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DOLFIN1591 | 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 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,366
3.7%
CHF 11,811
3.4% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/08/2015-31/08/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 366 CHF
3,7%
11 811 CHF
3,4% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,366
3.7%
CHF 11,811
3.4% | en | es |
DOLFIN1603 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(USD) | LU0556612868 | Institutional investors | U.S. dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(EUR) | LU0556613163 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(GBP) | LU0556613320 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(SGD) | LU0648002136 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(JPY) | LU0648002052 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(EUR) | LU0980580525 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(GBP) | LU0980580871 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SGD) | LU0980580954 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(JPY) | LU0648001674 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SEK) | LU0980581176 | Institutional investors | Swedish Krona | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(AUD) | LU1429565861 | Institutional investors | Australian dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| I/A(USD) | LU0556612868 | Inversores institucionales | Dólar estadounidense | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(EUR) | LU0556613163 | Inversores institucionales | Euro | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(GBP) | LU0556613320 | Inversores institucionales | Libra esterlina | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(SGD) | LU0648002136 | Inversores institucionales | Dólar de Singapur | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| I/A(JPY) | LU0648002052 | Inversores institucionales | Yen japonés | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(EUR) | LU0980580525 | Inversores institucionales | Euro | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(GBP) | LU0980580871 | Inversores institucionales | Libra esterlina | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(SGD) | LU0980580954 | Inversores institucionales | Dólar de Singapur | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(JPY) | LU0648001674 | Inversores institucionales | Yen japonés | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(SEK) | LU0980581176 | Inversores institucionales | Corona sueca | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| H-I/A(AUD) | LU1429565861 | Inversores institucionales | Dólar australiano | 100.000 USD | 1 acción | Acumulación | 1,00% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(USD) | LU0556612868 | Institutional investors | U.S. dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(EUR) | LU0556613163 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(GBP) | LU0556613320 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(SGD) | LU0648002136 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| I/A(JPY) | LU0648002052 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(EUR) | LU0980580525 | Institutional investors | Euro | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(GBP) | LU0980580871 | Institutional investors | Great Britain pound | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SGD) | LU0980580954 | Institutional investors | Singapore dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(JPY) | LU0648001674 | Institutional investors | Japanese Yen | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(SEK) | LU0980581176 | Institutional investors | Swedish Krona | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| H-I/A(AUD) | LU1429565861 | Institutional investors | Australian dollar | US $100,000 | 1 share | Accumulation | 1.00% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN1626 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shares may be grouped or split upon the recommendation of the Board of Directors as ratified by an Extraordinary General Meeting.
Shares may be fractioned, at the discretion of the Board of Directors, into tenths, hundredths, thousandths, or ten- thousandths of a share.
The provisions of the Articles of Association governing the issue and redemption of shares shall apply to fractions of shares, the value of which shall always be proportionate to that of the share they represent. Unless otherwise specified, all other provisions of the Articles of Association relating to shares shall apply to fractions of shares without the need to state so. | Las acciones pueden agruparse o dividirse a propuesta del Consejo de Administración y ser aprobadas por la Junta General Extraordinaria.
Las acciones pueden dividirse, por decisión del Consejo de Administración, en décimas, centésimas, milésimas, diezmilésimas, denominadas acciones fraccionarias.
Las disposiciones de los estatutos que regulan la emisión y el reembolso de acciones serán de aplicación a las acciones fraccionarias cuyo valor será siempre proporcional al de la acción que representen. El resto de disposiciones de los estatutos relativas a las acciones serán de aplicación a las acciones fraccionarias sin que resulte necesario especificarlo, salvo disposición en contrario. | Shares may be grouped or split upon the recommendation of the Board of Directors as ratified by an Extraordinary General Meeting.
Shares may be fractioned, at the discretion of the Board of Directors, into tenths, hundredths, thousandths, or ten- thousandths of a share.
The provisions of the Articles of Association governing the issue and redemption of shares shall apply to fractions of shares, the value of which shall always be proportionate to that of the share they represent. Unless otherwise specified, all other provisions of the Articles of Association relating to shares shall apply to fractions of shares without the need to state so. | en | es |
DOLFIN1627 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 5,100 | USD 5,990 |
| | Average return each year % | -49.00% | -15.70% |
| Unfavourable scenario | What you might get back after costs | USD 7,960 | USD 7,180 |
| | Average return each year % | -20.40% | -10.45% |
| Moderate scenario | What you might get back after costs | USD 9,870 | USD 10,130 |
| | Average return each year % | -1.30% | 0.43% |
| Favourable scenario | What you might get back after costs | USD 11,680 | USD 11,910 |
| | Average return each year % | 16.80% | 6.00% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 5.100 | USD 5.990 |
| | Rendimiento medio cada año | -49,00% | -15,70% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.960 | USD 7.180 |
| | Rendimiento medio cada año | -20,40% | -10,45% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 9.870 | USD 10.130 |
| | Rendimiento medio cada año | -1,30% | 0,43% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 11.680 | USD 11.910 |
| | Rendimiento medio cada año | 16,80% | 6,00% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 5,100 | USD 5,990 |
| | Average return each year % | -49.00% | -15.70% |
| Unfavourable scenario | What you might get back after costs | USD 7,960 | USD 7,180 |
| | Average return each year % | -20.40% | -10.45% |
| Moderate scenario | What you might get back after costs | USD 9,870 | USD 10,130 |
| | Average return each year % | -1.30% | 0.43% |
| Favourable scenario | What you might get back after costs | USD 11,680 | USD 11,910 |
| | Average return each year % | 16.80% | 6.00% | | en | es |
DOLFIN1631 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | 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 | 3,160 EUR -68.40% | 2,500 EUR -24.22% |
| Unfavourable | What you might get back after costs Average return each year | 6,680 EUR -33.18% | 5,300 EUR¹ -11.93%¹ |
| Moderate | What you might get back after costs Average return each year | 9,170 EUR -8.30% | 10,280 EUR² 0.55%² |
| Favourable | What you might get back after costs Average return each year | 16,010 EUR 60.11% | 17,930 EUR³ 12.39%³ | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder la totalidad o parte de su inversión. | 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 | 3.160 EUR -68,40% | 2.500 EUR -24,22% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.680 EUR -33,18% | 5.300 EUR¹ -11,93%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.170 EUR -8,30% | 10.280 EUR² 0,55%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.010 EUR 60,11% | 17.930 EUR³ 12,39%³ | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. | 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 | 3,160 EUR -68.40% | 2,500 EUR -24.22% |
| Unfavourable | What you might get back after costs Average return each year | 6,680 EUR -33.18% | 5,300 EUR¹ -11.93%¹ |
| Moderate | What you might get back after costs Average return each year | 9,170 EUR -8.30% | 10,280 EUR² 0.55%² |
| Favourable | What you might get back after costs Average return each year | 16,010 EUR 60.11% | 17,930 EUR³ 12.39%³ | | en | es |
DOLFIN1633 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RECONSTRUCTION AND AMALGAMATION
- The Directors shall have the power to propose and implement a reconstruction and/or amalgamation of the Company or any fund or funds on such terms and conditions as are approved by the Directors subject to the following conditions namely:
- that the prior approval of the Central Bank has been obtained; and
- that the Members in the relevant fund or funds have been circulated with particulars of the scheme of reconstruction and/or amalgamation in a form approved by the Directors and a Special Resolution of the Members in the relevant fund or funds has been passed approving the said scheme.
- The relevant scheme of reconstruction and/or amalgamation shall take effect upon such conditions being satisfied or upon such later date as the scheme may provide or as the Directors may determine whereupon the terms of such scheme shall be binding upon all the Members and the Directors shall have the power to and shall do all such acts and things as may be necessary for the implementation thereof.
- | # RECONSTRUCCIÓN Y FUSIÓN
- Los Consejeros tendrán el poder de proponer e implementar una reconstrucción y/o fusión de la Sociedad o cualquier fondo en base a los términos y condiciones aprobados por los Consejeros y con sujeción a las siguientes condiciones:
- que la aprobación anterior del Banco Central haya sido obtenida; y
- que los Miembros del fondo relevante hayan recibido lo particulares del plan de reconstrucción y/o fusión de un modo aprobado por los Consejeros y que se haya aprobado una Resolución Especial de los Miembros del fondo pertinente respecto a dicho plan.
- El plan relevante de reconstrucción y/o fusión deberá tener efecto una vez se cumplan dichas condiciones o en una fecha posterior estipulada por el plan o los Consejeros y con arreglo a los términos de dicho plan que serán de aplicación a todos los Miembros y los Consejeros tendrán el poder para realizar todos los actos y acciones que crean necesarios para la implementación de dichos términos.
- | # RECONSTRUCTION AND AMALGAMATION
- The Directors shall have the power to propose and implement a reconstruction and/or amalgamation of the Company or any fund or funds on such terms and conditions as are approved by the Directors subject to the following conditions namely:
- that the prior approval of the Central Bank has been obtained; and
- that the Members in the relevant fund or funds have been circulated with particulars of the scheme of reconstruction and/or amalgamation in a form approved by the Directors and a Special Resolution of the Members in the relevant fund or funds has been passed approving the said scheme.
- The relevant scheme of reconstruction and/or amalgamation shall take effect upon such conditions being satisfied or upon such later date as the scheme may provide or as the Directors may determine whereupon the terms of such scheme shall be binding upon all the Members and the Directors shall have the power to and shall do all such acts and things as may be necessary for the implementation thereof.
- | en | es |
DOLFIN1640 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Sub-Fund may invest in debt obligations issued or guaranteed by governments or their agencies (sovereign bonds). The governmental entity that controls the repayment of sovereign bonds may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity’s implementation of economic reforms and/or economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or willingness to service its debt on a timely basis. Consequently, governmental entities may default on their sovereign bonds.
Holders of sovereign bonds may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign bonds, on which a governmental entity has defaulted, may be collected in whole or in part.
-
## Corporate Bonds | Un Subfondo puede invertir en obligaciones de deuda emitidas o garantizadas por los gobiernos o sus agencias (bonos soberanos). Es posible que la entidad gubernamental que esté a cargo de la devolución de los bonos soberanos no pueda o tenga problemas para devolver el principal y/o los intereses en el momento del vencimiento de conformidad con los términos de dicha deuda. La disposición o la capacidad de una entidad gubernamental para devolver el principal y los intereses adeudados en el plazo previsto puede verse afectada por, entre otros factores, su situación de flujo de efectivo, el alcance de sus reservas extranjeras, la disponibilidad de suficiente cambio de divisas en la fecha de vencimiento, el tamaño relativo que la carga del pago de la deuda supone para la economía en general, la política de la entidad gubernamental hacia el Fondo Monetario Internacional y las restricciones políticas a las que puede estar sujeta una entidad gubernamental. Las entidades gubernamentales podrían también depender, para amortizar el principal y abonar los intereses vencidos sobre su deuda, de la liberación de pagos prevista por parte de otros gobiernos, organismos multilaterales y otras entidades extranjeras. El compromiso de estos gobiernos, agencias y demás entidades a realizar dichos desembolsos puede estar condicionado a la implantación de reformas económicas por parte de la entidad gubernativa, y/o a los resultados económicos y al cumplimiento puntual de las obligaciones del deudor en cuestión. En caso de no aplicarse dichas reformas, no alcanzarse dichos objetivos económicos o no amortizarse el principal o abonarse los intereses a su vencimiento, los compromisos de dichos terceros de prestar financiación a la entidad gubernamental podrían cancelarse, lo que podría perjudicar la capacidad o disposición de dicho deudor para atender puntualmente el pago de su deuda. Por todo ello, es posible que las entidades gubernamentales no puedan hacer frente al pago de sus bonos soberanos.
Los titulares de bonos soberanos podrían verse obligados a participar en la reestructuración de dicha deuda y a extender nuevos préstamos a las entidades gubernamentales. No existe procedimiento de quiebra por el cual los bonos soberanos, cuyo pago no pueda afrontar la entidad gubernamental, puedan cobrarse en parte o en su totalidad.
-
## Bonos corporativos | A Sub-Fund may invest in debt obligations issued or guaranteed by governments or their agencies (sovereign bonds). The governmental entity that controls the repayment of sovereign bonds may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity’s implementation of economic reforms and/or economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or willingness to service its debt on a timely basis. Consequently, governmental entities may default on their sovereign bonds.
Holders of sovereign bonds may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign bonds, on which a governmental entity has defaulted, may be collected in whole or in part.
-
## Corporate Bonds | en | es |
DOLFIN1646 | 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 by investing in a range of global asset classes.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate capital growth.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, commodities and closed-ended real estate investment trusts (REITs).
- The fund may, under normal market conditions, invest up to 100% in fixed income securities (including up to 50% in investment grade bonds, up to 75% in high yield bonds (which include below investment grade and unrated bonds) and, up to 75% in emerging markets bonds), up to 100% in shares of companies globally (including up to 75% emerging market companies) up to 15% in Russian securities, up to 50% in commodities, and up to 30% in closed-ended real estate investment trusts.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% of its assets directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and references 75% MSCI ACWI Index (USD) & 25% Bloomberg Barclays Global Aggregate (USD Hedged) (the ‘Index’), for comparative purposes only.
- 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 Subfondo tiene como objetivo proporcionar crecimiento del capital a largo plazo mediante la inversión en diversas clases de activos de todo el mundo.
- El Subfondo efectuará asignaciones activas a diferentes clases de activos y áreas geográficas basándose en su potencial para generar crecimiento del capital.
- El Subfondo invertirá en diversas clases de activos mundiales, entre ellas, los bonos con grado de inversión y de alto rendimiento, las acciones de empresas, las materias primas y los fondos de inversión inmobiliaria («REIT») de capital fijo.
- El Subfondo podrá, en condiciones normales de mercado, invertir hasta el 100 % en valores de renta fija (incluido hasta el 50 % en bonos con grado de inversión, hasta el 75 % en bonos de alto rendimiento (que incluyen aquellos con grado especulativo y sin calificación) y hasta el 75 % en bonos de mercados emergentes), hasta el 100 % en acciones de empresas de todo el mundo (incluido hasta el 75 % en renta variable de empresas de mercados emergentes), y hasta el 15 % en valores rusos, hasta el 50 % en materias primas, y hasta el 30 % en fondos de inversión inmobiliaria de capital fijo.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % de sus activos directa o indirectamente en Acciones China A y B o en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa y utiliza como referencia el 75% MSCI ACWI Index (Net); 25% Bloomberg Global Aggregate Index Hedged to USD (en adelante, el «Índice»), únicamente a efectos de comparación.
- 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 by investing in a range of global asset classes.
- The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate capital growth.
- The fund will invest in a range of global asset classes, including investment grade bonds, high yield bonds, shares of companies, commodities and closed-ended real estate investment trusts (REITs).
- The fund may, under normal market conditions, invest up to 100% in fixed income securities (including up to 50% in investment grade bonds, up to 75% in high yield bonds (which include below investment grade and unrated bonds) and, up to 75% in emerging markets bonds), up to 100% in shares of companies globally (including up to 75% emerging market companies) up to 15% in Russian securities, up to 50% in commodities, and up to 30% in closed-ended real estate investment trusts.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% of its assets directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and references 75% MSCI ACWI Index (USD) & 25% Bloomberg Barclays Global Aggregate (USD Hedged) (the ‘Index’), for comparative purposes only.
- 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 |
DOLFIN1648 | 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 | 0.40% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 0.18% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,40% |
| Gastos de salida | No procede |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del OICVM a lo largo de un año |
| Gastos corrientes | 0,18% |
| Gastos detraídos del OICVM en determinadas condiciones específicas |
| Comisión de rentabilidad No aplicable | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.40% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 0.18% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | en | es |
DOLFIN1651 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Share Class A REDEX Capitalisation EUR (LU0482270153) is representative for Share Class A REDEX Distribution EUR (LU1360213893).
Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | ## La clase de acción A REDEX Capitalización EUR (LU0482270153) es representativa de la clase de acción A REDEX Distribución EUR (LU1360213893).
Declaración de responsabilidad: AXA Funds Management S.A. responderá únicamente sobre la base de cualquier declaración incluida en este documento que sea errónea, inexacta o incoherente con la información correspondiente del folleto del Subfondo.
Cambiar entre Subfondos: Los accionistas pueden solicitar que cualquiera de las clases de acciones de cualquier Subfondo sea convertida en clases de acciones de otro Subfondo, siempre y cuando se cumplan las condiciones para acceder a la clase, tipo o subtipo de acciones objetivo en relación a este Subfondo, sobre la base de sus valores liquidativos respectivos calculados el día de valoración siguiente a la recepción de la solicitud de conversión. | ## Share Class A REDEX Capitalisation EUR (LU0482270153) is representative for Share Class A REDEX Distribution EUR (LU1360213893).
Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. | en | es |
DOLFIN1661 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
As time progresses and central banks are moving closer towards the end of their tightening cycle, the drive towards higher yields will likely reach an inflection point. In yield curves, the macroeconomic and policy backdrop means front-end yields remain under upward pressure in the near-term. The EUR yield curve has finally started to flatten, following the GBP and US Treasuries curves in a broadening wave of global curve flattening. Headline inflation has already inched somewhat lower in the US. But the rise in various core measures means central bank tightening is inked in for the near-term. | # Expectativas del gestor del fondo
A medida que pasa el tiempo y los bancos centrales se acercan al final de su ciclo de endurecimiento, es probable que la tendencia de subida de tipos de interés alcance un punto de inflexión. En las curvas de rentabilidad, el contexto macroeconómico y político mantiene la presión al alza sobre los valores a corto plazo. La curva de rentabilidad del EUR ha empezado a aplanarse, siguiendo a las de la GBP y del Tesoro de EE. UU. en una ola generalizada de aplanamiento de las curvas. La tasa de inflación general ya ha bajado un poco en EE. UU. Pero el aumento en algunos valores básicos implica que habrá un endurecimiento del banco central a corto plazo. | # Expectation of fund manager
As time progresses and central banks are moving closer towards the end of their tightening cycle, the drive towards higher yields will likely reach an inflection point. In yield curves, the macroeconomic and policy backdrop means front-end yields remain under upward pressure in the near-term. The EUR yield curve has finally started to flatten, following the GBP and US Treasuries curves in a broadening wave of global curve flattening. Headline inflation has already inched somewhat lower in the US. But the rise in various core measures means central bank tightening is inked in for the near-term. | en | es |
DOLFIN1667 | 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 FTSE EPRA/NAREIT Developed Index, the Fund’s benchmark index.
The Fund is passively managed and invests so far as possible and practicable in equity securities (e.g. shares) of real estate companies on a global basis and in real estate investment trusts which make up the Fund’s benchmark index.
The benchmark index measures the performance of the equity market of the developed markets globally 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. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.
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 use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective.
The Fund may also 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 units will be accumulating units (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Units for this class are bought and sold in Sterling. The performance of your units may be affected by this currency difference. You can buy and sell your units daily. The minimum initial investment for this unit class is £1,000,000.
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 FTSE EPRA/NAREIT Developed, el índice de referencia del Fondo.
El Fondo se gestiona de forma pasiva e invierte, en la medida de lo posible y factible, en valores de renta variable (como acciones) de sociedades inmobiliarias de todo el mundo y en fideicomisos de inversión inmobiliaria que componen el índice de referencia del Fondo.
El índice de referencia mide la rentabilidad del mercado de renta variable de los mercados desarrollados de todo el mundo 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 ajustada a flotación libre se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones inmediatamente disponibles en el mercado.
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 la gestora de inversiones podrá utilizar instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes)
para alcanzar el objetivo de inversión del Fondo.
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 puede no ser adecuado para inversiones a corto plazo.
Sus participaciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las participaciones correspondientes a esta clase se compran y venden en libras esterlinas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus participaciones. La inversión mínima inicial para esta clase de participaciones es de 1 000 000 GBP.
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 FTSE EPRA/NAREIT Developed Index, the Fund’s benchmark index.
The Fund is passively managed and invests so far as possible and practicable in equity securities (e.g. shares) of real estate companies on a global basis and in real estate investment trusts which make up the Fund’s benchmark index.
The benchmark index measures the performance of the equity market of the developed markets globally 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. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.
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 use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective.
The Fund may also 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 units will be accumulating units (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Units for this class are bought and sold in Sterling. The performance of your units may be affected by this currency difference. You can buy and sell your units daily. The minimum initial investment for this unit class is £1,000,000.
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 |
DOLFIN1671 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Article 5 – Units
- Units are units of the respective sub-fund. The units of the respective sub-fund shall be issued in the certificates and denominations stated in annex 1. If registered units are issued, the Registrar and Transfer Agent enters these in the unit register maintained for the fund. In this regard, investors are sent confirmations regarding the entry in the unit register to the address stated in the unit register. Investors are not entitled to the physical delivery of unit certificates, either for bearer or registered units.
- All units in a sub-fund fundamentally have the same rights unless the Management Company decides, in accordance with No. 3 of this Article, to issue various unit classes within a sub-fund.
- The Management Company may decide from time to time to permit two or more unit classes within one sub-fund. Unit classes may differ from one another in their features and rights, the use of income, fee structures, the group of investors who can acquire and hold units or other specific features and rights. All units participate equally in revenues, rate gains and liquidation income in their relevant unit class from the date of their issue. Insofar as unit classes are formed for a particular sub-fund, details of the specific qualities or rights of each unit class are contained in the corresponding annex to the sales prospectus. It may be stipulated in the corresponding annex to the sales prospectus that unit classes and/or sub-funds may only be acquired and held by investors with preferential tax treatment who meet the requirements specified in Section 44a (7) Sentence 1 of the German Income Tax Act or by comparable foreign investors with their registered office and management in a country that provides administrative aid and assistance with collections. In addition, it may be stipulated in the corresponding annex to the sales prospectus that unit classes may only be acquired and held within the framework of retirement provision or basic pension agreements, provided they are certified in accordance with Sections 5 or 5a of the Retirement Provision Agreements Certification Act (Altersvorsorgeverträge-Zertifizierungsgesetz AltZertG). | ### Artículo 5: Participaciones
- Las participaciones son participaciones del subfondo correspondiente. Las participaciones de los subfondos se emiten según el modo de titulización y fraccionamiento indicado en el anexo 1. Si se emitieran participaciones nominativas, estas quedarían registradas por la entidad de registro y transferencia en el registro de participaciones que lleva para el fondo. En tal caso, se enviarían a los inversores confirmaciones de la inscripción en el registro departicipaciones a la dirección indicada en dicho registro. No existe derecho alguno del inversor a la entrega de títulos físicos, independientemente de que se trate de participaciones al portador o nominativas.
- Todas las participaciones de un subfondo tienen por norma general los mismos derechos, salvo que la Sociedad Gestora decida emitir diversas clases de participaciones dentro de un mismo subfondo con arreglo al número 3 de este artículo.
- La Sociedad Gestora puede decidir establecer dentro de un subfondo dos o más clases de participaciones. Las clases de participaciones pueden presentar características y derechos diferentes en función del modo de distribución de sus ingresos, la estructura de las comisiones, los inversores (círculo de inversores), que pueden adquirir y poseer participaciones u otras características y derechos específicos. Todas las participaciones, desde el mismo día de su emisión, participan de igual modo de los rendimientos y ganancias de cotización y del producto de la liquidación de sus clases de participaciones respectivas. En caso de que se constituyan clases de participaciones para un subfondo, este hecho se mencionará en el anexo correspondiente al folleto de venta con indicación de sus características o derechos específicos. El anexo correspondiente del folleto puede estipular que las clases de participaciones o subfondos solo pueden ser adquiridos y poseídos por un inversor con privilegio fiscal que cumpla los requisitos previos establecidos en la primera frase de la sección 44a, apartado 7, de la Ley del impuesto sobre la renta de Alemania o por inversores extranjeros con domicilio fiscal y gerencia en un estado administrativo con ayudas de recaudación. Además, el anexo correspondiente del folleto puede estipular que las clases de participaciones solo se pueden adquirir y poseer en el marco de contratos de pensiones de jubilación o pensiones básicas que hayan sido certificadas de conformidad con las secciones 5 o 5a de la Ley de contratos de certificación de pensiones alemana. | ### Article 5 – Units
- Units are units of the respective sub-fund. The units of the respective sub-fund shall be issued in the certificates and denominations stated in annex 1. If registered units are issued, the Registrar and Transfer Agent enters these in the unit register maintained for the fund. In this regard, investors are sent confirmations regarding the entry in the unit register to the address stated in the unit register. Investors are not entitled to the physical delivery of unit certificates, either for bearer or registered units.
- All units in a sub-fund fundamentally have the same rights unless the Management Company decides, in accordance with No. 3 of this Article, to issue various unit classes within a sub-fund.
- The Management Company may decide from time to time to permit two or more unit classes within one sub-fund. Unit classes may differ from one another in their features and rights, the use of income, fee structures, the group of investors who can acquire and hold units or other specific features and rights. All units participate equally in revenues, rate gains and liquidation income in their relevant unit class from the date of their issue. Insofar as unit classes are formed for a particular sub-fund, details of the specific qualities or rights of each unit class are contained in the corresponding annex to the sales prospectus. It may be stipulated in the corresponding annex to the sales prospectus that unit classes and/or sub-funds may only be acquired and held by investors with preferential tax treatment who meet the requirements specified in Section 44a (7) Sentence 1 of the German Income Tax Act or by comparable foreign investors with their registered office and management in a country that provides administrative aid and assistance with collections. In addition, it may be stipulated in the corresponding annex to the sales prospectus that unit classes may only be acquired and held within the framework of retirement provision or basic pension agreements, provided they are certified in accordance with Sections 5 or 5a of the Retirement Provision Agreements Certification Act (Altersvorsorgeverträge-Zertifizierungsgesetz AltZertG). | en | es |
DOLFIN1683 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Past Performance
Practical Information
- Depositary: Pictet & Cie (Europe) SA*In favor of the distributor
- Past performance is not a guide for future performance.
- Performance figures do not take into account entry, exit or conversion charges that might be levied.
- The Class was launched in 2017.
- Past performance is calculated in EUR.
- The Benchmark of the Class is the MSCI Emerging Markets TR Net EUR.
- The Benchmark of the Class is shown for comparison purposes only, without implying any particular constraints to the Sub-Fund’s investments.
- The prospectus, the articles of incorporation as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com. These documents are available in English, French, Italian, German, Spanish.
- The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud- am.com/en/responsibly-sustainable.
- The net asset value per share is calculated on each valuation day as defined in the prospectus and can be obtained, as well as practical information, at the Fund's registered office.
- The Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this might have an impact on your personal tax position.
- This document describes a share class belonging to a sub-fund of the Fund. The prospectus as well as the annual and semi-annual reports are prepared for the entire Fund. The assets and liabilities of the different sub-funds of the Fund are segregated by law.
- You have the right to convert the shares you hold in one given class to shares of another class within the same Sub-Fund or another sub-fund, provided that you satisfy the conditions for subscription and holding of the relevant class. For more information on other classes, please refer to the Fund's prospectus.
- Mirabaud Asset Management (Europe) SA 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.
- Information on the remuneration policy of the Management Company is available at https://www.mirabaud.com/en/mirabaud-group/international- presence/offices/country/luxembourg. The policy includes a description of how remuneration and benefits are calculated and also the details of persons responsible for awarding remuneration and benefits. A paper copy of the remuneration policy is available free of charge upon request. | ## Rentabilidad histórica
Información práctica
- Depositario: Pictet & Cie (Europe) SA*A favor del distribuidor
- Rentabilidades pasadas no sirven como indicación de rentabilidades futuras.
- Los resultados de las inversiones no tienen en consideración las comisiones o gastos incurridos en la suscripción, reembolso o conversión de las acciones.
- La Clase se lanzó en 2017.
- La rentabilidad histórica se ha calculado en EUR.
- El Índice de referencia de la Clase es el MSCI Emerging Markets TR Net EUR.
- El Índice de referencia de la Clase se muestra solo a efectos comparativos, por lo que no implica ninguna restricción específica para las inversiones del Subfondo.
- El folleto, los estatutos sociales, así como los informes anual y semestral del Fondo pueden obtenerse gratuitamente en el do micilio social del Fondo, en la Sociedad Gestora, en el administrador central, en los representantes y los distribuidores del Fondo en países en donde está autorizada la distribución pública del Fondo, o en www.mirabaud-am.com. Dichos documentos están disponibles en Inglés, Francés, Italiano, Alemán, Español.
- La respuesta completa a la política de transparencia de SRI se puede consultar en el sitio web de Mirabaud Asset Management: https://www.mirabaud-am.com/en/responsibly-sustainable.
- El valor de inventario neto por acción se calcula cada día de valoración, tal como se indica en el folleto y puede obtenerse, así como información práctica, en el domicilio social del Fondo.
- El Fondo está sujeto a las leyes y reglamentos fiscales de Luxemburgo. En función del país de residencia del inversor, dicha legislación puede incidir en la situación tributaria personal de este.
- Este documento describe una clase de acciones perteneciente a un subfondo del Fondo. El folleto, así como los informes anual y semestral se elaboran para el Fondo en su conjunto. Los activos y pasivos de cada subfondo del Fondo están segregados por la ley.
- Los inversores tendrán derecho a traspasar las acciones que mantienen en una clase determinada a las acciones de otra clase dentro del Subfondo o de otro subfondo, siempre que satisfagan las condiciones de suscripción y tenencia de las correspondientes clases. Para más información sobre otras clases de acciones, consulte el folleto del Fondo.
- Mirabaud Asset Management (Europe) SA 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 información sobre la política de remuneración de la Sociedad de gestión se encuentra disponible en https://www.mirabaud.com/en/mirabaud- group/international-presence/offices/country/luxembourg. La política incluye una descripción sobre cómo se calculan la remuneración y las asignaciones, así como los detalles de las personas responsables de otorgar la remuneración y las asignaciones. Puede facilitarse una copia impresa de la política de remuneración, de forma gratuita, mediante solicitud dirigida al domicilio social de la Sociedad de gestión. | ## Past Performance
Practical Information
- Depositary: Pictet & Cie (Europe) SA*In favor of the distributor
- Past performance is not a guide for future performance.
- Performance figures do not take into account entry, exit or conversion charges that might be levied.
- The Class was launched in 2017.
- Past performance is calculated in EUR.
- The Benchmark of the Class is the MSCI Emerging Markets TR Net EUR.
- The Benchmark of the Class is shown for comparison purposes only, without implying any particular constraints to the Sub-Fund’s investments.
- The prospectus, the articles of incorporation as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com. These documents are available in English, French, Italian, German, Spanish.
- The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud- am.com/en/responsibly-sustainable.
- The net asset value per share is calculated on each valuation day as defined in the prospectus and can be obtained, as well as practical information, at the Fund's registered office.
- The Fund is subject to the tax laws and regulations of Luxembourg. Depending on your country of residence, this might have an impact on your personal tax position.
- This document describes a share class belonging to a sub-fund of the Fund. The prospectus as well as the annual and semi-annual reports are prepared for the entire Fund. The assets and liabilities of the different sub-funds of the Fund are segregated by law.
- You have the right to convert the shares you hold in one given class to shares of another class within the same Sub-Fund or another sub-fund, provided that you satisfy the conditions for subscription and holding of the relevant class. For more information on other classes, please refer to the Fund's prospectus.
- Mirabaud Asset Management (Europe) SA 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.
- Information on the remuneration policy of the Management Company is available at https://www.mirabaud.com/en/mirabaud-group/international- presence/offices/country/luxembourg. The policy includes a description of how remuneration and benefits are calculated and also the details of persons responsible for awarding remuneration and benefits. A paper copy of the remuneration policy is available free of charge upon request. | en | es |
DOLFIN1684 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- Total Return Swaps RiskA Fund may use total return swaps to, inter alia, replicate the exposure of an index or to swap the performance of one or more instruments into a stream of fixed or variable rate cash- flows. In such cases, the counterparty to the transaction will be a counterparty approved and monitored by the Management Company. At no time will a counterparty in a transaction have discretion over the composition or the management of the Fund’s investment portfolio or over the underlying asset of the total return swap.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely tradedinstruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | Un Fondo puede utilizar pagarés vinculados a renta variable para acceder a determinados mercados, por ejemplo mercados emergentes y menos desarrollados, en los que no sea posible invertir directamente. Este enfoque puede dar lugar a varios riesgos adicionales: la falta de un mercado secundario de esos instrumentos, la falta de liquidez de los valores subyacentes y la dificultad de vender estos instrumentos cuando estén cerrados los mercados subyacentes.
- Riesgo asociado a la inversión en valores relacionados con el seguroLos valores relacionados con el seguro pueden incurrir en pérdidas severas o totales como consecuencia de eventos contemplados en la cobertura del seguro tales como catástrofes naturales, provocadas por el hombre o de otro tipo. Las catástrofes pueden ocurrir por diversas circunstancias, entre otras, a modo enunciativo y sin carácter taxativo, huracanes, terremotos, tifones, tormentas de granizo, inundaciones, tsunamis, tornados, vendavales, temperaturas extremas, accidentes aéreos, incendios, explosiones y accidentes marítimos. La incidencia y la gravedad de tales catástrofes son intrínsecamente imprevisibles, y las pérdidas del Fondo ante tales catástrofes pueden ser sustanciales. Cualquier adversidad climática o de otro tipo que pudiera resultar en un aumento de la probabilidad y/o gravedad de tales fenómenos (por ejemplo, el calentamiento global como causa de huracanes más frecuentes y más violentos) podría tener un efecto sustancialmente adverso sobre el Fondo. Si bien la exposición de un Fondo a tales acontecimientos se diversificará de acuerdo con su objetivo de inversión, un único episodio catastrófico podría afectar varias zonas geográficas y líneas de negocio, o bien la frecuencia o gravedad de los incidentes catastróficos podría superar las expectativas, y en ambos casos podría generarse un efecto sustancialmente adverso sobre el Valor liquidativo del Fondo.
- Riesgo de swaps de rentabilidad totalUn Fondo puede utilizar swaps de rentabilidad total, replicar la exposición de un índice o intercambiar la rentabilidad de uno o varios instrumentos en una serie de flujos de efectivo de tipo fijo o variable, entre otros. En tales casos, la contraparte de la transacción será una contraparte aprobada y supervisada por la Sociedad gestora. La contraparte de una transacción no tendrá discreción en ningún momento sobre la composición o la gestión de la cartera de inversiones del Fondo ni sobre el activo subyacente del swap de rentabilidad total.
