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DOLFIN8100 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance, portfolio activity and positioning
Fund return, which was negative and behind the benchmark return over the quarter, was driven by duration risk, as government bond yields rose, and exposure to credit risk, as spreads widened. As referenced above, the sharp fall in the value of sterling assets towards the final days of the quarter weighed on the fund return, given our exposure to both UK credit and UK duration.
Over the period, we were selective on adding credit risk, preferring to use relative trades to try and generate extra return, especially in financial bonds. We added to our high yield exposure in the period and reduced equities exposure to 0.3% (from 1.5% at June-end). Finally, duration ended the quarter at around 5.9 years – up from 5.1 years at the end of June, the most interest rate risk exposure the fund has had since 2008. The sharp spike in UK gilt prices at the end of the period gave us a rare buy and sell opportunity (2050 and 2051 bonds) in what is a crowded and typically expensive part of the market. | # Rentabilidad, actividad de la cartera y posicionamiento
La rentabilidad del fondo, que fue negativa e inferior a la del índice de referencia durante el trimestre, vino marcada por el riesgo de duración, al aumentar los rendimientos de los TDP, así como por la exposición al riesgo de crédito, al ampliarse los diferenciales. Como se ha mencionado anteriormente, la fuerte caída del valor de los activos en libras esterlinas en los últimos días del trimestre lastró la rentabilidad del fondo, dada nuestra exposición tanto al crédito como a la duración en el Reino Unido.
Durante el periodo, fuimos selectivos a la hora de añadir riesgo de crédito, prefiriendo las operaciones relativas para intentar generar rentabilidad adicional, especialmente en bonos financieros. Aumentamos nuestra exposición a los productos de alto rendimiento durante el periodo y redujimos la exposición a renta variable a un 0,3% (desde 1,5% a finales de junio). Por último, la duración cerró el trimestre en torno a 5,9 años, frente a 5,1 años a finales de junio, la mayor exposición al riesgo de tipos de interés que ha tenido el fondo desde 2008. La brusca subida de los precios de los Gilts al final del periodo nos dio una inusual oportunidad de compra y venta (bonos 2050 y 2051) en la que es una parte del mercado muy concurrida y habitualmente cara. | # Performance, portfolio activity and positioning
Fund return, which was negative and behind the benchmark return over the quarter, was driven by duration risk, as government bond yields rose, and exposure to credit risk, as spreads widened. As referenced above, the sharp fall in the value of sterling assets towards the final days of the quarter weighed on the fund return, given our exposure to both UK credit and UK duration.
Over the period, we were selective on adding credit risk, preferring to use relative trades to try and generate extra return, especially in financial bonds. We added to our high yield exposure in the period and reduced equities exposure to 0.3% (from 1.5% at June-end). Finally, duration ended the quarter at around 5.9 years – up from 5.1 years at the end of June, the most interest rate risk exposure the fund has had since 2008. The sharp spike in UK gilt prices at the end of the period gave us a rare buy and sell opportunity (2050 and 2051 bonds) in what is a crowded and typically expensive part of the market. | en | es |
DOLFIN8114 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | ## Política de inversión
El Subfondo está gestionado de forma activa y discrecional con el fin de captar oportunidades en las diferentes condiciones de mercado tomando posiciones netas largas o cortas en una amplia gama de clases de activos, incluidos títulos de renta fija, renta variable, materias primas (en particular a través de los índices sobre materias primas) y divisas en todos los mercados globales, incluidos los mercados emergentes. Las decisiones de inversión se basan en una combinación de estrategias de inversión poco correlacionadas, que comprenden selección de títulos, asignación de activos, y oportunidades de valor relativo y temático. La diversificación de la cartera se obtiene a través de la combinación de análisis específicos macroeconómicos, sectoriales y empresariales. La Gestora gestionará el Subfondo de acuerdo con un presupuesto de riesgo anual a nivel de la cartera general y a nivel de cada estrategia individual.
La política de inversión puede llevarse a cabo mediante inversiones directas y a través de derivados, especialmente formalizando, por ejemplo, permutas de rendimiento total (total return swaps) sobre renta variable, bonos o índices, futuros, forwards, u opciones.
La exposición global del Subfondo será controlada utilizando el indicador de valor en riesgo (Value-at-Risk - VaR) absoluto con un nivel máximo del 5% con un horizonte de cinco (5) días hábiles y un nivel de confianza del 95%, que corresponde a un VaR del 14,16% con un horizonte de veinte (20) días | ## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | en | es |
DOLFIN8121 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Investment limitations
The Stock Connect is subject to quota limitations on daily basis. In particular, once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded, buy orders will be rejected (although investors will be permitted to sell their cross-boundary securities regardless of the quota balance) and there is no certainty that the quota might be extended in the future. Therefore, quota limitations may restrict the concerned Sub-Fund’s ability to invest in A Shares through the Stock Connect on a timely basis, and the concerned Sub-Fund may not be able to effectively pursue its investment strategy.
In addition stock may be recalled from the scope of eligible stocks for trading via the Stock Connect and in such a case the stock can only be sold but restricted from being bought. This may affect the ability of the Sub-Fund to implement its investment strategy.
It is contemplated that Hong Kong stock exchange and PRC stock exchanges markets would reserve the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. Where a suspension is effected, the concerned Sub-Fund’s ability to access the PRC market via Stock Connect will be adversely affected.
The Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding Settlement Days. So it is possible that there are occasions when it is a normal trading day for the PRC market but the concerned Sub-Fund cannot carry out any A Shares trading via the Stock Connect where that day is not a trading day in Hong Kong. The concerned Sub-Fund may be subject to a risk of price fluctuations in A Shares during the time when the Stock Connect is not trading as a result. | ###### Limitaciones de inversión
El Stock Connect está sujeto a limitaciones de cuotas diarias. En particular, una vez que se agote el saldo disponible de una cuota, o se supere la cuota diaria, las órdenes de compra serán rechazadas (aunque se permitirá a los inversores vender sus títulos transfronterizos independientemente del saldo de la cuota) y no existe certeza alguna de que la cuota pueda ampliarse en el futuro. Por tanto, las limitaciones de cuota pueden restringir la capacidad del subfondo afectado para invertir en acciones A mediante el programa Stock Connect en el momento oportuno, y es posible que este no pueda ejecutar eficazmente su estrategia de inversión.
Además, es posible que una determinada acción deje de ser considerada apta para su negociación a través del Stock Connect y que, en tal caso, dicha acción pueda venderse pero su compra quede restringida. Esto también podría menoscabar la capacidad del subfondo para poner en práctica su estrategia de inversión.
Está previsto que la bolsa de valores de Hong Kong y los mercados de valores de la RPC se reserven el derecho de suspender las negociaciones si fuera necesario para asegurar un mercado ordenado y razonable y garantizar que los riesgos se gestionen de forma prudente. La suspensión requeriría el consentimiento previo del regulador competente. Cuando se efectúe una suspensión, la capacidad del subfondo afectado para acceder al mercado de la RPC a través del programa Stock Connect podría verse perjudicada.
El Stock Connect solo funcionará los días en los que las negociaciones estén abiertas tanto en los mercados de la RPC como en los de Hong Kong y cuando los bancos de ambos mercados se encuentren abiertos en los días de liquidación correspondientes. Por tanto, puede que en ocasiones para los mercados de la RPC sea un día de negociación normal, pero que el subfondo en cuestión no pueda realizar ninguna negociación con acciones A mediante el programa Stock Connect por no tratarse de un día de negociación en Hong Kong. El subfondo puede estar sujeto a un riesgo de fluctuaciones en los precios de las acciones A durante el tiempo en el que las negociaciones a través del Stock Connect estén cerradas. | ###### Investment limitations
The Stock Connect is subject to quota limitations on daily basis. In particular, once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded, buy orders will be rejected (although investors will be permitted to sell their cross-boundary securities regardless of the quota balance) and there is no certainty that the quota might be extended in the future. Therefore, quota limitations may restrict the concerned Sub-Fund’s ability to invest in A Shares through the Stock Connect on a timely basis, and the concerned Sub-Fund may not be able to effectively pursue its investment strategy.
In addition stock may be recalled from the scope of eligible stocks for trading via the Stock Connect and in such a case the stock can only be sold but restricted from being bought. This may affect the ability of the Sub-Fund to implement its investment strategy.
It is contemplated that Hong Kong stock exchange and PRC stock exchanges markets would reserve the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. Where a suspension is effected, the concerned Sub-Fund’s ability to access the PRC market via Stock Connect will be adversely affected.
The Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding Settlement Days. So it is possible that there are occasions when it is a normal trading day for the PRC market but the concerned Sub-Fund cannot carry out any A Shares trading via the Stock Connect where that day is not a trading day in Hong Kong. The concerned Sub-Fund may be subject to a risk of price fluctuations in A Shares during the time when the Stock Connect is not trading as a result. | en | es |
DOLFIN8129 | 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 Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years Recommended holding period |
| Stress scenario | What you might get back after costs | 4 164 EUR | 4 748 EUR |
| | Average return each year | -58.36 % | -13.84 % |
| Unfavourable scenario | What you might get back after costs | 8 055 EUR | 8 314 EUR |
| | Average return each year | -19.45 % | -3.62 % |
| Moderate scenario | What you might get back after costs | 10 017 EUR | 10 717 EUR |
| | Average return each year | 0.17 % | 1.39 % |
| Favourable scenario | What you might get back after costs | 10 979 EUR | 12 031 EUR |
| | Average return each year | 9.79 % | 3.77 % | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año | 5 años Período de mantenimiento recomendado |
| Tensión | Lo que podría recibir tras deducir los costes | 4 164 EUR | 4 748 EUR |
| | Rendimiento medio cada año | -58,36 % | -13,84 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 055 EUR | 8 314 EUR |
| | Rendimiento medio cada año | -19,45 % | -3,62 % |
| Moderado | Lo que podría recibir tras deducir los costes | 10 017 EUR | 10 717 EUR |
| | Rendimiento medio cada año | 0,17 % | 1,39 % |
| Favorable | Lo que podría recibir tras deducir los costes | 10 979 EUR | 12 031 EUR |
| | Rendimiento medio cada año | 9,79 % | 3,77 % | | | Recommended holding period: 5 years Example Investment: 10 000 EUR |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years Recommended holding period |
| Stress scenario | What you might get back after costs | 4 164 EUR | 4 748 EUR |
| | Average return each year | -58.36 % | -13.84 % |
| Unfavourable scenario | What you might get back after costs | 8 055 EUR | 8 314 EUR |
| | Average return each year | -19.45 % | -3.62 % |
| Moderate scenario | What you might get back after costs | 10 017 EUR | 10 717 EUR |
| | Average return each year | 0.17 % | 1.39 % |
| Favourable scenario | What you might get back after costs | 10 979 EUR | 12 031 EUR |
| | Average return each year | 9.79 % | 3.77 % | | en | es |
DOLFIN8130 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# US Multi Cap Opportunities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 25.19%. Over the same period, the benchmark index, the S&P 500 (Total Return, Net of Tax, USD) (the “Index”), returned 28.16%. (Performance for all share classes is provided in Appendix II). Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The Portfolio generated strong absolute performance during the year, highlighted by robust returns within the Financials, Health Care, and Information Technology sectors. Strong stock selection within the Health Care, Industrials, and Information Technology sectors benefited relative performance. Selection within Communication Services, Consumer Discretionary, and Utilities detracted from relative performance. The Portfolio’s zero exposure to Energy and underweight to Information Technology detracted from relative performance. The Portfolio benefited from an overweight position to Financials, and an underweight position to Health Care and Utilities. The Portfolio finished the year with an overweight in Financials, Industrials and Materials, an underweight in Health Care and Information Technology, and had no exposure to Energy or Real Estate.
Portfolio construction is an important component of our investment process, and we continue to find compelling opportunities across our three investment categories: Special Situation, Opportunistic, and Classic investments. This balanced approach is designed to mitigate risk, while generating alpha through stock selection in various market environments. We continue to find compelling opportunities in each category.
The core of our investment process is an unwavering focus on a company’s generation of free cash flow and its use by management. We believe free cash flow is a cleaner measure of value creation than income statement earnings, which may be obfuscated by various accounting methods. Our analysis considers the stability and sources of free cash flow generation, as well as the potential uses of this capital. This investment focus enables us to look across sectors, market capitalisations, and risk profiles to find opportunities, particularly during periods of increased market volatility.
We continue to apply disciplined fundamental research to identify high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. Pent-up demand, selectively challenged supply chains, inflationary pressures, and ongoing shifts in consumer behavior, have the potential to create an environment for businesses to differentiate themselves from peers with company specific solutions. The depth of our Storehouse of Knowledge remains robust. We continue to identify attractive investment opportunities as equity market conditions evolve. As part of our ongoing research process, our team continues to closely monitor developments related to COVID-19. We believe the opening of the US economy will progress, supporting US corporate earnings growth. We believe the Portfolio is well positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.
As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our clients’ assets through the disciplined application of our investment philosophy and process.
ANNUAL REPORT 2021 107
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # US Multi Cap Opportunities – 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 25,19%. En el mismo período, el índice de referencia, el S&P 500 (rentabilidad total en USD, neta de impuestos) (el “Índice”), rindió un 28,16%. (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).
La Cartera generó una sólida rentabilidad absoluta durante el ejercicio, impulsada por los excelentes resultados en el sector financiero, de atención sanitaria y de tecnología de la información. La acertada selección de valores en los sectores de atención sanitaria, industria y tecnología de la información benefició a la rentabilidad relativa. La selección en servicios de comunicación, consumo discrecional y suministros públicos lastró la rentabilidad relativa. La ausencia de exposición de la Cartera a energía y una infraponderación en tecnología de la información lastraron la rentabilidad relativa. La Cartera se benefició de una sobreponderación del sector financiero y de una infraponderación de los sectores de atención sanitaria y suministros públicos. La Cartera cerró el año con sobreponderaciones en finanzas, industria y materiales, con infraponderaciones en atención sanitaria y tecnología de la información y sin exposición a los sectores de la energía e inmobiliario.
La construcción de la cartera constituye un importante componente de nuestro proceso de inversión y seguimos encontrando oportunidades atractivas en nuestras tres categorías de inversión: la inversión en situaciones especiales, la inversión oportunista y la inversión clásica. Este enfoque equilibrado se ha concebido para mitigar el riesgo y generar alfa mediante la selección de títulos en distintos contextos de mercado. Seguimos encontrando oportunidades atractivas en todas y cada una de ellas.
La esencia de nuestro proceso de inversión es la atención sistemática a la generación de flujo de caja libre de una empresa y al uso que su equipo directivo hace del mismo. Creemos que el flujo de caja libre es una medida más clara de creación de valor que los beneficios recogidos en una cuenta de pérdidas y ganancias, que pueden depender de los diversos métodos contables. En nuestro análisis tenemos en cuenta la estabilidad y el origen de la generación de flujo de caja libre, así como los usos que se pueden dar a este capital. Este enfoque de inversión nos permite estudiar los distintos sectores, capitalizaciones de mercado y perfiles de riesgo para encontrar oportunidades, sobre todo en periodos de mayor volatilidad del mercado.
Seguimos aplicando un análisis fundamental disciplinado para identificar modelos de negocio de alta calidad con un elevado flujo de caja disponible que coticen a valoraciones atractivas. Consideramos que nuestra estrategia de inversión puede generar valor a largo plazo para los clientes y afrontar de forma eficaz un entorno de mercado dinámico. La demanda acumulada, los problemas que afrontan determinadas cadenas de suministro, las presiones inflacionarias y el actual cambio del patrón de conducta de los consumidores podrían dar lugar a un entorno en el que las empresas puedan marcar una diferencia frente a sus homólogas a través de soluciones exclusivas propias. La profundidad de nuestro acervo de conocimientos continúa siendo sólida. Seguimos identificando oportunidades de inversión atractivas a medida que evolucionan las condiciones del mercado de renta variable. Nuestro equipo sigue vigilando de cerca los acontecimientos relacionados con la COVID-19, dentro de nuestro proceso de análisis sistemático. Creemos que la reapertura de la economía estadounidense avanzará, lo que apuntalará el crecimiento de los beneficios de las empresas de ese país. A nuestro juicio, la Cartera está bien posicionada para sacar partido del constante crecimiento de la actividad económica mundial y de la atención cada vez mayor de los inversores a los fundamentales de las empresas.
Seguiremos llevando a cabo nuestra evaluación tanto de las posibles posiciones nuevas como de las posiciones actuales de la cartera desde una perspectiva de inversión a largo plazo. Como siempre, la prioridad es lograr una revalorización de los activos de los clientes aplicando de forma disciplinada nuestra filosofía y nuestro proceso de inversión.
INFORME ANUAL 2021 107
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # US Multi Cap Opportunities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 25.19%. Over the same period, the benchmark index, the S&P 500 (Total Return, Net of Tax, USD) (the “Index”), returned 28.16%. (Performance for all share classes is provided in Appendix II). Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The Portfolio generated strong absolute performance during the year, highlighted by robust returns within the Financials, Health Care, and Information Technology sectors. Strong stock selection within the Health Care, Industrials, and Information Technology sectors benefited relative performance. Selection within Communication Services, Consumer Discretionary, and Utilities detracted from relative performance. The Portfolio’s zero exposure to Energy and underweight to Information Technology detracted from relative performance. The Portfolio benefited from an overweight position to Financials, and an underweight position to Health Care and Utilities. The Portfolio finished the year with an overweight in Financials, Industrials and Materials, an underweight in Health Care and Information Technology, and had no exposure to Energy or Real Estate.
Portfolio construction is an important component of our investment process, and we continue to find compelling opportunities across our three investment categories: Special Situation, Opportunistic, and Classic investments. This balanced approach is designed to mitigate risk, while generating alpha through stock selection in various market environments. We continue to find compelling opportunities in each category.
The core of our investment process is an unwavering focus on a company’s generation of free cash flow and its use by management. We believe free cash flow is a cleaner measure of value creation than income statement earnings, which may be obfuscated by various accounting methods. Our analysis considers the stability and sources of free cash flow generation, as well as the potential uses of this capital. This investment focus enables us to look across sectors, market capitalisations, and risk profiles to find opportunities, particularly during periods of increased market volatility.
We continue to apply disciplined fundamental research to identify high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. Pent-up demand, selectively challenged supply chains, inflationary pressures, and ongoing shifts in consumer behavior, have the potential to create an environment for businesses to differentiate themselves from peers with company specific solutions. The depth of our Storehouse of Knowledge remains robust. We continue to identify attractive investment opportunities as equity market conditions evolve. As part of our ongoing research process, our team continues to closely monitor developments related to COVID-19. We believe the opening of the US economy will progress, supporting US corporate earnings growth. We believe the Portfolio is well positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.
As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our clients’ assets through the disciplined application of our investment philosophy and process.
ANNUAL REPORT 2021 107
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN8132 | 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 / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.09% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 15.00% of New Net Appreciation. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | No aplicable |
| Gastos de salida | No aplicable |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2,09% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de la Nueva Apreciación Neta. | | | 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 / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.09% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 15.00% of New Net Appreciation. | | en | es |
DOLFIN8137 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# You are about to purchase a product that is not simple and may be difficult to understand. WHAT IS THIS PRODUCT?
Type: Undertakings for the Collective Investment in Transferable Securities (UCITS)
Product Term: Recommended minimum holding period: 5 year(s)
Objective: The investment objective of the Fund is to provide long-term capital appreciation by investing in European equities. The Fund will primarily invest in a concentrated portfolio of equity securities of companies that are listed or traded on the stock exchanges of European OECD-member countries. Particular emphasis is put on companies that exhibit sustainable long-term top and bottom-line growth. The Fund will, under normal circumstances, invest at least 80% of its net assets in companies that the Sub- Investment Manager believes will adhere to the Fund’s environmental, social and governance (“ESG”) criteria. The Sub-Investment Manager evaluates investment opportunities on a company-by-company basis and utilizes fundamental analysis to identify companies believed to have an intrinsic value greater than what is reflected in the current market valuation. This approach includes analysis of a company's financial statements, profitability, management structure, and its position within its industry, among other things. Along with determining whether a company meets the ESG criteria of the Fund, supplemental analysis is carried out to determine an individual company’s ESG factors, which may vary depending on the sector.
The Fund is actively managed which means the Sub-Investment Manager is actively making investment decisions for the Fund. The Fund measures its performance for comparative purposes against the MSCI Europe NR EUR Index ("the Benchmark"). However, when selecting investments, the Fund is not required to follow the composition of this index. Additional information is detailed in the Prospectus: https://www.heptagon-capital.com/documents/prospectus .
Intended Retail Investor: The intended investor of this Fund should have basic knowledge of relevant financial instruments. | # Está a punto de adquirir un producto que no es sencillo y que puede ser difícil de comprender.
¿QUÉ ES ESTE PRODUCTO?
Tipo: Organismos de inversión colectiva en valores mobiliarios
Plazo del producto: Período de mantenimiento mínimo recomendado: 5 año(s)
Objetivo: El objetivo de inversión del Fondo es proporcionar una revalorización de capital mediante la inversión en renta variable europea. El Fondo invertirá principalmente en una cartera concentrada de valores de renta variable de empresas que coticen o se negocien en las bolsas de valores de países europeos miembros de la OCDE. En particular, la atención se centra sobre todo en aquellas empresas que muestran un crecimiento sostenible de los ingresos y los beneficios a largo plazo. El Fondo invertirá, en circunstancias normales, al menos el 80 % de su patrimonio neto en empresas que, a juicio de la Gestora delegada de inversiones, se ajusten a los criterios medioambientales, sociales y de gobernanza («ESG», por sus siglas en inglés) del Fondo. La Gestora delegada de inversiones evalúa las oportunidades de inversión empresa por empresa y aplica el análisis fundamental para identificar aquellas empresas que considera que poseen un valor intrínseco superior al que reflejan las valoraciones actuales del mercado. Este enfoque incluye el análisis de los estados financieros, la rentabilidad, la estructura de gestión y la posición dentro del sector de una empresa, entre otros aspectos. Además de determinar si una empresa cumple los criterios ESG del Fondo, se lleva a cabo un análisis complementario para determinar los factores ESG de una empresa individual, que pueden variar en función del sector. El Fondo se gestiona de forma activa, lo que significa que la Gestora delegada de inversiones toma las decisiones de inversión del Fondo de forma activa. A efectos de comparación, el Fondo mide su rentabilidad en función del índice MSCI Europe NR EUR ("Índice De Referencia"). No obstante, a la hora de seleccionar sus inversiones, el Fondo puede desviarse de la composición de dicho índice. En el Folleto se ofrece información adicional: https://www.heptagon-capital.com/documents/prospectus .
Inversor minorista al que va dirigido: El inversor al que va dirigido este Fondo debe tener conocimientos básicos de los instrumentos financieros pertinentes. | # You are about to purchase a product that is not simple and may be difficult to understand. WHAT IS THIS PRODUCT?
Type: Undertakings for the Collective Investment in Transferable Securities (UCITS)
Product Term: Recommended minimum holding period: 5 year(s)
Objective: The investment objective of the Fund is to provide long-term capital appreciation by investing in European equities. The Fund will primarily invest in a concentrated portfolio of equity securities of companies that are listed or traded on the stock exchanges of European OECD-member countries. Particular emphasis is put on companies that exhibit sustainable long-term top and bottom-line growth. The Fund will, under normal circumstances, invest at least 80% of its net assets in companies that the Sub- Investment Manager believes will adhere to the Fund’s environmental, social and governance (“ESG”) criteria. The Sub-Investment Manager evaluates investment opportunities on a company-by-company basis and utilizes fundamental analysis to identify companies believed to have an intrinsic value greater than what is reflected in the current market valuation. This approach includes analysis of a company's financial statements, profitability, management structure, and its position within its industry, among other things. Along with determining whether a company meets the ESG criteria of the Fund, supplemental analysis is carried out to determine an individual company’s ESG factors, which may vary depending on the sector.
The Fund is actively managed which means the Sub-Investment Manager is actively making investment decisions for the Fund. The Fund measures its performance for comparative purposes against the MSCI Europe NR EUR Index ("the Benchmark"). However, when selecting investments, the Fund is not required to follow the composition of this index. Additional information is detailed in the Prospectus: https://www.heptagon-capital.com/documents/prospectus .
Intended Retail Investor: The intended investor of this Fund should have basic knowledge of relevant financial instruments. | en | es |
DOLFIN8141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,702
-3.0%
USD 11,320
2.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 USD Acc entre 08/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 702 USD
-3,0%
11 320 USD
2,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,702
-3.0%
USD 11,320
2.5% | en | es |
DOLFIN8142 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes. These issuers include Emerging Market sovereign issuers as well as other issuers that are organised, or have substantial business activities, in Emerging Markets. These securities may be below investment grade.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
JP Morgan Equal Weighted Index (1/3 JP Morgan EMBI Global Diversified, 1/3 JP Morgan GBI-EM Global Diversified, 1/3 JP Morgan CEMBI Broad Diversified) used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a distributing share class. Dividends may include income, realized capital gains and/or be paid out of capital.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: Those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante la rentabilidad total obtenida de una combinación de ingresos y crecimiento del capital.
## Política de inversión
En condiciones normales de mercado, el Fondo normalmente invierte, al menos, el 80% de sus activos en títulos de renta fija, incluida la deuda soberana, de emisores que el Gestor de Inversiones considere que están expuestos de manera favorable a temas de inversión sostenible. Entre ellos se incluyen emisores soberanos de países emergentes, así como otros emisores constituidos o con una importante actividad en países emergentes. Estos títulos pueden estar situados por debajo del grado de inversión.
El Gestor de Inversiones invierte en títulos que considera que están expuestos de manera favorable a temas de inversión sostenible relacionados con el medioambiente o al ámbito social y derivados de los Objetivos de Desarrollo Sostenible de la ONU.
El Gestor de Inversiones hace hincapié en criterios de selección positiva, en particular mediante el análisis de la exposición a factores medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) de cada título o emisor, frente a los amplios procesos de evaluación negativos, cando evalúa la exposición de un emisor a dichos factores ESG.
El Fondo puede tener exposición a cualquier divisa.
El Fondo utiliza derivados para la cobertura (reducción de riesgos), gestión eficiente de la cartera y otros objetivos de inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 9 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
JP Morgan Equal Weighted Index (1/3 JP Morgan EMBI Global Diversified, 1/3 JP Morgan GBI-EM Global Diversified, 1/3 JP Morgan CEMBI Broad Diversified) se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de distribución. Los dividendos pueden proceder de ingresos y plusvalías de capital realizadas o abonarse con cargo al capital.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Temas de inversión sostenible: aquellos temas de inversión derivados de los ODS de la ONU, tales como salud, clima y empoderamiento. Los temas de inversión sostenible pueden cambiar con el tiempo.
Objetivos de Desarrollo Sostenible de la ONU (ODS): un conjunto de 17 objetivos que representan la visión a la que aspiran las Naciones Unidas de cómo podría ser el mundo en 2030. Estas 17 metas abordan la prosperidad económica, la sostenibilidad medioambiental y la inclusión social. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes. These issuers include Emerging Market sovereign issuers as well as other issuers that are organised, or have substantial business activities, in Emerging Markets. These securities may be below investment grade.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
JP Morgan Equal Weighted Index (1/3 JP Morgan EMBI Global Diversified, 1/3 JP Morgan GBI-EM Global Diversified, 1/3 JP Morgan CEMBI Broad Diversified) used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a distributing share class. Dividends may include income, realized capital gains and/or be paid out of capital.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: Those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | en | es |
DOLFIN8149 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 7e892ca3-5ea5-48cc-a3c6-c45d34784d9e
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 HtC Fund - share class FAH GBP (the Product); ISIN LU2241962708; in share class currency GBP a share class of Credit Suisse HtC 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 | # e1252479-2cb2-4298-939a-642b07769e34
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 HtC Fund - clase de acciones FAH GBP (el producto); ISIN LU2241962708; en la moneda de la clase de acciones GBP una clase de acciones de Credit Suisse HtC 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 | # 7e892ca3-5ea5-48cc-a3c6-c45d34784d9e
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 HtC Fund - share class FAH GBP (the Product); ISIN LU2241962708; in share class currency GBP a share class of Credit Suisse HtC 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 |
DOLFIN8151 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Typically lower reward Typically higher reward
The Share Class is assigned to this risk category because of the price variations resulting from its currency and the nature of the Compartment's investments and strategy. The risk category shown is based on historical data and may not be a reliable indication for the future risk profile of the Share Class. It is not a target or a guarantee and may change over time. The lowest category does not mean a risk-free investment. The Compartment offers no capital guarantee or asset protection measures.
The Compartment may be exposed to the following risks which are not adequately captured by the synthetic risk indicator and may negatively impact its value:
- Financial Derivatives risk: the leverage resulting from derivatives amplifies losses in certain market conditions.
- Liquidity risk: markets with low volumes result in difficulties valuing and/or trading some assets.
- Counterparty risk: losses occur when a counterparty does not honour its obligations related to contracts such as over-the-counter derivatives.
- Investments in emerging markets are generally more sensitive to risk events, such as changes in the economic, political, fiscal and legal environment, as well as fraud.
- Investments in Mainland China may be subject to capital restrictions and trading quotas (e.g. QFII and RQFII regimes). The Compartment may encounter difficulties or delays in enforcing its rights in the event of disputes.
- Chinese "Stock Connect" trading programmes may be subject to additional risks related to ownership rights, clearing & settlement, trading quotas and operational issues.
- Operational risk: losses resulting from human errors, system failures, incorrect valuation and safekeeping of assets.
- Sustainability risk: ESG related risk events or conditions could cause a material negative impact on the value of the investment if they were to occur. | Normalmente menor remuneración Normalmente mayor remuneración
Esta categoría de riesgo se asigna a la Clase de acciones debido a las variaciones de los precios resultantes de su divisa y la naturaleza de las inversiones y la estrategia del Compartimento. La categoría de riesgo indicada está basada en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo de esta Clase de acciones. La categoría de riesgo indicada no es un objetivo ni una garantía, y puede variar a lo largo del tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El Compartimento no ofrece garantía de capital ni medidas de protección de activos.
El Compartimento podrá estar expuesto a riesgos importantes que el indicador sintético de riesgo no refleja adecuadamente y que pueden incidir en su rentabilidad:
- Riesgo de derivados financieros: el apalancamiento resultante de los derivados incrementa las pérdidas en ciertas condiciones de mercado.
- Riesgo de liquidez: los mercados con volúmenes bajos conllevan dificultades de valoración y/o compraventa de algunos activos.
- Riesgo de contraparte: las pérdidas se producen cuando una contraparteno cumple con sus obligaciones relacionadas con contratos, tales como por ej. los derivados extrabursátiles.
- Las inversiones en los mercados emergentes: son generalmente más sensibles a eventos de riesgo, como cambios en el entorno económico, político, fiscal y jurídico, así como casos de fraude.
- Las inversiones en China continental podrán estar sujetas a restricciones de capital y cuotas de negociación (por ejemplo, los regímenes QFII y RQFII). El Compartimento podría sufrir dificultades o retrasos a la hora de ejercer sus derechos en caso de conflictos.
- Los programas de negociación «Stock Connect» pueden estar sujetos a riesgos adicionales relacionados con derechos de titularidad, compensación y liquidación, cuotas de negociación y cuestiones operativas.
- Riesgo operativo: pérdidas provocadas por errores humanos, fallos de sistemas, una incorrecta valoración y custodia de los activos.
- Riesgo de sostenibilidad: los acontecimientos o condiciones de riesgo relacionados con cuestiones medioambientales, sociales y de gobierno corporativo (ESG) podrían tener un impacto negativo importante en el valor de la inversión en caso de producirse. | Typically lower reward Typically higher reward
The Share Class is assigned to this risk category because of the price variations resulting from its currency and the nature of the Compartment's investments and strategy. The risk category shown is based on historical data and may not be a reliable indication for the future risk profile of the Share Class. It is not a target or a guarantee and may change over time. The lowest category does not mean a risk-free investment. The Compartment offers no capital guarantee or asset protection measures.
The Compartment may be exposed to the following risks which are not adequately captured by the synthetic risk indicator and may negatively impact its value:
- Financial Derivatives risk: the leverage resulting from derivatives amplifies losses in certain market conditions.
- Liquidity risk: markets with low volumes result in difficulties valuing and/or trading some assets.
- Counterparty risk: losses occur when a counterparty does not honour its obligations related to contracts such as over-the-counter derivatives.
- Investments in emerging markets are generally more sensitive to risk events, such as changes in the economic, political, fiscal and legal environment, as well as fraud.
- Investments in Mainland China may be subject to capital restrictions and trading quotas (e.g. QFII and RQFII regimes). The Compartment may encounter difficulties or delays in enforcing its rights in the event of disputes.
- Chinese "Stock Connect" trading programmes may be subject to additional risks related to ownership rights, clearing & settlement, trading quotas and operational issues.
- Operational risk: losses resulting from human errors, system failures, incorrect valuation and safekeeping of assets.
- Sustainability risk: ESG related risk events or conditions could cause a material negative impact on the value of the investment if they were to occur. | en | es |
DOLFIN8155 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 USD -84.12% | 1,920 USD -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 USD -15.25% | 8,850 USD -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 USD 5.96% | 13,220 USD 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 USD 32.48% | 15,640 USD 9.35% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.590 USD -84,12% | 1.920 USD -28,09% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.480 USD -15,25% | 8.850 USD -2,41% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.600 USD 5,96% | 13.220 USD 5,74% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.250 USD 32,48% | 15.640 USD 9,35% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 USD -84.12% | 1,920 USD -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 USD -15.25% | 8,850 USD -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 USD 5.96% | 13,220 USD 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 USD 32.48% | 15,640 USD 9.35% | | en | es |
DOLFIN8156 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Asset valuation rules
Financial instruments are recorded in the financial statements using the historical cost method and are entered on the balance sheet at their current value as determined by the last-known market value or, where a market does not exist, by any external means or by using financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not denominated in the currency of the portfolio are valued in accordance with the principle described below; the valuation is then converted into the currency of the portfolio on the basis of the exchange rate prevailing on the valuation day.
DEPOSITS:
Deposits with a residual maturity of less than or equal to three months are valued using the straight-line method.
EQUITIES, BONDS AND OTHER SECURITIES TRADED ON A REGULATED OR SIMILAR MARKET:
For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last market price of the day.
Bonds and other similar securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other similar securities is calculated up to the date of the net asset value.
EQUITIES, BONDS AND OTHER SECURITIES NOT TRADED ON A REGULATED OR SIMILAR MARKET:
Securities not traded on a regulated market are valued by the management company using methods based on the market value and the yield, while taking account of recent prices observed for significant transactions.
TRANSFERABLE DEBT SECURITIES:
Transferable debt securities and similar securities that are not traded in large volumes are valued on the basis of an actuarial method, the reference rate (as defined below) being increased, where applicable, by a differential representative of the intrinsic characteristics of the issuer:
- Transferable debt securities with a maturity of less than or equal to one year: Interbank rate in euro (Euribor);
- Transferable debt securities with a maturity exceeding one year: valued using rates for French Treasury bills (BTAN and OAT) with similar maturity dates for the longer durations. | ## Normas de valoración de los activos:
Los instrumentos financieros se contabilizan según el método de costes históricos y se incluyen en el balance de acuerdo con su valor actual determinado en función del último valor de mercado conocido o, en ausencia de mercado, por todos los medios externos disponibles o mediante la aplicación de modelos financieros.
Las diferencias entre los valores actuales utilizados a la hora de calcular el valor liquidativo y los costes históricos de los valores mobiliarios en el momento de su inclusión en cartera se registran en las cuentas «diferencias de valoración».
Los valores denominados en una divisa diferente a la moneda base de la cartera se valoran de conformidad con el principio que se menciona a continuación y se convierten posteriormente a la moneda de la cartera sobre la base del tipo de cambio del día de valoración.
DEPÓSITOS:
Los depósitos con un plazo de vida residual inferior o igual a 3 meses se valoran según el método lineal.
ACCIONES, OBLIGACIONES Y OTROS VALORES NEGOCIADOS EN UN MERCADO ORGANIZADO O EQUIVALENTE:
A la hora de calcular el valor liquidativo, las acciones y otros valores negociados en un mercado organizado o equivalente se valoran sobre la base de su última cotización del día.
Las obligaciones y valores equivalentes se valoran sobre la base de las cotizaciones al cierre facilitadas por distintos prestatarios de servicios financieros. Los intereses devengados procedentes de obligaciones y valores equivalentes se calculan hasta la fecha del valor liquidativo.
ACCIONES, OBLIGACIONES Y OTROS VALORES NO NEGOCIADOS EN UN MERCADO ORGANIZADO O EQUIVALENTE:
Los valores que no se negocien en un mercado organizado se valoran bajo la responsabilidad de la sociedad gestora utilizando métodos basados en el valor patrimonial y el rendimiento, teniendo en cuenta los precios aplicados en transacciones significativas recientes.
