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DOLFIN7621 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests across all sectors of equities in African countries, including the Gulf Cooperation Council countries.
Investment policy The Fund invests at least two thirds of the net assets of Bellevue African Opportunities in a portfolio of carefully chosen shares and other equity securities of companies that have their registered office or carry out the majority of their economic activity in African countries, including the Gulf Cooperation Council countries. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, DJ African Titans 50 reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El Fondo invierte en todos los sectores de la renta variable de los países africanos, incluidos los países del Consejo de Cooperación del Golfo.
Política de inversión El fondo invierte al menos dos tercios del patrimonio neto de Bellevue African Opportunities en una cartera de acciones y otros valores de renta variable cuidadosamente seleccionados de empresas que tienen su domicilio social o desarrollan la mayor parte de su actividad económica en países africanos, incluidos los países del Consejo de Cooperación del Golfo. Hasta un tercio del patrimonio neto puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El Fondo puede realizar operaciones con derivados para lograr una gestión eficaz de la cartera, en particular también con fines de cobertura.
valor de referencia El índice de referencia, el DJ African Titans 50, se utiliza con fines de comparación y para analizar el valor. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests across all sectors of equities in African countries, including the Gulf Cooperation Council countries.
Investment policy The Fund invests at least two thirds of the net assets of Bellevue African Opportunities in a portfolio of carefully chosen shares and other equity securities of companies that have their registered office or carry out the majority of their economic activity in African countries, including the Gulf Cooperation Council countries. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, DJ African Titans 50 reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN7623 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2017 2018 2019 2020 2021
CHINA J USD
Benchmark | ## Índice de referencia: MSCI China 10/40 Net Return Index, calculado con los dividendos netos reinvertidos.
2017 2018 2019 2020 2021
CHINA J USD
Índice de referencia | ## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2017 2018 2019 2020 2021
CHINA J USD
Benchmark | en | es |
DOLFIN7625 | 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 Brookfield Global Listed Real Estate UCITS Fund (the “Fund”) seeks to achieve total return through growth of capital and current income.
- The Fund mainly invests in real estate investment trusts (REITs) and other related securities issued by U.S. and non-U.S. real estate companies. A REIT is a company that generally derives its income from owned, income producing real estate properties and capital gains from the sale of such properties. REITs or REIT-like entities often are not taxed on income distributed to shareholders.
- The Fund may also invest in real estate companies that are traded on an exchange and which either derive half of their revenue from the ownership, development, construction, management, or similar activity of real estate, or invest at least half of their assets in real estate.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund does not invest in real estate directly.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to the rise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- This share class is a different currency to the base currency of the Fund and the underlying investments. The investment manager is not obligated to protect against changes in exchange rates by hedging (a currency transaction which can protect against exchange rate movements) and it is expected that this will have an effect on the value of your investment and on the performance of the share class.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | # Objetivos y política de inversión
- El Brookfield Global Listed Real Estate UCITS Fund (el «Fondo») busca obtener un rendimiento total, mediante el crecimiento del capital y de la renta corriente.
- El Fondo invierte principalmente en fondos de inversión inmobiliaria (REIT) y otros valores relacionados emitidos por empresas de bienes inmuebles estadounidenses y extranjeras. Un REIT es una empresa que, en general, obtiene sus ingresos de los bienes inmuebles que posee y de las ganancias de capital por la venta de dichos bienes. Los REIT y las entidades similares suelen no estar gravadas con el impuesto a los ingresos que se distribuyen a los accionistas.
- El Fondo también puede invertir en empresas de bienes inmuebles que se negocien en una bolsa y que obtengan la mitad de sus ingresos de la propiedad, el desarrollo, la construcción, la gestión u otra actividad similar de bienes inmuebles, o que inviertan al menos la mitad de sus activos en bienes inmuebles.
- El Fondo invierte principalmente en renta variable (valores que representan una participación accionaria en un negocio).
- El Fondo no invierte directamente en bienes inmuebles.
- El Fondo puede invertir en valores emitidos por emisores estadounidenses y extranjeros, incluidas empresas de mercados emergentes de todo el mundo. En lo referente a inversiones, mercados emergentes son las regiones del mundo cuyas economías aún se están desarrollando.
- El Fondo puede invertir en derivados, tales como contratos de divisas a plazos, opciones, futuros y permutas financieras, que estén vinculados a la subida y bajada de otros activos.
- Los derivados pueden utilizarse con fines de inversión y para una gestión eficiente de la cartera, como reducir riesgos o costes, o generar capital o ingresos adicionales para el Fondo.
- Todo ingreso que el Fondo genere para esta clase de acciones se reinvertirá, para aumentar el valor de su inversión.
- Se puede comprar y vender acciones en la mayoría de días que sean hábiles en Dublín. Las excepciones se describen con todo detalle en el folleto.
- Esta clase de acciones es de una moneda distinta a la moneda de base del Fondo y de las inversiones subyacentes. El gestor de inversiones no está obligado a tomar medidas de protección ante variaciones en los tipos de cambio mediante la cobertura (una operación de divisas que puede proporcionar protección ante las variaciones de los tipos de cambio), y se prevé que esto afecte al valor de su inversión y al rendimiento de la clase de acciones.
- La inversión en el Fondo puede ser adecuada para inversores con un horizonte de inversión de plazo medio a largo.
- Consulte el folleto para obtener la información detallada sobre los objetivos y la política de inversión. | # Objectives and Investment Policy
- The Brookfield Global Listed Real Estate UCITS Fund (the “Fund”) seeks to achieve total return through growth of capital and current income.
- The Fund mainly invests in real estate investment trusts (REITs) and other related securities issued by U.S. and non-U.S. real estate companies. A REIT is a company that generally derives its income from owned, income producing real estate properties and capital gains from the sale of such properties. REITs or REIT-like entities often are not taxed on income distributed to shareholders.
- The Fund may also invest in real estate companies that are traded on an exchange and which either derive half of their revenue from the ownership, development, construction, management, or similar activity of real estate, or invest at least half of their assets in real estate.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund does not invest in real estate directly.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to the rise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- This share class is a different currency to the base currency of the Fund and the underlying investments. The investment manager is not obligated to protect against changes in exchange rates by hedging (a currency transaction which can protect against exchange rate movements) and it is expected that this will have an effect on the value of your investment and on the performance of the share class.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | en | es |
DOLFIN7629 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 463 CHF | 1,171 CHF |
| Annual cost impact (*) | 4.6% | 2.2% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2,3 % before costs and 0,0 % after costs. | # Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 463 CHF | 1,171 CHF |
| Incidencia anual de los costes (*) | 4.6% | 2.2% cada año |
Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del periodo de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 2,3 % antes de deducir los costes y del 0,0 % después de deducir los costes. | # The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 463 CHF | 1,171 CHF |
| Annual cost impact (*) | 4.6% | 2.2% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2,3 % before costs and 0,0 % after costs. | en | es |
DOLFIN7630 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest.
## Description of any custody functions delegated by the Custodian, list of delegates and sub delegates and identification of conflicts of interest that may result from such delegation:
The UCITS Depositary, BNP Paribas SA, is responsible for the safekeeping of the assets (as defined in article 22.5 of the Directive 2009/65/EC as amended by Directive 2014/91/EU). In order to offer services related to the safekeeping of assets in a large number of countries, enabling the UCITS to achieve their investment objectives, BNP Paribas SA has appointed sub custodians in countries where BNP Paribas SA has no local presence. These entities are listed on the following website http://securities.bnpparibas.com/solutions/asset- fund-services/depositary-bank-and-trustee-serv.html The appointment and monitoring process of the sub custodians adheres to the highest quality standards, including the management of potential conflicts of interest which may arise as a result of these appointments. | # Con el fin de gestionar estas situaciones, el Depositario ha establecido y actualizado una política de gestión de los conflictos de intereses que tiene como objetivo:
- La identificación y el análisis de las situaciones de potenciales conflictos de intereses
- El registro, la gestión y el seguimiento de las situaciones de conflictos de intereses mediante:O Basándose en las medidas permanentes establecidas para gestionar los conflictos de intereses, como el mantenimiento de entidades jurídicas separadas, la segregación de tareas, la separación de líneas jerárquicas, el seguimiento de las listas de iniciadores internas;O Se aplicará caso por caso:
- Medidas preventivas y adecuadas, como la creación de una lista de seguimiento ad hoc, nuevas murallas de China o la verificación de que las operaciones se tratan adecuadamente y/o la información a los clientes afectados;
- O negándose a gestionar actividades que puedan dar lugar a conflictos de intereses.
## Descripción de las posibles funciones de custodia delegadas por el Depositario, lista de delegados y subdelegados e identificación de los conflictos de intereses que podrían derivarse de dicha delegación:
El Depositario del OICVM, BNP Paribas SA, es responsable de la custodia de los activos (según se define en el artículo 22.5 de la Directiva 2009/65/CE modificada por la Directiva 2014/91/UE). Con el fin de ofrecer los servicios relacionados con la conservación de activos en numerosos Estados, que permitan a los OICVM realizar sus objetivos de inversión, BNP Paribas SA ha designado subcustodios en aquellos Estados en los que BNP Paribas SA no tendría presencia local. Estas entidades están cotizadas en el siguiente sitio web http://securities.bnpparibas.com/solutions/asset-fund-services/depositary-bank-and-trustee-serv.html El proceso de designación y supervisión de los subcustodios sigue los estándares de calidad más altos, incluida la gestión de los posibles conflictos de intereses que podrían surgir con motivo de estas designaciones. | # In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest.
## Description of any custody functions delegated by the Custodian, list of delegates and sub delegates and identification of conflicts of interest that may result from such delegation:
The UCITS Depositary, BNP Paribas SA, is responsible for the safekeeping of the assets (as defined in article 22.5 of the Directive 2009/65/EC as amended by Directive 2014/91/EU). In order to offer services related to the safekeeping of assets in a large number of countries, enabling the UCITS to achieve their investment objectives, BNP Paribas SA has appointed sub custodians in countries where BNP Paribas SA has no local presence. These entities are listed on the following website http://securities.bnpparibas.com/solutions/asset- fund-services/depositary-bank-and-trustee-serv.html The appointment and monitoring process of the sub custodians adheres to the highest quality standards, including the management of potential conflicts of interest which may arise as a result of these appointments. | en | es |
DOLFIN7632 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S+ CHF Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 8,033
-19.7%
CHF 9,148
-1.3% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S+ CHF Acc entre 13/01/2022-31/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 033 CHF
-19,7%
9 148 CHF
-1,3% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S+ CHF Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 8,033
-19.7%
CHF 9,148
-1.3% | en | es |
DOLFIN7640 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to achieve reasonable capital growth, while at the same time taking into consideration sustainability as- pects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the se- curities are economically linked to currencies of such countries. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with pos- itive macroeconomic indicators, particularly with regard to budget
deficits. The Fund may invest in derivatives (financial instruments derived from other securities or assets) for hedging purposes, effi- cient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
-
# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización razonable del capital, teniendo en cuenta al mismo tiempo los aspectos de sostenibilidad (LGT Sustainable Investing). El Fondo tratará de alcan- zar su objetivo de inversión invirtiendo principalmente en valores de deuda que devengan intereses o en valores equivalentes. La política de inversión no prevé la protección del capital. El emisor es una en- tidad de mercados emergentes, la moneda es una moneda de mer- cados emergentes o los valores están vinculados económicamente a las monedas de dichos países. Los «Mercados emergentes» son paí- ses que están en proceso de convertirse en países industrializados modernos y que, por lo tanto, ofrecen un alto potencial, pero tam- bién un elevado riesgo. El objetivo principal lo constituyen los emi- sores con indicadores macroeconómicos positivos, especialmente en lo que se refiere a los déficits presupuestarios. El Fondo podrá in- vertir en derivados (instrumentos financieros derivados de otros va- lores o activos) con fines de cobertura, de gestión eficiente de la
cartera y/o de inversión. La cartera del Fondo se gestiona de forma activa. El Fondo no se gestiona según un índice de referencia.
El Fondo podrá tener posiciones en efectivo y equivalentes de efec- tivo.
Los inversores podrán negociar acciones del Fondo diariamente. To- dos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones.
Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento.
El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 4 años.
-
# Perfil de riesgo y beneficio | The objective of this Fund is to achieve reasonable capital growth, while at the same time taking into consideration sustainability as- pects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the se- curities are economically linked to currencies of such countries. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with pos- itive macroeconomic indicators, particularly with regard to budget
deficits. The Fund may invest in derivatives (financial instruments derived from other securities or assets) for hedging purposes, effi- cient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
-
# Risk and Reward Profile | en | es |
DOLFIN7642 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Investment Policy:
The Index is comprised of investment grade corporate bonds (and other similar securities). The Index is multi-currency but is hedged to US dollars (USD). The Index includes bonds from developed and emerging markets. The issuers of the bonds are within the industrial, utility and financial sectors.
The Fund is passively managed and invests in, or gain exposure to: bonds issued by companies; and asset backed securities (ABS) and mortgage backed securities (MBS), all of which are Index constituents. The Fund utilises an investment technique called optimisation, which seeks to minimise the difference in return between the Fund and the Index by taking into account tracking error (the risk that the Fund return varies from the Index return) and trading costs when constructing a portfolio. The Fund will not necessarily invest in every constituent of the Index, or invest proportionally to each constituents’ Index weight. If the overall portfolio matches the characteristics of the Index, the Fund can also invest in assets outside of the Index, such as: bonds with a credit rating of Ba1, BB+ and below; securities which are expected to provide similar performance and risk characteristics to certain Index constituents. | ### Política de inversión:
El Índice se compone de bonos corporativos con grado de inversión (y otros valores similares). El Índice es multidivisa, pero está cubierto en USD. El Índice incluye bonos de mercados desarrollados y emergentes. Los emisores de los bonos pertenecen a los sectores industrial, financiero y de los servicios públicos.
El Fondo se gestiona pasivamente e invierte en bonos emitidos por empresas, ABS y MBS que serán componentes del Índice, o gana exposición a estos. El Fondo usa una técnica de inversión denominada optimización, que trata de minimizar la diferencia de rentabilidad entre el Fondo y el Índice considerando el error de seguimiento (el riesgo de que la rentabilidad del Fondo se desvíe de la del Índice) y los costes de negociación al crear la cartera. El Fondo no tendrá que invertir en todos los instrumentos del Índice, ni invertirá proporcionalmente con respecto a la ponderación de cada uno de estos. Si la composición general de la cartera coincide con la del Índice, el Fondo también puede invertir en activos no incluidos en el Índice, como bonos con una calificación crediticia de Ba1, BB+ o inferior, o valores cuyas características de riesgo y rentabilidad se prevean similares a las de ciertos componentes del Índice. | ### Investment Policy:
The Index is comprised of investment grade corporate bonds (and other similar securities). The Index is multi-currency but is hedged to US dollars (USD). The Index includes bonds from developed and emerging markets. The issuers of the bonds are within the industrial, utility and financial sectors.
The Fund is passively managed and invests in, or gain exposure to: bonds issued by companies; and asset backed securities (ABS) and mortgage backed securities (MBS), all of which are Index constituents. The Fund utilises an investment technique called optimisation, which seeks to minimise the difference in return between the Fund and the Index by taking into account tracking error (the risk that the Fund return varies from the Index return) and trading costs when constructing a portfolio. The Fund will not necessarily invest in every constituent of the Index, or invest proportionally to each constituents’ Index weight. If the overall portfolio matches the characteristics of the Index, the Fund can also invest in assets outside of the Index, such as: bonds with a credit rating of Ba1, BB+ and below; securities which are expected to provide similar performance and risk characteristics to certain Index constituents. | en | es |
DOLFIN7647 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund’s investments will be limited to investments permitted by the UCITS Regulations. The Fund may invest up to 70% of its net asset value in debt securities issued by Emerging Market Countries. The Fund may invest up to 30% of its net asset value in debt securities rated below BBB- by S&P, below Baa3 by Moody’s or below BBB- by Fitch or, if unrated, deemed to be of comparable quality by the Investment Manager. The Fund may invest in Money Market Instruments including in money market UCITS or eligible collective investment schemes denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards), currency futures transactions, enter into forward purchase settlement transactions, and repurchase agreement transactions, interest rate swaps, interest rate futures, credit default swaps, TRS and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis.
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3
The Fund’s investment objective is to generate income through a diversified portfolio of developed and Emerging Market Countries’ fixed income debt securities such as freely transferable promissory notes, debentures, fixed and floating rate bonds, zero coupon bonds, non-convertible notes, credit-linked notes, commercial paper, certificates of deposit, and bankers’ acceptances; and repurchase agreements with debt securities as the underlying instruments (for efficient portfolio management purposes only); STRIPS and inflation index-linked securities; denominated in US Dollars and a variety of other currencies, issued by sovereign, quasi-sovereign, supranational and corporate issuers that are listed or traded on Regulated Markets. At the time of purchase, the Fund may invest up to 80% of its net asset value in debt securities issued by Emerging Market Countries. The Fund has a limited maturity and will mature on or around 30 September 2023 or such other later date as the Directors shall notify to Shareholders.
The Fund may invest in money market instruments including in money market UCITS or eligible collective investment schemes within the meaning of Regulation 68(1)(e) of the UCITS Regulations denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs within the limits set out in the “Investment Restrictions” section of the Prospectus, as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards) and credit default swaps, and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis. A risk management process has been submitted to the Central Bank. The use of such FDI is not expected to affect the Fund’s over-all risk profile.
- Use of Financial Derivative Instruments and Efficient Portfolio ManagementSubject to the conditions and within the limits from time to time laid down by the Central Bank, and except where otherwise stated in the investment objective and policies of a Fund in the relevant Fund supplement, a Fund may engage in transactions in FDIs, whether for efficient portfolio management purposes (i.e., hedging, reducing risks or costs, or increasing capital or income returns) or investment purposes. A list of the Regulated Markets on which the FDIs may be quoted or traded is set out in Schedule II of the Prospectus. A Fund may invest in FDIs under the terms and criteria contained in the Prospectus of the Company and its supplements. | Las inversiones del Fondo se limitarán a las inversiones permitidas por el Reglamento sobre OICVM. El Fondo podrá invertir ha sta un 70 % de su valor liquidativo en títulos de deuda emitidos por Países de Mercados Emergentes. El Fondo podrá invertir hasta un 30 % de su valor liquidativo en títulos de deuda calificados por debajo de BBB- por S&P, por debajo de Baa3 por Moody’s o por debajo de BBB- por Fitch o, si no están calificados, que el Gestor de Inversiones considere de calidad comparable. El Fondo podrá invertir en Instrumentos del Mercado Monetario, incluidos los OICVM del mercado monetario o los planes de inversión colectiva admisibles denominados en dólares estadounidenses. Las inversiones realizadas en unidades o acciones de OICVM y/o en planes de inversión colectiva admisibles no podrán exceder en conjunto el 10 % del valor liquidativo del Fondo.
El Fondo podrá invertir (ya sea con fines de inversión o de gestión eficiente de la cartera) en determinados tipos de FDI tal y como se describe en la sección “Técnicas e Instrumentos de Inversión e Instrumentos Financieros Derivados” del Folleto, incluidas las transacciones de divisas a plazo (incluidos los contratos a plazo entregables y no entregables), las transacciones de futuros de divisas, entrar en transacciones de liquidación de compra a plazo, y transacciones de acuerdo de recompra, swaps de tipos de interés, los futuro s sobre tipos de interés, los swaps de impago de crédito, El TRS y toman prestado efectivo hasta un 10 % de sus activos netos de forma asegurada o no asegurada, siempre que dichos préstamos se realicen solo de forma temporal.
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3
El objetivo de inversión del Fondo es generar ingresos a través de una cartera diversificada de valores de deuda de renta fija de países desarrollados y de mercados emergentes, como pagarés libremente transferibles, las obligaciones, de tipo fijo y variable, de cupón cero, las notas no convertibles, notas vinculadas al crédito, el papel comercial, certificados de depósito, y las aceptaciones de los banqueros; y acuerdos de recompra con títulos de deuda como instrumentos subyacentes (solo con fines de gestión eficiente de la cartera); valores vinculados a índices de inflación y STRIPS; denominados en dólares estadounidenses y una variedad de otras divisas, emitidos por la deuda soberana, casi soberano, emisor es supranacionales y corporativos que coticen o se negocien en Mercados Regulados. En el momento de la compra, el Fondo podrá invertir hasta el 80 % de su valor liquidativo en títulos de deuda emitidos por Países de Mercados Emergentes. El Fondo tiene un vencimiento limitado y vencerá en torno al 30 de septiembre de 2023 o en cualquier otra fecha posterior que los Consejeros notifiquen a los Accionistas.
El Fondo podrá invertir en instrumentos del mercado monetario, incluidos los OICVM del mercado monetario o los planes de inve rsión colectiva admisibles, en el sentido del Artículo 68(1)(e) del Reglamento sobre OICVM denominado en dólares estadounidenses. Las inversiones realizadas en unidades o acciones de OICVM y/o en planes de inversión colectiva admisibles no podrán exceder en conjunto el 10 % del valor liquidativo del Fondo.
El Fondo podrá invertir (ya sea con fines de inversión o de gestión eficiente de la cartera) en determinados tipos de FDI dentro de los límites establecidos en la sección “Res tricciones de Inversión” del Folleto, como se describe en la sección “Técnicas e Instrumentos de Inversión e Instrumentos Financieros Derivados” del Folleto, como transacciones de contratos a plazo de divisas (incluidos contratos a plazo de entrega y no entregables) y swaps de incumplimiento de crédito, y tomar prestado efectivo hasta el 10 % de sus activos netos de forma asegurada o no garantizada siempre que dichos préstamos se realicen solo de forma temporal. Se ha enviado un proceso de gestión de riesgos al Banco Central. No se e spera que el uso de dicho FDI afecte al perfil de riesgo general del Fondo.
- Uso de instrumentos financieros derivados y gestión eficiente de la carteraCon sujeción a las condiciones y dentro de los límites establecidos en cualquier momento por el Banco Central, y salvo que se establezca otra cosa en los objetivos y las políticas de inversión de un Fondo en el suplemento correspondiente, un Fondo podrá realizar operaciones con IFD, ya sea con el fin de lograr una gestión eficaz de la cartera (es decir, con fines de cobertura, reducción de los riesgos o incremento del capital o de los rendimientos) o con fines de inversión. En el Anexo II del Folleto se incluye una lista de los Mercados Regulados en los que pueden cotizar o negociarse los IFD. Un Fondo podrá invertir en IFD conforme a las condiciones y los criterios que se establecen en el Folleto de la Sociedad y sus suplementos. | The Fund’s investments will be limited to investments permitted by the UCITS Regulations. The Fund may invest up to 70% of its net asset value in debt securities issued by Emerging Market Countries. The Fund may invest up to 30% of its net asset value in debt securities rated below BBB- by S&P, below Baa3 by Moody’s or below BBB- by Fitch or, if unrated, deemed to be of comparable quality by the Investment Manager. The Fund may invest in Money Market Instruments including in money market UCITS or eligible collective investment schemes denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards), currency futures transactions, enter into forward purchase settlement transactions, and repurchase agreement transactions, interest rate swaps, interest rate futures, credit default swaps, TRS and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis.
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3
The Fund’s investment objective is to generate income through a diversified portfolio of developed and Emerging Market Countries’ fixed income debt securities such as freely transferable promissory notes, debentures, fixed and floating rate bonds, zero coupon bonds, non-convertible notes, credit-linked notes, commercial paper, certificates of deposit, and bankers’ acceptances; and repurchase agreements with debt securities as the underlying instruments (for efficient portfolio management purposes only); STRIPS and inflation index-linked securities; denominated in US Dollars and a variety of other currencies, issued by sovereign, quasi-sovereign, supranational and corporate issuers that are listed or traded on Regulated Markets. At the time of purchase, the Fund may invest up to 80% of its net asset value in debt securities issued by Emerging Market Countries. The Fund has a limited maturity and will mature on or around 30 September 2023 or such other later date as the Directors shall notify to Shareholders.
The Fund may invest in money market instruments including in money market UCITS or eligible collective investment schemes within the meaning of Regulation 68(1)(e) of the UCITS Regulations denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs within the limits set out in the “Investment Restrictions” section of the Prospectus, as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards) and credit default swaps, and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis. A risk management process has been submitted to the Central Bank. The use of such FDI is not expected to affect the Fund’s over-all risk profile.
- Use of Financial Derivative Instruments and Efficient Portfolio ManagementSubject to the conditions and within the limits from time to time laid down by the Central Bank, and except where otherwise stated in the investment objective and policies of a Fund in the relevant Fund supplement, a Fund may engage in transactions in FDIs, whether for efficient portfolio management purposes (i.e., hedging, reducing risks or costs, or increasing capital or income returns) or investment purposes. A list of the Regulated Markets on which the FDIs may be quoted or traded is set out in Schedule II of the Prospectus. A Fund may invest in FDIs under the terms and criteria contained in the Prospectus of the Company and its supplements. | en | es |
DOLFIN7652 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager has delegated responsibility for the investment and re-investment of the assets of each of the Sub-Funds (save AXA IM Eurobloc Equity) to AXA Investment Managers UK Limited pursuant to the investment management agreement described in Section
9.4.1 (“Material Contracts”).
The Investment Manager is also the promoter of the Fund.
The Investment Manager was incorporated in England and Wales as a private limited company in 1979. Its ultimate holding company is AXA S.A., through AXA Investment Managers S.A. Both the holding and ultimate holding companies are incorporated in France. The principal activity of the Investment Manager is to act as a fund manager primarily for large institutional clients around the world, through both separate accounts and collective investment schemes. As of 30 September 2021 assets under investment management and advice of the Investment Manager totalled €879 billion. The Investment Manager is regulated in the UK by the FCA.
In making its investment decisions, the Investment Manager will have regard to any stock selection policies or restrictions agreed to by the Investment Manager and or its direct or indirect parent companies with regards to the holding of either individual securities or various categories or classes of securities.
The stock selection universe may also be modified as a result of any local regulatory limitations on stock holdings imposed as a result of the Manager offering units in the Fund in various jurisdictions.
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##### The Master Distributor | La Sociedad Gestora ha delegado la responsabilidad sobre la inversión y la reinversión de los activos de los Subfondos (salvo AXA
IM Eurobloc Equity) en AXA Investment Managers UK Limited con arreglo al contrato de gestión de inversiones descrito en el apartado 9.4.1 (“Contratos importantes”).
La Gestora de Inversiones es además la promotora del Fondo.
La Gestora de Inversiones se constituyó en Inglaterra y Gales como sociedad de responsabilidad limitada en 1979. Su sociedad tenedora matriz es AXA S.A., a través de AXA Investment Managers S.A. Tanto la sociedad de control como la tenedora matriz están constituidas en Francia. La principal actividad de la Gestora de Inversiones es actuar como gestora de fondos fundamentalmente para grandes clientes institucionales de todo el mundo, tanto mediante cuentas independientes como a través de planes de inversión colectiva. A 30 de septiembre de 2021, la Gestora de Inversiones gestionaba y asesoraba inversiones valoradas en unos 879.000 millones de euros. La Gestora de Inversiones está regulada en el Reino Unido por la FCA.
A la hora de tomar sus decisiones en materia de inversión, la Gestora de Inversiones tomará en consideración las políticas relativas a la selección de los valores o las restricciones acordadas por la Gestora de Inversiones y/o sus sociedades matrices directas o indirectas con respecto a la tenencia de valores concretos o de diferentes categorías o clases de valores.
El ámbito de la selección de los valores también se podrá modificar como consecuencia de las limitaciones de las normativas locales sobre la tenencia de valores impuestas como consecuencia de la oferta de Participaciones del Fondo en diferentes jurisdicciones por parte de la Sociedad Gestora.
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##### El Distribuidor Principal | The Manager has delegated responsibility for the investment and re-investment of the assets of each of the Sub-Funds (save AXA IM Eurobloc Equity) to AXA Investment Managers UK Limited pursuant to the investment management agreement described in Section
9.4.1 (“Material Contracts”).
The Investment Manager is also the promoter of the Fund.
The Investment Manager was incorporated in England and Wales as a private limited company in 1979. Its ultimate holding company is AXA S.A., through AXA Investment Managers S.A. Both the holding and ultimate holding companies are incorporated in France. The principal activity of the Investment Manager is to act as a fund manager primarily for large institutional clients around the world, through both separate accounts and collective investment schemes. As of 30 September 2021 assets under investment management and advice of the Investment Manager totalled €879 billion. The Investment Manager is regulated in the UK by the FCA.
In making its investment decisions, the Investment Manager will have regard to any stock selection policies or restrictions agreed to by the Investment Manager and or its direct or indirect parent companies with regards to the holding of either individual securities or various categories or classes of securities.
The stock selection universe may also be modified as a result of any local regulatory limitations on stock holdings imposed as a result of the Manager offering units in the Fund in various jurisdictions.
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##### The Master Distributor | en | es |
DOLFIN7653 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
These adjustments are normally applied on any Valuation Day when the total volume of trading in a Sub-Fund’s Shares (meaning both subscriptions and redemptions) exceeds a certain threshold. The adjustments will seek to reflect the anticipated prices at which the Sub-Fund will be buying and selling assets, as well as estimated transaction costs. The NAV will be adjusted upward when there are large cash net inflows into the Sub-Fund and downward when there are net large outflows. The SICAV Board has delegated to the Management Company all necessary powers to increase the maximum swing factor applied to Sub-Funds from 2% up to a maximum of 5% in exceptional market circumstances caused by the Covid-19 outbreak. The Management Company will promptly notify the SICAV Board and the CSSF in the event where swing factors increase beyond 2%. During the period, no Sub-Fund has applied a swing factor exceeding 2%. The swing factors typically include the estimated dealing costs, stamp duty and other taxes and market bid/offer spreads. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office.
The Management Company makes, and periodically reviews, the operational decisions about swing pricing, including the thresholds that trigger it, the extent of the adjustment in each case, and which Sub-Funds will and will not be subject to swing pricing at any given time.
The official Net Asset Value per Share as at period end, disclosed in the Statistical Information section of this report may therefore include a swing pricing adjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in Net Assets.
During the period, the swing pricing mechanism was applied across all Sub-Funds except for JPMorgan Funds - Emerging Markets Diversified Equity Plus Fund due to net flows not reaching the swing threshold and JPMorgan Funds - EUR Money Market VNAV Fund, JPMorgan Funds - Global Multi-Strategy Income Fund and JPMorgan Funds - USD Money Market VNAV Fund, due to Prospectus restriction.
As at period end, Swing Pricing adjustments have not been applied to the Sub-Funds.
Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net Asset Value per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of any pricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fund on the merger date.
The Management Company may consider it appropriate not to apply the swing pricing adjustment to the Net Asset Value per Share of a Sub-Fund where it is seeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay the dealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the net asset value. Where this happens shareholders will subscribe or redeem at a net asset value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had been applied.
- Realised and Unrealised Gains or Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents. | Estos ajustes se aplican normalmente en cualquier Día de Valoración en que el volumen total de negociación de las Acciones de un Subfondo (que incluye tanto suscripciones como reembolsos) supere cierto límite. Los ajustes tienen como objetivo reflejar los precios previstos a los que el Subfondo comprará y venderá activos, así como los costes previstos de las transacciones. El VL se ajustará al alza cuando se registren grandes entradas de efectivo neto en el Subfondo y a la baja cuando se produzcan grandes salidas. El Consejo de la SICAV delegó en la Sociedad gestora todas las facultades necesarias para incrementar el factor máximo de swing pricing aplicado a los Subfondos desde el 2% hasta un máximo del 5% en las circunstancias excepcionales de mercado provocadas por la COVID-19. La Sociedad gestora notificará inmediatamente al Consejo de la SICAV y la CSSF en el caso de que los factores de swing pricing se incrementen por encima del 2%. Durante el período, ningún Subfondo ha aplicado un factor de swing pricing superior al 2%. Los factores de swing pricing incluyen generalmente costes de negociación previstos, impuesto de timbre y otros impuestos, así como el diferencial entre el precio del comprador y el precio de vendedor en el mercado. El ajuste de precios aplicable a un Subfondo específico puede obtenerse, previa solicitud, en el domicilio social de la Sociedad gestora.