- Riesgo general asociado a las transacciones extrabursátiles (OTC)Los instrumentos negociados en mercados extrabursátiles (OTC) pueden negociarse en volúmenes reducidos y sus precios pueden ser más volátiles que los de los instrumentos que se negocian principalmente en bolsa. Asimismo, pueden ser menos líquidos que los instrumentos cuyo volumen de negociación es mayor. Además, los precios de los instrumentos negociados en mercados OTC pueden incluir una comisión del operador no comunicada que el Fondo puede pagar como parte del precio de compra. | A Fund may use equity linked notes to gain access to certain markets, for example emerging and less developed markets, where direct investment is not possible. This approach may result in the following additional risks being incurred – lack of a secondary market in such instruments, illiquidity of the underlying securities, and difficulty selling these instruments at times when the underlying markets are closed.
- Insurance Linked Securities RiskInsurance linked securities may incur severe or full losses as a result of insurance events such as natural, man-made or other catastrophes. Catastrophes can be caused by various events, including, but not limited to, hurricanes, earthquakes, typhoons, hailstorms, floods, tsunamis, tornados, windstorms, extreme temperatures, aviation accidents, fires, explosions and marine accidents. The incidence and severity of such catastrophes are inherently unpredictable, and the Fund’s losses from such catastrophes could be material. Any climatic or other event which might result in an increase in the likelihood and/or severity of such events (for example, global warming leading to more frequent and violent hurricanes) could have a material adverse effect on the Fund. Although a Fund’s exposure to such events will be diversified in accordance with its investment objective, a single catastrophic event could affect multiple geographic zones and lines of business or the frequency or severity of catastrophic events could exceed expectations, either of which could have a material adverse effect on the Fund’s Net Asset Value.
- Total Return Swaps RiskA Fund may use total return swaps to, inter alia, replicate the exposure of an index or to swap the performance of one or more instruments into a stream of fixed or variable rate cash- flows. In such cases, the counterparty to the transaction will be a counterparty approved and monitored by the Management Company. At no time will a counterparty in a transaction have discretion over the composition or the management of the Fund’s investment portfolio or over the underlying asset of the total return swap.
- General Risk associated with OTC TransactionsInstruments traded in OTC markets may trade in smaller volumes, and their prices may be more volatile than instruments principally traded on exchanges. Such instruments may be less liquid than more widely tradedinstruments. In addition, the prices of such instruments may include an undisclosed dealer mark-up which a Fund may pay as part of the purchase price. | en | es |
DOLFIN1688 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and the potential for capital growth.
- The fund will invest at least 70% in hybrid bonds (‘'Hybrids'’), that is bonds with equity-like features issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles, as well as into other subordinated financial bonds and preference shares, globally.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund’s investments include investment grade and non-investment grade assets.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Other subordinated financial bonds and preference shares do not have a conversion feature but rank behind senior bonds in case of insolvency.
- The fund has the freedom to invest outside its principal asset classes and may invest up to 30% in Money Market Instruments, cash and bank deposits, as well as other transferable securities.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- 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 50% ICE BofA Contingent Capital Index; 50% ICE BofA Global Hybrid Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Investment in this fund is suitable for sophisticated investors who have the appropriate investment expertise to understand the key features and the risks associated with an investment in this fund.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corrientes y el potencial de crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos híbridos («Híbridos»), es decir, en bonos con características similares a las de la renta variable emitidos por instituciones no financieras (Híbridos corporativos) e instituciones financieras (Híbridos financieros), incluidos los bonos convertibles contingentes, así como en otros bonos subordinados financieros y en acciones preferentes de todo el mundo.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Las inversiones del fondo incluirán activos con calificación de grado especulativo y con grado de inversión.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- Las acciones preferentes y otros tipos de bonos financieros subordinados no tienen la particularidad de ser convertibles, pero se encuentran por detrás del bono principal en caso de insolvencia.
- El fondo tiene la libertad de invertir fuera de sus principales clases de activos y puede invertir hasta un 30 % en instrumentos del mercado monetario, depósitos bancarios y en efectivo, así como otros valores transferibles.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- 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 utilizará como referencia el 50% ICE BofA Contingent Capital Index; 50% ICE BofA Global Hybrid Corporate Index (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- La inversión en este fondo es adecuada para inversores expertos que cuenten con la experiencia en inversión apropiada para entender las principales características de este fondo y los riesgos que implica invertir en él.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income and the potential for capital growth.
- The fund will invest at least 70% in hybrid bonds (‘'Hybrids'’), that is bonds with equity-like features issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles, as well as into other subordinated financial bonds and preference shares, globally.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund’s investments include investment grade and non-investment grade assets.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Other subordinated financial bonds and preference shares do not have a conversion feature but rank behind senior bonds in case of insolvency.
- The fund has the freedom to invest outside its principal asset classes and may invest up to 30% in Money Market Instruments, cash and bank deposits, as well as other transferable securities.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- 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 50% ICE BofA Contingent Capital Index; 50% ICE BofA Global Hybrid Corporate Index (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Investment in this fund is suitable for sophisticated investors who have the appropriate investment expertise to understand the key features and the risks associated with an investment in this fund.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN1690 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private debtors all over the world and opportunist- ically by investing in fixed income securities issued by public debtors all over the world. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and war- rants. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient
portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better re- turns than its benchmark, the 50% Bloomberg Barclays Euro Agg Corporate (hedged USD) (TR) / 50% Bloomberg Barclays US Inter- mediate Corporate (hedged USD) (TR) Index. The Manager may use the index as a universe when selecting individual securities. How- ever, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 3 years.
- | # Objetivos y política de inversión
El objetivo de este Fondo es generar una revalorización coherente del capital a medio plazo, teniendo en cuenta al mismo tiempo los aspectos de sostenibilidad (LGT Sustainable Investing).
El Fondo tratará de alcanzar el objetivo de inversión invirtiendo prin- cipalmente en una amplia gama de valores de renta fija (como los bonos, que pueden ser estatales o corporativos y que pueden emi- tirse a renta fija o variable, según resulte apropiado, situándose en el nivel del grado de inversión, o por debajo de este, según determi- ne la agencia de calificación de riesgos Standard & Poor's o cual- quier otra entidad calificadora que goce de reconocimiento similar) e instrumentos emitidos por deudores privados a escala mundial, y de forma oportunista invirtiendo en valores de renta fija emitidos por deudores públicos de todo el mundo. El Fondo podrá invertir hasta el 25 % de su valor liquidativo en bonos convertibles y bonos vinculados a garantías, así como, en menor medida, en valores de renta variable, valores vinculados a la renta variable y warrants.
El Fondo podrá invertir en derivados (instrumentos financieros deri- vados de otros valores o activos) con fines de cobertura, de gestión eficiente de la cartera y/o de inversión. La cartera del Fondo se ges- tiona de forma activa. El objetivo del Fondo es obtener una mejor
rentabilidad que su índice de referencia, el Índice 50% Bloomberg Barclays Euro Agg Corporate (hedged USD) (TR) / 50% Bloomberg Barclays US Intermediate Corporate (hedged USD) (TR). El Gestor podrá usar el índice como un universo a la hora de seleccionar valo- res individuales. No obstante, el Gestor de inversiones también po- drá invertir de forma limitada en valores que no formen parte del índice.
El Fondo podrá tener posiciones en efectivo y equivalentes de efec- tivo.
Los inversores podrán negociar acciones del Fondo diariamente. To- dos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones.
Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento.
El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 3 años.
- | # Objectives and Investment Policy
The objective of this Fund is to generate consistent medium-term capital appreciation, while at the same time taking into considera- tion sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in a broad range of fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rat- ing Group or any similar recognised ratings agency) and instru- ments issued by private debtors all over the world and opportunist- ically by investing in fixed income securities issued by public debtors all over the world. The Fund may invest up to 25% of its net asset value in convertible bonds and warrant-linked bonds, and may also invest to a lesser extent in equities, equity linked securities and war- rants. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient
portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better re- turns than its benchmark, the 50% Bloomberg Barclays Euro Agg Corporate (hedged USD) (TR) / 50% Bloomberg Barclays US Inter- mediate Corporate (hedged USD) (TR) Index. The Manager may use the index as a universe when selecting individual securities. How- ever, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 3 years.
- | en | es |
DOLFIN1700 | 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 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
3%
2%
1%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 9 de mayo de 2017. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
3%
2%
1%
0% | ### Launch Date and Currency
Sub-Fund's launch date: May 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
3%
2%
1%
0% | en | es |
DOLFIN1704 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If the share ratio in a securities fund, or underlying fund of a securities fund, is not sufficiently documented, that part of the investment will be regarded as other securities than shares. Penalty tax may be levied if the unitholder fails to provide sufficient documentation to the Norwegian tax authorities.
- Lawful dividends on shares received by Norwegian resident corporate shareholders (defined as limited liability companies, savings banks and other self-owned finance enterprises, mutual insurance companies, co-operatives, equity funds, associations, foundations, certain bankrupt estates and estates under administration, municipalities, county municipalities, intermunicipal companies, companies 100% owned by the Government, SE-companies and SE-co-operatives) should be comprised by the Norwegian tax exemption method. Shares etc. covered by the tax exemption method are shares in Norwegian limited liability companies, savings banks, mutual insurance companies, co-operatives, securities funds and intermunicipal companies as well as shares in similar foreign companies. Distributions from securities funds are covered bythe tax exemption rules to the extent the distribution is classified as dividends from shares cf. (a) and (b) above. Exemptions from this basis are stated below.
- Lawful dividends on shares (as defined under c) above) received by Norwegian resident corporate shareholders from Norwegian resident entities (as referred to under c) above), are 97% tax exempt. All portfolio management expenses except for acquisition/sales costs, etc. related to exempt income from shares are fully tax deductible. In order to limit the benefit of these deductions, the tax exemption method is limited to 97% of the dividend income, with the remaining 3% taxable for Norwegian corporate shareholders (0.75% effective tax rate for shareholders covered by the financial tax scheme and 0.66% effective tax rate for other corporate shareholders). An exemption from the 3% rule applies for dividends distributed within a tax group (i.e. where a parent company owns more than 90% of the shares and the voting rights, directly or indirectly, in the company and is actually established in an EEA State and carries out genuine economic business activity). For investments in EEA companies the 97% tax exemption for lawful dividends on shares will only apply if the foreign company invested into is not resident in a low-tax country. However, if the company is resident in a low-tax country, the 97% tax exemption will still apply if the Company is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met. If not covered by the tax exemption rules mentioned under (c), dividends from a foreign company to Norwegian resident corporate shareholders would be taxable at a rate of 22% (25% for entities covered by the financial tax scheme). Dividends on shares as mentioned under (i) below to Norwegian corporate shareholders will consequently be taxable in Norway. Dividends received by Norwegian resident corporate shareholders on shares in NOKUS companies are not subject to taxation as long as the dividends paid fall within the NOKUS income which has already been subject to taxation, see under (g) below for further details.
- For individuals resident in Norway, only dividends (as defined under (c) above) received in excess of a calculated shield deduction (equal to the arithmetic average interest on Norwegian three months exchequer bills, after tax multiplied with the cost price of the shares, previous years’ unused shield deduction included), will be taxable at a rate of 22%. For the purpose of calculating the shield deduction, funds owning more than 80% shares are considered only to own shares and funds owning less than 20% shares are considered only to own other securities than shares. This means that a shield deduction will be granted on the whole cost price of the share when the share portion in the fund in the year of acquisition was more than 80%. For funds with a share portion between 20% and 80%, the shield deduction will be calculated on the basis of the cost price corresponding to the share ratio. It is a condition for deduction of shield deduction that the dividends are paid out in accordance with the rules and regulations of the applicable corporate and accounting laws/regulations. The shield deduction is linked to the individual share. After the deduction of the shield deduction, the basis for taxation of the dividend is increased with an adjustment factor of 1.44, leaving the (effective dividend tax rate for individuals at 31.68% (22% * 1.44)).
- Distributions classified as interest income according to (a) above are not comprised by the Norwegian tax exemption method and neither qualify for shield deductions. This means that distributions classified as interests received by Norwegian resident corporate shareholders and individuals resident in Norway from a fund are taxable at a rate of 22% (25% for entities covered by the financial tax scheme).
- Capital gains made by Norwegian resident corporate shareholders on disposal, conversion or redemption of units in funds where 100% of the underlying investments are other securities than shares, are as a starting point taxable at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme). Capital losses are in this situation deductible. The capital gain or loss is calculated as the difference between the cost price of the shares (including costs related to the acquisition of the shares), and the sales price.
- Capital gains made by Norwegian resident corporate shareholders (as defined under (c) above) on disposal, conversion or redemption of units in Norwegian securities funds where 100% of the underlying investments are shares (as defined under(c) above) should be tax exempt under the Norwegian tax exemption method. Capital gains on shares in securities funds resident in the EEA are comprised by the tax exemption if the company is not regarded as resident in a low-tax country. If the securities fund is resident in a low-tax country, it would still qualify for the tax exemption method if the securities fund invested into is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met.
- Capital gains as mentioned under (h) above on shares in securities funds resident in low-tax countries outside the EEA, are, however, not covered by the Norwegian tax exemption method and are therefore taxable (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders). Consequently, any losses on such investments will be deductible. The same applies for capital gains and losses on portfolio investments in securities funds outside the EEA. For capital gains, a portfolio investment exists if the tax payer has not continuously in the last two years owned 10% or more of the capital and 10% or more of the voting rights at the general meeting. For losses, a portfolio investment exists if the taxpayer alone or together with any closely related persons has not owned 10% or more of the capital or 10% or more of the voting rights at the general meeting consecutively for the last two years.
- For Norwegian resident corporate shareholders in funds with both shares and other securities as underlying investments, the applicability of the Norwegian tax exemption method on capital gains is limited on a pro rata basis to the calculated share portion in the fund. The share portion is calculated based on the average between the share portion in the year of acquisition and in the year of sale. The share ratio in the year of acquisition and the year of sale is calculated based on the principles described under (b) above.
- Corporate shareholders as defined under (c) will not be allowed a deduction for losses to the extent capital gains would have been exempt.
- Capital gains or losses for other corporate entities than defined under (c), if taxable, are calculated as the difference between the cost price of the shares, (including costs related to the acquisition of the shares), and the sales price (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders).
- For individuals resident in Norway, only capital gains and losses on disposal, conversion or redemption of units in excess of a calculated shield deduction (as defined under e above) will be taxable at a rate of 22%. The shield deduction is only earned on investments in shares and on the share ratio in securities funds calculated in the year of the investment in the fund. The shield deduction can be deducted in the total capital gain on investment in securities funds, not just the portion of the gain that stems from shares. Unused shield deduction cannot exceed the capital gain and create or increase a tax deductible loss. The taxable capital gain or loss will be the difference between the cost price of the shares (including costs related to the acquisition of the shares) and the sales price. For the portion of the gain or loss that is related to the fund’s underlying investments consisting of shares, the basis for taxation of the gain – after the deduction of the shield deduction - is increased with an upwards adjustment factor of 1.44 and then taxed at a rate of 22 % (effective tax rate 31.68%).
- Individuals, and entities not covered by the tax exemption rules mentioned under (c), suffering a net loss from capital, e.g. as a result of a capital loss upon sale, switch, redemption etc. of shares, may claim a deduction in ordinary income (which is taxed at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme)), but not for gross tax purposes (gross tax applies only to individuals on income classified as salary).
- If a capital gain is taxable, the applicable tax rate is 25% for shareholders covered by the financial tax scheme and 22% for all other taxable persons (i.e. other companies and individuals).
- Most Norwegian institutional investors are taxed as corporate shareholders (see (c) above) with respect to dividends and capital gains on the disposal of shares. Some institutional and governmental investors are tax-exempt. In addition to be comprised by the Norwegian tax exemption method, Norwegian securities funds are also comprised by a special tax rule whereby all capital gains on shares in non-EEA companies are tax exempt. Norwegian securities funds do not have the right to deduct losses on disposal of shares in companies resident in countries outside the EEA. Norwegian pension funds and insurance companies, holding a license in accordance with the Norwegian Financial Undertakings Act, may offset income derived from investments held within the technical assets/collective portfolio against future payouts to the beneficiaries. Hence, income derived from investments held as part of the technical assets are in effect tax exempt. Investments in shares, etc. held within the company’s investment portfolio is however subject to the ordinary tax rules, hence investments in shares, etc. may be eligible for the tax exemption method.
- Each Norwegian investor should seek to find out whether the investment will be subject to Norwegian NOKUS taxation (CFC taxation). Norwegian residents (individual or company) will be taxed directly for their part in the foreign Company’s/Fund’s income if the company is located in a low-tax country, irrespective of whether any funds, etc. are distributed to the investor. A low-tax country in this respect is a country where the assessed income tax on the company’s profits is less than two-thirds of assessed taxes calculated according to Norwegian tax rules as if the company had been located (resident) in Norway. A condition for such taxation is that 50% or more of the foreign company’s shares or capital are owned or controlled, directly or indirectly, by Norwegian taxpayers (alone or together), based on ownership status at the beginning and end of the income year. Furthermore, if Norwegian taxpayers own or control more than 60% of the shares or capital at the end of the income year, Norwegian control exists irrespective of the level of control at the beginning of the year. Norwegian control ceases to exist if Norwegian taxpayers own or control less than 50% of the shares or capital at both the beginning and end of the income year, or less than 40% of the shares or capital at the end of the income year. In relation to umbrella funds it should be noted that the ownership requirement is normally calculated based on ownership at the level of the different sub-funds. On condition that Norway has signed a Tax Treaty with the country involved and the entity in question is covered by that Tax Treaty, the NOKUS rules will only be applicable if the income of the company in question is mainly of a passive nature. Furthermore, NOKUS taxation is prohibited if the company in question is actually established and carries out genuine business activity in an EEA State. The Norwegian rules in this respect are more or less in accordance with the “wholly artificial arrangement” statement of the ECJ’s judgment in the Cadbury Schweppes case.
- Individuals (and estates of deceased persons) will have to pay net wealth tax based on their ownership in the Fund. The maximum tax rate is 0.85% (i.e. 0.15% state tax and 0.7% municipal tax). There is no net wealth tax for limited liability companies, securities funds, state-owned enterprises according to the State-owned Enterprise Act, intermunicipal companies and companies which somebody owns a part in or receives income from, when the responsibility for the companies’ liabilities are limited to the companies’ capital. Some institutional investors such as mutual insurance companies, savings banks, co-operatives, taxable pension funds, self-owned finance institutions and mortgage credit associations pay 0.15% net wealth tax. Otherwise, the maximum net wealth tax rate for a corporate body is 0.85%. Shares in limited liability companies and the share portion in securities funds as defined in a and b above, are valued at 65% (55% applies to the income year of 2021) of the quoted value for net wealth tax purposes as of 1 January of the year after the relevant income year. Other assets held by securities funds are valued at 100% of the value for net wealth tax purposes as of 1 January of the year after the relevant income year. If quoted both on Norwegian and foreign stock exchanges, the Norwegian quoted value will be applicable. If not quoted, the basis for taxation is the company’s net assets for wealth tax purposes as per 1 January of the income year in question. The basis for taxation of not quoted shares in foreign companies is as a starting point the shares assumed market value as per 1 January of the assessment year.
- Investors should also read the taxation section in Part III of this Prospectus, which describes additional tax consequences for the Fund and its investors. | Si el ratio de acciones en un fondo de valores o un fondo subyacente de un fondo de valores no está suficientemente documentado, dicha parte de la inversión se considerará realizada en títulos distintos a las acciones. Es posible que se graven con un impuesto de penalización si el partícipe no facilita documentación suficiente a las autoridades fiscales noruegas.
- Los dividendos legales sobre Acciones recibidos por Accionistas corporativos residentes en Noruega (definidos como sociedades de responsabilidad limitada, entidades de ahorro, así como otras entidades financieras privadas, mutuas de seguros, cooperativas, fondos de renta variable, asociaciones, fundaciones, algunos cuerpos de bienes de un quebrado y propiedades bajo administración, municipios, mancomunidades, empresas intermunicipales, empresas propiedad al 100% del Estado, sociedades anónimas europeas y sociedades cooperativas europeas) deberían estar incluidas en el método de exención fiscal noruego. Las acciones y demás inversiones cubiertas por este método de exención fiscal son acciones de empresas noruegas de responsabilidad limitada, entidades de ahorro, mutuas de seguros, cooperativas, fondos de valores y empresas intermunicipales, así como acciones de empresas extranjeras similares. Las distribuciones procedentes de fondos de valores quedan cubiertas por las normas de exención fiscal en la medida en que la distribución se clasifique como dividendos de acciones, con arreglo a lo expuesto en los anteriores párrafos (a) y (b). Las exenciones respecto a esta base se detallan a continuación.
- Los dividendos legales sobre Acciones (según la definición del apartado c)) recibidos por Accionistas que sean personas jurídicas residentes en Noruega de entidades residentes en dicho país (según se indica en el apartado c)), están exentos de impuestos en un 97%. Todos los gastos de gestión de carteras excepto los costes de adquisición y venta y otros relacionados con los ingresos exentos procedentes de acciones son totalmente deducibles a efectos fiscales. Con el fin de limitar los beneficios de estas deducciones, el método de exención fiscal se aplica tan sólo al 97% de los ingresos por dividendos, mientras que el 3% restante es gravable en el caso de los accionistas que sean personas jurídicas noruegas (0,75% de tipo fiscal real para accionistas incluidos en el programa de impuestos financieros y el 0,66% del tipo fiscal real para el resto de accionistas corporativos). Se aplica una exención de la norma del 3% a aquellos dividendos distribuidos dentro de un grupo fiscal (es decir, cuando una matriz posea, ya sea directa o indirectamente, más del 90% de las acciones y los derechos de voto en la sociedad, siempre que ésta se encuentre establecida en un País del EEE y lleve a cabo en él una auténtica actividad económica). En el caso de inversiones en sociedades del EEE, la exención fiscal del 97% con respecto a los dividendos legales obtenidos de las acciones sólo se aplicará si la sociedad extranjera en la que se haya efectuado la inversión no es residente en un país con baja fiscalidad. Sin embargo, en el caso de que la sociedad sea residente en un país con baja fiscalidad, la exención fiscal del 97% se seguirá aplicando si la sociedad está establecida en un País del EEE y lleva a cabo en él una auténtica actividad económica. Debe quedar demostrado documentalmente que se cumplen los requisitos mencionados. Los dividendos procedentes de una empresa extranjera pagaderos a accionistas noruegos que sean personas jurídicas residentes en Noruega, si no están cubiertos por las normas de exención fiscal mencionadas en el anterior apartado c), se gravarían a un tipo impositivo del 22% (del 25% para aquellas entidades incluidas en el programa de impuestos financieros). Los dividendos sobre las acciones, según lo descrito en el apartado i), en el caso de los accionistas corporativos noruegos, serán por lo tanto gravables en Noruega. Los dividendos recibidos por accionistas que sean personas jurídicas residentes en Noruega sobre acciones en sociedades NOKUS no están sujetos a tributación mientras los dividendos pagados se encuentren entre los ingresos NOKUS que ya hayan estado sujetos a impuestos (véase el apartado g) para obtener más información).
- Para las personas físicas residentes en Noruega, únicamente los dividendos (según se definen en el anterior apartado c)) recibidos que sobrepasen una deducción de protección calculada (equivalente a la media aritmética del interés sobre las letras del Tesoro noruegas a tres meses, después de impuestos), multiplicado por el precio de coste de las acciones), incluida la deducción de protección no utilizada durante los años precedentes, serán gravables a un tipo impositivo del 22%. A efectos del cálculo de la deducción de protección, aquellos fondos que tengan más de un 80% de acciones se consideran titulares de acciones únicamente, y aquellos que cuenten con menos de un 20% de acciones, se consideran titulares únicamente de otros valores distintos a las acciones. Así pues, se aplicará una deducción de protección sobre la totalidad del precio de coste de las acciones en los casos en los que la proporción de acciones del fondo supere el 80% en el ejercicio en el que se realizara la adquisición. Para aquellos fondos con una proporción de acciones entre el 20% y el 80%, la deducción de protección se calculará sobre la base del precio de coste correspondiente a la parte proporcional de acciones. Para aplicar la deducción de protección, es indispensable que los dividendos se paguen con arreglo a las normas y reglamentos que consten en las correspondientes leyes/normativas de sociedades y contables. La deducción de protección está relacionada con la acción individual. Tras aplicarse la deducción de protección, la base para gravar el dividendo se incrementa mediante un factor de ajuste del 1,44, de modo que el tipo impositivo real sobre los dividendos para las personas físicas en el 31,68% (22% x 1,44).
- Las distribuciones clasificadas como ingresos por intereses de acuerdo con lo indicado en el apartado a) no quedan comprendidas en el método noruego de exención fiscal, por lo que tampoco pueden optar a deducciones de protección. Esto significa que las distribuciones clasificadas como intereses procedentes de un fondo recibidos por accionistas que sean personas físicas y jurídicas residentes en Noruega se gravan a un tipo del 22% (del 25% para aquellas entidades incluidas en el programa de impuestos financieros).
- Las plusvalías obtenidas por accionistas que sean personas jurídicas residentes en Noruega y que se deriven de la enajenación, canje o reembolso de participaciones en fondos en los que el 100% de las inversiones subyacentes sean títulos diferentes de las acciones, son gravables de entrada a un tipo impositivo del 22% (del 25% para aquellas entidades incluidas en el programa de impuestos financieros). En este caso, las minusvalías son deducibles. La plusvalía o minusvalía se calcula como la diferencia entre el precio de coste de las acciones (incluidos los costes relacionados con la adquisición de las Acciones), y el precio de venta.
- Las plusvalías realizadas por accionistas que sean personas jurídicas residentes en Noruega (según su definición en el apartado c)) a raíz de la enajenación, canje o reembolso de participaciones en fondos con valores noruegos en los que el 100% de las inversiones subyacentes sean acciones (según su definición en el apartado c)) deberían estar libres de impuestos con arreglo al método de exención fiscal noruego. Las plusvalías obtenidas de los fondos de valores residentes en el EEE están incluidas en la exención fiscal si la sociedad no está considerada como residente en un país con baja fiscalidad. En el caso de que el fondo de valores sea residente en un país con baja fiscalidad, seguiría estando sujeta al método de exención fiscal, siempre que el fondo de valores en la que se haya efectuado la inversión esté establecido en un País del EEE y lleve a cabo en él una auténtica actividad económica. Debe quedar demostrado documentalmente que se cumplen los requisitos mencionados.
- Las plusvalías descritas en el anterior apartado h) procedentes de acciones de fondos de valores residentes en países con baja fiscalidad y que estén fuera del EEE, no están, sin embargo, cubiertas por el método de exención fiscal noruego y, por consiguiente, están sujetas a impuestos (a un tipo impositivo del 25% para aquellas entidades incluidas en el programa de impuestos financieros y del 22% para el resto de accionistas corporativos). En consecuencia, cualquier pérdida sobre dichas inversiones será deducible. Lo mismo se aplica a las plusvalías y minusvalías sobre las inversiones de la cartera en fondos de valores que no pertenezcan al EEE. En el caso de las plusvalías, una inversión en la cartera existe si durante los dos últimos años el contribuyente no ha poseído de forma continuada un 10% o más del capital y un 10% o más delos derechos a voto en la junta general. En el caso de las minusvalías, una inversión en la cartera existe si el contribuyente, solo o conjuntamente con cualquier persona con la que mantenga una estrecha relación, no ha poseído el 10% o más del capital, o el 10% o más de los derechos de voto en la junta general durante los últimos dos años consecutivos.
- En el caso de los accionistas que sean personas jurídicas residentes en Noruega y que inviertan en acciones y en otros títulos como inversiones subyacentes, la aplicabilidad del método de exención fiscal noruego sobre las plusvalías está limitado a un criterio proporcional con respecto al volumen de acciones calculado para el fondo. Esta porción de acciones se calcula como la media entre el volumen de acciones en el año de adquisición y en el año de venta. La proporción de acciones en el año de adquisición y en el año de venta se calcula basándose en los principios descritos en el apartado b).
- Los Accionistas corporativos según se definen en el apartado c) no podrán deducir pérdidas si las plusvalías estuvieran exentas.
- La plusvalía o minusvalía para otras sociedades diferentes a las definidas en el apartado c), si resulta gravada, se calculan como la diferencia entre el precio de coste de las Acciones, (incluidos los costes relacionados con la adquisición de las Acciones), y el precio de venta (a un tipo impositivo del 25% para aquellas entidades incluidas en el programa de impuestos financieros y del 22% para el resto de accionistas corporativos).
- Para las personas físicas residentes en Noruega, sólo las plusvalías derivadas de la enajenación, canje o reembolso de participaciones que sobrepasen una deducción de protección calculada (según se define en el apartado e)) se gravarán a un tipo del 22%. La deducción de protección sólo se obtiene en las inversiones en acciones y en la proporción de acciones en fondos de valores calculada para el año en el que invierta el fondo. La deducción de protección puede descontarse de la plusvalía total obtenida al invertir en fondos de valores, y no sólo de la parte de plusvalía resultante de las acciones. La deducción de protección no utilizada no puede ser superior a la plusvalía ni crear o incrementar una pérdida deducible a efectos impositivos. La plusvalía o minusvalía imponible será la diferencia entre el precio de coste de las acciones (incluidos los costes relacionados con la adquisición de las Acciones) y el precio de venta. Para la proporción de la plusvalía o minusvalía que está relacionada con las inversiones subyacentes del fondo consistente en acciones, la base para la tributación (tras aplicar la deducción de la protección) se va incrementando con un factor de ajuste al alza de 1,44, para posteriormente gravarse a un tipo del 22% (31,68% de tipo fiscal efectivo).
- Las personas físicas, y entidades no cubiertas por las normas de exención fiscal mencionadas en el apartado c), que sufran una pérdida neta de capital, por ejemplo, como resultado de una minusvalía derivada de una venta, canje, reembolso, etc. de Acciones, podrán solicitar una deducción del impuesto sobre la renta ordinaria (imponible a un tipo del 22% (del 25% para los accionistas corporativos incluidos en el programa de impuestos financieros)), pero no por lo que respecta a rendimientos brutos (los rendimientos brutos sólo se aplican a personas físicas por los ingresos clasificados como salario).
- Si una plusvalía está sujeta a impuestos, el tipo impositivo aplicable es del 25% para aquellos accionistas incluidos en el programa de impuestos financieros y del 22% para todas las demás personas gravables (es decir, el resto de sociedades y personas físicas).
- La mayoría de inversores corporativos noruegos están sujetos a impuestos como accionistas empresariales (véase el apartado c)) con respecto a los dividendos y a las plusvalías resultantes de la enajenación de acciones. Algunos inversores gubernamentales e institucionales están exentos de impuestos. Además de estar incluidos en el método de exención fiscal noruego, los fondos noruegos de valores también están contemplados en una norma fiscal especial en virtud de la cual todas las plusvalías sobre acciones en empresas de países no pertenecientes al EEE están exentas de impuestos. Los fondos noruegos de valores no tendrán derecho a deducirse las pérdidas por la enajenación de las acciones de empresas residentes en países ajenos al EEE. Los fondos de pensiones y las aseguradoras de Noruega, titulares de licencia conforme a la Ley de Organismos Financieros de Noruega, pueden compensar las rentas derivadas de las inversiones mantenidas dentro de la cartera de activos técnicos/colectiva con pagos futuros a los beneficiarios. Por lo tanto, las rentas derivadas de inversiones mantenidas como parte de los activos técnicos están en efecto exentas de tributación. No obstante, las inversiones en acciones, etc. mantenidas en el seno de la cartera de inversión de la sociedad están sujetas a la normativa tributaria ordinaria, por lo que las inversiones en acciones, etc. pueden ser aptas para el método de exención fiscal.
- Todos los inversores noruegos deberían intentar averiguar si su inversión estará sujeta a la fiscalidad NOKUS noruega (fiscalidad CFC). Los residentes noruegos (ya sean personas físicas o jurídicas) serán gravados directamente por su parte en los ingresos de un Fondo/Sociedad del extranjero si ésta está ubicada en un país de baja fiscalidad, independientemente del hecho de que se produzcan distribuciones de fondos, etc. a los inversores. En este sentido, se considerará país de baja fiscalidad a un país en el que el impuesto de la renta calculado de los beneficios de una sociedad sea menor a dos tercios de los impuestos calculados según las normativas fiscales noruegas si la sociedad hubiera estado localizada (hubiera sido residente) en Noruega. Para que dicho impuesto pueda aplicarse es condición que el 50% o más de las Acciones o el capital de la sociedad extranjera sean propiedad o estén gestionadas, directa o indirectamente, por contribuyentes noruegos (solos o conjuntamente), basándose en la titularidad existente al comienzo y al final del año fiscal. Además, si los contribuyentes noruegos poseen o controlan más del 60% de las Acciones o capital a finales del año fiscal, existirá control noruego independientemente del nivel de control a comienzos del año. El control noruego deja de existir si los contribuyentes noruegos poseen o controlan menos del 50% de las acciones o el capital tanto a principios como a finales del año fiscal, o menos del 40% de las acciones o el capital a finales del año fiscal. En lo relativo a fondos «paraguas», ha de tenerse en cuenta que el requisito de titularidad normalmente se calcula tomando como referencia la titularidad a nivel de los diferentes subfondos. Si Noruega ha firmado un Convenio fiscal con el país involucrado y la entidad en cuestión está cubierta por dicho Convenio, las normas NOKUS únicamente serán de aplicación si los rendimientos de la sociedad son fundamentalmente de naturaleza pasiva. Asimismo, la fiscalidad NOKUS está prohibida si la Sociedad en cuestión está establecida en un País del EEE y lleva a cabo en él una auténtica actividad económica. Las normas noruegas a este respecto son más o menos acordes con la afirmación de «acuerdo totalmente artificial» que figura en la sentencia del TJCE en el caso Cadbury-Schweppes.