TÍTULOS DE CRÉDITO NEGOCIABLES:
Los títulos de crédito negociables y equivalentes que no sean objeto de transacciones significativas se valoran de modo actuarial sobre la base de un tipo de referencia —que se define a continuación— incrementado, llegado el caso, por un diferencial representativo de las características intrínsecas del emisor:
- Títulos de crédito negociables (TCN) cuyo vencimiento es inferior o igual a 1 año: Tipo de interés interbancario ofrecido en euros (Euribor);
- TCN cuyo vencimiento es superior a 1 año: Tipo de los Bonos del Tesoro con intereses Anuales Normalizados (BTAN) o tipo de las OAT con un vencimiento cercano para las emisiones a más largo plazo. | ## Asset valuation rules
Financial instruments are recorded in the financial statements using the historical cost method and are entered on the balance sheet at their current value as determined by the last-known market value or, where a market does not exist, by any external means or by using financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not denominated in the currency of the portfolio are valued in accordance with the principle described below; the valuation is then converted into the currency of the portfolio on the basis of the exchange rate prevailing on the valuation day.
DEPOSITS:
Deposits with a residual maturity of less than or equal to three months are valued using the straight-line method.
EQUITIES, BONDS AND OTHER SECURITIES TRADED ON A REGULATED OR SIMILAR MARKET:
For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last market price of the day.
Bonds and other similar securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other similar securities is calculated up to the date of the net asset value.
EQUITIES, BONDS AND OTHER SECURITIES NOT TRADED ON A REGULATED OR SIMILAR MARKET:
Securities not traded on a regulated market are valued by the management company using methods based on the market value and the yield, while taking account of recent prices observed for significant transactions.
TRANSFERABLE DEBT SECURITIES:
Transferable debt securities and similar securities that are not traded in large volumes are valued on the basis of an actuarial method, the reference rate (as defined below) being increased, where applicable, by a differential representative of the intrinsic characteristics of the issuer:
- Transferable debt securities with a maturity of less than or equal to one year: Interbank rate in euro (Euribor);
- Transferable debt securities with a maturity exceeding one year: valued using rates for French Treasury bills (BTAN and OAT) with similar maturity dates for the longer durations. | en | es |
DOLFIN8165 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry, exit and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com.
Past Performance
25 % .
20
15
10
A B
The chart has a limited value as a guide to future performance.
23.5%
22.6%
The annualised performances displayed in this diagram are calculated net of all charges taken by the Sub-Fund.
The Sub-Fund was launched on March 10, 2020. The Share Class was launched on March 10, 2020.
The reference currency is the Euro.
The reference Index is : MSCI EMU SRI Filtered PAB Index | Los gastos de entrada, salida y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de septiembre de 2021. Dicha cifra puede variar de un año a otro. No incluye:
Comisiones de rentabilidad,
Costes de transacción de la cartera, excepto en caso de que el Compartimento pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva.
Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com.
Rentabilidad histórica
25 % .
20
15
10
A B
El gráfico no sirve como guía para predecir la rentabilidad futura.
23,5%
22,6%
La rentabilidad anual que se muestra en este diagrama se calcula tras restar todos los gastos detraídos por el Subfondo.
El Compartimento se creó el 10 de marzo de 2020. La Clase de acciones se creó el 10 de marzo de 2020.
La divisa de referencia es el EUR.
El Índice de referencia es: Índice MSCI EMU SRI Filtered PAB | The entry, exit and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com.
Past Performance
25 % .
20
15
10
A B
The chart has a limited value as a guide to future performance.
23.5%
22.6%
The annualised performances displayed in this diagram are calculated net of all charges taken by the Sub-Fund.
The Sub-Fund was launched on March 10, 2020. The Share Class was launched on March 10, 2020.
The reference currency is the Euro.
The reference Index is : MSCI EMU SRI Filtered PAB Index | en | es |
DOLFIN8167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart are calculated with net income reinvested and after deduction of all fees charged by the SICAV. The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - EUROPEAN CREDIT SRI - I2-C class on 06
November 2019.
-0.4%
The reference currency is the euro (EUR).
1.8%
-1.0%
2017 2018 2019 2020 2021
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.
As this UCITS has sub-funds, its latest aggregate annual report is also available from the Management Company. Updated details on the Management Company’s remuneration policy are available on its website or free of charge upon written request to it.
In particular, this policy describes the calculation methods applied to the remuneration and benefits for certain categories of employees, the entities responsible for their allocation and the composition of the Remuneration Committee.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
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 key investor information is accurate as at 01 June 2022. | 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 con los ingresos netos reinvertidos y tras restar todos los gastos detraídos por la SICAV.
La SICAV fue creada el 04 de enero de 2018 y su clase AMUNDI RESPONSIBLE INVESTING - EUROPEAN CREDIT SRI - I2-C, el 06 de
noviembre de 2019.
-1,0%
La divisa de referencia es el euro (EUR).
1,8%
-0,4%
2017 2018 2019 2020 2021
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.
Teniendo en cuenta que este OICVM se compone de compartimentos, su último informe anual agregado también está disponible en la sociedad gestora. Los detalles actualizados de la política de remuneración de la sociedad gestora están disponibles en su sitio web o de forma gratuita previa solicitud por escrito a la misma.
Esta política describe principalmente las modalidades de cálculo de las remuneraciones y beneficios de ciertas categorías de empleados, los organismos responsables de su asignación, así como la composición del Comité de remuneración.
El valor de liquidación se halla disponible previa solicitud en la sociedad gestora, en su sitio web www.amundi.com, en los sitios web de las entidades comercializadoras, y publicado en varios diarios nacionales, regionales y periódicos.
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. Los presentes datos fundamentales para el inversor son exactos y vigentes a 01 de junio de 2022. | Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart are calculated with net income reinvested and after deduction of all fees charged by the SICAV. The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - EUROPEAN CREDIT SRI - I2-C class on 06
November 2019.
-0.4%
The reference currency is the euro (EUR).
1.8%
-1.0%
2017 2018 2019 2020 2021
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.
As this UCITS has sub-funds, its latest aggregate annual report is also available from the Management Company. Updated details on the Management Company’s remuneration policy are available on its website or free of charge upon written request to it.
In particular, this policy describes the calculation methods applied to the remuneration and benefits for certain categories of employees, the entities responsible for their allocation and the composition of the Remuneration Committee.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
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 key investor information is accurate as at 01 June 2022. | en | es |
DOLFIN8170 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Passive Investment RiskFor funds that are passively managed, the Investment Manager will not have the discretion to adapt to market changes due to the inherent investment nature of such funds. Falls in the index are expected to result in corresponding falls in the value of such funds.
- Asset Allocation - Target Date RiskSome funds allocate capital to asset classes where the weights change according to a pre-determined schedule up to a specific target date. As a fund moves closer to its target date, it generally allocates more capital to assets with a lower expected risk and return profile. The performance of the fund is dependent on the success of the asset allocation strategy employed by the fund and there is a risk that losses will be realised as the asset allocation changes. This target date asset allocation strategy may not achieve the desired results under all circumstances and market conditions. While investors will be provided with investment options at the target date, there is no guarantee that the fund will closely align with their investment horizon and so investors may suffer loss after the target date. It is important to note that a target date fund should not be selected based solely on age or retirement date. If investors had not accurately selected a fund that most closely aligns with their investment horizon, there will be a risk of potential mismatch between their investment horizon and the fund’s investment horizon. There is no guarantee that investors will receive the principal invested on the target date.
- Asset Allocation – Dynamic RiskCertain funds may periodically change their allocation across asset classes and therefore may incur greater transaction costs than a fund with static allocation strategy.
- Cash FundsAn investment in Cash funds is neither insured nor guaranteed by any government, government agencies or government- sponsored agencies or any bank guarantee fund. Shares in Cash funds are not deposits or obligations of, or guaranteed or endorsed by, any bank and the amount invested in Shares may fluctuate up and/or down. Although the Fund seeks to maintain capital value and liquidity whilst producing a return in line with money market rates to the investor, Cash funds do not guarantee a stable Net Asset Value. All investments are subject to credit and counterparty risk and provide limited potential for capital appreciation and generally lower income than investments in medium- or long-term instruments would. Furthermore, the performance of Cash funds may be affected by changes in money market rates, economic and market conditions and in legal, regulatory and tax requirements. In a low interest rate environment or during adverse market conditions, Cash funds may invest in negative yield instruments which may adversely impact the Net Asset Value of the fund. | - Riesgo de inversión pasivaPara aquellos Subfondos de gestión pasiva, el Gestor de Inversiones no podrá adaptarse a su discreción a las circunstancias del mercado con motivo de la naturaleza de inversión inherente a los mismos. Se espera que las caídas del índice den como resultado las correspondientes caídas en el valor de estos Subfondos.
- Riesgo de asignación de activos en la fecha objetivoAlgunos Subfondos asignan capital a clases de activos modificando la ponderación según un esquema predeterminado hasta una fecha objetivo concreta. Conforme se acerca la fecha objetivo de un Subfondo, este suele asignar más capital a aquellos activos que se estima que tendrán un perfil de riesgo y rentabilidad más bajo. El rendimiento del Subfondo depende del éxito de la estrategia de asignación de activos que haya utilizado y existe el riesgo de que se sufran pérdidas conforme se modifica la asignación de activos. Es posible que la estrategia de asignación de activos en la fecha objetivo no logre los resultados deseados en todos los escenarios y condiciones del mercado. Aunque en la fecha objetivo se ofrecerán opciones de inversión a los inversores, no se puede garantizar que el Subfondo coincida en lo fundamental con su horizonte de inversión, por lo que es posible que sufran pérdidas con posterioridad a esta fecha. Hay que tener en cuenta que un Subfondo con fecha objetivo no se debe elegir pensando solamente en la edad o fecha de jubilación. Si los inversores no seleccionan de manera precisa un Subfondo que se ajuste adecuadamente a su horizonte, puede darse un posible riesgo de divergencia entre el horizonte de inversión de los inversores y el del Subfondo. No se puede garantizar que los inversores vayan a recibir el principal que invirtieron en la fecha objetivo.
- Riesgo de asignación de activos dinámicaAlgunos Subfondos pueden cambiar periódicamente su asignación a las distintas clases de activos, por lo que es posible que incurran en mayores costes de operación que aquellos que siguen una estrategia de asignación estática.
- Subfondos de efectivoLas inversiones en los Subfondos de efectivo no están aseguradas ni garantizadas por ninguna Administración Pública ni organismo dependiente o patrocinado por esta ni por ningún fondo de garantía bancaria. Las Acciones de los Subfondos de efectivo no son depósitos ni obligaciones de ningún banco ni están garantizadas o avaladas por ninguna entidad bancaria, y el importe invertido en ellas puede fluctuar al alza o a la baja. Si bien el Fondo trata de mantener el valor del capital y la liquidez al tiempo que genera para el inversor un rendimiento acorde con los tipos del mercado monetario, los Subfondos de efectivo no garantizan un Valor liquidativo estable. Todas las inversiones están sujetas al riesgo crediticio y de la contraparte, cuentan con un potencial limitado de revalorización del capital y, por lo general, proporcionan menos ingresos que las inversiones en instrumentos a medio o largo plazo. Asimismo, el rendimiento de los Subfondos de efectivo puede verse afectado por cambios en los tipos del mercado monetario, en las condiciones económicas y de comercialización, así como en los requisitos fiscales, normativos y jurídicos. En un entorno de bajos tipos de interés o de condiciones de mercado adversas, los Subfondos de efectivo podrán invertir en instrumentos de rendimiento negativo susceptibles de repercutir negativamente en el Valor liquidativo del Subfondo. | - Passive Investment RiskFor funds that are passively managed, the Investment Manager will not have the discretion to adapt to market changes due to the inherent investment nature of such funds. Falls in the index are expected to result in corresponding falls in the value of such funds.
- Asset Allocation - Target Date RiskSome funds allocate capital to asset classes where the weights change according to a pre-determined schedule up to a specific target date. As a fund moves closer to its target date, it generally allocates more capital to assets with a lower expected risk and return profile. The performance of the fund is dependent on the success of the asset allocation strategy employed by the fund and there is a risk that losses will be realised as the asset allocation changes. This target date asset allocation strategy may not achieve the desired results under all circumstances and market conditions. While investors will be provided with investment options at the target date, there is no guarantee that the fund will closely align with their investment horizon and so investors may suffer loss after the target date. It is important to note that a target date fund should not be selected based solely on age or retirement date. If investors had not accurately selected a fund that most closely aligns with their investment horizon, there will be a risk of potential mismatch between their investment horizon and the fund’s investment horizon. There is no guarantee that investors will receive the principal invested on the target date.
- Asset Allocation – Dynamic RiskCertain funds may periodically change their allocation across asset classes and therefore may incur greater transaction costs than a fund with static allocation strategy.
- Cash FundsAn investment in Cash funds is neither insured nor guaranteed by any government, government agencies or government- sponsored agencies or any bank guarantee fund. Shares in Cash funds are not deposits or obligations of, or guaranteed or endorsed by, any bank and the amount invested in Shares may fluctuate up and/or down. Although the Fund seeks to maintain capital value and liquidity whilst producing a return in line with money market rates to the investor, Cash funds do not guarantee a stable Net Asset Value. All investments are subject to credit and counterparty risk and provide limited potential for capital appreciation and generally lower income than investments in medium- or long-term instruments would. Furthermore, the performance of Cash funds may be affected by changes in money market rates, economic and market conditions and in legal, regulatory and tax requirements. In a low interest rate environment or during adverse market conditions, Cash funds may invest in negative yield instruments which may adversely impact the Net Asset Value of the fund. | en | es |
DOLFIN8174 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The integration of RI (Responsible Investment) considerations into our fundamental company analysis plays a key role in how we manage the Portfolio and view the investable universe of stocks, giving us a fuller picture of risks, opportunities and the future prospects of companies we invest in.
We actively use our proxy voting opportunities as a key way of engaging with portfolio companies. In 2021 for instance, we voted in over 70 meetings on more than 500 actions. We voted on 100% of votable actions, not missing a single vote. This theme has carried on in 2022; in Q1 we have again voted on 100% of the motions put to shareholders. Also, we do not automatically vote with management. We have been prepared to vote against management or advisory recommendations where we feel that better long-term outcomes can potentially be achieved by dissenting. For example, in 29% of shareholder meetings in 2021, we voted on at least one motion against management.
This analysis is supported by a set of RI analytics, helping us to identify those companies which are integrating RI considerations in their business model and demonstrating improvement in RI metrics. Where we feel companies are not doing enough, we engage with management to understand any issues and encourage positive change. We increasingly view our role as guiding management teams toward a better standard on RI issues and RI-related disclosures.
The result of this approach is that we have delivered a Portfolio which demonstrates a positive ESG tilt, has avoided all companies marked as controversial and has delivered a lower carbon intensity and carbon footprint than the benchmark.
- Threadneedle (Lux) – Asia EquitiesRI considerations are integrated into our research, giving us a fuller picture of risks, opportunities and the future prospects of a company. Our analysis is supported by a set of RI analytics, while targeted engagements and strategic voting further enhance research insights, and allow us to drive positive change. | La integración de las consideraciones de IR (inversión responsable) en nuestro análisis fundamental de empresas desempeña un papel clave en la forma en que gestionamos la Cartera y vemos el universo de inversión de acciones, lo que nos proporciona una visión más completa de los riesgos, las oportunidades y las perspectivas futuras de las empresas en las que invertimos.
Utilizamos activamente nuestras oportunidades de voto delegado como una forma clave de interactuar con las sociedades de la cartera. En 2021, por ejemplo, votamos en más de 70 juntas sobre más de 500 acciones. Hemos votado el 100% de las acciones que se han sometido a voto, sin dejar de emitir uno solo. Este asunto se ha mantenido en 2022: en el primer trimestre hemos votado de nuevo el 100% de las propuestas presentadas a los accionistas. Además, no votamos automáticamente con la dirección. Hemos estado dispuestos a votar en contra de las recomendaciones de la dirección o de los asesores si creíamos que se podían lograr mejores resultados a largo plazo al disentir. Por ejemplo, en el 29% de las juntas de accionistas de 2021, votamos al menos una moción en contra de la dirección.
Este análisis está respaldado por un conjunto de análisis de IR, lo que nos ayuda a identificar aquellas empresas que integran las consideraciones de IR en su modelo de negocio y demuestran una mejora en las métricas de IR. Cuando creemos que las empresas no están haciendo lo suficiente, nos implicamos con la dirección para entender los problemas y fomentar un cambio positivo. Cada vez más, vemos que nuestro papel consiste en guiar a los equipos de gestión hacia un mejor estándar en cuestiones de IR y divulgaciones relacionadas con la IR.
El resultado de este enfoque es que hemos ofrecido una Cartera que demuestra una inclinación positiva ESG, que ha evitado todas las empresas marcadas como controvertidas y que ha ofrecido tanto intensidad de carbono como huella de carbono menores que el índice de referencia.
- Threadneedle (Lux) – Asia EquitiesLas consideraciones de IR se integran en nuestra investigación, lo que nos proporciona una visión más completa de los riesgos, las oportunidades y las perspectivas futuras de una empresa. Nuestro análisis está respaldado por un conjunto de análisis de IR, mientras que los compromisos dirigidos y la votación estratégica mejoran aún más la información de investigación y nos permiten impulsar un cambio positivo. | The integration of RI (Responsible Investment) considerations into our fundamental company analysis plays a key role in how we manage the Portfolio and view the investable universe of stocks, giving us a fuller picture of risks, opportunities and the future prospects of companies we invest in.
We actively use our proxy voting opportunities as a key way of engaging with portfolio companies. In 2021 for instance, we voted in over 70 meetings on more than 500 actions. We voted on 100% of votable actions, not missing a single vote. This theme has carried on in 2022; in Q1 we have again voted on 100% of the motions put to shareholders. Also, we do not automatically vote with management. We have been prepared to vote against management or advisory recommendations where we feel that better long-term outcomes can potentially be achieved by dissenting. For example, in 29% of shareholder meetings in 2021, we voted on at least one motion against management.
This analysis is supported by a set of RI analytics, helping us to identify those companies which are integrating RI considerations in their business model and demonstrating improvement in RI metrics. Where we feel companies are not doing enough, we engage with management to understand any issues and encourage positive change. We increasingly view our role as guiding management teams toward a better standard on RI issues and RI-related disclosures.
The result of this approach is that we have delivered a Portfolio which demonstrates a positive ESG tilt, has avoided all companies marked as controversial and has delivered a lower carbon intensity and carbon footprint than the benchmark.
- Threadneedle (Lux) – Asia EquitiesRI considerations are integrated into our research, giving us a fuller picture of risks, opportunities and the future prospects of a company. Our analysis is supported by a set of RI analytics, while targeted engagements and strategic voting further enhance research insights, and allow us to drive positive change. | en | es |
DOLFIN8175 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
Sustainability is incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, the fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks through exclusions as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental quality. Furthermore, the fund invests at least 2.5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets carbon footprints at least equal to or better than the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | # Sustentabilidad
La sostenibilidad se incorporan al proceso de inversión con exclusiones y mediante la integración de criterios ASG, así como con una asignación mínima a bonos con calificación ASG y un objetivo de huella de carbono tanto para el componente de deuda pública como para el componente de créditos. Para la deuda pública, el fondo cumple la política de exclusión de países de Robeco. En cuanto a los créditos, el fondo no invierte en empresas que incumplen normas internacionales y aplica las exclusiones basadas en las actividades conforme al artículo 12 del reglamento de la UE en lo relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia, mediante exclusiones según la política de exclusión de Robeco. Se integran factores ASG, incluyendo el cambio climático, en el análisis de valores bottom-up para evaluar el potencial de descarbonización y el impacto de los riesgos ASG financieramente relevantes en la calidad del análisis fundamental del emisor. Además, el fondo invierte al menos un 2,5% en bonos verdes, sociales, sostenibles o vinculados a la sostenibilidad. En la elaboración de la cartera, el fondo tiene como objetivo unas huellas de carbono iguales, sino mejores, que las del componente de la deuda pública y al componente del crédito del Solactive Paris Aware Global Aggregate Index, respectivamente. El propósito de esto es garantizar que el fondo sea coherente con la trayectoria de descarbonización deseada de una media del 7% interanual. | # Sustainability
Sustainability is incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, the fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks through exclusions as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental quality. Furthermore, the fund invests at least 2.5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets carbon footprints at least equal to or better than the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | en | es |
DOLFIN8178 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The SRI does not take into account risks related to:
- Future fluctuations in supply and demand on the markets that may affect the assets’ liquidity and valuation,
- The concentration of the assets exposing the company to counterparty risk in the event of default. | ## El IRR no tiene en cuenta los riesgos relacionados con:
- las fluctuaciones futuras de la oferta y la demanda del mercado, que pueden incidir en la liquidez y la valoración de los activos;
- la concentración de activos que expone a la empresa al riesgo de contraparte en caso de impago. | ## The SRI does not take into account risks related to:
- Future fluctuations in supply and demand on the markets that may affect the assets’ liquidity and valuation,
- The concentration of the assets exposing the company to counterparty risk in the event of default. | en | es |
DOLFIN8179 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Product
DPAM B Equities US Index - Class A - ISIN: BE6289146548
A sub-fund of DPAM B, a public SICAV under Belgian law
Name of the originator of the product: Degroof Petercam Asset Management SA, abbreviated DPAM.
Rue Guimard 18, 1040 Brussels - [email protected] - https:\\www.dpamfunds.com - Call +32 2 287.91.11 for more information. DPAM is part of the Degroof Petercam Group.
DPAM B is managed by the management company DPAM which acts in that capacity within the meaning of Directive 2009/65/EC.
Competent authority: The Financial Services and Markets Authority (FSMA) is responsible for the supervision of DPAM in relation to this Key Information Document.
This product is authorised in Belgium.
DPAM is authorised in Belgium and regulated by the FSMA. Publication date of the Key Information Document: 02/01/2023 | ## Producto
DPAM B Equities US Index - Clase A - ISIN: BE6289146548
Un subfondo de DPAM B, SICAV pública de derecho belga
Nombre del productor del producto: Degroof Petercam Asset Management SA, abreviado DPAM.
Rue Guimard 18, 1040 Bruselas - [email protected] - https:\\www.dpamfunds.com - Para más información, llame al +32 2 287.91.11. DPAM forma parte del grupo Degroof Petercam.
DPAM B está gestionado por la sociedad de gestión DPAM, la cual actúa como tal en sentido de la Directiva 2009/65/CE.
autoridad competente: La Autoridad de los servicios y mercados financieros belga (FSMA) es responsable de la supervisión de DPAM en relación con este documento de datos fundamentales.
Este producto está autorizado en Bélgica.
DPAM está autorizada en Bélgica y está regulada por la FSMA.
Fecha de elaboración del documento de datos fundamentales: 02/01/2023 | ## Product
DPAM B Equities US Index - Class A - ISIN: BE6289146548
A sub-fund of DPAM B, a public SICAV under Belgian law
Name of the originator of the product: Degroof Petercam Asset Management SA, abbreviated DPAM.
Rue Guimard 18, 1040 Brussels - [email protected] - https:\\www.dpamfunds.com - Call +32 2 287.91.11 for more information. DPAM is part of the Degroof Petercam Group.
DPAM B is managed by the management company DPAM which acts in that capacity within the meaning of Directive 2009/65/EC.
Competent authority: The Financial Services and Markets Authority (FSMA) is responsible for the supervision of DPAM in relation to this Key Information Document.
This product is authorised in Belgium.
DPAM is authorised in Belgium and regulated by the FSMA. Publication date of the Key Information Document: 02/01/2023 | en | es |
DOLFIN8190 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Article 1 – Co-ownership units
Co-owners’ rights are represented by units, with each unit corresponding to the same fraction of the Fund’s assets (or the Sub-fund, if applicable). Each unitholder has co-ownership rights to the Fund’s assets in proportion to the number of units it holds.
The term of the Fund is 99 years starting from its creation date, except in the event of early dissolution or extension as set out in these regulations.
The characteristics of the different classes of units and their eligibility requirements are specified in the Fund’s prospectus.
Possibility of consolidation or division of units.
The Fund has two unit classes: “A” and “CR” accumulation units.
The Management Company’s governing body may decide to split the “A” and “CR” units into thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, the value of which shall always be proportionate to that of the unit they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units shall apply to fractions of units without any need for a specific provision to that end. Finally, the governing body of the Management Company may also decide, at its sole discretion, to divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | ## Artículo 1 – Participaciones de copropiedad
Los derechos de los copropietarios se expresan en participaciones, correspondiendo cada una de ellas a una misma fracción del patrimonio del fondo (o, en su caso, el subfondo). Cada partícipe tiene derecho de copropiedad sobre los activos del fondo en proporción al número de participaciones que posee.
La duración del fondo es de 99 años a partir de su creación, salvo en caso de disolución anticipada o de la prórroga prevista en el presente reglamento.
Las características de las distintas categorías de participaciones y sus condiciones de acceso se especifican en el folleto del FI.
Posibilidad de agrupación o de división de las participaciones.
El FI cuenta con dos categorías de participaciones: las participaciones «A» y «CR» de capitalización.
Las participaciones «A» y «CR» podrán fraccionarse en milésimas, por decisión del órgano de gobierno de la Sociedad gestora, siendo estas denominadas fracciones de participación.
Las disposiciones del reglamento que regulan la emisión y el reembolso de participaciones serán de aplicación a las fracciones de participación cuyo valor será siempre proporcional al de la participación que representen. El resto de las disposiciones del reglamento relativas a las participaciones serán de aplicación a las fracciones de participación sin que resulte necesario especificarlo, salvo disposición en contrario.
Por último, el organismo de gestión de la Sociedad gestora puede, a su entera discreción, dividir las participaciones mediante la creación de nuevas participaciones que se asignan a los partícipes a cambio de participaciones antiguas. | ## Article 1 – Co-ownership units
Co-owners’ rights are represented by units, with each unit corresponding to the same fraction of the Fund’s assets (or the Sub-fund, if applicable). Each unitholder has co-ownership rights to the Fund’s assets in proportion to the number of units it holds.
The term of the Fund is 99 years starting from its creation date, except in the event of early dissolution or extension as set out in these regulations.
The characteristics of the different classes of units and their eligibility requirements are specified in the Fund’s prospectus.
Possibility of consolidation or division of units.
The Fund has two unit classes: “A” and “CR” accumulation units.
The Management Company’s governing body may decide to split the “A” and “CR” units into thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, the value of which shall always be proportionate to that of the unit they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units shall apply to fractions of units without any need for a specific provision to that end. Finally, the governing body of the Management Company may also decide, at its sole discretion, to divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | en | es |
DOLFIN8197 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
The unit class presented in this Key Investor Information Document serves as a representative for Class E Units, Class E2 Units, Class I2 Units, Class S Units and Class S2 Units. Investors can obtain information about the represented unit class in the Prospectus.
Information For Investors in Switzerland
The representative and paying agent in Switzerland is BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The prospectus, the key investor information documents (KIIDs), the trust agreement and the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 7 February 2022. | La Sociedad gestora 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.
La clase de participaciones que se incluye en los presentes Datos Fundamentales para el Inversor puede utilizarse como representativa de las Participaciones de Clase E, E2, I2, S y S2. Para obtener información sobre la clase de participaciones representadas, los inversores pueden consultar el Folleto.
Información para inversores en Suiza
El representante y agente de pagos en Suiza es BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Suiza. El folleto, los documentos de datos fundamentales para el inversor (DFI), el contrato del Trust y los informes anuales y semestrales pueden obtenerse de forma gratuita solicitándolos al representante en Suiza.
Este Fondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda.
La Sociedad gestora está autorizada en Irlanda y está regulada por el Banco Central de Irlanda. Los presentes Datos Fundamentales para el Inversor son exactos a 7 de febrero de 2022. | The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
The unit class presented in this Key Investor Information Document serves as a representative for Class E Units, Class E2 Units, Class I2 Units, Class S Units and Class S2 Units. Investors can obtain information about the represented unit class in the Prospectus.
Information For Investors in Switzerland
The representative and paying agent in Switzerland is BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The prospectus, the key investor information documents (KIIDs), the trust agreement and the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 7 February 2022. | en | es |
DOLFIN8201 | 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
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | | 5.7 | 10.0 | -7.4 |
| Benchmark † | | | 5.9 | 10.1 | -7.0 |
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Index Funds (BGIF). 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, on the iShares website at www.ishares.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 BGIF, 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 Fund’s prospectus, annual and half-yearly reports are prepared for the umbrella.
BGIF 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, BGIF 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 BGIF). 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 BGIF, subject to meeting certain conditions as set out in the Fund’s 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 01 June 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fondo | | | 5,7 | 10,0 | -7,4 |
| Índice † | | | 5,9 | 10,1 | -7,0 |
El depositario del Fondo es State Street Bank International GmbH, Luxembourg Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Index Funds (BGIF). Estos documentos se encuentran disponibles gratuitamente en inglés y en ciertos otros idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com, en el sitio web de iShares cuya dirección es www.ishares.com, o llamando al equipo Internacional de Servicios al Inversor en el +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 BGIF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto del Fondo y los informes anuales y semestrales del Fondo se elaboran para todo el paraguas.
BGIF 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, BGIF 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 BGIF). 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 BGIF, con sujeción a ciertas condiciones que señala el folleto del Fondo.
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 01 junio 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | | 5.7 | 10.0 | -7.4 |
| Benchmark † | | | 5.9 | 10.1 | -7.0 |
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Index Funds (BGIF). 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, on the iShares website at www.ishares.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 BGIF, 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 Fund’s prospectus, annual and half-yearly reports are prepared for the umbrella.
BGIF 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, BGIF 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 BGIF). 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 BGIF, subject to meeting certain conditions as set out in the Fund’s 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 01 June 2022 | en | es |
DOLFIN8203 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Board of Directors may decide to reorganise a Sub-Fund or Class by splitting it in two or more Sub-Funds or Classes, as the case may be, in accordance with the Law of 2010.
Notwithstanding the above, the Board of Directors may also decide to put a decision to split a Sub-Fund or Share Class to a general meeting of the Shareholders of the Sub-Fund or Share Class concerned. Such a decision will be reached on a simple majority of votes cast, without any particular quorum requirement.
In all instances of split mentioned above, holders of Shares concerned will be notified at least one month prior to the effective date of the split (except in the case of a Shareholder meeting). In addition, the provisions on mergers of UCITS in the Law of 2010 and any implementing regulation will apply to such splits.
-
## PROTECTION OF PERSONAL DATA AND TELEPHONE RECORDINGS | #### El Consejo de administración podrá decidir reorganizar un Subfondo o una Clase dividiéndolos en dos o varios Subfondos o Clases, según sea el caso, de conformidad con la Ley de 2010.
Sin perjuicio de lo anterior, el Consejo de administración también podrá decidir someter la decisión de división de un Subfondo o una Clase de Acciones a la junta general de Accionistas del Subfondo o la Clase de Acciones afectados. Tal decisión se adoptará por mayoría simple de los votos emitidos sin requisito alguno de cuórum.
En todos los casos de división mencionados anteriormente, se informará a los titulares de Acciones afectados como mínimo un mes antes de la fecha de entrada en vigor de la división (salvo en caso de que los acuerdos se adopten en junta de Accionistas). Además, dichas divisiones estarán sujetas a las disposiciones relativas a divisiones de IIC en valores mobiliarios de la Ley de 2010 y cualquier reglamento sobre su aplicación.
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## PROTECCIÓN DE DATOS PERSONALES Y GRABACIONES TELEFÓNICAS | #### The Board of Directors may decide to reorganise a Sub-Fund or Class by splitting it in two or more Sub-Funds or Classes, as the case may be, in accordance with the Law of 2010.
Notwithstanding the above, the Board of Directors may also decide to put a decision to split a Sub-Fund or Share Class to a general meeting of the Shareholders of the Sub-Fund or Share Class concerned. Such a decision will be reached on a simple majority of votes cast, without any particular quorum requirement.
In all instances of split mentioned above, holders of Shares concerned will be notified at least one month prior to the effective date of the split (except in the case of a Shareholder meeting). In addition, the provisions on mergers of UCITS in the Law of 2010 and any implementing regulation will apply to such splits.
-
## PROTECTION OF PERSONAL DATA AND TELEPHONE RECORDINGS | en | es |
DOLFIN8209 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low. The fund will invest at least 70% in the shares of companies throughout the world that are able to benefit from demographics changes.
- Investments will include health care and consumer industry companies that stand to benefit from the effects of rising life expectancy, expanding middle class and population growth. The fund may invest less than 30% of its assets in emerging markets. Subject to the above, the Investment Manager is free to select any company regardless of size, industry or location and will concentrate its investment in a more limited number of companies and therefore the resulting portfolio will be less diversified.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund's investments are concentrated in the shares of a more limited number of companies and therefore the resulting portfolio will be less diversified.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo. El fondo invertirá al menos un 70 % en acciones de empresas de todo el mundo que sean capaces de beneficiarse de los cambios demográficos.
- Las inversiones comprenderán empresas pertenecientes a los sectores de salud y consumo que puedan sacar partido de las consecuencias del aumento de la esperanza de vida, el crecimiento de la clase media y el aumento de la población. El Subfondo puede invertir menos del 30% de su patrimonio en mercados emergentes. Con sujeción a lo anterior, el Gestor de Inversiones podrá seleccionar cualquier empresa, independientemente de su tamaño, sector o ubicación, y concentrará su inversión en un número limitado de sociedades y, por lo tanto, es posible que la cartera resultante no esté muy diversificada.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. El universo de inversión del Subfondo se reduce en, como mínimo, un 20 % debido a la exclusión de emisores sobre la base de sus características ESG.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Normalmente, las inversiones del fondo se concentran en acciones de un número más limitado de empresas y, por lo tanto, la cartera resultante estará menos diversificada.
- 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 ACWI Index (Net) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low. The fund will invest at least 70% in the shares of companies throughout the world that are able to benefit from demographics changes.
- Investments will include health care and consumer industry companies that stand to benefit from the effects of rising life expectancy, expanding middle class and population growth. The fund may invest less than 30% of its assets in emerging markets. Subject to the above, the Investment Manager is free to select any company regardless of size, industry or location and will concentrate its investment in a more limited number of companies and therefore the resulting portfolio will be less diversified.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund's investments are concentrated in the shares of a more limited number of companies and therefore the resulting portfolio will be less diversified.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN8212 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 0% | 0 EUR |
| Exit costs | 0% | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | This is an estimate based on actual costs over the last year, presented as 1,0% of the value of your investment per year. | 103 EUR |
| Transaction costs | 0,3% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 27 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0% | 0 EUR |
| Costes de salida | 0% | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Se trata de una estimación basada en los costes reales del último año y se indica como 1,0% del valor de su inversión al año. | 103 EUR |
| Costes de operación | 0,3% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 27 EUR |
| Costes accesorios detraídos en condiciones específicas |
| 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 | 0% | 0 EUR |
| Exit costs | 0% | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | This is an estimate based on actual costs over the last year, presented as 1,0% of the value of your investment per year. | 103 EUR |
| Transaction costs | 0,3% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 27 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN8216 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The net proceeds from the liquidation, after settlement of liabilities, shall be distributed in cash or securities among the shareholders.
During the liquidation process, the duly constituted shareholders’ meeting shall retain the same authority as during the life of the company, including in particular the power to approve the liquidation accounts and discharge the liquidator.
Title VIII - Disputes | #### El producto neto de la liquidación, tras el pago del pasivo, se reparte entre los accionistas en efectivo o en valores.
Durante la liquidación la Junta General, regularmente constituida, conserva las mismas atribuciones que en el transcurso de la vida activa de la sociedad, y, concretamente, tiene el poder de aprobar las cuentas de la liquidación y de descargar de responsabilidad al liquidador.
TÍTULO VIII - DISCREPANCIAS | ###### The net proceeds from the liquidation, after settlement of liabilities, shall be distributed in cash or securities among the shareholders.
During the liquidation process, the duly constituted shareholders’ meeting shall retain the same authority as during the life of the company, including in particular the power to approve the liquidation accounts and discharge the liquidator.