La Sociedad gestora toma las decisiones operativas (y las revisa periódicamente) sobre el ajuste mediante swing pricing, lo cual incluye los límites que activan su aplicación, el alcance del ajuste en cada caso y qué Subfondos estarán y no estarán sujetos al ajuste mediante swing pricing en un momento dado.
Así pues, el Valor de Activo Neto por Acción oficial al cierre del período, publicado en la sección Información Estadística del presente informe, puede incluir un ajuste de swing pricing no reconocido en el Estado consolidado del activo neto ni en el Estado consolidado de operaciones y variaciones del activo neto.
Durante el período, el mecanismo de swing pricing se aplicó en todos los Subfondos, excepto en JPMorgan Funds - Emerging Markets Diversified Equity Plus Fund, debido a que los flujos netos no alcanzan el límite para la aplicación de swing princing y JPMorgan Funds - EUR Money Market VNAV Fund, JPMorgan Funds - Global Multi-Strategy Income Fund y JPMorgan Funds - USD Money Market VNAV Fund, debido a restricción del Folleto.
Al cierre del período, no se aplicó el mecanismo de swing pricing a los Subfondos.
Del mismo modo, con el fin de proteger los intereses de los Accionistas de un Subfondo objeto de una fusión, la Sociedad gestora puede ajustar el Valor Liquidativo por Acción del Subfondo absorbido o realizar cualesquiera otros ajustes adecuados con el fin de neutralizar para el Subfondo absorbido la repercusión de todo ajuste de preciosaplicado mediante el mecanismo de swing pricing en el Subfondo absorbente como consecuencia de los flujos de entrada y salida de efectivo del Subfondo absorbente en la fecha de la fusión.
La Sociedad Gestora podría considerar oportuno no aplicar el mecanismo de ajuste de precios swingpricing al Valor de Activo Neto por Acción de un Subfondo cuando pretenda atraer entradas de fondos de manera que el Subfondo alcance un tamaño determinado. Si se toma una decisión en relación con un Subfondo, la Sociedad Gestora abonará los costes de negociación y de otro tipo derivados de las operaciones con títulos-valores a fin de evitar la dilución del Valor de Activo Neto del Subfondo. Cuando esto ocurra, los accionistas suscribirán o amortizarán al Valor de Activo Neto que no se haya ajustado al alza que hubiera correspondido si el mecanismo compensatorio de precios se hubiera aplicado.
- Plusvalías o minusvalías materializadas y latentes sobre inversionesLas operaciones de inversión se contabilizan en la fecha de la transacción (la fecha en que se ejecutó la orden de compra o de venta). En las negociaciones relativas a otros planes de inversión colectivos, las transacciones se contabilizan cuando se recibe confirmación de la negociación por parte de los agentes de transferencia subyacentes. | These adjustments are normally applied on any Valuation Day when the total volume of trading in a Sub-Fund’s Shares (meaning both subscriptions and redemptions) exceeds a certain threshold. The adjustments will seek to reflect the anticipated prices at which the Sub-Fund will be buying and selling assets, as well as estimated transaction costs. The NAV will be adjusted upward when there are large cash net inflows into the Sub-Fund and downward when there are net large outflows. The SICAV Board has delegated to the Management Company all necessary powers to increase the maximum swing factor applied to Sub-Funds from 2% up to a maximum of 5% in exceptional market circumstances caused by the Covid-19 outbreak. The Management Company will promptly notify the SICAV Board and the CSSF in the event where swing factors increase beyond 2%. During the period, no Sub-Fund has applied a swing factor exceeding 2%. The swing factors typically include the estimated dealing costs, stamp duty and other taxes and market bid/offer spreads. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office.
The Management Company makes, and periodically reviews, the operational decisions about swing pricing, including the thresholds that trigger it, the extent of the adjustment in each case, and which Sub-Funds will and will not be subject to swing pricing at any given time.
The official Net Asset Value per Share as at period end, disclosed in the Statistical Information section of this report may therefore include a swing pricing adjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in Net Assets.
During the period, the swing pricing mechanism was applied across all Sub-Funds except for JPMorgan Funds - Emerging Markets Diversified Equity Plus Fund due to net flows not reaching the swing threshold and JPMorgan Funds - EUR Money Market VNAV Fund, JPMorgan Funds - Global Multi-Strategy Income Fund and JPMorgan Funds - USD Money Market VNAV Fund, due to Prospectus restriction.
As at period end, Swing Pricing adjustments have not been applied to the Sub-Funds.
Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net Asset Value per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of any pricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fund on the merger date.
The Management Company may consider it appropriate not to apply the swing pricing adjustment to the Net Asset Value per Share of a Sub-Fund where it is seeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay the dealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the net asset value. Where this happens shareholders will subscribe or redeem at a net asset value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had been applied.
- Realised and Unrealised Gains or Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents. | en | es |
DOLFIN7673 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## What are the costs?
Costs over Time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. Total costs include one-off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the Product itself, for the different holding periods. These include potential early exit penalties. The figures assume you invest CHF 10,000. The figures are estimates and may change in the future.
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 all the costs affect your investment over time. | ## ¿Cuáles son los costes?
Costes a lo largo del tiempo
La reducción del rendimiento (RIY) muestra la incidencia anual de los costes totales que usted paga sobre el rendimiento que podría obtener de su inversión. Los costes totales incluyen los costes únicos, recurrentes e imprevistos. Los importes que se muestran aquí son los costes acumulados relacionados con el producto propiamente dicho, para los diferentes periodos de mantenimiento. Incluyen posibles penalizaciones por salida anticipada. Las cifras presentadas parten del supuesto de que usted invierte 10 000 CHF. Estas cifras son estimaciones y pueden cambiar en el futuro.
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 la incidencia que tienen en su inversión a lo largo del tiempo. | ## What are the costs?
Costs over Time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. Total costs include one-off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the Product itself, for the different holding periods. These include potential early exit penalties. The figures assume you invest CHF 10,000. The figures are estimates and may change in the future.
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 all the costs affect your investment over time. | en | es |
DOLFIN7674 | 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 MY MONEY OUT EARLY?
The Fund has no required minimum holding period but has a recommended holding period of 5 years and is designed for medium- long term investment. The investment objective of the Fund is to seek to maximise long-term total returns for Shareholders of the Fund. As such, a recommended holding period of 5 years is appropriate in light of this investment objective
You can redeem your investment at any time during the recommended holding period, or hold the investment longer. You may sell your shares in the Fund each business day on which banks in Dublin and London are open for normal banking business. When you sell shares, a charge (anti-dilution levy) may be payable to cover the costs incurred by the Fund in selling investments for the Fund. No other fees or penalties will be charged by the Fund for any such transaction, however an execution fee might be chargeable by your broker if applicable. By selling your shares in the Fund earlier than the recommended holding period, you may receive back less than you would have received if you had kept the shares for the recommended holding period. In volatile or unusual market conditions, or in the event of technical faults/disruptions, the purchase and/or sale of the product can be temporarily hindered and/or suspended and may not be possible at all. | # ¿CUÁNTO TIEMPO DEBO MANTENER LA INVERSIÓN, Y PUEDO RETIRAR DINERO DE MANERA ANTICIPADA?
El Fondo no tiene un período de mantenimiento mínimo exigido pero sí un período de mantenimiento recomendado de 5 años y ha sido diseñado para la inversión de medio a largo plazo. El objetivo de inversión del Fondo es tratar de maximizar la rentabilidad total a largo plazo para sus Accionistas. Por consiguiente, teniendo en cuenta este objetivo de inversión, es adecuado un período de mantenimiento recomendado de 5 años.
Usted puede reembolsar su inversión en todo momento durante el período de mantenimiento recomendado, o mantener la inversión durante más tiempo. Puede vender sus acciones del Fondo cada día hábil en el que los bancos de Dublín y Londres estén abiertos para su actividad bancaria normal. Cuando venda sus acciones, puede que deba pagar una tasa (gravamen de protección contra la dilución) a fin de cubrir los costes en que haya incurrido el Fondo en la venta de sus inversiones. El Fondo no cobrará ninguna otra tasa o sanción por ninguna operación de este tipo, pero su corredor, en su caso, podría aplicar una comisión de ejecución. Si usted vende sus acciones del Fondo antes del período de mantenimiento recomendado, puede que reciba menos de lo que habría recibido si hubiera mantenido las acciones durante dicho período. En condiciones de mercado volátiles o inusuales, o en caso de fallos o interrupciones técnicas, la compra o la venta del producto puede verse obstaculizada temporalmente o suspendida y puede que no sea posible. | # HOW LONG SHOULD I HOLD IT AND CAN I TAKE MY MONEY OUT EARLY?
The Fund has no required minimum holding period but has a recommended holding period of 5 years and is designed for medium- long term investment. The investment objective of the Fund is to seek to maximise long-term total returns for Shareholders of the Fund. As such, a recommended holding period of 5 years is appropriate in light of this investment objective
You can redeem your investment at any time during the recommended holding period, or hold the investment longer. You may sell your shares in the Fund each business day on which banks in Dublin and London are open for normal banking business. When you sell shares, a charge (anti-dilution levy) may be payable to cover the costs incurred by the Fund in selling investments for the Fund. No other fees or penalties will be charged by the Fund for any such transaction, however an execution fee might be chargeable by your broker if applicable. By selling your shares in the Fund earlier than the recommended holding period, you may receive back less than you would have received if you had kept the shares for the recommended holding period. In volatile or unusual market conditions, or in the event of technical faults/disruptions, the purchase and/or sale of the product can be temporarily hindered and/or suspended and may not be possible at all. | en | es |
DOLFIN7675 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 138 | EUR 689 |
| Annual cost impact (*) | 1.4% | 1.3% |
(*) 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 6.3% before costs and 5.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | EUR 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | EUR 90 |
| Transaction costs | 0.4% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 43 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
The performance fee is calculated as 15% of any excess return the Sub-fund achieved over the higher of High Water Mark and Hurdle Rate Index Value (ESTR + 2%).
EUR 0 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 EUR está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 138 EUR | 689 EUR |
| Incidencia anual de los costes (*) | 1,4% | 1,3% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 6,3% antes de deducir los costes y 5,0% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,1% del valor de su inversión al participar. Esto incluye costes de distribución equivalentes al 0,1% del importe invertido. | 5 EUR |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 EUR |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,9% del valor de su inversión por año. | 90 EUR |
| Costes de operación | 0,4% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 43 EUR |
Comisiones de rendimiento 0,0% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años. La comisión de rendimiento equivale al 15% de toda rentabilidad excedente que el fondo haya obtenido por encima de la valor que sea más alto entre High Water Mark y Hurdle Rate Index Value (ESTR + 2%).
0 EUR | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 138 | EUR 689 |
| Annual cost impact (*) | 1.4% | 1.3% |
(*) 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 6.3% before costs and 5.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | EUR 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | EUR 90 |
| Transaction costs | 0.4% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 43 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
The performance fee is calculated as 15% of any excess return the Sub-fund achieved over the higher of High Water Mark and Hurdle Rate Index Value (ESTR + 2%).
EUR 0 | en | es |
DOLFIN7678 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond to those of its Index.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised of large and mid-capitalisation equity securities issued in the US market, is published by FTSE Russell and rebalances quarterly (as referred to under the "Index Tracking Risk" in the Prospectus). Further details on the Index, including its components and performance, are available at https://www.ftse.com/products/ indices/jpmorgan-factor.
The Index is designed to capture the performance of stocks which display certain factor characteristics more strongly when compared to their peer group (i.e. other stocks in the same sector). Factors are characteristics that describe the risk and return profile of securities from which investors expect to achieve above average returns over time, through assuming a particular risk or taking advantage of a behavioural bias.
The Index uses a two-step rules-based approach that weighs sectors equally based on volatility, followed by a stock selection process that uses multiple factors referred to as "multi-factor". This process involves investing in stocks in the Russell 1000 Index according to an overall | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende generar rentabilidades similares a las de su Índice.
Política de inversión: El Subfondo lleva a cabo una estrategia de gestión pasiva (replicación del índice o «index tracking»).
El Subfondo trata de replicar la rentabilidad del Índice con la mayor precisión posible, con independencia de si el valor del Índice aumenta o desciende, al tiempo que trata de reducir al máximo el error de seguimiento («tracking error») entre la rentabilidad del Subfondo y la del Índice.
El Índice está compuesto por valores de renta variable de mediana y gran capitalización emitidos en el mercado estadounidense, es publicado por FTSE Russell y se reajusta cada trimestre (como se indica en el apartado «Riesgo vinculado al seguimiento de índices» del Folleto). Se puede obtener más información sobre el Índice, incluidos sus componentes y rentabilidad, en la página web https:// www.ftse.com/products/indices/jpmorgan-factor.
El Índice ha sido concebido para capturar la rentabilidad de los valores que exhiben ciertas características factoriales de manera más significativa cuando se comparan con su grupo de homólogos (es decir, otros valores del mismo sector). Los factores son características que describen el perfil de riesgo y rentabilidad de los valores a través de los cuales los inversores esperan cosechar rentabilidades por encima de la media con el paso del tiempo, bien asumiendo un riesgo particular, bien aprovechando un sesgo conductual.
El Índice recurre a un enfoque de dos pasos basado en normas que equipondera los sectores en función de la volatilidad, seguido de un proceso de selección de valores que utiliza múltiples factores (o«multifactorial»). Este proceso implica la inversión en valores del índice Russell 1000, con arreglo a una puntuación multifactorial global | # Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond to those of its Index.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised of large and mid-capitalisation equity securities issued in the US market, is published by FTSE Russell and rebalances quarterly (as referred to under the "Index Tracking Risk" in the Prospectus). Further details on the Index, including its components and performance, are available at https://www.ftse.com/products/ indices/jpmorgan-factor.
The Index is designed to capture the performance of stocks which display certain factor characteristics more strongly when compared to their peer group (i.e. other stocks in the same sector). Factors are characteristics that describe the risk and return profile of securities from which investors expect to achieve above average returns over time, through assuming a particular risk or taking advantage of a behavioural bias.
The Index uses a two-step rules-based approach that weighs sectors equally based on volatility, followed by a stock selection process that uses multiple factors referred to as "multi-factor". This process involves investing in stocks in the Russell 1000 Index according to an overall | en | es |
DOLFIN7681 | 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 | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | 0.3% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 34 EUR |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 5 EUR |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | No cobramos comisión de entrada. | 0 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | En caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,3% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 34 EUR |
| Costes de operación | 0,1% 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. | 5 EUR |
| Costes accesorios detraídos en condiciones específicas | En caso de salida después de 1 año |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | 0.3% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 34 EUR |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 5 EUR |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN7683 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The selection :
- only concerns financial institutions of OECD countries (without any legal status criteria) whose minimum rating ranges between AAA to BBB- by Standard and Poor's, at the moment of transaction’s, or considered to be equivalent by the Management Company according its own criteria and
- is made from among reputable financial intermediaries on the basis of multiple criteria related to the provision of research services (fundamental financial analysis, company information, value added by partners, solid basis for recommendations, etc.) or execution services (access to market information, transaction costs, execution prices, good transaction settlement practices, etc.). | ###### La selección:
- únicamente concierne a instituciones financieras de países de la OCDE (sin ningún criterio sobre el estatuto jurídico) cuyas calificaciones mínimas estén entre AAA y BBB- (Standard and Poor's) en el momento de la transacción, o calificaciones consideradas como equivalentes por la sociedad gestora, según su propio criterio; y
- se hace entre intermediarios financieros de confianza, teniendo en cuenta diversos criterios en relación con la prestación de servicios de estudios (análisis financiero fundamental, información sobre la empresa, valor añadido por los socios, fundamentos sólidos para su recomendación, etc.) o de servicios de ejecución (acceso a la información de los mercados, costes de las transacciones, precios de ejecución, buenas prácticas de liquidación de operaciones, etc.). | ###### The selection :
- only concerns financial institutions of OECD countries (without any legal status criteria) whose minimum rating ranges between AAA to BBB- by Standard and Poor's, at the moment of transaction’s, or considered to be equivalent by the Management Company according its own criteria and
- is made from among reputable financial intermediaries on the basis of multiple criteria related to the provision of research services (fundamental financial analysis, company information, value added by partners, solid basis for recommendations, etc.) or execution services (access to market information, transaction costs, execution prices, good transaction settlement practices, etc.). | en | es |
DOLFIN7685 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For the purposes of efficient portfolio management and without deviating from its investment objectives, the Sub- fund may enter into repurchase agreements covering eligible Transferable Securities or Money Market Instruments, subject to a limit of 25% of its net assets. In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
The Sub-fund may hold securities denominated in a currency other than the dollar. In particular, it may invest in securities in denominated in euros and in Canadian dollars. These securities will be hedged against currency risk. However, residual exposure to currency risk of up to 10% of net assets may remain.
Subject to a limit of 100% of its net assets, the Sub-fund may use over-the-counter derivative instruments or financial contracts traded on a regulated or organised market in order to conclude:
- equity options, equity index contracts or futures contracts on indices
- forward currency contracts
- forward exchange (currency swaps) and forward currency contracts
- equity index futures contracts
- futures and/or options contracts on volatility indicesDerivative instruments will be used for the purposes of hedging and exposure, subject to an equity risk exposure limit of between 0% and 90%. | A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo puede formalizar contratos de recompra de valores mobiliarios o instrumentos del mercado monetario elegibles, con un límite del 25 % de su patrimonio neto. Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
El subfondo podrá invertir en títulos denominados en una divisa distinta del dólar. Concretamente, podrá invertir en títulos en euros o dólares canadienses. Estos títulos estarán cubiertos frente al riesgo de cambio. Sin embargo, podrá existir una exposición residual al riesgo de cambio hasta el 10 % del patrimonio neto.
Dentro del límite del 100 % de su patrimonio neto, el subfondo podrá utilizar instrumentos derivados extrabursátiles o contratos financieros negociados en un mercado regulado u organizado con el fin de formalizar, concretamente, los siguientes:
- contratos de opciones sobre acciones, sobre índices de renta variable o sobre futuros de índices de renta variable
- contratos a plazo de divisas
- contratos de permuta a plazo (swaps de divisas) y cambio a plazo
- contratos de futuros sobre índices de renta variable
- contratos de futuros y/o de opciones sobre índices de volatilidadLos instrumentos derivados se emplearán con fines de cobertura y exposición dentro del límite de exposición al riesgo de renta variable del 0 % al 90 %. | For the purposes of efficient portfolio management and without deviating from its investment objectives, the Sub- fund may enter into repurchase agreements covering eligible Transferable Securities or Money Market Instruments, subject to a limit of 25% of its net assets. In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
The Sub-fund may hold securities denominated in a currency other than the dollar. In particular, it may invest in securities in denominated in euros and in Canadian dollars. These securities will be hedged against currency risk. However, residual exposure to currency risk of up to 10% of net assets may remain.
Subject to a limit of 100% of its net assets, the Sub-fund may use over-the-counter derivative instruments or financial contracts traded on a regulated or organised market in order to conclude:
- equity options, equity index contracts or futures contracts on indices
- forward currency contracts
- forward exchange (currency swaps) and forward currency contracts
- equity index futures contracts
- futures and/or options contracts on volatility indicesDerivative instruments will be used for the purposes of hedging and exposure, subject to an equity risk exposure limit of between 0% and 90%. | en | es |
DOLFIN7689 | 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 | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.70 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee corresponds to 25% of the amount by which the performance exceeds that of the MSCI World Communication Services 10/40 TR Net, up to a maximum of 4% of the average value of the fund. When calculating the performance-based fee, negative carryforwards from the previous five settlement periods are taken into account. Details can be found in the “Costs” section of the Sales Prospectus. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Este es el máximo que puede deducirse de su capital antes de ser invertido (cargo de entrada) y antes de abonarse los rendimientos de su inversión (cargo de salida). |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,70 % |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 0,00 % |
| La comisión de rendimiento se corresponde con el 25% del importe en que la evolución del valor exceda la evolución del índice MSCI World Communication Services 10/40 TR neto, con un máximo del 4% del valor medio del fondo. A la hora de calcular la comisión de rendimiento se tienen en cuenta los remanentes negativos de los últimos cinco periodos de liquidación. El apartado “Costes” del folleto de venta contiene más información al respecto. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.70 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee corresponds to 25% of the amount by which the performance exceeds that of the MSCI World Communication Services 10/40 TR Net, up to a maximum of 4% of the average value of the fund. When calculating the performance-based fee, negative carryforwards from the previous five settlement periods are taken into account. Details can be found in the “Costs” section of the Sales Prospectus. | | en | es |
DOLFIN7696 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Small capitalization companies may be more sensitive to market changes and may be subject to more abrupt or erratic price monements than the securities of large companies. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
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.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Las empresas de pequeña capitalización pueden ser más sensibles a los cambios del mercado y estar sujetas a cambios más abruptos o erráticos de los precios que los valores de las grandes empresas. Los valores de crecimiento pueden ser más sensibles a la evolución del mercado, la economía y la política que los de otro tipo, lo que hace que sus precios sean más volátiles.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en www.alger.com.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Small capitalization companies may be more sensitive to market changes and may be subject to more abrupt or erratic price monements than the securities of large companies. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN7703 | 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 17, 2007.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
10%
0%
-10%
-20% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de octubre de 2007. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
10%
0%
-10%
-20% | ### Launch Date and Currency
Sub-Fund's launch date: October 17, 2007.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
10%
0%
-10%
-20% | en | es |
DOLFIN7714 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- GBP 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | GBP 82 | GBP 414 |
| Annual cost impact (*) | 0.8% | 0.8% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be -3.5% before costs and -4.3% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | GBP 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | GBP 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.4% of the value of your investment per year. | GBP 43 |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | GBP 25 |
Performance fees 0.1% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
GBP 14 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 GBP está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 82 GBP | 414 GBP |
| Incidencia anual de los costes (*) | 0,8% | 0,8% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea -3,5% antes de deducir los costes y -4,3% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 GBP |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 GBP |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,4% del valor de su inversión por año. | 43 GBP |
| Costes de operación | 0,2% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 25 GBP |
Comisiones de rendimiento 0,1% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años.
14 GBP | # 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
- GBP 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | GBP 82 | GBP 414 |
| Annual cost impact (*) | 0.8% | 0.8% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be -3.5% before costs and -4.3% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | GBP 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | GBP 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.4% of the value of your investment per year. | GBP 43 |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | GBP 25 |
Performance fees 0.1% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
GBP 14 | en | es |
DOLFIN7716 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Use of derivatives
The respective sub-fund may – provided an appro- priate risk management system is in place – invest in any and all derivatives permitted under the Law of 2010 that are derived from assets that may be acquired for the respective sub-fund or from recognized financial indices, interest rates, ex- change rates or currencies. In particular, this includes options, financial futures and swaps (including total return swaps), as well as combina- tions thereof. These can be used not only for hedging but may also be part of the investment strategy.
Trading in derivatives is conducted within the confines of the investment limits and provides for the efficient management of the sub-fund’s assets, while also managing investment matur- ities and risks.
For sub-funds that qualify as money market funds as defined in the Money Market Funds Regulation, the restrictions in the Money Market Funds Regulation, the provisions of the ESMA Guidelines 2014/294 (to the extent consistent with the Money Market Funds Regulation), and the provisions of article 4 section I. of this Sales Prospectus regarding the use of derivatives must be observed. | #### Utilización de derivados
El subfondo correspondiente puede invertir, bajo reserva de un sistema apropiado de gestión del riesgo, en todo tipo de derivados permitidos según la ley de 2010 que se deriven de activos financieros que puedan ser adquiridos para el sub- fondo respectivo, o de índices financieros, tipos de interés, tipos de cambio o divisas reconocidos. Entre ellos están las opciones, los contratos de futuros financieros y los swaps (incluidos los total return swaps), así como las combinaciones de los anteriores. Estos instrumentos no solo se emplean con finalidades de cobertura, sino que pueden formar parte de la estrategia de inversión.
La negociación de derivados se emplea dentro del marco de los límites de inversión y sirve para una eficiente administración del patrimonio del subfondo, así como para la gestión del riesgo y de la duración de las inversiones.
Para los subfondos que tienen la consideración de fondos del mercado monetario conforme al Reglamento sobre fondos del mercado moneta- rio hay que tener en consideración las restriccio- nes de dicho reglamento, las disposiciones de las directrices de ESMA 2014/294, en la medida en que estén en consonancia con el Reglamento sobre fondos del mercado monetario, así como las disposiciones del artículo 4., apartado I., de este folleto de venta en lo que respecta a la utili- zación de derivados. | #### Use of derivatives
The respective sub-fund may – provided an appro- priate risk management system is in place – invest in any and all derivatives permitted under the Law of 2010 that are derived from assets that may be acquired for the respective sub-fund or from recognized financial indices, interest rates, ex- change rates or currencies. In particular, this includes options, financial futures and swaps (including total return swaps), as well as combina- tions thereof. These can be used not only for hedging but may also be part of the investment strategy.
Trading in derivatives is conducted within the confines of the investment limits and provides for the efficient management of the sub-fund’s assets, while also managing investment matur- ities and risks.
For sub-funds that qualify as money market funds as defined in the Money Market Funds Regulation, the restrictions in the Money Market Funds Regulation, the provisions of the ESMA Guidelines 2014/294 (to the extent consistent with the Money Market Funds Regulation), and the provisions of article 4 section I. of this Sales Prospectus regarding the use of derivatives must be observed. | en | es |
DOLFIN7721 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
*The percentage of ongoing charges presented here is an estimate. The UCITS’ annual report for each financial year will include detail on the exact charges made.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
A Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
6.5%
The SICAV was launched on 31 January 2019 and its AMUNDI RESPONSIBLE INVESTING - IMPACT GREEN BONDS - R class on 31 January 2019.
The reference currency is the euro (EUR).
2015 2016 2017 2018 2019
Following the absorption of the Amundi Impact Green Bonds Fund’s R unit by the R share of the Impact Green Bonds Sub-fund of the Amundi Responsible Investing SICAV on 31 January 2019, the past performance displayed is that taken from the Amundi Impact Green Bond Fund.
A: Summary of the performance history of the Amundi Impact Green Bond Fund’s R unit
Practical information
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value of the Fund is available on request from the Management Company, on its website www.amundi.com.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020. | Los gastos de entrada y de salida indicados son gastos máximos. En algunos casos, los gastos abonados pueden ser inferiores, usted puede obtener más información dirigiéndose a su asesor financiero.
El porcentaje de los gastos corrientes que se presenta al lado constituye una estimación. El informe anual de la IIC correspondiente a cada ejercicio presentará de manera pormenorizada los gastos exactos cobrados.
Rentabilidad histórica
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión"del folleto de este OICVM, disponible a petición del interesado dirigiéndose a la sociedad gestora.
A La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras. La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por la SICAV.
6,5%
La SICAV fue creada el 31 de enero de 2019 y su clase AMUNDI RESPONSIBLE INVESTING - IMPACT GREEN BONDS - R el 31 de enero de 2019.
La divisa de referencia es el euro (EUR).
2015 2016 2017 2018 2019
Tras la absorción de la participación R del Fondo Amundi Impact Green Bonds por la acción R del subfondo Impact Green Bonds de la SICAV Amundi Responsible Investing el 31 de enero de 2019, los rendimientos anteriores mostrados son los recuperados por el Fondo Amundi Impact Green Bonds.
A: Revisión del historial de rendimiento del Fondo Amundi Impact Green Bond part R
Información práctica
Nombre del depositario: CACEIS Bank.
El último folleto, los últimos documentos de información periódica reglamentarios y demás información práctica, se hallan disponibles de forma gratuita en la sociedad gestora.
Debido a que este OICVM está formado por compartimentos, su último informe anual agregado también se halla disponible en la sociedad gestora. El valor liquidativo se halla disponible previa solicitud en la sociedad gestora, en su sitio web www.amundi.com.
Según su régimen fiscal, las plusvalías y los ingresos eventuales relacionados con la tenencia de títulos del OICVM pueden estar sujetos a impuestos. Le aconsejamos que solicite información al respecto a su comercializador del OICVM.
El OICVM no está disponible para los residentes de los Estados Unidos de América/«Personas estadounidenses» (cuya definición se encuentra disponible en el sitio web de la sociedad gestora www.amundi.com y/o en el folleto).
La responsabilidad de Amundi Asset Management solo puede verse comprometida sobre la base de declaraciones engañosas, inexactas o incoherentes con las partes correspondientes del folleto del OICVM contenidas en el presente documento.
El OICVM propone otras participaciones o acciones para categorías de inversores definidas en su folleto.
Este OICVM está autorizado en Francia y regulado por la Autoridad de Mercados Financieros (AMF).
La sociedad gestora Amundi Asset Management está autorizada en Francia y regulada por la Autoridad de Mercados Financieros (AMF). Los presentes datos fundamentales para el inversor son exactos y vigentes a 01 de julio de 2020. | The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
*The percentage of ongoing charges presented here is an estimate. The UCITS’ annual report for each financial year will include detail on the exact charges made.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
A Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
6.5%
The SICAV was launched on 31 January 2019 and its AMUNDI RESPONSIBLE INVESTING - IMPACT GREEN BONDS - R class on 31 January 2019.
The reference currency is the euro (EUR).
2015 2016 2017 2018 2019
Following the absorption of the Amundi Impact Green Bonds Fund’s R unit by the R share of the Impact Green Bonds Sub-fund of the Amundi Responsible Investing SICAV on 31 January 2019, the past performance displayed is that taken from the Amundi Impact Green Bond Fund.
A: Summary of the performance history of the Amundi Impact Green Bond Fund’s R unit
Practical information
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value of the Fund is available on request from the Management Company, on its website www.amundi.com.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020. | en | es |
DOLFIN7722 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,333
13.3%
EUR 12,280
4.2% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 333 EUR
13,3%
12 280 EUR
4,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,333
13.3%
EUR 12,280
4.2% | en | es |
DOLFIN7724 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund can invest in any asset, and use any investment technique, that is permitted to a UCITS fund, including those that are generally considered to be high risk.
The Fund can invest in any kind of equity securities and debt securities from any country or type of issuer. It can invest directly or may gain exposure to investments indirectly, such as through derivatives, participatory notes, or by investing in other UCITS or UCIs. It can take direct or indirect long or short positions in securities, currencies, interest rates, and other investments or financial instruments. It may also take indirect long or short positions in commodities. The Fund may engage in derivative transactions that have the effect of magnifying investment gains or losses. The Fund uses high quantity of listed and unlisted derivatives for hedging, efficient portfolio management and/or investment purposes. The Fund may engage in active and frequent trading as part of its investment strategies. The Fund may also invest up to 10% of its net assets into risk-linked securities, generally catastrophe and natural disaster risks, that transfer a specified set of risks from an issuer to investors (“catastrophe bonds”).
The lead manager assigns portions of the Fund's assets to multiple outside management teams (selected and monitored by the lead manager), each of which uses an alternative investment strategy to manage its portion. These
strategies may seek to benefit from, for instance, global economic trends, corporate mergers or reorganizations, pricing variations between markets or securities, industries or geographic regions with above-average growth. The Fund's overall performance will be the result of the performance of the different strategies involved and the portion of the Fund's assets assigned to such strategies. The Fund may also invest up to 10% of its assets in securities issued by private companies and Private Investments in Public Equity and up to 5% in special purpose acquisition companies.
Benchmarks: ICE BofA US 3-Month Treasury Bill Index and HFRX Global Hedge Fund Index. The benchmarks are used solely as a reference for Investors to compare against the Fund's performance. The Fund is not obliged to hold any of the benchmarks constituents and may indeed invest up to 100% of its net assets outside these benchmarks. | ### El Fondo puede invertir en cualquier activo y usar cualquier técnica de inversión permitida a un fondo OICVM, incluidas las que en general se consideran de alto riesgo.