- Las personas físicas (y los bienes de personas fallecidas) tendrán que pagar un impuesto sobre el patrimonio neto basado en su titularidad en el Fondo. El tipo impositivo máximo es del 0,85% (es decir, un impuesto estatal del 0,15% y un impuesto municipal del 0,7%). No existe impuesto sobre el patrimonio neto para las empresas de responsabilidad limitada, fondos de valores, empresas estatales según la Ley sobre empresa estatal, empresas intermunicipales y empresas en las que alguien posea una parte o reciba ingresos de la misma, cuando la responsabilidad de las obligaciones de las empresas esté limitada por su propio capital. Algunos inversores institucionales, como son las mutuas de seguros, entidades de ahorro, cooperativas, fondos de pensiones que estén gravados, entidades financieras privadas y asociaciones de crédito hipotecario pagan un impuesto sobre el patrimonio neto del 0,15%. En otros casos, el tipo impositivo máximo sobre el patrimonio neto es del 0,85%. Las acciones pertenecientes a empresas de responsabilidad limitada y la proporción de acciones en fondos de valores, según se define en los anteriores apartados a y b, están valoradas al 65% (el 55% se aplicaal ejercicio 2021) del valor cotizado a efectos del impuesto sobre el patrimonio neto a 1 de enero del año siguiente al ejercicio fiscal que corresponda. Otros activos en fondos de valores están valorados al 100% del valor a efectos del impuesto sobre el patrimonio neto a 1 de enero del año siguiente al ejercicio fiscal que corresponda. Si cotizan tanto en la Bolsa noruega como en bolsas extranjeras, se aplicará el valor de cotización noruego. Si no cotizan, la base impositiva estará constituida por el activo neto de la sociedad a efectos del impuesto sobre el patrimonio el 1 de enero del ejercicio fiscal correspondiente. La base para la fiscalidad de las acciones no cotizadas de empresas extranjeras es, como punto de partida, el supuesto valor de mercado de las acciones a 1 de enero del ejercicio de evaluación.
- Los inversores deberán leer también el apartado sobre fiscalidad en la Parte III del presente Folleto informativo, en el que se mencionan otras consecuencias fiscales para el Fondo y sus inversores. | If the share ratio in a securities fund, or underlying fund of a securities fund, is not sufficiently documented, that part of the investment will be regarded as other securities than shares. Penalty tax may be levied if the unitholder fails to provide sufficient documentation to the Norwegian tax authorities.
- Lawful dividends on shares received by Norwegian resident corporate shareholders (defined as limited liability companies, savings banks and other self-owned finance enterprises, mutual insurance companies, co-operatives, equity funds, associations, foundations, certain bankrupt estates and estates under administration, municipalities, county municipalities, intermunicipal companies, companies 100% owned by the Government, SE-companies and SE-co-operatives) should be comprised by the Norwegian tax exemption method. Shares etc. covered by the tax exemption method are shares in Norwegian limited liability companies, savings banks, mutual insurance companies, co-operatives, securities funds and intermunicipal companies as well as shares in similar foreign companies. Distributions from securities funds are covered bythe tax exemption rules to the extent the distribution is classified as dividends from shares cf. (a) and (b) above. Exemptions from this basis are stated below.
- Lawful dividends on shares (as defined under c) above) received by Norwegian resident corporate shareholders from Norwegian resident entities (as referred to under c) above), are 97% tax exempt. All portfolio management expenses except for acquisition/sales costs, etc. related to exempt income from shares are fully tax deductible. In order to limit the benefit of these deductions, the tax exemption method is limited to 97% of the dividend income, with the remaining 3% taxable for Norwegian corporate shareholders (0.75% effective tax rate for shareholders covered by the financial tax scheme and 0.66% effective tax rate for other corporate shareholders). An exemption from the 3% rule applies for dividends distributed within a tax group (i.e. where a parent company owns more than 90% of the shares and the voting rights, directly or indirectly, in the company and is actually established in an EEA State and carries out genuine economic business activity). For investments in EEA companies the 97% tax exemption for lawful dividends on shares will only apply if the foreign company invested into is not resident in a low-tax country. However, if the company is resident in a low-tax country, the 97% tax exemption will still apply if the Company is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met. If not covered by the tax exemption rules mentioned under (c), dividends from a foreign company to Norwegian resident corporate shareholders would be taxable at a rate of 22% (25% for entities covered by the financial tax scheme). Dividends on shares as mentioned under (i) below to Norwegian corporate shareholders will consequently be taxable in Norway. Dividends received by Norwegian resident corporate shareholders on shares in NOKUS companies are not subject to taxation as long as the dividends paid fall within the NOKUS income which has already been subject to taxation, see under (g) below for further details.
- For individuals resident in Norway, only dividends (as defined under (c) above) received in excess of a calculated shield deduction (equal to the arithmetic average interest on Norwegian three months exchequer bills, after tax multiplied with the cost price of the shares, previous years’ unused shield deduction included), will be taxable at a rate of 22%. For the purpose of calculating the shield deduction, funds owning more than 80% shares are considered only to own shares and funds owning less than 20% shares are considered only to own other securities than shares. This means that a shield deduction will be granted on the whole cost price of the share when the share portion in the fund in the year of acquisition was more than 80%. For funds with a share portion between 20% and 80%, the shield deduction will be calculated on the basis of the cost price corresponding to the share ratio. It is a condition for deduction of shield deduction that the dividends are paid out in accordance with the rules and regulations of the applicable corporate and accounting laws/regulations. The shield deduction is linked to the individual share. After the deduction of the shield deduction, the basis for taxation of the dividend is increased with an adjustment factor of 1.44, leaving the (effective dividend tax rate for individuals at 31.68% (22% * 1.44)).
- Distributions classified as interest income according to (a) above are not comprised by the Norwegian tax exemption method and neither qualify for shield deductions. This means that distributions classified as interests received by Norwegian resident corporate shareholders and individuals resident in Norway from a fund are taxable at a rate of 22% (25% for entities covered by the financial tax scheme).
- Capital gains made by Norwegian resident corporate shareholders on disposal, conversion or redemption of units in funds where 100% of the underlying investments are other securities than shares, are as a starting point taxable at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme). Capital losses are in this situation deductible. The capital gain or loss is calculated as the difference between the cost price of the shares (including costs related to the acquisition of the shares), and the sales price.
- Capital gains made by Norwegian resident corporate shareholders (as defined under (c) above) on disposal, conversion or redemption of units in Norwegian securities funds where 100% of the underlying investments are shares (as defined under(c) above) should be tax exempt under the Norwegian tax exemption method. Capital gains on shares in securities funds resident in the EEA are comprised by the tax exemption if the company is not regarded as resident in a low-tax country. If the securities fund is resident in a low-tax country, it would still qualify for the tax exemption method if the securities fund invested into is actually established in an EEA State and carries out genuine economic business activity there. It must be documented that these requirements are met.
- Capital gains as mentioned under (h) above on shares in securities funds resident in low-tax countries outside the EEA, are, however, not covered by the Norwegian tax exemption method and are therefore taxable (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders). Consequently, any losses on such investments will be deductible. The same applies for capital gains and losses on portfolio investments in securities funds outside the EEA. For capital gains, a portfolio investment exists if the tax payer has not continuously in the last two years owned 10% or more of the capital and 10% or more of the voting rights at the general meeting. For losses, a portfolio investment exists if the taxpayer alone or together with any closely related persons has not owned 10% or more of the capital or 10% or more of the voting rights at the general meeting consecutively for the last two years.
- For Norwegian resident corporate shareholders in funds with both shares and other securities as underlying investments, the applicability of the Norwegian tax exemption method on capital gains is limited on a pro rata basis to the calculated share portion in the fund. The share portion is calculated based on the average between the share portion in the year of acquisition and in the year of sale. The share ratio in the year of acquisition and the year of sale is calculated based on the principles described under (b) above.
- Corporate shareholders as defined under (c) will not be allowed a deduction for losses to the extent capital gains would have been exempt.
- Capital gains or losses for other corporate entities than defined under (c), if taxable, are calculated as the difference between the cost price of the shares, (including costs related to the acquisition of the shares), and the sales price (tax rate is 25% for corporate shareholders covered by the financial tax scheme and 22% for other corporate shareholders).
- For individuals resident in Norway, only capital gains and losses on disposal, conversion or redemption of units in excess of a calculated shield deduction (as defined under e above) will be taxable at a rate of 22%. The shield deduction is only earned on investments in shares and on the share ratio in securities funds calculated in the year of the investment in the fund. The shield deduction can be deducted in the total capital gain on investment in securities funds, not just the portion of the gain that stems from shares. Unused shield deduction cannot exceed the capital gain and create or increase a tax deductible loss. The taxable capital gain or loss will be the difference between the cost price of the shares (including costs related to the acquisition of the shares) and the sales price. For the portion of the gain or loss that is related to the fund’s underlying investments consisting of shares, the basis for taxation of the gain – after the deduction of the shield deduction - is increased with an upwards adjustment factor of 1.44 and then taxed at a rate of 22 % (effective tax rate 31.68%).
- Individuals, and entities not covered by the tax exemption rules mentioned under (c), suffering a net loss from capital, e.g. as a result of a capital loss upon sale, switch, redemption etc. of shares, may claim a deduction in ordinary income (which is taxed at a rate of 22% (25% for corporate shareholders covered by the financial tax scheme)), but not for gross tax purposes (gross tax applies only to individuals on income classified as salary).
- If a capital gain is taxable, the applicable tax rate is 25% for shareholders covered by the financial tax scheme and 22% for all other taxable persons (i.e. other companies and individuals).
- Most Norwegian institutional investors are taxed as corporate shareholders (see (c) above) with respect to dividends and capital gains on the disposal of shares. Some institutional and governmental investors are tax-exempt. In addition to be comprised by the Norwegian tax exemption method, Norwegian securities funds are also comprised by a special tax rule whereby all capital gains on shares in non-EEA companies are tax exempt. Norwegian securities funds do not have the right to deduct losses on disposal of shares in companies resident in countries outside the EEA. Norwegian pension funds and insurance companies, holding a license in accordance with the Norwegian Financial Undertakings Act, may offset income derived from investments held within the technical assets/collective portfolio against future payouts to the beneficiaries. Hence, income derived from investments held as part of the technical assets are in effect tax exempt. Investments in shares, etc. held within the company’s investment portfolio is however subject to the ordinary tax rules, hence investments in shares, etc. may be eligible for the tax exemption method.
- Each Norwegian investor should seek to find out whether the investment will be subject to Norwegian NOKUS taxation (CFC taxation). Norwegian residents (individual or company) will be taxed directly for their part in the foreign Company’s/Fund’s income if the company is located in a low-tax country, irrespective of whether any funds, etc. are distributed to the investor. A low-tax country in this respect is a country where the assessed income tax on the company’s profits is less than two-thirds of assessed taxes calculated according to Norwegian tax rules as if the company had been located (resident) in Norway. A condition for such taxation is that 50% or more of the foreign company’s shares or capital are owned or controlled, directly or indirectly, by Norwegian taxpayers (alone or together), based on ownership status at the beginning and end of the income year. Furthermore, if Norwegian taxpayers own or control more than 60% of the shares or capital at the end of the income year, Norwegian control exists irrespective of the level of control at the beginning of the year. Norwegian control ceases to exist if Norwegian taxpayers own or control less than 50% of the shares or capital at both the beginning and end of the income year, or less than 40% of the shares or capital at the end of the income year. In relation to umbrella funds it should be noted that the ownership requirement is normally calculated based on ownership at the level of the different sub-funds. On condition that Norway has signed a Tax Treaty with the country involved and the entity in question is covered by that Tax Treaty, the NOKUS rules will only be applicable if the income of the company in question is mainly of a passive nature. Furthermore, NOKUS taxation is prohibited if the company in question is actually established and carries out genuine business activity in an EEA State. The Norwegian rules in this respect are more or less in accordance with the “wholly artificial arrangement” statement of the ECJ’s judgment in the Cadbury Schweppes case.
- Individuals (and estates of deceased persons) will have to pay net wealth tax based on their ownership in the Fund. The maximum tax rate is 0.85% (i.e. 0.15% state tax and 0.7% municipal tax). There is no net wealth tax for limited liability companies, securities funds, state-owned enterprises according to the State-owned Enterprise Act, intermunicipal companies and companies which somebody owns a part in or receives income from, when the responsibility for the companies’ liabilities are limited to the companies’ capital. Some institutional investors such as mutual insurance companies, savings banks, co-operatives, taxable pension funds, self-owned finance institutions and mortgage credit associations pay 0.15% net wealth tax. Otherwise, the maximum net wealth tax rate for a corporate body is 0.85%. Shares in limited liability companies and the share portion in securities funds as defined in a and b above, are valued at 65% (55% applies to the income year of 2021) of the quoted value for net wealth tax purposes as of 1 January of the year after the relevant income year. Other assets held by securities funds are valued at 100% of the value for net wealth tax purposes as of 1 January of the year after the relevant income year. If quoted both on Norwegian and foreign stock exchanges, the Norwegian quoted value will be applicable. If not quoted, the basis for taxation is the company’s net assets for wealth tax purposes as per 1 January of the income year in question. The basis for taxation of not quoted shares in foreign companies is as a starting point the shares assumed market value as per 1 January of the assessment year.
- Investors should also read the taxation section in Part III of this Prospectus, which describes additional tax consequences for the Fund and its investors. | en | es |
DOLFIN1723 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- their risks are adequately captured by the risk management process of the Fund (in the case of FDI only); and
- they cannot result in a change to a Sub-Fund’s declared investment objective or add supplementary risks in comparison to the general risk policy as described in the sales documents.
New techniques and instruments may be developed which may be suitable for use by a Sub-Fund and the Manager may (subject to the conditions laid down by the Central Bank) employ such techniques and instruments. | | - el proceso de gestión del riesgo del Fondo captura sus riesgos de forma adecuada (solo en el caso de Instrumentos Financieros Derivados); y
- no dan lugar a un cambio en el objetivo de inversión declarado de un Subfondo ni tampoco añaden riesgos adicionalesen comparación con la política general de riesgos descrita en los documentos de venta.
Pueden aparecer técnicas e instrumentos nuevos que pueden resultar adecuados para que el Subfondo los utilice y la Sociedad Gestora puede emplearlos respetando las condiciones estipuladas por el Banco Central. | | - their risks are adequately captured by the risk management process of the Fund (in the case of FDI only); and
- they cannot result in a change to a Sub-Fund’s declared investment objective or add supplementary risks in comparison to the general risk policy as described in the sales documents.
New techniques and instruments may be developed which may be suitable for use by a Sub-Fund and the Manager may (subject to the conditions laid down by the Central Bank) employ such techniques and instruments. | | en | es |
DOLFIN1737 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
Recommended holding period: 5 years
This product has no required minimum holding period but is designed for long term investment; you should be prepared to stay invested for at least 5 years.
You can request to take out some or all of your money at any time. You can typically request to buy or sell shares in the Fund on any day on which banking institutions in Luxembourg and the New York Stock Exchange in the United States are open for business (as further described in the Fund’s prospectus). | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
Período de mantenimiento recomendado: 5 años
Este producto no tiene ningún período de mantenimiento mínimo exigido, pero ha sido diseñado para la inversión a largo plazo; usted debería estar dispuesto a mantener su inversión durante al menos 5 años.
Puede solicitar la retirada de parte o la totalidad de su dinero en cualquier momento. Normalmente usted puede solicitar la compra o la venta de acciones del Fondo en cualquier día en el que las entidades bancarias de Luxemburgo y la Bolsa de Nueva York en los Estados Unidos abran para el desarrollo de su actividad (como se describe más detalladamente en el folleto del Fondo). | # How long should I hold it and can I take money out early?
Recommended holding period: 5 years
This product has no required minimum holding period but is designed for long term investment; you should be prepared to stay invested for at least 5 years.
You can request to take out some or all of your money at any time. You can typically request to buy or sell shares in the Fund on any day on which banking institutions in Luxembourg and the New York Stock Exchange in the United States are open for business (as further described in the Fund’s prospectus). | en | es |
DOLFIN1742 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All requests whose processing has been delayed because of a suspension of transactions will be held in queue and executed at the next NAV to be calculated.
- Implement special procedures during times of peak buy, exchange or sell requests. If on any business day a fund receives and accepts buy, exchange or sell requests whose net value exceeds 10% of the fund’s total net assets, the management company may limit payment of redemptions to 10%. In such a case, redemption requests are processed pro rata. The unprocessed portion of each request will be held in queue (ahead of any requests received and accepted at a later date) and executed at the next NAV to be calculated, subject to the same limitation, except that in no case will the delay be longer than 3 business days.
- Close a fund or unit class to further investment, temporarily or indefinitely, without notice, when the management company believes it is in the best interests of unitholders (such as when a fund has reached the size where further growth appears likely to be detrimental to performance). A closure may apply only to new investors or to further investments from existing unitholders as well.
- Accept securities as payment for units, or fulfill redemption payments with securities (in-kind payments). If you wish to request a subscription or redemption in kind, you must get advance approval from the management company. You must generally pay all costs associated with the in-kind nature of the transaction (valuation of the securities, broker fees, any required auditors’ report, etc.). Any securities accepted as a payment in kind for a subscription of units must be consistent with the fund’s investment policy, and acceptance of these securities must not affect the fund’s compliance with the 2010 law. | Todas las solicitudes cuyo tratamiento se haya retrasado debido a una suspensión de transacciones se mantendrán a la espera y se ejecutarán al siguiente valor liquidativo que se calcule.
- Implementar procedimientos especiales durante los momentos de mayor demanda de compra, canje o venta. Si en cualquier día hábil un fondo recibe y acepta solicitudes de compra, canje o venta cuyo valor neto supere el 10 % del patrimonio neto total del fondo, la sociedad gestora podrá limitar el pago de reembolsos al 10 %. En tal caso, las solicitudes de reembolso se procesarán a prorrata. La parte no tramitada de cada solicitud se mantendrá a la espera (antes de cualquier solicitud recibida y aceptada en una fecha posterior) y se ejecutará al siguiente valor liquidativo que se calculará, sujeto a la misma limitación, salvo que en ningún caso el retraso sea superior a 3 días hábiles.
- Cerrar un fondo o una clase de participaciones a nuevas inversiones, temporal o indefinidamente, sin previo aviso, cuando la sociedad gestora considere que ello redunda en beneficio de los partícipes (como cuando un fondo ha alcanzado el tamaño en el que parece probable que un mayor crecimiento vaya en detrimento del rendimiento). Un cierre puede aplicarse únicamente a nuevos inversores o a nuevas inversiones de partícipes existentes.
- Aceptar valores como pago de participaciones o realizar pagos de reembolso con valores (pagos en especie). Si desea solicitar una suscripción o reembolso en especie,debe obtener la aprobación previa de la sociedad gestora. Por lo general, debe pagar todos los costes asociados a la naturaleza en especie de la operación (valoración de los valores, comisiones de intermediación, cualquier informe de auditoría requerido, etc.). Cualquier valor aceptado como pago en especie para una suscripción de participaciones debe ser coherente con la política de inversión del fondo, y la aceptación de estos valores no debe afectar al cumplimiento por parte del fondo de la ley de 2010. | All requests whose processing has been delayed because of a suspension of transactions will be held in queue and executed at the next NAV to be calculated.
- Implement special procedures during times of peak buy, exchange or sell requests. If on any business day a fund receives and accepts buy, exchange or sell requests whose net value exceeds 10% of the fund’s total net assets, the management company may limit payment of redemptions to 10%. In such a case, redemption requests are processed pro rata. The unprocessed portion of each request will be held in queue (ahead of any requests received and accepted at a later date) and executed at the next NAV to be calculated, subject to the same limitation, except that in no case will the delay be longer than 3 business days.
- Close a fund or unit class to further investment, temporarily or indefinitely, without notice, when the management company believes it is in the best interests of unitholders (such as when a fund has reached the size where further growth appears likely to be detrimental to performance). A closure may apply only to new investors or to further investments from existing unitholders as well.
- Accept securities as payment for units, or fulfill redemption payments with securities (in-kind payments). If you wish to request a subscription or redemption in kind, you must get advance approval from the management company. You must generally pay all costs associated with the in-kind nature of the transaction (valuation of the securities, broker fees, any required auditors’ report, etc.). Any securities accepted as a payment in kind for a subscription of units must be consistent with the fund’s investment policy, and acceptance of these securities must not affect the fund’s compliance with the 2010 law. | en | es |
DOLFIN1744 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 2.00% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 2,00% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | ningunos | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 2.00% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | en | es |
DOLFIN1746 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| BANKINTER TOP PROTECCION (FR0014004V01) BNP PARIBAS ASSET MANAGEMENT France, a management company belonging to the BNP Paribas group. |
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| Objectives and investment policy |
| Management objective: The Fund's objective is to achieve a dynamic allocation between: 1. A portfolio of diversified assets to allow holders to be partially exposed, starting on the fifth business day following the end date of the initial marketing period, to the upward and downward trends of a dynamic portfolio of UCITS and/or AIF managed by a Management Company of the Carmignac Gestion group, over several asset classes, as described in the section Investment strategy . The allocation between these UCITS and/or AIF is determined systematically with an annual volatility target of 2%, 2. An additional portfolio of fixed-income assets and an option to sell the Fund's assets, exercisable every business day, in order to obtain, each day, a net asset value of at least 95% of the Benchmark Net Asset Value*, for a period of two years from the earliest date on which the Benchmark Net Asset Value was reached, barring very unfavourable market events that would lead to a reduction of that period. This is an objective that is by no means guaranteed. In particular, the holder is exposed to a risk of capital loss without limitation in the event of suspension of the redemption of Fund units comprising the diversified assets to which the Fund is exposed and/or in the event of a credit event affecting the counterparty in one or more over-the-counter derivative transactions made by the Fund. The impact of this counterparty risk is limited by selecting counterparties with a good credit rating (equivalent to Investment Grade) and setting up daily adjusted collateral with counterparties in over-the-counter derivative transactions made by the Fund (as detailed in Article 8) Information relating to the UCI's collateral below). In order to meet the requirements of the objective to obtain a net asset value at least equal to 95% of the Benchmark Net Asset Value each day, starting on the fifth business day following the end date of the initial marketing period, and/or if market conditions so require, the Fund may be invested solely in fixed- income assets , so exposure to diversified assets can drop to zero and remain as such. In this case, the Fund would no longer be able to participate in any subsequent rise in the value of the diversified assets even if this were to increase sharply and the Management Company could proceed with the liquidation of the Fund. The Fund's performance will depend on the respective performances of the portions of assets invested in diversified assets and fixed-income assets . Adjustment of the proportion of these assets in the portfolio will depend on the margin made available once the objective to achieve a net asset value at least equal to 95% of the Benchmark Cash Value has been taken into account. The unitholder is exposed to a risk of capital loss should a credit event occur that may affect the issuer of one or more fixed-income assets held by the Fund. Key characteristics of the Fund: For fixed-income assets , the Fund may invest, directly and/or via UCITS and/or AIF, in French and/or foreign debt securities issued or guaranteed by an OECD member state, and/or issued by a supranational issuer and/or issued by a private issuer and/or by monetary products denominated in euro, as well as in euro-denominated shares and rate derivatives. Investments that constitute fixed-income assets are hedged by a total return swap with one or more counterparties with a good credit rating (Investment Grade). In the context of the diversified assets , the Fund seeks to obtain, via UCITS and/or AIF or forward financial instruments, exposure to a dynamic portfolio of UCITS managed by a Management Company of the Carmignac Gestion group, over several asset classes, particularly equities, bonds (including speculative high-yield bonds), convertible bonds and absolute-performance assets. The Fund is managed on a discretionary basis and does not use a benchmark. The Fund may expose up to 60% of its net assets to foreign exchange risk. Unitholders may request the redemption of their units from Monday to Friday until 11.00 am and orders are executed on the basis of the net asset value dated the following day. They are settled or delivered within five days of the date on which the net asset value was calculated. Allocation of distributable income (net income and net realised capital gains): Accumulation. Other information: From the Fund's launch date and until the last day of the Fund's initial marketing period, 11.00 am on 1 January 2022 (unless the marketing period is prematurely interrupted), the Fund will be subject to money market management. *The Benchmark Net Asset Value is defined as the highest net asset value recorded for any subscription sent from the fifth business day following the end date of the initial marketing period. |
| Risk and reward profile |
| Lower risk Higher risk Potentially lower rewards Potentially higher rewards - Past performance such as the data used to calculate the synthetic index may not be a reliable indicator of the future risk profile of the FCP. | | BANKINTER TOP PROTECCION (FR0014004V01) BNP PARIBAS ASSET MANAGEMENT France, una sociedad gestora parte del grupo BNP Paribas. |
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| Objetivos y política de inversión |
| Objetivo de gestión: El objetivo del FI es realizar una asignación dinámica entre: 1. Una bolsa de «activos diversificados» para permitir a los partícipes exponerse parcialmente, a partir del quinto día hábil siguiente a la fecha de finalización del periodo de comercialización inicial, a la evolución (tanto al alza como a la baja) de una cartera dinámica de OICVM o FIA, gestionada por una sociedad gestora del grupo Carmignac Gestion, en varias clases de activos, tal como se describe en la sección «Estrategia de inversión». La asignación entre dichos OICVM o FIA se determinará de manera sistemática con un objetivo de volatilidad anual del 2 %, 2. Una bolsa de «activos de renta fija» y una opción de venta sobre los activos del FI, que puede ejercerse cada día hábil, con el fin de obtener, cada día, un valor liquidativo que al menos sea igual al 95 % del valor liquidativo de referencia*, durante un periodo de dos años a partir de la fecha más próxima en la que se haya alcanzado el valor liquidativo de referencia, excepto en el caso de que se produzcan acontecimientos de mercado muy desfavorables que den lugar a una reducción de este periodo. En ningún caso se garantiza este objetivo. En particular, el partícipe está expuesto a un riesgo ilimitado de pérdida de capital en caso de suspensión del reembolso de las participaciones de los fondos que componen los «activos diversificados» a los que está expuesto el FI o en caso de que se produzca un evento de crédito que afecte a la contraparte de una o varias operaciones de derivados negociados en mercados extrabursátiles realizadas por el FI. El impacto de este riesgo de contraparte está limitado por la selección de contrapartes con una buena calidad crediticia (equivalente a grado de inversión) y la constitución de garantías, ajustadas diariamente, con las contrapartes de las operaciones sobre derivados negociados en mercados extrabursátiles realizadas por el FI (tal y como se detalla en el artículo 8, sobre la información relativa a las garantías financieras del OIC, que se muestra a continuación). Con el fin de respetar las limitaciones del objetivo de obtener cada día un valor liquidativo que al menos sea igual al 95 % del valor liquidativo de referencia, a partir del quinto día hábil siguiente al final del periodo de comercialización inicial, o si las condiciones del mercado lo exigen, el FI podrá invertir únicamente en «activos de renta fija», por lo que la exposición a los «activos diversificados» podrá ser nula y mantenerse. En tal caso, el FI ya no podría participar en un posible aumento futuro del valor de los «activos diversificados», incluso si este aumento es significativo, y la sociedad gestora podría liquidar el FI. La rentabilidad del FI dependerá de las rentabilidades respectivas de las clases de activos invertidos en activos «diversificados» y en activos «de renta fija». El ajuste de la proporción de estos activos dentro de la cartera se basará en el margen disponible tras tener en cuenta el objetivo de obtener un valor liquidativo que al menos sea igual al 95 % del valor liquidativo de referencia. El partícipe se expone a un riesgo de pérdida de capital en caso de que se produzca un evento crediticio que afecte al emisor de uno o varios activos «de renta fija» mantenidos por el FI. Características esenciales del FI: En el marco de los «activos de renta fija», el FI puede invertir, directamente o a través de OICVM o FIA, en valores de deuda franceses o extranjeros emitidos o garantizados por un Estado miembro de la OCDE o emitidos por un emisor supranacional o un emisor privado, o en instrumentos monetarios, denominados en euros, así como en acciones denominadas en euros y en instrumentos derivados de renta fija. Las inversiones que constituyen los «activos de renta fija» están cubiertas por un contrato de intercambio de rentabilidad global con una o más contrapartes con buena calidad crediticia (grado de inversión). En el marco de los «activos diversificados», el FI trata de lograr, a través de OICVM o FIA o de instrumentos financieros a plazo, una exposición a una cartera dinámica de OICVM, gestionada por una sociedad gestora del grupo Carmignac Gestion, en varias clases de activos, en particular las acciones, los bonos (incluidos los bonos de alto rendimiento de carácter especulativo), los bonos convertibles y los activos de rendimiento absoluto. El FI se gestiona de manera discrecional y no utiliza un índice de referencia. Hasta el 60 % del patrimonio neto del FI está expuesto al riesgo de cambio. Los partícipes pueden solicitar el reembolso de sus participaciones de lunes a viernes hasta las 11:00 horas y las órdenes se ejecutarán sobre la base del valor liquidativo del día siguiente. Se liquidarán o entregarán en los cinco días siguientes a la fecha de cálculo del valor liquidativo. Asignación de las sumas distribuibles (resultado neto y plusvalías netas realizadas): Capitalización. Otros datos: A partir de la fecha de creación del FI y hasta el último día del periodo de comercialización inicial del FI, el 1 de enero de 2022 a las 11:00 horas (salvo que el periodo de comercialización se interrumpa de manera anticipada), el FI se gestionará sobre una base monetaria. * Por valor liquidativo de referencia se entiende el valor liquidativo más alto registrado para cualquier suscripción transmitida a partir del quinto día hábil siguiente a la fecha de finalización del periodo de comercialización inicial. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - La rentabilidad histórica (como los datos utilizados para calcular el índice sintético) no es un indicador fiable del perfil de riesgo futuro del FCP. | | BANKINTER TOP PROTECCION (FR0014004V01) BNP PARIBAS ASSET MANAGEMENT France, a management company belonging to the BNP Paribas group. |
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| Objectives and investment policy |
| Management objective: The Fund's objective is to achieve a dynamic allocation between: 1. A portfolio of diversified assets to allow holders to be partially exposed, starting on the fifth business day following the end date of the initial marketing period, to the upward and downward trends of a dynamic portfolio of UCITS and/or AIF managed by a Management Company of the Carmignac Gestion group, over several asset classes, as described in the section Investment strategy . The allocation between these UCITS and/or AIF is determined systematically with an annual volatility target of 2%, 2. An additional portfolio of fixed-income assets and an option to sell the Fund's assets, exercisable every business day, in order to obtain, each day, a net asset value of at least 95% of the Benchmark Net Asset Value*, for a period of two years from the earliest date on which the Benchmark Net Asset Value was reached, barring very unfavourable market events that would lead to a reduction of that period. This is an objective that is by no means guaranteed. In particular, the holder is exposed to a risk of capital loss without limitation in the event of suspension of the redemption of Fund units comprising the diversified assets to which the Fund is exposed and/or in the event of a credit event affecting the counterparty in one or more over-the-counter derivative transactions made by the Fund. The impact of this counterparty risk is limited by selecting counterparties with a good credit rating (equivalent to Investment Grade) and setting up daily adjusted collateral with counterparties in over-the-counter derivative transactions made by the Fund (as detailed in Article 8) Information relating to the UCI's collateral below). In order to meet the requirements of the objective to obtain a net asset value at least equal to 95% of the Benchmark Net Asset Value each day, starting on the fifth business day following the end date of the initial marketing period, and/or if market conditions so require, the Fund may be invested solely in fixed- income assets , so exposure to diversified assets can drop to zero and remain as such. In this case, the Fund would no longer be able to participate in any subsequent rise in the value of the diversified assets even if this were to increase sharply and the Management Company could proceed with the liquidation of the Fund. The Fund's performance will depend on the respective performances of the portions of assets invested in diversified assets and fixed-income assets . Adjustment of the proportion of these assets in the portfolio will depend on the margin made available once the objective to achieve a net asset value at least equal to 95% of the Benchmark Cash Value has been taken into account. The unitholder is exposed to a risk of capital loss should a credit event occur that may affect the issuer of one or more fixed-income assets held by the Fund. Key characteristics of the Fund: For fixed-income assets , the Fund may invest, directly and/or via UCITS and/or AIF, in French and/or foreign debt securities issued or guaranteed by an OECD member state, and/or issued by a supranational issuer and/or issued by a private issuer and/or by monetary products denominated in euro, as well as in euro-denominated shares and rate derivatives. Investments that constitute fixed-income assets are hedged by a total return swap with one or more counterparties with a good credit rating (Investment Grade). In the context of the diversified assets , the Fund seeks to obtain, via UCITS and/or AIF or forward financial instruments, exposure to a dynamic portfolio of UCITS managed by a Management Company of the Carmignac Gestion group, over several asset classes, particularly equities, bonds (including speculative high-yield bonds), convertible bonds and absolute-performance assets. The Fund is managed on a discretionary basis and does not use a benchmark. The Fund may expose up to 60% of its net assets to foreign exchange risk. Unitholders may request the redemption of their units from Monday to Friday until 11.00 am and orders are executed on the basis of the net asset value dated the following day. They are settled or delivered within five days of the date on which the net asset value was calculated. Allocation of distributable income (net income and net realised capital gains): Accumulation. Other information: From the Fund's launch date and until the last day of the Fund's initial marketing period, 11.00 am on 1 January 2022 (unless the marketing period is prematurely interrupted), the Fund will be subject to money market management. *The Benchmark Net Asset Value is defined as the highest net asset value recorded for any subscription sent from the fifth business day following the end date of the initial marketing period. |
| Risk and reward profile |
| Lower risk Higher risk Potentially lower rewards Potentially higher rewards - Past performance such as the data used to calculate the synthetic index may not be a reliable indicator of the future risk profile of the FCP. | en | es |
DOLFIN1755 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If the limits referred to above are exceeded for reasons beyond the control of Short-term VNAV Money Market Fund, or as a result of the exercise of subscription or redemption rights, that Short- term VNAV Money Market Fund must adopt as a priority objective the correction of that situation, taking due account of the interests of its shareholders.