Title VIII - Disputes | en | es |
DOLFIN8227 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.00% |
| Exit charge | 0.00% |
| Conversion fees | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.79% |
| Charges taken from the fund under certain specific conditions |
| Performance fee Subject to the NAV exceeding the High Watermark, 20% of the outperformance if the performance is positive and exceeds that of the reference indicator since the beginning of the year. Performance fee invoiced for the last financial year: 1.60% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 4.00% |
| Gastos de salida | 0.00% |
| Gastos de conversión | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.79% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad Siempre y cuando el valor liquidativo supere la cota máxima (high watermark), el 20% del excedente de rentabilidad si esta es positiva y supera al indicador de referencia desde inicios del año. Importe de la comisión de rentabilidad percibida en el último ejercicio: 1.60% | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.00% |
| Exit charge | 0.00% |
| Conversion fees | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.79% |
| Charges taken from the fund under certain specific conditions |
| Performance fee Subject to the NAV exceeding the High Watermark, 20% of the outperformance if the performance is positive and exceeds that of the reference indicator since the beginning of the year. Performance fee invoiced for the last financial year: 1.60% | | en | es |
DOLFIN8232 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
-
# DE MINIMIS ASSETS
- Notwithstanding anything herein or in the Prospectus to the contrary and subject and without prejudice to any Central Bank Requirements or any applicable legal or regulatory requirements, where the Directors in their absolute discretion determine that a Shareholder’s holdings has fallen below a de minimis level to be reasonably determined by the Directors and disclosed in the Prospectus, once reasonable measures have been taken to contact the Shareholder the Directors may in their absolute discretion determine that any outstanding claims of the Shareholders in respect of such monies whether in the form of unclaimed dividends, unpaid repurchase proceeds or otherwise and any obligations of the Company to the Shareholder with respect thereto shall be extinguished and any such amounts may be retained by the relevant Sub-Fund for the benefit of other Shareholders or paid to a charitable foundation to be determined by the Directors. | -
# ACTIVOS "DE MINIMIS"
- Salvo que se indique lo contrario en el presente documento o en el Folleto, y a reserva y sin perjuicio de cualesquiera requisitos del Banco Central o requisitos legales o normativos aplicables, en caso de que los Consejeros, según su criterio absoluto, determinen que las participaciones de un Accionista se han devaluado por debajo de un nivel mínimo determinado por ellos o establecido en el Folleto, una vez que se han tomado las medidas oportunas para contactar con ese Accionista sin éxito, los Consejeros podrán determinar, según su absoluto criterio, que cualquier reclamación pendiente de los Accionistas con respecto a dichas cantidades, ya sea en forma de dividendos no reclamados, productos de una recompra no abonados o de otro modo, así como cualesquiera obligaciones de la Sociedad hacia el Accionista con respecto a102estas se extinguirán, y tales cantidades podrán ser retenidas por el Subfondo en cuestión en beneficio de otros Accionistas o donarse a una fundación benéfica que determinen los Consejeros. | -
# DE MINIMIS ASSETS
- Notwithstanding anything herein or in the Prospectus to the contrary and subject and without prejudice to any Central Bank Requirements or any applicable legal or regulatory requirements, where the Directors in their absolute discretion determine that a Shareholder’s holdings has fallen below a de minimis level to be reasonably determined by the Directors and disclosed in the Prospectus, once reasonable measures have been taken to contact the Shareholder the Directors may in their absolute discretion determine that any outstanding claims of the Shareholders in respect of such monies whether in the form of unclaimed dividends, unpaid repurchase proceeds or otherwise and any obligations of the Company to the Shareholder with respect thereto shall be extinguished and any such amounts may be retained by the relevant Sub-Fund for the benefit of other Shareholders or paid to a charitable foundation to be determined by the Directors. | en | es |
DOLFIN8233 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The information contained in this Appendix should be read in conjunction with the full text of the Prospectus of which this forms an integral part.
As further described in "Appendix II – Investment Restrictions and Powers" section "III Collateral received in respect of Reverse Repurchase Agreement", certain Sub-Funds (as listed below) could receive collateral issued or guaranteed by a single governmental or supranational entity disclosed under item I.
D) b) in section "General Investment Rules" above in excess of 15% of a Sub-Fund’s net asset value under the conditions set forth in applicable Luxembourg laws and regulations. In this context, the following issuers will be acceptable: | ## La información contenida en este Anexo debe leerse conjuntamente con el resto del Folleto, del que forma parte integrante.
Tal como se describe más detenidamente en el epígrafe III «Garantía recibida en relación con contratos con pacto de recompra inversa» del Anexo II «Restricciones y facultades de inversión», determinados Subfondos (que se enumeran a continuación) podrán recibir garantías emitidas o garantizadas por una única entidad gubernamental o supranacional de las que se indican en el punto I.D) b) del apartado
«Normas generales de inversión» anterior por un importe superior al 15% del patrimonio neto del Subfondo de conformidad con las condiciones establecidas por la legislación luxemburguesa aplicable. En este contexto, se aceptarán los siguientes emisores: | ## The information contained in this Appendix should be read in conjunction with the full text of the Prospectus of which this forms an integral part.
As further described in "Appendix II – Investment Restrictions and Powers" section "III Collateral received in respect of Reverse Repurchase Agreement", certain Sub-Funds (as listed below) could receive collateral issued or guaranteed by a single governmental or supranational entity disclosed under item I.
D) b) in section "General Investment Rules" above in excess of 15% of a Sub-Fund’s net asset value under the conditions set forth in applicable Luxembourg laws and regulations. In this context, the following issuers will be acceptable: | en | es |
DOLFIN8237 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
We have classified this product as 7 out of 7, which is the highest risk class. This rates the potential losses from future performance at a very high level, and poor market conditions are very likely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund's performance. Please refer to the MULTI UNITS FRANCE prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Hemos clasificado este producto en la clase de riesgo 7 en una escala de 7, clase de riesgo más alta. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como muy alta y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como muy probable.
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Subfondo. Consulte el folleto de MULTI UNITS FRANCE.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. | # What are the risks and what could I get in return?
We have classified this product as 7 out of 7, which is the highest risk class. This rates the potential losses from future performance at a very high level, and poor market conditions are very likely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund's performance. Please refer to the MULTI UNITS FRANCE prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | en | es |
DOLFIN8239 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# DIRECTORS, OFFICES AND INTERESTS
- The Directors may appoint one or more of their body to the office of managing Director or joint managing Director or to any other executive office under the Company (including, where considered appropriate, the office of chairman) on such terms and for such period as they may determine and, without prejudice to the terms of any contract entered into in any particular case, may revoke any such appointment at any time, PROVIDED THAT the managing Director or joint managing Director or chairman shall exercise all such powers outside the U.K. and, in particular, any decisions taken or directions given by him or them shall be taken or given outside the U.K.
- A Director holding any such executive office shall receive such remuneration, whether in addition to, or in substitution for, his ordinary remuneration, as a Director and whether by way of salary, commission, participation in profits or otherwise or partly in one way and partly in another, as the Directors may determine.
- The appointment of any Director to the office of chairman or managing or joint managing Director shall determine automatically if he ceases to be a Director but without prejudice to any claim for damages for breach of any contract of service between him and the Company.
- The appointment of any Director to any other executive office shall not determine automatically if he ceases from any cause to be a Director unless the contract or resolution under which he holds office shall expressly state otherwise, in which event such determination shall be without prejudice to any claim for damages for breach of any contract of service between him and the Company.
- A Director may hold any other office or place of profit under the Company (except that of Auditor) in conjunction with his office of Director, and may act in a professional capacity to the Company, on such terms as to remuneration and otherwise as the Directors may arrange.
- Subject to the provisions of the Act, and provided that he has disclosed to the Directors the nature and extent of any material interest of his, a Director notwithstanding his office:-
- may be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is interested; and
- shall not be accountable, by reason of his office, to the Company for any benefit which he derives from any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.
- No Director or intending Director shall be disqualified by his office from contracting with the Company either as vendor, purchaser or otherwise, nor shall any such contract or any contract or arrangement entered into by or on behalf of the other company in which any Director shall be in any way interested be avoided nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established. The nature of a Director’s interest must be declared by him at the meeting of the Directors at which the question of entering into the contract or arrangement is first taken into consideration, or if the Director was not at the date of that meeting interested in the45proposed contract or arrangement at the next meeting of the Directors held after he became so interested, and in a case where the Director becomes interested in a contract or arrangement after it is made, at the first meeting of the Directors held after he becomes so interested.
- A copy of every declaration made and notice given under this Article shall be entered within three days after the making or giving thereof in a book kept for this purpose. Such book shall be open for inspection without charge by any Director, Secretary, Auditor or Member at the registered office of the Company and shall be produced at every general meeting of the Company and at any meeting of the Directors if any Director so requests in sufficient time to enable the book to be available at the meeting.
- For the purposes of this Article:-
- a general notice given to the Directors that a Director is to be regarded as having an interest of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is interested shall be deemed to be a disclosure that the Director has an interest in any such transaction of the nature and extent so specified; and
- an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated as an interest of his.
- Save as otherwise provided by these Articles, a Director shall not vote at a meeting of the Directors or a committee of Directors on any resolution concerning a matter in which he has, directly or indirectly, an interest which is material or a duty which conflicts or may conflict with the interests of the Company. Unless otherwise resolved by the Directors, a Director shall not be counted in the quorum present at a meeting in relation to any such resolution on which he is not entitled to vote.
- A Director shall be entitled (in the absence of some other material interest than is indicated below) to vote (and be counted in the quorum) in respect of any resolution concerning any of the following matters, namely:-
- the giving of any security, guarantee or indemnity to him in respect of money lent by him to the Company or any of its subsidiary or Associated companies or obligations incurred by him at the request of or for the benefit of the Company or any of its subsidiary or Associated companies; or
- the giving of any security, guarantee or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiary or Associated companies for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security; or
- any proposal concerning any offer of shares or other securities of or by the Company or any of its subsidiary or Associated companies for subscription, purchase or exchange in which offer he is or is to be interested as a participant in the underwriting or sub-underwriting thereof; or
- any proposal concerning any other company in which he is interested, directly or indirectly, and whether as an officer or shareholder or otherwise howsoever, provided that he is not the holder of 1% or more of the issued shares of any class of such company or of the voting rights available to46members of such company, any such interest being deemed for the purpose of this Article to be a material interest in all circumstances.
- Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company such proposals may be divided and considered in relation to each Director separately and in such case each of the Directors concerned (if not otherwise debarred from voting) shall be entitled to vote (and be counted in the quorum) in respect of each resolution, except that concerning his own appointment.
- If a question arises at a meeting of Directors or of a committee of Directors as to the materiality of a Director’s interest or as to the right of any Director to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question may be referred, before the conclusion of the meeting, to the chairman of the meeting and his ruling in relation to any Director other than himself shall be final and conclusive.
- For the purpose of this Article, an interest of a person who is the spouse or a minor child of a Director shall be treated as an interest of the Director and, in relation to an alternate Director, an interest of his appointor shall be treated as an interest of the alternate Director.
- The Company by Ordinary Resolution may suspend or relax the provisions of this Article to any extent or ratify any transaction not duly authorised by reason of a contravention of this Article.
- A Director is expressly permitted (for the purposes of Section 228(1)(d) of the Act) to use the Company’s property or information subject to such conditions as may be approved by the Directors or such conditions as may have been approved pursuant to such authority as may be delegated by the Directors in accordance with these Articles.
- Nothing in Section 228(1)(e) of the Act shall restrict a Director from entering into any commitment which has been approved by the Directors or has been approved pursuant to such authority as may be delegated by the Directors in accordance with these Articles. It shall be the duty of each Director to obtain the prior approval of the Directors, before entering into any commitment permitted by Sections 228(1)(e)(ii) and 228(2) of the Act.
- | # CONSEJEROS, CARGOS E INTERESES
- Los Consejeros podrán nombrar uno o más miembros de su organismo para el cargo de Consejero general o Consejero general adjunto o para cualquier otro cargo ejecutivo en la Sociedad (incluido, cuando sea apropiado, el cargo de presidente) en los términos y durante el periodo que determinen y, sin perjuicio a los términos de ningún contrato firmado en ningún caso particular, se podrá revocar dicho nombramiento en ningún momento, SIEMPRE QUE el Consejero general o Consejero general adjunto o presidente ejerza todos sus poderes fuera del Reino Unido y, en particular, cualquier decisión tomada u orden dada por él o ellos se tome o se dé fuera de dicho país.
- Cualquier Consejero que tenga dicho cargo ejecutivo deberá recibir la remuneración tanto como suplemento como sustitución de su remuneración ordinaria como Consejero y tanto mediante un salario, comisión, participación en beneficios o similar o parcialmente de una forma u otra, tal y como determinen los Consejeros.
- El nombramiento de cualquier Consejero para el cargo de presidente o Consejero general o Consejero general adjunto determinará automática si cesa de ser Consejero, pero sin perjuicio a ninguna reclamación por daños debidos a un incumplimiento de un contrato de servicio entre él y la Sociedad.
- El nombramiento de cualquier Consejero para cualquier otro cargo ejecutivo no deberá determinar automáticamente si cesa por algún motivo de ser Consejero a no ser que el contrato o la resolución bajo el que ostenta su cargo indique expresamente lo contrario, en cuyo caso dicha determinación será sin perjuicio para cualquier reclamación por daños debidos a un incumplimiento de un contrato de servicio entre él y la Sociedad.
- Un Consejero podrá ostentar cualquier otro cargo o puesto de beneficio dentro de la Sociedad (excepto el de Auditor) junto con su cargo como Consejero y podrá actuar en una capacidad profesional para la Sociedad, con arreglo a los términos y con la remuneración que los Consejeros decidan.
- Con sujeción a las disposiciones de la Ley y siempre que haya revelado a los Consejeros la naturaleza y el alcance de cualquier interés significativo propio, un Consejero independientemente de su cargo:
- podrá formar parte (o estar interesado) de cualquier transacción o acuerdo con la Sociedad o en el que esté interesada la Sociedad; y
- no podrá ser responsable, debido a su cargo, respecto a la Sociedad de ninguna ventaja que derive de dicho cargo o empleo o de cualquier transacción o acuerdo o de cualquier interés en dicho organismo corporativo y ninguna transacción o acuerdo podrá ser pasado por alto en base a dicho interés o beneficio.
- Ningún Consejero o posible Consejero podrá ser inhabilitado de su cargo por ser contratado por la Sociedad como vendedor, comprador o similar, ni podrá anularse un contrato de ese tipo o acuerdo firmado por o en nombre de la otra Sociedad en que un Consejero esté de algún modo interesado, ni tampoco deberá ningún Consejero así contratado o interesado rendir cuentas a la Sociedad de los beneficios obtenidos por ese contrato o acuerdo a causa de ocupar dicho Consejero ese cargo o por la relación fiduciaria por él establecida. La naturaleza del interés de un Consejero deberá ser declarada por él mismo en la junta de Consejeros en la que la pregunta de celebrar el contrato o acuerdo se tiene en consideración por primera vez, o si el Consejero no estaba en la fecha de esa junta interesado en el contrato o acuerdo propuesto en la siguiente junta de Consejeros celebrada después de que se interesase, y cuando el Consejero se interese en un contrato o acuerdo después de haberse realizado, en la primera junta de Consejeros celebrada después de su interés.
- Una copia de cada declaración realizada y aviso dado con arreglo a este Artículo deberá registrarse en un libro de registros pertinente en un plazo de 3 días después de dicha realización o envío. Dicho libro deberá estar disponible para su inspección sin cargo alguno por parte de cualquier Consejero, Secretario, Auditor o Miembro en el domicilio social de la sociedad y deberá producirse en cada junta general de la Sociedad y en cualquier junta de Consejeros si cualquier Consejero así lo solicita con suficiente antelación para permitir que el libro esté disponible en dicha junta.
- A los efectos de este Artículo:
- un aviso general dado a los Consejeros indicando que un Consejero va a ser considerado que tiene un interés de la naturaleza y alcance especificado en el aviso en cualquier transacción o acuerdo en el que una persona específica o clase de persona esté interesada se considerará como una revelación indicando que el Consejero tiene un interés en dicha transacción de la naturaleza y alcance ahí especificado; y
- un interés en el que un Consejero no tiene conocimiento y en el que no es razonable pensar que pueda tener un conocimiento no deberá tratarse como un interés propio de él.
- Salvo que se indique lo contrario en estos Estatutos, un Consejero no podrá votar en una junta de Consejeros o en un comité de Consejeros sobre ninguna resolución sobre un asunto en el que tenga, directa o indirectamente, un interés que sea significativo o un deber que pueda estar en conflicto con los intereses de la Sociedad. A no ser que se indique lo contrario por los Consejeros, un Consejero no deberá contarse en el quórum como presente en una junta en relación a una resolución sobre la que no tenga derecho a votar.
- Un Consejero tendrá derecho (en ausencia de otro interés significativo indicado más abajo) a votar (y a ser contado en el quórum) respecto a cualquier resolución que concierna alguno de los siguientes temas:
- el otorgamiento de cualquier valor, garantía o indemnización a su persona respecto a dinero prestado por él a la Sociedad o a cualquier de sus filiales o Empresas Asociadas u obligaciones incurridas por él bajo la petición o por el beneficio de la Sociedad cualquiera de sus filiales o Empresas Asociadas; o
- el otorgamiento de cualquier valor, garantía o indemnización a un tercero respecto a una deuda u obligación de la Sociedad o cualquiera de sus filiales o Empresas Asociadas para las que él haya asumido responsabilidad total o parcial bajo una garantía o indemnización o mediante el otorgamiento de dicho valor; o
- cualquier propuesta sobre cualquier oferta de acciones u otros valores por o para la Sociedad o cualquiera de sus filiales o Empresas Asociadas para la suscripción, compra o intercambio respecto a la oferta que le interesa como participante en la empresa o subempresa de la misma; o
- cualesquiera propuestas relativas a cualquier otra empresa en que esté directamente interesado, directa o indirectamente, ya sea como directivo, accionista, acreedor o de cualquier otro modo, siempre y cuando no sea el titular de un uno por ciento o más del capital social emitido de cualquier clase de dicha empresa o de los derechos de voto disponibles para los miembros de la pertinente empresa, considerándose ese interés, según estos Estatutos, un interés significativo en todas las circunstancias.
- Cuando haya propuestas bajo consideración sobre el nombramiento (incluida la edición o variación de los términos del nombramiento) de dos o más Consejeros a cargos o empleos en la Sociedad, dichas propuestas podrán dividirse y considerarse en relación a cada Consejero por separado y en dicho caso cada Consejero concernido (a no ser que haya sido excluido del voto) tendrá derecho a votar (y a ser contado en el quórum) respecto a cada resolución, excepto cuando trate de su propio nombramiento.
- Si una pregunta surge de una junta de Consejeros o de un comité de Consejeros sobre la materialidad del interés de un Consejero o sobre el derecho de cualquier Consejero a votar y dicha pregunta no se resuelve mediante su disposición voluntaria a abstenerse de votar, dicha pregunta podrá ser trasladada, antes de la conclusión de la junta, al presidente de la junta y su decisión en relación a cualquier Consejero distinto a él mismo será final y concluyente.
- En virtud de este Artículo, el interés de una persona que sea la esposa o un hijo menor de un Consejero deberá ser tratado como un interés del Consejero y, en relación a unConsejero alternativo, cualquier interés de su nombrador deberá tratarse como un interés del Consejero alternativo.
- La Sociedad, mediante Resolución Ordinaria, podrá suspender o relajar las disposiciones de este Artículo, mediante resolución ordinaria, en la medida que quiera o podrá ratificar cualquier operación que no haya sido debidamente autorizada mediante una contravención de este Artículo.
- Un Consejero tiene expresamente permitido (para los fines de la Sección 228(1)(d) de la Ley) utilizar la propiedad o información de la Sociedad con sujeción a las condiciones aprobadas por los Consejeros o las condiciones que pudieran haber sido aprobadas con arreglo a dicha autoridad del modo en que pudiera delegarse por los Consejeros con arreglo a estos Estatutos.
- Ningún punto de la Sección 228(1)(e) de la Ley podrá prohibir a un Consejero tener un compromiso que haya sido aprobado por los Consejeros o que haya sido aprobado con arreglo a dicha autoridad del modo en que pudiera delegarse por los Consejeros con arreglo a estos Estatutos. Deberá ser el deber de cada Consejero obtener la autorización previa de los Consejeros, antes de tener ningún compromiso permitido por las Secciones 228(1)(e)(ii) y 228(2) de la Ley.
- | # DIRECTORS, OFFICES AND INTERESTS
- The Directors may appoint one or more of their body to the office of managing Director or joint managing Director or to any other executive office under the Company (including, where considered appropriate, the office of chairman) on such terms and for such period as they may determine and, without prejudice to the terms of any contract entered into in any particular case, may revoke any such appointment at any time, PROVIDED THAT the managing Director or joint managing Director or chairman shall exercise all such powers outside the U.K. and, in particular, any decisions taken or directions given by him or them shall be taken or given outside the U.K.
- A Director holding any such executive office shall receive such remuneration, whether in addition to, or in substitution for, his ordinary remuneration, as a Director and whether by way of salary, commission, participation in profits or otherwise or partly in one way and partly in another, as the Directors may determine.
- The appointment of any Director to the office of chairman or managing or joint managing Director shall determine automatically if he ceases to be a Director but without prejudice to any claim for damages for breach of any contract of service between him and the Company.
- The appointment of any Director to any other executive office shall not determine automatically if he ceases from any cause to be a Director unless the contract or resolution under which he holds office shall expressly state otherwise, in which event such determination shall be without prejudice to any claim for damages for breach of any contract of service between him and the Company.
- A Director may hold any other office or place of profit under the Company (except that of Auditor) in conjunction with his office of Director, and may act in a professional capacity to the Company, on such terms as to remuneration and otherwise as the Directors may arrange.
- Subject to the provisions of the Act, and provided that he has disclosed to the Directors the nature and extent of any material interest of his, a Director notwithstanding his office:-
- may be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is interested; and
- shall not be accountable, by reason of his office, to the Company for any benefit which he derives from any such office or employment or from any such transaction or arrangement or from any interest in any such body corporate and no such transaction or arrangement shall be liable to be avoided on the ground of any such interest or benefit.
- No Director or intending Director shall be disqualified by his office from contracting with the Company either as vendor, purchaser or otherwise, nor shall any such contract or any contract or arrangement entered into by or on behalf of the other company in which any Director shall be in any way interested be avoided nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established. The nature of a Director’s interest must be declared by him at the meeting of the Directors at which the question of entering into the contract or arrangement is first taken into consideration, or if the Director was not at the date of that meeting interested in the45proposed contract or arrangement at the next meeting of the Directors held after he became so interested, and in a case where the Director becomes interested in a contract or arrangement after it is made, at the first meeting of the Directors held after he becomes so interested.
- A copy of every declaration made and notice given under this Article shall be entered within three days after the making or giving thereof in a book kept for this purpose. Such book shall be open for inspection without charge by any Director, Secretary, Auditor or Member at the registered office of the Company and shall be produced at every general meeting of the Company and at any meeting of the Directors if any Director so requests in sufficient time to enable the book to be available at the meeting.
- For the purposes of this Article:-
- a general notice given to the Directors that a Director is to be regarded as having an interest of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is interested shall be deemed to be a disclosure that the Director has an interest in any such transaction of the nature and extent so specified; and
- an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be treated as an interest of his.
- Save as otherwise provided by these Articles, a Director shall not vote at a meeting of the Directors or a committee of Directors on any resolution concerning a matter in which he has, directly or indirectly, an interest which is material or a duty which conflicts or may conflict with the interests of the Company. Unless otherwise resolved by the Directors, a Director shall not be counted in the quorum present at a meeting in relation to any such resolution on which he is not entitled to vote.
- A Director shall be entitled (in the absence of some other material interest than is indicated below) to vote (and be counted in the quorum) in respect of any resolution concerning any of the following matters, namely:-
- the giving of any security, guarantee or indemnity to him in respect of money lent by him to the Company or any of its subsidiary or Associated companies or obligations incurred by him at the request of or for the benefit of the Company or any of its subsidiary or Associated companies; or
- the giving of any security, guarantee or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiary or Associated companies for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security; or
- any proposal concerning any offer of shares or other securities of or by the Company or any of its subsidiary or Associated companies for subscription, purchase or exchange in which offer he is or is to be interested as a participant in the underwriting or sub-underwriting thereof; or
- any proposal concerning any other company in which he is interested, directly or indirectly, and whether as an officer or shareholder or otherwise howsoever, provided that he is not the holder of 1% or more of the issued shares of any class of such company or of the voting rights available to46members of such company, any such interest being deemed for the purpose of this Article to be a material interest in all circumstances.
- Where proposals are under consideration concerning the appointment (including fixing or varying the terms of appointment) of two or more Directors to offices or employments with the Company such proposals may be divided and considered in relation to each Director separately and in such case each of the Directors concerned (if not otherwise debarred from voting) shall be entitled to vote (and be counted in the quorum) in respect of each resolution, except that concerning his own appointment.
- If a question arises at a meeting of Directors or of a committee of Directors as to the materiality of a Director’s interest or as to the right of any Director to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question may be referred, before the conclusion of the meeting, to the chairman of the meeting and his ruling in relation to any Director other than himself shall be final and conclusive.
- For the purpose of this Article, an interest of a person who is the spouse or a minor child of a Director shall be treated as an interest of the Director and, in relation to an alternate Director, an interest of his appointor shall be treated as an interest of the alternate Director.
- The Company by Ordinary Resolution may suspend or relax the provisions of this Article to any extent or ratify any transaction not duly authorised by reason of a contravention of this Article.
- A Director is expressly permitted (for the purposes of Section 228(1)(d) of the Act) to use the Company’s property or information subject to such conditions as may be approved by the Directors or such conditions as may have been approved pursuant to such authority as may be delegated by the Directors in accordance with these Articles.
- Nothing in Section 228(1)(e) of the Act shall restrict a Director from entering into any commitment which has been approved by the Directors or has been approved pursuant to such authority as may be delegated by the Directors in accordance with these Articles. It shall be the duty of each Director to obtain the prior approval of the Directors, before entering into any commitment permitted by Sections 228(1)(e)(ii) and 228(2) of the Act.
- | en | es |
DOLFIN8242 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The UCITS complies with the accounting rules set forth in the current regulations and, in particular, with the applicable chart of accounts.
The UCITS has chosen the euro as its base accounting currency. Interest is recorded using the accrued interest method.
All transactions are recorded exclusive of charges.
The value of any security denominated in a currency other than the euro is converted into euro on the valuation day.
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# REMUNERATION | La IIC se ajusta a las normas contables establecidas por la normativa en vigor y, concretamente, al plan contable aplicable.
La IIC ha elegido el euro como divisa de referencia a efectos contables.
Los intereses se contabilizan siguiendo el método de los intereses cobrados. El conjunto de las operaciones se contabiliza sin incluir gastos.
El valor de todos los títulos denominados en una divisa distinta del euro se convertirá a euros en la fecha de valoración.
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# REMUNERACIÓN | The UCITS complies with the accounting rules set forth in the current regulations and, in particular, with the applicable chart of accounts.
The UCITS has chosen the euro as its base accounting currency. Interest is recorded using the accrued interest method.
All transactions are recorded exclusive of charges.
The value of any security denominated in a currency other than the euro is converted into euro on the valuation day.
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# REMUNERATION | en | es |
DOLFIN8251 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund seeks to provide an attractive risk-adjusted total return, through appreciation and income. The Fund will seek to achieve this return through investment primarily in shares, share-like instruments and financial derivative instruments or 'FDI' (ie instruments whose prices are dependent on one or more underlying assets) of companies listed in Europe or whose business is primarily in Europe, with market capitalisation of between €500 million and €15 billion. The Fund may invest up to 20% in emerging markets.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal-oriented activities. In addition the Investment Manager will typically exclude companies that are determined to be in non-compliance with the United Nations Global Compact.
1 The Fund may pursue a 'long-short' strategy whereby, in addition to buying and holding assets, it may use FDI to take 'short' positions where the Fund may make money in respect of issuers whose securities it believes to be overvalued or likely to fall in value.
1 In addition to the above, the Fund may also invest in a number of other assets including other funds, debt securities, cash and other liquid assets. Debt securities can be issued by either government or corporate entities and will have an investment grade rating. The Fund may increase its holdings of cash and other liquid assets in times of market turbulence.
1 Benchmarks. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes. | # Objetivos y política de inversión
1 El Fondo trata de obtener una rentabilidad total atractiva ajustada al riesgo mediante revalorización e ingresos. El Fondo buscará alcanzar esta rentabilidad invirtiendo principalmente en acciones, instrumentos similares a las acciones e instrumentos financieros derivados o IFD (instrumentos cuyo precio depende de uno o más activos subyacentes) de sociedades cotizadas en Europa o que desarrollen la mayor parte de su actividad en Europa, con una capitalización del mercado de entre 500 millones y 15.000 millones de euros. El Fondo puede invertir hasta el 20% en mercados emergentes.
1 El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). La Gestora de Inversiones aplicará una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas y municiones, armas nucleares y con actividades orientadas al tabaco y al carbón. Además, la Gestora de Inversiones excluirá generalmente aquellas sociedades que vulneren el Pacto Mundial de las Naciones Unidas.
1 El Fondo podrá perseguir una estrategia "larga-corta" en la cual, además de comprar y mantener activos, podrá usar IFD para tomar posiciones "cortas" en las que el Fondo podrá crear beneficios en cuanto a emisores cuyos títulos considere sobrevalorados o con una posible caída del valor.
1 Además, el Fondo también podrá invertir en otros activos, incluyendo otros fondos, títulos de deuda, efectivo y otros activos líquidos. Los títulos de deuda pueden ser emitidos tanto por entidades gubernamentales como corporativas, y tendrán una calificación de grado de inversión. El Fondo puede incrementar sus posiciones de efectivo y otros activos líquidos durante periodos de inestabilidad en el mercado.
1 Índices de referencia. El Fondo se gestiona de forma activa y no se utiliza ningún índice de referencia como universo de selección ni a efectos de comparación de la rentabilidad. | # Objectives and investment policy
1 The Fund seeks to provide an attractive risk-adjusted total return, through appreciation and income. The Fund will seek to achieve this return through investment primarily in shares, share-like instruments and financial derivative instruments or 'FDI' (ie instruments whose prices are dependent on one or more underlying assets) of companies listed in Europe or whose business is primarily in Europe, with market capitalisation of between €500 million and €15 billion. The Fund may invest up to 20% in emerging markets.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal-oriented activities. In addition the Investment Manager will typically exclude companies that are determined to be in non-compliance with the United Nations Global Compact.
1 The Fund may pursue a 'long-short' strategy whereby, in addition to buying and holding assets, it may use FDI to take 'short' positions where the Fund may make money in respect of issuers whose securities it believes to be overvalued or likely to fall in value.
1 In addition to the above, the Fund may also invest in a number of other assets including other funds, debt securities, cash and other liquid assets. Debt securities can be issued by either government or corporate entities and will have an investment grade rating. The Fund may increase its holdings of cash and other liquid assets in times of market turbulence.
1 Benchmarks. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes. | en | es |
DOLFIN8258 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
Type : Carmignac Portfolio Grandchildren is a segregated sub-fund of Carmignac Porfolio SICAV, an investment company with variable capital regulated by Luxembourg law and qualifying as UCITS pursuant to Directive 2009/65/CE.
Objectives : The objective of the sub-fund is to achieve long-term capital growth and involves active, flexible management with a focus on equity markets.
order to achieve its investment objective, the sub-fund seeks to invest in companies considered by the Investment Manager to be of high quality. The equity strategy is implemented through a portfolio of direct investment in securities and to a lesser extent, derivatives. The sub-fund is not constrained by any benchmark and is free to invest in the Investment Manager's choice of equities irrespective of industry and geography. The fund can invest up to 10% of the net assets in bonds with a rating below investment grade. Investments in high-quality companies are determined based upon a quantitative screening and fundamental analysis. The sub-fund may also, on an ancillary basis, hold cash and/or invest in other transferable securities.
n order to achieve its investment objective, the sub-fund may invest in futures traded on Eurozone and international markets, including emerging markets, for exposure or hedging purposes. The other derivatives that may be used by the portfolio manager for exposure or hedging purposes include CFDs (contracts for difference), forwards, forward exchange contracts, options (simple, barrier, binary), and swaps (including performance swaps), involving one or more risks/underlying instruments in which the portfolio manager may invest. At least 51% of the portfolio is invested in developed and emerging market equities, without restrictions in terms of allocation by geographical zone, sector type or market capitalisation. The sub-fund may invest up to 10% of its net assets in units or shares of investment funds. The portfolio manager also reserves the right to invest up to 10% of the net assets in bonds with a rating below investment grade.
This sub-fund is an actively managed UCITS. An actively managed UCITS is one where the investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. This sub-fund is actively managed in reference to its Reference indicator ( the MSCI WORLD NR (USD) index (Bloomberg code: M1WO) calculated with net
dividends reinvested). The sub-fund's investment universe is at least partly derived from the Reference indicator in terms of allocation by region, sector or market capitalisation. The sub- fund's investment strategy is not dependent on the Reference indicator; therefore, the sub- fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation.
Term : The SICAV was launched on 30/06/1999 for unlimited period. The sub-fund was launched on 31/05/2019.
Intended retail investor : This sub-fund is intended for private and institutional investors wishing to diversify their investments while benefiting from market opportunities through reactive asset management over a recommended investment period of more than 5 years, due to the sub-fund's exposure to the equity market.
The amount that might be reasonably invested in the sub-fund depends on each investor's individual situation. To determine this amount, the investor should take into account their personal and family circumstances, their personal assets, their current and future needs and their preference for accepting risks or investing cautiously.
Investments may be redeemed each business day on request. Subscription, redemption or conversion requests are centralised on each NAV calculation and publication day before 18:00 CET/ CEST and are executed on the next business day using the previous day's NAV
The Depositary of the sub-fund is BNP Paribas Securities Services, Luxembourg branch. This is an accumulation share.
The fund prospectus and latest key information document, as well as the latest annual report are available on the website www.carmignac.com, directly from the manufacturer or on the website www.fundinfo.com. Information on past performance for the last 10 years, where this data is available, and calculations of monthly past performance scenarios are available on the website www.carmignac.com. | # ¿QUÉ ES ESTE PRODUCTO?
Tipo: Carmignac Portfolio Grandchildren es un subfondo segregado de Carmignac Porfolio SICAV, una sociedad de inversión de capital variable que se rige por la legislación de Luxemburgo y se considera una IIC en valores mobiliarios con arreglo a la Directiva 2009/65/CE.
Objetivos: El objetivo del subfondo consiste en obtener un crecimiento del capital a largo plazo e implica una gestión activa y flexible centrada en los mercados de renta variable.
Con el fin de lograr su objetivo de inversión, el subfondo pretende invertir en empresas que, en opinión del Gestor de inversiones, presentan una elevada calidad. La estrategia de inversión se implementa a través de una cartera de inversiones directas en valores y, en menor medida, a través de derivados. El subfondo no está limitado por ningún índice de referencia y tiene total libertad para invertir en los títulos de renta variable seleccionados por el Gestor de inversiones, sin restricciones en cuanto a sectores o zonas geográficas. El fondo puede invertir hasta un 10% del patrimonio neto en bonos con una calificación inferior a investment grade. Las inversiones en empresas de elevada calidad se determinan en función de un filtro cuantitativo y un análisis fundamental. Con carácter accesorio, el subfondo también podrá mantener posiciones de liquidez y/o invertir en otros valores mobiliarios.
Con el fin de lograr su objetivo de inversión, el subfondo podrá invertir en futuros negociados en los mercados de la zona euro e internacionales, incluidos los mercados emergentes, con fines de exposición o cobertura. Otros instrumentos derivados a los que podrá recurrir el gestor de carteras, con fines de exposición o cobertura, incluyen los contratos por diferencias (CFD), los contratos a plazo, los contratos a plazo sobre divisas, las opciones (simples, con barrera, binarias) y los contratos de permuta financiera (incluidos los swaps de rentabilidad), sobre uno o varios riesgos/instrumentos subyacentes en los que el gestor de carteras podrá invertir. Al menos un 51% de la cartera se invierte en títulos de renta variable de los mercados desarrollados y emergentes, sin limitaciones en cuanto a la asignación por región geográfica, sector, tipo o capitalización de mercado. El subfondo podrá invertir hasta un 10% de su patrimonio neto en participaciones o acciones de fondos de inversión. El gestor de carteras también se reserva el derecho a invertir, en un límite del 10% del patrimonio neto, en bonos cuya calificación podrá ser inferior a investment grade.
Este subfondo es una IIC gestionada activamente. Esto significa que el gestor de inversiones puede determinar, a su discreción, la composición de su cartera, teniendo en cuenta la política y los objetivos de inversión indicados. Este subfondo se gestiona activamente con respecto a su indicador de referencia, el índice MSCI WORLD NR (USD) (código Bloomberg: M1WO), calculado
con dividendos netos reinvertidos. El universo de inversión del subfondo se deriva, al menos parcialmente, del indicador de referencia, en términos de asignación por zona geográfica, sector o capitalización de mercado. La estrategia de inversión del subfondo no depende del indicador de referencia; por lo tanto, las posiciones y las ponderaciones del subfondo podrían desviarse sustancialmente de la composición del indicador de referencia. No se establece ningún límite concreto en cuanto al grado de dicha desviación.
Plazo: La SICAV se creó el 30/06/1999 con una duración indefinida. Este Subfondo se lanzó el 31/05/2019.
Inversor minorista al que va dirigido: Debido a su exposición al mercado de renta variable, este subfondo está destinado a todos aquellos inversores, privados e institucionales, que deseen diversificar sus inversiones y beneficiarse al mismo tiempo de las oportunidades del mercado a través de una gestión dinámica de los activos en un periodo de inversión recomendado superior a 5 años.
La inversión considerada adecuada en este subfondo dependerá de la situación personal de cada inversor. Para determinar esta inversión, el inversor debe tener en cuenta sus circunstancias personales y familiares, su patrimonio personal, sus necesidades actuales y futuras, así como su preferencia por asumir riesgos o invertir de forma prudente.
El inversor podrá obtener, previa solicitud, el reembolso de sus participaciones cada día hábil. Las solicitudes de suscripción, reembolso o conversión se centralizarán todos los días de cálculo y publicación del valor liquidativo antes de las 18:00 horas (CET/CEST) y se ejecutarán el día hábil siguiente aplicando el valor liquidativo del día anterior.
El Depositario del subfondo es BNP Paribas Securities Services, Luxembourg Branch. Esta acción es una acción de capitalización.