El Fondo puede invertir en cualquier valor de renta variable y título de deuda de cualquier país o tipo de emisor. Puede invertir directamente o puede obtener exposición a inversiones de forma indirecta, como por ejemplo a través de derivados, notas participativas o mediante la inversión en otros OICVM u OIC. Puede tomar, de forma directa o indirecta, posiciones largas o cortas en valores, divisas, tipos de interés y otras inversiones o instrumentos financieros. Asimismo, puede tomar posiciones largas o cortas en materias primas. El Fondo puede participar en transacciones de derivados y, como consecuencia, ampliar la magnitud de las ganancias o las pérdidas de inversión. El Fondo usa una gran cantidad de derivados cotizados y no cotizados con fines de cobertura, de gestión eficiente de la cartera o de inversión. El Fondo puede participar en negociaciones activas y frecuentes como parte de sus estrategias de inversión. El Fondo también puede invertir hasta un 10 % de su patrimonio neto en valores vinculados al riesgo, por lo general riesgos de catástrofes y desastres naturales, que transfieren un determinado conjunto de riesgos de un emisor a los inversores («bonos catástrofe»).
El gestor principal asigna partes de los activos del Fondo a múltiples equipos de gestión externos (seleccionados y supervisados por el gestor principal), cada uno de los cuales utiliza una estrategia de inversión
alternativa para gestionar su parte. Estas estrategias podrían tener como objetivo beneficiarse, por ejemplo, de tendencias económicas globales, fusiones o reorganizaciones empresariales, variaciones de precios entre mercados o valores, sectores o regiones geográficas con un crecimiento por encima de la media. La rentabilidad total del Fondo será el resultado de la rentabilidad de las diferentes estrategias involucradas y del porcentaje de activos del Fondo asignado a cada una de las estrategias. El Fondo también podrá invertir hasta el 10 % de sus activos en títulos emitidos por sociedades privadas e inversiones privadas en capital público y hasta el 5 % en sociedades de adquisición con fines especiales.
Índices de Referencia: ICE BofA US 3-Month Treasury Bill Index y HFRX Global Hedge Fund Index. Los índices se utilizan únicamente como referencia para los inversores con fines de comparación del rendimiento del Fondo. El Fondo no tiene la obligación de poseer ninguno de los componentes de dichos índices y, de hecho, puede invertir hasta el 100 % de su patrimonio neto fuera de ellos. | ### The Fund can invest in any asset, and use any investment technique, that is permitted to a UCITS fund, including those that are generally considered to be high risk.
The Fund can invest in any kind of equity securities and debt securities from any country or type of issuer. It can invest directly or may gain exposure to investments indirectly, such as through derivatives, participatory notes, or by investing in other UCITS or UCIs. It can take direct or indirect long or short positions in securities, currencies, interest rates, and other investments or financial instruments. It may also take indirect long or short positions in commodities. The Fund may engage in derivative transactions that have the effect of magnifying investment gains or losses. The Fund uses high quantity of listed and unlisted derivatives for hedging, efficient portfolio management and/or investment purposes. The Fund may engage in active and frequent trading as part of its investment strategies. The Fund may also invest up to 10% of its net assets into risk-linked securities, generally catastrophe and natural disaster risks, that transfer a specified set of risks from an issuer to investors (“catastrophe bonds”).
The lead manager assigns portions of the Fund's assets to multiple outside management teams (selected and monitored by the lead manager), each of which uses an alternative investment strategy to manage its portion. These
strategies may seek to benefit from, for instance, global economic trends, corporate mergers or reorganizations, pricing variations between markets or securities, industries or geographic regions with above-average growth. The Fund's overall performance will be the result of the performance of the different strategies involved and the portion of the Fund's assets assigned to such strategies. The Fund may also invest up to 10% of its assets in securities issued by private companies and Private Investments in Public Equity and up to 5% in special purpose acquisition companies.
Benchmarks: ICE BofA US 3-Month Treasury Bill Index and HFRX Global Hedge Fund Index. The benchmarks are used solely as a reference for Investors to compare against the Fund's performance. The Fund is not obliged to hold any of the benchmarks constituents and may indeed invest up to 100% of its net assets outside these benchmarks. | en | es |
DOLFIN7728 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Remuneration policy (continued)
Quantitative information - Data provided below are those of AXA Investment Managers covering all subsidiaries of the AXA Investment Managers Group and types of portfolios as at 31 December 2021 after application on remuneration data of the Fund’s weighted Asset Under Management allocation key.
Fixed Pay 2 ('000 EUR) 2,482.68
Variable Pay 3 ('000 EUR) 2,904.23
Number of employees 4 2,537 incl. 14 AFM’s employees
1 Excluding social charges.
2 Fixed Pay amount is based on Fixed Pay effective for all staff at AXA IM during the financial year under review prorated to the Fund’s assets.
3 Variable Pay, prorated to the Fund’s assets, composed of discretionary, upfront and deferred items, includes :
- Amounts awarded for the performance of previous the previous year and fully paid over the financial year under review (non-deferred variable pay);
- Amounts awarded for the performance of previous years and the performance of the year under review (deferred variable pay);
- Long-Term Incentives awarded by the AXA Group. | ## Política de remuneración (continuación)
Información cuantitativa - Los datos ofrecidos a continuación corresponden a AXA Investment Managers, y abarcan todas las filiales del Grupo AXA Investment Managers y todos los tipos de carteras a 31 de diciembre de 2021, y se utilizan los activos gestionados ponderados del Fondo como clave de asignación para el cálculo de los datos de remuneración.
Remuneración fija 2 ('000 EUR) 2,482.68
Remuneración variable 3 ('000 EUR) 2,904.23
Número de empleados 4 2,537 incl. 14 empleados de la
AFM
1 Cargas sociales excluidas.
2 El importe de la remuneración fija se basa en la retribución fija efectiva establecida para todo el personal de AXA IM durante el ejercicio financiero analizado a prorrata del patrimonio del fondo.
3 La remuneración variable, a prorrata del patrimonio del fondo, que está integrada por componentes discrecionales, anticipados y diferidos, incluye:
- Importes concedidos por el rendimiento del año previo y pagados en su totalidad durante el ejercicio financiero analizado (remuneración variable no diferida);
- Importes concedidos por el rendimiento de los años previos y el rendimiento del ejercicio analizado (remuneración variable diferida);
- Incentivos a largo plazo concedidos por el Grupo AXA. | ## Remuneration policy (continued)
Quantitative information - Data provided below are those of AXA Investment Managers covering all subsidiaries of the AXA Investment Managers Group and types of portfolios as at 31 December 2021 after application on remuneration data of the Fund’s weighted Asset Under Management allocation key.
Fixed Pay 2 ('000 EUR) 2,482.68
Variable Pay 3 ('000 EUR) 2,904.23
Number of employees 4 2,537 incl. 14 AFM’s employees
1 Excluding social charges.
2 Fixed Pay amount is based on Fixed Pay effective for all staff at AXA IM during the financial year under review prorated to the Fund’s assets.
3 Variable Pay, prorated to the Fund’s assets, composed of discretionary, upfront and deferred items, includes :
- Amounts awarded for the performance of previous the previous year and fully paid over the financial year under review (non-deferred variable pay);
- Amounts awarded for the performance of previous years and the performance of the year under review (deferred variable pay);
- Long-Term Incentives awarded by the AXA Group. | en | es |
DOLFIN7730 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-Fund’s involvement in such transactions is, however, subject to the additional following rules:
- Authorised counterparties to these transactions are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
- Each Sub-Fund may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the relevant Sub-Fund. | ## No obstante, la participación del Subfondo en dichas operaciones está sujeta a las siguientes normas adicionales:
- Las contrapartes autorizadas para estas operaciones son instituciones financieras de prestigio especializadas en estos tipos de operaciones, están sujetas a supervisión prudencial y pertenecen a categorías aprobadas por la CSSF. Las contrapartes tendrán normalmente una calificación crediticia pública de categoría de inversión, lo que significa una calificación BBB- o superior según Standard &Poor’s o Fitch, o Baa3 o superior según Moody’s. Aunque no existen criterios geográficos o de situación jurídica predeterminados, estos elementos normalmente se tienen en cuenta en el proceso de selección. Las contrapartes no tendrán poder discrecional sobre la composición o gestión de la cartera correspondiente del Subfondo correspondiente o sobre el subyacente de los instrumentos financieros derivados. La identidad de las contrapartes se publicará en el informe anual.
- Los Subfondos pueden participar en operaciones de contrato de recompra inversa y/o contrato de recompra siempre y cuando sean capaces en todo momento de (a) retirar el importe total del efectivo de un contrato de recompra invertida o cualquier valor sujeto a un contrato de recompra o (b) finalizar el contrato en cumplimiento de las regulaciones vigentes. No obstante, las operaciones a plazo fijo que no superen los siete días deben ser consideradas disposiciones en condiciones que permitan al Subfondo correspondiente retirar los activos en todo momento. | ## The Sub-Fund’s involvement in such transactions is, however, subject to the additional following rules:
- Authorised counterparties to these transactions are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
- Each Sub-Fund may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the relevant Sub-Fund. | en | es |
DOLFIN7731 | 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 : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1.250 EUR | 1.760 EUR |
| Average return each year | -87,5% | -35,3% |
| Unfavourable | What you might get back after costs | 8.290 EUR | 6.370 EUR |
| Average return each year | -17,1% | -10,7% |
| Moderate | What you might get back after costs | 10.970 EUR | 14.630 EUR |
| Average return each year | 9,7% | 10,0% |
| Favourable | What you might get back after costs | 14.910 EUR | 18.020 EUR |
| Average return each year | 49,1% | 15,9% | | | Período de mantenimiento recomendado: 4 años Ejemplo de inversión : EUR 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 1 250 EUR | 1 760 EUR |
| Rendimento medio cada año | -87,5 % | -35,3 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8 290 EUR | 6 370 EUR |
| Rendimento medio cada año | -17,1 % | -10,7 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10 970 EUR | 14 630 EUR |
| Rendimento medio cada año | 9,7 % | 10,0 % |
| Favorable | Lo que puede recibir una vez deducidos los costes | 14 910 EUR | 18 020 EUR |
| Rendimento medio cada año | 49,1 % | 15,9 % | | | Recommended holding period: 4 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1.250 EUR | 1.760 EUR |
| Average return each year | -87,5% | -35,3% |
| Unfavourable | What you might get back after costs | 8.290 EUR | 6.370 EUR |
| Average return each year | -17,1% | -10,7% |
| Moderate | What you might get back after costs | 10.970 EUR | 14.630 EUR |
| Average return each year | 9,7% | 10,0% |
| Favourable | What you might get back after costs | 14.910 EUR | 18.020 EUR |
| Average return each year | 49,1% | 15,9% | | en | es |
DOLFIN7734 | 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 the potential for capital growth.
- The fund will invest at least 50% in investment grade bonds with the balance invested in but not limited to, high-yielding bonds which normally carry sub-investment grade ratings, and emerging market bonds. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions.
- The fund will invest at least 70% in a portfolio of global bonds, including, but not limited to, investment grade bonds of varying maturities, and high yield bonds and emerging market bonds denominated in various currencies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’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.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- The fund’s source of income will mainly be generated from coupon payments from bond holdings.
- 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 corrientes y el potencial de crecimiento del capital.
- El fondo invertirá al menos un 50 % en bonos de grado de inversión con el saldo invertido en, entre otros, bonos de alta rentabilidad que normalmente están calificados con grado especulativo y bonos de mercados emergentes. Los mercados emergentes incluyen América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio, aunque también se podrá invertir en otras regiones.
- El fondo invertirá al menos el 70 % en una cartera de bonos de todo el mundo, incluidos, entre otros, bonos de grado de inversión de diferentes vencimientos y bonos de alta rentabilidad y de mercados emergentes denominados en diferentes divisas.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- 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.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de forma activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Los ingresos del fondo procederán principalmente de los pagos de cupones procedentes de las posiciones en renta fija.
- 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 the potential for capital growth.
- The fund will invest at least 50% in investment grade bonds with the balance invested in but not limited to, high-yielding bonds which normally carry sub-investment grade ratings, and emerging market bonds. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions.
- The fund will invest at least 70% in a portfolio of global bonds, including, but not limited to, investment grade bonds of varying maturities, and high yield bonds and emerging market bonds denominated in various currencies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’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.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- The fund’s source of income will mainly be generated from coupon payments from bond holdings.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN7735 | 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 |
| --- | --- | --- |
| Total costs | 555 € | 1391 € |
| Impact of annual costs (*) | 5.6% | 2.5% every year | | | | Si sale después de 1 año | Si sale después de 5 años |
| --- | --- | --- |
| Costes totales | 555 € | 1.391 € |
| Incidencia anual de los costes (*) | 5,6% | 2,5% cada año | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 555 € | 1391 € |
| Impact of annual costs (*) | 5.6% | 2.5% every year | | en | es |
DOLFIN7737 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Investment policy
The Fund mainly invests in large companies (market capitalisation greater than US $5 billion) based on fundamental research and proprietary analysis.
The Fund may invest in financial derivatives (complex instruments based upon the value of underlying assets) for hedging, to reduce risk, to manage the Fund more efficiently, or to gain exposure to securities in a more efficient way.
The Fund is actively managed and uses the MSCI AC World Daily Total Return Net Health Care Index (GBP) benchmark as a performance target and to calculate the performance fee.
Any income which the Fund generates may be paid out in the form of an annual dividend at the sole discretion of the Directors.
You may sell your shares on days which banks are normally open for business in Dublin, London and New York.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. | ### Política de inversión
El Fondo invierte principalmente en grandes empresas (con una capitalización de mercado superior a los 5.000 millones de dólares estadounidenses) sobre la base de análisis fundamentales e internos.
El Fondo puede invertir en derivados financieros (instrumentos complejos que dependen del valor de sus activos subyacentes) con fines de cobertura, para reducir riesgos, gestionar el Fondo con más eficiencia o adquirir exposición a títulos de modo más eficaz.
El Fondo se gestiona de forma activa y utiliza el índice de referencia MSCI AC World Daily Total Return Net Health Care Index (GBP) como objetivo de rentabilidad y para calcular la comisión de rentabilidad.
Todo ingreso generado por el Fondo podrá pagarse en forma de dividendo anual si así lo acuerda el Consejo de administración.
Ustedes pueden vender las acciones durante los días en que los bancos estén abiertos en Dublín, Londres y Nueva York.
Recomendación: es posible que este fondo no sea adecuado para inversores que tengan previsto retirar su dinero en un plazo de cinco años. | ### Investment policy
The Fund mainly invests in large companies (market capitalisation greater than US $5 billion) based on fundamental research and proprietary analysis.
The Fund may invest in financial derivatives (complex instruments based upon the value of underlying assets) for hedging, to reduce risk, to manage the Fund more efficiently, or to gain exposure to securities in a more efficient way.
The Fund is actively managed and uses the MSCI AC World Daily Total Return Net Health Care Index (GBP) benchmark as a performance target and to calculate the performance fee.
Any income which the Fund generates may be paid out in the form of an annual dividend at the sole discretion of the Directors.
You may sell your shares on days which banks are normally open for business in Dublin, London and New York.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN7738 | 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 FOR AND CAN I WITHDRAW MONEY EARLY?
### RECOMMENDED HOLDING PERIOD: Five years. This Product has a term of 99 years from its inception.
## If you are an individual who has invested in a unit of account linked to the Product, please consult the life-insurance contract’s liquidity conditions.
Liquidity conditions for investors: redemption requests must reach the Management Company before 2 pm, Paris time, every business day. Redemption requests are executed based on the first Net Asset Value following the redemption centralisation cut-off date. The settlement period is two business days.
Capping of redemption requests: if redemption requests should exceed the fund’s redemption capacities on the same Net Asset Value date, the Management Company could decide not to execute the share of the redemption requests exceeding the total subscription orders, the non-executed redemption requests being deferred to the next Net Asset Value date. | # ¿CUÁNTO TIEMPO DEBO MANTENER LA INVERSIÓN, Y PUEDO RETIRAR DINERO DE MANERA ANTICIPADA?
### PERÍODO DE MANTENIMIENTO RECOMENDADO: 5 años. Este producto tiene una duración de 99 años desde su creación.
## Si es usted un particular que ha invertido en un fondo de inversión al que está vinculado el producto, consulte las condiciones de liquidez del contrato de seguro de vida.
Principio de liquidez para los inversores: la solicitud de reembolso debe enviarse a la Sociedad de gestión antes de las 14:00, hora de París, de cada día hábil. Las solicitudes de reembolso se ejecutan tomando como base el primer Valor liquidativo siguiente a la fecha límite de tramitación de los reembolsos. El plazo de liquidación es de dos días hábiles.
Limitación de las solicitudes de reembolso: en caso de que las solicitudes de reembolso superen la capacidad del fondo de reembolso en una fecha de Valor liquidativo determinada, este podrá decidir no ejecutar la parte de las solicitudes de reembolso que supere el total de las órdenes de suscripción, pasando las solicitudes de reembolso sin ejecutar a la siguiente fecha de Valor liquidativo. | # HOW LONG SHOULD I HOLD IT FOR AND CAN I WITHDRAW MONEY EARLY?
### RECOMMENDED HOLDING PERIOD: Five years. This Product has a term of 99 years from its inception.
## If you are an individual who has invested in a unit of account linked to the Product, please consult the life-insurance contract’s liquidity conditions.
Liquidity conditions for investors: redemption requests must reach the Management Company before 2 pm, Paris time, every business day. Redemption requests are executed based on the first Net Asset Value following the redemption centralisation cut-off date. The settlement period is two business days.
Capping of redemption requests: if redemption requests should exceed the fund’s redemption capacities on the same Net Asset Value date, the Management Company could decide not to execute the share of the redemption requests exceeding the total subscription orders, the non-executed redemption requests being deferred to the next Net Asset Value date. | en | es |
DOLFIN7743 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Markit iBoxx EUR Sovereigns Eurozone Yield Plus 1-3 Index® (index). The index reflects the performance of tradable debt (bonds) issued by the 5 highest- yielding Eurozone countries with a remaining time to maturity of at least 1 year and up to 3 years and denominated in Euro, with the exception of the two countries with the highest GDP (as determined in October each year), unless one such country is the highest yielding Eurozone country at each monthly rebalancing of the index. The highest yielding countries are determined by calculating the income return (yield) of a hypothetical bond with a maturity of exactly 5 years. To be included in the index, countries must, 5 days before the end of the relevant month, have at least two bonds in the 1 year - 10 year maturity band of the Markit iBoxx EUR universe. Issuers with a sub-investment grade rating are excluded from the index. The bonds issued by the top 5 countries which have a remaining time to maturity of 1-3 years are included in the index. | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice Markit iBoxx EUR Sovereigns Eurozone Yield Plus 1-3 Index® (el “índice”). El índice reproduce la evolución de deuda negociable (bonos) emitida por los 5 países de mayor rentabilidad de la zona euro con un vencimiento residual de entre 1 y 3 años y denominada en euros, con excepción de los dos países con el mayor PIB (según se determine cada año en octubre), a no ser que uno de esos países sea el país de mayor rentabilidad de la zona euro en cada ajuste mensual del índice. Los países de mayor rentabilidad se determinan calculando el rendimiento (rentabilidad) de un hipotético bono con un vencimiento a exactamente 5 años. Para ser incluido en el índice, los países deberán tener 5 días antes del final del mes correspondiente al menos dos bonos en la banda de vencimientos de 1 a 10 años del universo Markit iBoxx EUR. Los emisores con una calificación por debajo del grado de inversión están excluidos del índice. Se incluyen en el índice bonos emitidos por los 5 mejores países y que tengan un vencimiento residual de 1 a 3 años. El índice se calcula a partir de una base de rentabilidad | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Markit iBoxx EUR Sovereigns Eurozone Yield Plus 1-3 Index® (index). The index reflects the performance of tradable debt (bonds) issued by the 5 highest- yielding Eurozone countries with a remaining time to maturity of at least 1 year and up to 3 years and denominated in Euro, with the exception of the two countries with the highest GDP (as determined in October each year), unless one such country is the highest yielding Eurozone country at each monthly rebalancing of the index. The highest yielding countries are determined by calculating the income return (yield) of a hypothetical bond with a maturity of exactly 5 years. To be included in the index, countries must, 5 days before the end of the relevant month, have at least two bonds in the 1 year - 10 year maturity band of the Markit iBoxx EUR universe. Issuers with a sub-investment grade rating are excluded from the index. The bonds issued by the top 5 countries which have a remaining time to maturity of 1-3 years are included in the index. | en | es |
DOLFIN7745 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class Facts
- 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% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore 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 Emerging Markets 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 accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
Launch date: 02.04.14
NAV price in share class currency: 13.87
ISIN: LU1048684796 SEDOL: BKXGD49 WKN: A110XQ
Bloomberg: FFEKAAE LX
Dealing cut-off: 15:00 UK time (normally 16:00 Central European Time)
Distribution type: Accumulating
Ongoing Charges Figure (OCF) per year: 1.91% (30.04.22)
OCF takes into account annual management charge per year: 1.50% | # Datos de la clase de acción
- 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 un 70 % en acciones de empresas situadas en países de áreas que experimenten un rápido crecimiento económico, como América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio. En estas regiones, hay mercados emergentes.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B 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. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI Emerging Markets 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.
- 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.
Puede haber otras clases de acciones disponibles. Consulte el Folleto informativo para obtener más detalles.
Fecha de lanzamiento: 02.04.14
Precio del VAN en la divisa de la clase de acciones: 13,87
ISIN: LU1048684796 SEDOL: BKXGD49 WKN: A110XQ
Bloomberg: FFEKAAE LX
Hora límite de aceptación de órdenes: 15:00 horas del Reino Unido (Normalmente 16:00 horas de Europa Central)
Tipo de distribución: Acumulación
Cifra de gastos corrientes (OCF) anual: 1,91% (30.04.22)
La OCF tiene en cuenta el gasto de gestión anual: 1,50% | # Share Class Facts
- 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% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore 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 Emerging Markets 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 accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
Launch date: 02.04.14
NAV price in share class currency: 13.87
ISIN: LU1048684796 SEDOL: BKXGD49 WKN: A110XQ
Bloomberg: FFEKAAE LX
Dealing cut-off: 15:00 UK time (normally 16:00 Central European Time)
Distribution type: Accumulating
Ongoing Charges Figure (OCF) per year: 1.91% (30.04.22)
OCF takes into account annual management charge per year: 1.50% | en | es |
DOLFIN7751 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.0 | -6.5 | 19.4 | 11.3 | 3.7 | -11.2 | 3.5 | 7.9 | -4.4 | 5.7 |
| Constraint †¹ | 1.0 | -5.8 | 20.9 | 13.1 | 4.6 | -10.0 | 6.1 | 8.6 | -4.6 | 6.3 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 1,0 | -6,5 | 19,4 | 11,3 | 3,7 | -11,2 | 3,5 | 7,9 | -4,4 | 5,7 |
| Limitación †¹ | 1,0 | -5,8 | 20,9 | 13,1 | 4,6 | -10,0 | 6,1 | 8,6 | -4,6 | 6,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 09 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.0 | -6.5 | 19.4 | 11.3 | 3.7 | -11.2 | 3.5 | 7.9 | -4.4 | 5.7 |
| Constraint †¹ | 1.0 | -5.8 | 20.9 | 13.1 | 4.6 | -10.0 | 6.1 | 8.6 | -4.6 | 6.3 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022 | en | es |
DOLFIN7766 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publicly available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
1
Different subscription and redemption procedures may apply if applications are made through Distributors.
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion. | La Gestora de inversiones también podrá colaborar con las empresas para fomentar la transparencia, la transición hacia una economía circular con menor intensidad de emisiones de carbono y un comportamiento social responsable que favorezca el crecimiento sostenible y la generación de alfa.
Las principales fuentes de información utilizadas para realizar el análisis son las herramientas e investigaciones propias de la Gestora de inversiones, estudios de terceros, informes de ONG y redes de expertos. La Gestora de inversiones también llevará a cabo su propio análisis de la información disponible públicamente facilitada por las sociedades, incluida la información de sus informes de sostenibilidad y otros materiales relevantes de las mismas.
Para obtener más información sobre el enfoque de la Gestora de inversiones en materia de sostenibilidad y su compromiso con las sociedades, consulte el sitio web www.schroders.com/en/lu/ private-investor/strategic-capabilities/sustainability/disclosures.
La Gestora de inversiones se asegura de que al menos:
1
Si la solicitud se realiza a través de Distribuidores, es posible que el procedimiento de suscripción y de reembolso sea diferente.
- el 90% de los valores de renta variable emitidos por grandes empresas domiciliadas en países desarrollados; los valores de tipo de interés fijo o variable y los instrumentos del mercado monetario con una calificación crediticia de grado de inversión, y la deuda soberana emitida por países desarrollados, y
- el 75% de los valores de renta variable emitidos por grandes empresas domiciliadas en países emergentes; los valores de renta variable emitidos por pequeñas y medianas empresas; los valores de tipo de interés fijo o variable y los instrumentos del mercado monetario con una calificación crediticia de alto rendimiento, y la deuda soberana emitida por países emergentesmantenidos en la cartera del Fondo se califiquen según los criterios de sostenibilidad. A los efectos de esta prueba, las pequeñas empresas son aquellas con una capitalización bursátil inferior a 5.000 millones de euros, las medianas empresas son aquellas con una capitalización bursátil de entre 5.000 y 10.000 millones de euros, y las grandes empresas son aquellas con una capitalización bursátil por encima de 10.000 millones de euros. | The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publicly available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
1
Different subscription and redemption procedures may apply if applications are made through Distributors.
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion. | en | es |
DOLFIN7767 | 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 simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 5 because its share price fluctuates comparatively strongly and the likelihood of both losses and gains is therefore relatively 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, becomes
tax. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The 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 derivative used to gain exposure to the swap 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 simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 5, dado que su precio por acción, comparativamente, fluctúa con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias son relativamente 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 puede participar en uno o varios derivados con una o varias contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su
reinvierten en las acciones tras descontar los impuestos. Para lograr el objetivo, el fondo invertirá en valores mobiliarios y suscribirá contratos financieros (derivados) con una o varias contrapartes en relación con los valores mobiliarios y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El 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. Los derivados empleados para tener más exposición al índice de swaps pueden ajustarse para reflejar determinados gastos relacionados con impuestos 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 simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 5 because its share price fluctuates comparatively strongly and the likelihood of both losses and gains is therefore relatively 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, becomes
tax. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The 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 derivative used to gain exposure to the swap 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 |
DOLFIN7773 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL SUSTAINABLE CONSERVATIVE Classic
Benchmark (see investment policy)
A: 1994–2015: During this period, a different investment policy was implemented.
B: 01/01/2016-20/04/2020: During this period, a different investment policy was implemented. | 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL SUSTAINABLE CONSERVATIVE Classic
Índice de referencia (ver política de inversión)
A: 1994-2015: Durante este periodo, se implementó una política de inversión diferente.
B: 01/01/2016-20/04/2020: Durante este periodo, se implementó una política de inversión diferente. | 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL SUSTAINABLE CONSERVATIVE Classic
Benchmark (see investment policy)
A: 1994–2015: During this period, a different investment policy was implemented.
B: 01/01/2016-20/04/2020: During this period, a different investment policy was implemented. | en | es |
DOLFIN7777 | 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 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
basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced at least quarterly. To achieve 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 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.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed, and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. 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. The fund is exposed to liquidity, operational, clearing, settlement and custody risks linked to investments in PRC and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in securities given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | 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 vinculadas pueden desempeñar diversas funciones en relación con
repartos de las empresas se reinvierten en las acciones tras descontar impuestos. El índice se revisa y ajusta al menos una vez por trimestre. 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 USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El fondo está expuesto a mercados menos desarrollados económicamente (denominados mercados emergentes), que entrañan mayores riesgos que las economías muy desarrolladas. La inestabilidad política y la crisis económica son más probables y afectarán al valor de su inversión. 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. El fondo está expuesto a los riesgos de liquidez, operativo, de compensación, de liquidación y de custodia vinculados a las inversiones en China y a Stock Connect. El fondo puede sufrir dificultades o retrasos a la hora de hacer valer sus derechos sobre los valores debido a que los regímenes de valores de China y Hong Kong son distintos. El fondo y la entidad depositaria no pueden asegurar que la propiedad del fondo sobre los valores en China o la titularidad sobre ellos estén garantizadas en todas las circunstancias. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | 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
basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced at least quarterly. To achieve 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 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.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed, and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. 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. The fund is exposed to liquidity, operational, clearing, settlement and custody risks linked to investments in PRC and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in securities given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7778 | 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 objective of the Fund is to increase the value of the Fund (capital appreciation) over the long term. The Fund intends to achieve this objective through investment in a portfolio of international and diversified, long-term growth companies. The Fund will invest on a global basis in shares and preferred shares issued by companies quoted or traded on regulated markets. The Fund may invest in China A-Shares.
The Fund may also gain indirect exposure to such companies by investment in market access products such as low exercise call warrants or participatory notes.
The Fund will adopt a 'hedging strategy' using exchange traded equity and volatility index futures. The aim of the hedging strategy is to partially offset loss that may result from a decline in the price of shares held by the Fund.
While the Fund will primarily invest in shares and other securities related to shares, it may invest in investment grade debt securities issued or guaranteed by a government of any European Union member state, the UK, Australia, Canada, Japan, New Zealand, Norway, Switzerland, United States of America and Hong Kong, where it is deemed in the best interest of the investors. The | # Objetivos y política de inversión
El objetivo del Fondo es incrementar el valor del Fondo (apreciación del capital) a largo plazo. El Fondo pretende alcanzar este objetivo mediante la inversión en una cartera de empresas de alta calidad con crecimiento a largo plazo. El Fondo invertirá de forma global en acciones ordinarias y preferentes emitidas por empresas que coticen o negocien en mercados regulados. El Fondo puede invertir en Acciones A de China.
Asimismo, el Fondo puede obtener exposición indirecta a dichas empresas mediante la inversión en productos de acceso al mercado, como warrants de compra con precio de ejercicio bajo o pagarés participativos.
El Fondo adoptará una «estrategia de cobertura» mediante futuros sobre índices de renta variable y volatilidad cotizados en bolsa. El objetivo de la estrategia de cobertura es compensar parcialmente las pérdidas que puedan resultar de un descenso del precio de las acciones del Fondo.
Si bien el Fondo invertirá principalmente en acciones y otros valores relacionados con acciones, es posible que, toda vez que se considere acorde con el mejor interés de los inversores, invierta en títulos de deuda con calificación de grado de inversión emitidos o garantizados por el Gobierno de un Estado miembro de la Unión Europea, Reino Unido, Australia, Canadá, Japón, Nueva Zelanda, Noruega, Suiza, Estados Unidos y Hong Kong. El | # Objectives and investment policy
The objective of the Fund is to increase the value of the Fund (capital appreciation) over the long term. The Fund intends to achieve this objective through investment in a portfolio of international and diversified, long-term growth companies. The Fund will invest on a global basis in shares and preferred shares issued by companies quoted or traded on regulated markets. The Fund may invest in China A-Shares.
The Fund may also gain indirect exposure to such companies by investment in market access products such as low exercise call warrants or participatory notes.
The Fund will adopt a 'hedging strategy' using exchange traded equity and volatility index futures. The aim of the hedging strategy is to partially offset loss that may result from a decline in the price of shares held by the Fund.
While the Fund will primarily invest in shares and other securities related to shares, it may invest in investment grade debt securities issued or guaranteed by a government of any European Union member state, the UK, Australia, Canada, Japan, New Zealand, Norway, Switzerland, United States of America and Hong Kong, where it is deemed in the best interest of the investors. The | en | es |
DOLFIN7781 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 39dda125-f8a0-4237-b469-67b053dc6449
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | EUR 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.6% of the value of your investment per year. | EUR 159 |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 22 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | # 70c4623c-b47c-42e1-b21e-1e7d08faec79
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,1% del valor de su inversión al participar. Esto incluye costes de distribución equivalentes al 0,1% del importe invertido. | 5 EUR |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 EUR |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,6% del valor de su inversión por año. | 159 EUR |
| Costes de operación | 0,2% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 22 EUR |
Comisiones de rendimiento No se aplica ninguna comisión de rendimiento a este producto. n/a
¿Cuánto tiempo debo mantener la inversión y puedo retirar dinero de manera anticipada? | # 39dda125-f8a0-4237-b469-67b053dc6449
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | EUR 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.6% of the value of your investment per year. | EUR 159 |
| Transaction costs | 0.2% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 22 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | en | es |
DOLFIN7787 | 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 Nikkei 225 Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of 225 companies listed on the first trading segment on the Tokyo Stock Exchange, according to price and liquidity screening and sector representation. The Index is price weighted meaning that its constituent weightings are affected only by changes in the price of constituent shares.