- Standard Money Market FundA Standard Money Market Fund must comply on an ongoing basis with all of the following portfolio requirements:
- its portfolio is to have at all times a WAM of no more than 6 months,
- its portfolio is to have a WAL of no more than 12 months, subject to the provisions of the MMF Regulation concerning WAL calculation,
- at least 7.5% of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by giving prior notice of one working day. A Standard Money Market Fund is not to acquire any asset other than a daily maturing asset when such acquisition would result in that Money Market Fund investing less than 7.5% of its portfolio in daily maturing assets,
- at least 15% of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of five working days, or cash which is able to be withdrawn by giving prior notice of five working days. A Standard Money Market Fund is not to acquire any asset other than a weekly maturing asset when such acquisition would result in that Money Market Fund investing less than 15% of its portfolio in weekly maturing assets.
- for the purpose of the calculation referred to in point d), Money Market Instruments or units or shares of other Money Market Funds may be included within the weekly maturing assets up to a maximum of 7.5% of its assets provided they are able to be redeemed and settled within five working days. | Si se exceden los límites anteriores independientemente de la voluntad de un Fondo del Mercado Monetario a Corto Plazo de VLV o tras el ejercicio de derechos de suscripción o reembolso, el Fondo del Mercado Monetario a Corto Plazo de VLV en cuestión deberá tener como objetivo prioritario corregir tal situación, teniendo debidamente en cuenta el interés de sus accionistas.
- Fondos del Mercado Monetario EstándarLos Fondos del Mercado Monetario Estándar deberán cumplir permanentemente la totalidad de los requisitos siguientes en lo que respecta a su cartera:
- que el WAM de la cartera sea en todo momento igual o inferior a seis meses;
- que la WAL de la cartera sea en todo momento igual o inferior a 12 meses, sin perjuicio de lo dispuesto en el Reglamento sobre los FMM en relación con el cálculo de la WAL;
- que al menos el 7,5% de sus activos esté constituido por activos con vencimiento diario, pactos de recompra inversa a los que se pueda poner fin con un preaviso de un día hábil, o efectivo que pueda retirarse con un preaviso de un día hábil. Los Fondos del Mercado Monetario Estándar no pueden adquirir ningún activo que no sea un activo con vencimiento diario cuando dicha adquisición tenga por efecto una inversión inferior al 7,5% de la cartera en activos con vencimiento diario;
- que al menos el 15% de sus activos esté constituido por activos con vencimiento semanal, pactos de recompra inversa a los que se pueda poner fin con un preaviso de cinco días hábiles, o efectivo que pueda retirarse con un preaviso de cinco días hábiles. Los Fondos del Mercado Monetario Estándar no pueden adquirir ningún activo que no sea un activo con vencimiento semanal cuando dicha adquisición tenga por efecto una inversión inferior al 15% de la cartera en activos con vencimiento diario.
- a efectos del cálculo a que se refiere la letra d), los Instrumentos del Mercado Monetario o las participaciones o acciones de otros Fondos del Mercado Monetario también podrán incluirse en los activos con vencimiento semanal hasta un límite máximo del 7,5% de sus activos, siempre que se puedan reembolsar y liquidar en el plazo de cinco días hábiles. | If the limits referred to above are exceeded for reasons beyond the control of Short-term VNAV Money Market Fund, or as a result of the exercise of subscription or redemption rights, that Short- term VNAV Money Market Fund must adopt as a priority objective the correction of that situation, taking due account of the interests of its shareholders.
- Standard Money Market FundA Standard Money Market Fund must comply on an ongoing basis with all of the following portfolio requirements:
- its portfolio is to have at all times a WAM of no more than 6 months,
- its portfolio is to have a WAL of no more than 12 months, subject to the provisions of the MMF Regulation concerning WAL calculation,
- at least 7.5% of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by giving prior notice of one working day. A Standard Money Market Fund is not to acquire any asset other than a daily maturing asset when such acquisition would result in that Money Market Fund investing less than 7.5% of its portfolio in daily maturing assets,
- at least 15% of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of five working days, or cash which is able to be withdrawn by giving prior notice of five working days. A Standard Money Market Fund is not to acquire any asset other than a weekly maturing asset when such acquisition would result in that Money Market Fund investing less than 15% of its portfolio in weekly maturing assets.
- for the purpose of the calculation referred to in point d), Money Market Instruments or units or shares of other Money Market Funds may be included within the weekly maturing assets up to a maximum of 7.5% of its assets provided they are able to be redeemed and settled within five working days. | en | es |
DOLFIN1762 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Market Timing
The Fund is not designed for professional market timing organizations or other organizations or individuals engaged in market timing strategies, programmed exchanges, frequent exchanges, or exchanges that are large in relation to the total assets of the Sub-Fund. Market timing strategies are disruptive to the Sub-Fund. If the Fund determines that your exchange patterns reflect a market timing strategy, the Fund reserves the right to take any action permitted under applicable rules and standards, including but not limited to, (i) refusing to accept your orders to purchase Sub-Fund shares, and/or (ii) restricting the availability of exchanges through telephone requests, facsimile transmissions, automated telephone services, internet services, or any electronic transfer services.
The Fund receives purchase exchange and redemption orders from many distribution agents which maintain omnibus accounts with the Fund. Omnibus account arrangements permit distribution agents to aggregate their clients’ transaction and ownership positions. In these circumstances, the identity of the particular shareholder(s) is not known to the Fund. While the Fund encourages distribution agents to apply the Fund's market timing policy to their customers who invest indirectly in the Funds, the Fund is limited in its ability to monitor the trading activity or enforce the Fund's market timing policy with respect to customers of distribution agents. Shareholders seeking to engage in excessive trading practices may employ a variety of strategies to avoid detection. The ability of the Fund to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. | # MARKET TIMING
El Fondo no se dirige a organizaciones profesionales especializadas en market timing ni a otros particulares u organizaciones que lleven a cabo estrategias de market timing, canjes programados, canjes frecuentes o canjes de un volumen considerable en relación con el patrimonio total del Subfondo. Las estrategias de market timing tienen un efecto de perturbación en el Subfondo. Si el Fondo determinara que unas pautas de canje ocultan una estrategia de market timing, el Fondo se reserva el derecho de aplicar las medidas de que disponga legalmente y en particular, aunque no exclusivamente, a (i) negarse a aceptar las órdenes de suscripción de un accionista de acciones del Subfondo y/o (ii) restringir la posibilidad de realizar canjes mediante peticiones telefónicas, traspasos por fax, servicios telefónicos automatizados, servicios de Internet o cualquier servicio de transferencia electrónica.
El Fondo recibe órdenes de suscripción, canje y reembolso de muchos agentes comercializadores que tienen abiertas cuentas combinadas (omnibus) en el Fondo. Los contratos de apertura de cuenta combinada permiten a los agentes comercializadores sumar las posiciones y las operaciones de sus clientes. En estos casos, el Fondo desconoce la identidad de los accionistas específicos. Si bien el Fondo aconseja a los agentes comercializadores que apliquen la política sobre market timing a sus clientes que invierten indirectamente en los Fondos, el Fondo no se hace responsable de la supervisión de la actividad de contrataciones ni de exigir el cumplimiento de dicha política a los clientes de los agentes comercializadores. Posiblemente los accionistas que busquen la realización de prácticas de contratación excesiva podrán emplear diversas estrategias para evitar su detección. La capacidad del Fondo para detectar y frenar las prácticas de contratación abusivas puede verse también reducida por sistemas operativos y limitaciones técnicas. | # Market Timing
The Fund is not designed for professional market timing organizations or other organizations or individuals engaged in market timing strategies, programmed exchanges, frequent exchanges, or exchanges that are large in relation to the total assets of the Sub-Fund. Market timing strategies are disruptive to the Sub-Fund. If the Fund determines that your exchange patterns reflect a market timing strategy, the Fund reserves the right to take any action permitted under applicable rules and standards, including but not limited to, (i) refusing to accept your orders to purchase Sub-Fund shares, and/or (ii) restricting the availability of exchanges through telephone requests, facsimile transmissions, automated telephone services, internet services, or any electronic transfer services.
The Fund receives purchase exchange and redemption orders from many distribution agents which maintain omnibus accounts with the Fund. Omnibus account arrangements permit distribution agents to aggregate their clients’ transaction and ownership positions. In these circumstances, the identity of the particular shareholder(s) is not known to the Fund. While the Fund encourages distribution agents to apply the Fund's market timing policy to their customers who invest indirectly in the Funds, the Fund is limited in its ability to monitor the trading activity or enforce the Fund's market timing policy with respect to customers of distribution agents. Shareholders seeking to engage in excessive trading practices may employ a variety of strategies to avoid detection. The ability of the Fund to detect and curtail excessive trading practices may also be limited by operational systems and technological limitations. | en | es |
DOLFIN1769 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 0.00% There is no entry fee for this product. | 0.00 USD |
| Exit costs | 0.00% There is no exit fee for this product. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.10% of the value of your investment per year. | 10.31 USD |
| Transaction costs | 0.47% 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. | 47.35 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | 0.00% There is no performance fee for this product. | 0.00 USD | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00% No cobramos una comisión de entrada por este producto. | 0.00 USD |
| Costes de salida | 0,00% No cobramos una comisión de salida por este producto. | 0.00 USD |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,10% del valor de su inversión al año. | 10.31 USD |
| Costes de operación | 0,47% 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. | 47.35 USD |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento e intereses devengados | 0,00% No cobramos una comisión de rendimiento por este producto. | 0.00 USD | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 0.00% There is no entry fee for this product. | 0.00 USD |
| Exit costs | 0.00% There is no exit fee for this product. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.10% of the value of your investment per year. | 10.31 USD |
| Transaction costs | 0.47% 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. | 47.35 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | 0.00% There is no performance fee for this product. | 0.00 USD | | en | es |
DOLFIN1780 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThis indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. | # Perfil de Riesgo y Remuneración
- Riesgo de divisas: El Fondo invierte en otras divisas. En consecuencia, las variaciones de los tipos de cambio afectarán al valor de la inversión.
- Los derivados pueden ser muy sensibles a las variaciones del valor del activo en que se basan y pueden aumentar el volumen de las pérdidas y ganancias, provocando mayores oscilaciones en el valor del Fondo. El impacto sobre elEste indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. | # Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThis indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. | en | es |
DOLFIN1783 | 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 Euro Treasury Bond 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. 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 Euro denominated bonds issued or guaranteed by member states of the Economic and Monetary Union of the European Union (EMU). The bonds are issued in Euro or the legacy currencies of sovereign countries of the EMU and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). They will pay income according to a fixed rate of interest and will have at least one year remaining until maturity (i.e. the time until they become due for repayment) and a minimum amount outstanding of €300 million. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
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 may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
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 trata de 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 Euro Treasury Bond 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 fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. 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 el rendimiento de los bonos denominados en euros emitidos o avalados por Estados miembros de la Unión Económica y Monetaria de la Unión Europea (UEM). Los bonos está emitidos en euros o en las antiguas monedas nacionales de países soberanos de la UEM y tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice. Pagarán rendimientos con arreglo a un tipo de interés fijo, y tendrán un plazo de vencimiento residual (es decir, el periodo hasta la fecha en que se deben reembolsar) de al menos un año y un importe mínimo en circulación de 300 millones de euros. El Índice está ponderado por capitalización bursátil. La capitalización bursátil es el valor de mercado de las emisiones de bonos en circulación.
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 pueden utilizarse con fines de inversión directa. 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 distributivas (semestralmente 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 Bloomberg Barclays Euro Treasury Bond 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. 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 Euro denominated bonds issued or guaranteed by member states of the Economic and Monetary Union of the European Union (EMU). The bonds are issued in Euro or the legacy currencies of sovereign countries of the EMU and will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). They will pay income according to a fixed rate of interest and will have at least one year remaining until maturity (i.e. the time until they become due for repayment) and a minimum amount outstanding of €300 million. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
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 may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
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 |
DOLFIN1787 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. | # Perfil de Riesgo y Remuneración
- Riesgo de divisas: El Fondo invierte en otras divisas. En consecuencia, las variaciones de los tipos de cambio afectarán al valor de la inversión.
- Los derivados pueden ser muy sensibles a las variaciones del valor del activo en que se basan y pueden aumentar el volumen de las pérdidas y ganancias, provocando mayores oscilaciones en el valor del Fondo. El impacto sobre elEl indicador de riesgo se ha calculado incorporando datos históricos simulados, y es posible que no constituya una indicación fiable del perfil de riesgo del Fondo en el futuro. | # Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. | en | es |
DOLFIN1791 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# - The level of financial guarantee required; and
The haircut applicable to the assets received as a financial guarantee, in particular depending on their nature, the credit quality of the issuers, their maturity, their reference currency and their liquidity and volatility.
In accordance with the valuation rules set out in this prospectus, the Management Company shall proceed to a daily valuation of the collateral received on a mark to market basis. Margin calls will be made in accordance with the terms of the financial guarantee contracts.
The UCITS may reinvest the financial guarantees received in the form of cash in accordance with the regulations in force. Non cash collateral received may not be sold, reinvested or pledged. The counterparty may also reinvest the financial guarantees received from the UCITS according to the regulatory conditions applicable to it.
Collateral received by the UCITS will be held by the UCITS depositary or, failing that, by any third party custodian (such as Euroclear Bank SA/NV) which is subject to prudential supervision and which is unrelated to the provider of the collateral.
Despite the credit quality of the issuers of the securities received as financial guarantee or the securities acquired with cash received as financial guarantee, the UCITS could bear a risk of loss in the event of default by these issuers or the counterparty of these transactions. | # - El nivel de garantía financiera necesaria; y
El nivel de descuento aplicable a los activos recibidos en concepto de garantía financiera, especialmente en función de su naturaleza, la calidad crediticia de los emisores, su vencimiento, su divisa de referencia y su liquidez y volatilidad.
La Sociedad gestora procederá, según las normas de valoración previstas en el presente folleto, a una valoración diaria de las garantías recibidas sobre una base de precio de mercado (mark-to-market). Los ajustes de los márgenes se realizarán con arreglo a los términos de los acuerdos de garantía financiera.
El OICVM podrá reinvertir las garantías financieras recibidas en efectivo con arreglo a la normativa en vigor. Las garantías financieras distintas del efectivo recibidas no podrán venderse, reinvertirse ni pignorarse. La contraparte también podrá reinvertir las garantías financieras recibidas del OICVM según las condiciones reglamentarias que le sean aplicables.
Las garantías recibidas por el OICVM serán custodiadas por el depositario del OICVM o, en su defecto, por cualquier depositario tercero (como Euroclear Bank SA/NV) que esté sujeto a supervisión prudencial y que no guarde relación alguna con el proveedor de la garantía.
El OICVM podrá reinvertir las garantías financieras recibidas en efectivo en observancia de la normativa en vigor. A pesar de la calidad crediticia de los emisores de los títulos recibidos como garantía financiera o de los títulos adquiridos en efectivo como garantía financiera, el OICVM podría asumir un riesgo de pérdida en caso de incumplimiento por parte de los emisores o de la contraparte de estas operaciones. | # - The level of financial guarantee required; and
The haircut applicable to the assets received as a financial guarantee, in particular depending on their nature, the credit quality of the issuers, their maturity, their reference currency and their liquidity and volatility.
In accordance with the valuation rules set out in this prospectus, the Management Company shall proceed to a daily valuation of the collateral received on a mark to market basis. Margin calls will be made in accordance with the terms of the financial guarantee contracts.
The UCITS may reinvest the financial guarantees received in the form of cash in accordance with the regulations in force. Non cash collateral received may not be sold, reinvested or pledged. The counterparty may also reinvest the financial guarantees received from the UCITS according to the regulatory conditions applicable to it.
Collateral received by the UCITS will be held by the UCITS depositary or, failing that, by any third party custodian (such as Euroclear Bank SA/NV) which is subject to prudential supervision and which is unrelated to the provider of the collateral.
Despite the credit quality of the issuers of the securities received as financial guarantee or the securities acquired with cash received as financial guarantee, the UCITS could bear a risk of loss in the event of default by these issuers or the counterparty of these transactions. | en | es |
DOLFIN1793 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
other times in order to reflect corporate activity such as mergers and acquisitions. 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 derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The 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. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas
actividad de las empresas, como por ejemplo, fusiones y adquisiciones. 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 derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializadora y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El fondo está expuesto a movimientos de mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, por las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El índice está basado en normas y no puede ajustarse para tener en cuenta los cambios en las circunstancias de mercado. En consecuencia, puede que se vea negativamente afectado, o no obtenga beneficios, al no realizarse dichos ajustes cuando cambian las circunstancias del mercado. El índice podría estar sujeto a acontecimientos como interrupciones o ajustes que podrían impedir su cálculo o provocar ajustes en sus normas, lo cual podría provocar que su inversión sufriese pérdidas. El fondo puede utilizar derivados financieros para tratar de gestionar sus inversiones de forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
other times in order to reflect corporate activity such as mergers and acquisitions. 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 derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The 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. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN1795 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Currency allocation
The fund has long positions in the JPY and the SEK versus underweights in the KRW, MXN and zloty, but positions are small. We are getting closer to the peak in the USD in our view, as the Fed is nearing the end of its tightening cycle. The JPY has weakened significantly over the past months, and we think the recent adjustment of the yield curve cap by the BoJ is only the start of a series of interventions to restrengthen the currency. Many Asian countries rely on food and energy imports, which is pushing up inflation. Hence, we remain underweight Asia FX via the KRW. | # Distribución de divisas
El fondo mantiene posiciones largas en JPY y SEK, frente a infraponderaciones en KRW, MXM y zloty, aunque las posiciones son pequeñas. Opinamos que nos aproximamos al pico del dólar, pues la Fed se acerca al final de su ciclo restrictivo. El JPY se ha debilitado notablemente en los últimos meses, y consideramos que el reciente ajuste al límite máximo de la curva de rentabilidad implementado por el Banco de Japón es tan solo el comienzo de una serie de intervenciones para fortalecer la divisa. Muchos países asiáticos dependen de las importaciones de alimentos y energía, lo que está impulsando la inflación. Por consiguiente, seguimos infraponderados en Asia FX, mediante KRW. | # Currency allocation
The fund has long positions in the JPY and the SEK versus underweights in the KRW, MXN and zloty, but positions are small. We are getting closer to the peak in the USD in our view, as the Fed is nearing the end of its tightening cycle. The JPY has weakened significantly over the past months, and we think the recent adjustment of the yield curve cap by the BoJ is only the start of a series of interventions to restrengthen the currency. Many Asian countries rely on food and energy imports, which is pushing up inflation. Hence, we remain underweight Asia FX via the KRW. | en | es |
DOLFIN1802 | 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 2, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 2 de octubre de 2017. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: October 2, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
15%
10%
5%
0% | en | es |
DOLFIN1807 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment GBP 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 148 GBP | 1,195 GBP |
| Annual cost impact(*) | 1.48 % | 1.62 % | | | Inversión GBP 10,000 | |
| --- | --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Costes totales | 148 GBP | 1,195 GBP |
| Incidencia anual de los costes (*) | 1.48 % | 1.62 % | | | Investment GBP 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 148 GBP | 1,195 GBP |
| Annual cost impact(*) | 1.48 % | 1.62 % | | en | es |
DOLFIN1808 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A complete description of risk factors is set out in the Prospectus in the section entitled "Risk Factors".
The entry charge shown is a maximum figure but you may pay less. The actual entry charge can be obtained from your financial adviser or distributor.
The ongoing charges figure shown here is an estimate of the annualised charges. An estimate is being used because the share class was launched within the reported period. The Fund's annual report for each financial year will include details on the exact charges made. This may vary from year to year.
More information about charges is available in the "Fees and Expenses" section of the Prospectus. | Una descripción completa de los factores de riesgo se muestra en la sección titulada "Factores de riesgo" del Folleto informativo.
Los gastos de entrada indicados aquí representan una cifra máxima, pero es posible que usted pague menos. Podrá informarse de los gastos efectivos de entrada a través de su asesor financiero o del distribuidor.
La cifra que aquí se muestra en relación con los gastos corrientes constituye una estimación de los gastos anualizados. Se emplea una estimación porque la clase de acciones se lanzó dentro del periodo indicado. El informe anual del Fondo correspondiente a cada ejercicio presentará de manera pormenorizada los gastos exactos cobrados. Esto puede variar de un año a otro.
La sección “Comisiones y gastos” del Folleto contiene más información sobre los gastos. | A complete description of risk factors is set out in the Prospectus in the section entitled "Risk Factors".
The entry charge shown is a maximum figure but you may pay less. The actual entry charge can be obtained from your financial adviser or distributor.
The ongoing charges figure shown here is an estimate of the annualised charges. An estimate is being used because the share class was launched within the reported period. The Fund's annual report for each financial year will include details on the exact charges made. This may vary from year to year.
More information about charges is available in the "Fees and Expenses" section of the Prospectus. | en | es |
DOLFIN1811 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Securities lending transactions will be entered into depending on the market opportunities and in particular depending on the market demand for the securities held in each fund’s portfolio at any time and the expected revenues of the transaction compared to the market conditions on the investment side.
Securities lending transactions to be entered into exclusively aim to generate additional capital or income. As such, there is no restriction on the frequency under which a fund may engage into such type of transactions.
Under no circumstances shall the above mentioned operations cause a fund to diverge from its investment objective as laid down in the Prospectus or result in additional risk higher than its profile as described in the Prospectus.
The Management Company will ensure to maintain the volume of these transactions at a level such that is able, at all times, to meet redemption requests.
- CounterpartiesThe counterparties to such securities lending must be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by EU law and specialised in this type of transaction. The counterparties to such transactions will generally be financial institutions based in an OECD member state and having an investment grade credit rating. The selected counterparties comply with Article 3 of the SFTR Regulation.
- Revenues paid to the fundsWith regards to the securities lending transactions, 87.5% of the gross revenue arising from such transactions are returned to the funds, while a 12.5% fee is paid to the Lending Agent (which is not an affiliate of the Investment Manager). Any operational costs (whether direct or indirect) borne by the Lending Agent from such securities lending activities are covered out of its fee. Further details on the actual return are published in the Fund’s annual reports and accounts.
- Lending agent, collateral agent and collateral managerThe Fund has appointed Brown Brothers Harriman & Co., a New York limited partnership with an office in Boston, Massachusetts and Citibank N.A., London Branch (both a “Lending Agent”) to carry out the securities lending transactions and the management of the collateral. Neither Lending Agent is an affiliate of the Investment Manager.
- Management of collateral for Securities Lending, Repurchase and OTC Financial Derivative TransactionsWith respect to securities lending transactions, the Fund will generally require the borrower to post collateral representing, at any time during the lifetime of the agreement, at least 105% of the total value of the securities lent in the case of equity securities and at least 102% of the total value of the securities lent in the case of bonds. Repurchase agreement and reverse repurchase agreements will generally be collateralised, at any time during the lifetime of the agreement, at a minimum of 100% of their notional amount. | Las operaciones de préstamo de valores se formalizarán en función de las oportunidades disponibles en el mercado, y, en particular, de la demanda del mercado de los valores que se mantengan en la cartera de cada Subfondo en cualquier momento y los ingresos previstos de la operación en comparación con la situación del mercado por el lado de la inversión. Las operaciones de préstamo de valores que se formalicen tendrán como único fin el de generar capital o rentas adicionales. Por lo tanto, no existen restricciones sobre la frecuencia con la que un Subfondo puede participar en este tipo de operaciones.
Las operaciones mencionadas anteriormente no podrán hacer bajo ningún concepto que un Subfondo se aleje de su objetivo de inversión, tal y como figura en el Folleto informativo, ni tampoco generar un riesgo adicional superior al contemplado en su perfil según se describe en él.
La Sociedad Gestora se asegurará de mantener el volumen de estas operaciones a un nivel que le permita satisfacer las solicitudes de reembolso.
- ContrapartesLas contrapartes del préstamo de valores deberán someterse a normas de supervisión cautelar que la CSSF considere equivalentes a las prescritas en la legislación de la UE y que se apliquen especialmente a este tipo de operación. Las contrapartes de dichas operaciones serán normalmente entidades financieras domiciliadas en un estado miembro de la OCDE que posean una calificación crediticia de grado de inversión. Las contrapartes seleccionadas cumplen el Artículo 3 de la Normativa SFTR (Securities Financing Transactions Regulation, normativa sobre operaciones de financiación de valores).
- Ingresos abonados a los SubfondosEn lo que respecta a las operaciones de préstamo de valores, el 87,5% de los ingresos brutos procedentes de las mismas se devuelve a los Subfondos, mientras que se abona una comisión del 12,5% al Agente de Préstamo (que no sea una filial del Gestor de Inversiones). Los gastos operativos (ya sean estos directos o indirectos) asumidos por el Agente de Préstamo derivados de esas actividades de préstamo de valores se cubren con su comisión. El informe y cuentas anuales del Fondo ofrece más detalles sobre la rentabilidad real.
- Agente de préstamo, agente de garantía y gestor de la garantíaEl Fondo ha designado a Brown Brothers Harriman & Co., una sociedad limitada de Nueva York con una oficina en Boston, Massachusetts y Citibank N.A., Sucursal de Londres (cada uno de ellos, un «Agente de Préstamos») para llevar a cabo las operaciones de préstamo de valores y la gestión de la garantía. Ninguno de los dos Agentes de Préstamos pertenece al grupo del Gestor de Inversiones.
- Gestión de la garantía en las Operaciones de derivados financieros extrabursátiles, de recompra y de préstamo de valoresEn lo referente a las operaciones de préstamo de valores, el Fondo normalmente requerirá al prestatario que aporte una garantía que represente, en cualquier momento durante la vigencia del acuerdo, al menos un 105% del valor total de los valores prestados en el caso de las acciones y al menos un 102% del valor total de los valores prestados en el caso de los bonos. Los acuerdos de recompra y de recompra inversa estarán por lo general garantizados, en cualquier momento dado mientras dure el acuerdo, por un mínimo del 100% de su importe teórico. | Securities lending transactions will be entered into depending on the market opportunities and in particular depending on the market demand for the securities held in each fund’s portfolio at any time and the expected revenues of the transaction compared to the market conditions on the investment side.
Securities lending transactions to be entered into exclusively aim to generate additional capital or income. As such, there is no restriction on the frequency under which a fund may engage into such type of transactions.
Under no circumstances shall the above mentioned operations cause a fund to diverge from its investment objective as laid down in the Prospectus or result in additional risk higher than its profile as described in the Prospectus.
The Management Company will ensure to maintain the volume of these transactions at a level such that is able, at all times, to meet redemption requests.
- CounterpartiesThe counterparties to such securities lending must be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by EU law and specialised in this type of transaction. The counterparties to such transactions will generally be financial institutions based in an OECD member state and having an investment grade credit rating. The selected counterparties comply with Article 3 of the SFTR Regulation.
- Revenues paid to the fundsWith regards to the securities lending transactions, 87.5% of the gross revenue arising from such transactions are returned to the funds, while a 12.5% fee is paid to the Lending Agent (which is not an affiliate of the Investment Manager). Any operational costs (whether direct or indirect) borne by the Lending Agent from such securities lending activities are covered out of its fee. Further details on the actual return are published in the Fund’s annual reports and accounts.
- Lending agent, collateral agent and collateral managerThe Fund has appointed Brown Brothers Harriman & Co., a New York limited partnership with an office in Boston, Massachusetts and Citibank N.A., London Branch (both a “Lending Agent”) to carry out the securities lending transactions and the management of the collateral. Neither Lending Agent is an affiliate of the Investment Manager.
- Management of collateral for Securities Lending, Repurchase and OTC Financial Derivative TransactionsWith respect to securities lending transactions, the Fund will generally require the borrower to post collateral representing, at any time during the lifetime of the agreement, at least 105% of the total value of the securities lent in the case of equity securities and at least 102% of the total value of the securities lent in the case of bonds. Repurchase agreement and reverse repurchase agreements will generally be collateralised, at any time during the lifetime of the agreement, at a minimum of 100% of their notional amount. | en | es |
DOLFIN1814 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Accordingly, the Company is considered to be a non-complex, UCITS self-managed investment company. The Board is responsible for the remuneration policy of the Company and for determining the remuneration of the directors of the Company. The Board is comprised of non-executive directors only. The Board has adopted this policy and periodically reviews (at least annually) the general principles of this policy and is responsible for, and oversees, its implementation in line with the UCITS Regulations. The Board considers that its members have appropriate expertise in risk management and remuneration to perform this review. Where a periodic review reveals that the remuneration system does not operate as intended or prescribed, the Board shall ensure that a timely remedial plan is put in place.
- Alignment of remuneration and risk-taking
- Fixed SalaryThe Independent Directors receive a fixed annual fee which is competitive and based on the individual Director’s powers, tasks, expertise and responsibilities including, without limitation: | Por consiguiente, se considera que la Sociedad es una sociedad OICVM de inversión no compleja y autogestionada. El Consejo es responsable de la política de remuneración de la Sociedad y de la determinación de la remuneración de los consejeros de la Sociedad. El Consejo está compuesto únicamente por consejeros no ejecutivos. El Consejo ha adoptado esta política y revisa periódicamente (al menos una vez al año) los principios generales de la misma, siendo responsable de su aplicación, y supervisa su cumplimiento de acuerdo con el Reglamento sobre OICVM. El Consejo considera que sus miembros tienen la experiencia adecuada en gestión de riesgos y remuneración para llevar a cabo esta revisión. Cuando una revisión periódica revele que el sistema de remuneración no funciona según lo previsto o establecido, el Consejo se asegurará de que se establezca un plan correctivo oportuno.
- Adecuación de la remuneración y toma de riesgos
- Salario fijoLos Consejeros Independientes perciben una comisión anual fija que es competitiva y se basa en las facultades, tareas, experiencia y responsabilidades de cada Consejero, incluyendo, sin limitación alguna: | Accordingly, the Company is considered to be a non-complex, UCITS self-managed investment company. The Board is responsible for the remuneration policy of the Company and for determining the remuneration of the directors of the Company. The Board is comprised of non-executive directors only. The Board has adopted this policy and periodically reviews (at least annually) the general principles of this policy and is responsible for, and oversees, its implementation in line with the UCITS Regulations. The Board considers that its members have appropriate expertise in risk management and remuneration to perform this review. Where a periodic review reveals that the remuneration system does not operate as intended or prescribed, the Board shall ensure that a timely remedial plan is put in place.
- Alignment of remuneration and risk-taking
- Fixed SalaryThe Independent Directors receive a fixed annual fee which is competitive and based on the individual Director’s powers, tasks, expertise and responsibilities including, without limitation: | en | es |
DOLFIN1822 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 02/11/2004.
The share class of the Fund was launched on 15/07/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
This past performance is calculated from the past performance of Class AX USD converted at the applicable spot exchange rate.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3 Month LIBOR. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 02/11/2004.
La clase de acciones del Fondo se lanzó el 15/07/2021.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
Esta rentabilidad histórica se calcula a partir de la rentabilidad histórica de la clase AX USD convertida al tipo de cambio al contado aplicable.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en LIBOR a 3 meses. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 02/11/2004.
The share class of the Fund was launched on 15/07/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
This past performance is calculated from the past performance of Class AX USD converted at the applicable spot exchange rate.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3 Month LIBOR. | en | es |
DOLFIN1838 | 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 USD |
| --- |
| 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 | 5 032 USD | 5 100 USD |
| | Average return each year | -49.68 % | -12.60 % |
| Unfavourable scenario | What you might get back after costs | 7 635 USD | 8 085 USD |
| | Average return each year | -23.65 % | -4.16 % |
| Moderate scenario | What you might get back after costs | 9 840 USD | 10 934 USD |
| | Average return each year | -1.60 % | 1.80 % |
| Favourable scenario | What you might get back after costs | 11 905 USD | 13 355 USD |
| | Average return each year | 19.05 % | 5.96 % | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 USD |
| --- |
| 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 | 5 032 USD | 5 100 USD |
| | Rendimiento medio cada año | -49,68 % | -12,60 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7 635 USD | 8 085 USD |
| | Rendimiento medio cada año | -23,65 % | -4,16 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9 840 USD | 10 934 USD |
| | Rendimiento medio cada año | -1,60 % | 1,80 % |
| Favorable | Lo que podría recibir tras deducir los costes | 11 905 USD | 13 355 USD |
| | Rendimiento medio cada año | 19,05 % | 5,96 % | | | Recommended holding period: 5 years Example Investment: 10 000 USD |
| --- |
| 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 | 5 032 USD | 5 100 USD |
| | Average return each year | -49.68 % | -12.60 % |
| Unfavourable scenario | What you might get back after costs | 7 635 USD | 8 085 USD |
| | Average return each year | -23.65 % | -4.16 % |
| Moderate scenario | What you might get back after costs | 9 840 USD | 10 934 USD |
| | Average return each year | -1.60 % | 1.80 % |
| Favourable scenario | What you might get back after costs | 11 905 USD | 13 355 USD |
| | Average return each year | 19.05 % | 5.96 % | | en | es |
DOLFIN1841 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Performance fee:
The performance fees are based on a comparison between the performance of the fund and its reference indicator over the calendar year. If the performance since the beginning of the financial year is positive and exceeds the performance of the MSCI EM NR (USD) index, converted into EUR, a daily provision of a maximum of 20% of this outperformance is established. In the event of underperformance in relation to this index, a daily amount corresponding to a maximum of 20% of this underperformance is deducted from the provision established since the beginning of the year. If the fund is eligible for the booking of a performance fee, then:
- In the event of subscriptions, a system for neutralising the volume effect of these units on the performance fee is applied. This involves systematically deducting the share of the performance fee actually booked as a result of these newly subscribed units from the daily provision;
- In the event of redemptions, the portion of the performance fee provision corresponding to redeemed shares is transferred to the management company under the crystallisation principle. | #### Comisión de rentabilidad
La comisión de rentabilidad se fundamenta en la comparación entre la rentabilidad del FCP y la de su indicador de referencia durante el año civil. Si la rentabilidad desde el inicio del ejercicio es positiva y supera la rentabilidad del índice MSCI EM NR (USD) convertido a EUR, se constituirá una provisión diaria del 20% como máximo de dicha diferencia de rentabilidad. En caso de diferencia negativa de rentabilidad respecto a dicho índice, se realizará una recuperación diaria de la provisión de un 20% como máximo de dicha diferencia de rentabilidad hasta el importe de las dotaciones constituidas desde el comienzo del año. Si el fondo es elegible para la provisión de una comisión de rentabilidad, entonces:
- En los casos de suscripción, se aplicará un mecanismo de neutralización del «efecto volumen» de estas participaciones suscritas en el cálculo de la comisión de rentabilidad. Se trata de retirar sistemáticamente de la provisión diaria la parte proporcional de la comisión de rentabilidad efectivamente provisionada generada por estas nuevas participaciones suscritas.