El folleto del fondo, la última versión del documento de datos fundamentales, así como el último informe anual pueden obtenerse en el sitio web www.carmignac.com, dirigiéndose directamente al productor o en el sitio web www.fundinfo.com. La información relativa a la rentabilidad histórica de los diez últimos años, cuando esté disponible, y los cálculos de los escenarios de rentabilidad pasados publicados mensualmente están disponibles en el sitio web www.carmignac.com. | # WHAT IS THIS PRODUCT?
Type : Carmignac Portfolio Grandchildren is a segregated sub-fund of Carmignac Porfolio SICAV, an investment company with variable capital regulated by Luxembourg law and qualifying as UCITS pursuant to Directive 2009/65/CE.
Objectives : The objective of the sub-fund is to achieve long-term capital growth and involves active, flexible management with a focus on equity markets.
order to achieve its investment objective, the sub-fund seeks to invest in companies considered by the Investment Manager to be of high quality. The equity strategy is implemented through a portfolio of direct investment in securities and to a lesser extent, derivatives. The sub-fund is not constrained by any benchmark and is free to invest in the Investment Manager's choice of equities irrespective of industry and geography. The fund can invest up to 10% of the net assets in bonds with a rating below investment grade. Investments in high-quality companies are determined based upon a quantitative screening and fundamental analysis. The sub-fund may also, on an ancillary basis, hold cash and/or invest in other transferable securities.
n order to achieve its investment objective, the sub-fund may invest in futures traded on Eurozone and international markets, including emerging markets, for exposure or hedging purposes. The other derivatives that may be used by the portfolio manager for exposure or hedging purposes include CFDs (contracts for difference), forwards, forward exchange contracts, options (simple, barrier, binary), and swaps (including performance swaps), involving one or more risks/underlying instruments in which the portfolio manager may invest. At least 51% of the portfolio is invested in developed and emerging market equities, without restrictions in terms of allocation by geographical zone, sector type or market capitalisation. The sub-fund may invest up to 10% of its net assets in units or shares of investment funds. The portfolio manager also reserves the right to invest up to 10% of the net assets in bonds with a rating below investment grade.
This sub-fund is an actively managed UCITS. An actively managed UCITS is one where the investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. This sub-fund is actively managed in reference to its Reference indicator ( the MSCI WORLD NR (USD) index (Bloomberg code: M1WO) calculated with net
dividends reinvested). The sub-fund's investment universe is at least partly derived from the Reference indicator in terms of allocation by region, sector or market capitalisation. The sub- fund's investment strategy is not dependent on the Reference indicator; therefore, the sub- fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation.
Term : The SICAV was launched on 30/06/1999 for unlimited period. The sub-fund was launched on 31/05/2019.
Intended retail investor : This sub-fund is intended for private and institutional investors wishing to diversify their investments while benefiting from market opportunities through reactive asset management over a recommended investment period of more than 5 years, due to the sub-fund's exposure to the equity market.
The amount that might be reasonably invested in the sub-fund depends on each investor's individual situation. To determine this amount, the investor should take into account their personal and family circumstances, their personal assets, their current and future needs and their preference for accepting risks or investing cautiously.
Investments may be redeemed each business day on request. Subscription, redemption or conversion requests are centralised on each NAV calculation and publication day before 18:00 CET/ CEST and are executed on the next business day using the previous day's NAV
The Depositary of the sub-fund is BNP Paribas Securities Services, Luxembourg branch. This is an accumulation share.
The fund prospectus and latest key information document, as well as the latest annual report are available on the website www.carmignac.com, directly from the manufacturer or on the website www.fundinfo.com. Information on past performance for the last 10 years, where this data is available, and calculations of monthly past performance scenarios are available on the website www.carmignac.com. | en | es |
DOLFIN8259 | 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 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related 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
United Nations Global Compact principles. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to certain country weight adjustments. The index is administered by MSCI Limited. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced at least quarterly. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. 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.
conditions, sector, geographical region and political events. 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 ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager is not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules based and is not capable of being adjusted to take into account changing market circumstances. The derivatives used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: 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 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
principios del Pacto Mundial de Naciones Unidas. Los valores restantes se ponderan en función de su capitalización de mercado ajustada al capital flotante y también se someten a determinados ajustes de ponderación por países. El índice es administrado por MSCI Limited. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y reajusta, al menos, una vez por trimestre. Para lograr el objetivo, el fondo invertirá en valores mobiliarios y celebrará contratos financieros (derivados) con una o varias contrapartes de swaps en relación con los valores mobiliarios y el índice con el fin de alcanzar la rentabilidad del índice. 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.
condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. 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. Durante el proceso de cribado del índice se aplican criterios ESG para excluir valores emitidos por empresas que guarden relación con ciertas actividades. El gestor de inversiones no es responsable de supervisar el proceso de cribado ni de confirmar que todos los valores que resulten de él hayan sido emitidos por empresas con unos estándares ESG adecuados. Para el cribado por ESG, la sociedad únicamente se basa en las actividades llevadas a cabo por el administrador del índice y MSCI ESG Research LLC y en la información que estos proporcionen. La información sobre ESG de otros proveedores de datos puede estar incompleta, ser imprecisa o no estar disponible. En consecuencia, existe el riesgo de que el administrador del índice pueda valorar incorrectamente un valor o un emisor e incluir o excluir erróneamente un valor en el índice. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Los derivados empleados para tener más exposición al índice 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 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related 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
United Nations Global Compact principles. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to certain country weight adjustments. The index is administered by MSCI Limited. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced at least quarterly. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. 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.
conditions, sector, geographical region and political events. 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 ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager is not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules based and is not capable of being adjusted to take into account changing market circumstances. The derivatives used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN8264 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund invests primarily in equity securities of emerging market companies.
The Fund invests at least two-thirds of its total assets in equity securities of companies in emerging or frontier countries or markets including, but not limited to, certain eligible A-Shares via the Shanghai- Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”). These are companies domiciled or which exercise the preponderant part of their economic activities in emerging or frontier countries or markets as classified by the World Bank; which are those countries or markets with low- to middle-income economies. The Fund may invest up to one-third of its total assets in cash and cash equivalents or other types of securities than those described above, including but not limited to, equity securities of companies domiciled in countries other than those described above. This also includes fixed income securities, convertible securities, Regulation S securities and Rule 144A securities, all rated investment grade. Investment grade fixed income securities are securities rated at least BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Services, Inc.), an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. | # El fondo invierte principalmente en títulos de renta variable de empresas de mercados emergentes.
El Fondo invierte al menos dos tercios de sus activos totales en títulos de renta variable de empresas de mercados o países emergentes o fronterizos, incluidos, ente otros, determinadas acciones “A” admisibles mediante el programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect (colectivamente, “Stock Connect”). Se trata de aquellas empresas que están domiciliadas o desarrollan la parte predominante de su actividad económica en mercados o países emergentes o fronterizos con arreglo a la clasificación del Banco Mundial; estos son aquellos mercados o países con una economía de ingresos de bajos a medios. El fondo puede invertir hasta un tercio de su patrimonio total en efectivo y equivalentes al efectivo u otros tipos de valores distintos de los descritos anteriormente, incluidos títulos de renta variable de empresas con domicilio en países distintos a los descritos anteriormente. Esto también incluye títulos de renta fija, valores convertibles, títulos que se rigen por la Norma S y títulos que se rigen por la Norma 144A, todos ellos con grado de inversión. Los títulos de renta fija con grado de inversión son valores cuya calificación es al menos de BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), una calificación equivalente de Fitch Ratings o, de no recibir calificación, que el gestor de inversiones considere equivalente. | # The Fund invests primarily in equity securities of emerging market companies.
The Fund invests at least two-thirds of its total assets in equity securities of companies in emerging or frontier countries or markets including, but not limited to, certain eligible A-Shares via the Shanghai- Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”). These are companies domiciled or which exercise the preponderant part of their economic activities in emerging or frontier countries or markets as classified by the World Bank; which are those countries or markets with low- to middle-income economies. The Fund may invest up to one-third of its total assets in cash and cash equivalents or other types of securities than those described above, including but not limited to, equity securities of companies domiciled in countries other than those described above. This also includes fixed income securities, convertible securities, Regulation S securities and Rule 144A securities, all rated investment grade. Investment grade fixed income securities are securities rated at least BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Services, Inc.), an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. | en | es |
DOLFIN8268 | 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: May 31, 2017.
The reference currency of the Sub-Fund is USD.
30%
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 31 de mayo de 2017. La moneda de referencia del Subfondo es USD.
30%
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: May 31, 2017.
The reference currency of the Sub-Fund is USD.
30%
20%
10%
0%
-10% | en | es |
DOLFIN8269 | 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 our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | #### 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 categoría 5 de 7, es decir, la clase de riesgo media-alta. Esto clasifica las posibles pérdidas de rentabilidad futura a nivel medio-alto e indica que las malas condiciones del mercado probablemente incidan en nuestra capacidad para pagarle.
Tenga presente el riesgo de cambio. Su moneda local puede diferir de la moneda del producto. Usted recibirá los pagos en una moneda diferente de su moneda local, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | #### 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 our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN8278 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and investment strategy
The Sub-Fund seeks both long-term growth of your investment, in USD, from an actively managed listed equity and equity-related securities portfolio, and a sustainable investment objective, in line with a socially responsible investment (SRI) approach.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy of the Sub-Fund. | # Objetivo y estrategia de inversión
El objetivo del Subfondo es la revalorización de su inversión a largo plazo, en USD, mediante una cartera gestionada de forma activa, compuesta por acciones cotizadas y títulos vinculados a renta variable, así como un objetivo de inversión sostenible, en consonancia con un enfoque de inversión socialmente responsable (ISR).
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la moneda de referencia del Subfondo y la moneda de la clase de acción, mediante el uso de instrumentos derivados, mientras se mantiene la exposición a la Política de Inversión del Subfondo. | # Objective and investment strategy
The Sub-Fund seeks both long-term growth of your investment, in USD, from an actively managed listed equity and equity-related securities portfolio, and a sustainable investment objective, in line with a socially responsible investment (SRI) approach.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy of the Sub-Fund. | en | es |
DOLFIN8281 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - Pan European Smaller Companies
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class IE | 12.1084 | 13.0732 | 8.6065 |
| --- | --- | --- | --- |
| Class ZE | 11.7537 | 12.7094 | 8.3794 |
| Class 1E | 11.4986 | 12.5109 | 8.2996 |
| Class 1EP | 10.9343 | 12.0777 | 8.0712 |
| Class 1FH | 11.3955 1 | 12.4182 1 | 8.2583 1 |
| Class 1G | 10.7968 2 | 11.8416 2 | 8.1606 2 |
| Class 1UH | 12.2785 3 | 13.1915 3 | 8.6456 3 |
| Class 2E | 11.7673 | 12.7202 | 8.3840 |
| Class 2G | 11.0646 2 | 12.0514 2 | 8.2490 2 |
| Class 3E | 11.8366 | 12.7747 | 8.4066 |
| Class 3EP | 11.2596 | 12.3346 | 8.1761 |
| Class 3FH | 11.7317 1 | 12.6823 1 | 8.3663 1 |
| Class 3G | 11.1130 2 | 12.0901 2 | 8.2649 2 |
| Class 3GP | 10.5711 2 | 11.6735 2 | 8.0380 2 |
| Class 3UH | 12.6338 3 | 13.4644 3 | 8.7556 3 |
| Class 4E | 12.1985 | 13.0550 | 8.5195 |
| Class 4G | 12.8182 2 | 13.8285 2 | 9.3745 2 |
| Class 8E | 11.7527 | 12.7095 | 8.3804 |
| Class 8G | 11.0354 2 | 12.0297 2 | 8.2400 2 |
| Class 9E | 11.8550 | 12.7895 | 8.4130 |
| Class 9EP | 11.2856 | 12.3547 | 8.1797 |
| Class 9FH | 11.7487 1 | 12.6978 1 | 8.3720 1 |
| Class 9G | 11.1328 2 | 12.1068 2 | 8.2730 2 |
| Class 9GP | 10.6036 2 | 11.7010 2 | 8.0468 2 |
| Class 9UH | 12.6594 3 | 13.4863 3 | 8.7665 3 |
1
Class is denominated in CHF. The base currency of the Portfolio is EUR.
2
Class is denominated in GBP. The base currency of the Portfolio is EUR.
3
Class is denominated in USD. The base currency of the Portfolio is EUR.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes EUR Net assets at the beginning of the year 1,641,460,241 Income Dividends, net 2 20,103,352 Bank interest 2 564 Other income 16,185 Total income 20,120,101 Expenses Asset management fees 5 (23,234,982) Bank interest 2 (24,467) Operating expenses 3, 5 (2,432,115) Total expenses (25,691,564) Net (loss) from investments (5,571,463) Net realised gain on sales of investments 50,157,180 Net realised gain on forward currency exchange contracts 2,915,792 Net realised (loss) on foreign exchange (63,425) Net realised gain on tax reclaim 2 Net realised gain 53,009,549 Change in net unrealised (loss) on investments (5,472,348) Change in net unrealised (loss) on forward currency exchange contracts (559,525) Net change in unrealised (loss) (6,031,873 Net increase in net assets as a result of operations 41,406,213 Movements in capital Subscriptions of shares 228,249,523 Redemptions of shares (287,537,364) Dividends 7 (191,642) Total movements in capital (59,479,483) Net assets at the end of the year 1,623,386,971 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Subscriptions receivable Other assets | 2 2 | 1,619,990,880 3,076,914 406,008 2,912,881 |
| Total assets | | 1,626,386,683 |
| Liabilities Redemptions payable Bank interest payable Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2, 9 5 | (973,122) (2,663) (103,527) (1,738,892) (181,508) |
| Total liabilities | | (2,999,712) |
| Total net assets | | 1,623,386,971 |
| NUMBER OF SHARES OUTSTANDING Class AE 120,639.994 Class AGH 3,784.833 Class AUH 12,616.145 Class DUH 66.000 Class IE 1,117,568.067 Class ZE 85.000 Class ZG 22,581.768 Class ZGH 243,861.343 Class 1E 74,418,310.684 Class 1EP 875,759.556 Class 1SH 2,405,384.391 Class 1U 49,354.772 Class 1UH 329,971.730 Class 2E 11,321,027.255 Class 2EP 79,176.000 Class 3E 3,831,725.812 Class 3U 527,547.916 Class 8E 3,044,950.107 Class 8EP 33,970.558 Class 9E 11,806,406.524 Class 9U 63.000 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 EUR 1,623,386,971 1,641,460,241 1,246,832,227 |
| | | | # Threadneedle (Lux) - Pan European Smaller Companies
### ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN
31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020
| Clase IE | 12,1084 | 13,0732 | 8,6065 |
| --- | --- | --- | --- |
| Clase ZE | 11,7537 | 12,7094 | 8,3794 |
| Clase 1E | 11,4986 | 12,5109 | 8,2996 |
| Clase 1EP | 10,9343 | 12,0777 | 8,0712 |
| Clase 1FH | 11,3955 1 | 12,4182 1 | 8,2583 1 |
| Clase 1G | 10,7968 2 | 11,8416 2 | 8,1606 2 |
| Clase 1UH | 12,2785 3 | 13,1915 3 | 8,6456 3 |
| Clase 2E | 11,7673 | 12,7202 | 8,3840 |
| Clase 2G | 11,0646 2 | 12,0514 2 | 8,2490 2 |
| Clase 3E | 11,8366 | 12,7747 | 8,4066 |
| Clase 3EP | 11,2596 | 12,3346 | 8,1761 |
| Clase 3FH | 11,7317 1 | 12,6823 1 | 8,3663 1 |
| Clase 3G | 11,1130 2 | 12,0901 2 | 8,2649 2 |
| Clase 3GP | 10,5711 2 | 11,6735 2 | 8,0380 2 |
| Clase 3UH | 12,6338 3 | 13,4644 3 | 8,7556 3 |
| Clase 4E | 12,1985 | 13,0550 | 8,5195 |
| Clase 4G | 12,8182 2 | 13,8285 2 | 9,3745 2 |
| Clase 8E | 11,7527 | 12,7095 | 8,3804 |
| Clase 8G | 11,0354 2 | 12,0297 2 | 8,2400 2 |
| Clase 9E | 11,8550 | 12,7895 | 8,4130 |
| Clase 9EP | 11,2856 | 12,3547 | 8,1797 |
| Clase 9FH | 11,7487 1 | 12,6978 1 | 8,3720 1 |
| Clase 9G | 11,1328 2 | 12,1068 2 | 8,2730 2 |
| Clase 9GP | 10,6036 2 | 11,7010 2 | 8,0468 2 |
| Clase 9UH | 12,6594 3 | 13,4863 3 | 8,7665 3 |
1
La clase está denominada en CHF. La divisa base de la Cartera es el EUR.
2
La clase está denominada en GBP. La divisa base de la Cartera es el EUR.
3
La clase está denominada en USD. La divisa base de la Cartera es el EUR.
| ESTADO DEL PATRIMONIO NETO a 31 de marzo de 2022 | | | ESTADO DE OPERACIONES Y VARIACIONES EN EL PATRIMONIO NETO durante el ejercicio cerrado el 31 de marzo de 2022 2022 Notas EUR Patrimonio neto al inicio del ejercicio 1.641.460.241 Ingresos Dividendos, neto 2 20.103.352 Interés bancario 2 564 Otros ingresos 16.185 Total de ingresos 20.120.101 Gastos Comisiones de gestión de activos 5 (23.234.982 Interés bancario 2 (24.467 Gastos operativos 3, 5 (2.432.115 Total de gastos (25.691.564 (Pérdida) neta de inversiones (5.571.463 Ganancia neta realizada en ventas de inversiones 50.157.180 Ganancia neta realizada en contratos de divisas a plazo 2.915.792 (Pérdida) neta realizada de cambio de divisas (63.425 Ganancia neta realizada en reembolso de impuestos 2 Ganancia neta realizada 53.009.549 Cambio en la (pérdida) neta no realizada en inversiones (5.472.348 Cambio en la (pérdida) neta no realizada en contratos de divisas a plazo (559.525 Cambio neto en (pérdida) no realizada (6.031.873 Aumento neto en el patrimonio neto como resultado de operaciones 41.406.213 Movimientos de capital Suscripciones de acciones 228.249.523 Reembolsos de acciones (287.537.364 Dividendos 7 (191.642 Total de movimientos de capital (59.479.483 Patrimonio neto al final del ejercicio 1.623.386.971 |
| --- | --- | --- | --- |
| | Notas | 2022 EUR |
| Activos Cartera de inversión al valor del mercado Efectivo en el banco Suscripciones por cobrar Otros activos | 2 2 | 1.619.990.880 3.076.914 406.008 2.912.881 |
| Total de activos | | 1.626.386.683 |
| Pasivos Reembolsos pagaderos Interés pagadero bancario (Pérdida) neta no realizada en contratos de divisas a plazo Comisiones de gestión de activos pagaderas Otros pasivos | 2, 9 5 | (973.122) (2.663) (103.527) (1.738.892) (181.508) |
| Total de pasivos | | (2.999.712) |
| Total de patrimonio neto | | 1.623.386.971 |
| NÚMERO DE ACCIONES EN CIRCULACIÓN Clase AE 120.639,994 Clase AGH 3.784,833 Clase AUH 12.616,145 Clase DUH 66,000 Clase IE 1.117.568,067 Clase ZE 85,000 Clase ZG 22.581,768 Clase ZGH 243.861,343 Clase 1E 74.418.310,684 Clase 1EP 875.759,556 Clase 1SH 2.405.384,391 Clase 1U 49.354,772 Clase 1UH 329.971,730 Clase 2E 11.321.027,255 Clase 2EP 79.176,000 Clase 3E 3.831.725,812 Clase 3U 527.547,916 Clase 8E 3.044.950,107 Clase 8EP 33.970,558 Clase 9E 11.806.406,524 Clase 9U 63,000 |
| VALOR LIQUIDATIVO TOTAL 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 EUR 1.623.386.971 1.641.460.241 1.246.832.227 |
| | | | # Threadneedle (Lux) - Pan European Smaller Companies
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class IE | 12.1084 | 13.0732 | 8.6065 |
| --- | --- | --- | --- |
| Class ZE | 11.7537 | 12.7094 | 8.3794 |
| Class 1E | 11.4986 | 12.5109 | 8.2996 |
| Class 1EP | 10.9343 | 12.0777 | 8.0712 |
| Class 1FH | 11.3955 1 | 12.4182 1 | 8.2583 1 |
| Class 1G | 10.7968 2 | 11.8416 2 | 8.1606 2 |
| Class 1UH | 12.2785 3 | 13.1915 3 | 8.6456 3 |
| Class 2E | 11.7673 | 12.7202 | 8.3840 |
| Class 2G | 11.0646 2 | 12.0514 2 | 8.2490 2 |
| Class 3E | 11.8366 | 12.7747 | 8.4066 |
| Class 3EP | 11.2596 | 12.3346 | 8.1761 |
| Class 3FH | 11.7317 1 | 12.6823 1 | 8.3663 1 |
| Class 3G | 11.1130 2 | 12.0901 2 | 8.2649 2 |
| Class 3GP | 10.5711 2 | 11.6735 2 | 8.0380 2 |
| Class 3UH | 12.6338 3 | 13.4644 3 | 8.7556 3 |
| Class 4E | 12.1985 | 13.0550 | 8.5195 |
| Class 4G | 12.8182 2 | 13.8285 2 | 9.3745 2 |
| Class 8E | 11.7527 | 12.7095 | 8.3804 |
| Class 8G | 11.0354 2 | 12.0297 2 | 8.2400 2 |
| Class 9E | 11.8550 | 12.7895 | 8.4130 |
| Class 9EP | 11.2856 | 12.3547 | 8.1797 |
| Class 9FH | 11.7487 1 | 12.6978 1 | 8.3720 1 |
| Class 9G | 11.1328 2 | 12.1068 2 | 8.2730 2 |
| Class 9GP | 10.6036 2 | 11.7010 2 | 8.0468 2 |
| Class 9UH | 12.6594 3 | 13.4863 3 | 8.7665 3 |
1
Class is denominated in CHF. The base currency of the Portfolio is EUR.
2
Class is denominated in GBP. The base currency of the Portfolio is EUR.
3
Class is denominated in USD. The base currency of the Portfolio is EUR.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes EUR Net assets at the beginning of the year 1,641,460,241 Income Dividends, net 2 20,103,352 Bank interest 2 564 Other income 16,185 Total income 20,120,101 Expenses Asset management fees 5 (23,234,982) Bank interest 2 (24,467) Operating expenses 3, 5 (2,432,115) Total expenses (25,691,564) Net (loss) from investments (5,571,463) Net realised gain on sales of investments 50,157,180 Net realised gain on forward currency exchange contracts 2,915,792 Net realised (loss) on foreign exchange (63,425) Net realised gain on tax reclaim 2 Net realised gain 53,009,549 Change in net unrealised (loss) on investments (5,472,348) Change in net unrealised (loss) on forward currency exchange contracts (559,525) Net change in unrealised (loss) (6,031,873 Net increase in net assets as a result of operations 41,406,213 Movements in capital Subscriptions of shares 228,249,523 Redemptions of shares (287,537,364) Dividends 7 (191,642) Total movements in capital (59,479,483) Net assets at the end of the year 1,623,386,971 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Subscriptions receivable Other assets | 2 2 | 1,619,990,880 3,076,914 406,008 2,912,881 |
| Total assets | | 1,626,386,683 |
| Liabilities Redemptions payable Bank interest payable Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2, 9 5 | (973,122) (2,663) (103,527) (1,738,892) (181,508) |
| Total liabilities | | (2,999,712) |
| Total net assets | | 1,623,386,971 |
| NUMBER OF SHARES OUTSTANDING Class AE 120,639.994 Class AGH 3,784.833 Class AUH 12,616.145 Class DUH 66.000 Class IE 1,117,568.067 Class ZE 85.000 Class ZG 22,581.768 Class ZGH 243,861.343 Class 1E 74,418,310.684 Class 1EP 875,759.556 Class 1SH 2,405,384.391 Class 1U 49,354.772 Class 1UH 329,971.730 Class 2E 11,321,027.255 Class 2EP 79,176.000 Class 3E 3,831,725.812 Class 3U 527,547.916 Class 8E 3,044,950.107 Class 8EP 33,970.558 Class 9E 11,806,406.524 Class 9U 63.000 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 EUR 1,623,386,971 1,641,460,241 1,246,832,227 |
| | | | en | es |
DOLFIN8282 | 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 31/07/2014-31/07/2019.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,462
4.6%
GBP 12,026
3.8% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/07/2014-31/07/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 462 GBP
4,6%
12 026 GBP
3,8% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/07/2014-31/07/2019.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,462
4.6%
GBP 12,026
3.8% | en | es |
DOLFIN8286 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## MSCI
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
Regulatory documents are available on demand | ## MSCI
Ni MSCI ni ninguna otra tercera empresa interviniente o relacionada con la compilación, informatización o creación de los datos de MSCI, presta garantía, expresa o implícita, ni se compromete en modo alguno, en relación con dichos datos (o con los resultados obtenidos mediante el uso de los mismos), negando todas ellas en este acto y expresamente toda garantía en relación con la originalidad, precisión, integridad, susceptibilidad de comercialización o idoneidad para un uso concreto de dichos datos. Sin perjuicio de lo anteriormente expuesto, en ningún caso tendrán, ni MSCI, ni las empresas afiliadas de ésta, ni ninguna otra tercera empresa interviniente o relacionada con la compilación, informatización o creación de los datos de MSCI, responsabilidad alguna por daños directos, indirectos, especiales, punitivos, sobrevenidos o por cualesquiera otros daños y perjuicios (se incluye el lucro cesante) aunque se les hubiera comunicado la posibilidad de que dichos daños podrían producirse. Cualquier otra distribución o difusión de los datos de MSCI necesitará la previa autorización expresa y por escrito de MSCI.
Los documentos legales están disponibles bajo petición | ## MSCI
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
Regulatory documents are available on demand | en | es |
DOLFIN8290 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Given the lack of historical data, ongoing charges are calculated according to an estimate based on the expected total amount of these charges. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | Los gastos de entrada, salida y conversión que se muestran representan el importe máximo aplicable y se abonan al distribuidor. Podrán aplicarse comisiones más bajas en algunos casos; póngase en contacto son su asesor financiero o al distribuidor si desea saber el importe real.
Puesto que no se dispone de datos históricos que permitan su cálculo, se procederá a una estimación de los gastos corrientes a partir del importe total previsto de estos gastos. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el subfondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos y las comisiones que se pagan están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución de las participaciones. Dichos gastos reducen el potencial de crecimiento de la inversión.
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
La comisión de rentabilidad se basa en la rentabilidad superior de la clase de acciones con respecto a la de su indicador de referencia. La comisión de rentabilidad se calcula para un periodo de rentabilidad de 1 año, correspondiente al ejercicio financiero del subfondo, y se devenga a diario. La comisión de rentabilidad será pagadera cuando la rentabilidad de la clase de acciones sea superior a la del indicador de referencia durante el periodo de rentabilidad. No obstante, no se abonará ninguna comisión de rentabilidad hasta que no se recupere cualquier rentabilidad inferior registrada en un periodo máximo de 5 años (aplicable desde el 1 de enero de 2022 o desde el lanzamiento de la clase de acciones si se produce posteriormente).
Asimismo, la comisión de rentabilidad podrá cobrarse incluso si la rentabilidad absoluta es negativa, es decir, si la rentabilidad absoluta del fondo es negativa pero sigue siendo superior a la del indicador de referencia. | Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Given the lack of historical data, ongoing charges are calculated according to an estimate based on the expected total amount of these charges. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | en | es |
DOLFIN8304 | 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’s objective is to produce both income and capital growth by investing at least 80% of its assets in a portfolio of preferred and debt securities issued by companies worldwide, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; contingent preferred securities (“CoCos”); and securities of other open-end, closed-end or exchange-traded funds that invest primarily in preferred and debt securities as described herein. The Fund invests primarily in companies located in developed countries. The Fund may also invest up to 15% of its net assets in shares of companies located in emerging market countries. The Sub- Fund may invest in debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. The Fund may not invest more than 10% of its assets in other funds. The Fund may invest in financial instruments whose value is based on the value or characteristics of one or more underlying assets (derivatives) for hedging purposes.
The Fund is actively managed. The investment manager currently uses a blended benchmark consisting of 60% BofA Merrill Lynch US Capital Securities Index, 25% BofA Merrill Lynch Hybrid Preferred Securities 8% Constrained Index, and 15% Bloomberg Barclays Developed Market USD Contingent Capital for its internal analysis
and for comparison with the investment performance, holdings, and other characteristics of the Fund in materials provided to shareholders and potential investors, but the composition of the portfolio holdings of the Fund is not constrained by the composition of its benchmark as a result. Active management of the Fund may result in the minority or majority of the portfolio being components of the benchmark while also including securities that are not components of this benchmark. Because the Fund’s investment objective and policy focus on the same sector as this benchmark, the investment performance, holdings, and other characteristics of the Fund may resemble those of the benchmark. Such characteristics are the result of the exercise of full discretion over the Fund based on current market conditions.
Investment in the Fund is suitable for a long-term investor who is able to tolerate market and interest rate volatility and potential loss of capital.
Income arising from the Fund will be distributed to shareholders of Class F Shares quarterly, while all such income will be reinvested in Class FX Shares. Class F and FX Shares are each available in USD. You may buy or sell shares of the Fund on demand on any Luxembourg business day. Class F and FX Shares are only available at the Fund’s discretion. | # Objetivos y política de inversión
El objetivo del Fondo es producir tanto ingresos como crecimiento del capital invirtiendo al menos el 80 % de sus activos en una cartera de títulos de deuda y valores preferentes emitidos por empresas de todo el mundo, incluidos valores preferentes tradicionales; valores preferentes híbridos que tienen características económicas y de inversión de acciones preferentes y títulos de deuda; valores preferentes de tipo flotante; títulos de deuda corporativa; valores convertibles; valores preferentes convertibles (“CoCos”); y valores de otros fondos abiertos, cerrados o cotizados que invierten principalmente en valores preferentes y títulos de deuda como se describe en el presente documento. El Fondo invierte principalmente en empresas ubicadas en países desarrollados. El Fondo también puede invertir hasta el 15 % de sus activos netos en acciones de empresas ubicadas en países de mercados emergentes. El Subfondo podrá invertir en títulos de deuda de cualquier vencimiento o calificación crediticia, incluidos valores con calificación de grado de inversión, valores con calificación inferior a la categoría de inversión y valores sin calificación. El Fondo no podrá invertir más del 10 % de sus activos en otros fondos. El Fondo podrá invertir en instrumentos financieros cuyo valor se basa en el valor o características de uno o más activos subyacentes (derivados) con fines de cobertura.
El Fondo se gestiona activamente. El gestor de inversiones utiliza actualmente un índice de referencia combinado, compuesto en 60% BofA Merrill Lynch US Capital Securities Index, 25% BofA Merrill Lynch Hybrid Preferred Securities 8% Constrained Index, and 15% Bloomberg Barclays Developed
Market USD Contingent Capital para su análisis interno y para la comparación con el rendimiento de la inversión, las tenencias y otras características del Fondo en los materiales proporcionados a los accionistas e inversores potenciales, pero, como resultado, la composición de las tenencias de la cartera del Fondo no está limitada por la composición de su índice de referencia. La gestión activa del Fondo puede provocar que la minoría o la mayoría de los valores de la cartera sean componentes del índice de referencia, además de incluir valores que no sean componentes de este índice de referencia. Dado que el objetivo de inversión y la política del Fondo se centran en el mismo sector que este índice de referencia, el rendimiento de inversión, las tenencias y otras características del Fondo pueden parecerse a las del índice de referencia. Dichas características son el resultado del ejercicio de plena discreción sobre el Fondo según las condiciones actuales del mercado.
La inversión en el Fondo es adecuada para un inversor a largo plazo que pueda tolerar la volatilidad del mercado y de los tipos de interés y la pérdida potencial de capital.
Los ingresos procedentes del Fondo se distribuirán a los accionistas de las Acciones de Clase F trimestralmente, mientras que todos los ingresos se reinvertirán en Acciones de Clase FX. Las Acciones de Clase F y FX están disponibles en USD. Puede comprar o vender acciones del Fondo a petición cualquier día hábil en Luxemburgo. Las Clases de Acciones F y FX solo están disponibles según el criterio del Fondo. | # Objectives and Investment Policy
The Fund’s objective is to produce both income and capital growth by investing at least 80% of its assets in a portfolio of preferred and debt securities issued by companies worldwide, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; contingent preferred securities (“CoCos”); and securities of other open-end, closed-end or exchange-traded funds that invest primarily in preferred and debt securities as described herein. The Fund invests primarily in companies located in developed countries. The Fund may also invest up to 15% of its net assets in shares of companies located in emerging market countries. The Sub- Fund may invest in debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. The Fund may not invest more than 10% of its assets in other funds. The Fund may invest in financial instruments whose value is based on the value or characteristics of one or more underlying assets (derivatives) for hedging purposes.
The Fund is actively managed. The investment manager currently uses a blended benchmark consisting of 60% BofA Merrill Lynch US Capital Securities Index, 25% BofA Merrill Lynch Hybrid Preferred Securities 8% Constrained Index, and 15% Bloomberg Barclays Developed Market USD Contingent Capital for its internal analysis
and for comparison with the investment performance, holdings, and other characteristics of the Fund in materials provided to shareholders and potential investors, but the composition of the portfolio holdings of the Fund is not constrained by the composition of its benchmark as a result. Active management of the Fund may result in the minority or majority of the portfolio being components of the benchmark while also including securities that are not components of this benchmark. Because the Fund’s investment objective and policy focus on the same sector as this benchmark, the investment performance, holdings, and other characteristics of the Fund may resemble those of the benchmark. Such characteristics are the result of the exercise of full discretion over the Fund based on current market conditions.
Investment in the Fund is suitable for a long-term investor who is able to tolerate market and interest rate volatility and potential loss of capital.
Income arising from the Fund will be distributed to shareholders of Class F Shares quarterly, while all such income will be reinvested in Class FX Shares. Class F and FX Shares are each available in USD. You may buy or sell shares of the Fund on demand on any Luxembourg business day. Class F and FX Shares are only available at the Fund’s discretion. | en | es |
DOLFIN8307 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation. | ## Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles.
A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario. El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
Al menos el 75% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing), o de una calificación otorgada por una agencia de calificación extrafinanciera externa. Al final de este proceso, el Fondo tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía. | ## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation. | en | es |
DOLFIN8310 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager may temporarily suspend the determination of the Net Asset Value of any Sub-Fund and subscription and redemption of Units of any Sub- Fund:
- when any of the principal markets or stock exchanges on which any significant portion of the Investments of the relevant Sub-Fund from time to time are quoted, listed, traded or dealt in is closed (otherwise than for customary weekend or ordinary holidays) or during which dealings therein are restricted or suspended or trading on any relevant futures exchange or market is restricted or suspended;
- when, as a result of political, economic, military or monetary events or any other circumstances outside the control, responsibility and power of the Manager, any disposal or valuation of Investments of the relevant Sub-Fund is not, in the opinion of the Manager, reasonablypracticable without this being seriously detrimental to the interests of owners of Units in general or the owners of Units of the relevant Sub-Fund or if, in the opinion of the Manager, the Redemption Price cannot fairly be calculated or such disposal would be materially prejudicial to the owners of Units in general or the owners of Units of the relevant Sub-Fund;
- during any period when any breakdown occurs in the means of communication normally employed in determining the value of any of the Investments of the Sub-Fund or when for any other reason the value of any of the Investments or other assets of the Sub-Fund cannot reasonably or fairly be ascertained; or
- during any period when the Sub-Fund is unable to repatriate funds required for the purpose of making redemption payments or when such payments cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange or during which any transfer of funds involved in the realisation or acquisition of Investments or when payments due on redemption cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange;
- where necessary in the opinion of the Manager. | La Sociedad Gestora puede suspender temporalmente el cálculo del Valor Liquidativo de cualquier Subfondo, así como la suscripción y el reembolso de Participaciones de cualquier Subfondo:
- cuando cualquiera de los mercados o bolsas de valores principales en los que cotice, esté admitida a cotización o se negocie oportunamente cualquier parte significativa de las inversiones del Subfondo correspondiente esté cerrado (por motivos distintos a fines de semana o periodos vacacionales ordinarios) o cuando las operaciones en los mismos estén limitadas o suspendidas o las operaciones bursátiles en cualquier bolsa de futuros relevante o mercado estén limitadas o suspendidas;
- si, como consecuencia de acontecimientos políticos, económicos, militares y monetarios o cualquier otra circunstancia que escape del control y la responsabilidad de la Sociedad Gestora, en opinión de esta no resulta factible realizar la venta o la valoración de las inversiones del Subfondo en cuestión sin que esto perjudique considerablemente los intereses de los Partícipes en general o los Partícipes del Subfondo pertinente o si, a juicio de la Sociedad Gestora, el Precio de reembolso no puede calcularse de modo justo o si dicha venta perjudicaría considerablemente a los Partícipes en general o los Partícipes del Subfondo pertinente;
- durante cualquier periodo en el que se produzca una avería en los medios de comunicación utilizados habitualmente para calcular el valor de cualquiera de las inversiones del Subfondo o si, por cualquier otro motivo, el valor de las inversiones y otros activos del Subfondo no puede determinarse de modo razonable o justo; o
- durante cualquier periodo en que el Subfondo no pueda repatriar los fondos necesarios con el objeto de realizar pagos de reembolsos o cuando dichos pagos no puedan, en opinión de la Sociedad Gestora, efectuarse a precios normales o tipos de cambio normales o durante los cuales cualquier transferencia de fondos implicada en la materialización o adquisición de inversiones o cuando los pagos debidos al reembolso no puedan, en opinión de la Sociedad Gestora, efectuarse a precios normales o tipos de cambio normales;
- cuando sea necesario a juicio de la Sociedad Gestora. | The Manager may temporarily suspend the determination of the Net Asset Value of any Sub-Fund and subscription and redemption of Units of any Sub- Fund:
- when any of the principal markets or stock exchanges on which any significant portion of the Investments of the relevant Sub-Fund from time to time are quoted, listed, traded or dealt in is closed (otherwise than for customary weekend or ordinary holidays) or during which dealings therein are restricted or suspended or trading on any relevant futures exchange or market is restricted or suspended;
- when, as a result of political, economic, military or monetary events or any other circumstances outside the control, responsibility and power of the Manager, any disposal or valuation of Investments of the relevant Sub-Fund is not, in the opinion of the Manager, reasonablypracticable without this being seriously detrimental to the interests of owners of Units in general or the owners of Units of the relevant Sub-Fund or if, in the opinion of the Manager, the Redemption Price cannot fairly be calculated or such disposal would be materially prejudicial to the owners of Units in general or the owners of Units of the relevant Sub-Fund;
- during any period when any breakdown occurs in the means of communication normally employed in determining the value of any of the Investments of the Sub-Fund or when for any other reason the value of any of the Investments or other assets of the Sub-Fund cannot reasonably or fairly be ascertained; or
- during any period when the Sub-Fund is unable to repatriate funds required for the purpose of making redemption payments or when such payments cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange or during which any transfer of funds involved in the realisation or acquisition of Investments or when payments due on redemption cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange;
- where necessary in the opinion of the Manager. | en | es |
DOLFIN8314 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of the Fund is to provide investors with access to markets of the Asia Pacific region, through diversification of investments. Each Sub-Fund will have a specific investment objective as detailed in the relevant Appendix.