Securities that are liquid means that they can be easily bought or sold in the marked 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 may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Japanese Yen, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Nikkei 225 Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de las 225 empresas cotizadas en el primer segmento de negociación de la Bolsa de Valores de Tokio, a partir de un filtro de precio y liquidez y una representación sectorial. El Índice está ponderado por los precios, lo que significa que las ponderaciones de sus componentes solamente se ven afectadas por cambios en los precios de los valores que lo componen. 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. Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). Sus acciones estarán denominadas en yenes japoneses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Nikkei 225 Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of 225 companies listed on the first trading segment on the Tokyo Stock Exchange, according to price and liquidity screening and sector representation. The Index is price weighted meaning that its constituent weightings are affected only by changes in the price of constituent shares.
Securities that are liquid means that they can be easily bought or sold in the marked 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 may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Japanese Yen, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7791 | 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 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 8,651
-13.5%
USD 10,358
0.7% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 12/2021-01/2024.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 651 USD
-13,5%
10 358 USD
0,7% | # This type of scenario occurred for an investment composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 8,651
-13.5%
USD 10,358
0.7% | en | es |
DOLFIN7793 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
It is proposed that the investment policy of the Sub-Fund be changed so that the Sub-Fund will aim to achieve its investment objective by investing not less than 70% of its Net Asset Value in equity and equity related securities ("Equity and Equity Related Securities") of issuers which (i) are incorporated, headquartered, listed or have their registered office in the Asia Pacific region (excluding Japan); or (ii) which have a predominant proportion of their assets or business operations in the Asia Pacific region (excluding Japan). Also, the Sub-Fund will have no restrictions as to the proportion of assets allocated to emerging markets, companies of any particular market capitalisation and may invest across a range of economic sectors.
Equity and Equity Related Securities shall include equities, depositary receipts, preference shares, equity linked notes (unleveraged debt securities linked to the performance of equities), warrants (not more than 5% of the Sub-Fund's Net Asset Value), convertible securities (such as convertible preference shares, share purchase rights and bonds convertible into common or preferred shares).
- Geographical focus of the Sub-FundCurrently, the countries in the Pacific region which the Investment Manager shall focus on, though not exclusively, are Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam and, subject to the investment restriction 2.1 of Schedule III in the Prospectus, the securities will be listed, traded or dealt in on a Regulated Market worldwide. | Se propone que la política de inversión del Subfondo se modifique de modo que el Subfondo intente alcanzar su objetivo de inversión invirtiendo al menos el 70% de su Valor Liquidativo en valores de renta variable y relacionados con la renta variable («Valores de renta variable y relacionados con la renta variable») de emisores que (i) estén constituidos, tengan su sede, coticen o tengan su domicilio social en la región Asia Pacífico (excluyendo Japón); o (ii) que tengan una proporción predominante de sus activos u operaciones de negocio en la región Asia Pacífico (excluyendo Japón). Asimismo, el Subfondo no tendrá ninguna limitación en relación con la proporción de activos que puede asignar a los mercados emergentes, empresas de cualquier capitalización de mercado, y puede invertir en una gran variedad de sectores económicos.
Los Valores de renta variable y relacionados con la renta variable incluirán valores de renta variable, certificados de depósito, acciones preferentes, notas vinculadas a renta variable (títulos de deuda no apalancados vinculados a la evolución de la renta variable), warrants (no más del 5% del Valor Liqudativo del Subfondo), valores convertibles (como acciones preferentes convertibles, derechos de compra de acciones y bonos convertibles en acciones ordinarias o preferentes).
- Enfoque geográfico del SubfondoActualmente, los países de la región del Pacífico en los cuales se centrará el Gestor de inversiones, aunque no de manera exclusiva, serán Australia, Bangladesh, Camboya, China, Hong Kong, India, Indonesia, Japón, Corea, Malasia, Nueva Zelanda, Pakistán, Filipinas, Singapur, Sri Lanka, Taiwán, Tailandia y Vietnam y, con sujeción a la restricción de inversión 2.1 en el Anexo III del Folleto, los valores deberán cotizar o negociarse en un Mercado Regulado de cualquier país del mundo. | It is proposed that the investment policy of the Sub-Fund be changed so that the Sub-Fund will aim to achieve its investment objective by investing not less than 70% of its Net Asset Value in equity and equity related securities ("Equity and Equity Related Securities") of issuers which (i) are incorporated, headquartered, listed or have their registered office in the Asia Pacific region (excluding Japan); or (ii) which have a predominant proportion of their assets or business operations in the Asia Pacific region (excluding Japan). Also, the Sub-Fund will have no restrictions as to the proportion of assets allocated to emerging markets, companies of any particular market capitalisation and may invest across a range of economic sectors.
Equity and Equity Related Securities shall include equities, depositary receipts, preference shares, equity linked notes (unleveraged debt securities linked to the performance of equities), warrants (not more than 5% of the Sub-Fund's Net Asset Value), convertible securities (such as convertible preference shares, share purchase rights and bonds convertible into common or preferred shares).
- Geographical focus of the Sub-FundCurrently, the countries in the Pacific region which the Investment Manager shall focus on, though not exclusively, are Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam and, subject to the investment restriction 2.1 of Schedule III in the Prospectus, the securities will be listed, traded or dealt in on a Regulated Market worldwide. | en | es |
DOLFIN7799 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The benchmark index of the Sub-Fund is only used for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund invests and/or exposes at least 75% of its net assets in/to equity securities issued by companies that have developed best practices in human capital management such as training, talent acquisition and retention and diversity policies, or have a business model which directly fosters workforce development and training, knowledge acquisition as well as protection of employees. The sub-fund will predominantly invest in countries included in the MSCI All Countries World Index.
The Sub-Fund aims at selecting companies with a focus on a good management of environmental, social, and governance (ESG) risks and opportunities. The Sub-Fund’s investment process entails, to this aim, a proprietary responsible investing approach which favours ESG well rated companies irrespective of their capitalizations and relying on either a proprietary ESG rating or a rating provided by an external extra-financial rating agency. At least 90% of portfolio companies receive ESG rating. The selection process includes a positive screening by selecting through a best in universe approach and a negative screening, whereby the Investment Manager has established a formal exclusion policy that integrates the exclusion of controversial companies related to weapon, coal and tobacco. The eligible investment universe is consequently reduced by 20% and defined according to ESG criteria. Moreover, a human capital thematic approach is applied and the Sub-Fund focuses on securities issued by companies that have developed best practices in human capital through their management or their business model. Further details on the responsible investing approach applied on the Sub Fund can be found on the Investment Manager website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-Fund Classifies as Article 9 SFDR as it has a sustainable investment as its objective (i.e. human capital), although no reference benchmark has been designated for the purpose of attaining sustainable investment objective.
In view of its ESG strategy, the Sub-Fund promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. | ## El índice de referencia del Subfondo se utiliza solo a efectos comparativos. El Subfondo se gestiona de forma activa.
Política de inversión: El Subfondo invierte o expone al menos el 75% de su patrimonio neto en valores de renta variable emitidos por sociedades que hayan desarrollado prácticas recomendadas en materia de gestión del capital humano, como formaciones, procesos de adquisición y retención del talento, y políticas de diversidad; o bien sociedades cuyo modelo de negocio fomente directamente el desarrollo y la formación de la plantilla, la adquisición de conocimiento y la protección de los empleados. El Subfondo invertirá principalmente en países incluidos en el MSCI All Countries World Index.
El Subfondo tiene como objetivo la selección de sociedades con un enfoque centrado en una buena gestión de los riesgos y las oportunidades ESG. El proceso de inversión del Subfondo implica, con este fin, un enfoque propio de inversión responsable, que favorece a las sociedades con una buena calificación ESG, independientemente de su capitalización, en función de una calificación propia de ESG o de aquella proporcionada por una agencia externa de calificación extrafinanciera. Al menos el 90% de las sociedades de la cartera reciben una calificación ESG. El proceso de selección incluye un filtrado positivo, es decir, se seleccionan los mejores valores de un universo, y un filtrado negativo, que implica que el Gestor de inversiones ha establecido una política de exclusión formal sobre sociedades controvertidas relacionadas con el armamento, el carbón y el tabaco. Por ende, el universo de inversión elegible se reduce en un 20% y se define según los criterios ESG. Asimismo, se aplica un enfoque temático relacionado con el capital humano y el Subfondo se centra en valores emitidos por sociedades que desarrollen prácticas recomendadas en materia de gestión del capital humano a través de su gestión o su modelo de negocio. En el sitio web del Gestor de inversiones se puede encontrar más información sobre el enfoque de inversión responsable implementado por el Subfondo: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
El Subfondo se clasifica según lo dispuesto en el artículo 9 del SFDR, ya que tiene como objetivo una inversión sostenible (es decir, capital humano), aunque no se ha designado un índice de referencia con el fin de alcanzar un objetivo de inversión sostenible.
En vista de su estrategia de ESG, el Subfondo promueve características ambientales pero no invierte en actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. | ## The benchmark index of the Sub-Fund is only used for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund invests and/or exposes at least 75% of its net assets in/to equity securities issued by companies that have developed best practices in human capital management such as training, talent acquisition and retention and diversity policies, or have a business model which directly fosters workforce development and training, knowledge acquisition as well as protection of employees. The sub-fund will predominantly invest in countries included in the MSCI All Countries World Index.
The Sub-Fund aims at selecting companies with a focus on a good management of environmental, social, and governance (ESG) risks and opportunities. The Sub-Fund’s investment process entails, to this aim, a proprietary responsible investing approach which favours ESG well rated companies irrespective of their capitalizations and relying on either a proprietary ESG rating or a rating provided by an external extra-financial rating agency. At least 90% of portfolio companies receive ESG rating. The selection process includes a positive screening by selecting through a best in universe approach and a negative screening, whereby the Investment Manager has established a formal exclusion policy that integrates the exclusion of controversial companies related to weapon, coal and tobacco. The eligible investment universe is consequently reduced by 20% and defined according to ESG criteria. Moreover, a human capital thematic approach is applied and the Sub-Fund focuses on securities issued by companies that have developed best practices in human capital through their management or their business model. Further details on the responsible investing approach applied on the Sub Fund can be found on the Investment Manager website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-Fund Classifies as Article 9 SFDR as it has a sustainable investment as its objective (i.e. human capital), although no reference benchmark has been designated for the purpose of attaining sustainable investment objective.
In view of its ESG strategy, the Sub-Fund promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. | en | es |
DOLFIN7807 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ISIN: LU2120130302
INVESTMENT OBJECTIVES
The fund follows a flexible investment policy, actively investing globally in equities, bonds, certificates and money market investments. The equity allocation fluctuates between 25% and 100%. On the bonds side, the fund invests mainly in government, corporate and covered bonds. Up to 10% of its assets can be invested in units of investment funds and ETFs. The fund may also be managed using financial futures. In accordance with Article 8 of the SFDR*, the Fund Manager incorporates sustainability risks into its investment process by taking into account both the ESG (environmental, social and governance) characteristics of investment decisions and any significant negative impacts that investment decisions may have on sustainability factors. The investment process is based on ESG integration, normative screening (including UN Global Compact, controversial arms), sector exclusions and a best-in- class approach. The fund’s investments are thus subject to environmental, social and governance (“ESG”) restrictions. The Management Company observes the United Nations Principles for Responsible Investment (UN PRI) with respect to environmental, social, and governance issues, and also applies them in its commitments by e.g. exercising voting rights, actively exercising shareholder and creditor rights and engaging in dialogue with issuers. Companies that significantly violate the requirements of the UN Global Compact are excluded. Companies included in the MSCI ACWI Index** (the “parent index”) represent the starting point for the fund’s investment universe for the ESG analysis of issuers and for equities and corporate bonds. The fund may also invest in companies or issuers from OECD countries with a market capitalisation of at least EUR 100 million or a minimum volume of issued bonds of EUR 100 million. These are also subject to ESG analysis. As part of the analysis an ESG filter based on data from MSCI ESG Research is then applied, which results in the exclusion of at least 20% of the companies included in the parent index. The ESG filter is based on the following three assessments undertaken by MSCI ESG Research:
- The MSCI ESG Rating evaluates the exposure of companies to ESG related risks and opportunities on a scale of CCC (worst rating) to AAA (best rating). It is based on the sub-ratings on a scale of 0 (worst) to 10 (best) for the environment, social and governance areas. The fund does not invest in companies with an MSCI ESG Rating of CCC. It does not invest in companies with an MSCI ESG Rating of B if the MSCI ESG sub-rating is below 3 for one of the environment, social or governance categories. The fund does not invest in government issuers with an MSCI ESG Rating of CCC or B.
- MSCI Business Involvement Screening provides an analysis of the turnover generated in potentially critical sectors by companies under consideration. The sub- fund does not acquire the securities of companies generating any turnover with controversial weapons (biological/chemical weapons, cluster munitions, blinding laser weapons, land mines, etc.), or more than a specified level of turnover with other weapons (proportion of total turnover generated from nuclear, conventional and non- military weapons), gambling, pornography, tobacco, coal mining or coal-fired power generation.
- The MSCI ESG Controversies Score analyses and monitors corporate management strategies and their effectiveness in preventing breaches of international norms and standards. Compliance with the UN Global Compact principles is one of the issues monitored. Companies that do not comply with these principles based on the MSCI ESG Controversies Score are not acquired for the fund.
If the fund directly acquires the securities or bonds of governments (direct investment), the securities of countries with an inadequate Freedom House score are not acquired. However, Freedom House scores are not considered for securities purchased indirectly as part of an investment in a target fund (no look-through). At least 90% of the issuers in which the fund invests are assessed on the basis of their ESG performance (investments in target funds and money market instruments are excluded from this process). The fund focuses on companies and countries with a strong sustainability performance and targets an average MSCI ESG rating of A for the fund assets. Additional ESG assessments from internal group research or third parties may also be used. The fund is actively managed and follows the STOXX Europe 50 (NR) EUR® (50%), the MSCI US (NR) EUR® (10%), the JPM
EMU Bond 1-10 yrs (20%) and the JPM Euro Cash 1 M® (20%) as its benchmark indices***, which form the basis for allocation of the different asset classes, geographic diversification of the portfolio in various market situations, and management of the risk exposure by the Fund Manager. The Fund Manager seeks to outperform them rather than replicate either the benchmark indices or the relative proportion of the individual components of the benchmarks exactly, as a result of which significant differences – both positive and negative – are possible. For that reason, fund performance may differ significantly from the performance of the given benchmark indices. The Fund Manager has full control over the composition of the assets in the fund. While the fund will generally hold assets that are components of the benchmark, it may invest in such components to different degrees and it may hold assets that are not components of the benchmark.
The objective of an investment in the fund is to participate to the greatest extent possible in the value growth of rising equity markets, whilst limiting losses during downturns by building a portfolio of Fund investments with above-average sustainability.
This unit class is intended specifically for institutional investors who have previously signed an agreement with the asset management company. The minimum investment is EUR 10 million.
The fund currency is the euro. The returns obtained by the unit class are reinvested in the fund, not distributed. You can redeem your units on any trading day.
Recommendation: In some circumstances, this fund may not be suitable for investors who wish to liquidate their investment in the fund within five years. | # ISIN: LU2120130302
OBJETIVOS Y POLÍTICA DE INVERSIÓN
El Fondo aplica una política de inversión flexible e invierte de forma activa a escala mundial en renta variable, renta fija, certificados e instrumentos del mercado monetario. La proporción de renta variable oscila entre el 25% y el 100%. En cuanto a la renta fija, se invierte principalmente en títulos de deuda pública y privada, así como en Pfandbriefe. Hasta un 10% del patrimonio podrá invertirse en participaciones de fondos de inversión y de fondos cotizados (ETF). El fondo puede gestionarse también mediante operaciones de futuros financieros. De conformidad con el artículo 8 del SFDR*, el gestor del fondo incorpora los riesgos de sostenibilidad en su proceso de inversión teniendo en cuenta las características ESG (ambientales, sociales y de gobernanza) a la hora de adoptar decisiones de inversión, así como las incidencias materiales adversas de las decisiones de inversión sobre los factores de sostenibilidad. El proceso de inversión se basa en la integración ESG, el filtro normativo (incluido el Pacto Mundial de las Naciones Unidas, las armas controvertidas), las exclusiones sectoriales y un enfoque en los mejores de su clase (Best in Class). Las inversiones del fondo están sujetas a restricciones ambientales, sociales y de gobierno corporativo (ESG). Además, la sociedad gestora cumple además con los Principios para la Inversión Responsable de las Naciones Unidas («UN PRI») con respecto a las cuestiones ambientales, sociales y de gobernanza y los aplica en el marco de su compromiso, por ejemplo, ejerciendo los derechos de voto, ejerciendo activamente los derechos de los accionistas y acreedores, así como mediante el diálogo con los emisores. El gestor del fondo excluirá las empresas que vulneren de forma sustancial los requisitos del Pacto Mundial de las Naciones Unidas. El índice MSCI ACWI** (el «Índice matriz») constituye el universo de inversión inicial del fondo para el análisis ESG de los emisores, tanto en la renta variable como en la deuda corporativa. El fondo podrá invertir a título accesorio en empresas o emisores de países de la OCDE con una capitalización bursátil de al menos 100 millones de euros o con al menos 100 millones de euros en bonos emitidos. Estos se someten también al análisis ESG. En el marco del análisis, se aplica un filtro ESG, basado en datos de MSCI ESG Research, lo que se traduce en la exclusión de al menos el 20% de las empresas del Índice matriz. El filtro ESG se basa en las siguientes tres calificaciones proporcionadas por MSCI ESG Research:
- La puntuación ESG de MSCI evalúa la vulnerabilidad de las empresas a los riesgos y oportunidades en materia ESG, en una escala de calificación que va de«CCC» (peor calificación) a «AAA» (mejor calificación). La puntuación se basa en las subpuntuaciones de los ámbitos medioambiental, social y de gobierno corporativo, con una escala de calificación que va de «0» (peor calificación) a «10» (mejor calificación). El fondo no invierte en empresas con una puntuación ESG de MSCI de«CCC». Tampoco invierte en empresas con una puntuación ESG de MSCI de «B», si la subpuntuación ESG de MSCI en los ámbitos medioambiental, social o de gobierno corporativo es inferior a «3». El fondo no invierte en emisores públicos con una puntuación ESG de MSCI de «CCC» o «B».
- Los MSCI Business Involvement Screens ofrecen un análisis de la generación de ingresos de las empresas de sectores potencialmente críticos para las empresas en cuestión. El fondo no adquiere valores de empresas si generan ingresos a partir de armas controvertidas (armas bioquímicas, bombas de racimo, pistolas láser, minas terrestres, etc.) o más de una cierta cantidad de ingresos a partir de otras armas(ingresos totales de armas nucleares, convencionales y civiles), juegos de azar, pornografía, tabaco, minería del carbón o generación de electricidad a partir del carbón.
- MSCI ESG Controversies Score analiza y supervisa las estrategias de dirección de empresas y sus resultados reales en cuanto a la vulneración de las normas y estándares internacionales. Entre otras cosas, se comprueba el cumplimiento de los principios del Pacto Mundial de las Naciones Unidas. No se adquieren empresas para el fondo que, según MSCI ESG Controversies Score, vulneran dichos principios.
En caso de adquirirse valores o bonos de Estados para el fondo (inversión directa), no se comprarán valores de Estados con una puntuación insuficiente según el índice Freedom House. Sin embargo, la puntuación según el índice Freedom House no se tiene en cuenta para los valores que se adquieren indirectamente, como parte de una inversión de un fondo objetivo (sin revisión). Al menos el 90% de los emisores en los que invierte el fondo se evalúan con respecto a su balance ESG (excepto las inversiones en fondos objetivo e instrumentos del mercado monetario). La atención se centra en empresas y países con unos altos resultados de sostenibilidad. El objetivo es una calificación de sostenibilidad media de «A» para los activos del fondo. También pueden utilizarse evaluaciones ESG adicionales de análisis internos del grupo o de terceros. El fondo lleva a cabo una gestión activa y se basa en un 50% en el STOXX Europe 50 (NR) EUR®, en un 10% en el MSCI US (NR) EUR®, en un 20% en el JPM EMU Bond 1-10 yrs y en un 20% en el JPM Euro Cash 1 M® como índice de comparación***, que constituye la base para la asignación a las diferentes clases de activos y la diversificación geográfica de la cartera en diferentes situaciones de mercado, así como para la gestión de la exposición al riesgo por parte del gestor del fondo. Sin embargo, el gestor de inversiones no refleja su evolución de forma idéntica el índice de referencia ni la proporción relativa de sus componentes, sino que más bien pretende superar su rentabilidad, por lo que puede que se produzcan divergencias significativas, tanto positivas como negativas, respecto de dicho índice de referencia. Por lo tanto, la rentabilidad del fondo puede diferir significativamente de la rentabilidad del índice de referencia indicado. El gestor del fondo dispone de plena capacidad de decisión sobre la composición de los activos del fondo. Aunque el fondo mantendrá, por lo general, activos que forman parte del índice de referencia, puede invertir en dichos activos en diferentes grados y puede mantener activos que no pertenezcan al índice de referencia.
El objetivo de la inversión en el Fondo estriba en participar al máximo de la revalorización de los mercados de renta variable en los ciclos alcistas y reducir las pérdidas en los ciclos bajistas por medio de la constitución de líneas de inversión en fondos sostenibles superiores a la media.
La clase de participaciones ha sido emitida especialmente para inversores institucionales que han celebrado un acuerdo previo con la sociedad gestora. El importe de inversión mínima es de 10 millones de euros.
La moneda del fondo es el euro. Los ingresos generados por la clase de participaciones no se reparten, sino que permanecen en el fondo. Los inversores pueden reembolsar sus participaciones cualquier día hábil bursátil.
Recomendación: este fondo puede no ser adecuado para inversores que deseen retirar su dinero del fondo en un plazo de cinco años. | # ISIN: LU2120130302
INVESTMENT OBJECTIVES
The fund follows a flexible investment policy, actively investing globally in equities, bonds, certificates and money market investments. The equity allocation fluctuates between 25% and 100%. On the bonds side, the fund invests mainly in government, corporate and covered bonds. Up to 10% of its assets can be invested in units of investment funds and ETFs. The fund may also be managed using financial futures. In accordance with Article 8 of the SFDR*, the Fund Manager incorporates sustainability risks into its investment process by taking into account both the ESG (environmental, social and governance) characteristics of investment decisions and any significant negative impacts that investment decisions may have on sustainability factors. The investment process is based on ESG integration, normative screening (including UN Global Compact, controversial arms), sector exclusions and a best-in- class approach. The fund’s investments are thus subject to environmental, social and governance (“ESG”) restrictions. The Management Company observes the United Nations Principles for Responsible Investment (UN PRI) with respect to environmental, social, and governance issues, and also applies them in its commitments by e.g. exercising voting rights, actively exercising shareholder and creditor rights and engaging in dialogue with issuers. Companies that significantly violate the requirements of the UN Global Compact are excluded. Companies included in the MSCI ACWI Index** (the “parent index”) represent the starting point for the fund’s investment universe for the ESG analysis of issuers and for equities and corporate bonds. The fund may also invest in companies or issuers from OECD countries with a market capitalisation of at least EUR 100 million or a minimum volume of issued bonds of EUR 100 million. These are also subject to ESG analysis. As part of the analysis an ESG filter based on data from MSCI ESG Research is then applied, which results in the exclusion of at least 20% of the companies included in the parent index. The ESG filter is based on the following three assessments undertaken by MSCI ESG Research:
- The MSCI ESG Rating evaluates the exposure of companies to ESG related risks and opportunities on a scale of CCC (worst rating) to AAA (best rating). It is based on the sub-ratings on a scale of 0 (worst) to 10 (best) for the environment, social and governance areas. The fund does not invest in companies with an MSCI ESG Rating of CCC. It does not invest in companies with an MSCI ESG Rating of B if the MSCI ESG sub-rating is below 3 for one of the environment, social or governance categories. The fund does not invest in government issuers with an MSCI ESG Rating of CCC or B.
- MSCI Business Involvement Screening provides an analysis of the turnover generated in potentially critical sectors by companies under consideration. The sub- fund does not acquire the securities of companies generating any turnover with controversial weapons (biological/chemical weapons, cluster munitions, blinding laser weapons, land mines, etc.), or more than a specified level of turnover with other weapons (proportion of total turnover generated from nuclear, conventional and non- military weapons), gambling, pornography, tobacco, coal mining or coal-fired power generation.
- The MSCI ESG Controversies Score analyses and monitors corporate management strategies and their effectiveness in preventing breaches of international norms and standards. Compliance with the UN Global Compact principles is one of the issues monitored. Companies that do not comply with these principles based on the MSCI ESG Controversies Score are not acquired for the fund.
If the fund directly acquires the securities or bonds of governments (direct investment), the securities of countries with an inadequate Freedom House score are not acquired. However, Freedom House scores are not considered for securities purchased indirectly as part of an investment in a target fund (no look-through). At least 90% of the issuers in which the fund invests are assessed on the basis of their ESG performance (investments in target funds and money market instruments are excluded from this process). The fund focuses on companies and countries with a strong sustainability performance and targets an average MSCI ESG rating of A for the fund assets. Additional ESG assessments from internal group research or third parties may also be used. The fund is actively managed and follows the STOXX Europe 50 (NR) EUR® (50%), the MSCI US (NR) EUR® (10%), the JPM
EMU Bond 1-10 yrs (20%) and the JPM Euro Cash 1 M® (20%) as its benchmark indices***, which form the basis for allocation of the different asset classes, geographic diversification of the portfolio in various market situations, and management of the risk exposure by the Fund Manager. The Fund Manager seeks to outperform them rather than replicate either the benchmark indices or the relative proportion of the individual components of the benchmarks exactly, as a result of which significant differences – both positive and negative – are possible. For that reason, fund performance may differ significantly from the performance of the given benchmark indices. The Fund Manager has full control over the composition of the assets in the fund. While the fund will generally hold assets that are components of the benchmark, it may invest in such components to different degrees and it may hold assets that are not components of the benchmark.
The objective of an investment in the fund is to participate to the greatest extent possible in the value growth of rising equity markets, whilst limiting losses during downturns by building a portfolio of Fund investments with above-average sustainability.
This unit class is intended specifically for institutional investors who have previously signed an agreement with the asset management company. The minimum investment is EUR 10 million.
The fund currency is the euro. The returns obtained by the unit class are reinvested in the fund, not distributed. You can redeem your units on any trading day.
Recommendation: In some circumstances, this fund may not be suitable for investors who wish to liquidate their investment in the fund within five years. | en | es |
DOLFIN7808 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
CHF 11,210
12.1%
CHF 12,321
4.3% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 210 CHF
12,1%
12 321 CHF
4,3% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
CHF 11,210
12.1%
CHF 12,321
4.3% | en | es |
DOLFIN7816 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in emerging market investment grade USD-denominated debt securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection across the emerging markets investment grade bond universe.
Share Class Benchmark 50% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross) / 50% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested in investment grade USD-denominated debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del mercado de renta fija con calificación investment grade de mercados emergentes invirtiendo principalmente en títulos de deuda con calificación investment grade de los mercados emergentes denominados en USD.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Aplica un proceso de inversión basado en un análisis integrado globalmente que se centra en examinar factores fundamentales, cuantitativos y técnicos de distintos países, sectores y emisores.
- Combina una toma de decisiones descendente (lo que incluye la asignación a países y sectores) con una selección de valores ascendente en todo el universo de renta fija con calificación investment grade de mercados emergentes.
Índice de referencia de la Clase de Acciones 50% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross) / 50% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. La mayor parte de los emisores del Subfondo probablemente están representados en el índice de referencia, ya que el Gestor de inversiones utiliza dicho índice de referencia como base para la construcción de la cartera, aunque dispone de un cierto margen discrecional para desviarse de su composición y sus características de riesgo dentro de unos parámetros de riesgo indicativos.
El Subfondo se asemejará a su índice de referencia en términos de composición y características de riesgo; no obstante, dado el margen discrecional del Gestor de inversiones, la rentabilidad podría ser diferente a la del índice de referencia.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte en títulos de deuda con calificación investment grade y denominados en USD emitidos o garantizados por gobiernos de mercados emergentes o sus agencias y por compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un mercado emergente.
Los títulos de deuda deberán tener, en el momento de la compra, una calificación investment grade. No obstante, el Subfondo podrá invertir, de manera limitada, en títulos de deuda con calificación inferior a | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in emerging market investment grade USD-denominated debt securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection across the emerging markets investment grade bond universe.
Share Class Benchmark 50% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross) / 50% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested in investment grade USD-denominated debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. | en | es |
DOLFIN7823 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Accumulating Shares
The Net Asset Value of the Accumulating Shares of the Sub-Fund will be calculated by the Administrator as at the Valuation Point on each Dealing Day in accordance with the requirements of the Articles and full details are set out under the heading “The Company” in the Prospectus.
The Articles of Association provide that the Directors shall be entitled to value the Accumulating Shares of this Sub-Fund using the Amortised Cost Method of valuation whereby the Investments of this Sub-Fund are valued at their cost of acquisition as adjusted for amortisation of premium or accretion of discount on the Investments rather than at current market value. For additional information, please read the section titled “Calculation of the Net Asset Value of each Sub-Fund” in the Prospectus. | #### Acciones de Acumulación
El Valor de inventario neto de las Acciones de Acumulación del Subfondo será calculado por el Agente administrativo en el Momento de valoración de cada Día de valoración, de conformidad con los requisitos de los Estatutos, y la información completa a este respecto se indica en el apartado «La Sociedad» del Folleto.
Los Estatutos disponen que los Consejeros tendrán derecho a valorar las Acciones de Acumulación de este Subfondo utilizando el método de valoración del coste amortizado, en virtud del cual las inversiones de este Subfondo se valoran a su coste de adquisición, ajustado para tener en cuenta la amortización de la prima o la acumulación del descuento sobre las inversiones, en vez de al valor de mercado vigente. Para obtener información adicional, consulte el apartado titulado «Cálculo del Valor de inventario neto de cada Subfondo» del Folleto. | #### Accumulating Shares
The Net Asset Value of the Accumulating Shares of the Sub-Fund will be calculated by the Administrator as at the Valuation Point on each Dealing Day in accordance with the requirements of the Articles and full details are set out under the heading “The Company” in the Prospectus.