- En los casos de reembolso, se abonará a la sociedad gestora la parte proporcional de la provisión de la comisión de rentabilidad correspondiente a las participaciones reembolsadas, de acuerdo con el principio de«cristalización». | #### Performance fee:
The performance fees are based on a comparison between the performance of the fund and its reference indicator over the calendar year. If the performance since the beginning of the financial year is positive and exceeds the performance of the MSCI EM NR (USD) index, converted into EUR, a daily provision of a maximum of 20% of this outperformance is established. In the event of underperformance in relation to this index, a daily amount corresponding to a maximum of 20% of this underperformance is deducted from the provision established since the beginning of the year. If the fund is eligible for the booking of a performance fee, then:
- In the event of subscriptions, a system for neutralising the volume effect of these units on the performance fee is applied. This involves systematically deducting the share of the performance fee actually booked as a result of these newly subscribed units from the daily provision;
- In the event of redemptions, the portion of the performance fee provision corresponding to redeemed shares is transferred to the management company under the crystallisation principle. | en | es |
DOLFIN1843 | 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 charges | 1.00 % | The percentage shown is the maximum that may be deducted from your capital before it is invested, or before you are paid the returns on your investment. In certain cases, the charges paid may be lower than those published. Investors may request the exact amount of entry and exit charges from their financial adviser or distributor. |
| Exit charges | None |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.20 % | The percentage shown is based on the charges for the previous financial year (fixed management fees and turnover commissions) ending 31 December 2020. Due to a reduction in management fees to 1.00% from 1.20%, effective on 1 January 2021, the real amount of ongoing charges shown no longer reflects the reality. The ongoing charges amount estimated at this date is 1.00% based on an estimate of the total expected amount of charges. These charges may vary from one financial year to another. They do not include: performance fees and portfolio intermediary fees, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. |
| Charges taken from the Fund under specific conditions |
| Performance fee | 15% of the outperformance of the MSCI World 100% Hedged to EUR Net Total Return Index, with a High Water Mark, taken into account over the past five years. Amount of the performance fee charged in the last financial year: 0.15 % | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,00 % | Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. En algunos casos, los gastos pagados pueden ser inferiores a los indicados. Los inversores pueden solicitar a su asesor financiero o distribuidor el importe exacto de los gastos de entrada y de salida. |
| Gastos de salida | No procede |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,20 % | El porcentaje indicado se basa en los gastos del ejercicio anterior (gastos de gestión fijos y comisiones de movimiento), cerrado el jueves, 31 de diciembre de 2020. Debido a una reducción de los gastos de gestión al 1,00 % en lugar del 1,20 %, con efecto a partir del 1 de enero de 2021, el importe real de gastos corrientes indicado ya no se ajusta a la realidad. El importe de los gastos corrientes estimados a partir de esta fecha es del 1,00 %, sobre la base de una estimación basada en el importe total de gastos previsto. Estos gastos pueden variar de un ejercicio a otro. No se incluyen las comisiones de rentabilidad ni los costes de intermediación, excepto en caso de que el Fondo abone gastos de entrada o de salida cuando compre o venda participaciones de otro vehículo de gestión colectiva. |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15 % de la rentabilidad superior a la del índice MSCI World 100 % Hedged to EUR Net Total Return, con valor liquidativo históricamente más alto (High Water Mark), en los últimos 5 años. Importe de la comisión de rentabilidad facturada para el último ejercicio: 0,15 % | | | One-off charges taken before or after you invest |
| --- |
| Entry charges | 1.00 % | The percentage shown is the maximum that may be deducted from your capital before it is invested, or before you are paid the returns on your investment. In certain cases, the charges paid may be lower than those published. Investors may request the exact amount of entry and exit charges from their financial adviser or distributor. |
| Exit charges | None |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.20 % | The percentage shown is based on the charges for the previous financial year (fixed management fees and turnover commissions) ending 31 December 2020. Due to a reduction in management fees to 1.00% from 1.20%, effective on 1 January 2021, the real amount of ongoing charges shown no longer reflects the reality. The ongoing charges amount estimated at this date is 1.00% based on an estimate of the total expected amount of charges. These charges may vary from one financial year to another. They do not include: performance fees and portfolio intermediary fees, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. |
| Charges taken from the Fund under specific conditions |
| Performance fee | 15% of the outperformance of the MSCI World 100% Hedged to EUR Net Total Return Index, with a High Water Mark, taken into account over the past five years. Amount of the performance fee charged in the last financial year: 0.15 % | | en | es |
DOLFIN1846 | 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's investment objective is to provide investors with an absolute return (irrespective of market conditions) by taking both long and short positions in equities issued by companies globally.
1 The Fund will seek to invest in companies which are industry market leaders with sustainable business models and companies which demonstrate a competitive advantage in relatively new and underdeveloped markets.
1 The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities.
1 The Fund will invest principally in equity or equity linked securities (including cash equities) and financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)).
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation "SFDR" on sustainability-related disclosures in the financial services sector. The Investment Manager looks to invest in companies where products and/or processes demonstrate sustainable behaviours and will invest at least 20% of the Fund's net long positions in investments that contribute to the environmental and social characteristics promoted by the Fund. The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production.
1 The Fund is actively managed, no benchmark is used as a universe for selection or for performance comparison purposes. The Fund will seek to achieve returns irrespective of market conditions. The Fund may use currency related transactions to alter its foreign currency exposures. | # Objetivos y política de inversión
1 El objetivo de inversión del Fondo es proporcionar a los inversores una rentabilidad absoluta (al margen de las condiciones del mercado) mediante la adopción de posiciones largas y cortas en valores de renta variable emitidos por empresas de todo el mundo.
1 El Fondo invertirá en empresas líderes del mercado, en sus sectores respectivos, con modelos de negocio sostenibles, así como en empresas que presenten una ventaja competitiva en mercados relativamente nuevos o en vías de desarrollo.
1 El Fondo puede incrementar sus posiciones en efectivo y otros activos líquidos durante periodos de circunstancias excepcionales del mercado o cuando se considere que no hay suficientes oportunidades de inversión.
1 El Fondo invertirá principalmente en títulos de renta variable o relacionados con la renta variable (como acciones) e instrumentos financieros derivados, es decir, instrumentos cuyos precios dependen de uno o más activos subyacentes (IFD).
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 tiene como objetivo invertir en empresas cuyos productos o procesos muestren comportamientos sostenibles y destinará al menos el 20 % de las posiciones largas del Fondo a inversiones que incentiven las características ambientales y sociales que defiende el Fondo. Por lo general, la Gestora de Inversiones aplicará una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas y municiones, armas nucleares o la producción de tabaco y carbón.
1 El Fondo 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. El Fondo pretende ser rentable con independencia de las condiciones del mercado. El Fondo podrá realizar transacciones relacionadas con divisas para modificar su exposición a monedas extranjeras. | # Objectives and investment policy
1 The Fund's investment objective is to provide investors with an absolute return (irrespective of market conditions) by taking both long and short positions in equities issued by companies globally.
1 The Fund will seek to invest in companies which are industry market leaders with sustainable business models and companies which demonstrate a competitive advantage in relatively new and underdeveloped markets.
1 The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities.
1 The Fund will invest principally in equity or equity linked securities (including cash equities) and financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)).
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation "SFDR" on sustainability-related disclosures in the financial services sector. The Investment Manager looks to invest in companies where products and/or processes demonstrate sustainable behaviours and will invest at least 20% of the Fund's net long positions in investments that contribute to the environmental and social characteristics promoted by the Fund. The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production.
1 The Fund is actively managed, no benchmark is used as a universe for selection or for performance comparison purposes. The Fund will seek to achieve returns irrespective of market conditions. The Fund may use currency related transactions to alter its foreign currency exposures. | en | es |
DOLFIN1848 | 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 US Government Inflation-Linked 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 fixed income (FI) securities (such as bonds) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of the United States Treasury Inflation Protected Bond market (US TIPS). It comprises inflation-linked bonds issued by the US Treasury. Inflation-linked bonds have a principal value that is protected against inflation. The bonds will be denominated in US Dollars and pay coupon (i.e. interest) and principal in US Dollars. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness) so long as the United States maintains its investment grade credit rating. The Index only includes capital indexed bonds with a remaining maturity (i.e. the period until repayment) of one year or more and a minimum amount outstanding of US$500 million.
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 US Government Inflation-Linked 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 factible, en los valores de renta fija (RF) (como bonos) que integran el Índice, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio.
El Índice mide el rendimiento del mercado de bonos del Tesoro estadounidense protegidos frente a la inflación (US TIPS, por sus siglas en inglés). Se compone de los bonos vinculados a la inflación, que emite el Tesoro estadounidense. Los bonos vinculados a la inflación tienen su valor de principal protegido frente a la inflación. Los bonos estarán denominadas en dólares estadounidenses y pagarán el cupón (es decir, los intereses) y el principal en dólares estadounidenses. Los bonos tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el índice, siempre y cuando Estados Unidos mantenga su calificación de solvencia de categoría de inversión. El Índice solamente incluye bonos con el capital indexado y un plazo de vencimiento residual (es decir, el periodo hasta su reembolso) de un año o más y un importe mínimo en circulación de 500 millones de dólares estadounidenses.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD (incluidos los contratos de divisas) 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 US Government Inflation-Linked 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 fixed income (FI) securities (such as bonds) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of the United States Treasury Inflation Protected Bond market (US TIPS). It comprises inflation-linked bonds issued by the US Treasury. Inflation-linked bonds have a principal value that is protected against inflation. The bonds will be denominated in US Dollars and pay coupon (i.e. interest) and principal in US Dollars. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness) so long as the United States maintains its investment grade credit rating. The Index only includes capital indexed bonds with a remaining maturity (i.e. the period until repayment) of one year or more and a minimum amount outstanding of US$500 million.
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 |
DOLFIN1849 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# IMPOR TANT INFORMATION
This is a promotional document for the Indosuez Funds sub-fund mentioned on the first page of the document (the “Fund”), an open-ended investment company (“SICAV”) incorporated under Luxembourg law with multiple sub-funds, in accordance with the Luxembourg law of 10 August 1915 on commercial companies. The Fund is a UCITS under European Directive 2009/65/EC as amended and supplemented and compliant with Part I of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment as amended (the “2020 Law”). The SICAV is registered with the Luxembourg Trade and Companies Register under number B 166912.
This document is intended for promotional purposes only. The information and opinions contained in this document do not constitute a personal or general recommendation and cannot be construed as investment, legal, tax, audit or any other form of professional advice. Under no circumstances does this document state that an investment or strategy is suitable or appropriate for any particular situation or for your risk profile.
The Fund is not intended for distribution in all jurisdictions; it is not intended for distribution to persons who are citizens or residents of jurisdictions in which the publication, dissemination or use of the information contained in this document is subject to restrictions or limitations. All investment decisions must be based on the current prospectus and/ or full documentation and the publication of the Fund.
As in the case of all investments, investments in investment funds are subject to market, political, credit, economic, exchange rate and pricing risks. The price of Fund units and their return fluctuate and cannot be guaranteed. Investment costs impact actual performance. Achievement of investment targets cannot be guaranteed. All information, prices, market valuations and calculations given in this document may change without notice.
Before entering into any transaction you must consult your investment advisor and if necessary take advice from an independent professional advisor on the risks and all legal, regulatory, tax, accounting and credit consequences. We recommend that you contact your usual advisors to ensure that you make decisions independently, based on your own personal circumstances, financial knowledge and experience and your risk profile.
This promotional document is published by CA Indosuez Wealth (Asset Management), the asset management company of Indosuez Funds, which has its registered office at 31- 33 Avenue Pasteur, L-2311 Luxembourg. It is licensed by the Commission de Surveillance du Secteur Financier (CSSF) pursuant to chapter 15 of the 2010 Law. The information contained in this document is based on sources we consider reliable. However, no guarantee can be given as to the currency, accuracy or completeness of the information contained in this document. Unless otherwise stated, the relevant date of this document is the issue date shown on the first page of this presentation. | # INFORMACIÓN IMPOR TANTE
El presente documento es un documento promocional relativo al subfondo de Indosuez Funds mencionado en la primera página del documento (el «Fondo»), una sociedad de inversión de capital variable de derecho luxemburgués (« SICAV») con múltiples subfondos, de conformidad con la ley de Luxemburgo del 10 de agosto de 1915 sobre las sociedades comerciales. El Fondo es un OICVM («UCITS») conforme a la Directiva europea 2009/65/CE, en su versión modificada y completada, y a la parte I de la ley de Luxemburgo de 17 de diciembre de 2010 sobre los organismos de inversión colectiva, en su versión modificada (la «Ley de 2020»). La SICAV está inscrita en el Registro Mercantil de Luxemburgo con el número B 166912.
El presente documento tiene una finalidad exclusivamente promocional. La información y las opiniones que figuran en el mismo no constituyen una recomendación personal o general y no deben considerarse un asesoramiento en materia de inversión, jurídico, fiscal, de auditoría u otro tipo de asesoramiento profesional. En ningún caso se afirma en este documento que una inversión o estrategia sea adecuada o apropiada para su situación individual y perfil de riesgo.
El Fondo no está destinado a su distribución en todos los países ni está dirigido a ninguna persona que sea ciudadana o residente de ningún país en el que la publicación, distribución o uso de la información aquí contenida esté sujeto a restricciones o limitaciones. La decisión de inversión debe adoptarse siempre sobre la base del folleto en vigor y/o de la documentación completa y la publicación del Fondo.
Como cualquier inversión, las inversiones en fondos de inversión implican riesgos de mercado, políticos, crediticios, económicos, de divisas y de precios. Los precios de las participaciones del Fondo y el nivel de rentas fluctuarán y no pueden garantizarse. Los costes de la inversión afectan a su rentabilidad real. No se puede garantizar la consecución de los objetivos de inversión. Toda la información, los precios, las valoraciones de mercado y los cálculos indicados en el presente documento están sujetos a modificación sin previo aviso.
Antes de cualquier transacción, debe consultar con su asesor de inversiones y, si es necesario, obtener el asesoramiento de un asesor profesional independiente en relación con los riesgos y todas las consecuencias jurídicas, reglamentarias, fiscales, contables y crediticias. Le invitamos a contactar con sus asesores habituales para tomar sus decisiones de manera independiente, atendiendo a su situación personal y sus conocimientos y experiencia financieros, así como a su perfil de riesgo.
Este documento está publicado por CA Indosuez Wealth (Asset Management), sociedad gestora de Indosuez Funds, con domicilio social en 31-33, Avenue Pasteur, L-2311 Luxemburgo. Está autorizado por la Comisión de Vigilancia del Sector Financiero (CSSF), de conformidad con el capítulo 15 de la Ley de 2010. La información contenida en el presente documento se basa en fuentes consideradas fiables. Sin embargo, no se puede garantizar que la información contenida en el mismo esté actualizada, sea correcta y completa. Salvo indicación en contrario, la fecha pertinente en este documento es la fecha de emisión mencionada en la primera página de esta presentación. | # IMPOR TANT INFORMATION
This is a promotional document for the Indosuez Funds sub-fund mentioned on the first page of the document (the “Fund”), an open-ended investment company (“SICAV”) incorporated under Luxembourg law with multiple sub-funds, in accordance with the Luxembourg law of 10 August 1915 on commercial companies. The Fund is a UCITS under European Directive 2009/65/EC as amended and supplemented and compliant with Part I of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment as amended (the “2020 Law”). The SICAV is registered with the Luxembourg Trade and Companies Register under number B 166912.
This document is intended for promotional purposes only. The information and opinions contained in this document do not constitute a personal or general recommendation and cannot be construed as investment, legal, tax, audit or any other form of professional advice. Under no circumstances does this document state that an investment or strategy is suitable or appropriate for any particular situation or for your risk profile.
The Fund is not intended for distribution in all jurisdictions; it is not intended for distribution to persons who are citizens or residents of jurisdictions in which the publication, dissemination or use of the information contained in this document is subject to restrictions or limitations. All investment decisions must be based on the current prospectus and/ or full documentation and the publication of the Fund.
As in the case of all investments, investments in investment funds are subject to market, political, credit, economic, exchange rate and pricing risks. The price of Fund units and their return fluctuate and cannot be guaranteed. Investment costs impact actual performance. Achievement of investment targets cannot be guaranteed. All information, prices, market valuations and calculations given in this document may change without notice.
Before entering into any transaction you must consult your investment advisor and if necessary take advice from an independent professional advisor on the risks and all legal, regulatory, tax, accounting and credit consequences. We recommend that you contact your usual advisors to ensure that you make decisions independently, based on your own personal circumstances, financial knowledge and experience and your risk profile.
This promotional document is published by CA Indosuez Wealth (Asset Management), the asset management company of Indosuez Funds, which has its registered office at 31- 33 Avenue Pasteur, L-2311 Luxembourg. It is licensed by the Commission de Surveillance du Secteur Financier (CSSF) pursuant to chapter 15 of the 2010 Law. The information contained in this document is based on sources we consider reliable. However, no guarantee can be given as to the currency, accuracy or completeness of the information contained in this document. Unless otherwise stated, the relevant date of this document is the issue date shown on the first page of this presentation. | en | es |
DOLFIN1860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
During the year, transactions, income and expenses denominated in a currency other than the base currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Portfolio.
At the date of the Statement of Net Assets, monetary assets and liabilities denominated in a currency other than the base currency are translated into the base currency on the basis of exchange rates prevailing on that date. Exchange differences are included in the Statement of Operations and Changes in Net Assets.
The aggregated Statement of Net Assets and Statement of Operations and Changes in Net Assets are presented in USD based on the exchange rates ruling at the date of the Statement of Net Assets. Exchange rates used as at March 31, 2022 are: 1 USD = 1.331647 AUD, 1 USD = 0.898755 EUR, 1 USD = 0.759503 GBP, 1 USD = 0.920250 CHF, 1 USD = 9.319404 SEK, 1 USD = 6.685341 DKK, 1 USD = 8.744010 NOK, 1 USD = 7.831406 HKD and
1 USD = 1.353350 SGD.
The difference between the opening net assets stated at exchange rates ruling at the beginning of the year and their value at the end of the year is shown as a currency translation adjustment in the Aggregated Statement of Operations and Changes in Net Assets under the heading Exchange differences.
- Cash at bankThe cash at bank reflected in the statements of net assets includes also the margins on futures contracts and cash collateral paid by the Portfolios for swaps transactions and forward currency exchange contracts. | Durante el año, las transacciones, los ingresos y los gastos denominados en una divisa distinta de la divisa base se registran sobre la base de los tipos de cambio vigentes en la fecha en que ocurren o se acumulan en la Cartera.
En la fecha del Estado del patrimonio neto, los activos y pasivos monetarios denominados en una divisa distinta de la divisa base se convierten a la divisa base en función de los tipos de cambio vigentes en esa fecha. Las diferencias de cambio se incluyen en el Estado de operaciones y variaciones en el patrimonio neto.
El Estado consolidado del patrimonio neto y el Estado de operaciones y variaciones en el patrimonio neto se presentan en USD en función de los tipos de cambio vigentes en la fecha del Estado del patrimonio neto. Los tipos de cambio utilizados a 31 de marzo de 2022 son: 1 USD = 1,331647 AUD, 1 USD = 0,898755 EUR, 1 USD = 0,759503 GBP, 1 USD = 0,920250 CHF, 1 USD = 9,319404 SEK, 1 USD = 6,685341 DKK, 1 USD = 8,744010 NOK, 1 USD = 7,831406 HKD y
1 USD = 1,353350 SGD.
La diferencia entre el patrimonio neto de apertura declarado a los tipos de cambio vigentes al inicio del año y su valor al final del año se muestra como un ajuste de conversión de divisa en el Estado consolidado de operaciones y variaciones en el patrimonio neto bajo el epígrafe «Diferencias de cambio».
- Efectivo en el bancoEl efectivo en el banco reflejado en los estados del patrimonio neto incluye también los márgenes sobre los contratos de futuros y las garantías en efectivo pagadas por las Carteras respecto a las operaciones de swaps y los contratos de divisas a plazo. | During the year, transactions, income and expenses denominated in a currency other than the base currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Portfolio.
At the date of the Statement of Net Assets, monetary assets and liabilities denominated in a currency other than the base currency are translated into the base currency on the basis of exchange rates prevailing on that date. Exchange differences are included in the Statement of Operations and Changes in Net Assets.
The aggregated Statement of Net Assets and Statement of Operations and Changes in Net Assets are presented in USD based on the exchange rates ruling at the date of the Statement of Net Assets. Exchange rates used as at March 31, 2022 are: 1 USD = 1.331647 AUD, 1 USD = 0.898755 EUR, 1 USD = 0.759503 GBP, 1 USD = 0.920250 CHF, 1 USD = 9.319404 SEK, 1 USD = 6.685341 DKK, 1 USD = 8.744010 NOK, 1 USD = 7.831406 HKD and
1 USD = 1.353350 SGD.
The difference between the opening net assets stated at exchange rates ruling at the beginning of the year and their value at the end of the year is shown as a currency translation adjustment in the Aggregated Statement of Operations and Changes in Net Assets under the heading Exchange differences.
- Cash at bankThe cash at bank reflected in the statements of net assets includes also the margins on futures contracts and cash collateral paid by the Portfolios for swaps transactions and forward currency exchange contracts. | en | es |
DOLFIN1874 | 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 USD Acc between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,706
-2.9%
USD 9,974
-0.1% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS USD Acc entre 28/02/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 706 USD
-2,9%
9 974 USD
-0,1% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS USD Acc between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,706
-2.9%
USD 9,974
-0.1% | en | es |
DOLFIN1876 | 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, taking into account both capital and income returns, which reflects the return of the Bloomberg MSCI Euro Corporate Climate Paris Aligned ESG Select 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The Index aims to reflect the performance characteristics of a subset of FI securities within the Bloomberg Euro Corporate Index (Parent Index) which are selected and weighted in accordance with the Index methodology whilst seeking to align with the objectives of the Paris Agreement. The Index excludes companies identified by the index provider as being involved in certain environmental, social and governance (“ESG”) activities, including: controversial weapons; nuclear weapons; civilian firearms; conventional weapons; weapon systems, components, support systems and services; tobacco; thermal coal; oil and gas; unconventional oil and gas and power generation. Companies classified as violating the UNGC principles, have a ‘red’ MSCI ESG Controversies score, or have not been assessed by the index provider for an ESG rating, are excluded from the Index. The remaining constituents are selected and weighted based on specific criteria with the aim of meeting certain decarbonization targets and minimizing ex-ante tracking error relative to the Parent Index.
The Fund may obtain limited exposure to securities which do not satisfy the ESG criteria.
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 may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund will adopt a best-in-class approach to sustainable investing. This means that it is expected that the Fund will invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
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 Fund’s costs. Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.
Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually). 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, teniendo en cuenta tanto la rentabilidad del capital como la rentabilidad de los ingresos, que refleje la rentabilidad del Bloomberg MSCI Euro Corporate Climate Paris Aligned ESG Select Index, el índice de referencia del Fondo (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 fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia.
El Índice trata de reflejar las características de rentabilidad de un subconjunto de valores de RF incluidos en el Bloomberg Euro Corporate Index (Índice matriz), seleccionados y ponderados de acuerdo con la metodología del Índice, a la vez que trata de alinearse con los objetivos del Acuerdo de París. El Índice excluye a aquellas empresas identificadas por el proveedor del índice como empresas asociadas a determinadas actividades medioambientales, sociales y de gobierno corporativo («ESG»), como armas controvertidas, armas nucleares, armas de fuego de uso civil, armas convencionales; sistemas, componentes, sistemas de apoyo y servicios para armas; tabaco, carbón térmico, petróleo y gas; petróleo, gas y generación de energía no convencionales. Quedan excluidas del Índice las empresas clasificadas como infractoras de los principios del PMNU, que tengan una clasificación de controversias ESG de MSCI en «rojo» o que no hayan sido evaluadas por el proveedor del índice para asignarles una calificación ESG. El resto de componentes se seleccionan y ponderan en función de criterios específicos con el objetivo de cumplir determinados objetivos de descarbonización y minimizar previamente cualquier error de seguimiento en relación con el Índice matriz.
El Fondo puede obtener una exposición limitada a valores que no cumplen los criterios ESG.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la de su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo adoptará un enfoque de inversión sostenible de máxima calidad. Esto significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG (basándose en los criterios ESG del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que puedan compensar los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones). 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, taking into account both capital and income returns, which reflects the return of the Bloomberg MSCI Euro Corporate Climate Paris Aligned ESG Select 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 fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The Index aims to reflect the performance characteristics of a subset of FI securities within the Bloomberg Euro Corporate Index (Parent Index) which are selected and weighted in accordance with the Index methodology whilst seeking to align with the objectives of the Paris Agreement. The Index excludes companies identified by the index provider as being involved in certain environmental, social and governance (“ESG”) activities, including: controversial weapons; nuclear weapons; civilian firearms; conventional weapons; weapon systems, components, support systems and services; tobacco; thermal coal; oil and gas; unconventional oil and gas and power generation. Companies classified as violating the UNGC principles, have a ‘red’ MSCI ESG Controversies score, or have not been assessed by the index provider for an ESG rating, are excluded from the Index. The remaining constituents are selected and weighted based on specific criteria with the aim of meeting certain decarbonization targets and minimizing ex-ante tracking error relative to the Parent Index.
The Fund may obtain limited exposure to securities which do not satisfy the ESG criteria.
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 may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund will adopt a best-in-class approach to sustainable investing. This means that it is expected that the Fund will invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
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 Fund’s costs. Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.
Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually). 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 |
DOLFIN1879 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Classification by the French Market Regulator (AMF): Bonds and other international debt securities.
By subscribing to CPR Credixx Invest Grade - S, you are investing in a portfolio of money-market and bond products of private and public issuers in the OECD area.
The management objective consists of outperforming the Eonia + 2 x (Itraxx Europe Main 5-year TR Price - 100%) Composite Index.
The Itraxx Europe Main 5-year TR Price Index is representative of the credit derivatives market for private European issuers rated "Investment Grade" at the time of their inclusion in the index and with a 5-year maturity. An Investment Grade issuer within the meaning of the index is an issuer whose rating is greater than or equal to BBB- (by Standard and Poor’s) or Baa3 (by Moody’s) and whose outlook is not negative. The Eonia Index is representative of the euro money-market. The objective composite index is based on a 2x leverage of the Itraxx Index.
The Itraxx indices are available on the website: indices.markit.com and the Eonia Index on the www.banque-france.com website.
To achieve this objective, the management team seeks positive exposure to the credit margins of private European issuers primarily via multi-issuer credit derivatives on the 5-year Itraxx Europe Main Index. The Fund may also invest in money-market and interest-rate products and/or make deposits with credit institutions, primarily to manage its liquidities. In its risk and credit category assessment, the Management Company relies on its teams and on its own methodology which incorporates, among other factors, the ratings issued by the major rating agencies. The portfolio will be exposed for the most part to issuers who at the time of acquisition are in the "Investment Grade" category, i.e. those with ratings greater than or equal to BBB- [Source S&P/Fitch] or Baa3 [Source Moody's] or deemed equivalent based on the criteria used by the Management Company. The downgrade of an issuer by one or more rating agencies does not automatically lead to the disposal of the securities concerned; the Management Company relies on its in-house assessment when deciding whether or not to keep the securities in the portfolio.
The sensitivity of the portfolio, an indicator that measures the impact of the change in interest rate on performance, ranges from -1 to +1.
The sensitivity of the portfolio, which is the indicator that measures the impact of a change of issuers' margins on its performance, ranges between +6 and +12. Derivative financial instruments or temporary acquisitions and sales of securities may be used for hedging and/or exposure purposes.
CPR Credixx Invest Grade - S has a recommended investment term of over 3 years.
CPR Credixx Invest Grade - S accumulates its net income and the net capital gains that it realises.
You may redeem your units at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | # Objetivos y política de inversión
Clasificación de la Autoridad de Mercados Financieros (AMF): Obligaciones y otros títulos de deuda internacionales.
Al suscribirse a CPR Credixx Invest Grade - S, está inviertiendo en una cartera de productos monetarios y de obligaciones de emisores privados y públicos de la zona OCDE.
El objetivo de gestión consiste en superar la rentabilidad del índice compuesto Eonia + 2x (Itraxx Europe Main 5 años TR Price - 100%).
El índice Itraxx Europe Main 5 años TR Price es representativo del mercado de derivados de crédito en emisores privados europeos de categoría «Investment Grade» en el momento de su inclusión en el índice y vencimiento a cinco años. Para el índice, un emisor «Investment Grade» es un emisor cuya calificación es superior o igual a BBB- (calificación de Standard & Poor’s) o Baa3 (según Moody’s) y cuyas perspectivas no son negativas. El índice Eonia es representativo del mercado monetario en euros. El índice compuesto objetivo presenta un apalancamiento de 2 sobre este índice Itraxx.
Los índices se encuentran disponibles en el sitio web: indices.markit.com y el índice Eonia en la web www.banque-france.com.
Para conseguirlo, el equipo de gestión trata de obtener una exposición positiva a los márgenes de crédito de emisores privados europeos, principalmente a través de derivados de crédito de emisores múltiples en el índice Itraxx Europe Main con un vencimiento a cinco años. Asimismo, el Fondo podrá invertir en productos monetarios y de tipos y/o efectuar depósitos en entidades de crédito, especialmente para a fin de gestionar su liquidez. Para la evaluación del riesgo y de la categoría de crédito, la sociedad gestora se apoya en sus equipos y su propia metodología, que integra, entre otros factores, las calificaciones emitidas por las principales agencias de calificación. La parte fundamental de la exposición adoptada por la cartera corresponderá a emisores que pertenezcan a la categoría «Investment Grade» en el momento de su adquisición, es decir, calificaciones superiores o iguales BBB- [de S&P/Fitch] o Baa3 [de Moody’s] o que se consideren equivalentes según los criterios de la sociedad gestora. La degradación de un emisor por parte de una o varias agencias de calificación no conlleva de forma sistemática la venta de los valores correspondientes, sino que la sociedad gestora se basa en su evaluación interna para determinar la posibilidad de mantener o no en la cartera los valores.
La sensibilidad de la cartera, indicador que mide el impacto de la variación de los tipos de interés en la rentabilidad, está comprendida entre -1 y +1.
La sensibilidad del crédito de la cartera, indicador que mide el impacto de la variación de los márgenes de los emisores con respecto a su rentabilidad está comprendida entre +6 y +12.
Con fines de cobertura y/o exposición pueden utilizarse instrumentos financieros derivados o adquisiciones y cesiones temporales de títulos. CPR Credixx Invest Grade - S tiene una duración de inversión recomendada de más de 3 años.
CPR Credixx Invest Grade - S capitaliza su resultado neto y sus plusvalías netas materializadas.
Las participaciones pueden reembolsarse al valor liquidativo correspondiente, calculado diariamente, según las condiciones que se estipulan en el folleto. | # Objectives and Investment Policy
Classification by the French Market Regulator (AMF): Bonds and other international debt securities.
By subscribing to CPR Credixx Invest Grade - S, you are investing in a portfolio of money-market and bond products of private and public issuers in the OECD area.
The management objective consists of outperforming the Eonia + 2 x (Itraxx Europe Main 5-year TR Price - 100%) Composite Index.
The Itraxx Europe Main 5-year TR Price Index is representative of the credit derivatives market for private European issuers rated "Investment Grade" at the time of their inclusion in the index and with a 5-year maturity. An Investment Grade issuer within the meaning of the index is an issuer whose rating is greater than or equal to BBB- (by Standard and Poor’s) or Baa3 (by Moody’s) and whose outlook is not negative. The Eonia Index is representative of the euro money-market. The objective composite index is based on a 2x leverage of the Itraxx Index.
The Itraxx indices are available on the website: indices.markit.com and the Eonia Index on the www.banque-france.com website.
To achieve this objective, the management team seeks positive exposure to the credit margins of private European issuers primarily via multi-issuer credit derivatives on the 5-year Itraxx Europe Main Index. The Fund may also invest in money-market and interest-rate products and/or make deposits with credit institutions, primarily to manage its liquidities. In its risk and credit category assessment, the Management Company relies on its teams and on its own methodology which incorporates, among other factors, the ratings issued by the major rating agencies. The portfolio will be exposed for the most part to issuers who at the time of acquisition are in the "Investment Grade" category, i.e. those with ratings greater than or equal to BBB- [Source S&P/Fitch] or Baa3 [Source Moody's] or deemed equivalent based on the criteria used by the Management Company. The downgrade of an issuer by one or more rating agencies does not automatically lead to the disposal of the securities concerned; the Management Company relies on its in-house assessment when deciding whether or not to keep the securities in the portfolio.
The sensitivity of the portfolio, an indicator that measures the impact of the change in interest rate on performance, ranges from -1 to +1.
The sensitivity of the portfolio, which is the indicator that measures the impact of a change of issuers' margins on its performance, ranges between +6 and +12. Derivative financial instruments or temporary acquisitions and sales of securities may be used for hedging and/or exposure purposes.
CPR Credixx Invest Grade - S has a recommended investment term of over 3 years.
CPR Credixx Invest Grade - S accumulates its net income and the net capital gains that it realises.
You may redeem your units at each net asset value, calculated on a daily basis in accordance with the terms specified in the prospectus. | en | es |
DOLFIN1884 | 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 return through capital growth and income.
- The fund will invest at least 70% in a broad range of bonds of issuers globally.
- The fund adopts an active asset allocation approach, which may include investment in high yield instruments.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may use derivatives or use complex derivatives to meet its investment objectives in line with the fund's risk profile. The fund can use derivatives, including but not limited to, futures, forwards, options and swaps, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed and references ICE BofA Q944 Custom Index Hedged to USD (the ‘Index’), for comparative purposes only.