Investments of each Sub-Fund must comply with the provisions of the 2010 Law. The investment restrictions and policies set out in this section apply to all Sub-Funds, without prejudice of any specific rules adopted for a Sub-Fund, as described in its Appendix. The Board of Directors may impose additional investment guidelines for each Sub-Fund from time to time, for instance where it is necessary to comply with local laws and regulations in countries where Shares are distributed. Each Sub-Fund should be regarded as a separate UCITS for the purposes of the present section.
- (1) The Fund, for each Sub-Fund, may invest in:
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market;
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State;
- Transferable Securities and Money Market Instruments admitted to an official listing on a stock exchange in an Eligible State or dealt in on an Other Regulated Market in a Eligible State;
- Recently issued Transferable Securities and Money Market Instruments, provided that the terms of issue include an undertaking that application will be made for admission to official listing on a stock exchange in an Eligible State or dealing on a Regulated Market or an Other Regulated Market referred to under a) to c) above and such admission is secured within one year of the issue;
- Shares or units of UCITS and/or other UCIs, whether situated in a Member State or not, provided that:
- such other UCIs are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law and that cooperation between authorities is sufficiently ensured;
- the level of protection for shareholders or unitholders in such other UCIs is equivalent to that provided for shareholders or unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities and Money Market Instruments are equivalent to the requirements of the UCITS Directive;
- the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period;
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs. | El objetivo del Fondo es ofrecer a los inversores acceso a los mercados de la región de Asia Pacífico, mediante la diversificación de las inversiones. Cada uno de los Subfondos tiene un objetivo de inversión propio que se detalla en el Anexo correspondiente.
Las inversiones de cada Subfondo han de cumplir las disposiciones de la Ley de 2010. Las políticas y restricciones de inversión que se recogen en esta sección se aplican a todos los Subfondos , sin perjuicio de cualesquiera normas específicas adoptadas respecto a un Subfondo, conforme a lo descrito en su Anexo correspondiente. El Consejo de administración podrá imponer oportunamente directrices de inversión adicionales a cada Subfondo, por ejemplo, en aquellos casos en que sea necesario para adaptarse a las leyes y normativas locales de los países en los que se comercializan las Acciones. A los efectos de la presente sección, cada Subfondo debe considerarse un OICVM independiente.
- (1) El Fondo podrá invertir, para cada Subfondo, en:
- Valores mobiliarios e Instrumentos del mercado monetario que coticen o se negocien en un Mercado regulado;
- Valores mobiliarios e Instrumentos del mercado monetario que se negocien en Otro mercado regulado de un Estado miembro;
- Valores mobiliarios e Instrumentos del mercado monetario admitidos a cotización oficial en una bolsa de un Estado aceptado o que se negocien en Otro mercado regulado de un Estado aceptado;
- Valores mobiliarios e Instrumentos del mercado monetario de reciente emisión, siempre que las condiciones de emisión incluyan un compromiso de solicitud de admisión a cotización oficial en bolsa en un Estado aceptado o negociación en un Mercado regulado u Otro mercado regulado conforme a lo descrito en las anteriores letras a) a c), y que dicha admisión se obtenga en un plazo de un año desde la emisión;
- Acciones o participaciones de OICVM u otros OIC, con independencia de que estén situados en un Estado miembro o no, siempre que:
- los otros OIC mencionados estén autorizados conforme a leyes que dispongan que están supeditados a una supervisión que la CSSF considere equivalente a la establecida por el Derecho de la UE, y esté suficientemente garantizada la cooperación entre las autoridades;
- el nivel de protección para los accionistas o partícipes de esos otros OIC sea equivalente al establecido para los accionistas o partícipes de un OICVM y, en particular, que las normas sobre segregación de activos, endeudamiento, préstamo y venta al descubierto de Valores mobiliarios e Instrumentos del mercado monetario sean equivalentes a los requisitos de la Directiva sobre OICVM;
- la actividad mercantil de esos otros OIC se refleje en informes semestrales y anuales que permitan una valoración de los activos y pasivos, ingresos y operaciones del período analizado;
- un máximo del 10% de los activos de los OICVM o de los otros OIC cuya adquisición se contemple pueda invertirse, en virtud de sus documentos constitutivos, en participaciones de otros OICVM u otros OIC; | The objective of the Fund is to provide investors with access to markets of the Asia Pacific region, through diversification of investments. Each Sub-Fund will have a specific investment objective as detailed in the relevant Appendix.
Investments of each Sub-Fund must comply with the provisions of the 2010 Law. The investment restrictions and policies set out in this section apply to all Sub-Funds, without prejudice of any specific rules adopted for a Sub-Fund, as described in its Appendix. The Board of Directors may impose additional investment guidelines for each Sub-Fund from time to time, for instance where it is necessary to comply with local laws and regulations in countries where Shares are distributed. Each Sub-Fund should be regarded as a separate UCITS for the purposes of the present section.
- (1) The Fund, for each Sub-Fund, may invest in:
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market;
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State;
- Transferable Securities and Money Market Instruments admitted to an official listing on a stock exchange in an Eligible State or dealt in on an Other Regulated Market in a Eligible State;
- Recently issued Transferable Securities and Money Market Instruments, provided that the terms of issue include an undertaking that application will be made for admission to official listing on a stock exchange in an Eligible State or dealing on a Regulated Market or an Other Regulated Market referred to under a) to c) above and such admission is secured within one year of the issue;
- Shares or units of UCITS and/or other UCIs, whether situated in a Member State or not, provided that:
- such other UCIs are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law and that cooperation between authorities is sufficiently ensured;
- the level of protection for shareholders or unitholders in such other UCIs is equivalent to that provided for shareholders or unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities and Money Market Instruments are equivalent to the requirements of the UCITS Directive;
- the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period;
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs. | en | es |
DOLFIN8330 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in Euros.
## Investment Policy
The fund invests primarily (at least 70%) in European equity securities. Some of the countries in Europe, primarily those in Eastern Europe, are currently considered emerging market economies. The fund generally focuses its investments in larger companies. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The Investment Manager uses a bottom-up approach to buying and selling individual investments for the fund. Investments are selected primarily based on blending fundamental and quantitative research to create a blended rating for an issuer. The Investment Manager may consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund falls within Article 6 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR") and does not promote an environmental or social characteristic, or have sustainable investment as its objective. The Investment Manager then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the fund's returns and other factors, with a goal of constructing a portfolio with a target predicted tracking error of approximately 2% compared to the MSCI Europe Index (net div). Tracking error measures how the | # OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo
## El objetivo del fondo es lograr una revalorización del capital, expresada en euros.
## Política de inversión
El fondo invierte principalmente (como mínimo el 70% de sus activos) en títulos de renta variable europea. Algunos países ubicados en Europa, principalmente en Europa del Este, están considerados actualmente como economías de mercados emergentes. El fondo por lo general concentra sus inversiones en grandes empresas. El fondo puede emplear derivados con fines de cobertura y/o inversión, aunque no recurrirá a ellos como estrategia principal para alcanzar su objetivo de inversión.
El Gestor de inversiones emplea un enfoque “de abajo arriba” (bottom-up) para comprar y vender inversiones específicas para el fondo. Las inversiones se seleccionan principalmente a partir del análisis fundamental combinado con el cuantitativo con el fin de crear una calificación mixta para un emisor. La Gestora de inversiones puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. El fondo se enmarca dentro del artículo 6 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR») y no promueve características ambientales o sociales, ni tiene como objetivo una inversión sostenible. A continuación, la Gestora de inversiones construye la cartera mediante un proceso de optimización de dicha cartera que tiene en cuenta la calificación mixta, así como las ponderaciones asignadas al emisor, la industria y el sector; la capitalización bursátil; las medidas de volatilidad esperada de los rendimientos del fondo y otros factores, todo ello con el objetivo de construir una cartera que tenga un error de seguimiento estimado de aproximadamente el 2% comparado con el MSCI Europe Index | # OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in Euros.
## Investment Policy
The fund invests primarily (at least 70%) in European equity securities. Some of the countries in Europe, primarily those in Eastern Europe, are currently considered emerging market economies. The fund generally focuses its investments in larger companies. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The Investment Manager uses a bottom-up approach to buying and selling individual investments for the fund. Investments are selected primarily based on blending fundamental and quantitative research to create a blended rating for an issuer. The Investment Manager may consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund falls within Article 6 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR") and does not promote an environmental or social characteristic, or have sustainable investment as its objective. The Investment Manager then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the fund's returns and other factors, with a goal of constructing a portfolio with a target predicted tracking error of approximately 2% compared to the MSCI Europe Index (net div). Tracking error measures how the | en | es |
DOLFIN8336 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2008. The share class was launched in 2017.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:BBG World Government Inflation-Linked Bond Index (USD)
Historic performance to 31 December 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | 0.1 | 8.3 | 9.7 | 5.5 |
| Benchmark † | | 0.1 | 8.4 | 9.8 | 6.4 |
During this period performance was achieved under circumstances that no longer apply.
*On 6/12/2021, the Fund changed its name and investment objective and policy. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en USD para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2008. La clase de acciones se lanzó en 2017.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
† Índice de referencia:BBG World Government Inflation-Linked Bond Index (USD)
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fondo | | 0,1 | 8,3 | 9,7 | 5,5 |
| Índice † | | 0,1 | 8,4 | 9,8 | 6,4 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*El 6/12/2021, el Fondo cambió su nombre, así como su objetivo y política de inversión. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2008. The share class was launched in 2017.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:BBG World Government Inflation-Linked Bond Index (USD)
Historic performance to 31 December 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | 0.1 | 8.3 | 9.7 | 5.5 |
| Benchmark † | | 0.1 | 8.4 | 9.8 | 6.4 |
During this period performance was achieved under circumstances that no longer apply.
*On 6/12/2021, the Fund changed its name and investment objective and policy. | en | es |
DOLFIN8348 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Money Market Instruments (including bonds) used will be issued principally by good- quality issuers or guaranteed by good-quality guarantors (minimum rating A2/P2 or equivalent by one of rating agencies). The issuer of the money market instrument and the quality of the money market instrument have received a favourable assessment following application of the Management Company's Internal Credit Quality Assessment Procedure and will meet sustainable investment criteria.
Money Market Funds are allowed to invest in money market instruments with a residual maturity until the legal redemption date of 2 years or less, provided that the time remaining until the next interest rate reset date is 397 days or less. For that purpose, floating-rate Money Market Instruments and fixed-rate Money Market Instruments hedged by a swap arrangement are reset to a money market rate or index.
The investments will be denominated in EUR and in currencies of the member states of the OECD.
The Sub-Fund may invest a maximum of 10% of its assets in MMFs.
The duration (WAM), i.e. the sensitivity of funds to changes in interest rates, will not exceed 6 months and the weighted average life of funds (WAL) will not exceed 12 months. Determination of optimal interest rate and credit exposures ( WAM / WAL) are based on internal committee with careful management of interest rate risk and a rigorous credit selection
Exposures to currencies other than the EUR will be hedged against foreign exchange risk.
Securities/issuers are selected on the basis of an economic/financial analysis process as well as on ESG considerations, both indicative of risks and long-term opportunities.
The ESG aspects are analysed through a methodology developed by the Management Company and detailed under the section Investment Objectives in the Core part of this Prospectus.
The results of the ESG analysis are integrated into the financial management of the portfolio. This analysis aims to better enable managers to identify the risks, but also the opportunities, arising from the major challenges of sustainable development.
The ESG analysis covers the entire portfolio of the Sub-Fund, excluding deposits, cash and index derivatives. | Los Instrumentos del Mercado Monetario (incluidos los bonos) utilizados estarán emitidos principalmente por emisores de buena calidad o garantizados por avalistas de buena calidad (calificación mínima de A2/P2 o equivalente otorgada por una de las agencias de calificación). El emisor del instrumentos del mercado monetario y la calidad del instrumentos del mercado monetario; han recibido una valoración favorable tras aplicarse el Procedimiento de Evaluación Interna de la Calidad Crediticia de la Sociedad Gestora y cumplirán los criterios de inversión sostenible.
Los Fondos del Mercado Monetario pueden invertir en Instrumentos del Mercado Monetario con vencimiento residual hasta la fecha de reembolso legal igual o inferior a dos años, siempre que el tiempo restante hasta la siguiente fecha de revisión del tipo de interés sea igual o inferior a 397 días. A tal efecto, en el caso de los Instrumentos del Mercado Monetario de tipo variable y de tipo fijo cubiertos por un acuerdo de permuta financiera («swap»), la revisión se efectuará en función de un tipo o índice del mercado monetario.
Las inversiones estarán denominadas en EUR y en las divisas de los Estados miembros de la OCDE.
El Subfondo podrá invertir un máximo de un 10% de sus activos en FMM.
La duración (WAM), es decir, la sensibilidad de los fondos a las variaciones de los tipos de interés, no superará los 6 meses y la vida media ponderada (WAL) de los fondos no superará los 12 meses. La determinación de las exposiciones óptimas a tipos de interés y crédito (WAM/WAL) se basan en un comité interno, con una cuidadosa gestión del riesgo de tipos de interés y una rigurosa selección de crédito.
Las exposiciones a divisas distintas del EUR estarán cubiertas contra el riesgo cambiario.
Los valores/emisores se seleccionarán mediante un proceso de análisis económico y financiero, así como por consideraciones de ESG, que en ambos casos son indicativos del riesgo y de oportunidades a largo plazo.
Los aspectos ESG se analizan conforme a una metodología desarrollada por la Sociedad Gestora y se detallan en la sección Objetivos de inversión de la parte principal del Folleto.
Los resultados del análisis ESG se incluyen en la gestión financiera de la cartera. Este análisis pretende que los gestores puedan identificar mejor los riesgos, pero también las oportunidades, resultantes de los importantes desafíos del desarrollo sostenible.
El análisis ESG abarca toda la cartera del Subfondo, excluidos los depósitos, el efectivo y los derivados de índices. | The Money Market Instruments (including bonds) used will be issued principally by good- quality issuers or guaranteed by good-quality guarantors (minimum rating A2/P2 or equivalent by one of rating agencies). The issuer of the money market instrument and the quality of the money market instrument have received a favourable assessment following application of the Management Company's Internal Credit Quality Assessment Procedure and will meet sustainable investment criteria.
Money Market Funds are allowed to invest in money market instruments with a residual maturity until the legal redemption date of 2 years or less, provided that the time remaining until the next interest rate reset date is 397 days or less. For that purpose, floating-rate Money Market Instruments and fixed-rate Money Market Instruments hedged by a swap arrangement are reset to a money market rate or index.
The investments will be denominated in EUR and in currencies of the member states of the OECD.
The Sub-Fund may invest a maximum of 10% of its assets in MMFs.
The duration (WAM), i.e. the sensitivity of funds to changes in interest rates, will not exceed 6 months and the weighted average life of funds (WAL) will not exceed 12 months. Determination of optimal interest rate and credit exposures ( WAM / WAL) are based on internal committee with careful management of interest rate risk and a rigorous credit selection
Exposures to currencies other than the EUR will be hedged against foreign exchange risk.
Securities/issuers are selected on the basis of an economic/financial analysis process as well as on ESG considerations, both indicative of risks and long-term opportunities.
The ESG aspects are analysed through a methodology developed by the Management Company and detailed under the section Investment Objectives in the Core part of this Prospectus.
The results of the ESG analysis are integrated into the financial management of the portfolio. This analysis aims to better enable managers to identify the risks, but also the opportunities, arising from the major challenges of sustainable development.
The ESG analysis covers the entire portfolio of the Sub-Fund, excluding deposits, cash and index derivatives. | en | es |
DOLFIN8350 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
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| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 3 because its share value fluctuates relatively little and therefore the chance of profit but also the risk of loss can be relatively low. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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| Perfil de riesgo y remuneración | ◄ Remuneración potencialmente más baja Remuneración potencialmente más elevada ► Menor riesgo Mayor riesgo 1 2 3 4 5 6 7 El indicador se basa en datos históricos y no debe interpretarse como una predicción de acontecimientos futuros. La clasificación del subfondo podría variar en el futuro y no constituye una garantía. Ni siquiera un fondo incluido en la categoría 1 constituye una inversión totalmente libre de riesgo. El subfondo se clasifica en la categoría 3 porque el precio de sus participaciones fluctúa relativamente poco y, por lo tanto, la posibilidad de obtener ganancias, pero también el riesgo de pérdida, tienden a ser relativamente bajos. Podría ocurrir que, debido al modelo de cálculo, no se tengan en cuenta todos los riesgos cuando se clasifique el subfondo en una categoría. En la sección »riesgos de las inversiones« se incluye una extensa descripción de los riesgos. Los siguientes riesgos no tienen un repercusión directa en la clasificación pero sin embargo pueden tener cierta relevancia para el subfondo: − Riesgos de crédito: el subfondo puede invertir una proporción de sus activos en títulos de deuda emitidos por estados o por compañías. Los emisores de estos títulos de deuda podrían resultar insolventes lo cual podría determinar la pérdida total o parcial del valor de sus títulos de deuda. − Riesgo de tipo de cambio: En caso de que el fondo mantenga activos en otra moneda distinta a la de referencia, el inversor está expuesto a un riesgo de tipo de cambio. Este riesgo puede reducirse mediante operaciones de cobertura. − Riesgos por el uso de derivados: el subfondo puede utilizar derivados. Tales instrumentos determinan tanto un incremento de oportunidades como un incremento del riesgo de pérdida. El uso de derivados con fines de cobertura frente a pérdidas también podría reducir las oportunidades de beneficio del subfondo. − Riesgos de custodia: La custodia de activos patrimoniales, sobre todo en el extranjero, puede acarrear un riesgo de pérdida como resultado de insolvencia, negligencia o comportamiento fraudulento por parte del depositario o subdepositario. − Riesgos operativos: el subfondo podría ser víctima de fraude o de cualquier otra conducta delictiva. También podría sufrir pérdidas causadas por malentendidos o errores de los empleados de la sociedad gestora de inversiones o de terceras partes o podría sufrir daños y perjuicios causados por la ocurrencia de acontecimientos externos tales como desastres naturales. |
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| |
| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 3 because its share value fluctuates relatively little and therefore the chance of profit but also the risk of loss can be relatively low. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | en | es |
DOLFIN8375 | 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 | | | -0.5 | -1.4 | 5.6 | 4.8 | -2.6 | 10.4 | 0.7 | 1.3 |
| Benchmark † | | | -0.3 | -1.4 | 5.9 | 5.1 | -2.4 | 10.8 | 0.8 | 1.6 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. 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.
iShares plc 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.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares plc 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 iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 26 January 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | -0,5 | -1,4 | 5,6 | 4,8 | -2,6 | 10,4 | 0,7 | 1,3 |
| Índice † | | | -0,3 | -1,4 | 5,9 | 5,1 | -2,4 | 10,8 | 0,8 | 1,6 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. 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.
iShares plc 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.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares plc 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 iShares plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la
Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 26 enero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | -0.5 | -1.4 | 5.6 | 4.8 | -2.6 | 10.4 | 0.7 | 1.3 |
| Benchmark † | | | -0.3 | -1.4 | 5.9 | 5.1 | -2.4 | 10.8 | 0.8 | 1.6 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. 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.
iShares plc 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.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares plc 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 iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 26 January 2022 | en | es |
DOLFIN8376 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
For more information on this product, please call +1 212 644 1800, visit https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ or email [email protected].
Cullen Capital Management LLC is regulated by the US Securities and Exchange Commission.
The PRIIP is authorised in Ireland and regulated by Central Bank of Ireland and has been registered for sale in other EEA Member States. Carne Global Fund Managers (Ireland) Ltd is authorised in Ireland and regulated by the Central Bank of Ireland.
This document was produced on 1 January 2023.
What is this product?
Type:
This product is a UCITS fund.
Term:
Open Ended Fund.
Objectives:
This product aims for long term growth in, as well as returning income on, the value of your investment.
Primarily, the product will purchase dividend paying shares of companies (located mainly in developed countries but also in some emerging markets) diversified across 15-25 industries and listed on stock exchanges around the world ("Companies" and each a "Company") including but not limited to the United States, United Kingdom, Switzerland, Singapore, Netherlands, South Africa and China.
In selecting which of such Companies' shares to purchase, the product will generally use the following criteria:
- the total value of the Company's listed shares exceeds US$3 billion;
- relative to share price, dividend yield on the Company's shares is greater than the average dividend yield on shares comprising the MSCI ACWI Index (which is an index of shares from around the world intended to be a representative sample of companies in leading industries in both developed and emerging markets);
- the Company's price/earnings ratio is below the average price/earnings ratio on shares comprising the MSCI ACWI Index (a price/earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings and essentially shows how much one needs to pay per dollar of earnings - if a company were trading at a price/earnings ratio of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings); and
- based on the Company's historical dividend growth and overall well-being, there | # Producto
Para más información sobre este producto, llame al +1 212 644 1800, visite https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ o envíe un mensaje de correo electrónico a [email protected].
Cullen Capital Management LLC está regulada por la US Securities and Exchange Commission.
El PRIIP está autorizado en Irlanda y regulado por el Banco Central de Irlanda, habiéndose procedido a su registro para la venta en otros Estados miembros del EEE. Carne Global Fund Managers (Ireland) Ltd está autorizada en Irlanda y regulada por el Banco Central de Irlanda.
Este documento se elaboró el 1 de enero de 2023.
¿Qué es este producto?
Tipo:
Este producto es un fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
Este producto tiene por objetivo el crecimiento a largo plazo del valor de su inversión, así como la obtención de rendimientos.
El producto adquirirá principalmente acciones que distribuyen dividendos de empresas (ubicadas sobre todo en países desarrollados pero también en algunos mercados emergentes) diversificadas en 15-25 sectores que cotizan en bolsas de todo el mundo, en particular, pero no exclusivamente, en los Estados Unidos, el Reino Unido, Suiza, Singapur, los Países Bajos, Sudáfrica y China.
A la hora de seleccionar las acciones de dichas Empresas que se van a adquirir, el producto generalmente aplicará los siguientes criterios:
- el valor total de las acciones cotizadas de la Empresa supera los 3.000 millones de USD;
- en lo que respecta al precio de las acciones, la rentabilidad por dividendo de las acciones de la Empresa es superior a la rentabilidad media por dividendo de las acciones que componen el MSCI ACWI Index (un índice de acciones de todo el mundo que pretende ser una muestra representativa de empresas de los principales sectores, tanto en mercados desarrollados como en mercados emergentes);
- la ratio precio/beneficios de la Empresa es inferior a la ratio media precio/beneficios de las acciones que componen el MSCI ACWI Index (la ratio precio/beneficios es un coeficiente de valoración del precio actual de las acciones de una empresa en comparación con sus beneficios por acción, y básicamente muestra la cantidad que se debe pagar por cada dólar de beneficios. Por ejemplo, si una empresa cotiza a una ratio precio/beneficios de 20, se infiere que un inversor está dispuesto a pagar 20 dólares por cada dólar de beneficios corrientes); y
- tomando como base el crecimiento histórico de los dividendos de la Empresa y su situación financiera en general, existen muchas posibilidades de que distribuya | # Product
For more information on this product, please call +1 212 644 1800, visit https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ or email [email protected].
Cullen Capital Management LLC is regulated by the US Securities and Exchange Commission.
The PRIIP is authorised in Ireland and regulated by Central Bank of Ireland and has been registered for sale in other EEA Member States. Carne Global Fund Managers (Ireland) Ltd is authorised in Ireland and regulated by the Central Bank of Ireland.
This document was produced on 1 January 2023.
What is this product?
Type:
This product is a UCITS fund.
Term:
Open Ended Fund.
Objectives:
This product aims for long term growth in, as well as returning income on, the value of your investment.
Primarily, the product will purchase dividend paying shares of companies (located mainly in developed countries but also in some emerging markets) diversified across 15-25 industries and listed on stock exchanges around the world ("Companies" and each a "Company") including but not limited to the United States, United Kingdom, Switzerland, Singapore, Netherlands, South Africa and China.
In selecting which of such Companies' shares to purchase, the product will generally use the following criteria:
- the total value of the Company's listed shares exceeds US$3 billion;
- relative to share price, dividend yield on the Company's shares is greater than the average dividend yield on shares comprising the MSCI ACWI Index (which is an index of shares from around the world intended to be a representative sample of companies in leading industries in both developed and emerging markets);
- the Company's price/earnings ratio is below the average price/earnings ratio on shares comprising the MSCI ACWI Index (a price/earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings and essentially shows how much one needs to pay per dollar of earnings - if a company were trading at a price/earnings ratio of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings); and
- based on the Company's historical dividend growth and overall well-being, there | en | es |
DOLFIN8379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
This product is a UCITS sub-fund of a variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
Subject to the conditions set down in the prospectus, shareholders may exchange all or part of their shares of this fund for shares of another fund of the company. Please refer to the section entitled “How To Exchange Shares” in the prospectus for further details.
Term
This product has no fixed term.
Objectives
The fund aims to maximise the total return on your investment through primarily investing in a range of “high yield” fixed income securities and instruments, using prudent investment management principles.
Investment Policy
The fund aims to achieve this objective by investing primarily in a range of “high yield” fixed income securities and instruments (which are similar to loans that pay a fixed or variable rate of interest) issued by companies from around the world. These “high yield” investments will be “non- investment grade”. Non-investment grade securities are considered to be more risky, but typically produce a higher level of income.
The average portfolio duration of this fund will normally vary within two years (plus or minus) of the ICE BofAML US High Yield Constrained Index (the "Index"). Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in | # ¿Qué es este producto?
Tipo
Este producto es un subfondo de un OICVM de una sociedad de inversión de tipo paraguas con capital variable con responsabilidad segregada entre subfondos autorizada por el Banco Central de Irlanda con arreglo a la European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, con sus oportunas reformas.
Con sujeción a las condiciones establecidas en el folleto, los accionistas pueden canjear la totalidad o parte de sus acciones de este fondo por acciones de otro fondo de la sociedad. Para más información, remítase a la sección del folleto titulada «How To Exchange Shares» (Cómo canjear las acciones).
Plazo
Este producto no tiene un plazo fijo.
Objetivos
El objetivo del fondo es incrementar al máximo la rentabilidad total de su inversión fundamentalmente mediante una gama de valores e instrumentos de renta fija de alto rendimiento, aplicando principios de gestión prudente de la inversión.
Política de inversión
El fondo trata de alcanzar este objetivo invirtiendo principalmente en una gama de valores e instrumentos de renta fija de alto rendimiento (que son similares a préstamos que pagan un tipo de interés fijo o variable) emitidos por empresas de todo el mundo. Estas inversiones de alto rendimiento no serán de grado de inversión. Se considera que los valores «sin grado de inversión» son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
La duración media de la cartera de este fondo oscilará normalmente entre dos años más y dos años menos que la duración del ICE BofAML US High Yield Constrained Index (el «Índice»). La duración mide la sensibilidad de los activos al riesgo de tipos | # What is this product?
Type
This product is a UCITS sub-fund of a variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
Subject to the conditions set down in the prospectus, shareholders may exchange all or part of their shares of this fund for shares of another fund of the company. Please refer to the section entitled “How To Exchange Shares” in the prospectus for further details.
Term
This product has no fixed term.
Objectives
The fund aims to maximise the total return on your investment through primarily investing in a range of “high yield” fixed income securities and instruments, using prudent investment management principles.
Investment Policy
The fund aims to achieve this objective by investing primarily in a range of “high yield” fixed income securities and instruments (which are similar to loans that pay a fixed or variable rate of interest) issued by companies from around the world. These “high yield” investments will be “non- investment grade”. Non-investment grade securities are considered to be more risky, but typically produce a higher level of income.
The average portfolio duration of this fund will normally vary within two years (plus or minus) of the ICE BofAML US High Yield Constrained Index (the "Index"). Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in | en | es |
DOLFIN8386 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in U.S. dollars.
## Investment Policy
The fund invests primarily (at least 70%) in U.S. equity securities. The fund may also invest in non-U.S. equity securities. The fund generally invests in 50 or fewer companies. The fund generally focuses its investments in larger companies and companies it believes to have above average earnings growth potential compared to other companies (growth companies). The fund will promote an environmental characteristic within the meaning of Article 8 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR"). Please refer to the fund's Prospectus and website for additional information. The Investment Manager may also consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The fund’s benchmarks, Russell 1000® Growth Net TR Index (USD) and Standard & Poor's 500 Net TR Stock Index (USD), are indicated for performance comparison only. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The | # OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo
## El objetivo del fondo es la revalorización de capital, medida en dólares estadounidenses.
## Política de inversión
El fondo invierte principalmente (como mínimo el 70% de sus activos) en títulos de renta variable de Estados Unidos. También podrá invertir en títulos de renta variable no estadounidenses. Por lo general, el fondo invierte en 50 empresas o en un número menor. El fondo generalmente concentra sus inversiones en grandes empresas y sociedades que, a su juicio, cuentan con un potencial de crecimiento de beneficios superior a la media comparado con otras entidades (empresas de crecimiento). El fondo promoverá características ambientales según lo descrito en artículo 8 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR»). Consulte el Folleto y el sitio web del fondo para obtener más información. La Gestora de inversiones también puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. El fondo puede emplear derivados con fines de cobertura y/o inversión, aunque no recurrirá a ellos como estrategia principal para alcanzar su objetivo de inversión.
Los índices de referencia del fondo, el Russell 1000® Growth Net TR Index (USD) y el Standard & Poor's 500 Net TR Stock Index (USD), se indican únicamente a efectos de comparación de la rentabilidad. Aunque las inversiones del fondo generalmente estarán representadas en el índice de referencia, es probable que los componentes estén ponderados de forma | # OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in U.S. dollars.
## Investment Policy
The fund invests primarily (at least 70%) in U.S. equity securities. The fund may also invest in non-U.S. equity securities. The fund generally invests in 50 or fewer companies. The fund generally focuses its investments in larger companies and companies it believes to have above average earnings growth potential compared to other companies (growth companies). The fund will promote an environmental characteristic within the meaning of Article 8 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR"). Please refer to the fund's Prospectus and website for additional information. The Investment Manager may also consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The fund’s benchmarks, Russell 1000® Growth Net TR Index (USD) and Standard & Poor's 500 Net TR Stock Index (USD), are indicated for performance comparison only. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The | en | es |
DOLFIN8389 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund is actively managed, and the investment adviser (IA) has discretion to select the Fund's investments, provided that the Fund will invest at least 70% of its total assets in fixed income (FI) securities within the J.P. Morgan ESG Emerging Market Bond Index Global Diversified (the "Index" and the securities comprised within it being "Index Securities") which comprises FI securities issued by governments and government agencies of, and companies domiciled in, or the main business of which is in, emerging markets. The Fund will also refer to the Index for risk management purposes as further described in the prospectus. The IA is not bound by the weighting of the Index when selecting Index Securities however, the geographical scope and the ESG requirements (described below) of the investment objective and policy may limit the extent to which the portfolio holdings will deviate from the Index. The Index should be used by unitholders to compare the performance of the Fund. The Fund will also refer to J.P. Morgan Emerging Market Bond Index Global Diversified (the “ESG Reporting Index”) to assess the impact of ESG screening on the Fund’s investment universe. The ESG Reporting Index is not intended to be used when constructing the Fund’s portfolio, for risk management purposes to monitor active risk, or to compare the performance of the Fund.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The Fund may obtain indirect exposure (through, including but not limited to, financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) and units in collective investment schemes) to securities which may not satisfy these ESG criteria.
The FI securities in which the Fund invests may include bonds and money market instruments (i.e. debt securities with short term maturities) which may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated. Investments in high yield FI securities are expected to exceed 50% of the Fund’s net asset value.
The IA may use FDIs to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. The Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The IA will also use instruments for the management of currency exposure and exposure to interest rates. Such instruments may be denominated in non-emerging market currencies.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in 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 base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) y de inversión sostenible aplicados a la inversión.
El Fondo se gestiona de forma activa y el asesor de inversiones (AI) tiene potestad para seleccionar las inversiones del Fondo, siempre y cuando el Fondo invierta al menos el 70 % de sus activos totales en valores de renta fija (RF) que formen parte del J.P. Morgan ESG Emerging Market Bond Index Global Diversified (el «Índice» y los «Valores del Índice», respectivamente), lo que incluye valores de RF emitidos por Gobiernos, agencias gubernamentales o empresas que tengan su domicilio o que realicen una parte importante de su actividad económica en mercados emergentes. El Fondo también se referirá al Índice con fines de gestión de riesgos, tal como se describe de un modo más detallado en el folleto. El AI no está sujeto a la ponderación del Índice a la hora de seleccionar los Valores del Índice; no obstante, el ámbito geográfico y los requisitos ESG (descritos posteriormente) del objetivo y la política de inversión pueden limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los partícipes deberían utilizar el Índice para comparar la rentabilidad del Fondo. El Fondo también hará referencia al J.P. Morgan Emerging Market Bond Index Global Diversified (el «ESG Reporting Index») para evaluar el impacto del filtrado ESG en el universo de inversión del Fondo. El ESG Reporting Index no está previsto para ser utilizado a la hora de conformar la cartera del Fondo, con fines de gestión de riesgos para supervisar el riesgo activo o para comparar la rentabilidad del Fondo.
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información sobre las características ESG, consulte el folleto y visite el sitio web de BlackRock: https://www.blackrock.com/baselinescreens.
El Fondo puede obtener una exposición indirecta (a través, entre otros, de instrumentos financieros derivados (IFD) es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) y participaciones en organismos de inversión colectiva) a valores que pueden no cumplir estos criterios ESG.
Los valores de RF en los que invierte el Fondo pueden incluir bonos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo), que pueden ser de categoría de inversión (es decir, que cumplen un nivel específico de solvencia), sin categoría de inversión o sin calificación. Se prevé que las inversiones en valores de RF de alto rendimiento superen el 50 % del valor liquidativo del Fondo.
El AI podrá utilizar IFD para ayudar a alcanzar el objetivo de inversión del Fondo y para reducir el riesgo en la cartera del Fondo. El Fondo, a través de los IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición al mercado superior al valor de sus activos).
El AI también utilizará instrumentos para la gestión de la exposición a diferentes divisas y tipos de interés. Estos instrumentos podrán estar denominados en divisas que no sean de mercados emergentes.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en 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 la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund is actively managed, and the investment adviser (IA) has discretion to select the Fund's investments, provided that the Fund will invest at least 70% of its total assets in fixed income (FI) securities within the J.P. Morgan ESG Emerging Market Bond Index Global Diversified (the "Index" and the securities comprised within it being "Index Securities") which comprises FI securities issued by governments and government agencies of, and companies domiciled in, or the main business of which is in, emerging markets. The Fund will also refer to the Index for risk management purposes as further described in the prospectus. The IA is not bound by the weighting of the Index when selecting Index Securities however, the geographical scope and the ESG requirements (described below) of the investment objective and policy may limit the extent to which the portfolio holdings will deviate from the Index. The Index should be used by unitholders to compare the performance of the Fund. The Fund will also refer to J.P. Morgan Emerging Market Bond Index Global Diversified (the “ESG Reporting Index”) to assess the impact of ESG screening on the Fund’s investment universe. The ESG Reporting Index is not intended to be used when constructing the Fund’s portfolio, for risk management purposes to monitor active risk, or to compare the performance of the Fund.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The Fund may obtain indirect exposure (through, including but not limited to, financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) and units in collective investment schemes) to securities which may not satisfy these ESG criteria.