The Articles of Association provide that the Directors shall be entitled to value the Accumulating Shares of this Sub-Fund using the Amortised Cost Method of valuation whereby the Investments of this Sub-Fund are valued at their cost of acquisition as adjusted for amortisation of premium or accretion of discount on the Investments rather than at current market value. For additional information, please read the section titled “Calculation of the Net Asset Value of each Sub-Fund” in the Prospectus. | en | es |
DOLFIN7826 | 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 US Dollar denominated investment grade corporate bond market. The Fund aims to produce a return on your investment which reflects the return of the Markit iBoxx USD Liquid Investment Grade 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the most liquid (i.e. bonds that can be easily bought and sold in the market in normal market conditions) US Dollar denominated bonds which are issued by companies. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Each issuer of bonds in the Index is capped at 3%. Only bonds with a minimum remaining time to maturity of three years, a minimum outstanding issuance of US$2 billion and have at least $750 million face value per individual bond are included in the benchmark index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
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 mercado de bonos empresariales denominados en dólares estadounidenses y calificados con la categoría de inversión. El Fondo trata de proporcionar una rentabilidad de su inversión que refleje la rentabilidad del Markit iBoxx USD Liquid Investment Grade Index, el índice de referencia del Fondo (el Índice). La Clase de acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que integran el Índice y cumplen sus requisitos de calificación de solvencia, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide la rentabilidad de los bonos denominados en dólares estadounidenses emitidos por empresas que son más líquidos (es decir, bonos que pueden comprarse y venderse fácilmente en el mercado, en condiciones normales de este). Los bonos tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice. La ponderación en el Índice de cada emisor de bonos tiene un límite máximo del 3%. En el índice de referencia se incluyen únicamente los bonos con un vencimiento residual mínimo de tres años, una emisión circulante mínima de 2.000 millones de dólares estadounidenses y con un valor nominal de al menos 750 millones de dólares estadounidenses.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD (incluidos los contratos de divisas a plazo) pueden utilizarse con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the US Dollar denominated investment grade corporate bond market. The Fund aims to produce a return on your investment which reflects the return of the Markit iBoxx USD Liquid Investment Grade 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the most liquid (i.e. bonds that can be easily bought and sold in the market in normal market conditions) US Dollar denominated bonds which are issued by companies. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Each issuer of bonds in the Index is capped at 3%. Only bonds with a minimum remaining time to maturity of three years, a minimum outstanding issuance of US$2 billion and have at least $750 million face value per individual bond are included in the benchmark index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
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 |
DOLFIN7831 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where an offer is made to relevant persons pursuant to section 305 of the SFA, the following restrictions (under section 305A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than (i) an institutional investor; (ii) a relevant person; or (iii) on terms in accordance with section 305(2) of the SFA, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares or Units, or the listing for quotation of those Shares / Units. | Si se realiza una oferta a personas relevantes de acuerdo con la sección 305 de la SFA, se aplicarán las siguientes restricciones (según la sección 305A) a las Acciones / Participaciones objeto de dicha oferta. Si las Acciones / Participaciones se venden primero a una persona que no sea (i) un inversor institucional, (ii) una persona relevante o (iii) bajo las condiciones de la sección 305(2), los requisitos de las Subdivisiones (2) y (3) de la División 2 en la Parte XIII de la SFA serán de aplicación a la oferta resultante de dicha venta, excepto si las Acciones / Participaciones adquiridas son de la misma clase que las otras Acciones/Participaciones:
- cotizadas en un mercado de valores aprobado (según se define en la SFA); y
- con respecto a las cuales se haya publicado una declaración informativa, documento de presentación, circular para los partícipes de una adquisición inversa, documento publicado a los fines de un plan de fideicomiso o cualquier otro documento similar de oferta autorizado por un mercado de valores aprobado (según se define en la SFA), en relación con una oferta de dichas Acciones / Participaciones o el listado de cotización de tales Acciones / Participaciones. | Where an offer is made to relevant persons pursuant to section 305 of the SFA, the following restrictions (under section 305A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than (i) an institutional investor; (ii) a relevant person; or (iii) on terms in accordance with section 305(2) of the SFA, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares or Units, or the listing for quotation of those Shares / Units. | en | es |
DOLFIN7848 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,630 EUR | 4,010 EUR |
| | Average return each year | -83.7 % | -16.7 % each year |
| Unfavourable | What you might get back after costs | 7,400 EUR | 7,680 EUR |
| | Average return each year | -26.0 % | -5.1 % each year |
| Moderate | What you might get back after costs | 10,570 EUR | 11,690 EUR |
| | Average return each year | 5.7 % | 3.2 % each year |
| Favourable | What you might get back after costs | 13,750 EUR | 16,130 EUR |
| | Average return each year | 37.5 % | 10.0 % each year | | | Período de mantenimiento recomendado: 5 AÑOS Ejemplo de inversión: 10.000 EUR |
| --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 1.630 EUR | 4.010 EUR |
| | Rendimiento medio cada año | -83,7 % | -16,7 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.400 EUR | 7.680 EUR |
| | Rendimiento medio cada año | -26,0 % | -5,1 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 10.570 EUR | 11.690 EUR |
| | Rendimiento medio cada año | 5,7 % | 3,2 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 13.750 EUR | 16.130 EUR |
| | Rendimiento medio cada año | 37,5 % | 10,0 % cada año | | | Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,630 EUR | 4,010 EUR |
| | Average return each year | -83.7 % | -16.7 % each year |
| Unfavourable | What you might get back after costs | 7,400 EUR | 7,680 EUR |
| | Average return each year | -26.0 % | -5.1 % each year |
| Moderate | What you might get back after costs | 10,570 EUR | 11,690 EUR |
| | Average return each year | 5.7 % | 3.2 % each year |
| Favourable | What you might get back after costs | 13,750 EUR | 16,130 EUR |
| | Average return each year | 37.5 % | 10.0 % each year | | en | es |
DOLFIN7857 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### General Risks Associated with Public Health Emergencies; Impact of the Coronavirus (COVID-19)
Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current novel coronavirus (“COVID-19”) pandemic, can result and, in the case of COVID-19 is resulting, in market volatility and disruption, and any such future emergencies may materially adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.
The COVID-19 outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, have imposed and continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” “safer at home,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets. Among other things, these unprecedented developments have resulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation (or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions;
(iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain and
uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment.
The ultimate impact of COVID-19 (and the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results.
The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact on the Sub-Funds’ investments and result in significant investment losses. The extent of the impact on business operations and performance of market participants and the companies in which the Sub-Funds invest depends and will continue to depend on a multitude of factors, virtually all of which are highly uncertain and unpredictable, and this impact may include or lead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities; (iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limit the Sub-Funds’ and/or the Investment Manager’s ability to source, research, and execute new investments, as well as to sell investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategies the Sub-Funds intend to pursue, all of which could materially diminish the Sub-Funds’ ability to fulfill their investment objectives. They may also impair the ability of the companies in which the Sub-Funds invest or their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences, including the potential for defaults by borrowers under
debt instruments held in a client’s portfolio. In addition, the operations of securities markets and market participant, may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements, and other factors related to a public health emergency, including the potential adverse impact on the health of any such entity’s personnel. These measures may also hinder such entities’ ability to conduct their affairs and activities as they normally would, including by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing their ability to make accurate and timely projections of financial performance. | #### Riesgos generales asociados con emergencias de salud pública; impacto del coronavirus (COVID-19)
Las pandemias y otras emergencias de salud pública locales, nacionales e internacionales, incluidos los brotes de enfermedades infecciosas como el SARS, la gripe H1N1/09, la gripe aviar, el virus del Ébola y la actual pandemia del nuevo coronavirus («COVID-19»), pueden causar, como está ocurriendo en estos momentos con la COVID-19, volatilidad y perturbaciones en los mercados; por lo tanto, cualquier emergencia de este tipo que se produzca en el futuro podrá tener efectos negativos considerables e imposibles de predecir en la producción y la actividad económica, todo lo cual puede generar sustanciales pérdidas de inversión.
El brote de COVID-19 se ha convertido en una emergencia de salud pública a escala mundial, ha ejercido una considerable presión sobre los recursos sanitarios y ha causado un número muy elevado de infecciones, hospitalizaciones y fallecidos que no deja de aumentar. En su esfuerzo por contener la COVID-19, las autoridades locales, regionales y nacionales, así como las empresas privadas y otras organizaciones, han impuesto y continúan imponiendo medidas notablemente restrictivas, incluidas cuarentenas locales y regionales, restricciones de viajes (que incluyen el cierre de determinadas fronteras internacionales), prohibiciones de actividades públicas (incluidas órdenes de confinamiento en los hogares), y el cierre de una amplia variedad de oficinas, empresas, centros educativos y otros lugares públicos. Como consecuencia, la COVID-19 ha reducido y perturbado considerablemente la producción y la actividad económicas mundiales y ha contribuido tanto a la volatilidad como a una fuerte caída de los mercados financieros. Entre otras cosas, estos insólitos acontecimientos han causado: (i) reducciones sustanciales de la demanda de la mayoría de las categorías de consumidores y
empresas; (ii) trastornos (y, en algunos casos, paralización total) de los mercados de crédito y de capitales; (iii) perturbaciones operativas y de la mano de obra; (iv) ralentización o paralización total de determinadas cadenas de suministro y de la actividad manufacturera; y (v) dificultades e incertidumbre para empresas y hogares, con efectos especialmente notables en sectores dependientes de los viajes y la accesibilidad pública, como el transporte, la hostelería, el turismo, el comercio minorista, los deportes y el ocio.
Resulta imposible predecir el impacto que la COVID-19 (y la consiguiente caída en picado y perturbación de la actividad económica y comercial en muchas de las economías del mundo) tendrá finalmente sobre la economía global y sobre las operaciones, la salud financiera y los resultados de cualquier mercado, industria o empresa en particular. Sin embargo, ya se están observando efectos adversos y es posible que se produzcan más, incluidas crisis globales, regionales y locales (que pueden llegar a ser recesiones) de duración y gravedad indeterminadas. La magnitud de los efectos de la COVID-19 dependerá de muchos factores, como la duración y el alcance últimos de la emergencia de salud pública y de las medidas restrictivas adoptadas, así como la eficacia de otras intervenciones de las administraciones públicas, legislativas y de política económica y monetaria encaminadas a mitigar la crisis y atajar sus externalidades negativas, factores todos ellos que están evolucionando a gran velocidad y pueden tener resultados impredecibles.
La actual crisis de la COVID-19 y cualquier otra emergencia de salud pública podrían tener un efecto negativo considerable sobre las inversiones del Subfondo y provocar sustanciales pérdidas de la inversión. La magnitud del impacto en las operaciones empresariales y los resultados de los participantes en el mercado y las empresas en las que invierte el Subfondo depende y seguirá dependiendo de una gran variedad de factores, prácticamente todos ellos muy inciertos e impredecibles, y dicho impacto puede incluir o generar: (i) reducciones considerables de los ingresos y el crecimiento;
(ii) pérdidas de explotación inesperadas y deudas; (iii) deterioro de la calidad crediticia; y (iv) una menor disponibilidad de capital. Estos mismos factores pueden limitar la capacidad de los Subfondos y de la Gestora de inversiones para encontrar, investigar y ejecutar nuevas inversiones, así como para vender inversiones en el futuro; asimismo, las medidas de mitigación de las autoridades pueden limitar o alterar marcos financieros, jurídicos y regulatorios de maneras que resulten perjudiciales para las estrategias de inversión que los Subfondos pretenden aplicar, todo lo cual podría reducir notablemente la capacidad de los Subfondos para cumplir sus objetivos de inversión. También pueden reducir la capacidad de las empresas en las que los Subfondos invierten o de sus contrapartes para cumplir sus respectivas obligaciones en virtud de instrumentos de deuda y otros acuerdos comerciales (incluida su capacidad para pagar las obligaciones cuando venzan), lo que puede dar lugar a impagos con consecuencias difíciles de predecir o incluso a moras de los prestatarios de instrumentos de deuda en cartera de un cliente. Además, las operaciones de los mercados de valores y los participantes en los mercados también pueden verse gravemente afectadas, o incluso pueden quedar suspendidas temporalmente o de forma indefinida, como consecuencia de medidas de cuarentena dictadas por las administraciones, restricciones a los viajes y desplazamientos, la obligación de adoptar el teletrabajo y otros factores relacionados con una emergencia de salud pública, incluidos los posibles efectos adversos sobre la salud del personal de esas entidades. Estas medidas también pueden reducir la capacidad de esas entidades para llevar a cabo sus actividades con normalidad, por ejemplo al alterar los medios y métodos habituales de comunicación, dificultar la realización de labores administrativas como la tramitación de pagos y facturas y reducir su capacidad para realizar previsiones precisas y puntuales sobre sus resultados financieros. | #### General Risks Associated with Public Health Emergencies; Impact of the Coronavirus (COVID-19)
Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current novel coronavirus (“COVID-19”) pandemic, can result and, in the case of COVID-19 is resulting, in market volatility and disruption, and any such future emergencies may materially adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.
The COVID-19 outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, have imposed and continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” “safer at home,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets. Among other things, these unprecedented developments have resulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation (or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions;
(iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain and
uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment.
The ultimate impact of COVID-19 (and the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results.
The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact on the Sub-Funds’ investments and result in significant investment losses. The extent of the impact on business operations and performance of market participants and the companies in which the Sub-Funds invest depends and will continue to depend on a multitude of factors, virtually all of which are highly uncertain and unpredictable, and this impact may include or lead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities; (iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limit the Sub-Funds’ and/or the Investment Manager’s ability to source, research, and execute new investments, as well as to sell investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategies the Sub-Funds intend to pursue, all of which could materially diminish the Sub-Funds’ ability to fulfill their investment objectives. They may also impair the ability of the companies in which the Sub-Funds invest or their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences, including the potential for defaults by borrowers under
debt instruments held in a client’s portfolio. In addition, the operations of securities markets and market participant, may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements, and other factors related to a public health emergency, including the potential adverse impact on the health of any such entity’s personnel. These measures may also hinder such entities’ ability to conduct their affairs and activities as they normally would, including by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing their ability to make accurate and timely projections of financial performance. | en | es |
DOLFIN7859 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment through the Connect Schemes is conducted through brokers, and is subject to the risks of default by such brokers’ in their obligations.
The Fund’s investments through Northbound trading under the Connect Schemes are not covered by Hong Kong’s Investor Compensation Fund. Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorised financial institution in relation to exchange-traded products in Hong Kong.
Since default matters in the Northbound Trading Link via the Connect Schemes does not involve products listed or traded in SEHK or Hong Kong Futures Exchange Limited, they will not be covered by the Investor Compensation Fund.
On the other hand, since a Fund is carrying out Northbound trading through securities brokers in Hong Kong but not the PRC brokers, therefore not protected by the China Securities Investor Protection Fund. | ## Las inversiones a través de los Connect Schemes se realizan a través de intermediarios y están sujetas al riesgo de que dichos intermediarios no cumplan con sus obligaciones.
El Fondo de compensación de inversores de Hong Kong no cubre las inversiones del Fondo a través del acceso bursátil en sentido norte con los programas Connect Schemes. El Fondo de compensación de inversores de Hong Kong se creó para compensar a aquellos inversores que, independientemente de su nacionalidad, hayan sufrido pérdidas pecuniarias como resultado de un impago de un intermediario autorizado mediante licencia o de una entidad financiera autorizada, en relación con productos que se intercambien y negocien en Hong Kong.
Dado que los asuntos de incumplimiento del acceso bursátil Northbound Trading Link a través de los Connect Schemes no implican productos cotizados o negociados en la SEHK o en Hong Kong Futures Exchange Limited, no estarán cubiertos por el Fondo de compensación de inversores.
Por otra parte, dado que un Fondo está realizando negociaciones en sentido norte a través de intermediarios de valores de Hong Kong y no intermediarios de la RPC, el China Securities Investor Protection Fund no lo protege. | ## Investment through the Connect Schemes is conducted through brokers, and is subject to the risks of default by such brokers’ in their obligations.
The Fund’s investments through Northbound trading under the Connect Schemes are not covered by Hong Kong’s Investor Compensation Fund. Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorised financial institution in relation to exchange-traded products in Hong Kong.
Since default matters in the Northbound Trading Link via the Connect Schemes does not involve products listed or traded in SEHK or Hong Kong Futures Exchange Limited, they will not be covered by the Investor Compensation Fund.
On the other hand, since a Fund is carrying out Northbound trading through securities brokers in Hong Kong but not the PRC brokers, therefore not protected by the China Securities Investor Protection Fund. | en | es |
DOLFIN7862 | 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 03 March 2011.
-2.4
-1.9
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ## El Fondo se lanzó el 03 marzo 2011.
-2.4
-1.9
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ## The Fund was launched on 03 March 2011.
-2.4
-1.9
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN7868 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ACCOUNTS
- The Directors shall cause to be kept such books of account as are necessary in relation to the conduct of its business or as are required by the Act and the Regulations so as to enable the accounts of the Company to be prepared.
- The books of account shall be kept at the registered office, or at such other place or places as the Directors shall think fit, and shall at all times be open to the inspection of the Directors, but no person, other than a Director, the Auditors, or the Central Bank shall be entitled to inspect the books, accounts, documents or writings of the Company, except on ten days’ notice to the Company and as provided by the Act or the Regulations or authorised by the Directors or by the Company in general meeting.
- Statutory financial statements of the Company, including every document required by law to be annexed thereto, shall be made out as at the end of each financial year of the Company as determined by the Directors from time to time and shall be audited by the Auditors and laid before the Company at its annual general meeting in each year, and such statutory financial statements shall contain a general summary of the assets and liabilities of the Company. The statutory financial statements shall be accompanied by a report of the Directors as to the state and condition of the Company, and the amount (if any) which they have carried or propose to carry to reserve, together with a profit and loss account. The statutory financial statements of the Company and the report of the Directors shall be signed on behalf of the Directors by at least two of the Directors. An Auditors’ report shall be attached to the statutory financial statements of the Company. The Auditors’ report shall be read at the annual general meeting.
- Once at least in every year the Directors shall cause to be prepared an Annual Report relating to the management of the Company. The Annual Report shall include the statutory financial statements duly audited by the Auditors and the Directors’ Report53and the Auditors’ Report as provided for in Article 30(c) and shall be in a form approved by the Central Bank and shall contain such information required by the Regulations. There shall be attached to such Annual Report such additional information and reports as the Central Bank may specify.
- A copy of the Annual Report including the statutory financial statements (including every document required by law to be annexed thereto) which is to be laid before the annual general meeting of the Company together with a copy of the Directors’ report and the Auditors’ report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive them and if any of the shares are quoted on any stock exchange, the required number of copies of these documents shall be forwarded at the same time to such stock exchange in all cases not less than twenty one Clear Days before the date of the annual general meeting.
- The Auditors’ certificate appended to the Annual Report and statement referred to herein shall declare that the accounts or statement attached respectively thereto (as the case may be) have been examined together with the books and records of the Company in relation thereto and that the Auditors have obtained all the information and explanations they have required and the Auditors shall report whether the accounts are in their opinion properly drawn up in accordance with such books and records and present a true and fair view of the state of affairs of the Company, and whether the accounts are in their opinion properly drawn up in accordance with the provisions hereof.
- The Company shall prepare an unaudited half-yearly report for the six months immediately succeeding the date of the last Annual Report of the Company. Such half-yearly report shall be in a form approved by the Central Bank and shall contain such information required by it.
- A copy of the said half-yearly report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive it not later than two months from the end of the period to which it relates.
- | # CUENTAS
- Los Consejeros harán que se conserven los libros de contabilidad necesarios en relación con la conducta de su empresa o tal y como lo requiera la Ley y el Reglamento para permitir la preparación de la contabilidad de la Sociedad.
- Los libros de contabilidad deberán guardarse en el domicilio social, o en otro lugar que los Consejeros consideren oportuno, y en todo momento deberán estar disponibles para la inspección por parte de los Consejeros, pero ninguna persona, a excepto de los Consejeros, los Auditores o el Banco central tendrá derecho a inspeccionar los libros, contabilidad, documentos o escrituras de la Sociedad, excepto enviando un aviso de 10 días a la Sociedad y siempre que así lo estipule la Ley o el Reglamento o siempre que lo autoricen los Consejeros o la Sociedad en junta general.
- Unos extractos financieros estatutarios de la Sociedad, incluido cualquier documento que la ley exija que se adjunte, deberán presentarse al final de cada ejercicio financiero de la Sociedad tal y como determinen los Consejeros y deberán auditarse por los Auditores y exponerse ante la Sociedad en su junta general anual, y dichos extractos financieros estatutarios deberán contener un resumen general de los activos y pasivos de la Sociedad. Los extractos financieros estatutarios deberán ir acompañados de un informe de los Consejeros indicando el estado de la Sociedad y la cantidad (de haberla) que han soportado o proponen para reservar, junto con las cuentas de beneficios y pérdidas. Los extractos financieros estatutarios de la Sociedad y el informe de los Consejeros deberán firmarse en nombre de los Consejeros por al menos dos de ellos. Se deberá adjuntar un informe de los Auditores a los extractos financieros estatutarios de la Sociedad. El informe de los Auditores deberá leerse en la junta general anual.
- Una vez al menos cada año, los Consejeros deberán hacer que se prepare un Informe Anual sobre la gestión de la Sociedad. El Informe Anual deberá incluir los extractos financieros estatutarios debidamente auditados por los Auditores y el Informe de los Directores y Auditores tal y como se dispone en el Artículo 30(c) y deberá realizarse del modo que apruebe el Banco Central y deberá contener la información requerida por el Reglamento. Se deberá adjuntar a dicho Informe Anual cualquier información adicional e informe que requiera el Banco Central.
- La Sociedad deberá enviar una copia del Informe Anual incluidos los extractos financieros estatutarios (incluidos todos los documentos requeridos por la ley) que deberán presentarse en la junta general anual de la Sociedad junto con una copia del informe de los Consejeros y el de los Auditores o deberán estar disponibles para cualquier persona con derecho recibirlos con arreglo a la Ley y las Regulaciones y si cualquiera de las acciones cotizan en alguna bolsa, el número requerido de copias de estos documentos deberá ser enviado a la vez a dicha bolsa en todos los casos no menos de 20 Días Netos antes de la fecha de la junta general anual.
- El certificado de los Auditores adjunto al Informe Anual y a los extractos aquí mencionados deberá declarar que la contabilidad o extractos adjuntos respectivamente (del modo que proceda) han sido examinados junto con los libros y registros de la Sociedad y que los Auditores han obtenido toda la información y explicaciones que han requerido y estos deberán informar si las cuentas son en su opinión correctas con arreglo a dichos libros y registros y presentar una opinión justa y verdadera sobre la situación de la Sociedad, y si las cuentas se presentan según su opinión con arreglo a estas disposiciones.
- La Sociedad deberá preparar un informe semestral sin auditar para los seis meses inmediatamente posteriores a la fecha del último Informe Anual de la Sociedad. Dicho informe semestral debe cumplir con la forma aprobada por el Banco Central y contener la información necesaria según dicho banco.
- La Sociedad deberá enviar una copia de dicho informe semestral o deberá dar acceso a dicho informe a cualquier persona con derecho, según la Ley y el Reglamento, a recibir dicho informe antes de dos meses desde el final del periodo al que haga referencia.
- | # ACCOUNTS
- The Directors shall cause to be kept such books of account as are necessary in relation to the conduct of its business or as are required by the Act and the Regulations so as to enable the accounts of the Company to be prepared.
- The books of account shall be kept at the registered office, or at such other place or places as the Directors shall think fit, and shall at all times be open to the inspection of the Directors, but no person, other than a Director, the Auditors, or the Central Bank shall be entitled to inspect the books, accounts, documents or writings of the Company, except on ten days’ notice to the Company and as provided by the Act or the Regulations or authorised by the Directors or by the Company in general meeting.
- Statutory financial statements of the Company, including every document required by law to be annexed thereto, shall be made out as at the end of each financial year of the Company as determined by the Directors from time to time and shall be audited by the Auditors and laid before the Company at its annual general meeting in each year, and such statutory financial statements shall contain a general summary of the assets and liabilities of the Company. The statutory financial statements shall be accompanied by a report of the Directors as to the state and condition of the Company, and the amount (if any) which they have carried or propose to carry to reserve, together with a profit and loss account. The statutory financial statements of the Company and the report of the Directors shall be signed on behalf of the Directors by at least two of the Directors. An Auditors’ report shall be attached to the statutory financial statements of the Company. The Auditors’ report shall be read at the annual general meeting.
- Once at least in every year the Directors shall cause to be prepared an Annual Report relating to the management of the Company. The Annual Report shall include the statutory financial statements duly audited by the Auditors and the Directors’ Report53and the Auditors’ Report as provided for in Article 30(c) and shall be in a form approved by the Central Bank and shall contain such information required by the Regulations. There shall be attached to such Annual Report such additional information and reports as the Central Bank may specify.
- A copy of the Annual Report including the statutory financial statements (including every document required by law to be annexed thereto) which is to be laid before the annual general meeting of the Company together with a copy of the Directors’ report and the Auditors’ report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive them and if any of the shares are quoted on any stock exchange, the required number of copies of these documents shall be forwarded at the same time to such stock exchange in all cases not less than twenty one Clear Days before the date of the annual general meeting.
- The Auditors’ certificate appended to the Annual Report and statement referred to herein shall declare that the accounts or statement attached respectively thereto (as the case may be) have been examined together with the books and records of the Company in relation thereto and that the Auditors have obtained all the information and explanations they have required and the Auditors shall report whether the accounts are in their opinion properly drawn up in accordance with such books and records and present a true and fair view of the state of affairs of the Company, and whether the accounts are in their opinion properly drawn up in accordance with the provisions hereof.
- The Company shall prepare an unaudited half-yearly report for the six months immediately succeeding the date of the last Annual Report of the Company. Such half-yearly report shall be in a form approved by the Central Bank and shall contain such information required by it.
- A copy of the said half-yearly report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive it not later than two months from the end of the period to which it relates.
- | en | es |
DOLFIN7889 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/07/2010 and the share class in 2013.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 01/07/2010 y la clase de acción en 2013.
La rentabilidad pasada ha sido calculada en USD y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/07/2010 and the share class in 2013.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN7890 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### TITLE VII - EXTENSION - DISSOLUTION - LIQUIDATION ARTICLE 28 - EXTENSION OR EARLY DISSOLUTION
The Board of Directors may at any time and for any reason ask an Extraordinary General Meeting to extend or early dissolve or liquidate the SICAV.
Shareholders' subscription and redemption orders are frozen on the publication date of the Notice of Meeting of the General Meeting at which the early dissolution or liquidation is proposed or the expiration of the Company is announced. | #### TÍTULO VII - PRÓRROGA - DISOLUCIÓN - LIQUIDACIÓN ARTÍCULO 28 - PRÓRROGA O DISOLUCIÓN ANTICIPADA
El Consejo de Administración podrá, en cualquier momento y por cualquier motivo, proponer en una junta extraordinaria la prórroga o la disolución anticipada o la liquidación de la SICAV.
La emisión de nuevas acciones y el reembolso por parte de la SICAV de las acciones a los accionistas que así lo soliciten cesan el día de la publicación de la convocatoria de la junta general en la que se proponen la disolución anticipada y la liquidación de la sociedad, o al término del plazo de vigencia de la sociedad. | #### TITLE VII - EXTENSION - DISSOLUTION - LIQUIDATION ARTICLE 28 - EXTENSION OR EARLY DISSOLUTION
The Board of Directors may at any time and for any reason ask an Extraordinary General Meeting to extend or early dissolve or liquidate the SICAV.
Shareholders' subscription and redemption orders are frozen on the publication date of the Notice of Meeting of the General Meeting at which the early dissolution or liquidation is proposed or the expiration of the Company is announced. | en | es |
DOLFIN7895 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B (1) of the Taxes Consolidation Act, 1997 as amended. On that basis, it is not therefore chargeable to Irish tax on its relevant income or relevant gains. However, Irish tax can arise on the happening of a chargeable event in the Company.
A chargeable event includes any distribution payments to shareholders or any encashment, redemption, or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 as amended, are held by the Company, and
- certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. There were no chargeable events during the year under review. | #### Tributación
De conformidad con la legislación y la práctica vigentes, la Sociedad cumple los requisitos para ser un organismo de inversión según la definición del artículo 739B(1) de la Ley de Consolidación Tributaria (Taxes Consolidation Act) de 1997, en su versión vigente. Por lo tanto, no está obligada a pagar impuestos irlandeses sobre sus rentas ni sobre sus plusvalías. Sin embargo, la Sociedad puede quedar sujeta al pago de impuestos en Irlanda si se produce un hecho imponible que le afecte.
Un hecho imponible incluye cualquier pago de dividendos a los Accionistas, la liquidación, reembolso o transmisión de Acciones o la posesión de Acciones al final de cada periodo de ocho años a partir de la fecha de adquisición de las mismas. No se derivará obligación fiscal alguna en Irlanda para la Sociedad respecto de hechos imponibles relativos a:
- un Accionista que no sea residente en Irlanda ni residente habitual en Irlanda a efectos fiscales en el momento en que se produzca el hecho imponible, siempre que la Sociedad tenga en su poder las preceptivas declaraciones válidas previstas por la Ley de Consolidación Tributaria de 1997, en su versión vigente; y
- determinados accionistas que sean residentes en Irlanda exentos que hayan facilitado a la Sociedad las preceptivas declaraciones legales firmadas. Durante el ejercicio analizado no se produjeron hechos imponibles. | #### Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B (1) of the Taxes Consolidation Act, 1997 as amended. On that basis, it is not therefore chargeable to Irish tax on its relevant income or relevant gains. However, Irish tax can arise on the happening of a chargeable event in the Company.
A chargeable event includes any distribution payments to shareholders or any encashment, redemption, or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 as amended, are held by the Company, and
- certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. There were no chargeable events during the year under review. | en | es |
DOLFIN7898 | 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 a high level of income on your investment.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares).
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund’s investments. In doing so may take into consideration the MSCI ACWI Minimum Volatility 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 Fund’s portfolio holdings are expected to deviate materially from the Index.
The Fund distributes income gross of expenses.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Swiss Franc. 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$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
El Fondo trata de generar un alto nivel de rendimientos de su inversión.
El Fondo invierte a escala mundial al menos el 70% de sus activos totales en valores de renta variable (como acciones).
Para alcanzar su objetivo de inversión, el Fondo invertirá en varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. Esto significa que los valores se seleccionarán según su contribución a la rentabilidad de la cartera prevista, teniendo en cuenta el riesgo y los costes de transacción.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, podrá tener en cuenta el MSCI ACWI Minimum Volatility 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. Está previsto que los valores de la cartera del Fondo se desvíen de forma considerable del Índice.
Los rendimientos de este Fondo se distribuyen sin previa deducción de gastos.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (anualmente se pagarán ingresos por dividendo sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en francos suizos. 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 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 Fund aims to generate a high level of income on your investment.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares).
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund’s investments. In doing so may take into consideration the MSCI ACWI Minimum Volatility 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 Fund’s portfolio holdings are expected to deviate materially from the Index.
The Fund distributes income gross of expenses.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Swiss Franc. 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$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 |
DOLFIN7902 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Additional important information:
The total commitments of the fund may not amount to more than 210% as a result of the use of derivatives (max. 100%) and temporary borrowing (max. 10%).
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
* The composition is set out in the sales prospectus.
lower risk_x0001_higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential_x0001_higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premium
- Foreign currency risks
There is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks, because substantial investments are made in interest-bearing securities where repayment default is possible.
- Operational risks in connection with the safekeeping of assets and the use of derivative financial instruments and other financial techniques for steering risk exposure.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.01% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
Ongoing charges are estimated on the basis of the expected overall costs. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | # Otra información importante:
La exposición total del fondo generada por el uso de derivados (máx. 100%) y la toma de crédito temporal (máx. 10%) no debe superar el 210%.
Recomendación sobre el periodo de tenencia: Este fondo es adecuado para inversores que tengan un horizonte de inversión a medio plazo (de tres a cinco años) o más largo plazo.
* La composición de la cartera figura en el folleto de venta.
riesgo bajo_x0001_riesgo alto
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
bajo potencial de rendimiento_x0001_alto potencial de rendimiento
Los datos históricos empleados para el cálculo de la categoría de riesgo y rendimiento no se pueden considerar una indicación fiable del perfil de riesgo futuro.
La categoría de riesgo y rendimiento indicada puede estar sujeta a cambios. La clasificación en una categoría puede cambiar con el tiempo.
La categoría de riesgo más baja no equivale a una inversión libre de riesgo.
Motivos para la clasificación en la categoría de riesgo y rentabilidad:
- Curva de tipos
- Subida de tipos
- Riesgos de tipo de cambio
No existen garantías de capital ni protección de capital.
Otros riesgos esenciales para el fondo no considerados en la medida adecuada en el indicador mencionado arriba:
- Riesgos de crédito en inversiones por un monto considerable en valores de renta fija cuyo reembolso se puede suspender.
- Riesgos operacionales relacionados con la custodia de activos y el uso de instrumentos derivados y otras técnicas financieras para gestionar la exposición al riesgo.
Los gastos que usted paga están destinados a sufragar la administración, distribución y comercialización del fondo. Los gastos pueden incidir en la evolución del valor del fondo.
| Gastos únicos antes y después de la inversión |
| --- |
| Comisión de suscripción (max.) | 3,00% |
| Gastos de reembolso (max.) | n/a |
| Gastos que se deducen del fondo en el transcurso del año |
| Gastos corrientes | 0,01% |
| Gastos que debe pagar el fondo en determinadas circunstancias |
| Comisiones vinculadas a la evolución de valor del fondo (max.) | n/a |
Todavía no se dispone de un historial suficiente que permita sacar conclusiones sobre la evolución del valor anterior.