- 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 maximizar el rendimiento a través del crecimiento del capital y la renta.
- El fondo invertirá al menos un 70 % en una amplia gama de emisores de todo el mundo.
- El fondo adopta un enfoque dinámico de asignación de activos, que podrá incluir la inversión en instrumentos de alta rentabilidad.
- El Subfondo sigue una estrategia centrada en la sostenibilidad en virtud de la cual, como mínimo un 70 % de su patrimonio neto se invertirá en acciones de empresas que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El fondo invertirá menos del 30 % en bonos híbridos y bonos convertibles contingentes, con menos del 20 % invertido en bonos convertibles contingentes.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El Subfondo podrá utilizar instrumentos derivados, también aquellos complejos, con el fin de lograr su objetivo de inversión atendiendo a su perfil de riesgo. El Subfondo podrá hacer uso de derivados, incluidos, entre otros, futuros, contratos a plazo, opciones o swaps, para lograr exposición indirecta a los principales activos enumerados anteriormente, generar capital o ingresos adicionales en línea con el perfil de riesgo del Subfondo o con fines de reducción de riesgos o costes.
- Puede que las posiciones activas en divisas, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
- El Subfondo se gestiona de manera activa y utiliza como referencia el ICE BofA Q944 Custom Index Hedged to USD (en adelante, el «Índice»), únicamente a efectos de comparación.
- 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 maximise return through capital growth and income.
- The fund will invest at least 70% in a broad range of bonds of issuers globally.
- The fund adopts an active asset allocation approach, which may include investment in high yield instruments.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may use derivatives or use complex derivatives to meet its investment objectives in line with the fund's risk profile. The fund can use derivatives, including but not limited to, futures, forwards, options and swaps, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed and references ICE BofA Q944 Custom Index Hedged to USD (the ‘Index’), for comparative purposes only.
- 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 |
DOLFIN1888 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI World ESG Filtered Min TE (NTR) index (Bloomberg: MXWOEMNU index) (“the Index”) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the Index (optimised replication). When investing in a sample of shares, the Fund's tracking error may be higher.
The Index is composed of equities issued by global large and mid-cap companies selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels, while minimizing the tracking error compared to the parent index, the MSCI World index. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach used here is Best-in-universe (type of ESG selection consisting in giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented).
The extra-financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | # Objetivos
El Fondo es un fondo indexado que se gestiona de forma pasiva.
El Fondo pretende reproducir (con un error de seguimiento* máximo del 1el rendimiento del MSCI World ESG Filtered Min TE (NTR) Index (Bloomberg: MXWOEMNU Index) (el «Índice») mediante la inversión en acciones emitidas por sociedades incluidas en el Índice, respetando las ponderaciones del mismo (reproducción total), o en una muestra de acciones emitidas por sociedades incluidas en el Índice (reproducción optimizada). Cuando se invierte en una muestra de acciones, el error de seguimiento del Fondo puede ser mayor.
El Índice se compone de valores de renta variable emitidos por empresas de mediana y gran capitalización seleccionadas en función de una calificación mínima ambiental, social y de gobernanza (ESG) (como oportunidades medioambientales, contaminación y residuos, capital humano o gobernanza empresarial, entre otros) y en función de las medidas que se adoptan para reducir la exposición al carbón y los combustibles fósiles no convencionales, al tiempo que se minimiza el error de seguimiento con respecto al índice principal, el MSCI World Index. En consecuencia, quedan excluidas del Índice las empresas que participan en sectores cuyas actividades tienen un impacto negativo y potencialmente alto en términos ESG, aquellas que cometen graves infracciones de los principios del Pacto Mundial de las Naciones Unidas y aquellas involucradas en controversias graves relacionadas con los factores ESG.
Se ha usado el enfoque «Mejor de su universo» (es decir, se aplica un filtroque consiste en privilegiar a los emisores con mejor calificación no financiera dentro del universo de inversión, independientemente de su sector de actividad, y en aceptar sesgos sectoriales, ya que los sectores que se considera que poseen una mejor calificación en su conjunto ostentarán mayor representación).
La estrategia extrafinanciera del Índice que se lleva a cabo en cada fase del proceso de inversión puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversióno el reequilibrio del Índice.
Encontrará más información acerca del Índice, su composición, cálculo y las normas para la supervisión y el reequilibrio periódicos, así como sobre la metodología general que sustenta los índices MSCI en www.msci.com.
*error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice de referencia. Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. | # Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI World ESG Filtered Min TE (NTR) index (Bloomberg: MXWOEMNU index) (“the Index”) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the Index (optimised replication). When investing in a sample of shares, the Fund's tracking error may be higher.
The Index is composed of equities issued by global large and mid-cap companies selected on the basis of Environmental, Social and Corporate Governance (ESG) criteria (such as environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels, while minimizing the tracking error compared to the parent index, the MSCI World index. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach used here is Best-in-universe (type of ESG selection consisting in giving priority to the issuers best rated from a non-financial viewpoint irrespective of their sector of activity, and accepting sector biases, because the sectors which are considered more virtuous on the whole will be more heavily represented).
The extra-financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | en | es |
DOLFIN1893 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Limitations of the selected approach: The Fund’s SRI approach could lead to underrepresentation in certain sectors due to poor ESG ratings or even the application of the sectoral exclusion policy of Ostrum Asset Management. Additionally, in certain market contexts, management may not be able to apply positive screening as much as it would like to, either on the grounds of performance, or for risk management purposes.
The proportion of issuers in the portfolio that have undergone an ESG analysis will be greater than 90% of the securities held in the portfolio (as a percentage of the Fund’s net asset value, excluding cash).
The specific strategies used for certain instruments are described below in the “ASSETS USED” section.
The Fund may hold shares or units of money market UCITS/AIFs with variable short-term net asset values or standard net asset values.
Furthermore, any issuer domiciled in a Non-Cooperative Country or Territory (NCCT) as defined in section 1, paragraph 2 of Article 238-0 A of the French General Tax Code is excluded from the investment universe.
- Assets used (excluding embedded derivatives): | Límite del enfoque adoptado: el enfoque ISR del Fondo podría conducir a una representación insuficiente de ciertos sectores debido a una calificación ESG deficiente o a través de la política de exclusión sectorial de Ostrum Asset Management. Asimismo, en algunos contextos de mercado, es posible que el órgano de gestión no esté en disposición de aplicar la selección de «filtrado positivo» en la medida deseada, ya sea por motivos de rentabilidad o con fines de gestión del riesgo.
El porcentaje de los emisores privados analizados ESG en la cartera es superior al 90 % de los títulos de la cartera (como porcentaje del patrimonio neto del Fondo, excluido el efectivo).
Las estrategias específicas que abordan la naturaleza particular de determinados instrumentos se exponen tras la descripción de estos instrumentos en «ACTIVOS UTILIZADOS».
El Fondo podrá mantener acciones o participaciones de OICVM/FIA del mercado monetario a corto plazo de valor liquidativo variable o de valor liquidativo estándar.
Además, cualquier emisor domiciliado en un Estado o territorio no cooperativo, tal como se define en el segundo párrafo del artículo 238-0 A del Código fiscal general francés, quedará excluido del universo de inversión.
- Activos utilizados (excluidos los derivados implícitos): | Limitations of the selected approach: The Fund’s SRI approach could lead to underrepresentation in certain sectors due to poor ESG ratings or even the application of the sectoral exclusion policy of Ostrum Asset Management. Additionally, in certain market contexts, management may not be able to apply positive screening as much as it would like to, either on the grounds of performance, or for risk management purposes.
The proportion of issuers in the portfolio that have undergone an ESG analysis will be greater than 90% of the securities held in the portfolio (as a percentage of the Fund’s net asset value, excluding cash).
The specific strategies used for certain instruments are described below in the “ASSETS USED” section.
The Fund may hold shares or units of money market UCITS/AIFs with variable short-term net asset values or standard net asset values.
Furthermore, any issuer domiciled in a Non-Cooperative Country or Territory (NCCT) as defined in section 1, paragraph 2 of Article 238-0 A of the French General Tax Code is excluded from the investment universe.
- Assets used (excluding embedded derivatives): | en | es |
DOLFIN1901 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 4 years Example investment : USD 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 2,450 USD | 2,780 USD |
| Average return each year | -75.5% | -27.4% |
| Unfavourable | What you might get back after costs | 6,740 USD | 4,420 USD |
| Average return each year | -32.6% | -18.4% |
| Moderate | What you might get back after costs | 10,430 USD | 14,110 USD |
| Average return each year | 4.3% | 9.0% |
| Favourable | What you might get back after costs | 16,570 USD | 24,500 USD |
| Average return each year | 65.7% | 25.1% | | | Período de mantenimiento recomendado: 4 años Ejemplo de inversión : USD 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 2 450 USD | 2 780 USD |
| Rendimento medio cada año | -75,5 % | -27,4 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 6 740 USD | 4 420 USD |
| Rendimento medio cada año | -32,6 % | -18,4 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10 430 USD | 14 110 USD |
| Rendimento medio cada año | 4,3 % | 9,0 % |
| Favorable | Lo que puede recibir una vez deducidos los costes | 16 570 USD | 24 500 USD |
| Rendimento medio cada año | 65,7 % | 25,1 % | | | Recommended holding period: 4 years Example investment : USD 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 2,450 USD | 2,780 USD |
| Average return each year | -75.5% | -27.4% |
| Unfavourable | What you might get back after costs | 6,740 USD | 4,420 USD |
| Average return each year | -32.6% | -18.4% |
| Moderate | What you might get back after costs | 10,430 USD | 14,110 USD |
| Average return each year | 4.3% | 9.0% |
| Favourable | What you might get back after costs | 16,570 USD | 24,500 USD |
| Average return each year | 65.7% | 25.1% | | en | es |
DOLFIN1906 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy
Robeco QI European Conservative Equities is an actively managed fund that invests in low-volatility stocks in European countries. The selection of these stocks is based on a quantitative model. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The fund will take exposure of at least two-thirds of its total assets to equities of companies incorporated or exercising a preponderant part of their economic activities in Europe. The fund will focus on investing in equities that show lower volatility than average European equity. Conservative stands for the focus on equity with low volatility. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to achieve returns equal to, or greater than, those on the Benchmark with lower expected downside risk, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund. | # Política de inversión
Robeco QI European Conservative Equities es un fondo de gestión activa que invierte en acciones de baja volatilidad de países europeos. La selección de estas acciones se basa en un modelo cuantitativo. El fondo aspira a mejorar su perfil de sostenibilidad respecto al índice de referencia, fomenta ciertos criterios A y S (ambientales y sociales) en el marco del Artículo 8 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles, e integra riesgos de sostenibilidad y ASG en el proceso de inversión, además de aplicar la política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones normativas, regionales y de actividad, y la interacción. El fondo invertirá al menos dos tercios de sus activos totales en títulos de renta variable de empresas constituidas en Europa o que operan fundamentalmente en esta región. El fondo tratará de invertir en títulos que presenten menor volatilidad que la media de la renta variable en Europa. El enfoque conservador busca títulos de renta variable de baja volatilidad. Aunque podrán incluirse títulos ajenos al índice de referencia, la mayor parte de los títulos seleccionados pertenecerá al índice de referencia. El fondo podrá apartarse significativamente de las ponderaciones del índice de referencia. El fondo tiene como objetivo lograr unos rendimientos iguales o superiores a los del índice de referencia con un riesgo previsto de recortes inferior y sin dejar de controlar el riesgo relativo, mediante la aplicación de límites (sobre países y sectores) respecto al grado de desviación frente al índice de referencia. El índice de referencia es un índice ponderado del conjunto del mercado que no se atiene a los criterios ASG que fomenta el fondo. | # Investment policy
Robeco QI European Conservative Equities is an actively managed fund that invests in low-volatility stocks in European countries. The selection of these stocks is based on a quantitative model. The fund aims for a better sustainability profile compared to the Benchmark by promoting certain E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation and integrating ESG and sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, and engagement. The fund will take exposure of at least two-thirds of its total assets to equities of companies incorporated or exercising a preponderant part of their economic activities in Europe. The fund will focus on investing in equities that show lower volatility than average European equity. Conservative stands for the focus on equity with low volatility. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to achieve returns equal to, or greater than, those on the Benchmark with lower expected downside risk, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund. | en | es |
DOLFIN1910 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment focus and suitability
The fund aims to generate income and capital appreciation by primarily investing in a diversified portfolio of corporate bonds from issuers in developed markets that are mainly denominated in Euros and have a credit rating of AAA to BBB-. It may also invest a limited percentage of the assets in corporate bonds with a lower credit rating than BBB- as well as emerging market bonds. The fund is, actively managed with a focus on bond selection and interest rate positioning.
| Duration risk | None | Low | Medium | High |
| --- | --- | --- | --- | --- |
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk | # Objetivos e idoneidad de inversión
El fondo persigue generar ingresos y apreciación del capital al invertir principalmente en una cartera diversificada de bonos empresariales de emisores de mercados desarrollados que están denominados en euros y tienen una calificación crediticia de entre AAA y BBB-. Podría invertir también un porcentaje limitado de los activos en bonos empresariales con una calificación crediticia inferior a BBB-, así como también en bonos de mercados emergentes. El fondo se gestiona activamente concentrándose en la selección de bonos y en el posicionamiento de la tasa de interés.
| Riesgo duración | Nada | Bajo | Mediano | Alto |
| --- | --- | --- | --- | --- |
| Riesgo de inversión | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |
Menor riesgo Mayor riesgo | # Investment focus and suitability
The fund aims to generate income and capital appreciation by primarily investing in a diversified portfolio of corporate bonds from issuers in developed markets that are mainly denominated in Euros and have a credit rating of AAA to BBB-. It may also invest a limited percentage of the assets in corporate bonds with a lower credit rating than BBB- as well as emerging market bonds. The fund is, actively managed with a focus on bond selection and interest rate positioning.
| Duration risk | None | Low | Medium | High |
| --- | --- | --- | --- | --- |
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk | en | es |
DOLFIN1919 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If redemption applications (including the redemption portion of conversion applications) exceed 10% of the Shares in issue or NAV of the relevant Sub-Fund on any Dealing Day, the Directors may in their absolute discretion defer some or all of such applications for such period of time (which shall not exceed two Valuation Days) that the Company considers to be in the best interest of that Sub- Fund, provided that, on the first Valuation Day following this period, such deferred redemption and conversion applications will be given priority and settled ahead of newer Applications received after this period.
-
## Income Equalisation | Si las solicitudes de reembolso (incluida la parte de reembolso de las solicitudes de canje) superan el 10 % de las Acciones en emisión o el Valor liquidativo del Compartimento correspondiente en cualquier Día de negociación, los Consejeros pueden a su absoluta discreción aplazar algunas o todas las solicitudes durante el periodo de tiempo (que no superará dos Días de valoración) que la Sociedad considere que es en el mejor interés de ese Compartimento, siempre que, en el primer Día de valoración posterior a este periodo, dichas solicitudes de reembolso y canje reciban máxima prioridad y se procesen antes que las nuevas Solicitudes recibidas después de este periodo.
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## Compensación de beneficios | If redemption applications (including the redemption portion of conversion applications) exceed 10% of the Shares in issue or NAV of the relevant Sub-Fund on any Dealing Day, the Directors may in their absolute discretion defer some or all of such applications for such period of time (which shall not exceed two Valuation Days) that the Company considers to be in the best interest of that Sub- Fund, provided that, on the first Valuation Day following this period, such deferred redemption and conversion applications will be given priority and settled ahead of newer Applications received after this period.
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## Income Equalisation | en | es |
DOLFIN1920 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, and not less than two thirds, of its assets in equity securities of companies in health care and health care-related industries. These companies may be of any market capitalization and from any country, including emerging markets.
The Investment Manager seeks to select securities that it believes offer superior long-term growth characteristics.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks) and efficient portfolio management.
## Responsible Investing
The Fund is classified as Article 8 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
MSCI World Health Care Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark, however, given the Fund's focus on a narrow sector of the equity market, the Fund's performance or certain other characteristics may, at times and under certain market conditions, have a close resemblance to that of the
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 EUR.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante el crecimiento del capital.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% y nunca menos de dos terceras partes de sus activos en títulos de renta variable de empresas del sector sanitario o relacionadas con él. Estas empresas pueden tener cualquier capitalización bursátil y estar ubicadas en cualquier país, incluidos los mercados emergentes.
La Sociedad Gestora procura seleccionar aquellos títulos que considera que presentan unas características superiores de crecimiento a largo plazo.
El Fondo puede tener exposición a cualquier divisa.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos) y gestión eficaz de la cartera.
## Inversión responsable
El Fondo entra en la categoría del artículo 8 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
MSCI World Health Care Index se emplea para comparar la rentabilidad.
El Fondo es de gestión activa, sin que el índice de referencia limite al Gestor de Inversiones; no obstante, el Fondo se centra en un sector muy concreto de la renta variable, por lo que, en determinadas circunstancias de mercado, la rentabilidad del Fondo u otras
características del mismo podrían ocasionalmente guardar un estrecho parecido con las del 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 EUR.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Renta variable: Valores que representan una participación en el capital de una sociedad.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, and not less than two thirds, of its assets in equity securities of companies in health care and health care-related industries. These companies may be of any market capitalization and from any country, including emerging markets.
The Investment Manager seeks to select securities that it believes offer superior long-term growth characteristics.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks) and efficient portfolio management.
## Responsible Investing
The Fund is classified as Article 8 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
MSCI World Health Care Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark, however, given the Fund's focus on a narrow sector of the equity market, the Fund's performance or certain other characteristics may, at times and under certain market conditions, have a close resemblance to that of the
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 EUR.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. | en | es |
DOLFIN1923 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8610 EUR | 7040 EUR |
| Average return each year | -13.90% | -6.78% |
| Unfavourable | What you might get back after costs | 9250 EUR | 9980 EUR |
| Average return each year | -7.50% | -0.04% |
| Moderate | What you might get back after costs | 10180 EUR | 10770 EUR |
| Average return each year | 1.80% | 1.49% |
| Favourable | What you might get back after costs | 11250 EUR | 11860 EUR |
| Average return each year | 12.50% | 3.47% |
| Amount invested over time | 10000 EUR | | | | En caso de salida después de 1 En caso de salida después de 5 año años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 8610 EUR | 7040 EUR |
| Rendimiento medio cada año | -13.90% | -6.78% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 9250 EUR | 9980 EUR |
| Rendimiento medio cada año | -7.50% | -0.04% |
| Moderado | Lo que podría recibir tras deducir los costes | 10180 EUR | 10770 EUR |
| Rendimiento medio cada año | 1.80% | 1.49% |
| Favorable | Lo que podría recibir tras deducir los costes | 11250 EUR | 11860 EUR |
| Rendimiento medio cada año | 12.50% | 3.47% |
| Importe invertido a lo largo del tiempo | 10000 EUR | | | | If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8610 EUR | 7040 EUR |
| Average return each year | -13.90% | -6.78% |
| Unfavourable | What you might get back after costs | 9250 EUR | 9980 EUR |
| Average return each year | -7.50% | -0.04% |
| Moderate | What you might get back after costs | 10180 EUR | 10770 EUR |
| Average return each year | 1.80% | 1.49% |
| Favourable | What you might get back after costs | 11250 EUR | 11860 EUR |
| Average return each year | 12.50% | 3.47% |
| Amount invested over time | 10000 EUR | | | en | es |
DOLFIN1926 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class: SPDR MSCI Japan Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BQQPV184)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the equity market performance of the large and mid cap segments of the Japanese equity market.
Investment Policy The Fund seeks to track the performance of the MSCI Japan Climate Paris Aligned Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Japan Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of performance of large and mid capitalisation stocks of the Japanese equity markets. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions
in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending. The Fund's shares are issued in JPY.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | # Clase de acción: SPDR MSCI Japan Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BQQPV184)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad en el mercado de renta variable de los segmentos de gran y mediana capitalización del mercado japonés de renta variable.
Política de inversión El Fondo trata de replicar la rentabilidad del MSCI Japan Climate Paris Aligned Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable del Índice MSCI Japan (Índice principal), que se seleccionan y ponderan a fin de reducir la exposición a los riesgos climáticos físicos y de transición, al tiempo que persiguen las oportunidades derivadas de la transición a una economía con menos emisiones de carbono mientras tratan de adaptar la cartera del Fondo al Acuerdo de París, adoptado con arreglo a los requisitos de la Convención Marco de las Naciones Unidas sobre el Cambio Climático (el «Acuerdo de París»).
El Índice principal mide la rentabilidad de las acciones de gran y mediana capitalización de los mercados japoneses de renta variable. El Índice excluye empresas que el proveedor del índice considera que toman parte en controversias que tienen un efecto ASG negativo en sus operaciones o productos y servicios, según la puntuación de controversia en materia ASG de MSCI (la «Puntuación de controversia ASG de MSCI»). Los restantes componentes se seleccionan y ponderan a fin de reducir la exposición a los riesgos climáticos físicos y de transición, y aprovechando las oportunidades derivadas de la transición a una economía con menos emisiones de carbono para adaptarse a los objetivos del Acuerdo de París y minimizar el traking error ex ante con respecto al Índice principal.
La metodología de cribado ASG se aplica al menos al 90% de la cartera. La cartera del Fondo está formada principalmente por valores que se adaptan a las normas ASG anteriormente descritas y en la metodología del índice (así como a la hora de garantizar que la cartera está exenta de emisores cuyas actividades podrían perjudicar notablemente este objetivo). Es posible que los datos en materia ASG presenten incoherencias, sean inexactos o no estén disponibles, en especial cuando son proveedores de datos externos los que se encargan de publicarlos. También pueden producirse posibles incoherencias con la metodología de cribado ASG del Índice (criterios, planteamientos o limitaciones). Los pormenores de los límites se describen en el Suplemento.
Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más
amplios previstos por el Reglamento de OICVM, que permiten mantener posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo.
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores. Las acciones del Fondo se emiten en yenes japoneses.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Share Class: SPDR MSCI Japan Climate Paris Aligned UCITS ETF (Acc) (ISIN IE00BQQPV184)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the equity market performance of the large and mid cap segments of the Japanese equity market.
Investment Policy The Fund seeks to track the performance of the MSCI Japan Climate Paris Aligned Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Japan Index (Parent Index), which are selected and weighted to reduce exposure to transition and physical climate risks, while pursuing opportunities arising from the transition to a lower-carbon economy whilst seeking to align the Fund's portfolio with the Paris Agreement adopted under the United Nations Framework Convention on Climate Change requirements (the "Paris Agreement").
The Parent Index measures the performance of performance of large and mid capitalisation stocks of the Japanese equity markets. The Index excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score ("MSCI ESG Controversy Score"). The remaining constituents are selected and weighted with the aim of reducing exposure to transition and physical climate risks and taking advantage of opportunities arising from the transition to a lower carbon economy while seeking to align with the objectives of the Paris Agreement and minimising ex-ante tracking error relative to the Parent Index.
The ESG screening applies to at least 90% of the portfolio.
The portfolio of the Fund is predominantly composed of securities that comply with the ESG standards outlined above and in the index methodology (and in ensuring that the portfolio is exempt of issuers having activities that would significantly harm this objective).
There may be potential inconsistencies, inaccuracy or lack of availability of the ESG data, particularly when issued by external data providers. There may also be potential inconsistencies with the ESG screening methodology of the Index (criteria, approaches, constraints). Details about the limits are described in the Supplement.
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions
in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending. The Fund's shares are issued in JPY.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | en | es |
DOLFIN1927 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: December 3, 2019. The reference currency of the Sub-Fund is USD. Past performance was calculated in JPY.
4%
2%
0%
-2%
-4%
-6% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 3 de diciembre de 2019. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en JPY.
4%
2%
0%
-2%
-4%
-6% | ### Launch Date and Currency
Sub-Fund's launch date: December 3, 2019. The reference currency of the Sub-Fund is USD. Past performance was calculated in JPY.
4%
2%
0%
-2%
-4%
-6% | en | es |
DOLFIN1931 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests globally in equity securities (e.g. shares), fixed income securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities) in accordance with the Fund’s ESG Policy described below.
The Fund is actively managed and the extent to which the Fund is invested in these asset classes may vary without limit depending on market conditions and other factors at the investment adviser’s (IA) discretion. In selecting these, the IA may refer to a composite benchmark comprising the 50% MSCI World Index and 50% Bloomberg Global Aggregate Bond Index hedged to EUR (Index) for risk management purposes. 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 investments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
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. More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes. The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the least well-rated securities from the Index.
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 IA may use FDIs 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). Any ESG rating or analysis referenced above will apply only to the underlying securities of FDIs used by the Fund.
The Fund’s ESG score will be calculated as the total of each issuer ESG score (where applicable), weighted by its market value. The IA will create a portfolio that seeks to deliver a superior ESG outcome versus the Index and the weighted average ESG rating of the Fund will be higher than the ESG rating of the Index. The Fund will seek to have a carbon emissions intensity score that is lower than the Index.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividends monthly, although this is not guaranteed. Dividends will be calculated on the basis of expected income, net realised and unrealised capital gains over a period of time. In the event dividend is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is Euro. Shares for this class are bought and sold in Singapore Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$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 pretende proporcionar una rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, e invirtiendo de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) aplicados a la inversión.
El Fondo invierte a escala mundial en valores de renta variable (como acciones), valores de renta fija (como los bonos), fondos, efectivo, depósitos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo), de acuerdo con lo establecido en la política ESG del Fondo descrita posteriormente.
El Fondo se gestiona de forma activa y la medida en que el Fondo invierta en estas clases de acciones podrán variar sin límites, dependiendo de las condiciones del mercado y de otros factores, según el criterio del asesor de inversiones (AI). A la hora de seleccionar los valores, el AI podrá hacer referencia a un índice de referencia compuesto, que incluirá el 50 % de MSCI World Index y el 50 % de Bloomberg Global Aggregate Bond Index hedged to EUR (Índice) con fines de gestión de riesgos. 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.
Las inversiones del Fondo podrán estar emitidas por Gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estas podrían incluir inversiones con una calificación de solvencia relativamente baja, o que carezcan de calificación.
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. Más del 90 % de los emisores de valores en los que invierte el Fondo tienen una clasificación ESG o sus criterios ESG se han analizado. La clasificación ESG media ponderada del Fondo será superior a la clasificación ESG del Índice después de eliminar al menos el 20 % de los valores con la peor clasificación del Índice.
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. El AI puede utilizar IFD con fines de inversión con fines de inversión para lograr el objetivo de inversión del Fondo y/o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento del mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos). Cualquier clasificación ESG o análisis citado anteriormente se aplicará únicamente a los valores subyacentes de los IFD utilizados por el Fondo.
La puntuación ESG del Fondo se calculará como el total de la puntuación ESG de cada emisor (cuando corresponda), ponderada por su valor de mercado. El AI creará una cartera que tratará de ofrecer un resultado ESG superior en comparación con el Índice y la clasificación ESG media ponderada del Fondo será superior a la clasificación ESG del Índice. El Fondo tratará de obtener una puntuación de intensidad de emisiones de carbono inferior a la del Índice.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los dividendos a pagar por las acciones será calculado por un comité designado por los Consejeros del Fondo, que tratará de pagar unos dividendos estables cada mes, aunque eso no está garantizado. Los dividendos se calcularán sobre la base de los ingresos previstos, las plusvalías netas realizadas y no realizadas a lo largo de un periodo de tiempo. En caso de que los dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más la revalorización del capital.
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en dólares de Singapur. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing.
The Fund invests globally in equity securities (e.g. shares), fixed income securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities) in accordance with the Fund’s ESG Policy described below.
The Fund is actively managed and the extent to which the Fund is invested in these asset classes may vary without limit depending on market conditions and other factors at the investment adviser’s (IA) discretion. In selecting these, the IA may refer to a composite benchmark comprising the 50% MSCI World Index and 50% Bloomberg Global Aggregate Bond Index hedged to EUR (Index) for risk management purposes. 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 investments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
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. More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes. The weighted average ESG rating of the Fund will be higher than the ESG rating of the Index after eliminating at least 20% of the least well-rated securities from the Index.
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 IA may use FDIs 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). Any ESG rating or analysis referenced above will apply only to the underlying securities of FDIs used by the Fund.
The Fund’s ESG score will be calculated as the total of each issuer ESG score (where applicable), weighted by its market value. The IA will create a portfolio that seeks to deliver a superior ESG outcome versus the Index and the weighted average ESG rating of the Fund will be higher than the ESG rating of the Index. The Fund will seek to have a carbon emissions intensity score that is lower than the Index.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividends monthly, although this is not guaranteed. Dividends will be calculated on the basis of expected income, net realised and unrealised capital gains over a period of time. In the event dividend is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is Euro. Shares for this class are bought and sold in Singapore Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$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 |
DOLFIN1932 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach and seeks to provide long-term capital growth by seeking to achieve the performance of the FTSE Developed Europe Index (the “Index”).
2 The Index is a market-capitalisation-weighted index of large and mid- sized company stocks in developed markets in Europe.
2 The Fund promotes environmental and social characteristics by excluding companies from its portfolio based on the impact of their conduct or products on society and / or the environment. This is met by not holding stocks of companies in the Index that do not meet specific “socially responsible” criteria, as described below.
2 The Fund attempts to:
- Match the risk factor exposures of the Index by investing in a representative sample of the securities that make up the Index, excluding any securities which do not meet socially responsible investing criteria. The criteria take into consideration environmental, social and ethical factors as determined by the Index provider and exclude stocks of companies that violate United Nations Global Compact principles and stocks of companies involved in making controversial weapons and tobacco products.
- Remain fully invested except in extraordinary market, political or similar conditions.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Where the Fund uses derivatives, derivatives on an index (e.g. swaps, futures) may contain some underlying
constituents which may not meet the relevant SRI ratings/criteria applied to the Index constituents.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments.
2 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. In this regard, the Fund may receive collateral which may not meet the relevant SRI ratings/ criteria applied to the Index constituents.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be paid out.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) on our website at https://global.vanguard.com | # Objetivos y política de inversión
2 El Fondo utiliza un enfoque de inversión de gestión pasiva o indexación, y su objetivo es proporcionar un crecimiento del capital a largo plazo intentando alcanzar la rentabilidad del FTSE Developed Europe Index (el «Índice»).
2 El Índice es un índice ponderado por capitalización bursátil, compuesto por acciones de empresas de gran y mediana capitalización ubicadas en mercados desarrollados de Europa.
2 El Fondo promueve características ambientales y sociales al excluir a empresas de su cartera en función del impacto de su conducta o sus productos en la sociedad y/o el medio ambiente. Esto se consigue al rechazar los valores de aquellas empresas del Índice que no cumplan los criterios específicos de «responsabilidad social», tal y como se describe a continuación.
2 El Fondo trata de:
- Igualar las exposiciones a los factores de riesgo del Índice invirtiendo en una muestra representativa de los valores que componen el Índice, sin incluir los valores que no reúnan las condiciones de inversión socialmente responsable. Los criterios tienen en cuenta factores medioambientales, sociales y éticos, a juicio del proveedor del Índice, y se excluyen los valores de las empresas que vulneren los Principios del Pacto Mundial de las Naciones Unidas y los de empresas involucradas en la fabricación de armas controvertidas y productos de tabaco.
- Invertir la totalidad de sus activos, excepto en condiciones extraordinarias de mercado, políticas o similares.
2 El Fondo puede utilizar derivados con el objetivo de reducir el riesgo o los costes, o bien a fin de generar ingresos extraordinarios o posibilitar un mayor crecimiento. El uso de derivados podría aumentar o reducir la exposición a activos subyacentes y originar mayores fluctuaciones en el valor liquidativo del Fondo. Se entiende por «derivado» un contrato
financiero cuyo valor se basa en el valor de un activo financiero (como una acción, un bono o una divisa) o un índice de mercado. Si el Fondo utiliza derivados, es posible que los derivados de un índice (por ejemplo, swaps o futuros) contengan componentes subyacentes que no cumplan las calificaciones/criterios SRI pertinentes aplicados a los componentes del Índice.
2 La divisa base del Fondo es EUR.
2 El Fondo invierte en valores denominados en divisas diferentes a la divisa de la clase de acciones. Las fluctuaciones de los tipos de cambio pueden afectar a la rentabilidad de las inversiones.
2 El Fondo podrá participar en préstamos garantizados de sus inversiones a corto plazo a terceros cualificados. Esto se utiliza como medio de generar ingresos adicionales y para compensar los costes del Fondo. A este respecto, el Fondo podrá recibir garantías que no cumplan las calificaciones/criterios SRI pertinentes aplicados a los componentes del Índice.
2 Es posible que el Fondo no resulte apropiado para inversiones a corto plazo.
2 Los ingresos procedentes del Fondo se pagarán.
2 Los costes de transacción de la cartera tendrán un impacto en la rentabilidad.
2 Las acciones del Fondo pueden comprarse o venderse a diario (salvo en algunos días festivos y con sujeción a ciertas restricciones descritas en el Anexo 1 del Folleto) enviando una solicitud por escrito. La lista completa de los días en los que no se pueden vender acciones del Fondo puede obtenerse en https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
Para obtener más información sobre los objetivos y la política de inversión del Fondo, así como la relación limitada con el proveedor del Índice, consulte los Anexos 1 y 6 del Folleto de Vanguard Investment Series plc (el «Folleto») en nuestra página web https://global.vanguard.com. | # Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach and seeks to provide long-term capital growth by seeking to achieve the performance of the FTSE Developed Europe Index (the “Index”).
2 The Index is a market-capitalisation-weighted index of large and mid- sized company stocks in developed markets in Europe.
2 The Fund promotes environmental and social characteristics by excluding companies from its portfolio based on the impact of their conduct or products on society and / or the environment. This is met by not holding stocks of companies in the Index that do not meet specific “socially responsible” criteria, as described below.
2 The Fund attempts to:
- Match the risk factor exposures of the Index by investing in a representative sample of the securities that make up the Index, excluding any securities which do not meet socially responsible investing criteria. The criteria take into consideration environmental, social and ethical factors as determined by the Index provider and exclude stocks of companies that violate United Nations Global Compact principles and stocks of companies involved in making controversial weapons and tobacco products.