The FI securities in which the Fund invests may include bonds and money market instruments (i.e. debt securities with short term maturities) which may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated. Investments in high yield FI securities are expected to exceed 50% of the Fund’s net asset value.
The IA may use FDIs to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. The Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The IA will also use instruments for the management of currency exposure and exposure to interest rates. Such instruments may be denominated in non-emerging market currencies.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in 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 base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8393 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Given the lack of historical data, ongoing charges are calculated according to an estimate based on the expected total amount of these charges. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | Puesto que no se dispone de datos históricos que permitan su cálculo, se procederá a una estimación de los gastos corrientes a partir del importe total previsto de estos gastos. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el subfondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos y las comisiones que se pagan están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución de las participaciones. Dichos gastos reducen el potencial de crecimiento de la inversión.
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
La comisión de rentabilidad se basa en la rentabilidad superior de la clase de acciones con respecto a la de su indicador de referencia. La comisión de rentabilidad se calcula para un periodo de rentabilidad de 1 año, correspondiente al ejercicio financiero del subfondo, y se devenga a diario. La comisión de rentabilidad será pagadera cuando la rentabilidad de la clase de acciones sea superior a la del indicador de referencia durante el periodo de rentabilidad. No obstante, no se abonará ninguna comisión de rentabilidad hasta que no se recupere cualquier rentabilidad inferior registrada en un periodo máximo de 5 años (aplicable desde el 1 de enero de 2022 o desde el lanzamiento de la clase de acciones si se produce posteriormente).
Asimismo, la comisión de rentabilidad podrá cobrarse incluso si la rentabilidad absoluta es negativa, es decir, si la rentabilidad absoluta del fondo es negativa pero sigue siendo superior a la del indicador de referencia. | Given the lack of historical data, ongoing charges are calculated according to an estimate based on the expected total amount of these charges. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | en | es |
DOLFIN8394 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a total level of return in EUR in excess of global debt and equity markets by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative instruments where appropriate while seeking to preserve capital over the long term.
Investment Policy: The Sub-Fund will seek to achieve a total level of return in EUR through exposure to a portfolio of debt and equity securities issued globally, primarily through investments in UCITS and UCIs (including those managed or distributed by companies in the JPMorgan Chase & Co. group). The intention is that the portfolio will be weighted toward debt exposure.
The Sub-Fund will seek to achieve capital preservation over the long term through its ability to vary its asset allocation. The Sub-Fund can, where relevant, reduce its exposure to equity securities while at the same time increasing its exposure to debt securities and cash. Furthermore, the Sub-Fund can make use of alternative investment strategies and tactical use of structured products.
The Sub-Fund may also invest in UCITS and UCIs that will have exposure to a range of alternative investment strategies including, but not limited to, opportunistic/global macro, long/short equity, event driven, relative value, credit and portfolio hedge strategies.
The Sub-Fund may also invest in structured products and in securities exposed to the performance of a commodities index.
The Sub-Fund may also invest directly in securities (including equity securities, debt securities, convertible bonds and credit linked instruments), deposits with credit institutions and money market instruments.
The Investment Manager may periodically review and determine the allocations among different asset classes, currencies and markets, and may change these asset allocations based upon market conditions and opportunities. This may result in changes to the Sub Fund's benchmark. | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende conseguir un nivel de rentabilidad total en EUR superior al de los mercados mundiales de renta fija y renta variable, invirtiendo principalmente en una cartera diversificada de OICVM y otros OIC y recurriendo al uso de instrumentos financieros derivados cuando proceda, al tiempo que se pretende lograr la conservación del capital a largo plazo.
Política de inversión: El Subfondo tratará de lograr un nivel de rentabilidad total en EUR a través de la exposición a una cartera de títulos de deuda y valores de renta variable de emisores de todo el mundo, principalmente mediante la inversión en OICVM y OIC (incluidos los gestionados o distribuidos por entidades del grupo JPMorgan Chase & Co.). La intención es orientar la cartera hacia la renta fija.
El Subfondo tratará de lograr la conservación del capital a largo plazo por medio de su capacidad para modificar su asignación de activos. Cuando proceda, el Subfondo podrá reducir su exposición a valores de renta variable y, al mismo tiempo, aumentar su exposición a valores de deuda y efectivo. Asimismo, el Subfondo podrá recurrir a estrategias de inversión alternativas y utilizar productos estructurados con fines tácticos.
Asimismo, el Subfondo podrá invertir en OICVM y OIC que cuenten con exposición a una gama de estrategias de inversión alternativas como, a título meramente enunciativo, oportunista/macro global, renta variable long/short, impulsada por eventos (event-driven), valor relativo, crédito y cobertura de cartera.
El Subfondo también podrá invertir en productos estructurados y en valores que estén expuestos al comportamiento de un índice de materias primas.
Asimismo, el Subfondo podrá invertir directamente en valores (incluidos títulos de renta variable, títulos de deuda, bonos convertibles e instrumentos indexados a un riesgo de crédito), depósitos en entidades de crédito e instrumentos del mercado monetario.
El Gestor de inversiones podrá revisar y determinar periódicamente la asignación a diferentes clases de activos, divisas y mercados, y podrá modificar dichas asignaciones de activos en función de las condiciones y oportunidades de mercado. Esto podrá dar lugar a cambios en el índice de referencia del Subfondo. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a total level of return in EUR in excess of global debt and equity markets by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative instruments where appropriate while seeking to preserve capital over the long term.
Investment Policy: The Sub-Fund will seek to achieve a total level of return in EUR through exposure to a portfolio of debt and equity securities issued globally, primarily through investments in UCITS and UCIs (including those managed or distributed by companies in the JPMorgan Chase & Co. group). The intention is that the portfolio will be weighted toward debt exposure.
The Sub-Fund will seek to achieve capital preservation over the long term through its ability to vary its asset allocation. The Sub-Fund can, where relevant, reduce its exposure to equity securities while at the same time increasing its exposure to debt securities and cash. Furthermore, the Sub-Fund can make use of alternative investment strategies and tactical use of structured products.
The Sub-Fund may also invest in UCITS and UCIs that will have exposure to a range of alternative investment strategies including, but not limited to, opportunistic/global macro, long/short equity, event driven, relative value, credit and portfolio hedge strategies.
The Sub-Fund may also invest in structured products and in securities exposed to the performance of a commodities index.
The Sub-Fund may also invest directly in securities (including equity securities, debt securities, convertible bonds and credit linked instruments), deposits with credit institutions and money market instruments.
The Investment Manager may periodically review and determine the allocations among different asset classes, currencies and markets, and may change these asset allocations based upon market conditions and opportunities. This may result in changes to the Sub Fund's benchmark. | en | es |
DOLFIN8396 | 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 | -2.1 | -8.4 | -0.5 | -1.0 | 2.3 | 4.5 | 0.8 | 6.4 | 7.5 | -5.3 |
| Benchmark † | -2.2 | -8.5 | -0.4 | -1.0 | 2.3 | 4.5 | 0.7 | 6.4 | 7.6 | -5.2 |
The depositary of the Fund is J.P. Morgan SE – Dublin Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Fixed Income Dublin Funds plc (BFIDF). 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, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +353 1612 3394.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BFIDF, 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.
BFIDF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's Prospectus.
Under Irish law, BFIDF 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 BFIDF). 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 BFIDF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 17 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | -2,1 | -8,4 | -0,5 | -1,0 | 2,3 | 4,5 | 0,8 | 6,4 | 7,5 | -5,3 |
| Índice † | -2,2 | -8,5 | -0,4 | -1,0 | 2,3 | 4,5 | 0,7 | 6,4 | 7,6 | -5,2 |
El depositario del Fondo es J.P. Morgan SE – Dublin Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Fixed Income Dublin Funds plc (BFIDF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com, en el sitio web de iShares cuya dirección es www.ishares.com, o llamando al equipo Internacional de Servicios al Inversor en el +353 1612 3394.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BFIDF, 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.
BFIDF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación irlandesa, BFIDF mantiene responsabilidad segregada entre sus compartimentos (es decir, los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BFIDF). 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 BFIDF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 17 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -2.1 | -8.4 | -0.5 | -1.0 | 2.3 | 4.5 | 0.8 | 6.4 | 7.5 | -5.3 |
| Benchmark † | -2.2 | -8.5 | -0.4 | -1.0 | 2.3 | 4.5 | 0.7 | 6.4 | 7.6 | -5.2 |
The depositary of the Fund is J.P. Morgan SE – Dublin Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Fixed Income Dublin Funds plc (BFIDF). 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, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +353 1612 3394.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BFIDF, 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.
BFIDF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's Prospectus.
Under Irish law, BFIDF 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 BFIDF). 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 BFIDF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 17 February 2022 | en | es |
DOLFIN8399 | 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, before fees and expenses, of the MSCI Total Return Net USA Index (index) which is designed to reflect the performance of the shares of certain companies of the United States of America. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento, antes de comisiones y gastos, del índice MSCI Total Return Net USA (el “índice”), que está diseñado para reflejar la evolución de las acciones de determinadas empresas de los Estados Unidos de América. Las empresas que componen el índice son de tamaño mediano y grande y se seleccionan a partir del valor combinado de las acciones disponibles de una empresa en comparación con otras empresas. La ponderación de cada empresa en el índice depende de su tamaño relativo. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y reajusta trimestralmente y también | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance, before fees and expenses, of the MSCI Total Return Net USA Index (index) which is designed to reflect the performance of the shares of certain companies of the United States of America. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at | en | es |
DOLFIN8401 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends. | # Perfil de riesgo y de remuneración
Menor riesgo Mayor riesgo
Riesgos importantes que no se tienen en cuenta en este indicador:
Riesgo de liquidez: riesgo ligado a la poca liquidez de los mercados subyacentes, lo cual los hace sensibles a movimientos significativos de compra/venta. | # Risk and reward profile
Lower risk Higher risk
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends. | en | es |
DOLFIN8403 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The percentage shown is the maximum amount that can be paid out of your investment. You may find out the actual entry and exit charges from your financial advisor or distributor.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous 12 months, ending 30 June 2022. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Master Fund and Feeder Fund, please see the section entitled "Charges borne by the company" in the prospectus, available at www.fundsquare.net and www.ca-indosuez-am.com. | El porcentaje mostrado es el importe máximo que puede detraerse de su inversión. Su asesor financiero o distribuidor puede informarle acerca de los gastos de entrada y salida asociados.
Los gastos de entrada y salida indicados representan las tarifas máximas. En ciertos casos, los gastos pagados pueden ser inferiores.
Los gastos corrientes se basan en los gastos de los 12 meses previos, con cierre a 30 de junio de 2022. Este porcentaje puede variar de un ejercicio a otro. Quedan excluidas las comisiones de rentabilidad superior y los gastos de intermediarios, excepto los gastos de entrada y de salida abonados por el Fondo cuando se adquieren o venden acciones de otro Fondo.
Para obtener más información acerca de los gastos de los Fondos Principal y subordinado, consulte la sección titulada «Gastos a cargo de la sociedad» del folleto, que se encuentra disponible en www.fundsquare.net y www.ca-indosuez-am.com. | The percentage shown is the maximum amount that can be paid out of your investment. You may find out the actual entry and exit charges from your financial advisor or distributor.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous 12 months, ending 30 June 2022. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Master Fund and Feeder Fund, please see the section entitled "Charges borne by the company" in the prospectus, available at www.fundsquare.net and www.ca-indosuez-am.com. | en | es |
DOLFIN8405 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.77% |
| Charges taken from the fund under certain specific conditions |
| Performance fee Russell 1000 Growth Index |
Past performance
## The share class has not been subscribed or has no historical data exceeding 12 months, which constitute regulatory requirements for the publication of past performance. | # Gastos
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,77% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad Russell 1000 Growth |
Rentabilidad histórica
## La clase de acciones no se ha suscrito o no dispone del historial de los 12 meses previos, condiciones reglamentarias y necesarias para la publicación de la rentabilidad histórica. | # Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.77% |
| Charges taken from the fund under certain specific conditions |
| Performance fee Russell 1000 Growth Index |
Past performance
## The share class has not been subscribed or has no historical data exceeding 12 months, which constitute regulatory requirements for the publication of past performance. | en | es |
DOLFIN8411 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The permitted types of financial collateral are as follows:
- cash denominated in a currency of one of the OECD's member states,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by public sector issuers from an OECD country (governments, supranational bodies, etc.) and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 30 years,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by private sector issuers from an OECD country and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 15 years,
- equities listed or traded on a regulated market of a member state of the European Union or on a stock exchange of a state which is a member of the OECD provided the equities are included in a significant index,
- shares or units in undertakings for collective investment offering adequate liquidity and investing in money market instruments, highly rated bonds or shares that meet the conditions stated above. | ### Los tipos de garantías financieras autorizados son los siguientes:
- efectivo denominado en una divisa de uno de los Estados miembros de la OCDE;
- títulos de crédito de buena calidad (con una calificación mínima de BBB-/Baa3 o equivalente concedida por una de las agencias de calificación) emitidos por un emisor del sector público de un país de la OCDE (Estados, entidades supranacionales, etc.), cuyo volumen de emisión sea, como mínimo, de 250 millones de euros y con un vencimiento residual máximo de 30 años;
- títulos de crédito de buena calidad (con una calificación mínima de BBB-/Baa3 o equivalente concedida por una de las agencias de calificación) emitidos por un emisor del sector privado de un país de la OCDE, cuyo volumen de emisión sea, como mínimo, de 250 millones de euros y con un vencimiento residual máximo de 15 años;
- acciones cotizadas o negociadas en un mercado regulado de un Estado miembro de la Unión Europea o en una bolsa de valores de un Estado que forme parte de la OCDE, con la condición de que dichas acciones estén incluidas en un índice importante;
- acciones o participaciones de organismos de inversión colectiva que ofrezcan una liquidez adecuada e inviertan en instrumentos del mercado monetario, en obligaciones de buena calidad o en acciones que satisfagan las condiciones indicadas anteriormente. | ### The permitted types of financial collateral are as follows:
- cash denominated in a currency of one of the OECD's member states,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by public sector issuers from an OECD country (governments, supranational bodies, etc.) and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 30 years,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by private sector issuers from an OECD country and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 15 years,
- equities listed or traded on a regulated market of a member state of the European Union or on a stock exchange of a state which is a member of the OECD provided the equities are included in a significant index,
- shares or units in undertakings for collective investment offering adequate liquidity and investing in money market instruments, highly rated bonds or shares that meet the conditions stated above. | en | es |
DOLFIN8412 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information www.cpr-am.com
Name of the depositary : CACEIS Bank, Luxembourg Branch.
Where and how to obtain information about the Compartment (prospectus, annual report, half-yearly document) and/or the other categories of shares : this information is available in English, free of charge and upon written request to the postal address of CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15 - France or at www.cpr-am.com.
The UCITS contains a large number of other Compartments and other share classes which are described in the prospectus. Conversion into shares of another Compartment of the UCITS may be made, subject to the conditions of the prospectus.
Each Compartment corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Compartment are exclusively available to satisfy the rights of investors in relation to that Compartment and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Compartment.
This document describes a Compartment of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Compartment may be subject to taxation. We advise you to seek information about this from the UCITS' distributor.
The Compartment’s net asset value is available at each calculation from the Management Company.
The Compartment is not open to residents of the United States of America/to « U.S. Persons » as defined in the legal notice of the Management Company website: www.cpr-am.com and/or in the UCITS’ prospectus.
The details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits are available by means of the following website: http://www.cpr-am.lu/retail/Common-Content/Juridique-Compliance/conformite/Compliance2, and a paper copy will be made available free of charge upon request.
CPR 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 UCITS’ prospectus.
This Compartment is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). CPR Asset Management is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
This key investor information is accurate as at August the 6th, 2018. | # Información práctica www.cpr-am.com
Nombre del depositario: CACEIS Bank - Sucursal de Luxembourg.
Dónde y cómo obtener información sobre el Compartimento (folleto, informe anual, documento semestral) y/o las otras categorías de acciones: esta información se encuentra disponible en inglés de forma gratuita previa solicitud escrita a la dirección de correo ordinario CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 París Cedex 15 – Francia o en www.cpr-am.com.
El OICVM contiene un gran cantidad de otros Compartimentos y otras clases de acciones que se describen en el folleto. Se puede convertir a acciones de otro Compartimento del OICVM, con sujeción a las condiciones del folleto.
Cada compartimento se corresponde con una parte distinta del patrimonio, activo y pasivo, del OICVM. Como consecuencia, los activos de cada Compartimento se encuentran disponibles únicamente para satisfacer los derechos de los inversores con respecto a dicho Compartimento y el derecho de los acreedores cuyas reclamaciones tengan su origen en la creación, funcionamiento o liquidación de dicho Compartimento.
El presente documento describe un Compartimento del OICVM. El folleto y los informes periódicos se refieren en el conjunto del OICVM mencionada al principio del presente documento.
En función de su situación fiscal personal, las ganancias de capital y los ingresos asociados con la tenencia de valores del Compartimento pueden estar sujetos a impuestos. Le recomendamos que busque información al respecto consultando al distribuidor del OICVM.
El valor liquidativo del Compartimento se encuentra disponible en la Sociedad Gestora cada vez que se calcule.
El Compartimento no está abierto a residentes de los Estados Unidos de América/“Personas estadounidenses”, tal como viene establecido en el aviso legal del sitio web de la Sociedad Gestora: www.cpr-am.comy/o en el folleto del OICVM.
Los detalles de la política de remuneración actualizada de la Sociedad Gestora, incluidas, entre otros, una descripción del método de cálculo de la remuneración y las prestaciones y la identidad de las personas responsables de conceder la remuneración y las prestaciones, se encuentran disponibles en la siguiente página web: http://www.cpr-am.lu/retail/Common-Content/Juridique-Compliance/conformite/Compliance2, y se dispondrá de una copia impresa gratuita, previa solicitud.
CPR Asset Management únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto informativo del OICVM.
El Compartimento está autorizado en Luxemburgo y regulado por la Commission de Surveillance du Secteur Financier (CSSF). CPR Asset Management está autorizada en Francia y regulada por la Autorité des Marchés Financiers (AMF).
La presente información clave para el inversor es exacta y vigente a 06 de agosto de 2018. | # Practical Information www.cpr-am.com
Name of the depositary : CACEIS Bank, Luxembourg Branch.
Where and how to obtain information about the Compartment (prospectus, annual report, half-yearly document) and/or the other categories of shares : this information is available in English, free of charge and upon written request to the postal address of CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15 - France or at www.cpr-am.com.
The UCITS contains a large number of other Compartments and other share classes which are described in the prospectus. Conversion into shares of another Compartment of the UCITS may be made, subject to the conditions of the prospectus.
Each Compartment corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Compartment are exclusively available to satisfy the rights of investors in relation to that Compartment and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Compartment.
This document describes a Compartment of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Compartment may be subject to taxation. We advise you to seek information about this from the UCITS' distributor.
The Compartment’s net asset value is available at each calculation from the Management Company.
The Compartment is not open to residents of the United States of America/to « U.S. Persons » as defined in the legal notice of the Management Company website: www.cpr-am.com and/or in the UCITS’ prospectus.
The details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits are available by means of the following website: http://www.cpr-am.lu/retail/Common-Content/Juridique-Compliance/conformite/Compliance2, and a paper copy will be made available free of charge upon request.
CPR 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 UCITS’ prospectus.
This Compartment is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). CPR Asset Management is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
This key investor information is accurate as at August the 6th, 2018. | en | es |
DOLFIN8414 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
The Fund’s Depositary is SEI Investments – Depositary and Custodial Services (Ireland) Limited.
Further information about the Fund and its share classes, the other sub-funds and available share classes of the other sub-funds can be found in the prospectus and the supplement for the relevant sub-fund, as well as in the latest annual and semi-annual reports. These documents are available free of charge. They may be obtained in English along with other information, including share prices, by emailing [email protected] or from www.dragoncapital.com, or by calling +84 28 3823 9355. The prospectus and financial reports are prepared for each of the sub-funds of DC Developing Markets Strategies p.l.c.
You should inform yourself as to the tax consequences within your country of residence of buying, holding and selling shares in the Fund. The Fund is subject to the tax laws and regulations of Ireland, which might have an impact on your investment in the Fund.
The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate, or inconsistent with the relevant parts of the prospectus for the Fund.
Details of the remuneration policy of the Manager are available at https://kbassociates.ie. A paper copy of the remuneration policy will be made available free of charge upon request. DC Developing Markets Strategies p.l.c. 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.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 11 February 2022. | # Información práctica
El Depositario del Fondo es SEI Investments – Depositary and Custodial Services (Ireland) Limited.
Puede encontrarse más información sobre el Fondo y sus clases de acciones, los demás subfondos y las clases de acciones disponibles de los demás subfondos en el folleto y el suplemento del correspondiente subfondo, así como en los últimos informes anual y semestral. Estos documentos pueden obtenerse gratuitamente. Se pueden obtener en inglés junto con otra información, incluyendo el precio de las acciones, escribiendo a [email protected] o en www.dragoncapital.com o llamando al teléfono +84 28 3823 9355. El folleto y los informes financieros se han preparado para cada uno de los subfondos de DC Developing Markets Strategies p.l.c.
Deberá informarse sobre las consecuencias tributarias en su país de residencia de comprar, mantener y vender acciones en el Fondo. El
Fondo está sujeto a las leyes y normativas fiscales de Irlanda, que pueden incidir en su inversión en el Fondo.
El Gestor 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.
Pueden consultarse detalles de la política de retribuciones actualizada del Gestor en www.kbassociates.ie y se facilitará una copia en papel gratuitamente si se solicita. DC Developing Markets Strategies p.l.c. 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.
Este Fondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda. El Gestor ha sido autorizado en Irlanda y está regulado por el Banco Central de Irlanda.
Los presentes datos fundamentales para el inversor son exactos a 11 de febrero de 2022. | # Practical Information
The Fund’s Depositary is SEI Investments – Depositary and Custodial Services (Ireland) Limited.
Further information about the Fund and its share classes, the other sub-funds and available share classes of the other sub-funds can be found in the prospectus and the supplement for the relevant sub-fund, as well as in the latest annual and semi-annual reports. These documents are available free of charge. They may be obtained in English along with other information, including share prices, by emailing [email protected] or from www.dragoncapital.com, or by calling +84 28 3823 9355. The prospectus and financial reports are prepared for each of the sub-funds of DC Developing Markets Strategies p.l.c.
You should inform yourself as to the tax consequences within your country of residence of buying, holding and selling shares in the Fund. The Fund is subject to the tax laws and regulations of Ireland, which might have an impact on your investment in the Fund.
The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate, or inconsistent with the relevant parts of the prospectus for the Fund.
Details of the remuneration policy of the Manager are available at https://kbassociates.ie. A paper copy of the remuneration policy will be made available free of charge upon request. DC Developing Markets Strategies p.l.c. 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.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 11 February 2022. | en | es |
DOLFIN8419 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 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, potential gains and losses of this product and to help you compare it with other products.
Product
Baillie Gifford Worldwide Pan-European Fund - Class A EUR Accumulation Shares
Accumulation Shares- ISIN IE00BK5TWC73. Baillie Gifford Worldwide Pan-European Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (“the Company” or “the PRIIP”). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited (“the Manager”), which is a subsidiary of Baillie Gifford Overseas Limited [and forms part of the Baillie Gifford Group]. The Manager is the manufacturer of the PRIIP, and is authorised in Ireland and regulated by the Central Bank of Ireland. For more information on this PRIIP, please visit www.bailliegifford.com or call at 00-353-1-241-7156. Central Bank of Ireland is responsible for supervising Baillie Gifford Investment Management (Europe) Limited in relation to this Key Information Document. This PRIIP is authorised in Ireland.
Date of Production 01/01/2023 | # 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
Baillie Gifford Worldwide Pan-European Fund - Acciones de Clase A EUR Accumulation
Acumulación Acciones- ISIN IE00BK5TWC73. Baillie Gifford Worldwide Pan-European Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad» o el «PRIIP»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited (el «Gestor»), que es una filial de Baillie Gifford Overseas Limited [y forma parte del Grupo Baillie Gifford]. El Gestor es el productor del PRIIP y está autorizado en Irlanda y regulado por el Banco Central de Irlanda. Para más información sobre este PRIIP, visite www.bailliegifford.com o llame al 00-353-1-241-7156. El Banco Central de Irlanda es responsable de la supervisión de Baillie Gifford Investment Management (Europe) Limited en relación con este Documento de Datos Fundamentales. Este PRIIP está autorizado en Irlanda.
Fecha de producción 01/01/2023 | # 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, potential gains and losses of this product and to help you compare it with other products.
Product
Baillie Gifford Worldwide Pan-European Fund - Class A EUR Accumulation Shares
Accumulation Shares- ISIN IE00BK5TWC73. Baillie Gifford Worldwide Pan-European Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (“the Company” or “the PRIIP”). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited (“the Manager”), which is a subsidiary of Baillie Gifford Overseas Limited [and forms part of the Baillie Gifford Group]. The Manager is the manufacturer of the PRIIP, and is authorised in Ireland and regulated by the Central Bank of Ireland. For more information on this PRIIP, please visit www.bailliegifford.com or call at 00-353-1-241-7156. Central Bank of Ireland is responsible for supervising Baillie Gifford Investment Management (Europe) Limited in relation to this Key Information Document. This PRIIP is authorised in Ireland.
Date of Production 01/01/2023 | en | es |
DOLFIN8429 | 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 Bloomberg Barclays Global Aggregate Bond 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 global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
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 accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays Global Aggregate Bond 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 realizable, 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 mercados mundiales de deuda (es decir, bonos) con categoría de inversión y actualmente está compuesto por cuatro índices de ámbito regional (el Bloomberg Barclays US Aggregate Index, el Bloomberg Barclays Pan-European Aggregate Index, el Bloomberg Barclays Asian-Pacific Aggregate Index y el Bloomberg Barclays Canadian Aggregate Index), además de otros valores que cumplen los criterios de los índices de Bloomberg Barclays y que no están incluidos en estos cuatro índices. Los valores que RF que componen el Índice pueden ser emitidos o garantizados por gobiernos, organismos públicos internacionales o empresas, y pagarán rendimientos con arreglo a un tipo de interés fijo o variable. En el momento de su inclusión en el Índice, los valores de RF tendrán un nivel de grado de inversión (es decir, cumplirán un nivel específico de solvencia).
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 acumulativas (es decir, los rendimientos se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Bond 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 global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
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 accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8451 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Explanation of our climate metrics
The Weighted Average Carbon Intensity (WACI) is the metric used to report our funds’ carbon emissions. It is a measure of how much CO2 is being emitted per US$ million of sales by each company that the fund invests in. This can be used to determine the likely effect a company is having on the environment. It can also help to compare the impact different companies have on the environment, and to compare companies against the broad market or the financial benchmark for the fund. However, this metric does not take into account the difference in carbon characteristics among sectors.
The WACI metric is one of many greenhouse gas emissions data points, each offering a different aspect of analysis on climate impact. M&G have selected this metric as it is applicable to multi-asset, equity and fixed income funds and it is aligned to the recommendations from the Taskforce for Climate Related Financial Disclosures (TCFD). It has also been chosen to align with M&G’s groupwide target of transparency when it comes to the disclosure of climate emissions. Listed infrastructure strategies typically exhibit higher carbon characteristics than global equity indices because of the former’s bias towards utilities, the sector with the highest emissions due to the reliance of traditional utilities on fossil fuels for power generation. The M&G (Lux) Global Listed Infrastructure Fund compares favourably in a listed infrastructure context, owing to its aversion to coal-fired power and its preference for renewables and beneficiaries of the energy transition.
At M&G we currently use MSCI as our main third-party data provider for carbon intensity data as we consider its coverage to be the broadest of the current providers. As with any mass data collection, there are methodology limitations; this also applies to MSCI. We make every effort to check its data and are currently building our own tools which will use a variety of data sources to gather and map the carbon emissions of our funds.
For the avoidance of doubt, this fund is not managed to a carbon emission objective and, the benchmark WACI (should funds have a benchmark) have been included for information purposes only. | # Explicación de nuestros parámetros climáticos
La intensidad de carbono media ponderada (WACI, por sus siglas en inglés) es el parámetro utilizado para informar de las emisiones de carbono de nuestros fondos. Es una medida de la cantidad de CO2 que se emite por cada millón de dólares estadounidenses de ventas de cada sociedad en la que invierte el fondo. Puede utilizarse para determinar el efecto que probablemente una empresa está produciendo en el medioambiente. Asimismo, puede ayudar a comparar el impacto que tienen las distintas sociedades en el medioambiente y comparar las sociedades con el mercado en general o el índice financiero de referencia del fondo. Sin embargo, este parámetro no tiene en cuenta las diferencias sectoriales relacionadas con las características del carbono.
El parámetro WACI es uno de los muchos puntos de datos sobre emisiones de gases de efecto invernadero, cada uno de los cuales ofrece una faceta diferente del análisis sobre el impacto climático. M&G ha seleccionado este parámetro porque se puede aplicar a los fondos multiactivos, de renta variable y de renta fija, y está en consonancia con las recomendaciones del grupo de trabajo para la divulgación de información financiera relacionada con el clima (la TCFD, por sus siglas en inglés). También se ha seleccionado para armonizar el objetivo de transparencia de todo el grupo M&G en lo que respecta a la divulgación de información sobre emisiones con efectos climáticos. Las estrategias de las infraestructuras cotizadas suelen presentar características de carbono superiores a las de los índices de renta variable globales debido a la inclinación de las primeras por los servicios públicos, el sector con las emisiones más elevadas debido a que los servicios públicos tradicionales dependen de los combustibles fósiles para la generación de energía. El M&G (Lux) Global Listed Infrastructure Fund tiene ventaja en el marco de las infraestructuras cotizadas, debido a que rechaza la energía generada mediante carbón y prefiere las energías renovables y los sectores que se benefician de la transición energética.
Nuestro principal proveedor externo de datos en lo que respecta a información sobre intensidad de carbono es MSCI, ya que consideramos que es el proveedor que actualmente cuenta con la cobertura más amplia. Como sucede siempre que se recopila un enorme volumen de datos, hay limitaciones metodológicas; MSCI no es una excepción. Hacemos todo lo posible para verificar sus datos y actualmente estamos creando nuestras propias herramientas, las cuales utilizarán diversas fuentes de datos para recopilar las emisiones de carbono de nuestros fondos y trazar el mapa correspondiente.
221114144151 ES A1 LISTI EUR A ES PE 0005 0000
Para evitar dudas, aclaramos que este fondo no se gestiona con referencia a ningún objetivo de emisión de carbono y que el índice de referencia WACI (si es que se aplica un índice a los fondos) se ha incluido únicamente con fines informativos. | # Explanation of our climate metrics
The Weighted Average Carbon Intensity (WACI) is the metric used to report our funds’ carbon emissions. It is a measure of how much CO2 is being emitted per US$ million of sales by each company that the fund invests in. This can be used to determine the likely effect a company is having on the environment. It can also help to compare the impact different companies have on the environment, and to compare companies against the broad market or the financial benchmark for the fund. However, this metric does not take into account the difference in carbon characteristics among sectors.
The WACI metric is one of many greenhouse gas emissions data points, each offering a different aspect of analysis on climate impact. M&G have selected this metric as it is applicable to multi-asset, equity and fixed income funds and it is aligned to the recommendations from the Taskforce for Climate Related Financial Disclosures (TCFD). It has also been chosen to align with M&G’s groupwide target of transparency when it comes to the disclosure of climate emissions. Listed infrastructure strategies typically exhibit higher carbon characteristics than global equity indices because of the former’s bias towards utilities, the sector with the highest emissions due to the reliance of traditional utilities on fossil fuels for power generation. The M&G (Lux) Global Listed Infrastructure Fund compares favourably in a listed infrastructure context, owing to its aversion to coal-fired power and its preference for renewables and beneficiaries of the energy transition.
At M&G we currently use MSCI as our main third-party data provider for carbon intensity data as we consider its coverage to be the broadest of the current providers. As with any mass data collection, there are methodology limitations; this also applies to MSCI. We make every effort to check its data and are currently building our own tools which will use a variety of data sources to gather and map the carbon emissions of our funds.
For the avoidance of doubt, this fund is not managed to a carbon emission objective and, the benchmark WACI (should funds have a benchmark) have been included for information purposes only. | en | es |
DOLFIN8455 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. Against this background, the dollar depreciated against other currencies, and oil prices remained below $85 per barrel.
Over the month, the MSCI dividends reinvested gained 8.54%. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as healthcare, telecoms and consumer staples. Conversely, technology posted a clear increase, boosted by good results reported by semiconductors companies. The more cyclical sectors such as materials, consumer discretionary (especially luxury goods stocks) and financials benefited from the good state of the market, as did the retail sector.
Against this background, the fund also posted a strong increase, but it lagged behind due to the poor performances from Prysmian, SPIE, Nexi, Legrand, Deutsche Telekom and Acciona Energias. The latter, after its steep rise at the beginning of the year, posted a drop of nearly 4%.
During the month, we reduced slightly in Worldline and Publicis after a strong rally, and we took a position in KBC, whose balance sheet strength we appreciate and which has regained a reasonable valuation.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
Ultimately, as expected at the beginning of 2022, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average.
However, this compression is mainly due to the strong growth of corporate earnings in 2022 and marginally to the decline observed in the financial markets since the beginning of the year.
So, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas consumption and needs – and that it is therefore not too early to be optimistic.
Although changes in interest rates could have less influence on valuation multiples, it is still too early to know what will be the scale of downward revisions of company results for 2023. It is difficult to imagine that they could be revised upwards, in any case.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Los mercados de renta variable siguieron repuntando en noviembre, ya que los primeros descensos de las cifras de inflación y el empeoramiento de los datos macroeconómicos en EE. UU. aumentaron las esperanzas de unas subidas de tipos a menor ritmo. Si bien el BCE ha reafirmado la prioridad de luchar contra la inflación a pesar del riesgo de recesión en la zona euro, la Fed ha empezado a hablar de frenar el ritmo de las subidas. Este esperado cambio en la política monetaria ha dado lugar a un retorno de la predisposición al riesgo. Entretanto, en China, la cuestión de una cierta flexibilización de las medidas sanitarias y una relajación de la política de COVID cero ha alimentado el optimismo de los mercados, además de las medidas adoptadas a favor del sector inmobiliario. En este contexto, el dólar se depreció en gran medida frente a otras monedas y el precio del barril de crudo se mantuvo por debajo de los 85 USD.
Durante el mes, el MSCI Euro (con reinversión de dividendos) avanzó un 8,54 %. Este renovado optimismo y la perspectiva de menos subidas de tipos ha penalizado a sectores defensivos como la sanidad, las telecomunicaciones y el consumo básico. La tecnología, por su parte, mostró una clara revalorización, impulsada por los buenos resultados de las empresas de semiconductores. Los sectores más cíclicos, como los materiales, el consumo discrecional (especialmente los artículos de lujo) y el financiero, se beneficiaron de la buena orientación del mercado, al igual que la distribución.
En este contexto, el fondo también ha subido con fuerza, aunque en menor medida debido al mal comportamiento de Prysmian, Spie, Nexi, Legrand, Deutsche Telekom y Acciona Energías. Esta última, tras su fuerte subida a principios de año, llegó a registrar un descenso de casi el 4 %.
Durante el mes, redujimos ligeramente nuestra posición en Worldline y Publicis tras un fuerte repunte e iniciamos una posición en KBC, de la que apreciamos la solidez de su balance y que ha recuperado una valoración razonable.
A medida que nos acercamos al final del año, los mercados de renta variable podrían mantener su buena orientación, aupados por la perspectiva de próximo cambio de rumbo en la política de ajuste monetario de la Fed.
Por último, como se esperaba a principios de 2022, bajo el efecto de las subidas de tipos, los múltiplos de valoración de los mercados cayeron hasta situarse por debajo de su media a largo plazo.
Sin embargo, esta compresión se debe principalmente al fuerte crecimiento de los resultados empresariales en 2022 y, marginalmente, al descenso de los mercados financieros desde principios de año.
Asimismo, aunque entendemos el reciente repunte, nos parece que todavía hay muchos factores de incertidumbre —el clima, en particular, determinará el consumo y las necesidades de gas— y que, en consecuencia, es demasiado pronto para volver a ser optimistas.
Aunque los movimientos de los tipos de interés pueden desempeñar un papel menor en los múltiplos de valoración, todavía es demasiado pronto para conocer la magnitud de las revisiones a la baja de los resultados empresariales para 2023. En cualquier caso, es difícil imaginar que puedan revisarse al alza.