Los gastos corrientes se estiman en función de los gastos totales estimados. Los gastos corrientes pueden variar de un año a otro. El informe anual incluye detalles sobre los gastos.
Si desea obtener más información, consulte el punto 3 del folleto. | # Additional important information:
The total commitments of the fund may not amount to more than 210% as a result of the use of derivatives (max. 100%) and temporary borrowing (max. 10%).
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
* The composition is set out in the sales prospectus.
lower risk_x0001_higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential_x0001_higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premium
- Foreign currency risks
There is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks, because substantial investments are made in interest-bearing securities where repayment default is possible.
- Operational risks in connection with the safekeeping of assets and the use of derivative financial instruments and other financial techniques for steering risk exposure.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.01% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
Ongoing charges are estimated on the basis of the expected overall costs. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | en | es |
DOLFIN7903 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Objectives: The Fund aims to maximise the return on investment through a combination of capital growth and income on the Fund’s assets.
Policy: The Fund will seek to achieve its investment objective by investing up to 100% (however at least 70%) of its NAV in a portfolio of equity and equity-related securities of companies globally whose predominant economic activity comprises the research, development, production and/or distribution of new and emerging technology (“emerging tech companies”).
Such equity and equity-related securities will predominantly be listed or traded on a Recognised Market.
The Fund will focus on gaining exposure to next generation technology themes including artificial intelligence (AI), cloud computing, e- commerce, fintech, emerging industries such as environmental technology and more. The Fund will not otherwise be restricted to any particular industry, sector or region.
The Fund may invest up to 30% of its NAV in equity and equity-related securities of companies that are not classified as emerging tech companies. | Objetivos: El fondo pretende maximizar la rentabilidad de la inversión por medio de una combinación de revalorización del capital e ingresos de los activos del fondo.
Política: El fondo tratará de lograr su objetivo invirtiendo hasta el 100% (aunque al menos el 70%) de su valor de inventario neto en una cartera de renta variable y valores asociados con esta de empresas cuya principal actividad económica incluye la investigación, el desarrollo, la producción o la distribución de tecnología nueva y emergente ("empresas de tecnologías emergentes").
Dichos valores de renta variable y asociados con esta cotizarán o se negociarán predominantemente en un mercado reconocido.
El fondo se centrará en obtener exposición a temas de energía de próxima generación, como la inteligencia artificial (IA), la computación en la nube, el comercio electrónico, las tecnofinanzas, industrias emergentes como la tecnología medioambiental, y otras. Sin embargo, el fondo no estará limitado a ninguna industria, sector o región concretos.
El fondo podrá invertir hasta el 30% de su valor de inventario neto en valores de renta variable y relacionados con esta de empresas que no se clasifican como tecnológicas emergentes. | Objectives: The Fund aims to maximise the return on investment through a combination of capital growth and income on the Fund’s assets.
Policy: The Fund will seek to achieve its investment objective by investing up to 100% (however at least 70%) of its NAV in a portfolio of equity and equity-related securities of companies globally whose predominant economic activity comprises the research, development, production and/or distribution of new and emerging technology (“emerging tech companies”).
Such equity and equity-related securities will predominantly be listed or traded on a Recognised Market.
The Fund will focus on gaining exposure to next generation technology themes including artificial intelligence (AI), cloud computing, e- commerce, fintech, emerging industries such as environmental technology and more. The Fund will not otherwise be restricted to any particular industry, sector or region.
The Fund may invest up to 30% of its NAV in equity and equity-related securities of companies that are not classified as emerging tech companies. | en | es |
DOLFIN7907 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The sub-fund is mainly invested in investment funds and with an exposure to equities markets up to a minimum of 75% of the net assets.
The assets may be invested in money market instruments, in all types of fixed- term and/or variable transferable securities listed or traded on a regulated market and/or structured products (instruments whose value depends on differ- ent investments, including derivatives).
All investments in structured products are qualified as transferable securities and the underlyings may be composed of shares, debt securities, commodities (including precious metals), baskets of debt securities and/or shares, indices and/or baskets of stock market products.
If the sub-fund is invested in structured products on precious metals, this is done via investment vehicles which track the value of the underlying product (Exchange Traded Commodities). These products will not include derivatives and will not give rise to the physical delivery of the underlying metal. The sub- fund may invest up to 25% of its net assets in this type of instrument. | ## El subfondo se invierte principalmente en fondos de inversión y se expone a mercados de renta variable de un mínimo del 75% de los activos netos.
Los activos restantes pueden invertirse en instrumentos del mercado mone- tario, en todo tipo de valores mobiliarios de renta fija y/o variable que coticen o se negocien en un mercado regulado y/o en productos estructurados (instru- mentos cuyo valor depende de diferentes inversiones, incluidos los productos derivados).
Las inversiones en productos estructurados son calificadas como valores mo- biliarios, y los subyacentes pueden estar compuestos de acciones, títulos de deuda, materias primas (incluidos los metales preciosos), conjuntos de títulos de deuda y/o de acciones, índices y/o conjuntos de productos bursátiles.
Si el subfondo invierte en productos estructurados en metales preciosos, se llevará a cabo a través de instrumentos de inversión que reflejen el valor del producto subyacente («Exchange Traded Commodities»). Dichos productos no conllevan un derivado y no dan derecho a una entrega física del metal subya- cente. El subfondo podrá invertir hasta un 25% de sus activos netos en este tipo de instrumentos. | ## The sub-fund is mainly invested in investment funds and with an exposure to equities markets up to a minimum of 75% of the net assets.
The assets may be invested in money market instruments, in all types of fixed- term and/or variable transferable securities listed or traded on a regulated market and/or structured products (instruments whose value depends on differ- ent investments, including derivatives).
All investments in structured products are qualified as transferable securities and the underlyings may be composed of shares, debt securities, commodities (including precious metals), baskets of debt securities and/or shares, indices and/or baskets of stock market products.
If the sub-fund is invested in structured products on precious metals, this is done via investment vehicles which track the value of the underlying product (Exchange Traded Commodities). These products will not include derivatives and will not give rise to the physical delivery of the underlying metal. The sub- fund may invest up to 25% of its net assets in this type of instrument. | en | es |
DOLFIN7914 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses (as defined below).
At its discretion, the Management Company may on a temporary basis meet the Direct Expenses on a Sub-Fund’s behalf and/or waive all or part of the Fund Servicing Fee.
The Fund’s formation expenses and the expenses relating to the creation of new Sub-Funds may be capitalised and amortised over a period not exceeding five years, as permitted by Luxembourg law.
-
### Transaction Fees | Los Gastos operativos y de administración no incluyen los Gastos de transacción ni los Gastos extraordinarios que se definen a continuación.
La Sociedad gestora podrá, a su entera discreción y con carácter temporal, satisfacer los Gastos directos en nombre de un Subfondo y/o renunciar a la totalidad o parte de la Comisión de servicios.
Los gastos de constitución del Fondo y los gastos relativos a la creación de nuevos Subfondos podrán capitalizarse y amortizarse durante un periodo que no podrá superar los cinco años, tal y como prevé la legislación de Luxemburgo.
-
### Gastos de transacción | Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses (as defined below).
At its discretion, the Management Company may on a temporary basis meet the Direct Expenses on a Sub-Fund’s behalf and/or waive all or part of the Fund Servicing Fee.
The Fund’s formation expenses and the expenses relating to the creation of new Sub-Funds may be capitalised and amortised over a period not exceeding five years, as permitted by Luxembourg law.
-
### Transaction Fees | en | es |
DOLFIN7915 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Share class launch date - 17 January 2017. Performance of this share class is shown in USD. Performance of the Benchmark is shown in USD.
-3.6
Past performance is not a guide to future performance.
-9.8
-4.9
2017 2018 2019 2020 2021 | Fecha de lanzamiento de la Clase de acción: 17 de enero de 2017. La rentabilidad de esta clase de acción se muestra en USD.
La rentabilidad del Índice de referencia se muestra en USD.
-3.6
La rentabilidad histórica no es un indicador de rentabilidades futuras.
-9.8
-4.9
2017 2018 2019 2020 2021 | Share class launch date - 17 January 2017. Performance of this share class is shown in USD. Performance of the Benchmark is shown in USD.
-3.6
Past performance is not a guide to future performance.
-9.8
-4.9
2017 2018 2019 2020 2021 | en | es |
DOLFIN7924 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Objective To seek high total return from current income and capital appreciation.
Portfolio securities Under normal circumstances, the Sub- Fund intends to invest at least 80% of its net assets in fixed income securities primarily comprise but are not limited to securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries and other securities bearing fixed or variable interest rates of any maturity. The sub-fund may invest up to 100% of its net assets in high yield securities. The Sub-Fund may seek economic exposure for up to 30% of its net assets to securities of Russian or Chinese issuers. The Sub-Fund may invest in contingent convertible bonds up to 25% of its net assets. The Sub-Fund may invest up to 20% of its net assets in distressed and/or defaulted securities. The Sub- Fund may invest up to 20% of its net assets in cash or cash equivalent securities. The Sub-Fund may invest in derivatives and other instruments, such as options, swaps (including credit default swaps), futures, foreign currency futures and forward contracts. These derivatives and instruments may be used to hedge the Sub-Fund’s portfolio and for investment purposes. Such practices may reduce returns or increase volatility. The Sub-Fund aims, without guarantee, to maintain an effective duration (a measure of interest rate sensitivity) ranging from 2-8 years.
The Sub-Fund may use derivatives for hedging (reducing risk) and to seek investment gains.
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. | # Objetivos y política de inversión
Objetivo Obtener un rendimiento total elevado a partir de los ingresos corrientes y la revalorización del capital.
Valores de la cartera En circunstancias normales, el Subfondo trata de invertir al menos el 80% de su patrimonio en valores de renta fija, que incluyen principalmente, en otros, valores emitidos o garantizados por sociedades, entidades financieras y entes públicos de países considerados mercados emergentes, así como otros valores con tipos de interés fijo o variable y diversos vencimientos. El Subfondo podrá invertir hasta el 100% de su patrimonio en valores de alto rendimiento. El Subfondo podrá exponer hasta el 30% de su patrimonio a valores de emisores rusos o chinos. El Subfondo podrá invertir hasta el 25% de su patrimonio en obligaciones contingentes convertibles. El Subfondo podrá invertir hasta el 20% de su patrimonio en valores en dificultades o impagados. El Subfondo podrá invertir hasta el 20% de su patrimonio en valores en efectivo o cuasiefectivo. El Subfondo podrá invertir en derivados y otros instrumentos financieros, como opciones, permutas financieras (incluso en permutas de riesgo de crédito), futuros, futuros sobre divisas extranjeras y contratos a plazo. Estos derivados e instrumentos financieros se podrán emplear con fines de cobertura de la cartera del Subfondo o a efectos de inversión.
Tales prácticas pueden conllevar una disminución de los rendimientos o un aumento de la volatilidad. El objetivo del Subfondo es mantener una duración efectiva (es decir, una medición de la sensibilidad a los tipos de interés) sin garantías, durante un período comprendido entre dos y ocho años.
El Subfondo podrá utilizar derivados con fines de cobertura (reducción del riesgo) y para tratar de obtener beneficios de la inversión. | # Objectives and Investment Policy
Objective To seek high total return from current income and capital appreciation.
Portfolio securities Under normal circumstances, the Sub- Fund intends to invest at least 80% of its net assets in fixed income securities primarily comprise but are not limited to securities issued or guaranteed by companies, financial institutions and government entities in emerging market countries and other securities bearing fixed or variable interest rates of any maturity. The sub-fund may invest up to 100% of its net assets in high yield securities. The Sub-Fund may seek economic exposure for up to 30% of its net assets to securities of Russian or Chinese issuers. The Sub-Fund may invest in contingent convertible bonds up to 25% of its net assets. The Sub-Fund may invest up to 20% of its net assets in distressed and/or defaulted securities. The Sub- Fund may invest up to 20% of its net assets in cash or cash equivalent securities. The Sub-Fund may invest in derivatives and other instruments, such as options, swaps (including credit default swaps), futures, foreign currency futures and forward contracts. These derivatives and instruments may be used to hedge the Sub-Fund’s portfolio and for investment purposes. Such practices may reduce returns or increase volatility. The Sub-Fund aims, without guarantee, to maintain an effective duration (a measure of interest rate sensitivity) ranging from 2-8 years.
The Sub-Fund may use derivatives for hedging (reducing risk) and to seek investment gains.
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. | en | es |
DOLFIN7927 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance
Based on transaction prices, the fund's return was -8.12%.
The fund aims to achieve higher risk-adjusted returns than both the broad market and generic value indices over a full business cycle by taking an efficient, well-diversified exposure to the enhanced value factor, present in stocks with a low price compared to their fundamentals. | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del -8,12%.
El fondo aspira a alcanzar rendimientos ajustados al riesgo mayores de los del mercado general y de los índices genéricos de valor, sobre un ciclo comercial completo, asumiendo una exposición eficiente y bien diversificada a un factor mejorado de valor, presente en acciones con bajo precio respecto a sus fundamentales. | # Performance
Based on transaction prices, the fund's return was -8.12%.
The fund aims to achieve higher risk-adjusted returns than both the broad market and generic value indices over a full business cycle by taking an efficient, well-diversified exposure to the enhanced value factor, present in stocks with a low price compared to their fundamentals. | en | es |
DOLFIN7928 | 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 3,220 | EUR 3,290 |
| | Average return each year % | -67.80% | -19.94% |
| Unfavourable scenario | What you might get back after costs | EUR 8,420 | EUR 8,070 |
| | Average return each year % | -15.80% | -4.20% |
| Moderate scenario | What you might get back after costs | EUR 10,730 | EUR 14,270 |
| | Average return each year % | 7.30% | 7.37% |
| Favourable scenario | What you might get back after costs | EUR 14,420 | EUR 17,390 |
| | Average return each year % | 44.20% | 11.70% | | | | 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 3.220 | EUR 3.290 |
| | Rendimiento medio cada año | -67,80% | -19,94% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.420 | EUR 8.070 |
| | Rendimiento medio cada año | -15,80% | -4,20% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.730 | EUR 14.270 |
| | Rendimiento medio cada año | 7,30% | 7,37% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 14.420 | EUR 17.390 |
| | Rendimiento medio cada año | 44,20% | 11,70% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 3,220 | EUR 3,290 |
| | Average return each year % | -67.80% | -19.94% |
| Unfavourable scenario | What you might get back after costs | EUR 8,420 | EUR 8,070 |
| | Average return each year % | -15.80% | -4.20% |
| Moderate scenario | What you might get back after costs | EUR 10,730 | EUR 14,270 |
| | Average return each year % | 7.30% | 7.37% |
| Favourable scenario | What you might get back after costs | EUR 14,420 | EUR 17,390 |
| | Average return each year % | 44.20% | 11.70% | | en | es |
DOLFIN7929 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Key points
- The FED hiked by 75bps, and guidance suggests a slower pace of tightening going forward.
- he AXA WF Emerging Markets Short Duration Bond Fund (‘The Fund’) returned +4.03%.
- Fund activity was very minimal during the month although cash was reduced.
- Outflows from the asset class continued but the pace was more moderated, standing currently at -$85 billion YTD. | # Informe del gestor
Puntos clave
- La Fed subió los tipos 75 pb y las previsiones sugieren un ritmo más lento de ajuste de cara al futuro.
- El fondo AXA WF Emerging Markets Short Duration Bond (el «fondo») arrojó una rentabilidad del +4,03 %.
- La actividad del fondo fue mínima durante el mes, aunque la liquidez se redujo.
- Prosiguieron las salidas de capitales de la clase de activos, pero a un ritmo más moderado, y se sitúan actualmente en-85 mil millones de USD en lo que va de año. | # Fund manager's report
Key points
- The FED hiked by 75bps, and guidance suggests a slower pace of tightening going forward.
- he AXA WF Emerging Markets Short Duration Bond Fund (‘The Fund’) returned +4.03%.
- Fund activity was very minimal during the month although cash was reduced.
- Outflows from the asset class continued but the pace was more moderated, standing currently at -$85 billion YTD. | en | es |
DOLFIN7936 | 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 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,651
-13.5%
EUR 10,272
0.5% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 12/2021-01/2024.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 651 EUR
-13,5%
10 272 EUR
0,5% | # This type of scenario occurred for an investment composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,651
-13.5%
EUR 10,272
0.5% | en | es |
DOLFIN7939 | 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.
- The fund will invest at least 70% in high yielding, sub-investment grade or non-rated bonds of issuers that have their head office or exercise a majority of their activities in the Greater China region (including China, Hong Kong, Taiwan, and Macau).
- 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 may invest up to 100% in offshore China fixed income securities including, but not limited to, dim sum bonds. The fund will invest up to 60% directly and/or indirectly in onshore China fixed income securities bonds, which may include urban investment bonds, asset- backed securities (including asset-backed commercial papers) and bonds which are rated below investment grade or unrated bonds, on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed without reference to an 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 un alto nivel de renta corriente.
- El fondo invertirá al menos un 70 % en bonos de alta rentabilidad calificados con grado especulativo o sin calificación, y que procedan de emisores que tengan su sede o realicen la mayor parte de su actividad en la región de la Gran China (que comprende China, Hong Kong, Taiwán y Macao).
- 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 podrá invertir hasta el 100 % en valores de renta fija del mercado extraterritorial chino, incluidos, entre otros, bonos dim sum. El Subfondo invertirá hasta el 60 % directa o indirectamente en valores de renta fija del mercado interior chino, que pueden incluir bonos municipales, activos titulizados (incluido el papel comercial titulizado) y bonos con grado especulativo o sin calificación, de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- La divisa de referencia del fondo se cubre con la divisa de referencia de la clase de acciones. El efecto de esta cobertura implica la conversión (o la «réplica») de la rentabilidad expresada en la divisa de referencia del fondo en la rentabilidad expresada en la divisa de referencia de la clase de acciones.
- El Subfondo se gestiona de forma activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income.
- The fund will invest at least 70% in high yielding, sub-investment grade or non-rated bonds of issuers that have their head office or exercise a majority of their activities in the Greater China region (including China, Hong Kong, Taiwan, and Macau).
- 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 may invest up to 100% in offshore China fixed income securities including, but not limited to, dim sum bonds. The fund will invest up to 60% directly and/or indirectly in onshore China fixed income securities bonds, which may include urban investment bonds, asset- backed securities (including asset-backed commercial papers) and bonds which are rated below investment grade or unrated bonds, on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed without reference to an 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 |
DOLFIN7941 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### By Currency
USD 86.8%
GBP 4.0%
CHF 3.6%
EUR 2.7%
CAD 2.5%
Mega Cap > 30 bn 72.3%
Large Cap 5 bn - 30 bn 14.9%
Mid Cap 1 bn - 5 bn 2.7%
Cash & Others 10.0%
LOCKHEED MARTIN CORP 1.2%
ORACLE CORP 1.2%
MCKESSON CORP 1.1% | ### Por moneda
USD 86.8%
GBP 4.0%
CHF 3.6%
EUR 2.7%
CAD 2.5%
Mega Cap > 30 bn 72.3%
Large Cap 5 bn - 30 bn 14.9%
Mid Cap 1 bn - 5 bn 2.7%
Caja y Otros 10.0%
LOCKHEED MARTIN CORP 1.2%
ORACLE CORP 1.2%
MCKESSON CORP 1.1% | ### By Currency
USD 86.8%
GBP 4.0%
CHF 3.6%
EUR 2.7%
CAD 2.5%
Mega Cap > 30 bn 72.3%
Large Cap 5 bn - 30 bn 14.9%
Mid Cap 1 bn - 5 bn 2.7%
Cash & Others 10.0%
LOCKHEED MARTIN CORP 1.2%
ORACLE CORP 1.2%
MCKESSON CORP 1.1% | en | es |
DOLFIN7952 | 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 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 shares and/or cash deposits and the performance of the derivatives used. The
To achieve the aim, the fund will buy shares and/or invest in cash deposits and enter into financial contracts (derivatives) with one or more swap counterparties relating to the shares and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. 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.
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 companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The derivative used to gain exposure to the swap 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 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 las acciones o los depósitos de efectivo y de los derivados utilizados. El fondo puede participar en uno o varios
objetivo, el fondo adquirirá acciones e invertirá en depósitos de efectivo, además de suscribir contratos financieros (derivados) con una o varias contrapartes de swaps en relación con las acciones y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. 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.
derivados con una o varias 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 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. Los derivados empleados para tener más exposición al índice de swaps pueden ajustarse para reflejar determinados gastos relacionados con impuestos 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 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 shares and/or cash deposits and the performance of the derivatives used. The
To achieve the aim, the fund will buy shares and/or invest in cash deposits and enter into financial contracts (derivatives) with one or more swap counterparties relating to the shares and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. 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.
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 companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The derivative used to gain exposure to the swap 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 |
DOLFIN7954 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc..
Risks related to holding contingent convertible bonds (CoCos)
Contingent convertible bonds can be converted at any time into shares, contingent on predefined events. The risk lies in the total or partial loss of the amounts invested or a delay in the payment.
Risks related to investment in high-yield bonds
Investments in high-yield bonds can generate higher income than quality bonds but at a higher cost of risk.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Foreign exchange risk
Assets in the sub-fund can be invested in securities that are denominated in a currency other than its reference currency; the NAV of the sub-fund may fluctuate according to the exchange rate between the sub-fund’s reference currency and the currency of the invested securities.
Risk of capital loss
The Fund has no guarantee or protection of the capital invested. There is a risk you may not recover all of the capital invested.
BONDS
USD
Global
* KIID (Key Investor Information Document) risk scale. Risk category 3 reflects limited potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category associated with this Fund is not guaranteed and may change over time. The weakest category does not mean “risk-free”. The level of risk of the Fund is due to its investments in bonds on the US market.
** The management team is subject to change. | ## PRINCIPALES RIESGOS DEL FONDO
Riesgo asociado a las inversiones realizadas en otros OIC/OICVM
Son los riesgos inherentes a estos OIC/OICVM, como el riesgo de fluctuación de la moneda del país en el que invierte el OIC, la normativa de control del tipo de cambio, la aplicación de la legislación fiscal de los distintos países, etc..
Riesgo asociado a la inversión en bonos contingentes convertibles (CoCos)
Los bonos contingentes convertibles pueden convertirse en acciones en todo momento, en función de unos acontecimientos predefinidos (contingente). El riesgo se traduce en la pérdida total o parcial de las cantidades invertidas o en un retraso en el pago.
Riesgo asociado a la inversión en bonos de alto rendimiento
Las inversiones en bonos especulativos pueden generar mayores rendimientos que los bonos de gran calidad, pero a cambio de un nivel de riesgo superior.
Riesgo asociado a instrumentos financieros derivados
Son riesgos de variación en el valor de mercado del subyacente, riesgos de liquidez, riesgos de gestión y riesgos de impago de la contraparte.
Riesgo de cambio
El patrimonio del subfondo puede invertirse en valores denominados en monedas distintas de la moneda de referencia, es posible que el VNI del subfondo fluctúe en función de los tipos de cambio existentes entre la moneda de referencia del subfondo y la moneda en la que se hayan invertido los valores.
Riesgo de pérdida de capital
El Fondo carece de cualquier garantía o protección del capital invertido. Cabe la posibilidad de que no recupere todo el capital que invirtió.
REN T A FIJ A
USD
Mundial
* Escala de riesgo del DFI (documento de Datos Fundamentales para el Inversor). La categoría de riesgo 3 refleja un potencial de ganancia y/o pérdida limitado del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sintético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El nivel de riesgo de este Fondo se debe a las inversiones en bonos en el mercado estadounidense.
** El equipo de gestión puede cambiar. | ## MAIN RISKS OF THE FUND
Risk related to investments in other UCIs/UCITS
The risks inherent in these UCIs/UCITS, such as the risk of fluctuation in the currency of the country in which the UCI invests, regulation in terms of foreign exchange control, application of the taxation laws of different countries, etc..
Risks related to holding contingent convertible bonds (CoCos)
Contingent convertible bonds can be converted at any time into shares, contingent on predefined events. The risk lies in the total or partial loss of the amounts invested or a delay in the payment.
Risks related to investment in high-yield bonds
Investments in high-yield bonds can generate higher income than quality bonds but at a higher cost of risk.
Risk related to derivative financial instruments
The risk of a change in the market value of the underlying, liquidity risk, management risk, and risk of default of the counterparty.
Foreign exchange risk
Assets in the sub-fund can be invested in securities that are denominated in a currency other than its reference currency; the NAV of the sub-fund may fluctuate according to the exchange rate between the sub-fund’s reference currency and the currency of the invested securities.
Risk of capital loss
The Fund has no guarantee or protection of the capital invested. There is a risk you may not recover all of the capital invested.
BONDS
USD
Global
* KIID (Key Investor Information Document) risk scale. Risk category 3 reflects limited potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category associated with this Fund is not guaranteed and may change over time. The weakest category does not mean “risk-free”. The level of risk of the Fund is due to its investments in bonds on the US market.
** The management team is subject to change. | en | es |
DOLFIN7961 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# FUND MANAGEMENT ANALYSIS
## MARKET ENVIRONMENT
Publications of macroeconomic data and communications from central banks dominated December. US employment figures released at the start of the month revealed that the US labour market remains tight. As a result, the US 10-year bond yield reached the 3.9% mark at the end of the month. Inflation figures for November were lower than expected, although they remain well above central bankers’ target. The US Federal Reserve (Fed) and European Central Bank (ECB) duly raised interest rates by 50 basis points, as originally planned. They also took a more hawkish tone in statements to the media during the month. For example, Christine Lagarde said that we should expect more 50 bp hikes as inflation will persist over the years to come. Bond yields rose as a result, and peripheral countries’ spreads widened after coming under pressure at the end of the year. However, the market continues to predict a terminal rate of 5% in the United States, which points to interest rates stabilising over 2023. As Christmas approached, the Bank of Japan finally gave in to the temptation of monetary tightening, deciding to widen the fluctuation band of its 10-year yield, and causing sovereign yields to rise sharply.
## PERFORMANCE COMMENTARY
The Fund posted a negative absolute return over the month, but fared much better than its reference indicator. The main additions to the Fund’s absolute monthly performance came from our modified duration strategies, yield curve strategies, and our long strategies on corporate bonds and structured credit. However, performance suffered as a result of our emerging market debt strategies, whether in sovereign debt issued in hard currency, or EM debt in local currency. Our currency strategies, including our long positioning on the US dollar, also weighed on the Fund’s absolute performance. However, we beat our reference indicator given our underexposure to the US dollar.
## OUTLOOK AND INVESTMENT STRATEGY
Inflation should remain structurally above the 2% target in 2023, which means a return of the business cycle and active management. Interest rates should therefore keep stabilising, as they have been since the end of 2022. This is why we have increased the Fund’s net exposure to corporate bonds, as well as carry strategies. Furthermore, China’s reopening potentially delays any US recession until late 2023, supporting our decision to increase net exposure to risky assets and introduce long strategies on high beta currencies, which offer high carry and upside potential. Our currency exposure prioritises the euro over the dollar, but also the Brazilian real (BRL), Mexican peso (MXN) and Israeli shekel (ILS). | # ANÁLISIS DE LOS GESTORES DE FONDOS
## ENTORNO DE MERCADO
Las publicaciones de datos macroeconómicos y las comunicaciones de los bancos centrales dominaron el mes de diciembre. Así pues, las cifras de empleo en EE. UU. publicadas a principios de mes indicaban que el mercado laboral estadounidense sigue tensionado. Por tanto, el rendimiento del bono estadounidense a 10 años alcanzó el umbral del 3,9 % a finales de mes. Sin embargo, las cifras de inflación de noviembre fueron más débiles de lo esperado, aunque continúan muy por encima del objetivo de los bancos centrales. De este modo, la Reserva Federal estadounidense (Fed) y el Banco Central Europeo (BCE) subieron tipos 50 puntos básicos, según lo previsto inicialmente. Además, endurecieron el tono en sus declaraciones a la prensa este mes. Christine Lagarde, por ejemplo, afirmó que cabe esperar nuevas subidas de 50 puntos básicos debido a la persistencia de la inflación en los próximos años. Como resultado, los rendimientos de los bonos están subiendo, incluidos los diferenciales de rendimiento de los países periféricos, que también se vieron presionados a finales de año. Con todo, el mercado sigue apostando por una tasa terminal del 5 % en Estados Unidos, lo que apunta a una estabilización de los tipos a lo largo de 2023. Por último, en vísperas de la Navidad, el Banco de Japón cedió finalmente a la «tentación» del ajuste monetario al optar por ampliar la horquilla de fluctuación de su tipo a 10 años y provocando con ello una importante subida de los tipos de la deuda pública.
## COMENTARIO DE RENDIMIENTO
El Fondo registró una rentabilidad absoluta negativa durante el mes, aunque muy superior a la de su índice. Los factores que contribuyeron positivamente a la rentabilidad mensual absoluta del Fondo fueron sobre todo nuestras estrategias sobre la sensibilidad a los tipos de interés, las estrategias en la curva de tipos o incluso las estrategias largas en deuda corporativa y crédito estructurado. En cambio, nuestras estrategias en deuda emergente, tanto deuda pública emitida en moneda fuerte como deuda emergente en moneda local, nos penalizaron. Del mismo modo, las estrategias en divisas lastraron la rentabilidad absoluta del fondo, sobre todo nuestro posicionamiento largo en el USD. Sin embargo, batimos a nuestro índice con nuestras estrategias en divisas gracias a la infraponderación en el billete verde.
## PERSPECTIVAS Y ESTRATEGIA DE INVERSIÓN
Se espera que la inflación se mantenga estructuralmente por encima del objetivo del 2 % en 2023, lo que supone una vuelta al ciclo económico y a la gestión activa. Así pues, los tipos de interés deberían seguir estabilizándose (movimiento iniciado a finales de 2022). Por tanto, hemos aumentado nuestra exposición neta a la deuda corporativa en el Fondo, pero también a las estrategias de carry. Además, la reapertura de China retrasa potencialmente la recesión estadounidense hasta finales de 2023, lo que respalda nuestra decisión de aumentar nuestra exposición neta a los activos de riesgo e introducir estrategias largas en monedas con una beta elevada, que ofrecen un marcado potencial tanto de carry como de repunte. Nuestra exposición a las monedas prioriza el euro frente al dólar, pero también el BRL (real brasileño), el MXN (peso mexicano) o incluso el ILS (shekel israelí). | # FUND MANAGEMENT ANALYSIS
## MARKET ENVIRONMENT
Publications of macroeconomic data and communications from central banks dominated December. US employment figures released at the start of the month revealed that the US labour market remains tight. As a result, the US 10-year bond yield reached the 3.9% mark at the end of the month. Inflation figures for November were lower than expected, although they remain well above central bankers’ target. The US Federal Reserve (Fed) and European Central Bank (ECB) duly raised interest rates by 50 basis points, as originally planned. They also took a more hawkish tone in statements to the media during the month. For example, Christine Lagarde said that we should expect more 50 bp hikes as inflation will persist over the years to come. Bond yields rose as a result, and peripheral countries’ spreads widened after coming under pressure at the end of the year. However, the market continues to predict a terminal rate of 5% in the United States, which points to interest rates stabilising over 2023. As Christmas approached, the Bank of Japan finally gave in to the temptation of monetary tightening, deciding to widen the fluctuation band of its 10-year yield, and causing sovereign yields to rise sharply.
## PERFORMANCE COMMENTARY
The Fund posted a negative absolute return over the month, but fared much better than its reference indicator. The main additions to the Fund’s absolute monthly performance came from our modified duration strategies, yield curve strategies, and our long strategies on corporate bonds and structured credit. However, performance suffered as a result of our emerging market debt strategies, whether in sovereign debt issued in hard currency, or EM debt in local currency. Our currency strategies, including our long positioning on the US dollar, also weighed on the Fund’s absolute performance. However, we beat our reference indicator given our underexposure to the US dollar.