- Remain fully invested except in extraordinary market, political or similar conditions.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Where the Fund uses derivatives, derivatives on an index (e.g. swaps, futures) may contain some underlying
constituents which may not meet the relevant SRI ratings/criteria applied to the Index constituents.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments.
2 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. In this regard, the Fund may receive collateral which may not meet the relevant SRI ratings/ criteria applied to the Index constituents.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be paid out.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) on our website at https://global.vanguard.com | en | es |
DOLFIN1935 | 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 | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. | 486 USD |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | The management fee figure is based on expenses for the year ending 2022. This figure may vary from year to year. | 250 USD |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. This amount will vary depending on how much the fund buys and sells underlying investments. | 35 USD |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 USD | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | La incidencia de los costes que usted pagará al realizar su inversión. Se trata de la cantidad máxima que se le cobrará, y podría pagar menos. | 486 USD |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 USD |
| Costes corrientes detraídos cada año | En caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | La cifra de la comisión de gestión se basa en los gastos correspondientes al ejercicio finalizado en 2022. Esta cifra puede variar de un año a otro. | 250 USD |
| Costes de operación | La incidencia de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. Este importe real variará en función de la cantidad de inversiones subyacentes que compre y venda el fondo. | 35 USD |
| Costes accesorios detraídos en condiciones específicas | En caso de salida después de 1 año |
| Comisiones de rendimiento | Este producto no tiene comisiones de rendimiento. | 0 USD | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. | 486 USD |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | The management fee figure is based on expenses for the year ending 2022. This figure may vary from year to year. | 250 USD |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. This amount will vary depending on how much the fund buys and sells underlying investments. | 35 USD |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 USD | | en | es |
DOLFIN1939 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The Risk and Reward Indicator table illustrates where the share class ranks in terms of its potential risk and return. The higher the rank, the greater the potential reward, but also the greater the risk of losing money. The table uses a standard calculation method that is used by all companies who offer such funds within the European Union.
Please note that the lowest category does not mean a risk- free investment.
The shaded area in the table above shows the Class’s ranking based on the Synthetic Risk and Reward Indicator. It is based upon how much the price of the Class has moved up and down in the past.
The share class is ranked at 6, because it invests in equity securities located in Asia (excluding Japan) whose values tend to fluctuate more widely. Please note that the calculation is based on past information and may not reliably predict how the share class will perform in the future. Its ranking may shift over time and therefore is not guaranteed to remain unchanged.
The Risk and Reward Indicator does not take into account the following:
- The value of the assets in the Fund may be affected by uncertainties in government policies, taxation, social and religious instability, and political or other developments in the law or regulations of the countries which the Fund may invest in.
- There is no guarantee that the Fund can prevent liquidity risks. In highly volatile markets, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment and certain features such as guarantees or a lack of buyers interest in the particular security or market.
- The Fund may not be able to prevent risks relating to investing in China A Shares through the Shanghai-Hong Kong Stock Connect program. These risks relate to the beneficial ownership of China A Shares, Hong Kong Securities Clearing Company or ChinaClear default, quotas or trading suspensions imposed, local market rules, foreign shareholding restrictions, disclosure obligations and other risks relating to the legal and technical framework of the program, all of which may expose the Fund to losses.
| One off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| The entry and exit charges shown are maximum figures. In some cases, you might pay less. A conversion charge of up to 2.00% may also apply in certain circumstances. |
| Charges taken from the Fund over a year |
| Ongoing charge | 0.90% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | N/A | | # Perfil de riesgo y remuneración
| ) Menor riesgo Mayor riesgo ) ) Normalmente menor Normalmente mayor ) remuneración remuneración |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
El indicador de riesgo y remuneración muestra la categoría de la clase de acciones y su riesgo y remuneración potencial.
Cuanto más alta sea la categoría, más alta será la posible remuneración, pero también el riesgo de perder dinero. El indicador utiliza un método de cálculo estándar que utilizan todas las empresas que ofrecen tales fondos dentro de la Unión Europea.
Tenga en cuenta que la categoría más baja no significa que la inversión esté libre de riesgo.
La parte sombreada de la tabla anterior muestra la calificación de la Clase según el Indicador sintético de riesgo y remuneración. Se basa en las fluctuaciones históricas del precio de la Clase.
Esta clase de acciones tiene una calificación de 6, porque invierte en valores de renta variable ubicados en Asia (sin incluir Japón) cuyos valores tienden a fluctuar más ampliamente. Tenga en cuenta que el cálculo está basado en datos históricos y puede que no constituya una indicación fiable sobre el modo en el que la clase de acciones se ejecutará en el futuro. Su categoría podrá cambiar con el tiempo y, por lo tanto, no está garantizado que permanezca sin cambios.
El indicador de riesgo y remuneración no tiene en cuenta los siguientes aspectos:
- El valor de los activos del Fondo podrá verse afectado por incertidumbres en cuanto a las políticas gubernamentales e incertidumbres fiscales, sociales y religiosas, así como otros acontecimientos políticos o que afecten a la legislación de países en los que puede invertir el Fondo.
- No existe garantía alguna de que el Fondo pueda prevenir los riesgos de liquidez. En mercados altamente volátiles, determinados valores pueden ser menos líquidos, lo que impide que se vendan con rapidez y facilidad. Algunos valores pueden ser ilíquidos debido a restricciones legales, a la naturaleza de la inversión y a ciertas características como garantías o una falta de interés por parte de los compradores en un valor o un mercado en particular.
- Es posible que el Fondo no pueda evitar los riesgos relacionados con la inversión en acciones de China A a través del programa Shanghai-Hong Kong Stock Connect. Estos riesgos se relacionan con la propiedad efectiva de las acciones de China A, el incumplimiento de Hong Kong Securities Clearing Company o ChinaClear, las cuotas o las suspensiones comerciales impuestas, las reglas del mercado local, las restricciones de acciones extranjeras, las obligaciones de divulgación y otros riesgos relacionados con el marco legal y técnico del programa, los cuales pueden exponer al Fondo a pérdidas.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | 0,00% |
| Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos deba pagar menos. En determinadas circunstancias, podrá aplicarse un gasto de conversión de hasta un 2,00%. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,90% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | N/D | | # Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The Risk and Reward Indicator table illustrates where the share class ranks in terms of its potential risk and return. The higher the rank, the greater the potential reward, but also the greater the risk of losing money. The table uses a standard calculation method that is used by all companies who offer such funds within the European Union.
Please note that the lowest category does not mean a risk- free investment.
The shaded area in the table above shows the Class’s ranking based on the Synthetic Risk and Reward Indicator. It is based upon how much the price of the Class has moved up and down in the past.
The share class is ranked at 6, because it invests in equity securities located in Asia (excluding Japan) whose values tend to fluctuate more widely. Please note that the calculation is based on past information and may not reliably predict how the share class will perform in the future. Its ranking may shift over time and therefore is not guaranteed to remain unchanged.
The Risk and Reward Indicator does not take into account the following:
- The value of the assets in the Fund may be affected by uncertainties in government policies, taxation, social and religious instability, and political or other developments in the law or regulations of the countries which the Fund may invest in.
- There is no guarantee that the Fund can prevent liquidity risks. In highly volatile markets, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment and certain features such as guarantees or a lack of buyers interest in the particular security or market.
- The Fund may not be able to prevent risks relating to investing in China A Shares through the Shanghai-Hong Kong Stock Connect program. These risks relate to the beneficial ownership of China A Shares, Hong Kong Securities Clearing Company or ChinaClear default, quotas or trading suspensions imposed, local market rules, foreign shareholding restrictions, disclosure obligations and other risks relating to the legal and technical framework of the program, all of which may expose the Fund to losses.
| One off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| The entry and exit charges shown are maximum figures. In some cases, you might pay less. A conversion charge of up to 2.00% may also apply in certain circumstances. |
| Charges taken from the Fund over a year |
| Ongoing charge | 0.90% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | N/A | | en | es |
DOLFIN1941 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the
companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at other times in order to reflect corporate activity such as mergers and acquisitions. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The 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. Investors in the fund are exposed to fluctuations between the currencies of the underlying constituents of the index (being the fund's assets) and US Dollar. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del
reinvierten en las acciones tras descontar impuestos. El índice se revisa y reajusta trimestralmente y también podrá reajustarse en otros momentos a fin de reflejar la actividad de las empresas, como por ejemplo, fusiones y adquisiciones. El índice se calcula diariamente en dólares estadounidenses. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
rendimiento del índice. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializadora y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El índice está basado en normas y no puede ajustarse para tener en cuenta los cambios en las circunstancias de mercado. En consecuencia, puede que se vea negativamente afectado, o no obtenga beneficios, al no realizarse dichos ajustes cuando cambian las circunstancias del mercado. El índice podría estar sujeto a acontecimientos como interrupciones o ajustes que podrían impedir su cálculo o provocar ajustes en sus normas, lo cual podría provocar que su inversión sufriese pérdidas. Los inversores en el fondo están expuestos a fluctuaciones entre las divisas de los componentes subyacentes del índice (es decir, los activos del fondo) y el dólar estadounidense. El fondo puede utilizar derivados financieros para tratar de gestionar sus inversiones de forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from 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 other times in order to reflect corporate activity such as mergers and acquisitions. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The 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. Investors in the fund are exposed to fluctuations between the currencies of the underlying constituents of the index (being the fund's assets) and US Dollar. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN1945 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to generate an above average level of income on your investment as well as maintain long term capital growth.
The Fund invests at least 70% of its total assets in equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, the Asia Pacific region excluding Japan.
The Asia Pacific region refers to the countries in the Asian continent and the surrounding Pacific islands including Australia and New Zealand but excluding Japan. Many of these countries are developing countries.
The Fund distributes income gross of expenses.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the MSCI All Country Asia Pacific ex Japan Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Australian Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de generar unos rendimientos de su inversión a un nivel superior a la media, así como mantener un crecimiento del capital a largo plazo.
El Fondo invierte al menos el 70% de su activo total en valores de renta variable (como acciones) de empresas domiciliadas o que desarrollen una parte predominante de su actividad económica en la región de Asia Pacífico, excluido Japón.
La región Asia Pacífico se refiere a los países del continente asiático y las islas del Pacífico circundantes, incluidas Australia y Nueva Zelanda, pero excluido Japón. Muchos de estos países son países en desarrollo.
Los rendimientos de este Fondo se distribuyen sin previa deducción de gastos.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al MSCI All Country Asia Pacific ex Japan 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 poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. Los dividendos se calcularán sobre la base de los ingresos brutos previstos y las ganancias previstas, en su caso, derivados de la cobertura de clase de acciones en un período determinado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares australianos. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate an above average level of income on your investment as well as maintain long term capital growth.
The Fund invests at least 70% of its total assets in equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, the Asia Pacific region excluding Japan.
The Asia Pacific region refers to the countries in the Asian continent and the surrounding Pacific islands including Australia and New Zealand but excluding Japan. Many of these countries are developing countries.
The Fund distributes income gross of expenses.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the MSCI All Country Asia Pacific ex Japan Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Australian Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$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 |
DOLFIN1950 | 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's objective is to provide long term capital appreciation and outperform its benchmark over the long-term.
1 The Investment Manager seeks to invest in companies which are established market leaders in their industries and have sustainable business models with sustainable practices or which demonstrate a competitive advantage in new and underdeveloped markets.
1 The Fund may also invest in other assets including money market instruments, government or corporate bonds (rated investment grade) and other funds. The Fund may hold cash and liquid assets on an ancillary basis but increase its holdings in cash or liquid assets in times of market turbulence.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)) to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund's reference currency is USD. This share class is denominated in SEK. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/SEK currency fluctuations.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI World Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The investment manager will manage global exposure of the Fund to within 200% of the Benchmark's value-at-risk ("VaR”)*. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes. * The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1
day period.
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 global banned weapons, nuclear weapons, tobacco and coal-oriented activities.
1 The Fund is a concentrated long-only fund which invests in shares of global companies. The Fund will typically hold between 25 – 35 positions.
1 The Fund may actively use FDI to provide investors with the currency risk associated with the underlying investments of the Fund, or of an appropriate benchmark.
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 objetivo del Fondo es ofrecer una revalorización del capital a largo plazo y obtener una rentabilidad superior a la de su índice de referencia a largo plazo.
1 El Gestor de inversiones procura invertir en empresas que sean sólidos líderes de mercado en sus sectores respectivos y que tengan modelos de negocio sostenibles con prácticas sostenibles, o que hagan gala de una ventaja competitiva en mercados nuevos y en vías de desarrollo.
1 El Fondo también puede invertir en otros activos, como instrumentos del mercado monetario, bonos del Estado o de empresas (con calificación de grado de inversión) y en otros fondos. El Fondo puede mantener dinero en efectivo y activos líquidos a título accesorio, pero puede aumentar sus inversiones en efectivo o en activos líquidos en periodos convulsos para los mercados.
1 El Fondo puede utilizar instrumentos financieros derivados («IFD», es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) de forma activa para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 La divisa de referencia del Fondo es el USD. Esta clase de acciones está denominada en SEK. El Fondo empleará instrumentos financieros derivados en la medida de lo posible, siempre que sea razonable, para proteger a los inversores frente a las fluctuaciones del par USD/SEK.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice MSCI World y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. El Gestor de inversiones gestionará la exposición global del Fondo hasta el 200% del valor en riesgo («VaR»)* del Índice de referencia. 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. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse periódicamente. En otros controles de riesgo se encuentran el error de seguimiento en relación con el índice de referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el Índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al índice de referencia, dicha inversión puede tener
ponderaciones diferentes a las utilizadas por el índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El índice de referencia también se utiliza a efectos de comparación de rentabilidad. * El VaR de una cartera es una estimación diaria de la pérdida máxima en que puede incurrir un fondo en un periodo de un día.
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 prohibidas a nivel mundial, armas nucleares y con actividades orientadas al tabaco y al carbón.
1 El Fondo es un fondo concentrado que invierte en acciones de sociedades multinacionales exclusivamente en el largo plazo. Normalmente, el Fondo mantendrá entre 25 y 35 posiciones.
1 El Fondo puede utilizar activamente IFD para proporcionar a los inversores un riesgo de divisas relacionado con las inversiones subyacentes del Fondo, o de un índice de referencia adecuado.
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's objective is to provide long term capital appreciation and outperform its benchmark over the long-term.
1 The Investment Manager seeks to invest in companies which are established market leaders in their industries and have sustainable business models with sustainable practices or which demonstrate a competitive advantage in new and underdeveloped markets.
1 The Fund may also invest in other assets including money market instruments, government or corporate bonds (rated investment grade) and other funds. The Fund may hold cash and liquid assets on an ancillary basis but increase its holdings in cash or liquid assets in times of market turbulence.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (“FDI”)) to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund's reference currency is USD. This share class is denominated in SEK. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/SEK currency fluctuations.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI World Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The investment manager will manage global exposure of the Fund to within 200% of the Benchmark's value-at-risk ("VaR”)*. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes. * The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1
day period.
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 global banned weapons, nuclear weapons, tobacco and coal-oriented activities.
1 The Fund is a concentrated long-only fund which invests in shares of global companies. The Fund will typically hold between 25 – 35 positions.
1 The Fund may actively use FDI to provide investors with the currency risk associated with the underlying investments of the Fund, or of an appropriate benchmark.
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 |
DOLFIN1951 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 04 April 2003.
-7.0
-1.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 04 abril 2003.
-7.0
-1.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 04 April 2003.
-7.0
-1.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN1954 | 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 | 5.00% of the amount you pay in when entering this investment. | Up to €500 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.30% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €130 |
| Transaction costs | 0.56% 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 Fund. The actual amount will vary depending on how much we buy and sell. | €56 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 5.00 % del importe que pagará usted al realizar esta inversión. | Hasta €500 |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1.30 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | €130 |
| Costes de operación | 0.56 % 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 Fondo. El importe real variará en función de la cantidad que compremos y vendamos. | €56 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rentabilidad a este producto. | €0 | | | 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 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.30% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €130 |
| Transaction costs | 0.56% 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 Fund. The actual amount will vary depending on how much we buy and sell. | €56 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | en | es |
DOLFIN1955 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SECURITIES PORTFOLIO
-
## Distribution of financial instruments by country
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | 3.41% | 3.22% |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| - FRANCE |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of subscription notes
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution of financial instruments by currency
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | 3.41% | 3.22% |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| - Euro |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of subscription notes
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution by maturity of the financial instruments
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | | |
| Debt instruments (1) | | |
| - 0 - 3 months | - | - |
| - 3 months - 1 year | 3.41% | 3.22% |
| - 1 year - 3 years | - | - |
| - 3 years - 5 years | - | - |
| - more than 5 years | - | - |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Debt instruments (1) | | |
| - 0 - 3 months | - | - |
| - 3 months - 1 year | - | - |
| - 1 year - 3 years | - | - |
| - 3 years - 5 years | - | - |
| - more than 5 years | - | - |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution by type of rate of the financial instruments
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | | |
| Debt instruments (1) | | |
| - Fixed-rate | - | - |
| - Variable rate | - | - |
| - Revisable rate | - | - |
| - Other | - | - |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Debt instruments (1) | | |
| - Fixed-rate | - | - |
| - Variable rate | - | - |
| - Revisable rate | - | - |
| - Other | - | - |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes. | # CARTERA DE VALORES
-
## Distribución de los instrumentos financieros por países
| | Porcentaje |
| --- | --- |
| Patrimonio neto | Total de activos |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a negociación en un mercado regulado, con funcionamiento regular, reconocido, abierto al público y cuyo domicilio se encuentre en un Estado miembro de la Unión Europea o en otro Estado que haya suscrito el acuerdo sobre el Espacio Económico Europeo | 3,41% | 3,22% |
| Acciones y valores similares (1) |
| Títulos de deuda (2) |
| - FRANCIA |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a cotización oficial en una bolsa de valores de un país tercero, regulada, con funcionamiento regular y abierta al público, siempre y cuando tal bolsa o mercado no figuren en una lista establecida por la Autoridad de los Mercados Financieros o su elección haya sido prevista por la ley, por el reglamento o por los estatutos del organismo de inversión colectiva en valores mobiliarios. | | |
| Acciones y valores similares (1) |
| Títulos de deuda (2) |
| Títulos financieros de emisión reciente mencionados en el 4.º apartado del inciso I del artículo R. 214-11 del Código Monetario y Financiero | | |
| Acciones y valores similares | ND | ND |
| Títulos de deuda | ND | ND |
| Otros activos | 5,91% | 5,58% |
| - OICVM francés o europeo con finalidad general |
- Salvo los bonos de suscripción.
- Salvo los efectos mercantiles, los bonos de suscripción, los pagarés y los títulos hipotecarios.
-
## Distribución de los instrumentos financieros por divisas
| | Porcentaje |
| --- | --- |
| Patrimonio neto | Total de activos |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a negociación en un mercado regulado, con funcionamiento regular, reconocido, abierto al público y cuyo domicilio se encuentre en un Estado miembro de la Unión Europea o en otro Estado que haya suscrito el acuerdo sobre el Espacio Económico Europeo | 3,41% | 3,22% |
| Acciones y valores similares (1) |
| Títulos de deuda (2) |
| - Euro |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a cotización oficial en una bolsa de valores de un país tercero, regulada, con funcionamiento regular y abierta al público, siempre y cuando tal bolsa o mercado no figuren en una lista establecida por la Autoridad de los Mercados Financieros o su elección haya sido prevista por la ley, por el reglamento o por los estatutos del organismo de inversión colectiva en valores mobiliarios. | | |
| Acciones y valores similares (1) |
| Títulos de deuda (2) |
| Títulos financieros de emisión reciente mencionados en el 4.º apartado del inciso I del artículo R. 214-11 del Código Monetario y Financiero | | |
| Acciones y valores similares | ND | ND |
| Títulos de deuda | ND | ND |
| Otros activos | 5,91% | 5,58% |
| - OICVM francés o europeo con finalidad general |
- Salvo los bonos de suscripción.
- Salvo los efectos mercantiles, los bonos de suscripción, los pagarés y los títulos hipotecarios.
-
## Distribución por vencimiento de los instrumentos financieros
| | Porcentaje |
| --- | --- |
| Patrimonio neto | Total de activos |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a negociación en un mercado regulado, con funcionamiento regular, reconocido, abierto al público y cuyo domicilio se encuentre en un Estado miembro de la Unión Europea o en otro Estado que haya suscrito el acuerdo sobre el Espacio Económico Europeo | | |
| Títulos de deuda (1) | | |
| - de 0 a 3 meses | - | - |
| - de 3 meses a 1 año | 3,41% | 3,22% |
| - de 1 a 3 años | - | - |
| - de 3 a 5 años | - | - |
| - más de 5 años | - | - |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a cotización oficial en una bolsa de valores de un país tercero, regulada, con funcionamiento regular y abierta al público, siempre y cuando tal bolsa o mercado no figuren en una lista establecida por la Autoridad de los Mercados Financieros o su elección haya sido prevista por la ley, por el reglamento o por los estatutos del organismo de inversión colectiva en valores mobiliarios. | | |
| Títulos de deuda (1) | | |
| - de 0 a 3 meses | - | - |
| - de 3 meses a 1 año | - | - |
| - de 1 a 3 años | - | - |
| - de 3 a 5 años | - | - |
| - más de 5 años | - | - |
| Títulos financieros de emisión reciente mencionados en el 4.º apartado del inciso I del artículo R. 214-11 del Código Monetario y Financiero | | |
| Acciones y valores similares | ND | ND |
| Títulos de deuda | ND | ND |
| Otros activos | 5,91% | 5,58% |
| - OICVM francés o europeo con finalidad general |
- Salvo los efectos mercantiles, los bonos de suscripción, los pagarés y los títulos hipotecarios.
-
## Distribución por naturaleza de tipos de los instrumentos financieros
| | Porcentaje |
| --- | --- |
| Patrimonio neto | Total de activos |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a negociación en un mercado regulado, con funcionamiento regular, reconocido, abierto al público y cuyo domicilio se encuentre en un Estado miembro de la Unión Europea o en otro Estado que haya suscrito el acuerdo sobre el Espacio Económico Europeo | | |
| Títulos de deuda (1) | | |
| - Tipo fijo | - | - |
| - Tipo variable | - | - |
| - Tipo revisable | - | - |
| - Otros | - | - |
| Títulos financieros elegibles e instrumentos del mercado monetario admitidos a cotización oficial en una bolsa de valores de un país tercero, regulada, con funcionamiento regular y abierta al público, siempre y cuando tal bolsa o mercado no figuren en una lista establecida por la Autoridad de los Mercados Financieros o su elección haya sido prevista por la ley, por el reglamento o por los estatutos del organismo de inversión colectiva en valores mobiliarios. | | |
| Títulos de deuda (1) | | |
| - Tipo fijo | - | - |
| - Tipo variable | - | - |
| - Tipo revisable | - | - |
| - Otros | - | - |
| Títulos financieros de emisión reciente mencionados en el 4.º apartado del inciso I del artículo R. 214-11 del Código Monetario y Financiero | | |
| Acciones y valores similares | ND | ND |
| Títulos de deuda | ND | ND |
| Otros activos | 5,91% | 5,58% |
| - OICVM francés o europeo con finalidad general |
- Salvo los efectos mercantiles, los bonos de suscripción, los pagarés y los títulos hipotecarios. | # SECURITIES PORTFOLIO
-
## Distribution of financial instruments by country
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | 3.41% | 3.22% |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| - FRANCE |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of subscription notes
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution of financial instruments by currency
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | 3.41% | 3.22% |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| - Euro |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Equities and equivalent securities (1) |
| Debt instruments (2) |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of subscription notes
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution by maturity of the financial instruments
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | | |
| Debt instruments (1) | | |
| - 0 - 3 months | - | - |
| - 3 months - 1 year | 3.41% | 3.22% |
| - 1 year - 3 years | - | - |
| - 3 years - 5 years | - | - |
| - more than 5 years | - | - |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Debt instruments (1) | | |
| - 0 - 3 months | - | - |
| - 3 months - 1 year | - | - |
| - 1 year - 3 years | - | - |
| - 3 years - 5 years | - | - |
| - more than 5 years | - | - |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution by type of rate of the financial instruments
| | Percentage |
| --- | --- |
| Net assets | Total assets |
| Eligible financial securities and money market instruments listed for trading on a regulated market, which operates on a regular basis and is recognised and open to the public and whose registered office is located in a member state of the European Union or in another party to the Agreement on the European Economic Area | | |
| Debt instruments (1) | | |
| - Fixed-rate | - | - |
| - Variable rate | - | - |
| - Revisable rate | - | - |
| - Other | - | - |
| Eligible financial securities and money market instruments officially listed for trading on the stock exchange of another country, which is regulated, operates on a regular basis and is open to the public, provided that this stock exchange or market is not on a list drawn up by the French Financial Markets Authority (AMF) or that the choice of this stock exchange or market is provided for by the law or the regulations or the articles of incorporation of the undertaking for collective investment in transferable securities. | | |
| Debt instruments (1) | | |
| - Fixed-rate | - | - |
| - Variable rate | - | - |
| - Revisable rate | - | - |
| - Other | - | - |
| Newly issued financial securities mentioned in paragraph 4 of I of article R. 214-11 of the Code Monétaire et Financier | | |
| Equities and equivalent securities | NA | NA |
| Debt securities | NA | NA |
| Other assets | 5.91% | 5.58% |
| - General French or European UCITS |
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes. | en | es |
DOLFIN1963 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance
Based on transaction prices, the fund's return was 0.80%.
The total return of the fund was +0.80% this month, outperforming the index by 96 bps. The portfolio beta was close to one, meaning market moves have a limited effect on the fund's performance. Issuer selection again made a big positive contribution to the relative performance. The overweights in Rabobank, Southern Company, Volkswagen and SSE Plc worked well, as these bonds outperformed the hybrid market. In addition, the underweights in Chinese issuers added value as well. We remain cautious on China's economic growth and national debt level, and note that leverage in most Chinese hybrid issuers is also high. The fund keeps underweight positions in these issuers. | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del 0,80%.
El rendimiento total del fondo fue del +0,80% este mes, superando al índice por 96 pb. La beta de la cartera rondó la unidad, por lo que los cambios del mercado casi no afectaron a la rentabilidad del fondo. La selección de emisores volvió a ser muy favorable para la rentabilidad relativa. Las sobreponderaciones en Rabobank, Southern Company, Volkswagen y SSE Plc fueron un acierto, al superar estos bonos al mercado de híbridos. Además, infraponderar emisores chinos también generó valor. Mantenemos la cautela sobre el crecimiento de la economía china y el nivel de su deuda nacional, y observamos que el apalancamiento es también elevado en la mayoría de emisores híbridos chinos. El fondo mantiene posiciones infraponderadas en estos emisores. | # Performance
Based on transaction prices, the fund's return was 0.80%.
The total return of the fund was +0.80% this month, outperforming the index by 96 bps. The portfolio beta was close to one, meaning market moves have a limited effect on the fund's performance. Issuer selection again made a big positive contribution to the relative performance. The overweights in Rabobank, Southern Company, Volkswagen and SSE Plc worked well, as these bonds outperformed the hybrid market. In addition, the underweights in Chinese issuers added value as well. We remain cautious on China's economic growth and national debt level, and note that leverage in most Chinese hybrid issuers is also high. The fund keeps underweight positions in these issuers. | en | es |
DOLFIN1968 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
### Recommended holding period: 5 years
This product is designed for longer term investments; you should be prepared to stay invested for at least 5 years. However, you can redeem your investment without penalty at any time during this period, or hold the investment longer. You can sell your shares any day that banks are open in Ireland and the United Kingdom. You must submit your application to the Sub-Fund's Administrator before 1.00 p.m. three business days before the day on which you want to sell. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
### Período de retención recomendado: 5 Años
Este producto ha sido diseñado para inversiones a más largo plazo; usted debería estar preparado para mantener su inversión durante al menos 5 años. Sin embargo, puede reembolsar su inversión sin penalizaciones en cualquier momento durante ese periodo o mantener su inversión durante más tiempo. Puede vender sus acciones del Subfondo cualquier día en el que los bancos estén abiertos en Irlanda y el Reino Unido. Debe enviar su solicitud al Administrador del Subfondo antes de las 13:00 horas tres días antes del día en el que desee vender. | # How long should I hold it and can I take money out early?
### Recommended holding period: 5 years
This product is designed for longer term investments; you should be prepared to stay invested for at least 5 years. However, you can redeem your investment without penalty at any time during this period, or hold the investment longer. You can sell your shares any day that banks are open in Ireland and the United Kingdom. You must submit your application to the Sub-Fund's Administrator before 1.00 p.m. three business days before the day on which you want to sell. | en | es |
DOLFIN1970 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner.
- Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
- In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards.
Key Investor Information Fidelity Funds - Emerging Europe, Middle East and Africa Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- La liquidez es una medida del grado de convertibilidad de una inversión en efectivo. En determinadas condiciones del mercado, puede haber dificultades para valorar o vender activos al precio deseado. Esto podría afectar la capacidad del Subfondo para atender oportunamente los reembolsos.
- Los mercados emergentes pueden ser más volátiles y presentar más trabas para la venta o negociación de valores. Es posible que cuenten con menos supervisión y normativas, y que los procedimientos no estén tan bien definidos como en los países más desarrollados. Los mercados emergentes pueden verse afectados por la inestabilidad política, lo que puede generar más volatilidad e incertidumbre y someter al Subfondo al riesgo de pérdidas.
- En algunos mercados emergentes, como Rusia, las disposiciones sobre la custodia de los valores son menos estrictas.
Datos fundamentales para el inversor Fidelity Funds - Emerging Europe, Middle East and Africa Fund | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner.
- Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
- In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards.
Key Investor Information Fidelity Funds - Emerging Europe, Middle East and Africa Fund | en | es |
DOLFIN1971 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests in biotech equities worldwide but mainly US.
Investment policy The Fund invests at least two thirds of the net assets of Bellevue Biotech in a portfolio of carefully chosen shares and other equity securities of companies in the biotechnology industry or companies whose main activity involves holding investments in such companies or financing such companies and that have their registered office or carry out the majority of their economic activity in recognised countries. Without restricting the scope of the term “biotechnology”, the companies within the entire value chain in the biotechnology sector consist especially of companies that prepare, develop, utilise, market and/or sell processes, methods, technologies and products in which organisms, cells or cell constituents are used. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, Nasdaq Biotech reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El Fondo invierte en acciones de biotecnología en todo el mundo, pero principalmente en Estados Unidos.
Política de inversión El fondo invierte al menos dos tercios del patrimonio neto de Bellevue Biotech en una cartera de acciones y otros valores de renta variable cuidadosamente seleccionados de empresas del sector de la biotecnología o de empresas cuya actividad principal sea la tenencia de inversiones en dichas empresas o la financiación de las mismas y que tengan su domicilio social o realicen la mayor parte de su actividad económica en países reconocidos. Sin restringir el alcance del término "biotecnología", las empresas de toda la cadena de valor del sector biotecnológico consisten especialmente en empresas que preparan, desarrollan, utilizan, comercializan y/o venden procesos, métodos, tecnologías y productos en los que se utilizan organismos, células o componentes celulares. Hasta un tercio del patrimonio neto puede invertirse en títulos de deuda de emisores privados y estatales con diversos plazos y calificaciones crediticias. El Fondo puede realizar operaciones con derivados para lograr una gestión eficaz de la cartera, en particular también con fines de cobertura.
valor de referencia El índice de referencia, el Nasdaq Biotech, se utiliza con fines de comparación y para analizar el valor. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests in biotech equities worldwide but mainly US.
Investment policy The Fund invests at least two thirds of the net assets of Bellevue Biotech in a portfolio of carefully chosen shares and other equity securities of companies in the biotechnology industry or companies whose main activity involves holding investments in such companies or financing such companies and that have their registered office or carry out the majority of their economic activity in recognised countries. Without restricting the scope of the term “biotechnology”, the companies within the entire value chain in the biotechnology sector consist especially of companies that prepare, develop, utilise, market and/or sell processes, methods, technologies and products in which organisms, cells or cell constituents are used. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, Nasdaq Biotech reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN1972 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charges | 1.96% |
| Charges taken from the Fund under specific conditions |
| Performance fee | No performance fees for the Fund's last financial year. | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 1,96% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | En el último ejercicio financiero del Fondo no se cobró ninguna comisión de rentabilidad. | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charges | 1.96% |
| Charges taken from the Fund under specific conditions |
| Performance fee | No performance fees for the Fund's last financial year. | | en | es |
DOLFIN1986 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies of the People's Republic of China (PRC).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
- Seeks to identify high quality companies with superior and sustainable growth potential.
Share Class Benchmark MSCI China 10/40 Index (Total Return Net) Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in the PRC. The Sub-Fund may invest up to 40% of its assets in China A-Shares: up to 40% directly through the China-Hong Kong Stock Connect Programmes and the RQFII and QFII programmes, and up to 20% indirectly by means of participation notes. The Sub-Fund may invest in small capitalisation companies and may be concentrated in a limited number of securities or sectors from time to time.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies. The Sub-Fund may invest up to 10% of assets in SPACs.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar crecimiento del capital a largo plazo invirtiendo fundamentalmente en una cartera de compañías de la República Popular China (RPC).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente y de carácter fundamental.
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
- Pretende identificar compañías de alta calidad con un potencial de crecimiento superior y sostenible.
Índice de referencia de la Clase de Acciones MSCI China 10/40 Index (Total Return Net) Hedged to EUR
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte en renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en la RPC. El Subfondo podrá invertir hasta un 40% de su patrimonio en Acciones A de China: hasta un 40% directamente por medio de los Programas «China-Hong Kong Stock Connect» y los programas IIECR e IIEC; y hasta un 20% indirectamente a través de pagarés de participación. El Subfondo podrá invertir en compañías de pequeña capitalización y estar concentrado, de forma ocasional, en un número limitado de valores o sectores.