Una vez más, creemos que es importante mantener una buena diversificación. Seguimos comprometidos con nuestra estrategia de inversión, centrándonos en empresas que combinan capacidad para ajustar los precios, visibilidad y/o perspectivas de crecimiento mediante la exposición a temáticas a largo plazo y una estructura financiera sólida.
Fuente(s) : AXA Investment Managers - MSCI a 30/11/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. Against this background, the dollar depreciated against other currencies, and oil prices remained below $85 per barrel.
Over the month, the MSCI dividends reinvested gained 8.54%. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as healthcare, telecoms and consumer staples. Conversely, technology posted a clear increase, boosted by good results reported by semiconductors companies. The more cyclical sectors such as materials, consumer discretionary (especially luxury goods stocks) and financials benefited from the good state of the market, as did the retail sector.
Against this background, the fund also posted a strong increase, but it lagged behind due to the poor performances from Prysmian, SPIE, Nexi, Legrand, Deutsche Telekom and Acciona Energias. The latter, after its steep rise at the beginning of the year, posted a drop of nearly 4%.
During the month, we reduced slightly in Worldline and Publicis after a strong rally, and we took a position in KBC, whose balance sheet strength we appreciate and which has regained a reasonable valuation.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
Ultimately, as expected at the beginning of 2022, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average.
However, this compression is mainly due to the strong growth of corporate earnings in 2022 and marginally to the decline observed in the financial markets since the beginning of the year.
So, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas consumption and needs – and that it is therefore not too early to be optimistic.
Although changes in interest rates could have less influence on valuation multiples, it is still too early to know what will be the scale of downward revisions of company results for 2023. It is difficult to imagine that they could be revised upwards, in any case.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN8456 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance scenarios
| Investment GBP 10,000 |
| --- |
| Scenarios | 1 year | 5 years (Recommended holding period) |
| Stress scenario | What you might get back after costs | 6,988.0 GBP | 7,789.0 GBP |
| Average return each year | -30.1% | -4.9% |
| Unfavourable scenario | What you might get back after costs | 9,176.0 GBP | 10,688.0 GBP |
| Average return each year | -8.2% | 1.3% |
| Moderate scenario | What you might get back after costs | 10,556.0 GBP | 13,129.0 GBP |
| Average return each year | 5.6% | 5.6% |
| Favourable scenario | What you might get back after costs | 11,244.0 GBP | 13,188.0 GBP |
| Average return each year | 12.4% | 5.7% |
Minimum: There is no minimum guaranteed return. You could lose some or all of your investment.
Unfavourable scenario: This type of scenario occurred for an investment between 2012-2022 Moderate scenario: This type of scenario occurred for an investment between 2012-2022 Favourable scenario: This type of scenario occurred for an investment between 2012-2022
This table shows the money you could get back over the next 5 year(s), under different scenarios, assuming that you invest 10,000.00 GBP.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. The scenarios shown are illustrations based on results from the past and on certain assumptions. Markets could develop very differently in the future.
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
Market developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower. | # Escenarios de rentabilidad
| Inversión de 10.000 GBP |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 6,988.0 GBP | 7,789.0 GBP |
| Rendimiento medio cada año | -30.1% | -4.9% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 9,176.0 GBP | 10,688.0 GBP |
| Rendimiento medio cada año | -8.2% | 1.3% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10,556.0 GBP | 13,129.0 GBP |
| Rendimiento medio cada año | 5.6% | 5.6% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 11,244.0 GBP | 13,188.0 GBP |
| Rendimiento medio cada año | 12.4% | 5.7% |
Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión.
Escenario desfavorable: Este tipo de escenario se produjo para una inversión entre 2012 y 2022 Escenario moderado: Este tipo de escenario se produjo para una inversión entre 2012 y 2022 Escenario favorable: Este tipo de escenario se produjo para una inversión entre 2012 y 2022
En este cuadro se muestra el dinero que podría recuperar en los próximos 5 años, en diferentes escenarios, suponiendo que invierte 10.000,00 GBP.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años. Los escenarios que se muestran son ilustraciones basadas en resultados pasados y en determinadas hipótesis. Los mercados podrían evolucionar de manera muy distinta en el futuro.
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también podrá influir en la cantidad que reciba.
La evolución futura del mercado no podrá predecirse con exactitud. Los escenarios mostrados son solo una indicación de algunos de los posibles resultados basados en los rendimientos recientes. El rendimiento real podría ser inferior. | # Performance scenarios
| Investment GBP 10,000 |
| --- |
| Scenarios | 1 year | 5 years (Recommended holding period) |
| Stress scenario | What you might get back after costs | 6,988.0 GBP | 7,789.0 GBP |
| Average return each year | -30.1% | -4.9% |
| Unfavourable scenario | What you might get back after costs | 9,176.0 GBP | 10,688.0 GBP |
| Average return each year | -8.2% | 1.3% |
| Moderate scenario | What you might get back after costs | 10,556.0 GBP | 13,129.0 GBP |
| Average return each year | 5.6% | 5.6% |
| Favourable scenario | What you might get back after costs | 11,244.0 GBP | 13,188.0 GBP |
| Average return each year | 12.4% | 5.7% |
Minimum: There is no minimum guaranteed return. You could lose some or all of your investment.
Unfavourable scenario: This type of scenario occurred for an investment between 2012-2022 Moderate scenario: This type of scenario occurred for an investment between 2012-2022 Favourable scenario: This type of scenario occurred for an investment between 2012-2022
This table shows the money you could get back over the next 5 year(s), under different scenarios, assuming that you invest 10,000.00 GBP.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. The scenarios shown are illustrations based on results from the past and on certain assumptions. Markets could develop very differently in the future.
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
Market developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower. | en | es |
DOLFIN8458 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
3%
2%
1%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 1 de octubre de 2015. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
3%
2%
1%
0% | ### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
3%
2%
1%
0% | en | es |
DOLFIN8460 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Benchmark: The Fund will measure its performance against Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (the "Benchmark").
The Investment Manager will use the Benchmark to construct the investment universe. The Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark where the relevant security meets the requirements of and is expected to be included in the Benchmark in the future.
The majority of the Fund's holdings will be constituents of the Benchmark and as a result the Fund will be similar in its currency, duration as well as sector exposures and credit quality profile, subject to investment constraints. However the Investment Manager will not seek to reflect the Benchmark's maturity profile. | #### Índice de referencia: el Fondo medirá su rentabilidad comparándola con el Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (el «Índice de referencia»).
La Gestora de Inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Fondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de Inversiones cuenta con una potestad limitada para invertir fuera del Índice de referencia cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que se incluya en un futuro en el Índice de referencia.
La mayoría de las posiciones del Fondo serán componentes del Índice de referencia y, como resultado, el Fondo será similar en sus exposiciones a divisas, duración y sectores, así como en términos del perfil de calidad crediticia, sujeto a las limitaciones de inversión. Con todo, la Gestora de Inversiones no pretenderá reflejar el perfil de vencimientos del Índice de referencia. | #### Benchmark: The Fund will measure its performance against Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (the "Benchmark").
The Investment Manager will use the Benchmark to construct the investment universe. The Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark where the relevant security meets the requirements of and is expected to be included in the Benchmark in the future.
The majority of the Fund's holdings will be constituents of the Benchmark and as a result the Fund will be similar in its currency, duration as well as sector exposures and credit quality profile, subject to investment constraints. However the Investment Manager will not seek to reflect the Benchmark's maturity profile. | en | es |
DOLFIN8463 | 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 EURO STOXX Total Market Growth Large 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 equity securities issued by companies in the Economic and Monetary Union of the European Union with large market capitalisation and which are orientated towards long-term capital growth. Market capitalisation is the share price of the company multiplied by the number of shares issued.
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 objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del EURO STOXX Total Market Growth Large 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 valores de renta variable emitidos por empresas de la Unión Económica y Monetaria de la Unión Europea con elevada capitalización bursátil, y que están orientadas al crecimiento a largo plazo del capital. La capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas.
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 el objetivo de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the EURO STOXX Total Market Growth Large 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 equity securities issued by companies in the Economic and Monetary Union of the European Union with large market capitalisation and which are orientated towards long-term capital growth. Market capitalisation is the share price of the company multiplied by the number of shares issued.
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 objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8465 | 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 | | | 11.5 | 9.9 | 2.4 | 35.9 | -23.4 | 26.2 | 3.5 | 13.9 |
| Constraint †¹ | | | 14.7 | 13.4 | 3.6 | 25.6 | -18.1 | 16.8 | 0.0 | 8.8 |
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 28 July 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | 11,5 | 9,9 | 2,4 | 35,9 | -23,4 | 26,2 | 3,5 | 13,9 |
| Limitación †¹ | | | 14,7 | 13,4 | 3,6 | 25,6 | -18,1 | 16,8 | 0,0 | 8,8 |
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 28 julio 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | 11.5 | 9.9 | 2.4 | 35.9 | -23.4 | 26.2 | 3.5 | 13.9 |
| Constraint †¹ | | | 14.7 | 13.4 | 3.6 | 25.6 | -18.1 | 16.8 | 0.0 | 8.8 |
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 28 July 2022 | en | es |
DOLFIN8469 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Currency denomination allocation
Our currency positioning over different foreign currencies is the result of our beta positioning, sector themes and issuer selection. The remainder is held in cash. All currency exposure is hedged back to the Bloomberg Aggregate Corporate Index. Euro corporate bonds outperformed dollar bonds in terms of risk-adjusted excess returns for the month. The fund holds an overweight position in euro bonds. | # Asignación de divisas
Nuestro posicionamiento en diferentes divisas es el resultado de nuestro posicionamiento en beta, temáticas sectoriales y selección de emisores. El porcentaje restante se mantiene en activos monetarios. Toda la exposición a divisas está cubierta respecto al Bloomberg Aggregate Corporate Index. En el mes, los bonos corporativos del euro batieron a los del dólar por excedente de rendimiento ajustado al riesgo. El fondo está sobreponderado en bonos del euro. | # Currency denomination allocation
Our currency positioning over different foreign currencies is the result of our beta positioning, sector themes and issuer selection. The remainder is held in cash. All currency exposure is hedged back to the Bloomberg Aggregate Corporate Index. Euro corporate bonds outperformed dollar bonds in terms of risk-adjusted excess returns for the month. The fund holds an overweight position in euro bonds. | en | es |
DOLFIN8475 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance overview - monthly & cumulated
## since 01.01.2022
## 2%
## 0%
## -2%
## -4%
## -6%
## -8%
## -10%
## -12%
## Jan Mar May Jul Sep Nov | # Resumen de rendimiento – mensual y acumulado
## desde 01.01.2022
## 2%
## 0%
## -2%
## -4%
## -6%
## -8%
## -10%
## -12%
## ene mar may jul sep nov | # Performance overview - monthly & cumulated
## since 01.01.2022
## 2%
## 0%
## -2%
## -4%
## -6%
## -8%
## -10%
## -12%
## Jan Mar May Jul Sep Nov | en | es |
DOLFIN8476 | 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. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de generar 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. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate 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. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8482 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
### Type
### The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers MSCI Europe Value UCITS ETF was launched in 2010.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the MSCI Europe Enhanced Value TRN Index (index) which is designed to reflect the performance of the shares of certain companies from European markets. The shares are chosen on the basis that they exhibit higher value characteristics relative to their peers within the corresponding GICS® sector. When selecting which shares to choose, a number of factors are considered, including the market value of the company relative to its actual value based on its assets; its market value relative to its forecasted earnings; and its entire economic value relative to its cash flow. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced semi-annually. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) retail clients with (ii) basic knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (five years). The fund is suitable for (v) general capital accumulation (growth). | # ¿Qué es este producto?
### Tipo
### El producto es un subfondo OICVM - Parte 1 de una SICAV con arreglo a la legislación luxemburguesa. El fondo es un OICVM ETF.
### Plazo
Este producto es un fondo abierto sin vencimiento prefijado. Para conocer más información acerca de las opciones de reembolso, consulte la sección “¿Cuánto tiempo debo mantener la inversión, y puedo retirar el dinero de manera anticipada?”. Este producto puede reembolsarse anticipadamente en determinadas circunstancias que se indican en el folleto de venta. La clase de acciones 1C de Xtrackers MSCI Europe Value UCITS ETF se constituyó en 2010.
### Objetivos
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del MSCI Europe Enhanced Value TRN index (el “índice”), que ha sido diseñado para reflejar el rendimiento de las acciones de determinadas empresas de los mercados europeos. Las acciones se seleccionan sobre la base de que presentan determinadas características de mayor valor en relación con sus homólogas dentro del correspondiente sector GICS®. Al seleccionar las acciones elegidas, se tienen en cuenta una serie de factores, incluido el valor de mercado de la sociedad en relación con su valor real a partir de sus activos, su valor de mercado en relación con sus ganancias previstas y su valor económico completo en relación con su flujo de caja. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar impuestos. El índice se revisa y ajusta semestralmente. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Este fondo es un subfondo de Xtrackers, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. para más información, consulte la sección correspondiente del suplemento. Usted no está autorizado para intercambiar sus acciones en este fondo por otros fondos de Xtrackers. La entidad depositaria es State Street Bank International GmbH, sucursal de Luxemburgo. Puede obtener de forma gratuita información más detallada sobre este fondo, como el folleto y los últimos informes anual y semestral, en la página web www.etf.dws.com. Estos documentos están disponibles en inglés o alemán. Tanto los documentos como el resto de información (incluidos los últimos precios de las acciones) pueden consultarse sin coste.
### Inversor minorista al que va dirigido
El fondo está diseñado para: (i) clientes minoristas con (ii) conocimientos y experiencia básicos que (iii) estén dispuestos a aceptar el nivel de riesgo que se indica más adelante (incluidas pérdidas que pueden llegar hasta la cantidad total invertida). El inversor típico tendrá (iv) un horizonte de inversión a medio plazo (cinco años). El fondo es adecuado para (v) la acumulación general de capital (crecimiento). | # What is this product?
### Type
### The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers MSCI Europe Value UCITS ETF was launched in 2010.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the MSCI Europe Enhanced Value TRN Index (index) which is designed to reflect the performance of the shares of certain companies from European markets. The shares are chosen on the basis that they exhibit higher value characteristics relative to their peers within the corresponding GICS® sector. When selecting which shares to choose, a number of factors are considered, including the market value of the company relative to its actual value based on its assets; its market value relative to its forecasted earnings; and its entire economic value relative to its cash flow. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced semi-annually. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) retail clients with (ii) basic knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (five years). The fund is suitable for (v) general capital accumulation (growth). | en | es |
DOLFIN8489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives used. The fund will enter into a derivative with a counterparty. If the counterparty fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
effective rate tends to be within a range of that target. The index is calculated using a specific formula and published by Deutsche Bank on a daily basis on any business day in New York. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. 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 provides a notional exposure to interest rates, which may be volatile. Interest rates react to various economic, fiscal, monetary and political factors. This may result in your investment suffering a loss, up to a total loss. The exposure of the fund is concentrated in the short term money market in the United States of America and may be more volatile than funds adopting a more diversified strategy. Your investment is dependent on the performance of the index less costs but your investment is not expected to match that performance precisely. The index may also be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the index which may cause your investment to suffer losses.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 1, dado que su precio por acción, por lo general, no sufre prácticamente fluctuaciones y, por ello, tanto las oportunidades de pérdidas como las de ganancias deberían ser reducidas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los bonos y/o depósitos de efectivo y de los derivados utilizados. El fondo suscribirá un derivado financiero con una contraparte. Si la contraparte no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus
efectiva de los fondos federales tiende a estar dentro de un rango de esa meta. El índice se calcula utilizando una fórmula específica y es publicado por Deutsche Bank a diario durante todos los días hábiles en Nueva York. Para lograr el objetivo, el fondo invertirá en valores negociables y suscribirá con una o más contrapartes de swaps contratos financieros (derivados) relacionados con los valores negociables y el índice para obtener la rentabilidad sobre el índice. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo podrá invertir en bonos cuyo valor dependa de que el emisor pueda efectuar los pagos. Existe siempre el riesgo de que el emisor no lo haga, lo que podría provocar que su inversión sufriera pérdidas. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El fondo proporciona una exposición teórica a los tipos de interés, que pueden ser volátiles. Los tipos de interés actúan en función de diversos factores económicos, fiscales, monetarios y políticos. Esto podría ocasionar una pérdida en su inversión, incluso una pérdida total. La exposición del fondo se concentra en el mercado monetario a corto plazo de los Estados Unidos de América y puede ser más volátil que la de los fondos que adoptan una estrategia más diversificada. Su inversión depende del rendimiento del índice menos los costes, pero no está previsto que su inversión obtenga exactamente ese mismo rendimiento. El índice podría estar sujeto a acontecimientos como interrupciones o ajustes que podrían impedir su cálculo o provocar ajustes en las normas del índice, lo que podría llevar a que su inversión sufriese pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives used. The fund will enter into a derivative with a counterparty. If the counterparty fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
effective rate tends to be within a range of that target. The index is calculated using a specific formula and published by Deutsche Bank on a daily basis on any business day in New York. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. 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 provides a notional exposure to interest rates, which may be volatile. Interest rates react to various economic, fiscal, monetary and political factors. This may result in your investment suffering a loss, up to a total loss. The exposure of the fund is concentrated in the short term money market in the United States of America and may be more volatile than funds adopting a more diversified strategy. Your investment is dependent on the performance of the index less costs but your investment is not expected to match that performance precisely. The index may also be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the index which may cause your investment to suffer losses.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN8490 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 4?
The Fund presents a high level of risk as its investment policy permits exposure of up to 100% of net assets to equity markets of the European Economic Area and/or the OECD. Nevertheless, depending on the Fund manager’s outlook, equity exposure may be considerably reduced in favour of money market investments, which could lower the Fund’s level of risk.
## Material risks to the Fund that are not taken into account in the indicator:
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
If one of these risks were to materialise, the Fund’s net asset value may fall. | # PERFIL DE RIESGO Y REMUNERACIÓN
Los datos históricos, como los utilizados para calcular el indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
El perfil de riesgo no es constante y podrá evolucionar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El capital inicialmente invertido no está garantizado.
A menor riesgo A mayor riesgo
Remuneración potencialmente menor Remuneración potencialmente mayor
## Motivos por los que se ha asignado al Fondo la categoría 4:
El Fondo presenta un nivel de riesgo elevado debido a su política de inversión que permite que el Fondo exponga hasta el 100% de su patrimonio neto a los mercados de renta variable de los países del Espacio Económico Europeo y/o la OCDE. No obstante, según las previsiones del gestor, la exposición a renta variable podrá reducirse considerablemente a favor de una inversión en productos monetarios, lo que podría contribuir a disminuir el nivel de riesgo del Fondo.
## Riesgos importantes para el Fondo que no engloba el indicador:
Riesgo de contraparte: representa el riesgo de impago de una contraparte que le impida satisfacer sus obligaciones de pago. El Fondo podrá estar expuesto a este riesgo cuando la entidad de crédito con la que ha celebrado contratos extrabursátiles u OTC de instrumentos financieros a plazo o de adquisición y cesión temporal de valores no pueda cumplir sus compromisos.
Riesgo de liquidez:el Fondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones.
Cualquiera de estos riesgos podría conllevar una disminución de valor liquidativo del Fondo. | # RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 4?
The Fund presents a high level of risk as its investment policy permits exposure of up to 100% of net assets to equity markets of the European Economic Area and/or the OECD. Nevertheless, depending on the Fund manager’s outlook, equity exposure may be considerably reduced in favour of money market investments, which could lower the Fund’s level of risk.
## Material risks to the Fund that are not taken into account in the indicator:
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
If one of these risks were to materialise, the Fund’s net asset value may fall. | en | es |
DOLFIN8498 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 3 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,670 EUR -53.29% | 5,620 EUR -17.49% |
| Unfavourable | What you might get back after costs Average return each year | 6,770 EUR -32.34% | 6,890 EUR¹ -11.67%¹ |
| Moderate | What you might get back after costs Average return each year | 9,680 EUR -3.24% | 10,560 EUR² 1.82%² |
| Favourable | What you might get back after costs Average return each year | 11,010 EUR 10.06% | 11,620 EUR³ 5.13%³ | | | Período de mantenimiento recomendado: 3 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 3 años. Podría perder la totalidad o parte de su inversión. | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 4.670 EUR -53,29% | 5.620 EUR -17,49% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.770 EUR -32,34% | 6.890 EUR¹ -11,67%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.680 EUR -3,24% | 10.560 EUR² 1,82%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.010 EUR 10,06% | 11.620 EUR³ 5,13%³ | | | Recommended Holding Period: 3 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,670 EUR -53.29% | 5,620 EUR -17.49% |
| Unfavourable | What you might get back after costs Average return each year | 6,770 EUR -32.34% | 6,890 EUR¹ -11.67%¹ |
| Moderate | What you might get back after costs Average return each year | 9,680 EUR -3.24% | 10,560 EUR² 1.82%² |
| Favourable | What you might get back after costs Average return each year | 11,010 EUR 10.06% | 11,620 EUR³ 5.13%³ | | en | es |
DOLFIN8500 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders of the Merging Fund who do not wish to take part in the Merger must submit a redemption request or request for conversion of shares in the Merging Fund to shares of another sub-fund of the Company prior to 12:00pm on 14 December 2022 in order to have their shares in the Merging Fund redeemed or converted. The investment objective and policies that will be pursued on behalf of Merging Shareholders following the Merger having taken effect will be those of the Receiving Fund as set out in full in Appendix B to this Circular accompanying the notice convening the Merging Fund EGM.
If the Merger proposal is not approved, the Merger will not go ahead and the Directors of the Company, in consultation with the Manager, shall take steps to close the Merging Fund, subject to the receipt of the relevant regulatory approvals.
Impact on the Receiving Shareholders
The contemplated Merger will not adversely impact shareholders of the Receiving Fund in terms of
(i) the investment policy and strategy; (ii) costs; (iii) expected outcome; and (iv) periodic reporting. Also, there will be no risk of dilution in performance or a change in shareholders' tax treatment.
In the longer term, the Investment Manager believes the Merger will create the potential for further growth of assets within the Receiving Fund. A bigger pool of assets and investor base would provide greater efficiencies and enable investors to benefit from economies of scale, which should ultimately result in relatively lower costs for the benefit of investors in the Receiving Fund.
Costs Impact of the Merger
The legal, advisory and administrative costs/expenses associated with the Merger (which will include all costs/expenses incurred in relation to the preparation of this Circular and implementation of the Merger, any financial transaction taxes and brokerage fees, the costs associated with the holding of the Fund EGM (including of any adjournment of the Fund EGM) and the costs and expenses associated with issuing New Shares to the Merging Shareholders) will not be borne by the Company or by any of the Shareholders. Instead, the Manager or the Investment Manager have undertaken to bear the costs and expenses of the Merger in full.
It is expected that approximately 20% of the assets of the portfolio of the Merging Fund will be rebalanced in anticipation of implementing the Merger. This process may commence prior to the Effective Date/Time. The transaction costs associated with this rebalancing will be borne by the Manager or the Investment Manager. Implicit costs (i.e, the remaining spread difference between the selling and buying price of securities) associated with the realignment of the portfolio of the Merging Fund will be borne by the Merging Fund. These are estimated at approximately 0.01% of the Net Asset Value of the Merging Fund.
- Criteria adopted for valuation of the assetsThe net asset values of the share classes of the Merging Fund on the date for calculating the Exchange Ratio (i.e. the exchange ratio as referred to in Regulation 65(1) of the Irish UCITS Regulations) shall be calculated in accordance with the principles on valuation prescribed by the Company's Articles of Association and by the Prospectus and the rules prescribed therein for calculating the net asset values and by reference to the Valuation Point (as such term is defined in the Prospectus) for the Merging Fund on 16 December 2022.
- Calculation method of the Exchange RatioThe value of existing assets in the Merging Fund and the value of the new shares to be issued in the Receiving Fund to former shareholders of the Merging Fund which correspond to such value (the "New Shares") will be calculated using the relevant closing net asset value of the Merging Fund on the final valuation for the Merging Fund, 16 December 2022 (the "Valuation Point"). Valuations of the assets transferring from the Merging Fund into the Receiving Fund will be carried out in accordance with the Merging Fund’s valuation methodology as disclosed in the Articles of Association and as set out in Schedule 1 hereto. The number of New Shares to be issued in exchange for the assets of the Merging Fund shall be the number which would, on the ValuationPoint, have been issued for cash against the payment of a sum equal to the value of the assets being transferred.
- Rules applicable, respectively to the transfer of assets and the exchange of sharesOn the Effective Date/Time, shareholders in the Merging Fund will receive New Shares. All assets of the Merging Fund will be transferred to the Receiving Fund so that shareholders in the Merging Fund will receive New Shares that are equal in value to their existing shares in the Merging Fund, subject to rounding adjustments. | Los accionistas del Fondo fusionado que no deseen participar en la Fusión deberán presentar una solicitud de reembolso o de canje de acciones del Fondo fusionado por acciones de otro subfondo de la Sociedad antes de las 12:00 del 14 de diciembre de 2022 para que sus acciones del Fondo fusionado sean reembolsadas o canjeadas. El objetivo y las políticas de inversión que se aplicarán por cuenta de los Accionistas del Fondo fusionado una vez realizada la Fusión serán los del Fondo receptor, según se estipulan en su totalidad en el Anexo B de esta Circular adjunta al aviso de convocatoria de la Junta general extraordinaria del Fondo fusionado.
Si la propuesta de fusión no resulta aprobada, la Fusión no seguirá adelante y los Consejeros de la Sociedad, consultándolo con la Gestora, tomará medidas para cerrar el Fondo fusionado, con sujeción a la obtención de las correspondientes autorizaciones del regulador.
Impacto en los Accionistas del Fondo receptor
La Fusión prevista no tendrá ninguna incidencia adversa en los accionistas del Fondo receptor por lo que respecta a (i) la política y estrategia de inversión; (ii) los costes; (iii) el resultado esperado y
(iv) la publicación de información periódica. Además, no habrá riesgo de dilución de la rentabilidad ni cambio en el tratamiento fiscal de los accionistas.
A largo plazo, el Gestor de inversiones considera que la Fusión generará un potencial de mayor crecimiento de los activos dentro del Fondo receptor. Un mayor conjunto de activos y una mayor base de inversores brindaría una mayor eficiencia y permitiría a los inversores beneficiarse de las economías de escala, lo que a la larga debería traducirse en unos costes relativamente menores en beneficio de los inversores del Fondo receptor.
Impacto de los costes de la Fusión
Los costes/gastos jurídicos, administrativos o de asesoramiento relacionados con la Fusión (que incluirán todos los costes/gastos incurridos en relación con la elaboración de esta Circular y la realización de la Fusión, cualquier impuesto sobre transacciones financieras y comisiones de intermediación, los costes asociados a la celebración de la Junta general extraordinaria del Fondo [incluyendo cualquier aplazamiento de la Junta general extraordinaria del Fondo] y los costes y gastos asociados a la emisión de Nuevas acciones a los Accionistas del Fondo fusionado) no serán soportados por la Sociedad ni por ninguno de los Accionistas. En su lugar, la Gestora o el Gestor de inversiones se han comprometido a asumir en su totalidad los costes y gastos de la Fusión.
Se espera que aproximadamente el 20% de los activos de la cartera del Fondo fusionado se reajuste en previsión de la realización de la Fusión. Este proceso puede comenzar antes de la Fecha/Hora efectiva. Los costes de transacción asociados a este reajuste correrán a cargo de la Sociedad gestora o del Gestor de inversiones. Los costes implícitos (es decir, la diferencia restante entre el precio de venta y el de compra de los valores) asociados al reajuste de la cartera del Fondo fusionado correrán a cargo de este. Se calcula que estos costes ascenderán aproximadamente a un 0,01% del Valor liquidativo del Fondo fusionado.
- Criterios adoptados para la valoración de los activosLos valores liquidativos de las clases de acciones del Fondo fusionado en la fecha de cálculo del ratio de canje (es decir, el ratio de canje al que se refiere la norma 65(1) del Reglamento sobre OICVM de Irlanda) se calculará de acuerdo con los principios de valoración estipulados por los Estatutos de la Sociedad y por el Folleto y las normas previstas en el mismo para el cálculo de los valores liquidativos y por referencia al Momento de valoración (según se define dicho término en el Folleto) para el Fondo fusionado el 16 de diciembre de 2022.
- Método de cálculo del ratio de canjeEl valor de los activos existentes del Fondo fusionado y el valor de las nuevas acciones que se emitirán en el Fondo receptor a los antiguos accionistas del Fondo fusionado correspondientes a dicho valor (las «Nuevas acciones») se calcularán a partir del correspondiente valor liquidativo de cierre del Fondo fusionado en la valoración final para el Fondo fusionado, 16 de diciembre de 2022 (el «Momento de valoración»). Las valoraciones de los activos que se transfieran del Fondo fusionado al Fondo receptor se llevarán a cabo de acuerdo con la metodología de valoración del Fondo fusionado, según se indica en los Estatutos y se recoge en el Anexo 1 del presente documento. El número de Nuevas acciones que se emitirán a cambio de los activos del Fondo fusionado será el número que, en el Momento de valoración, se habría emitido en efectivo contra el pago de un importe igual al valor de los activos que se transfieren.
- Normas aplicables, respectivamente, a la transferencia de activos y al canje de accionesEn la Fecha/Hora efectiva, los accionistas del Fondo fusionado recibirán Nuevas acciones. Todos los activos del Fondo fusionado se transferirán al Fondo receptor, de modo que los accionistas del Fondo fusionado recibirán Nuevas acciones con un valor igual al de sus acciones existentes en el Fondo fusionado, sujeto a redondeo. | Shareholders of the Merging Fund who do not wish to take part in the Merger must submit a redemption request or request for conversion of shares in the Merging Fund to shares of another sub-fund of the Company prior to 12:00pm on 14 December 2022 in order to have their shares in the Merging Fund redeemed or converted. The investment objective and policies that will be pursued on behalf of Merging Shareholders following the Merger having taken effect will be those of the Receiving Fund as set out in full in Appendix B to this Circular accompanying the notice convening the Merging Fund EGM.
If the Merger proposal is not approved, the Merger will not go ahead and the Directors of the Company, in consultation with the Manager, shall take steps to close the Merging Fund, subject to the receipt of the relevant regulatory approvals.
Impact on the Receiving Shareholders
The contemplated Merger will not adversely impact shareholders of the Receiving Fund in terms of
(i) the investment policy and strategy; (ii) costs; (iii) expected outcome; and (iv) periodic reporting. Also, there will be no risk of dilution in performance or a change in shareholders' tax treatment.
In the longer term, the Investment Manager believes the Merger will create the potential for further growth of assets within the Receiving Fund. A bigger pool of assets and investor base would provide greater efficiencies and enable investors to benefit from economies of scale, which should ultimately result in relatively lower costs for the benefit of investors in the Receiving Fund.
Costs Impact of the Merger
The legal, advisory and administrative costs/expenses associated with the Merger (which will include all costs/expenses incurred in relation to the preparation of this Circular and implementation of the Merger, any financial transaction taxes and brokerage fees, the costs associated with the holding of the Fund EGM (including of any adjournment of the Fund EGM) and the costs and expenses associated with issuing New Shares to the Merging Shareholders) will not be borne by the Company or by any of the Shareholders. Instead, the Manager or the Investment Manager have undertaken to bear the costs and expenses of the Merger in full.
It is expected that approximately 20% of the assets of the portfolio of the Merging Fund will be rebalanced in anticipation of implementing the Merger. This process may commence prior to the Effective Date/Time. The transaction costs associated with this rebalancing will be borne by the Manager or the Investment Manager. Implicit costs (i.e, the remaining spread difference between the selling and buying price of securities) associated with the realignment of the portfolio of the Merging Fund will be borne by the Merging Fund. These are estimated at approximately 0.01% of the Net Asset Value of the Merging Fund.
- Criteria adopted for valuation of the assetsThe net asset values of the share classes of the Merging Fund on the date for calculating the Exchange Ratio (i.e. the exchange ratio as referred to in Regulation 65(1) of the Irish UCITS Regulations) shall be calculated in accordance with the principles on valuation prescribed by the Company's Articles of Association and by the Prospectus and the rules prescribed therein for calculating the net asset values and by reference to the Valuation Point (as such term is defined in the Prospectus) for the Merging Fund on 16 December 2022.
- Calculation method of the Exchange RatioThe value of existing assets in the Merging Fund and the value of the new shares to be issued in the Receiving Fund to former shareholders of the Merging Fund which correspond to such value (the "New Shares") will be calculated using the relevant closing net asset value of the Merging Fund on the final valuation for the Merging Fund, 16 December 2022 (the "Valuation Point"). Valuations of the assets transferring from the Merging Fund into the Receiving Fund will be carried out in accordance with the Merging Fund’s valuation methodology as disclosed in the Articles of Association and as set out in Schedule 1 hereto. The number of New Shares to be issued in exchange for the assets of the Merging Fund shall be the number which would, on the ValuationPoint, have been issued for cash against the payment of a sum equal to the value of the assets being transferred.
- Rules applicable, respectively to the transfer of assets and the exchange of sharesOn the Effective Date/Time, shareholders in the Merging Fund will receive New Shares. All assets of the Merging Fund will be transferred to the Receiving Fund so that shareholders in the Merging Fund will receive New Shares that are equal in value to their existing shares in the Merging Fund, subject to rounding adjustments. | en | es |
DOLFIN8517 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 30/06/2016-30/06/2021.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,739
27.4%
EUR 14,096
7.1% | # Este tipo de escenario se produjo para una inversión Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) entre 30/06/2016-30/06/2021.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
12 739 EUR
27,4%
14 096 EUR
7,1% | # This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 30/06/2016-30/06/2021.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,739
27.4%
EUR 14,096
7.1% | en | es |
DOLFIN8518 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets as well as voting. Firstly, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. The fund also excludes stocks issued by companies that have a high or medium negative impact on the Sustainable Development Goals (SDGs). The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. Secondly, financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is at least 10% better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. The target is to achieve 30% lower GHG emissions and 20% lower water use and waste generation compared to the index. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. Thirdly, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | # Sustentabilidad
El fondo incorpora sistemáticamente la sostenibilidad al proceso de inversión mediante exclusiones, integración de criterios ASG, objetivos ASG y de huella ambiental, así como ejercicio de los derechos de voto. En primer lugar, el fondo no invierte en emisores de valores que incumplen normas internacionales o cuyas actividades se consideran perjudiciales para la sociedad según la política de exclusión de Robeco. El fondo también excluye los valores emitidos por empresas que generan un impacto negativo alto o medio en los Objetivos de Desarrollo Sostenible (ODS). El impacto de los emisores en los ODS se determina aplicando el marco sobre los ODS de tres pasos desarrollado internamente por Robeco. En segundo lugar, en la elaboración de la cartera, se integran factores ASG financieramente relevantes para garantizar que la puntuación ASG de la cartera es, como mínimo, un 10 % mejor que la del índice. Además, las huellas ambientales del fondo se hacen inferiores a las del índice de referencia restringiendo las emisiones de gases de efecto invernadero, el consumo de agua y la generación de residuos. El objetivo es lograr unas emisiones de gases de efecto invernadero un 30 % inferiores a las del índice y unos niveles de consumo de agua y generación de residuos un 20 % inferiores a los del índice. Con estas reglas de construcción de la cartera, los valores emitidos por empresas con mejores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser incluidas en la cartera, mientras que los valores emitidos por empresas con peores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser excluidas de la cartera. En tercer lugar, cuando un emisor de valores sea señalado en la supervisión continua por infringir normas internacionales, el emisor quedará sujeto a exclusión. Por último, el fondo hace uso de los derechos asociados a las acciones y aplica el voto por delegación conforme a las directrices de delegación de voto de Robeco. | # Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets as well as voting. Firstly, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. The fund also excludes stocks issued by companies that have a high or medium negative impact on the Sustainable Development Goals (SDGs). The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. Secondly, financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is at least 10% better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. The target is to achieve 30% lower GHG emissions and 20% lower water use and waste generation compared to the index. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. Thirdly, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | en | es |
DOLFIN8529 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS EUR Acc between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,540
-4.6%
EUR 9,756
-0.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS EUR Acc entre 28/02/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 540 EUR
-4,6%
9 756 EUR
-0,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS EUR Acc between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,540
-4.6%
EUR 9,756
-0.5% | en | es |
DOLFIN8531 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI North America Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The benchmark index measures the performance of equity securities issued by large and mid capitalisation companies of the U.S. and Canada markets and is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The investment manager may also, in limited circumstances, use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del índice MSCI North America, el índice de referencia del Fondo.
El Fondo se gestiona de manera pasiva y trata de invertir en la medida de lo posible y realizable en los valores de renta variable (p. ej., acciones) que componen el Índice.
El índice de referencia mide la rentabilidad de los valores de renta variable emitidos por empresas de gran y mediana capitalización de los mercados de Estados Unidos y Canadá, y es un índice ponderado de capitalización bursátil ajustada a flotación libre. Ajustada a flotación libre significa que para el cálculo del índice de referencia solamente se utilizan las acciones inmediatamente disponibles en el mercado, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas.
El Fondo trata de replicar el índice de referencia manteniendo los valores de renta variable que componen dicho índice de referencia, en proporciones similares a este.
