EUR is invested.
| Investment of 10,000 EUR | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 112 EUR | 921 EUR |
| Cost impact* | 1.12% | 1.23% |
*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 11.16% before costs and 9.92% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | Up to 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.05% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 105 EUR |
| Transaction costs | 0.07% 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. | 7 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
## 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 y 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:
- En el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %).
- En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten 10 000 EUR.
| Inversión de 10 000 EUR | Si lo vende después de 1 año | Si lo vende después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 112 EUR | 921 EUR |
| Incidencia de los costes* | 1,12 % | 1,23 % |
* Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 11,16 % antes de deducir los costes y del 9,92 % 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 | No cobramos una comisión de entrada para este producto. | Hasta 0 EUR |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,05 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 105 EUR |
| Costes de operación | 0,07 % 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. | 7 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | # What are the costs ?
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 and 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 EUR is invested.
| Investment of 10,000 EUR | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 112 EUR | 921 EUR |
| Cost impact* | 1.12% | 1.23% |
*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 11.16% before costs and 9.92% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | Up to 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.05% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 105 EUR |
| Transaction costs | 0.07% 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. | 7 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | en | es |
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