## OUTLOOK AND INVESTMENT STRATEGY
Inflation should remain structurally above the 2% target in 2023, which means a return of the business cycle and active management. Interest rates should therefore keep stabilising, as they have been since the end of 2022. This is why we have increased the Fund’s net exposure to corporate bonds, as well as carry strategies. Furthermore, China’s reopening potentially delays any US recession until late 2023, supporting our decision to increase net exposure to risky assets and introduce long strategies on high beta currencies, which offer high carry and upside potential. Our currency exposure prioritises the euro over the dollar, but also the Brazilian real (BRL), Mexican peso (MXN) and Israeli shekel (ILS). | en | es |
DOLFIN7966 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| 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 | 2.35% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 15.00% of any Share Class Return, subject to a High Water Mark. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 2.55%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 0.50% |
| 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 | 2.35% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 15.00% de cualquier rentabilidad de la clase de acciones, con sujeción a una High Water Mark. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 2.55%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| 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 | 2.35% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 15.00% of any Share Class Return, subject to a High Water Mark. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 2.55%. | | en | es |
DOLFIN7972 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### US Small Cap Intrinsic Value
Investments: 31 December 2021
US$
31 December 2020
US$
Corporate Bonds 22,652 –
Cash & Cash Equivalents 10,093,059 4,292,591
Credit Ratings of Debt Instruments:
Portfolio By Rating 31 December 2021 | #### US Small Cap Intrinsic Value
Inversiones: 31 de diciembre de 2021
USD
31 de diciembre de 2020
USD
Bonos de empresa 22.652 –
Efectivo y equivalentes de efectivo 10.093.059 4.292.591
Calificaciones crediticias de los instrumentos de deuda:
Cartera por calificación 31 de diciembre de 2021 | #### US Small Cap Intrinsic Value
Investments: 31 December 2021
US$
31 December 2020
US$
Corporate Bonds 22,652 –
Cash & Cash Equivalents 10,093,059 4,292,591
Credit Ratings of Debt Instruments:
Portfolio By Rating 31 December 2021 | en | es |
DOLFIN7973 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Strategies used:
Up to 100% of the UCITS’ net assets will be invested in money market instruments denominated in euros or in other currencies. Securities denominated in foreign currencies are fully hedged against currency risk.
Derivative instruments will be used for hedging.
The eligible instruments will have a rating of at least “Investment Grade” (securities whose long-term rating is greater than or equal to BBB- or whose short-term rating is greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or is deemed equivalent by the Management Company).
However, it should be noted that securities that have not been rated by a rating agency but have been rated as “Investment Grade” by the Management Company will be limited to 15% of the net assets.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating.
The investment strategy is focused on three areas:
- analysis of asset liquidity and liquidity management,
- selection of debt securities from public and private issuers,
- active management of Weighted Average Maturity. | Estrategias utilizadas:
El OICVM estará constituido hasta en un 100 % de su patrimonio neto por instrumentos del mercado monetario denominados en euros u otras divisas. Los títulos en divisas están totalmente cubiertos frente al riesgo de cambio.
Los instrumentos derivados se utilizarán con fines de cobertura.
Los instrumentos admisibles tendrán una calificación de al menos «Investment Grade» (títulos con una calificación a largo plazo superior o equivalente a BBB-, o una calificación a corto plazo equivalente o superior a A-3 según Standard & Poor’s o una agencia equivalente o considerada equivalente por la Sociedad gestora).
No obstante, se especifica que los títulos no calificados por ninguna agencia de calificación, pero que tengan una calificación de categoría de inversión («Investment Grade») de la Sociedad gestora, no supondrán más del 15 % del patrimonio neto.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la Sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia.
La estrategia de inversión se basa en tres áreas principales:
- un análisis de la liquidez de los activos y de la gestión de la liquidez;
- una selección de títulos de crédito de emisores públicos y privados; y
- una gestión activa del Vencimiento medio ponderado. | Strategies used:
Up to 100% of the UCITS’ net assets will be invested in money market instruments denominated in euros or in other currencies. Securities denominated in foreign currencies are fully hedged against currency risk.
Derivative instruments will be used for hedging.
The eligible instruments will have a rating of at least “Investment Grade” (securities whose long-term rating is greater than or equal to BBB- or whose short-term rating is greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or is deemed equivalent by the Management Company).
However, it should be noted that securities that have not been rated by a rating agency but have been rated as “Investment Grade” by the Management Company will be limited to 15% of the net assets.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating.
The investment strategy is focused on three areas:
- analysis of asset liquidity and liquidity management,
- selection of debt securities from public and private issuers,
- active management of Weighted Average Maturity. | en | es |
DOLFIN7978 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Fund will:
- invest in emerging markets;
- invest in government bonds and similar debt investments issued by a well diversified group of emerging market countries;
- invest in US dollar-denominated bonds and similar debt investments;
- invest in bonds with high and low credit ratings (i.e. investment grade and/or sub-investment grade bonds without restrictions on credit quality as rated by Standard and Poor's or similar agencies);
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income; and
- limit investment in other collective investment schemes to 10%. | #### El Fondo:
- invertirá en mercados emergentes;
- invertirá en bonos estatales e inversiones de deuda similares, emitidos por un grupo bien diversificado de países de mercados emergentes;
- invertirá en bonos denominados en dólares estadounidenses e inversiones de deuda similares;
- invertirá en bonos con una alta y baja calificación crediticia (es decir, bonos con categoría de inversión y/o con categoría inferior a la de inversión sin restricciones en cuanto a la calidad crediticia, según la calificación de Standard & Poor’s o agencias similares);
- invertirá en derivados (instrumentos financieros cuyo valor se deriva de otros activos) para ayudar a alcanzar el objetivo de inversión del Fondo. El Fondo también usará derivados con el fin de reducir el riesgo o los costes, o para generar capital o rendimientos adicionales; y
- limitará la inversión en otros organismos de inversión colectiva al 10%. | #### The Fund will:
- invest in emerging markets;
- invest in government bonds and similar debt investments issued by a well diversified group of emerging market countries;
- invest in US dollar-denominated bonds and similar debt investments;
- invest in bonds with high and low credit ratings (i.e. investment grade and/or sub-investment grade bonds without restrictions on credit quality as rated by Standard and Poor's or similar agencies);
- invest in derivatives (financial instruments whose value is derived from other assets) to help achieve the Fund's investment objective. The Fund will also use derivatives with the aim of risk or cost reduction or to generate additional capital or income; and
- limit investment in other collective investment schemes to 10%. | en | es |
DOLFIN7987 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide income with the opportunity for capital growth (i.e. to grow the value of your investment) over the long-term.
The Fund invests primarily in bonds (contracts to repay borrowed money which typically pay interest at fixed times) issued by governments, institutions or companies in emerging markets (countries that are in
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
economic terms less developed than the major Western countries) and in related derivatives. These bonds are issued in hard currencies (globally traded major currencies).
The Fund may invest up to 30% of its value in frontier markets.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JPMorgan EMBI Global Diversified Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Charges from capital: Expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar ingresos, con la posibilidad de generar un crecimiento del capital (esto es, incrementar el valor de su inversión) a largo plazo.
El Fondo invierte principalmente en bonos (contratos para reembolsar dinero tomado en préstamo que suelen pagar intereses en momentos predeterminados) emitidos por gobiernos, instituciones o empresas de
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
mercados emergentes (países menos desarrollados económicamente que los principales países occidentales) y en derivados relacionados. Estos bonos están emitidos en monedas fuertes (las principales monedas negociadas internacionalmente).
El Fondo puede invertir hasta el 30% de su valor en mercados fronterizos.
La inversión en deuda distressed (bonos cuyos emisores se encuentran en una situación financiera delicada y cotizan muy por debajo de su valor nominal) no superará el 10% de los activos del Fondo.
El Fondo puede invertir en otros activos, como el efectivo y otros fondos.
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El índice JPMorgan EMBI Global Diversified Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Los ingresos generados por la inversión se distribuyen a los inversores.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte media de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Gastos deducidos del capital: Los gastos se deducirán del capital y no de los ingresos, lo que reducirá el capital. Esto podría limitar el crecimiento futuro del capital y los ingresos. Los ingresos pueden ser tributables.
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes (incluida China): Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Exposición a valores de emisores públicos: El Fondo puede invertir más del 35% de sus activos en valores emitidos o garantizados por una entidad soberana autorizada, según la definición recogida en el apartado de definiciones del folleto del Fondo.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide income with the opportunity for capital growth (i.e. to grow the value of your investment) over the long-term.
The Fund invests primarily in bonds (contracts to repay borrowed money which typically pay interest at fixed times) issued by governments, institutions or companies in emerging markets (countries that are in
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
economic terms less developed than the major Western countries) and in related derivatives. These bonds are issued in hard currencies (globally traded major currencies).
The Fund may invest up to 30% of its value in frontier markets.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JPMorgan EMBI Global Diversified Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Charges from capital: Expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN7992 | 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 simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 3 because its share price fluctuates comparatively little and the likelihood of both losses and gains is therefore relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. DWS entities and related companies may act in several
of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
roles in relation to the fund such as distributor and management company which may involve conflicts of interest. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of 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 non-investment grade bonds which generally have a higher risk of default and are more susceptible to market fluctuations than investment grade bonds. This may affect the value of your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 3, dado que su precio por acción, comparativamente, sufre pocas fluctuaciones y, por ello, tanto las oportunidades de pérdidas como las de ganancias son relativamente reducidas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con
del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. Las fluctuaciones de los tipos de interés de la moneda de las acciones, el índice o los demás activos del fondo pueden afectar al valor 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 bonos sin grado de inversión, que por lo general llevan asociado un mayor riesgo de impago y son más susceptibles a las fluctuaciones del mercado que los bonos con grado de inversión. Esto podría afectar al valor de su inversión. El fondo podría invertir en bonos que estén expuestos a riesgos de crédito y de tipo de interés. Por riesgo de crédito se entiende el riesgo de que el emisor de un bono sea incapaz de pagar los intereses o amortizar el principal, lo cual ocasionaría pérdidas en su inversión. Por riesgo de tipo de interés se entiende que, si suben los tipos de interés, normalmente el valor del bono descenderá, lo cual podría a su vez afectar al valor de su inversión. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 3 because its share price fluctuates comparatively little and the likelihood of both losses and gains is therefore relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. DWS entities and related companies may act in several
of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
roles in relation to the fund such as distributor and management company which may involve conflicts of interest. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of 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 non-investment grade bonds which generally have a higher risk of default and are more susceptible to market fluctuations than investment grade bonds. This may affect the value of your investment. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7994 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Invests, either directly or through derivatives, in securities with positive E/S characteristics, comprised of equities, debt securities, government debt and convertible securities. The Sub- Fund may also invest in currencies, cash and cash equivalents. Issuers of securities may be located in any country, including emerging markets. The Sub-Fund may invest up to 10% of its assets in onshore PRC securities including China A-Shares through the China-Hong Kong Stock Connect Programmes and onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
The Sub-Fund invests at least 25% of assets excluding cash, cash equivalents, Money Market Funds and derivatives for EPM, in Sustainable Investments, as defined under SFDR, contributing to environmental or social objectives.
The Sub-Fund will maintain an average asset-weighted ESG score above the MSCI median for each of the asset classes in which it invests, excluding cash holdings and currencies. The MSCI median for equity and credit is the median ESG score of the MSCI All Countries World Index and for government bonds is the median ESG score of MSCI Country Scores for Developed and Emerging Markets (excluding Frontier Markets). The Sub-Fund will maintain an average asset-weighted ESG score above the asset weighted combination of these medians. | El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal Invierte, bien de forma directa, bien a través de derivados, en valores con características E/S positivas, entre los que se incluyen valores de renta variable, títulos de deuda, emisiones de deuda pública y valores convertibles. Asimismo, el Subfondo podrá invertir en divisas, efectivo y equivalentes de efectivo. Los emisores de los valores podrán estar situados en cualquier país, incluidos los mercados emergentes. El Subfondo podrá invertir hasta un 10% de su patrimonio en títulos onshore de la RPC, incluidas las Acciones A de China, a través de los Programas «China-Hong Kong Stock Connect» y en títulos de deuda onshore emitidos en la RPC a través de China- Hong Kong Bond Connect.
El Subfondo invierte como mínimo el 25% de su patrimonio, con exclusión del efectivo, los equivalente de efectivo, los Fondos del mercado monetario y los derivados con fines de GEC, en Inversiones sostenibles, según se define este término en el SFDR, que contribuyen a objetivos ambientales y sociales.
El Subfondo mantendrá una puntuación de ESG media ponderada por activos superior a la mediana del MSCI para cada una de las clases de activos en las que invierte, excluidas las posiciones en efectivo y las divisas. La mediana del MSCI correspondiente a la renta variable y el crédito y la mediana correspondiente a la deuda pública es la puntuación mediana de ESG de MSCI para los mercados emergentes y desarrollados (con la excepción de los mercados frontera). El Subfondo mantendrá una puntuación de ESG media ponderada por activos superior a la combinación ponderada por activos de las medianas mencionadas. | The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Invests, either directly or through derivatives, in securities with positive E/S characteristics, comprised of equities, debt securities, government debt and convertible securities. The Sub- Fund may also invest in currencies, cash and cash equivalents. Issuers of securities may be located in any country, including emerging markets. The Sub-Fund may invest up to 10% of its assets in onshore PRC securities including China A-Shares through the China-Hong Kong Stock Connect Programmes and onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
The Sub-Fund invests at least 25% of assets excluding cash, cash equivalents, Money Market Funds and derivatives for EPM, in Sustainable Investments, as defined under SFDR, contributing to environmental or social objectives.
The Sub-Fund will maintain an average asset-weighted ESG score above the MSCI median for each of the asset classes in which it invests, excluding cash holdings and currencies. The MSCI median for equity and credit is the median ESG score of the MSCI All Countries World Index and for government bonds is the median ESG score of MSCI Country Scores for Developed and Emerging Markets (excluding Frontier Markets). The Sub-Fund will maintain an average asset-weighted ESG score above the asset weighted combination of these medians. | en | es |
DOLFIN7997 | 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 track the BofA Merrill Lynch Commodity Index eXtra AF5T Total Return Index (the "Index"), providing a market neutral exposure to commodity markets.
The Fund is passively managed and is managed in reference to the Index.
The Index is based on sub-indices comprised of the principal commodity sectors: energy, base metals and grains and oil seeds. The Index takes a long position in the BofA Merrill Lynch Commodity MLCXXA1 Excess Return Strategy (the "MLCXXA1E Index") and a corresponding short position in the Bloomberg Commodity ex- Precious Metals IndexSM (the "BCOMXPM Index"). A party agreeing to buy an asset, is said to take a "long" position in an asset and a party agreeing to sell the asset is said to take a "short" position. The Index aims to exploit the difference in the performance of the sub-indices on a five times leveraged basis. | # Objetivos y política de inversión
El Fondo pretende emular la evolución del BofA Merrill Lynch Commodity Index eXtra AF5T Total Return Index (el «Índice»), ofreciendo una exposición neutra a los mercados de materias primas.
El Fondo se gestiona de forma pasiva y tomando como referencia el Índice.
El Índice se basa en subíndices en los que se incluyen los principales sectores de materias primas: energía, metales básicos, grano y semillas oleaginosas. El Índice adopta una posición larga en el BofA Merrill Lynch Commodity MLCXXA1 Excess Return Strategy (el «Índice MLCXXA1E») y una posición corta del mismo nivel en el Bloomberg Commodity ex- Precious Metals IndexSM (el «Índice BCOMXPM»). La parte que acepta comprar un activo se compromete a adoptar una posición «larga» en dicho activo, mientras que la parte que acepta vender el activo se compromete a adoptar una posición «corta». El Índice trata de explotar la diferencia en la rentabilidad de los subíndices basándose en un apalancamiento que puede alcanzar cinco veces el valor de los activos. | # Objectives and investment policy
The Fund aims to track the BofA Merrill Lynch Commodity Index eXtra AF5T Total Return Index (the "Index"), providing a market neutral exposure to commodity markets.
The Fund is passively managed and is managed in reference to the Index.
The Index is based on sub-indices comprised of the principal commodity sectors: energy, base metals and grains and oil seeds. The Index takes a long position in the BofA Merrill Lynch Commodity MLCXXA1 Excess Return Strategy (the "MLCXXA1E Index") and a corresponding short position in the Bloomberg Commodity ex- Precious Metals IndexSM (the "BCOMXPM Index"). A party agreeing to buy an asset, is said to take a "long" position in an asset and a party agreeing to sell the asset is said to take a "short" position. The Index aims to exploit the difference in the performance of the sub-indices on a five times leveraged basis. | en | es |
DOLFIN8000 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# When a manager identifies a new issuer that does not benefit from an internal assessment of credit quality, he/she shall send a request for the analysis to be carried out.
- Global Risk Management (‘GRM’): Within this department, a Paris based team dedicated to IRA analysis is responsible for providing final scores based on the ratings of the Research and quantitative teams. This team is composed of a head and employees (between 4 and 6) Quantitative Risk Analysts. The GRM IRA team completes the evaluation carried out by the above research team by considering additional quantitative parameters and produces the final scores on which the managers' investmentdecision is based.
The GRM IRA team is ultimately responsible for the internal scores used by the management. In terms of organization, the GRM department is attached to AXA IM's Chief Operating Officer (COO) Global, which in turn is directly attached to AXA IM's Global CEO, and is independent of management teams. The money market fund management team does not intervene and at any time influence the internal credit analysis carried out by the GRM IRA team. Members of the GRM IRA Team have the qualifications, skills and experiences to conduct the evaluations independently.
- Description of the methodology
- First stage: The Research team performs fundamental analysis based on the factors that vary accordingto the type of issuer, and which can be, for example:
- Macroeconomic indicators;
- In depth understanding of the issuer's business sectors;
- The financial situation of the issuer, the liquidity of the issuer, including the ability to refinancing the short term debt;
- Key ESG factors deemed most relevant to each issuer;
- Risk of occurrence of possible mergers, acquisitions or disposals;
- Rating of external agencies... | # Cuando un gestor identifique a un emisor nuevo que no se beneficie de una evaluación interna de la calidad crediticia, enviará una solicitud para que se efectúe el análisis.
- El departamento Global Risk Management ("GRM"): Dentro de este departamento, un equipo dedicado al análisis de los riesgos de inversión (Investment Risk Analysis "IRA"), ubicado en París, se encarga de facilitar las puntuaciones finales sobre la base de las calificaciones del equipo de Investigación y de elementos cuantitativos. Este equipo está compuesto por un director y colaboradores (entre 4 y 6) Quantitative Risk Analysts.
El equipo GRM IRA completará la evaluación efectuada por el equipo de investigación anterior considerando parámetros cuantitativos adicionales y elaborará las puntuaciones finales en las que se basa la decisión de inversión de los gestores.
El equipo GRM IRA es responsable al final de las puntuaciones internas utilizadas por la gestión. En términos de organización, el departamento GRM depende del Director de Operaciones (COO) Global de AXA IM, que, a su vez, está directamente relacionado con el CEO global de AXA IM y es independiente de los equipos de gestión. El equipo de gestión de fondos monetarios no interviene ni influye en ningún momento en el análisis interno de crédito realizado por el equipo GRM IRA. Los miembros del equipo GRM IRA cuentan con las cualificaciones, competencias y experiencia necesarias para realizar las evaluaciones de forma autónoma.
- Descripción de la metodología
- Primera etapa: El equipo de investigación realiza un análisis fundamental basándose en factores quevarían según el tipo de emisor y que pueden ser, a título de ejemplo:
- Indicadores macroeconómicos;
- Comprensión profunda de los sectores de actividad del emisor;
- Situación financiera del emisor, liquidez del emisor, incluida la capacidad de refinanciación de la deuda a corto plazo;
- Principales factores ASG considerados los más relevantes para cada emisor;
- Riesgo de evento derivado de posibles fusiones, adquisiciones o cesiones;
- Calificación de agencias externas... | # When a manager identifies a new issuer that does not benefit from an internal assessment of credit quality, he/she shall send a request for the analysis to be carried out.
- Global Risk Management (‘GRM’): Within this department, a Paris based team dedicated to IRA analysis is responsible for providing final scores based on the ratings of the Research and quantitative teams. This team is composed of a head and employees (between 4 and 6) Quantitative Risk Analysts. The GRM IRA team completes the evaluation carried out by the above research team by considering additional quantitative parameters and produces the final scores on which the managers' investmentdecision is based.
The GRM IRA team is ultimately responsible for the internal scores used by the management. In terms of organization, the GRM department is attached to AXA IM's Chief Operating Officer (COO) Global, which in turn is directly attached to AXA IM's Global CEO, and is independent of management teams. The money market fund management team does not intervene and at any time influence the internal credit analysis carried out by the GRM IRA team. Members of the GRM IRA Team have the qualifications, skills and experiences to conduct the evaluations independently.
- Description of the methodology
- First stage: The Research team performs fundamental analysis based on the factors that vary accordingto the type of issuer, and which can be, for example:
- Macroeconomic indicators;
- In depth understanding of the issuer's business sectors;
- The financial situation of the issuer, the liquidity of the issuer, including the ability to refinancing the short term debt;
- Key ESG factors deemed most relevant to each issuer;
- Risk of occurrence of possible mergers, acquisitions or disposals;
- Rating of external agencies... | en | es |
DOLFIN8001 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Multi-Asset Income – Investment Manager’s Report
For the 12 months ending 31 December 2021, the total return for the USD I Accumulating Class was 7.35%. (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).
Amidst bouts of volatility and market weakness, the last 12 months saw strong performance from risk assets, despite a number of headwinds in the form of supply chain slowdowns, rising inflation readings, and the prospect of monetary policy tightening by central banks. Sentiment on global growth remained resilient over the year, bolstered by strong corporate earnings data and increased consumer demand, as global economies continued to navigate the evolving coronavirus pandemic. Markets were shaken in September by the prospect of the collapse of Chinese property giant Evergrande and again at the end of November upon the identification of the Omicron variant. Inflation as well as inflation expectations showed no let up around the world, causing central banks to accelerate the path of tapering and interest rate hikes, and placing upward pressure on bond yields. In the fiscal realm, the US senate passed President Biden’s $1.2 Trillion Bipartisan infrastructure bill into law. However, negotiations on the “Build Back Better” stimulus reached loggerheads toward the end of the year.
The portfolio’s allocations to equities drove gains while fixed income and uncorrelated strategies were also additive to performance. Within equities, all of the strategies bar Emerging Markets contributed positively, with energy infrastructure stocks and Real Estate securities making the largest impact on the back of strong performance from cyclical value equities. Within fixed income, European high yield credit contributed the most, outweighing losses from the allocations to Investment Grade Credit, US Treasuries and China bonds. Uncorrelated strategies performance was overall additive, led by strong positive contributions from options writing as volatility broadly trended lower over the period.
Over the next 12 months, a fundamentally robust economy and a positive earnings and default outlook make the case for holding risky assets, in our view. But the likely transition to higher inflation and higher interest rates, plus the risk of central bank policy errors, is a recipe for elevated volatility. We advocate that 2022 is a year to focus on carry income from risky assets, while adjusting portfolios to cushion against, and take advantage of, potential price volatility. Despite the recent spread of the Omicron variant, our primary concern is no longer the coronavirus, which, against effective vaccines and anti-viral treatments, can be disruptive but seems unlikely to demand the major lockdowns of 2020. Instead, concern centers on the transition to an environment of persistent high inflation and higher interest rates. Higher discount rates imply lower present values for equities and bonds, particularly given current valuations. Historical correlation suggests that a 15 basis point rise in real rates translates into a point off of the S&P 500 Index multiple, for example. Add on a risk premium for all that uncertainty around central bank policy and the path of inflation, and the steady carry income we anticipate for 2022 could be accompanied by elevated volatility in asset prices.
Finally, we continue to believe that a multi-dimensional approach to yield is prudent. During 2021, overall Portfolio performance was bolstered by expanded income sources such as energy infrastructure, real estate securities and European high yield. We continue to seek specialist income sources that offer an attractive risk/return payoff. Our multi-asset class approach avoids concentration of portfolio risk in equity, duration or spread risk and attempts to diversify across asset classes to achieve a high- and sustainable-income level in a risk managed framework.
92 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Multi-Asset Income – 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 7,35%. (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).
En un contexto de episodios de volatilidad y deterioro del mercado, los activos de riesgo obtuvieron una sólida rentabilidad en los últimos 12 meses, a pesar de una serie de inconvenientes materializados en forma de ralentizaciones de la cadena de suministro, aumento de los datos de inflación y perspectivas de endurecimiento de las políticas monetarias por parte de los bancos centrales. El sentimiento con respecto al crecimiento global se mostró resiliente durante el ejercicio, favorecido por los buenos datos de beneficios empresariales y por el aumento de la demanda de los consumidores, mientras las economías de todo el mundo continuaban lidiando con la pandemia de coronavirus. Los mercados se vieron sacudidos en septiembre por la posible quiebra del gigante inmobiliario chino Evergrande y de nuevo a finales de noviembre por la identificación de la variante ómicron. Ni la inflación ni las expectativas de inflación dieron tregua en todo el mundo, lo que obligó a los bancos centrales a acelerar la retirada de los estímulos y las subidas de tipos, y ejerció una presión al alza sobre las rentabilidades de los bonos. En materia fiscal, el Senado de EE. UU. aprobó el proyecto de ley bipartidista de infraestructuras del presidente Biden, por valor de 1,2 billones de dólares. Sin embargo, las negociaciones del plan de recuperación para reconstruir mejor llegaron a un punto muerto hacia finales de año.
Las asignaciones de la cartera a renta variable impulsaron las ganancias, aunque las estrategias de renta fija y no correlacionadas también contribuyeron a la rentabilidad. En el ámbito de renta variable, todas las estrategias salvo mercados emergentes contribuyeron a los resultados, siendo los valores de infraestructuras de energía y los inmobiliarios los que más favorecieron, gracias al buen comportamiento de las acciones cíclicas de valor. En renta fija, el crédito de alta rentabilidad europeo realizó la mayor contribución a los resultados, compensando las pérdidas de las asignaciones a crédito con grado de inversión, bonos del Tesoro de EE. UU. y bonos chinos. El comportamiento de las estrategias no correlacionadas también favoreció en general, gracias a las fuertes contribuciones positivas de la suscripción de opciones al reducirse la volatilidad durante el periodo.
A nuestro juicio, en los próximos 12 meses, una economía fundamentalmente sólida y unas perspectivas de beneficios e impagos positivas justifican la inversión en activos de riesgo. Sin embargo, la probable transición hacia unos niveles más elevados de inflación y tipos de interés, así como el riesgo de que los bancos centrales cometan errores con sus políticas monetarias son los ingredientes perfectos para una fuerte volatilidad. Creemos que 2022 es un año para centrarse en las rentas por carry de los activos de riesgo, así como para ajustar las carteras para protegerse frente a la potencial volatilidad de precios y beneficiarse de esta. A pesar de la reciente propagación de la variante ómicron, nuestra principal preocupación ya no es el coronavirus, ya que, gracias a la efectividad de las vacunas y a los tratamientos antivirales, puede que cause perturbaciones, pero parece poco probable que vaya a obligar a imponer los fuertes confinamientos de 2020. La preocupación se concentra, sin embargo, en la transición hacia un entorno de persistente inflación elevada y subidas de tipos de interés. El aumento de las tasas de descuento implica unos valores presentes más bajos para las acciones y los bonos, en especial teniendo en cuenta las valoraciones actuales. La correlación histórica sugiere que un aumento de 15 puntos básicos de los tipos reales se traduce en un punto menos en el múltiplo del S&P 500 Index, por ejemplo. Si añadimos una prima de riesgo a toda esa incertidumbre que rodea a la política de los bancos centrales y a la evolución de la inflación, las rentas por carry estables que prevemos para 2022 podrían verse acompañadas de una volatilidad elevada de los precios de los activos.
Por último, seguimos pensando que resulta prudente aplicar un enfoque multidimensional por lo que respecta al rendimiento. Durante 2021, la rentabilidad de la Cartera en general se vio favorecida por la expansión de las fuentes de ingresos, tales como las infraestructuras de energía, los valores inmobiliarios y la deuda de alta rentabilidad europea. Seguimos buscando fuentes de ingresos específicas que ofrezcan una recompensa atractiva en términos de riesgo/rentabilidad. Nuestro enfoque multiactivo evita la concentración del riesgo de la cartera en el riesgo de renta variable, de duración o del diferencial, y trata de diversificar entre clases de activos para conseguir un elevado nivel de rentas sostenible en un marco de gestión del riesgo.
92 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Multi-Asset Income – Investment Manager’s Report
For the 12 months ending 31 December 2021, the total return for the USD I Accumulating Class was 7.35%. (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).
Amidst bouts of volatility and market weakness, the last 12 months saw strong performance from risk assets, despite a number of headwinds in the form of supply chain slowdowns, rising inflation readings, and the prospect of monetary policy tightening by central banks. Sentiment on global growth remained resilient over the year, bolstered by strong corporate earnings data and increased consumer demand, as global economies continued to navigate the evolving coronavirus pandemic. Markets were shaken in September by the prospect of the collapse of Chinese property giant Evergrande and again at the end of November upon the identification of the Omicron variant. Inflation as well as inflation expectations showed no let up around the world, causing central banks to accelerate the path of tapering and interest rate hikes, and placing upward pressure on bond yields. In the fiscal realm, the US senate passed President Biden’s $1.2 Trillion Bipartisan infrastructure bill into law. However, negotiations on the “Build Back Better” stimulus reached loggerheads toward the end of the year.
The portfolio’s allocations to equities drove gains while fixed income and uncorrelated strategies were also additive to performance. Within equities, all of the strategies bar Emerging Markets contributed positively, with energy infrastructure stocks and Real Estate securities making the largest impact on the back of strong performance from cyclical value equities. Within fixed income, European high yield credit contributed the most, outweighing losses from the allocations to Investment Grade Credit, US Treasuries and China bonds. Uncorrelated strategies performance was overall additive, led by strong positive contributions from options writing as volatility broadly trended lower over the period.
Over the next 12 months, a fundamentally robust economy and a positive earnings and default outlook make the case for holding risky assets, in our view. But the likely transition to higher inflation and higher interest rates, plus the risk of central bank policy errors, is a recipe for elevated volatility. We advocate that 2022 is a year to focus on carry income from risky assets, while adjusting portfolios to cushion against, and take advantage of, potential price volatility. Despite the recent spread of the Omicron variant, our primary concern is no longer the coronavirus, which, against effective vaccines and anti-viral treatments, can be disruptive but seems unlikely to demand the major lockdowns of 2020. Instead, concern centers on the transition to an environment of persistent high inflation and higher interest rates. Higher discount rates imply lower present values for equities and bonds, particularly given current valuations. Historical correlation suggests that a 15 basis point rise in real rates translates into a point off of the S&P 500 Index multiple, for example. Add on a risk premium for all that uncertainty around central bank policy and the path of inflation, and the steady carry income we anticipate for 2022 could be accompanied by elevated volatility in asset prices.
Finally, we continue to believe that a multi-dimensional approach to yield is prudent. During 2021, overall Portfolio performance was bolstered by expanded income sources such as energy infrastructure, real estate securities and European high yield. We continue to seek specialist income sources that offer an attractive risk/return payoff. Our multi-asset class approach avoids concentration of portfolio risk in equity, duration or spread risk and attempts to diversify across asset classes to achieve a high- and sustainable-income level in a risk managed framework.
92 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN8003 | 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 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
distributions by the companies are reinvested in the shares after tax. To achieve 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 financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund is exposed to market movements in a single country which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | 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
reinvierten en las acciones tras descontar impuestos. 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 contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es EUR. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El 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 está expuesto a movimientos del mercado de un solo país que podrían verse perjudicados por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a un fondo que invierte en mercados más amplios. El fondo podría emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | 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
distributions by the companies are reinvested in the shares after tax. To achieve 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 financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund is exposed to market movements in a single country which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN8005 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a Sub-Fund of an Irish Fund public limited company (Barings Investment Fund Plc) (the "merger Fund") into the Fund. The merger Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. The Unit Class is not yet launched.
- The chart shows past performance of the Unit Class and of the Benchmark for all full calendar years available since the Unit Class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | - La rentabilidad indicada se basa en el valor de inventario neto, una vez deducidos todos los gastos corrientes y los costes de transacción de la cartera, con los ingresos a distribuir reinvertidos.