Además, en circunstancias limitadas, la gestora de inversiones podrá utilizar instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI North America Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The benchmark index measures the performance of equity securities issued by large and mid capitalisation companies of the U.S. and Canada markets and is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The investment manager may also, in limited circumstances, use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8532 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 4,583 EUR | 3,645 EUR |
| Average return each year | -54.17% | -18.28% |
| Unfavourable scenario | What you might get back after costs | 6,447 EUR | 6,726 EUR |
| Average return each year | -35.53% | -7.62% |
| Moderate scenario | What you might get back after costs | 11,179 EUR | 17,592 EUR |
| Average return each year | 11.79% | 11.96% |
| Favourable scenario | What you might get back after costs | 14,969 EUR | 23,018 EUR |
| Average return each year | 49.69% | 18.14% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 EUR Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 4.583 EUR | 3.645 EUR |
| Rendimiento medio cada año | -54,17 % | -18,28 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 6.447 EUR | 6.726 EUR |
| Rendimiento medio cada año | -35,53 % | -7,62 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.179 EUR | 17.592 EUR |
| Rendimiento medio cada año | 11,79 % | 11,96 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.969 EUR | 23.018 EUR |
| Rendimiento medio cada año | 49,69 % | 18,14 % | | | Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 4,583 EUR | 3,645 EUR |
| Average return each year | -54.17% | -18.28% |
| Unfavourable scenario | What you might get back after costs | 6,447 EUR | 6,726 EUR |
| Average return each year | -35.53% | -7.62% |
| Moderate scenario | What you might get back after costs | 11,179 EUR | 17,592 EUR |
| Average return each year | 11.79% | 11.96% |
| Favourable scenario | What you might get back after costs | 14,969 EUR | 23,018 EUR |
| Average return each year | 49.69% | 18.14% | | en | es |
DOLFIN8538 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index, the Fund’s benchmark index (Index).
The Index aims to measure the performance of US Dollar denominated corporate bonds in the Markit iBoxx USD Liquid Investment Grade Index (Underlying Index) while hedging against underlying interest rate risk of Dollar corporate bonds. The Underlying Index measures the performance of Dollar denominated, corporate fixed income (FI) securities (such as bonds) which pay income according to a fixed rate of interest. The FI securities will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Index hedges against underlying interest rate risk by selling US Treasury bond futures; a bond futures contract locks in the price at which a bond can be bought or sold at a future date. The hedge aims to reduce exposure to changes in the US Treasury bond interest rate curve, which shows the interest rates of different maturities.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the FI securities that make up the Underlying Index and comply with its credit rating requirements, as well as in US Treasury bond futures contracts that, as far as possible track the hedging methodology of the Index. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The US Treasury bond futures contracts are weighted appropriately according to the duration of the FI securities held in the Index on a monthly basis. No adjustment is made to the hedge during the month to account for price movements of FI securities of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of FDIs (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. Apart from hedging US Treasury bond yield exposure, the use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index, el índice de referencia del Fondo (el Índice).
El Índice tiene por objetivo medir la rentabilidad de los bonos empresariales denominados en dólares estadounidenses del Índice Markit iBoxx USD Liquid Investment Grade (Índice Subyacente), ofreciendo cobertura al mismo tiempo frente al riesgo de los tipos de interés subyacentes de los bonos empresariales denominados en dólares. El Índice Subyacente mide la rentabilidad de los valores de renta fija (RF) empresarial (como bonos) denominados en dólares, que pagan intereses a un tipo fijo de interés. Los valores de RF tendrá la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición.
El Índice ofrece cobertura frente al riesgo de los tipos de interés subyacentes al vender futuros sobre bonos del Tesoro estadounidenses; un contrato de futuro sobre un bono fija el precio al que puede comprarse o venderse un bono en una fecha futura. La cobertura trata de reducir la exposición a los cambios en la curva de tipos de interés de los bonos del Tesoro estadounidenses, que muestra los tipos de interés de distintos vencimientos.
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 RF que componen el Índice Subyacente y cumplen con sus requisitos de calificación de solvencia, así como en contratos de futuros sobre bonos del Tesoro estadounidenses que repliquen lo máximo posible la metodología de cobertura del Índice. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible vender la posición.
Los contratos de futuros sobre bonos del Tesoro estadounidenses están ponderados adecuadamente según la duración de los valores de RF incluidos en el Índice con carácter mensual. Durante el mes no se realiza ningún ajuste a la cobertura a fin de tener en cuenta las variaciones de los precios de los valores de RF del Índice.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de IFD (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Aparte de la cobertura de la exposición a la rentabilidad de los bonos del Tesoro estadounidenses, para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
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 acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index, the Fund’s benchmark index (Index).
The Index aims to measure the performance of US Dollar denominated corporate bonds in the Markit iBoxx USD Liquid Investment Grade Index (Underlying Index) while hedging against underlying interest rate risk of Dollar corporate bonds. The Underlying Index measures the performance of Dollar denominated, corporate fixed income (FI) securities (such as bonds) which pay income according to a fixed rate of interest. The FI securities will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Index hedges against underlying interest rate risk by selling US Treasury bond futures; a bond futures contract locks in the price at which a bond can be bought or sold at a future date. The hedge aims to reduce exposure to changes in the US Treasury bond interest rate curve, which shows the interest rates of different maturities.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the FI securities that make up the Underlying Index and comply with its credit rating requirements, as well as in US Treasury bond futures contracts that, as far as possible track the hedging methodology of the Index. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The US Treasury bond futures contracts are weighted appropriately according to the duration of the FI securities held in the Index on a monthly basis. No adjustment is made to the hedge during the month to account for price movements of FI securities of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of FDIs (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. Apart from hedging US Treasury bond yield exposure, the use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8542 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# INVESTMENT RISKS
Investment in the Sub-Fund carries a degree of risk and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisers before purchasing Shares. The risks outlined in the “RISK INFORMATION” section of the Prospectus and this Supplement are not exhaustive and may not cover all the consequences and risks in any given situation. As part of the review by potential investors in understanding their potential risk of loss, they should note that the “RISK INFORMATION” section of the Prospectus covers a wide range of investment strategies; therefore, some risk factors may be less relevant than others. As general guidance, investors are encouraged to focus on the following risk factors:
- Risks identified in Part A, Part B, Part E and Part F of the “RISK INFORMATION” section. These cover the investment into Shares of the Sub-Fund itself, the operations and advisors of the Sub-Fund, taxation risks, hedging strategies and more general risks.
- Part C and in particular those risk factors highlighting that the Sub-Fund is making an investment into a Swap with a third party Swap counterparty who will not owe any duty of care to the Sub-Fund and furthermore the Sub-Fund will have no control over the Index construction (as the Index is constructed by the relevant Index Sponsor).
- Part D with an emphasis on considering the risks arising from the Sub-Fund engaging in efficient portfolio management techniques such as repurchase and reverse repurchase transactions, or investing via listed FDI or OTC FDI entered into with a third party (counterparty credit risks, derivatives risk, OTC counterparties, collateral management, settlement, leverage, market volatility, short exposure) on an underlying equity investment (shares, concentration of investment). | # RIESGOS DE INVERSIÓN
La inversión en el Subfondo conlleva un cierto grado de riesgo y los posibles inversores deberían revisar detenidamente el Folleto y el presente Suplemento y consultar con sus asesores profesionales antes de adquirir acciones. Los riesgos descritos en el apartado «INFORMACIÓN SOBRE RIESGOS» del Folleto y en este Suplemento no son exhaustivos y pueden no cubrir todas las consecuencias y riesgos en una situación determinada. Como parte de la revisión por parte de los inversores potenciales para comprender su riesgo potencial de pérdidas, deben tener en cuenta que el apartado «INFORMACIÓN SOBRE RIESGOS» del Folleto cubre una amplia gama de estrategias de inversión; por lo tanto, algunos factores de riesgo pueden ser menos relevantes que otros. Como orientación general, se anima a los inversores a centrarse en los siguientes factores de riesgo:
- Riesgos identificados en la Parte A, Parte B, Parte E y Parte F del apartado«INFORMACIÓN SOBRE RIESGOS». Estos incluyen la inversión en Acciones del propio Subfondo, las operaciones y asesores del Subfondo, los riesgos fiscales, las estrategias de cobertura y los riesgos más generales.
- La Parte C y, en particular, los factores de riesgo que ponen de relieve que el Subfondo está realizando una inversión en un Swap con una contraparte de Swap independiente que no tendrá ningún deber de diligencia con respecto al Subfondo y, además, el Subfondo no tendrá control sobre la construcción del Índice (ya que el Índice es construido por el Promotor del Índice correspondiente).
- La Parte D, con énfasis en la consideración de los riesgos derivados de la participación del Subfondo en técnicas de gestión eficaz de la cartera, como las operaciones de recompra y recompra inversa, o la inversión a través de IFD cotizados o IFD OTC suscritos con terceros(riesgos de crédito de contraparte, riesgo de derivados, contrapartes OTC, gestión de garantías, liquidación, apalancamiento, volatilidad del mercado, exposición corta) en una inversión subyacente en renta variable (acciones, concentración de inversión). | # INVESTMENT RISKS
Investment in the Sub-Fund carries a degree of risk and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisers before purchasing Shares. The risks outlined in the “RISK INFORMATION” section of the Prospectus and this Supplement are not exhaustive and may not cover all the consequences and risks in any given situation. As part of the review by potential investors in understanding their potential risk of loss, they should note that the “RISK INFORMATION” section of the Prospectus covers a wide range of investment strategies; therefore, some risk factors may be less relevant than others. As general guidance, investors are encouraged to focus on the following risk factors:
- Risks identified in Part A, Part B, Part E and Part F of the “RISK INFORMATION” section. These cover the investment into Shares of the Sub-Fund itself, the operations and advisors of the Sub-Fund, taxation risks, hedging strategies and more general risks.
- Part C and in particular those risk factors highlighting that the Sub-Fund is making an investment into a Swap with a third party Swap counterparty who will not owe any duty of care to the Sub-Fund and furthermore the Sub-Fund will have no control over the Index construction (as the Index is constructed by the relevant Index Sponsor).
- Part D with an emphasis on considering the risks arising from the Sub-Fund engaging in efficient portfolio management techniques such as repurchase and reverse repurchase transactions, or investing via listed FDI or OTC FDI entered into with a third party (counterparty credit risks, derivatives risk, OTC counterparties, collateral management, settlement, leverage, market volatility, short exposure) on an underlying equity investment (shares, concentration of investment). | en | es |
DOLFIN8543 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - USD C-5 (Acc) - LU1057469469
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.720.22511.413.911.813.8207.59.8155.67.22.14.7101.91.11.13.15-0.1-0.10-4.4-2.5-5b Past performance is not a guide to future performance. | # Rentabilidad histórica
- BOFA MLCX Commodity Alpha UCITS Fund - USD C-5 (Acc) - LU1057469469
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% de rentabilidad17.720.22511.413.911.813.8207.59.8155.67.22.14.7101.91.11.13.15-0.1-0.10-4.4-2.5-5b La rentabilidad histórica no es indicativa de la futura rentabilidad. | # Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - USD C-5 (Acc) - LU1057469469
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.720.22511.413.911.813.8207.59.8155.67.22.14.7101.91.11.13.15-0.1-0.10-4.4-2.5-5b Past performance is not a guide to future performance. | en | es |
DOLFIN8548 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives
The Fund is actively managed with reference to an index and seeks to outperform its benchmark, the Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index (hedged to EUR), by getting exposure to commodities indices. These indices represent an active allocation to single commodities using quantitative strategies. The Fund allocates its exposures between such various indices in a dynamic and model driven way. In terms of assets, the Fund will mainly invest in bonds or money market instruments and concludes a TRS to gain exposure to the above mentioned commodity indices
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. | ## Objetivos
El Fondo se gestiona de manera activa con referencia a un índice y trata de superar a su índice de referencia, el índice Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index (hedged to EUR), mediante la obtención de exposición a los índices de materias primas. Estos índices representan una asignación activa en materias primas básicas utilizando estrategias cuantitativas. El Fondo asigna sus exposiciones entre estos índices diferentes de una manera dinámica y basada en un modelo. En cuestión de activos, el Fondo invertirá principalmente en bonos o en instrumentos del mercado monetario, y celebra TRS para obtener exposición a los índices de materias primas mencionados anteriormente.
Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto.
El objetivo de esta clase de acciones es ofrecer cobertura del riesgo de cambio frente a la exposición de divisas de la cartera del Fondo. No obstante, el riesgo de cambio no puede neutralizarse por completo, puesto que la técnica de cobertura se basa en el valor liquidativo del Fondo. | ## Objectives
The Fund is actively managed with reference to an index and seeks to outperform its benchmark, the Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index (hedged to EUR), by getting exposure to commodities indices. These indices represent an active allocation to single commodities using quantitative strategies. The Fund allocates its exposures between such various indices in a dynamic and model driven way. In terms of assets, the Fund will mainly invest in bonds or money market instruments and concludes a TRS to gain exposure to the above mentioned commodity indices
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. | en | es |
DOLFIN8553 | 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 12/2021-09/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,655
-13.5%
EUR 9,796
-0.4% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 12/2021-09/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 655 EUR
-13,5%
9 796 EUR
-0,4% | # This type of scenario occurred for an investment composite benchmark between 12/2021-09/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,655
-13.5%
EUR 9,796
-0.4% | en | es |
DOLFIN8557 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
## The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 650 EUR | 1,071 EUR |
| Annual cost impact (*) | 6.5% | 2.5% 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 -4.8% after costs.
## We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
## Please note that the figures shown here do not include any additional fees that may be charged by your distributor, advisor or any insurance wrapper in which the fund may be placed.
## Composition of Costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 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 |
| Management fees and other administrative or operating costs | 1.40% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 140 EUR |
| Transaction costs | 0.10% 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. | 10 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | # ¿Cuáles son los costes?
## La persona que le asesora o le vende este producto puede cobrarle otros gastos. Si es así, esta persona le proporcionará información sobre estos costes y cómo afectan a su inversión.
## Costes a lo largo del tiempo
Las tablas muestran los importes que se retiran de su inversión para cubrir diferentes tipos de gastos. Estos importes dependen de la cantidad que inviertas, del tiempo que mantengas el producto y del rendimiento del mismo. Los importes aquí indicados son ilustraciones basadas en un importe de inversión de ejemplo y en diferentes períodos de inversión posibles.
## Hemos asumido:
- En el primer año recuperaría la cantidad invertida (0% de rentabilidad anual). Para los demás periodos de tenencia hemos asumido que el producto se comporta como se muestra en el escenario moderado
- Se invierten EUR 10,000
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 650 EUR | 1,071 EUR |
| Incidencia anual de los costes (*) | 6.5% | 2.5% cada año |
(*) Esto ilustra cómo los costes reducen su rendimiento cada año durante el periodo de tenencia. Por ejemplo, muestra que si se sale en el periodo de tenencia recomendado, su rentabilidad media anual se proyecta en un -2.3% antes de costes y en un -4.8% después de costes.
## Podemos compartir parte de los costes con la persona que le vende el producto para cubrir los servicios que le presta. Ellos le informarán del importe.
## Tenga en cuenta que las cifras mostradas aquí no incluyen ninguna comisión adicional que pueda cobrar su distribuidor, asesor o cualquier envoltorio de seguro en el que se pueda colocar el fondo.
## Composición de los costes
| Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | Un 5.00% de la cantidad que ingresa al entrar en esta inversión. | Hasta 500 EUR |
| Costes de salida | No cobramos una tarifa de salida por este producto, pero la persona que le vende el producto puede hacerlo. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Un 1.40% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 140 EUR |
| Costes de operación | Un 0.10% del valor de su inversión al año. Se trata de una estimación de los costes incurridos cuando compramos y vendemos las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 10 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | Este producto no tiene comisión de rendimiento. | 0 EUR | | # What are the costs?
## The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 650 EUR | 1,071 EUR |
| Annual cost impact (*) | 6.5% | 2.5% 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 -4.8% after costs.
## We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
## Please note that the figures shown here do not include any additional fees that may be charged by your distributor, advisor or any insurance wrapper in which the fund may be placed.
## Composition of Costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 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 |
| Management fees and other administrative or operating costs | 1.40% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 140 EUR |
| Transaction costs | 0.10% 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. | 10 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN8558 | 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 achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.
Investment Policy: The Sub-Fund will invest its assets in short- term EUR-denominated Debt Securities, deposits with credit institutions and Reverse Repurchase Agreements.
The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.
The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and the initial or remaining maturity of each Debt Security will not exceed 397 days at the time of purchase.
In addition to receiving a favourable assessment of their credit quality pursuant to the Management Company's Internal Credit Procedures, Debt Securities with a long-term rating will be rated at least "A" and Debt Securities with a short-term rating will be rated at least "A-1" by Standard & Poor's or otherwise similarly rated by another independent rating agency.
The Sub-Fund may also invest in unrated Debt Securities of comparable credit quality to those specified above.
The Sub-Fund aims to maintain a AAA rating, or equivalent, assigned by at least one rating agency.
This Sub-Fund qualifies as a "Low Volatility Net Asset Value Money Market Fund" in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on Money Market Funds as may be amended or replaced from time to time and therefore will comply with these guidelines.
Redemption and Dealing: Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a daily basis.
Benchmark: 1 Week EUR LIBID.
The benchmark is a point of reference against which the performance of the Share Class may be measured. The Sub- Fund is actively managed.
Distribution Policy: This Share Class will not pay dividends.
For an explanation of some of the terms used in this document, please visit the glossary on our website at www. jpmorganassetmanagement.lu | # Objetivos y política de inversión
Objetivo de inversión: El objetivo del Subfondo es conseguir una rentabilidad en la Divisa de referencia en línea con los tipos del mercado monetario vigentes y, al mismo tiempo, conservar un nivel de capital compatible con dichos tipos y mantener un elevado nivel de liquidez.
Política de inversión: El Subfondo invertirá su patrimonio en títulos de deuda, depósitos en entidades de crédito y contratos con pacto de recompra inversa, a corto plazo denominados en EUR.
El Subfondo podrá tener exposición a inversiones que generan rendimientos nulos o negativos en condiciones de mercado adversas.
El vencimiento medio ponderado de las inversiones del Subfondo no superará los 60 días, y el vencimiento inicial o residual de cada título de deuda no superará, en el momento de su compra, los 397 días.
Además de haber sido evaluados favorablemente respecto de su calidad crediticia con arreglo a los Procedimientos internos de crédito establecidos por la Sociedad gestora, los títulos de deuda que cuenten con una calificación a largo plazo deberán tener una calificación de, como mínimo, A y los que cuenten con una calificación a corto plazo deberán tener una calificación de, como mínimo, A-1 de Standard & Poor's, u otra calificación equivalente otorgada por una agencia de calificación independiente.
El Subfondo también podrá invertir en títulos de deuda sin calificación, pero cuya calidad crediticia sea comparable a las especificadas anteriormente.
El Subfondo tratará de mantener una calificación de AAA o equivalente, otorgada por, como mínimo, una agencia de calificación crediticia.
Este Subfondo cumple los requisitos de un «fondo del mercado monetario de valor liquidativo de baja volatilidad» de conformidad con el Reglamento (UE) 2017/1131 del Parlamento Europeo y del Consejo, de 14 de junio de 2017, sobre fondos del mercado monetario, en su versión oportunamente modificada o sustituida, y, por ende, satisfará dichas disposiciones.
Reembolso y negociación: Las participaciones del Subfondo se pueden reembolsar mediante solicitud previa y se negocian normalmente a diario.
Índice de referencia: 1 Week EUR LIBID.
El índice de referencia es un parámetro comparativo para medir la rentabilidad de la Clase de Acciones. El Subfondo se gestiona de forma activa.
Política de reparto de dividendos: Esta Clase de Acciones no distribuirá dividendos.
Si desea obtener una explicación de algunos de los términos usados en este documento, consulte el glosario presente en nuestro sitio web en www.jpmorganassetmanagement.lu. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.
Investment Policy: The Sub-Fund will invest its assets in short- term EUR-denominated Debt Securities, deposits with credit institutions and Reverse Repurchase Agreements.
The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.
The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and the initial or remaining maturity of each Debt Security will not exceed 397 days at the time of purchase.
In addition to receiving a favourable assessment of their credit quality pursuant to the Management Company's Internal Credit Procedures, Debt Securities with a long-term rating will be rated at least "A" and Debt Securities with a short-term rating will be rated at least "A-1" by Standard & Poor's or otherwise similarly rated by another independent rating agency.
The Sub-Fund may also invest in unrated Debt Securities of comparable credit quality to those specified above.
The Sub-Fund aims to maintain a AAA rating, or equivalent, assigned by at least one rating agency.
This Sub-Fund qualifies as a "Low Volatility Net Asset Value Money Market Fund" in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on Money Market Funds as may be amended or replaced from time to time and therefore will comply with these guidelines.
Redemption and Dealing: Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a daily basis.
Benchmark: 1 Week EUR LIBID.
The benchmark is a point of reference against which the performance of the Share Class may be measured. The Sub- Fund is actively managed.
Distribution Policy: This Share Class will not pay dividends.
For an explanation of some of the terms used in this document, please visit the glossary on our website at www. jpmorganassetmanagement.lu | en | es |
DOLFIN8563 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund aims to achieve a return in all market conditions primarily through investment in emerging market fixed income securities (eg bonds).
1 The fixed income securities invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The Fund may also take exposure to countries which are regarded as developed markets where the investment manager believes that they exhibit characteristics of emerging markets.
1 The Fund typically aims to create returns through a long exposure (ie, it will benefit from an increase in the value of assets to which it obtains exposure). However, it may seek to apply a 'long-short strategy' whereby, in addition to buying and holding assets, it may use derivatives (ie instruments whose prices are dependent on one or more underlying asset ('FDI') to take 'short' positions whereby the Fund may make money in respect of issuers whose securities the Fund believes to be overvalued or expects to fall in value.
1 The Fund may invest up to 25% of its net assets in securities issued by or guaranteed by a single sovereign issuer with a non-investment grade rating. The fixed income securities are not subject to minimum rating requirements.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 20% of the Net Asset Value of the Portfolio. The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities
that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the JP Morgan Emerging Markets Bond Index Global and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. While the Fund will focus on individual issuers that may belong to the Benchmark, such investment may be in different weights. The Benchmark is also used for performance comparison purposes.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | # Objetivos y política de inversión
1 El Fondo pretende lograr rendimiento en todas las condiciones de mercado, principalmente a través de inversiones en valores de renta fija de mercados emergentes (por ejemplo, bonos).
1 Los valores de renta fija en los que se invierta serán emitidos o garantizados por sociedades que ofrezcan exposición a mercados emergentes o cuyo domicilio social se encuentre en mercados emergentes o por gobiernos, agencias gubernamentales u organismos supranacionales de mercados emergentes. Los valores se cotizarán o negociarán en mercados desarrollados o los emisores deberán pertenecer a mercados desarrollados y ofrecer exposición a mercados emergentes. El Fondo también puede tener exposición a países que se consideren como mercados desarrollados y que el gestor de inversiones considere que muestran características de mercados emergentes.
1 El Fondo normalmente pretende crear rendimientos a través de una exposición larga (es decir, se beneficiará de un aumento en el valor de los activos a los cuales obtiene exposición). Sin embargo, tratará de aplicar una "estrategia de inversión en posiciones largas y cortas", por la cual, además de comprar y mantener activos, podrá hacer uso de derivados ("IFD", es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) para adoptar posiciones "cortas" en las que pueda obtener dinero respecto de emisores cuyos valores el Fondo considere que están sobrevalorados o espere un descenso en su valor.
1 El Fondo puede invertir hasta el 25 % de su patrimonio neto en valores emitidos o garantizados por un único inversor soberano con una calificación inferior al grado de inversión. Los valores de renta fija no están sujetos a requisitos de valoración mínima.
1 El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). Asimismo, la Gestora de Inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas y municiones, armas nucleares y con actividades orientadas al tabaco y al carbón.
1 Las inversiones de la Cartera, ya sea de manera directa o indirecta mediante
derivados, en valores de renta fija cotizados o negociados en Mercados Reconocidos en Rusia no excederán el 20 % del Valor liquidativo de la Cartera. El Fondo puede utilizar activamente IFD para lograr el objetivo de inversión, con fines de cobertura ante movimientos previstos en un mercado o en un valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 El Fondo podrá mantener una proporción considerable de su cartera en efectivo y/o invertir una proporción considerable de la cartera en activos líquidos (es decir, valores que puedan convertirse en efectivo de forma rápida y sencilla). Además, el Fondo podrá negociar en divisas globales.
1 El Fondo puede utilizar activamente IFD para lograr el objetivo de inversión, con fines de cobertura ante movimientos previstos en un mercado o en un valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice JP Morgan Emerging Markets Bond Index Global y no está limitado por él. El Fondo utiliza el Índice de referencia con fines de gestión de riesgos. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del Fondo en relación con las ponderaciones del índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes. El Índice de referencia también se utiliza a efectos de comparación de rentabilidad.
1 El Fondo usará IFD para proporcionar a los inversores una rentabilidad similar a la de cualquier clase de acciones emitidas en la divisa operativa del Fondo (USD).
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo.
1 Recomendación: El Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
1 The Fund aims to achieve a return in all market conditions primarily through investment in emerging market fixed income securities (eg bonds).
1 The fixed income securities invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The Fund may also take exposure to countries which are regarded as developed markets where the investment manager believes that they exhibit characteristics of emerging markets.
1 The Fund typically aims to create returns through a long exposure (ie, it will benefit from an increase in the value of assets to which it obtains exposure). However, it may seek to apply a 'long-short strategy' whereby, in addition to buying and holding assets, it may use derivatives (ie instruments whose prices are dependent on one or more underlying asset ('FDI') to take 'short' positions whereby the Fund may make money in respect of issuers whose securities the Fund believes to be overvalued or expects to fall in value.
1 The Fund may invest up to 25% of its net assets in securities issued by or guaranteed by a single sovereign issuer with a non-investment grade rating. The fixed income securities are not subject to minimum rating requirements.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 20% of the Net Asset Value of the Portfolio. The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities
that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the JP Morgan Emerging Markets Bond Index Global and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. While the Fund will focus on individual issuers that may belong to the Benchmark, such investment may be in different weights. The Benchmark is also used for performance comparison purposes.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | en | es |
DOLFIN8564 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Subject to the provisions of the Acts, a poll may be demanded:-
- by the Chairman of the meeting;
- by at least five Members present (in person or by proxy) having the right to vote at the meeting;
- by any Member or Members present (in person or by proxy) representing not less than one-tenth of the total voting rights of all the Members having the right to vote at the meeting.
-
## Taking of a Poll.
- Save as provided in paragraph (b) of this Article, a poll shall be taken in such manner as the Chairman directs and he may in the event of a poll, appoint scrutineers (who need not be Members) and fix a time and place for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
- A poll demanded on the election of a Chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith or at such time (not being more than thirty days after the poll is demanded) and place as the Chairman of the meeting may direct. The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll has been demanded. If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made.
- No notice need be given of a poll not taken forthwith if the time and place at which it is to be taken are announced at the meeting at which it is demanded. In any other case at least seven Clear Days’ notice shall be given specifying the time and place at which the poll is to be taken.
-
## Votes of Members. | De conformidad con las disposiciones de las Leyes, podrá pedir una votación formal:
- el Presidente de la junta;
- un mínimo de cinco Socios presentes (en persona o representados) con derecho a votar en la junta;
- un número de Socios presentes (en persona o representados) que representen al menos una décima parte del total de derechos de voto de todos los Socios con derecho a votar en la junta.
-
## Celebración de una votación formal.
- Con excepción de lo estipulado en el apartado (b) del presente Artículo, una votación formal se celebrará de la manera que ordene el Presidente y, en caso de celebrarse, puede nombrar escrutadores (que no tienen por qué ser Socios) y fijar una hora y lugar para declarar el resultado de la votación. Se considerará que el resultado de la votación constituye el acuerdo de la junta en la cual se solicitó la votación formal.
- Si se solicita la votación formal sobre la elección de un Presidente o sobre una cuestión de aplazamiento, ésta se celebrará inmediatamente. Una votación formal solicitada sobre cualquier otro asunto se podrá celebrar inmediatamente o en el momento (dentro de un plazo máximo de treinta días desde que se pidió la votación) y lugar que decida el Presidente de la junta. La petición de una votación formal no será óbice para que una junta prosiga, tratando cualquier asunto distinto de la cuestión sobre la cual se ha solicitado la votación formal. Si se solicita una votación formal antes de la declaración del resultado de una votación a mano alzada y dicha petición es debidamente retirada, la junta proseguirá como si no se hubiera formulado la petición.
- No será necesario notificar una votación formal si se anuncia el lugar y la fecha de su celebración en la misma junta en la que se ha solicitado. En cualquier otro caso, se deberá notificara con una antelación mínima de siete Días Netos especificando la hora y el lugar de celebración de la votación formal.
-
## Votos de los Socios. | Subject to the provisions of the Acts, a poll may be demanded:-
- by the Chairman of the meeting;
- by at least five Members present (in person or by proxy) having the right to vote at the meeting;
- by any Member or Members present (in person or by proxy) representing not less than one-tenth of the total voting rights of all the Members having the right to vote at the meeting.
-
## Taking of a Poll.
- Save as provided in paragraph (b) of this Article, a poll shall be taken in such manner as the Chairman directs and he may in the event of a poll, appoint scrutineers (who need not be Members) and fix a time and place for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
- A poll demanded on the election of a Chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith or at such time (not being more than thirty days after the poll is demanded) and place as the Chairman of the meeting may direct. The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll has been demanded. If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made.
- No notice need be given of a poll not taken forthwith if the time and place at which it is to be taken are announced at the meeting at which it is demanded. In any other case at least seven Clear Days’ notice shall be given specifying the time and place at which the poll is to be taken.
-
## Votes of Members. | en | es |
DOLFIN8567 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# In addition, Shares may be issued and repurchased at a different price due to the adjustments which may be made to the Net Asset Value per Share as described below.
Where specified in the relevant Supplement, the Company may, in the event of there being net subscriptions on any Dealing Day, make an adjustment to the Net Asset Value per Share of the relevant classes to cover stamp duties and taxation (if any) in respect of the issue of Shares, and the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the relevant Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time. In the event of there being net repurchases on any Dealing Day, the Company may make an adjustment to the Net Asset Value per Share of the relevant classes to cover the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time.
The price at which Shares will be purchased on a Dealing Day is, subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Applicants may also be charged a preliminary charge as specified in the relevant Supplement for the Fund.
The price at which Shares will be repurchased on a Dealing Day, is subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Where specified in the relevant Supplement, applicants may also be charged a redemption charge.
The Company may, in calculating the repurchase price, deduct such sum as the Directors consider fair and equitable with the approval of the Depositary, in respect of repurchase requests which in order to satisfy, the relevant Fund will need to borrow, break deposits at a penalty or realise investments at a discount. | # Además, las Acciones podrá suscribirse y reembolsarse a precios diferentes debido a los ajustes de los que pueda ser objeto el Valor liquidativo por Acción, tal y como se detalla a continuación.
Siempre que se especifique en el Suplemento correspondiente, la Sociedad podrá, cuando se produzcan suscripciones netas en un Día de negociación, efectuar un ajuste del Valor liquidativo por Acción de las Clases pertinentes para cubrir el pago de los impuestos sobre actos jurídicos documentados y otras tasas (si procede) respecto de la suscripción de Acciones, así como los costes de restructuración de la cartera del Subfondo correspondiente (un Ajuste por dilución). Dicho ajuste no superará el 3% del Patrimonio neto del Subfondo pertinente. El objeto de dichos ajustes será preservar el valor de los activos subyacentes del Subfondo. Los Consejeros se reservan el derecho de renunciar a aplicar el Ajuste por dilución en cualquier momento. La Sociedad podrá, cuando se produzcan reembolsos netos en un Día de negociación, efectuar un ajuste del Valor liquidativo por Acción de las Clases pertinentes para cubrir los costes de restructuración de la cartera del Subfondo correspondiente (un Ajuste por dilución). Dicho ajuste no superará el 3% del Patrimonio neto del Subfondo. El objeto de dichos ajustes será preservar el valor de los activos subyacentes del Subfondo. Los Consejeros se reservan el derecho de renunciar a aplicar el Ajuste por dilución en cualquier momento.
El precio de compra de las Acciones en un Día de negociación será, conforme a lo previsto a continuación, el Valor liquidativo por Acción de la Clase pertinente calculado en la forma anteriormente descrita. Asimismo, se podrá aplicar a los solicitantes una comisión de suscripción, tal y como se indica en el Suplemento del Subfondo pertinente.
El precio de reembolso de las Acciones en un Día de negociación será, conforme a lo previsto a continuación, el Valor liquidativo por Acción de la Clase pertinente calculado en la forma anteriormente descrita. Siempre que se especifique en el Suplemento correspondiente, también podrá cobrarse a los solicitantes una comisión de reembolso.
A la hora de calcular el precio de reembolso, la Sociedad, con la aprobación previa del Depositario, podrá deducir del mismo el importe que los Consejeros consideren justo y razonable, respecto de las solicitudes de reembolso, y que el Subfondo pertinente tenga que tomar prestado u obtener mediante la cancelación de depósitos con su sanción correspondiente o la liquidación de inversiones con descuento. | # In addition, Shares may be issued and repurchased at a different price due to the adjustments which may be made to the Net Asset Value per Share as described below.
Where specified in the relevant Supplement, the Company may, in the event of there being net subscriptions on any Dealing Day, make an adjustment to the Net Asset Value per Share of the relevant classes to cover stamp duties and taxation (if any) in respect of the issue of Shares, and the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the relevant Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time. In the event of there being net repurchases on any Dealing Day, the Company may make an adjustment to the Net Asset Value per Share of the relevant classes to cover the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time.
The price at which Shares will be purchased on a Dealing Day is, subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Applicants may also be charged a preliminary charge as specified in the relevant Supplement for the Fund.
The price at which Shares will be repurchased on a Dealing Day, is subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Where specified in the relevant Supplement, applicants may also be charged a redemption charge.
The Company may, in calculating the repurchase price, deduct such sum as the Directors consider fair and equitable with the approval of the Depositary, in respect of repurchase requests which in order to satisfy, the relevant Fund will need to borrow, break deposits at a penalty or realise investments at a discount. | en | es |
DOLFIN8569 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Sub-Fund which is managed in accordance with the SRI Strategy Type A refrains from investing in securities of sovereign issuers of countries
- that have not ratified or implemented the eight fundamental conventions identified in the International Labour Organisation’sdeclaration of the Fundamental Rights and Principles at work
- that have not ratified or implemented at least half of the 18 core International Human Rights Treaties national legislation or equivalent
- which are not party to the Paris Agreement, the UN Convention on Biological Diversity, or the Nuclear Non-Proliferation Treaty
- with particularly high military budget exceeding 4% of the respective country’s Gross Domestic Product (GDP)
- which are considered as the jurisdictions with strategic deficiencies in their regimes to counter money laundering and combating the financing of terrorism and proliferation by the Financial Action Task Force (FATF)
- scoring below 40/100 on the Transparency International Corruption Perception Index, or
- qualified with a score as ‘Not free’ by the Freedom House Index. | Los Compartimentos que se gestionan de conformidad con Estrategia SRI de Tipo A se abstienen de invertir en títulos-valores de emisores soberanos de países:
- que no han ratificado ni implementado los ocho convenios fundamentales identificados en la Declaración de la OIT relativa a los principios y derechos fundamentales en el trabajo;
- que no han ratificado ni implementado al menos la mitad de los 18 tratados internacionales de derechos humanos en su legislación nacional o cuerpos legales equivalentes;
- que no forman parte del Acuerdo de París, el Convenio sobre la Diversidad Biológica de las Naciones Unidas o el Tratado de No Proliferación Nuclear;
- con un presupuesto militar particularmente elevado que exceda el 4 % de su producto interior bruto (PIB);
- considerados jurisdicciones con deficiencias estratégicas en sus regímenes de lucha contra el blanqueo de capitales y la financiación y la proliferación del terrorismo por parte del Grupo de Acción Financiera Internacional (GAFI);
- con una puntuación inferior a 40/100 en el Índice de Percepción de la Corrupción de Transparencia Internacional; o
- calificados como «No Libre» por el Freedom House Index. | Sub-Fund which is managed in accordance with the SRI Strategy Type A refrains from investing in securities of sovereign issuers of countries
- that have not ratified or implemented the eight fundamental conventions identified in the International Labour Organisation’sdeclaration of the Fundamental Rights and Principles at work
- that have not ratified or implemented at least half of the 18 core International Human Rights Treaties national legislation or equivalent
- which are not party to the Paris Agreement, the UN Convention on Biological Diversity, or the Nuclear Non-Proliferation Treaty
- with particularly high military budget exceeding 4% of the respective country’s Gross Domestic Product (GDP)
- which are considered as the jurisdictions with strategic deficiencies in their regimes to counter money laundering and combating the financing of terrorism and proliferation by the Financial Action Task Force (FATF)
- scoring below 40/100 on the Transparency International Corruption Perception Index, or
- qualified with a score as ‘Not free’ by the Freedom House Index. | en | es |
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