- El Fondo se lanzó en 2022 en virtud de una fusión de Barings Europe Select Fund un Subfondo de una sociedad anónima de fondos irlandesa (Barings Investmen Fund Plc) (el «Fondo fusionado») con el fondo. La política de inversión, estrategia y cartera del Fondo fusionado no difieren significativamente de las del Fondo. La Clase de participaciones aún no se ha lanzado.
- El gráfico muestra la rentabilidad histórica de la Clase de participaciones y del Índice de referencia para todos los años naturales completos disponibles desde e lanzamiento de la Clase de participaciones.
- El cálculo de la rentabilidad histórica no tiene en cuenta los gastos de entrada y de salida, pero sí tiene en cuenta todos los demás gastos corrientes.
- El Fondo no está diseñado para seguir el Índice de Referencia.
| | - The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a Sub-Fund of an Irish Fund public limited company (Barings Investment Fund Plc) (the "merger Fund") into the Fund. The merger Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. The Unit Class is not yet launched.
- The chart shows past performance of the Unit Class and of the Benchmark for all full calendar years available since the Unit Class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | en | es |
DOLFIN8010 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
CHF 11,117
11.2%
CHF 12,321
4.3% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 117 CHF
11,2%
12 321 CHF
4,3% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
CHF 11,117
11.2%
CHF 12,321
4.3% | en | es |
DOLFIN8012 | 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 Brookfield Real Assets Securities UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund invests in both equity and debt securities.
- The Fund intends to invest at least 80% of its assets in real estate securities, infrastructure securities and natural resources securities.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to therise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | # Objetivos y política de inversión
- El Brookfield Real Assets Securities UCITS Fund (el «Fondo») busca obtener un rendimiento total, mediante el crecimiento del capital y de la renta corriente.
- El Fondo invierte en títulos de renta variable y de deuda.
- El Fondo pretende invertir al menos el 80% de sus activos en títulos de bienes inmuebles, infraestructuras y recursos naturales.
- El Fondo puede invertir en valores emitidos por emisores estadounidenses y extranjeros, incluidas empresas de mercados emergentes de todo el mundo. En lo referente a inversiones, mercados emergentes son las regiones del mundo cuyas economías aún se están desarrollando.
- El Fondo puede invertir en derivados, tales como contratos de divisas a plazos, opciones, futuros y permutas financieras, que estén vinculados a la subida y bajada de otros activos.
- Los derivados pueden utilizarse con fines de inversión y para una gestión eficiente de la cartera, como reducir riesgos o costes, o generar capital o ingresos adicionales para el Fondo.
- Todo ingreso que el Fondo genere para esta clase de acciones se reinvertirá, para aumentar el valor de su inversión.
- Se puede comprar y vender acciones en la mayoría de días que sean hábiles en Dublín. Las excepciones se describen con todo detalle en el folleto.
- La inversión en el Fondo puede ser adecuada para inversores con un horizonte de inversión de plazo medio a largo.
- Consulte el folleto para obtener la información detallada sobre los objetivos y la política de inversión. | # Objectives and Investment Policy
- The Brookfield Real Assets Securities UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund invests in both equity and debt securities.
- The Fund intends to invest at least 80% of its assets in real estate securities, infrastructure securities and natural resources securities.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to therise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | en | es |
DOLFIN8014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term. It mainly invests in equities and equity-related securities of agriculture, retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets.The Investment Manager invests in companies that will best capture strong expected consumption growth in emerging markets. It follows a fundamental bottom-up approach that seeks to identify uniquely positioned companies with significant market misperception based on a top-down approach to identify sub-themes taking into account demographics, consumer trends and industry dynamics. Macro factors, impacting the relevant sectors and underlying companies, are constantly taken into account to prevent dichotomy with positions. The Investment
Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub- Fund is a product which 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 MSCI Emerging Market TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El objetivo del subfondo es generar revalorización del capital a largo plazo. Invierte principalmente en acciones y títulos relacionados con renta variable de compañías del sector agrícola, minorista y de consumo emitidos por empresas constituidas o que ejercen una parte predominante de sus actividades comerciales, directa o indirectamente, en mercados emergentes.El gestor de inversiones invierte en empresas que capturarán mejor el fuerte crecimiento del consumo previsto en los mercados emergentes. Sigue un enfoque fundamental "bottom-up" que trata de identificar empresas con un posicionamiento único, que han sido considerablemente malinterpretadas por el mercado sobre la base de un enfoque "top-down", para identificar subtemas que tienen en cuenta aspectos demográficos, tendencias de consumo y dinámicas sectoriales. Se tienen en cuenta constantemente los factores macro que afectan a los sectores y las empresas subyacentes para evitar dicotomías en las
posiciones. El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión. El subfondo es un producto que 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 MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term. It mainly invests in equities and equity-related securities of agriculture, retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets.The Investment Manager invests in companies that will best capture strong expected consumption growth in emerging markets. It follows a fundamental bottom-up approach that seeks to identify uniquely positioned companies with significant market misperception based on a top-down approach to identify sub-themes taking into account demographics, consumer trends and industry dynamics. Macro factors, impacting the relevant sectors and underlying companies, are constantly taken into account to prevent dichotomy with positions. The Investment
Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub- Fund is a product which 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 |
DOLFIN8020 | 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 |
| --- | --- |
| Total costs | 635 EUR | 1205 EUR |
| Annual cost impact (*) | 6.4% | 3.8% each year | | | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- |
| Costes totales | 635 EUR | 1205 EUR |
| Incidencia anual de los costes (*) | 6.4% | 3.8% cada año | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | 635 EUR | 1205 EUR |
| Annual cost impact (*) | 6.4% | 3.8% each year | | en | es |
DOLFIN8022 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Breakdown by economic sector of Ethna-DYNAMISCH
| Breakdown by economic sector 1) |
| --- |
| Pharmaceuticals, biotechnology and biosciences | 7.52 % |
| Food, beverages and tobacco | 6.60 % |
| Diversified financial services | 6.53 % |
| Capital goods | 6.07 % |
| Hardware and equipment | 4.48 % |
| Energy | 3.95 % |
| Real estate | 3.79 % |
| Raw materials and supplies | 3.68 % |
| Consumer services | 3.26 % |
| Media & entertainment | 2.93 % |
| Software & services | 2.73 % |
| Healthcare: Equipment & services | 2.46 % |
| Household goods & personal care products | 2.27 % |
| Semiconductors & equipment for semiconductor production | 2.14 % |
| Food and staples retail | 2.08 % |
| Telecommunication services | 2.02 % |
| Transport | 1.98 % |
| Automobiles and components | 1.90 % |
| Wholesale and retail | 1.85 % |
| Insurance | 1.15 % |
| Securities holdings | 69.39 % |
| Options | 0.53 % |
| Futures contracts | 0.09 % |
| Cash at banks 2) | 30.07 % |
| Other receivables and payables (net) | -0.08 % |
### 4
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report.
### Change over the last 3 financial years
### Unit class (A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 53.84 | 668,744 | -6,291.43 | 80.52 |
| 31/12/2018 | 50.92 | 684,739 | 1,424.53 | 74.37 |
| 30.06.2019 | 44.13 | 574,600 | -8,472.91 | 76.79 |
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 121.71 | 1,456,051 | 6,429.42 | 83.59 |
| 31/12/2018 | 147.14 | 1,905,837 | 37,094.69 | 77.20 |
| 30.06.2019 | 156.67 | 1,963,002 | 4,537.04 | 79.81 |
### Unit class (T)
### 5
### Unit class (SIA-A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 13.77 | 23,788 | 2,695.81 | 578.72 |
| 31/12/2018 | 21.07 | 39,116 | 8,771.21 | 538.64 |
| 30.06.2019 | 15.16 | 27,136 | -6,701.96 | 558.68 |
### Unit class (SIA-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 56.06 | 95,822 | -4,066.53 | 585.08 |
| 31/12/2018 | 64.70 | 118,796 | 13,487.94 | 544.64 |
| 30.06.2019 | 22.76 | 40,234 | -44,323.13 | 565.62 |
### Unit class (R-A)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 0.21 | 1,982 | -121.76 | 103.93 |
| 31/12/2018 | 0.08 | 864 | -114.42 | 95.69 |
| 30.06.2019 | 0.09 | 864 | 0.00 | 98.63 |
### Unit class (R-T)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 1.45 | 14,129 | 255.94 | 102.47 |
| 31/12/2018 | 2.94 | 31,202 | 1,743.52 | 94.19 |
| 30.06.2019 | 2.63 | 27,017 | -409.29 | 97.20 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Change since inception
### Unit class (USD-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value USD |
| --- | --- | --- | --- | --- | --- |
| 01.03.2019 | inception | - | - | 87.83 | 100.00 1) |
| 30.06.2019 | 1.48 | 16,690 | 1,477.08 | 88.94 | 101.10 2) |
### Unit class (SIA CHF-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value CHF |
| --- | --- | --- | --- | --- | --- |
| 16.04.2019 | inception | - | - | 439.68 | 500.00 3) |
| 30.06.2019 | 1.16 | 2,600 | 1,145.88 | 444.53 | 493.92 4) |
### 6
1) converted into EUR as of 1 March 2019 EUR 1 = USD 1.1386
2) converted into EUR as of 30 June 2019 EUR 1 = USD 1.1367
3) converted into EUR as of 16 April 2019 EUR 1 = CHF 1.1372
4) converted into EUR as of 30 June 2019 EUR 1 = CHF 1.1111 | # Distribución sectorial del fondo Ethna-DYNAMISCH
| Distribución sectorial 1) |
| --- |
| Productos farmacéuticos, biotecnología y ciencias biológicas | 7,52 % |
| Productos de alimentación, bebidas y tabaco | 6,60 % |
| Servicios financieros diversificados | 6,53 % |
| Bienes de inversión | 6,07 % |
| Hardware y equipos | 4,48 % |
| Energía | 3,95 % |
| Bienes inmuebles | 3,79 % |
| Materias primas, materiales auxiliares y combustibles | 3,68 % |
| Servicios al consumidor | 3,26 % |
| Medios de comunicación y entretenimiento | 2,93 % |
| Software y servicios | 2,73 % |
| Sanidad: equipamiento y servicios | 2,46 % |
| Artículos del hogar y productos de cuidado personal | 2,27 % |
| Semiconductores y equipos de fabricación de semiconductores | 2,14 % |
| Comercio minorista de alimentos y productos básicos | 2,08 % |
| Servicios de telecomunicaciones | 2,02 % |
| Transporte | 1,98 % |
| Automoción y componentes | 1,90 % |
| Comercio mayorista y minorista | 1,85 % |
| Compañías de seguros | 1,15 % |
| Cartera de valores | 69,39 % |
| Opciones | 0,53 % |
| Contratos de futuros | 0,09 % |
| Bancos 2) | 30,07 % |
| Saldo de otros activos y pasivos | -0,08 % |
### 4
### 100,00 %
1) Debido a las diferencias de redondeo de las posiciones individuales los totales pueden diferir del valor real.
2) Véanse las notas explicativas del Informe.
### Evolución de los últimos 3 ejercicios
### Clase de participaciones (A)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 53,84 | 668.744 | -6.291,43 | 80,52 |
| 31.12.2018 | 50,92 | 684.739 | 1.424,53 | 74,37 |
| 30.06.2019 | 44,13 | 574.600 | -8.472,91 | 76,79 |
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 121,71 | 1.456.051 | 6.429,42 | 83,59 |
| 31.12.2018 | 147,14 | 1.905.837 | 37.094,69 | 77,20 |
| 30.06.2019 | 156,67 | 1.963.002 | 4.537,04 | 79,81 |
### Clase de participaciones (T)
### 5
### Clase de participaciones (SIA-A)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 13,77 | 23.788 | 2.695,81 | 578,72 |
| 31.12.2018 | 21,07 | 39.116 | 8.771,21 | 538,64 |
| 30.06.2019 | 15,16 | 27.136 | -6.701,96 | 558,68 |
### Clase de participaciones (SIA-T)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 56,06 | 95.822 | -4.066,53 | 585,08 |
| 31.12.2018 | 64,70 | 118.796 | 13.487,94 | 544,64 |
| 30.06.2019 | 22,76 | 40.234 | -44.323,13 | 565,62 |
### Clase de participaciones (R-A)*
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 0,21 | 1.982 | -121,76 | 103,93 |
| 31.12.2018 | 0,08 | 864 | -114,42 | 95,69 |
| 30.06.2019 | 0,09 | 864 | 0,00 | 98,63 |
### Clase de participaciones (R-T)*
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 1,45 | 14.129 | 255,94 | 102,47 |
| 31.12.2018 | 2,94 | 31.202 | 1.743,52 | 94,19 |
| 30.06.2019 | 2,63 | 27.017 | -409,29 | 97,20 |
* Las clases de participaciones (R-A) y (R-T) se comercializarán única y exclusivamente en Italia, Francia y España.
### Evolución desde el lanzamiento
### Clase de participaciones (USD-T)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR | Valor liquidativo USD |
| --- | --- | --- | --- | --- | --- |
| 01.03.2019 | Lanzamiento | - | - | 87,83 | 100,00 1) |
| 30.06.2019 | 1,48 | 16.690 | 1.477,08 | 88,94 | 101,10 2) |
### Clase de participaciones (SIA CHF-T)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR | Valor liquidativo CHF |
| --- | --- | --- | --- | --- | --- |
| 16.04.2019 | Lanzamiento | - | - | 439,68 | 500,00 3) |
| 30.06.2019 | 1,16 | 2.600 | 1.145,88 | 444,53 | 493,92 4) |
### 6
1) Tipos de cambio frente al EUR a 1 de marzo de 2019: 1 EUR = 1,1386 USD
2) Tipos de cambio frente al EUR a 30 de junio de 2019: 1 EUR = 1,1367 USD
3) Tipos de cambio frente al EUR a 16 de abril de 2019: 1 EUR = 1,1372 CHF
4) Tipos de cambio frente al EUR a 30 de junio de 2019: 1 EUR = 1,1111 CHF | # Breakdown by economic sector of Ethna-DYNAMISCH
| Breakdown by economic sector 1) |
| --- |
| Pharmaceuticals, biotechnology and biosciences | 7.52 % |
| Food, beverages and tobacco | 6.60 % |
| Diversified financial services | 6.53 % |
| Capital goods | 6.07 % |
| Hardware and equipment | 4.48 % |
| Energy | 3.95 % |
| Real estate | 3.79 % |
| Raw materials and supplies | 3.68 % |
| Consumer services | 3.26 % |
| Media & entertainment | 2.93 % |
| Software & services | 2.73 % |
| Healthcare: Equipment & services | 2.46 % |
| Household goods & personal care products | 2.27 % |
| Semiconductors & equipment for semiconductor production | 2.14 % |
| Food and staples retail | 2.08 % |
| Telecommunication services | 2.02 % |
| Transport | 1.98 % |
| Automobiles and components | 1.90 % |
| Wholesale and retail | 1.85 % |
| Insurance | 1.15 % |
| Securities holdings | 69.39 % |
| Options | 0.53 % |
| Futures contracts | 0.09 % |
| Cash at banks 2) | 30.07 % |
| Other receivables and payables (net) | -0.08 % |
### 4
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report.
### Change over the last 3 financial years
### Unit class (A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 53.84 | 668,744 | -6,291.43 | 80.52 |
| 31/12/2018 | 50.92 | 684,739 | 1,424.53 | 74.37 |
| 30.06.2019 | 44.13 | 574,600 | -8,472.91 | 76.79 |
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 121.71 | 1,456,051 | 6,429.42 | 83.59 |
| 31/12/2018 | 147.14 | 1,905,837 | 37,094.69 | 77.20 |
| 30.06.2019 | 156.67 | 1,963,002 | 4,537.04 | 79.81 |
### Unit class (T)
### 5
### Unit class (SIA-A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 13.77 | 23,788 | 2,695.81 | 578.72 |
| 31/12/2018 | 21.07 | 39,116 | 8,771.21 | 538.64 |
| 30.06.2019 | 15.16 | 27,136 | -6,701.96 | 558.68 |
### Unit class (SIA-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 56.06 | 95,822 | -4,066.53 | 585.08 |
| 31/12/2018 | 64.70 | 118,796 | 13,487.94 | 544.64 |
| 30.06.2019 | 22.76 | 40,234 | -44,323.13 | 565.62 |
### Unit class (R-A)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 0.21 | 1,982 | -121.76 | 103.93 |
| 31/12/2018 | 0.08 | 864 | -114.42 | 95.69 |
| 30.06.2019 | 0.09 | 864 | 0.00 | 98.63 |
### Unit class (R-T)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 1.45 | 14,129 | 255.94 | 102.47 |
| 31/12/2018 | 2.94 | 31,202 | 1,743.52 | 94.19 |
| 30.06.2019 | 2.63 | 27,017 | -409.29 | 97.20 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Change since inception
### Unit class (USD-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value USD |
| --- | --- | --- | --- | --- | --- |
| 01.03.2019 | inception | - | - | 87.83 | 100.00 1) |
| 30.06.2019 | 1.48 | 16,690 | 1,477.08 | 88.94 | 101.10 2) |
### Unit class (SIA CHF-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value CHF |
| --- | --- | --- | --- | --- | --- |
| 16.04.2019 | inception | - | - | 439.68 | 500.00 3) |
| 30.06.2019 | 1.16 | 2,600 | 1,145.88 | 444.53 | 493.92 4) |
### 6
1) converted into EUR as of 1 March 2019 EUR 1 = USD 1.1386
2) converted into EUR as of 30 June 2019 EUR 1 = USD 1.1367
3) converted into EUR as of 16 April 2019 EUR 1 = CHF 1.1372
4) converted into EUR as of 30 June 2019 EUR 1 = CHF 1.1111 | en | es |
DOLFIN8030 | 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 appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) and equity related securities (e.g. convertible bonds) issued by companies (i) with principle offices in, and/or (ii) exercise their primary economic activity in, and/or (iii) are listed on a Recognised Market, in the United States of America (“US Equities”).
## 2 The Fund may invest up to 20% of net assets in equities which are not US Equities.
## 2 The fund manager will adopt different investment styles; value, core growth and aggressive growth and will not employ any industry, style or market cap bias.
2 The Fund is considered to be actively managed in reference to S&P 500 / Average 1 month deposit rate / Average USD 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 limited number of simple derivative instruments for 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 la revalorización del capital a largo plazo.
2 El Fondo tratará de lograr este objetivo invirtiendo principalmente en renta variable (por ejemplo, acciones) y valores relacionados con la renta variable (por ejemplo, bonos convertibles) emitidos por empresas (i) con oficinas principales en, y/o (ii) que ejerzan su principales actividades económicas en, y/o (iii) se negocien en mercados reconocidos de los Estados Unidos de América («Renta variable de EE.UU.»).
## 2 El Fondo podrá invertir hasta el 20% de sus activos netos en valores de renta variable no estadounidenses.
## 2 El gestor del fondo adoptará diferentes estilos de inversión (valor, crecimiento básico y crecimiento contundente) y no tendrá ningún sesgo sectorial, de estilo o capitalización bursátil.
2 Se considera que el Fondo está gestionado activamente con referencia al índice S&P 500 / Average 1 month deposit rate y al tipo medio de los depósitos a 1 mes en USD (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 Asimismo, el Fondo podrá emplear un número limitado de instrumentos derivados sencillos con fines de lograr 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 appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) and equity related securities (e.g. convertible bonds) issued by companies (i) with principle offices in, and/or (ii) exercise their primary economic activity in, and/or (iii) are listed on a Recognised Market, in the United States of America (“US Equities”).
## 2 The Fund may invest up to 20% of net assets in equities which are not US Equities.
## 2 The fund manager will adopt different investment styles; value, core growth and aggressive growth and will not employ any industry, style or market cap bias.
2 The Fund is considered to be actively managed in reference to S&P 500 / Average 1 month deposit rate / Average USD 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 limited number of simple derivative instruments for 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 |
DOLFIN8035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# b09846e3-6abd-492a-b977-19ff6d01f484
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Rockefeller Ocean Engagement Fund - share class SBH CHF (the Product); ISIN LU2194264961; in share class currency CHF
a share class of Credit Suisse Rockefeller Ocean Engagement Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | # 523d225c-cafd-4cf6-aab3-8fa4b1138936
Documento de datos fundamentales
Finalidad
Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos.
Producto
Nombre del producto/ISIN Credit Suisse Rockefeller Ocean Engagement Fund - clase de acciones SBH CHF (el producto); ISIN LU2194264961; en la moneda de la clase de acciones CHF
una clase de acciones de Credit Suisse Rockefeller Ocean Engagement Fund (el subfondo)
un subfondo de Credit Suisse Wealth Funds 1 (el fondo paraguas / la sociedad de inversión)
El producto es un subfondo OICVM establecido en Luxemburgo. Está gestionado por MultiConcept Fund Management S.A. (la Sociedad Gestora).
Fabricante del producto MultiConcept Fund Management S.A., miembro del Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxemburgo.
Llame al +352 43 61 61 1 o visite www.credit-suisse.com/microsites/multiconcept/en.html para más información.
Autoridad competente La Commission de Surveillance du Secteur Financier (CSSF) es responsable de la supervisión de MultiConcept Fund Management S.A. en relación con este documento de datos fundamentales | # b09846e3-6abd-492a-b977-19ff6d01f484
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Rockefeller Ocean Engagement Fund - share class SBH CHF (the Product); ISIN LU2194264961; in share class currency CHF
a share class of Credit Suisse Rockefeller Ocean Engagement Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | en | es |
DOLFIN8038 | 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: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de febrero de 2020. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
1.5%
1%
0.5%
0% | en | es |
DOLFIN8052 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
The fees listed below are not included in the five categories of fees set out above:
- contributions owed for management of the UCITS pursuant to 4° of II of article L. 621-5-3 of the Monetary and Financial Code,
- exceptional and non-recurrent taxes, duties and other government fees (relating to the UCITS),
- exceptional and non-recurrent costs relating to the collection of debts (e.g. Lehman) or to proceedings in order to exercise a right (e.g. class action lawsuit). | * Al no estar sujeta la Sociedad Gestora al IVA, estos gastos se facturan sin IVA y el importe con todos los impuestos incluidos es igual al importe libre de impuestos.
** El Fondo tiene invertido como máximo un 10% de su patrimonio neto en IIC.
*** Importe máximo que varía en función de los instrumentos utilizados.
Los gastos mencionados a continuación no forman parte de los 5 bloques de gastos indicados anteriormente:
- Las contribuciones debidas por la gestión del OICVM en aplicación de la sección II 4° del artículo L.621-5-3 del Código Monetario y Financiero francés;
- Los impuestos, las tasas, los gravámenes y los derechos gubernamentales (en relación con el OICVM) extraordinarios y no recurrentes;
- Los costes extraordinarios y no recurrentes destinados al cobro de créditos (por ejemplo, Lehman) o a un procedimiento para hacer valer un derecho (por ejemplo, procedimiento de acción colectiva). | *Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
The fees listed below are not included in the five categories of fees set out above:
- contributions owed for management of the UCITS pursuant to 4° of II of article L. 621-5-3 of the Monetary and Financial Code,
- exceptional and non-recurrent taxes, duties and other government fees (relating to the UCITS),
- exceptional and non-recurrent costs relating to the collection of debts (e.g. Lehman) or to proceedings in order to exercise a right (e.g. class action lawsuit). | en | es |
DOLFIN8069 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The costs charged to the UCITS fund may not be deducted from the performance of the benchmark prior to comparison.
In accordance with the respective result of the daily comparison, any performance-based fee calculated is deferred in the UCITS fund for each unit issued, or an already recognized provision is reversed accordingly. Reversed provisions accrue to the UCITS fund. A performance-based fee may be withdrawn only if corresponding provisions have been recognized.
The performance-based fee may be withdrawn even if the net asset value per unit at the end of the settlement period is less than the net asset value per unit at the beginning of the settlement period (negative absolute unit performance).
- The Company shall receive for the initiation, preparation and execution of securities lending transactions and securities repurchase agree- ments for the account of the UCITS fund a fee customary in the market of up to one-third of the gross income from these transactions. The Company shall bear the costs incurred in connec-tion with the preparation and execution of such transactions, including any fees payable to third parties.
- Transaction costsIn addition to the aforementioned fees and expenses, the costs incurred in connection with the purchase and sale of fund assets will also be charged to the UCITS fund.
- The Company shall disclose in the annual report and in the semiannual report the amount of the initial sales charges and redemption fees that have been charged to the UCITS fund, over the period covered by the report, for the acquisi- tion and redemption of units as defined by article 196 KAGB. When acquiring units that are managed directly or indirectly by the Company itself or by another company with which the Company is affiliated through a material direct orindirect equity interest, the Company itself or the other company may not charge initial sales charges and redemption fees for acquisitions and redemptions. The Company shall disclose in the annual report and in the semiannual report the fee charged to the UCITS fund as a management fee for the units held in the UCITS fund by the Company itself, by another (asset) management company, or by another company with which the Company is affiliated through a material direct or indirect equity interest. | Los gastos cargados al fondo OICVM no deben descontarse de la evolución del índice de referencia antes de realizar la comparación.
En función del resultado de la comparación diaria, se provisionará en el fondo OICVM la comisión de rendimiento calculada por cada participación emi- tida, o bien se revertirá correspondientemente una provisión ya contabilizada. Las provisiones reverti- das le corresponden al fondo OICVM. Solo se podrá retirar una comisión de rendimiento en la medida en que se hayan dotado las provisiones correspondientes.
La comisión de rendimiento también podrá reti- rarse cuando el valor liquidativo por participación al final del periodo de liquidación sea inferior al valor liquidativo por participación al comienzo de dicho periodo (evolución absoluta negativa del valor liquidativo por participación).
- La sociedad recibirá por la iniciación, la prepa- ración y la realización de operaciones de prés- tamo de valores y operaciones de repo por cuenta del fondo OICVM una comisión habitual en el mercado por un importe máximo de una tercera parte de los ingresos brutos obtenidos en esas operaciones. Los gastos originados en rela- ción con la preparación y la realización de tales operaciones, incluidas las comisiones a terceros, serán sufragados por la sociedad.
- Gastos transaccionalesAparte de las comisiones y los gastos menciona- dos anteriormente, se le cargarán al fondo OICVM los costes originados en relación con la adquisición y la enajenación de activos financie- ros.
- La sociedad ha de hacer público en el informe anual y en el informe semestral el importe de las primas de suscripción y de las comisiones de reembolso que hayan sido carga- das al fondo OICVM en el periodo de referencia por la adquisición y el reembolso de participacio- nes en el sentido del artículo 196 del KAGB. Para la adquisición de participaciones que sean gestio- nadas directa o indirectamente por la propia sociedad o por otra compañía con la que la socie- dad esté vinculada mediante una participación importante directa o indirecta, la sociedad o la otra compañía deben renunciar a la imputación de una prima de suscripción o una comisión de reembolso por la adquisición y el reembolso. La sociedad ha de hacer pública en el informe anual y en el informe semestral la comisión que la pro- pia sociedad, otra sociedad gestora (de capital) u otra compañía con la que la sociedad esté vincu-lada mediante una participación importante directa o indirecta hayan cargado al fondo OICVM como comisión de gestión por las partici- paciones mantenidas en este. | The costs charged to the UCITS fund may not be deducted from the performance of the benchmark prior to comparison.
In accordance with the respective result of the daily comparison, any performance-based fee calculated is deferred in the UCITS fund for each unit issued, or an already recognized provision is reversed accordingly. Reversed provisions accrue to the UCITS fund. A performance-based fee may be withdrawn only if corresponding provisions have been recognized.
The performance-based fee may be withdrawn even if the net asset value per unit at the end of the settlement period is less than the net asset value per unit at the beginning of the settlement period (negative absolute unit performance).
- The Company shall receive for the initiation, preparation and execution of securities lending transactions and securities repurchase agree- ments for the account of the UCITS fund a fee customary in the market of up to one-third of the gross income from these transactions. The Company shall bear the costs incurred in connec-tion with the preparation and execution of such transactions, including any fees payable to third parties.
- Transaction costsIn addition to the aforementioned fees and expenses, the costs incurred in connection with the purchase and sale of fund assets will also be charged to the UCITS fund.
- The Company shall disclose in the annual report and in the semiannual report the amount of the initial sales charges and redemption fees that have been charged to the UCITS fund, over the period covered by the report, for the acquisi- tion and redemption of units as defined by article 196 KAGB. When acquiring units that are managed directly or indirectly by the Company itself or by another company with which the Company is affiliated through a material direct orindirect equity interest, the Company itself or the other company may not charge initial sales charges and redemption fees for acquisitions and redemptions. The Company shall disclose in the annual report and in the semiannual report the fee charged to the UCITS fund as a management fee for the units held in the UCITS fund by the Company itself, by another (asset) management company, or by another company with which the Company is affiliated through a material direct or indirect equity interest. | en | es |
DOLFIN8083 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The following is based on the Directors' understanding of the law and practice in force at the date of this document and applies to Investors acquiring Shares in the Company as an investment. Investors should, however, consult their financial or other professional advisers on the possible tax or other consequences of buying, holding, transferring, switching, redeeming or other dealing in the Company's Shares under the laws of their countries of citizenship, residence and domicile.
This summary is subject to future changes Luxembourg Taxation
- Taxation of the CompanyIn Luxembourg, the Company is not subject to taxation on its income, profits or gains. The Company is not subject to net wealth tax. | El resumen siguiente está basado en el entendimiento que tiene el Consejo de administración de la legislación y la práctica vigentes en la fecha del presente documento, y se aplica a todos los Inversores que compren Participaciones en la Sociedad a modo de inversión. No obstante, se recomienda a los Inversores que consulten a sus asesores financieros u otros asesores profesionales acerca de las posibles consecuencias fiscales o de otro tipo de la compra, posesión, transmisión, conversión y reembolso de Participaciones de la Sociedad o de cualquier otra operación con las mismas, de acuerdo con la legislación de su país de nacionalidad, residencia y domicilio.
Este resumen está sujeto a cambios futuros Fiscalidad de Luxemburgo
- Fiscalidad de la SociedadEn Luxemburgo, la Sociedad no está sujeta a tributación sobre sus ingresos, beneficios o ganancias. La Sociedad no está sujeta al impuesto sobre el patrimonio. | The following is based on the Directors' understanding of the law and practice in force at the date of this document and applies to Investors acquiring Shares in the Company as an investment. Investors should, however, consult their financial or other professional advisers on the possible tax or other consequences of buying, holding, transferring, switching, redeeming or other dealing in the Company's Shares under the laws of their countries of citizenship, residence and domicile.
This summary is subject to future changes Luxembourg Taxation
- Taxation of the CompanyIn Luxembourg, the Company is not subject to taxation on its income, profits or gains. The Company is not subject to net wealth tax. | en | es |
DOLFIN8085 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance. | Además, el Gestor de inversiones utiliza los datos ESG como parte de la construcción del universo de selección. Las notas ESG permiten también orientar la construcción de la cartera hacia valores que demuestren características ESG superiores.
Los datos ASG utilizados en el proceso de inversión se basan en metodologías ASG que se basan parcialmente en datos proporcionados por terceros, y en algunos casos se desarrollan internamente. Son subjetivas y pueden cambiar con el tiempo. A pesar de varias iniciativas, la falta de definiciones armonizadas puede hacer que los criterios ESG sean heterogéneos. Por lo tanto, las diferentes estrategias de inversión que utilizan los criterios ESG y los informes ESG son difícilmente comparables entre sí. Las estrategias que integran los criterios ASG y las que integran los criterios de desarrollo sostenible pueden utilizar datos ASG que parecen similares pero que conviene distinguir porque su método de cálculo puede ser diferente.
Las diferentes metodologías ASG de AXA IM descritas anteriormente pueden evolucionar en el futuro para tener en cuenta cualquier mejora en la disponibilidad y la fiabilidad de los datos, o cualquier evolución en la normativa o en otros marcos o iniciativas externos, entre otros.
- /Construccióndecarteras:El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera. Dicha ponderación dependerá de las cualidades de la sociedad en lo que respecta a la gestión, la estrategia de crecimiento de la empresa y su gobernanza. | In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance. | en | es |
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