El Subfondo podrá invertir en valores que dependen de estructuras VIE (siglas en inglés de «entidad de interés variable») con el fin de obtener exposición indirecta a las compañías chinas subyacentes. El Subfondo podrá invertir hasta un 10% de su patrimonio en SPAC.
Como mínimo el 51% del patrimonio se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros. El Subfondo invierte como mínimo el 10% de su patrimonio, con exclusión de los activos líquidos accesorios, los depósitos en entidades | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies of the People's Republic of China (PRC).
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
- Seeks to identify high quality companies with superior and sustainable growth potential.
Share Class Benchmark MSCI China 10/40 Index (Total Return Net) Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested in equities of companies that are domiciled, or carrying out the main part of their economic activity, in the PRC. The Sub-Fund may invest up to 40% of its assets in China A-Shares: up to 40% directly through the China-Hong Kong Stock Connect Programmes and the RQFII and QFII programmes, and up to 20% indirectly by means of participation notes. The Sub-Fund may invest in small capitalisation companies and may be concentrated in a limited number of securities or sectors from time to time.
The Sub-Fund may invest in securities that rely on VIE structures to gain indirect exposure to underlying Chinese companies. The Sub-Fund may invest up to 10% of assets in SPACs.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. | en | es |
DOLFIN1988 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 |
| --- |
| Scenarios | 1 year | 5 years (Recommended holding period) |
| Stress scenario | What you might get back after costs | 7,549.0 USD | 8,989.0 USD |
| Average return each year | -24.5% | -2.1% |
| Unfavourable scenario | What you might get back after costs | 9,438.0 USD | 10,871.0 USD |
| Average return each year | -5.6% | 1.7% |
| Moderate scenario | What you might get back after costs | 10,375.0 USD | 12,005.0 USD |
| Average return each year | 3.7% | 3.7% |
| Favourable scenario | What you might get back after costs | 11,822.0 USD | 12,433.0 USD |
| Average return each year | 18.2% | 4.5% | | | Inversión de 10.000 USD |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 7,549.0 USD | 8,989.0 USD |
| Rendimiento medio cada año | -24.5% | -2.1% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 9,438.0 USD | 10,871.0 USD |
| Rendimiento medio cada año | -5.6% | 1.7% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10,375.0 USD | 12,005.0 USD |
| Rendimiento medio cada año | 3.7% | 3.7% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 11,822.0 USD | 12,433.0 USD |
| Rendimiento medio cada año | 18.2% | 4.5% | | | Investment USD 10,000 |
| --- |
| Scenarios | 1 year | 5 years (Recommended holding period) |
| Stress scenario | What you might get back after costs | 7,549.0 USD | 8,989.0 USD |
| Average return each year | -24.5% | -2.1% |
| Unfavourable scenario | What you might get back after costs | 9,438.0 USD | 10,871.0 USD |
| Average return each year | -5.6% | 1.7% |
| Moderate scenario | What you might get back after costs | 10,375.0 USD | 12,005.0 USD |
| Average return each year | 3.7% | 3.7% |
| Favourable scenario | What you might get back after costs | 11,822.0 USD | 12,433.0 USD |
| Average return each year | 18.2% | 4.5% | | en | es |
DOLFIN1993 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
There are insufficient data to provide a useful indication of past performance.
Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/08/2006.
The share class of the Fund was launched on 18/10/2021.
The share class was inactive from 26/10/2021 to 01/11/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end. | No hay suficientes datos para proporcionar una indicación útil de la rentabilidad histórica.
Tenga en cuenta que la rentabilidad histórica no es un indicador fiable de los rendimientos futuros.
La rentabilidad histórica se indica tras deducirse los gastos corrientes. Los gastos de entrada/salida se han excluido del cálculo.
El Fondo se constituyó el 31/08/2006.
La clase de acciones del Fondo se constituyó el 18/10/2021.
La clase de acciones estuvo inactiva entre el 26/10/2021 y el 01/11/ 2021.
Solo se indica la rentabilidad cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en USD y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año. | There are insufficient data to provide a useful indication of past performance.
Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/08/2006.
The share class of the Fund was launched on 18/10/2021.
The share class was inactive from 26/10/2021 to 01/11/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in USD and is expressed as a percentage change of the Fund's net asset value at each year end. | en | es |
DOLFIN2007 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
The Sub-Fund does not yet have performance data for one complete calendar year to display a graph of past performance.
The chart has a limited value as a guide to future performance.
The Sub-Fund was launched on June 24, 2011. The Share Class was launched on October 28, 2013.
The reference currency is the US Dollar.
Practical Information
Name of the depositary: CACEIS Bank, Luxembourg Branch.
Further information about the UCITS (prospectus, periodical reports) can be obtained in English, free of charge, at the following address: Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxembourg.
The details of the up-to-date remuneration policy, 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: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi and a paper copy will be made available free of charge upon request.
Other practical information (e.g. latest net asset value) can be obtained on the internet site www.amundi.com.
The UCITS contains a large number of other Sub-Funds and other classes which are described in the prospectus. Conversion into shares of another Sub-Fund of the UCITS may be made, subject to the conditions of the prospectus.
Each Sub-Fund corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Sub-Fund are exclusively available to satisfy the rights of investors in relation to that Sub-Fund and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Sub-Fund.
This document describes a Sub-Fund of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
The Luxembourg tax legislation applying to the UCITS may have an impact on the investor's personal tax position.
Amundi Luxembourg SA 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.
*********************
This UCITS is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg (www.cssf.lu). Amundi Luxembourg SA is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg. This key investor information is accurate as at February 12, 2018. | Los gastos de entrada y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
Los datos de gastos corrientes se basan en los gastos del año en curso. Estos datos pueden variar de un año a otro. No incluyen:
Comisiones de rentabilidad
Gastos de transacción de la cartera, excepto en caso de un gasto de entrada/salida abonado por el Subfondo al comprar o vender participaciones de otro organismo de inversión colectiva.
Los gastos corrientes indicados son una estimación. Para cada periodo contable, el informe anual del Compartimento indicará el importe exacto.
Para más información sobre los gastos, consulte el apartado de gastos del folleto de la IIC, que está disponible en: www.amundi.com.
Rentabilidad histórica
El compartimento todavía no lleva funcionando un año natural completo, por lo que no se puede mostrar un gráfico de su rentabilidad histórica.
El gráfico no sirve como guía para predecir la rentabilidad futura.
El Compartimento se creó el 24 de junio de 2011. La Clase de Acción se creó el 28 de octubre de 2013.
La divisa de referencia es el USD.
Información práctica
Nombre del depositario: CACEIS Bank - Sucursal de Luxembourg.
Se podrá obtener gratuitamente más información acerca de la OICVM en inglés (folleto, informes periódicos) en la siguiente dirección: Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxemburgo.
Los detalles de la política de remuneración actualizada, incluidas, sin carácter limitativo, 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: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi y se dispondrá de una copia impresa gratuita, previa solicitud.
Se podrá obtener información práctica adicional (p. ej. el valor liquidativo más reciente) en la página de Internet www.amundi.com.
La IIC contiene un gran número de otros Compartimentos y otras clases que se describen en el folleto. Se puede convertir a acciones de otro Compartimento de la IIC, con sujeción a las condiciones del folleto.
Cada Compartimento se corresponde con una parte distinta del patrimonio, activo y pasivo, de la IIC. 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 de la IIC. El folleto y los informes periódicos se refieren en el conjunto de la IIC mencionada al principio del presente documento.
Las leyes fiscales de Luxemburgo que se aplican a la OICVM pueden incidir en la posición fiscal personal del inversor.
Amundi Luxembourg SA 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 de la OICVM.
*********************
Esta IIC está autorizada en Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier, Luxemburgo (www.cssf.lu). Amundi Luxembourg SA está autorizada en Luxemburgo y regulada por la Commission de Surveillance du Secteur Financier, Luxemburgo. Los presentes datos fundamentales para el inversor son exactos y vigentes al 12 de febrero de 2018. | The entry and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: www.amundi.com.
Past Performance
The Sub-Fund does not yet have performance data for one complete calendar year to display a graph of past performance.
The chart has a limited value as a guide to future performance.
The Sub-Fund was launched on June 24, 2011. The Share Class was launched on October 28, 2013.
The reference currency is the US Dollar.
Practical Information
Name of the depositary: CACEIS Bank, Luxembourg Branch.
Further information about the UCITS (prospectus, periodical reports) can be obtained in English, free of charge, at the following address: Amundi Luxembourg, 5, Allée Scheffer, L-2520 Luxembourg.
The details of the up-to-date remuneration policy, 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: https://www.amundi.lu/retail/Local-Content/Footer/Quick-Links/Regulatory-information/Amundi and a paper copy will be made available free of charge upon request.
Other practical information (e.g. latest net asset value) can be obtained on the internet site www.amundi.com.
The UCITS contains a large number of other Sub-Funds and other classes which are described in the prospectus. Conversion into shares of another Sub-Fund of the UCITS may be made, subject to the conditions of the prospectus.
Each Sub-Fund corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Sub-Fund are exclusively available to satisfy the rights of investors in relation to that Sub-Fund and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Sub-Fund.
This document describes a Sub-Fund of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
The Luxembourg tax legislation applying to the UCITS may have an impact on the investor's personal tax position.
Amundi Luxembourg SA 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.
*********************
This UCITS is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg (www.cssf.lu). Amundi Luxembourg SA is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier, Luxembourg. This key investor information is accurate as at February 12, 2018. | en | es |
DOLFIN2019 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Pricing Errors
It is possible that errors may be made in the calculation of the Net Asset Value. In determining whether compensation will be payable to a Fund and/or individual shareholders as a result of such errors, the Company will have regard to the guidelines issued by the Irish Funds Industry Association to apply a materiality threshold, below which, subject to approval of the Depositary, compensation will not usually be payable. The Central Bank has not set any requirements in this regard. In this context the materiality threshold currently applied by the Company is 0.5% of Net Asset Value, which reflects, in the opinion of the Directors, general market practice at the date of this Prospectus.
As such, and subject on each occasion to the approval of the Depositary, compensation will generally not be payable for errors where the effect on the Fund’s Net Asset Value is below the materiality threshold. There may however be circumstances when the Directors or Depositary consider it appropriate for compensation to be paid notwithstanding that the impact of the error was below the materiality threshold. Conversely, compensation will usually be paid in relation to errors where the impact on the Fund’s Net Asset Value is in excess of the materiality threshold, with any decision not to pay compensation in such circumstances requiring the approval of the Directors and also the Depositary.
On providing notice to shareholders and in consultation with the Depositary, the Directors reserve the right to change the materiality threshold (should, for example, they deem general market practice to have changed). The Central Bank’s approval of this Prospectus, should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | ## Errores de precios
Es posible que se cometan errores en el cálculo del Patrimonio neto. Al determinar si se pagará una compensación al Fondo y/o a los accionistas individuales como resultado de dichos errores, la Sociedad tendrá en cuenta las directrices emitidas por la Asociación Irlandesa de la Industria de los Fondos para aplicar un límite material, por debajo del cual, con sujeción a la autorización del Depositario, normalmente no se pagará una compensación. El Banco Central no ha establecido ningún requisito al respecto. En este contexto, el límite material actualmente aplicado por la Sociedad es el 0,5% del Patrimonio neto, lo que refleja, según los Consejeros, la práctica general del mercado en la fecha de este Folleto.
De este modo, y con sujeción en cada caso de la autorización del Depositario, normalmente no se pagará ninguna compensación por errores cuyo efecto sobre el Patrimonio neto del Fondo esté por debajo del límite material. No obstante, puede haber ocasiones en que los Consejeros o el Depositario crean oportuno pagar una compensación a pesar de que el impacto del error esté por debajo del límite material. Por el contrario, normalmente se pagará una compensación por errores cuyo impacto sobre el Patrimonio neto del Fondo sobrepase el límite material, siendo necesaria la autorización de los Consejeros y del Depositario a la hora de decidir no pagar ninguna compensación en tales circunstancias.
Avisando por adelantado a los accionistas y tras consultar con el Depositario, los Consejeros se reservan el derecho de cambiar el límite material (por ejemplo, si considerasen que la práctica general del mercado hubiera
cambiado). La autorización de este Folleto por parte del Banco Central no deberá interpretarse como un respaldo sobre qué se considera que es la práctica del mercado, sino más bien como un requisito regulatorio o legislativo. | ## Pricing Errors
It is possible that errors may be made in the calculation of the Net Asset Value. In determining whether compensation will be payable to a Fund and/or individual shareholders as a result of such errors, the Company will have regard to the guidelines issued by the Irish Funds Industry Association to apply a materiality threshold, below which, subject to approval of the Depositary, compensation will not usually be payable. The Central Bank has not set any requirements in this regard. In this context the materiality threshold currently applied by the Company is 0.5% of Net Asset Value, which reflects, in the opinion of the Directors, general market practice at the date of this Prospectus.
As such, and subject on each occasion to the approval of the Depositary, compensation will generally not be payable for errors where the effect on the Fund’s Net Asset Value is below the materiality threshold. There may however be circumstances when the Directors or Depositary consider it appropriate for compensation to be paid notwithstanding that the impact of the error was below the materiality threshold. Conversely, compensation will usually be paid in relation to errors where the impact on the Fund’s Net Asset Value is in excess of the materiality threshold, with any decision not to pay compensation in such circumstances requiring the approval of the Directors and also the Depositary.
On providing notice to shareholders and in consultation with the Depositary, the Directors reserve the right to change the materiality threshold (should, for example, they deem general market practice to have changed). The Central Bank’s approval of this Prospectus, should not be interpreted as an endorsement of what is a market practice, rather than a legislative or regulatory requirement. | en | es |
DOLFIN2023 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- subject to (c) below, government bonds with a minimum rating of AAA/Aaa from either Moody’s or Standard & Poor’s;
- bonds issued by the governments of the United States of America, France, Germany and the United Kingdom may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least AA – by Standard & Poor’s or Aa3 by Moody’s.
| | - con sujeción al punto (c) a continuación, deuda pública con una calificación mínima de AAA/Aaa otorgada por Moody’s o Standard & Poor’s;
- se puede aceptar deuda emitida por los gobiernos de Estados Unidos, Francia, Alemania y el Reino Unido en circunstancias en las que no goce de la calificación mínima estipulada en el punto (b) anterior siempre y cuando dicha deuda tenga unacalificación mínima de AA– según Standard & Poor’s o de Aa3 según Moody’s.
| | - subject to (c) below, government bonds with a minimum rating of AAA/Aaa from either Moody’s or Standard & Poor’s;
- bonds issued by the governments of the United States of America, France, Germany and the United Kingdom may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least AA – by Standard & Poor’s or Aa3 by Moody’s.
| | en | es |
DOLFIN2040 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| N/A(USD) | LU2045819161 | Retail Investors | U.S. dollar | None | None | Accumulation | 1.25% p.a. |
| H-N/A(EUR) | LU2045819245 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| H-N/A(GBP) | LU2045819328 | Retail Investors | Great Britain Pound | None | None | Accumulation | 1.25% p.a. |
| N/A(EUR) | LU2125910765 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| N/A(USD) | LU2045819161 | Inversores minoristas | Dólar estadounidense | Ninguna | Ninguna | Acumulación | 1,25% anual |
| H-N/A(EUR) | LU2045819245 | Inversores minoristas | Euro | Ninguna | Ninguna | Acumulación | 1,25% anual |
| H-N/A(GBP) | LU2045819328 | Inversores minoristas | Libra esterlina | Ninguna | Ninguna | Acumulación | 1,25% anual |
| N/A(EUR) | LU2125910765 | Inversores minoristas | Euro | Ninguna | Ninguna | Acumulación | 1,25% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el pres ente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| N/A(USD) | LU2045819161 | Retail Investors | U.S. dollar | None | None | Accumulation | 1.25% p.a. |
| H-N/A(EUR) | LU2045819245 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| H-N/A(GBP) | LU2045819328 | Retail Investors | Great Britain Pound | None | None | Accumulation | 1.25% p.a. |
| N/A(EUR) | LU2125910765 | Retail Investors | Euro | None | None | Accumulation | 1.25% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN2041 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Core Derivatives — may be used by any sub-fund, consistent with its investment policy
- financial futures
- options, such as options on equities, interest rates, indices, bonds,
- currencies, commodity indices
- warrants
- forwards, such as foreign exchange contracts
- swaps (contracts where two parties exchange the returns from two different assets, indices, or baskets of the same), such as foreign exchange, interest rate, but NOT including total return swaps, credit default swaps, commodity index swaps, volatility or variance swapsAdditional Derivatives — any intent to use will be disclosed in “Sub- Fund Descriptions”
- total return swaps (contracts where one party transfers to another party the total performance of a reference assets, including all interest, fee income, market gains or losses, and credit losses)
- credit derivatives, such as credit default swaps (contracts where a bankruptcy, default, or other “credit event” triggers a payment from one party to the other)
- TBA derivatives (forward contracts on a generic pool of mortgages. Overall characteristics of this pool is specified but the exact securities to be delivered to the buyer are determined 2 days before delivery, rather than at the time of the original trade)
- structured financial derivatives, such as credit-linked and Aequity- linked securities
- contracts for difference (contracts whose value is based on the difference between two reference measurements) such as a basket of securitiesFutures are generally exchange-traded. All other types of derivatives are generally OTC. For any index-linked derivatives, the index provider determines the rebalancing frequency. | ###### Principales instrumentos derivados (pueden ser utilizados por cualquier subfondo, de acuerdo con su política de inversión)
- futuros financieros;
- opciones (como opciones sobre renta variable, tipos de interés, índices o bonos);
- divisas e índices de materias primas;
- warrants;
- contratos a plazo (como contratos sobre tipos de cambio);
- swaps (contratos en los que dos partes intercambian los rendimientos de dos activos distintos, índices o cestas del mismo activo), por ejemplo, de divisas o de tipos de interés, EXCLUIDOS los swaps de rendimiento total, los credit default swaps, los swaps de índices de materias primas y los swaps de volatilidad o varianzaDerivados adicionales (cualquier intención de usarlos debe recogerse en las «Descripciones de los subfondos»)
- swaps de rendimiento total (contratos en los que una parte transfiere a otra el rendimiento total de un activo de referencia, incluidos todos los intereses, ingresos por comisiones, pérdidas o ganancias del mercado, y pérdidas de crédito);
- derivados de crédito, como credit default swaps (contratos en los que una bancarrota, impago o cualquier otro «evento de crédito» activa el pago de una parte a la otra);
- derivados por determinar (contratos a plazo sobre un conjunto genérico de hipotecas. Las características generales de este conjunto son específicas, aunque los valores concretos que se entregan al comprador se determinan dos días antes de su entrega, y no en el momento de la operación original).
- derivados financieros estructurados, como valores ligados al crédito y a la renta variable;
- contratos por diferencia (contratos cuyo valor se basa en la diferencia entre dos indicadores de referencia), como una cesta de valores;Normalmente, los futuros se negocian en mercados regulados. El resto de tipos de derivados normalmente son OTC. En el caso de cualquier derivado ligado a un índice, el proveedor del índice determina la frecuencia de reajuste. | ###### Core Derivatives — may be used by any sub-fund, consistent with its investment policy
- financial futures
- options, such as options on equities, interest rates, indices, bonds,
- currencies, commodity indices
- warrants
- forwards, such as foreign exchange contracts
- swaps (contracts where two parties exchange the returns from two different assets, indices, or baskets of the same), such as foreign exchange, interest rate, but NOT including total return swaps, credit default swaps, commodity index swaps, volatility or variance swapsAdditional Derivatives — any intent to use will be disclosed in “Sub- Fund Descriptions”
- total return swaps (contracts where one party transfers to another party the total performance of a reference assets, including all interest, fee income, market gains or losses, and credit losses)
- credit derivatives, such as credit default swaps (contracts where a bankruptcy, default, or other “credit event” triggers a payment from one party to the other)
- TBA derivatives (forward contracts on a generic pool of mortgages. Overall characteristics of this pool is specified but the exact securities to be delivered to the buyer are determined 2 days before delivery, rather than at the time of the original trade)
- structured financial derivatives, such as credit-linked and Aequity- linked securities
- contracts for difference (contracts whose value is based on the difference between two reference measurements) such as a basket of securitiesFutures are generally exchange-traded. All other types of derivatives are generally OTC. For any index-linked derivatives, the index provider determines the rebalancing frequency. | en | es |
DOLFIN2042 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| KEY INVESTOR INFORMATION | |
| --- | --- |
| This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. |
| Candriam Bonds Euro Diversified, a sub-fund of the SICAV Candriam Bonds |
| Class Classique - Distribution shares: LU0093578077 | |
| Competent authority: CSSF (Commission de Surveillance du Secteur Financier) Management company: Candriam | |
| OBJECTIVES AND INVESTMENT POLICY | | | DATOS FUNDAMENTALES PARA EL INVERSOR | |
| --- | --- |
| El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él. |
| Candriam Bonds Euro Diversified, un subfondo de la SICAV Candriam Bonds |
| Clase Classique - Acciones de Distribución: LU0093578077 | |
| Autoridad competente:Comisión de Vigilancia del Sector Financiero Sociedad Gestora: Candriam | |
| OBJETIVOS Y POLITICA DE INVERSION | | | KEY INVESTOR INFORMATION | |
| --- | --- |
| This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. |
| Candriam Bonds Euro Diversified, a sub-fund of the SICAV Candriam Bonds |
| Class Classique - Distribution shares: LU0093578077 | |
| Competent authority: CSSF (Commission de Surveillance du Secteur Financier) Management company: Candriam | |
| OBJECTIVES AND INVESTMENT POLICY | | en | es |
DOLFIN2044 | 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's investment objective is to seek performance by investing mainly in inflation-linked bonds issued in OECD countries, over a medium term period.
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 búsqueda de la rentabilidad a medio plazo invirtiendo principalmente en valores de renta fija vinculados a la inflación emitidos por países de la OCDE.
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's investment objective is to seek performance by investing mainly in inflation-linked bonds issued in OECD countries, over a medium term period.
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 |
DOLFIN2047 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Legal position of investors
The Management Company invests money paid into the respective sub-funds in securities and/or other permissible assets in accordance with Article 41 of the Law of 17 December 2010 in its own name for the collective account of the investors pursuant to the principle of risk diversification. The monies invested and the assets acquired with such monies form the sub-fund assets, which are held separately from the Management Company’s own assets.
As joint owners, investors hold the respective sub-fund’s assets in proportion to the number of units they hold. The units of the respective sub-fund are issued as registered and bearer units. Bearer units and registered units are issued for each sub-fund with up to three decimal places. Registered units are entered by the Registrar and Transfer Agent in the unit register maintained for the fund. In this regard, a confirmation shall be sent to the investors to the address specified in the unit register concerning the entry in the register. There is no entitlement to the delivery of physical securities.
All units in a sub-fund have, fundamentally, the same rights, unless the Management Company decides to issue different unit classes within the same sub-fund pursuant to Article 5 (3) of the management regulations. | ### Posición jurídica de los inversores
La Sociedad Gestora invierte el dinero depositado en los distintos subfondos en su propio nombre y por cuenta común de los inversores de acuerdo con el principio de diversificación de riesgos en valores mobiliarios u otros activos financieros autorizados conforme al artículo 41 de la Ley de 17 de diciembre de 2010. Los recursos invertidos y los activos financieros adquiridos con ellos constituyen el patrimonio del subfondo correspondiente, que se mantiene separado del patrimonio de la Sociedad Gestora.
Los inversores participan en el patrimonio del subfondo correspondiente en calidad de copropietarios en proporción a su participación. Las participaciones de los subfondos correspondientes se emiten en forma de acciones nominativas y al portador. Las participaciones nominativas y al portador se emiten con hasta tres decimales. Las participaciones nominativas quedan registradas por la entidad de registro y transferencia en el registro de participaciones llevado para el fondo. Se enviará al inversor una confirmación de la inscripción en el registro de participaciones a la dirección indicada en dicho registro. No existe derecho alguno a la entrega de títulos físicos.
Todas las participaciones de un subfondo tienen por norma general los mismos derechos, salvo que la Sociedad Gestora decida emitir diversas clases de participaciones dentro de un mismo subfondo con arreglo al artículo 5, número 3, del Reglamento de Gestión. | ### Legal position of investors
The Management Company invests money paid into the respective sub-funds in securities and/or other permissible assets in accordance with Article 41 of the Law of 17 December 2010 in its own name for the collective account of the investors pursuant to the principle of risk diversification. The monies invested and the assets acquired with such monies form the sub-fund assets, which are held separately from the Management Company’s own assets.
As joint owners, investors hold the respective sub-fund’s assets in proportion to the number of units they hold. The units of the respective sub-fund are issued as registered and bearer units. Bearer units and registered units are issued for each sub-fund with up to three decimal places. Registered units are entered by the Registrar and Transfer Agent in the unit register maintained for the fund. In this regard, a confirmation shall be sent to the investors to the address specified in the unit register concerning the entry in the register. There is no entitlement to the delivery of physical securities.
All units in a sub-fund have, fundamentally, the same rights, unless the Management Company decides to issue different unit classes within the same sub-fund pursuant to Article 5 (3) of the management regulations. | en | es |
DOLFIN2048 | 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 compartment (hereinafter, the "Fund") will mainly apply a "buy-and-watch" investment approach and will mainly invest in US-denominated fixed-rate and variable-rate bonds and debt securities maturing no later than 31 December 2026. After this date, the Fund will either (i) implement a new investment policy or (ii) go into liquidation. In both cases, the decision will be duly communicated to shareholders and reflected in an updated prospectus, while the communication to shareholders will be accompanied by a notice period.
The objective of the Fund is to achieve a return and/or a long-term capital gain by managing a portfolio composed primarily of fixed or variable income debt instruments, with no restrictions on geography, currency, sector, maturity date or issuer quality. The minimum average rating for bonds and debt securities will be BB-. No more than 15% of net assets may be invested in unrated securities.
The net assets of the Fund will be invested primarily in bonds or other debt instruments, including convertible bonds and contingent convertible bonds. Up to 20% of the net assets may be invested in contingent convertible bonds. It may invest up to 10% of the net assets in bond UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the Prospectus, the Fund may make use of futures or options contracts, as well as interest rate and/or credit derivatives, either for hedging or asset exposure purposes. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El compartimento (en adelante, el “Fondo”) aplicará principalmente un enfoque de inversión del tipo “buy-and-watch” (comprar y observar) e invertirá principalmente en bonos, así como en títulos de deuda de tipo fijo y variable denominados en dólares estadounidenses con vencimiento el 31.12.2026 a más tardar. Después de esta fecha, el Fondo (i) aplicará una nueva política de inversión o (ii) entrará en liquidación. En ambos casos, la decisión se comunicará debidamente a los accionistas mediante notificación previa y se reflejará en un folleto actualizado.
El objetivo del Fondo consiste en buscar una rentabilidad y/o un aumento del capital a largo plazo por medio de la gestión de una cartera compuesta principalmente por títulos de deuda de renta fija o variable, sin restricción geográfica, monetaria o sectorial, ni en cuanto a su vencimiento o a la calidad del emisor. La calificación media mínima de los bonos y los títulos de deuda será BB-. Los títulos sin calificación no representarán más del 15% del patrimonio neto.
El patrimonio neto del Fondo se invertirá principalmente en obligaciones u otros títulos de deuda, incluidos los bonos convertibles y los bonos convertibles contingentes (CoCo). La inversión en bonos convertibles contingentes representará como máximo el 20% del patrimonio neto. El Fondo podrá invertir hasta un máximo del 10% de su patrimonio neto en OICVM de renta fija, principalmente en fondos cotizados (ETF).
Dentro de los límites de las restricciones de inversión descritas en el folleto, el Fondo podrá utilizar contratos a plazos u opciones, así como derivados sobre tipos de interés y/o créditos, ya sea con fines de cobertura o de exposición de activos. | # OBJECTIVES AND INVESTMENT POLICY
The compartment (hereinafter, the "Fund") will mainly apply a "buy-and-watch" investment approach and will mainly invest in US-denominated fixed-rate and variable-rate bonds and debt securities maturing no later than 31 December 2026. After this date, the Fund will either (i) implement a new investment policy or (ii) go into liquidation. In both cases, the decision will be duly communicated to shareholders and reflected in an updated prospectus, while the communication to shareholders will be accompanied by a notice period.
The objective of the Fund is to achieve a return and/or a long-term capital gain by managing a portfolio composed primarily of fixed or variable income debt instruments, with no restrictions on geography, currency, sector, maturity date or issuer quality. The minimum average rating for bonds and debt securities will be BB-. No more than 15% of net assets may be invested in unrated securities.
The net assets of the Fund will be invested primarily in bonds or other debt instruments, including convertible bonds and contingent convertible bonds. Up to 20% of the net assets may be invested in contingent convertible bonds. It may invest up to 10% of the net assets in bond UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the Prospectus, the Fund may make use of futures or options contracts, as well as interest rate and/or credit derivatives, either for hedging or asset exposure purposes. | en | es |
DOLFIN2052 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Non-Irish Resident Shareholders will not be chargeable to Irish tax on the happening of a Chargeable Event provided that either:
- the Company is in possession of a completed Relevant Declaration to the effect that the Shareholder is not an Irish Resident, or
- the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide a Relevant Declaration is deemed to have been complied with in respect of that Shareholder and the written notice of approval has not been withdrawn by the Revenue Commissioners.
If the Company is not in possession of a Relevant Declaration or the Company is in possession of information which would reasonably suggest that the Relevant Declaration is not or is no longer materially correct, the Company must deduct tax on the happening of a Chargeable Event in relation to such Shareholder. The tax deducted will generally not be refunded.
Intermediaries acting on behalf of non-Irish Resident Shareholders can claim the same exemption on behalf of the Shareholders for whom they are acting. The intermediary must complete a Relevant Declaration that it is acting on behalf of a non-Irish Resident Shareholder.
A non-Irish Resident corporate Shareholder which holds Shares directly or indirectly by or for a trading branch or agency of the Shareholder in Ireland, will be liable for Irish corporation tax on income from the Shares or gains made on the disposal of the Shares. | # Los Accionistas que no sean residentes en Irlanda estarán exentos del impuesto irlandés si se produjera un Hecho imponible siempre que:
- la Sociedad esté en posesión de una Declaración pertinente cumplimentada en el sentido de que el Accionista no es Residente en Irlanda, o
- la Sociedad esté en posesión de la notificación por escrito de la aprobación por parte de las Autoridades fiscales de Irlanda (Revenue Commissioners) en el sentido de que el requisito de presentar una Declaración pertinente se considerará cumplido con respecto a dicho Accionista y la notificación por escrito de aprobación no ha sido retirada por las Autoridades fiscales de Irlanda.
Si la Sociedad no está en posesión de una Declaración pertinente o si la Sociedad tiene conocimiento de información que pudiera sugerir razonablemente que la Declaración pertinente no es o ha dejado de ser correcta en algún aspecto esencial, la Sociedad estará obligada a deducir impuestos en el momento en que se produzca un Hecho imponible que tenga vinculación con dicho Accionista. En términos generales, el impuesto deducido no será objeto de devolución.
Los intermediarios que actúen en nombre de Accionistas que no sean Residentes en Irlanda podrán solicitar la misma exención en nombre de los Accionistas por los que actúan. El intermediario deberá cumplimentar una Declaración pertinente indicando que actúa en representación de un Accionista no residente en Irlanda.
Un Accionista corporativo que no sea Residente en Irlanda y que posea Acciones directa o indirectamente a través de o para una sucursal o agencia de explotación del Accionista en Irlanda, estará sujeto el impuesto de sociedades irlandés sobre los ingresos obtenidos con sus Acciones y las plusvalías obtenidas con la enajenación de las mismas. | # Non-Irish Resident Shareholders will not be chargeable to Irish tax on the happening of a Chargeable Event provided that either:
- the Company is in possession of a completed Relevant Declaration to the effect that the Shareholder is not an Irish Resident, or
- the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide a Relevant Declaration is deemed to have been complied with in respect of that Shareholder and the written notice of approval has not been withdrawn by the Revenue Commissioners.
If the Company is not in possession of a Relevant Declaration or the Company is in possession of information which would reasonably suggest that the Relevant Declaration is not or is no longer materially correct, the Company must deduct tax on the happening of a Chargeable Event in relation to such Shareholder. The tax deducted will generally not be refunded.
Intermediaries acting on behalf of non-Irish Resident Shareholders can claim the same exemption on behalf of the Shareholders for whom they are acting. The intermediary must complete a Relevant Declaration that it is acting on behalf of a non-Irish Resident Shareholder.
A non-Irish Resident corporate Shareholder which holds Shares directly or indirectly by or for a trading branch or agency of the Shareholder in Ireland, will be liable for Irish corporation tax on income from the Shares or gains made on the disposal of the Shares. | en | es |
DOLFIN2057 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: Risk that a position cannot be liquidated in a timely manner at a reasonable price, especially in the particular case where financial market trading volumes are very low.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Instrumentos y depósitos de riesgo de crédito de la deuda: el Subfondo podrá invertir en depósitos e instrumentos de deuda. Estos están sujetos al riesgo de que su emisor sea incapaz de atender sus obligaciones.
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: riesgo de que una posición no se pueda liquidar a su debido tiempo a un precio razonable, especialmente en el caso de que el volumen de intercambios de los mercados financieros sea muy débil.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de los bonos convertibles contingentes: el Subfondo puede invertir en bonos convertibles contingentes. Su valor puede llegar a ser nulo si se produce un deterioro de la situación financiera de su emisor hasta situarse por debajo de un desencadenante predeterminado o si el regulador considera que su emisor ha alcanzado un punto de inviabilidad. Asimismo, su cupón puede ser cancelado en cualquier momento. Dado que estos instrumentos son recientes, también pueden experimentar pérdidas importantes en condiciones de mercado extremas. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: Risk that a position cannot be liquidated in a timely manner at a reasonable price, especially in the particular case where financial market trading volumes are very low.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | en | es |
DOLFIN2060 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by governments or their agencies, state and provincial governmental entities, supranationals, corporate debt securities, MBS/ABS, covered bonds and currencies. Issuers may be located anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 45% and 75% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases.
The Sub-Fund may hold up to 10% in convertible securities and up to 10% in contingent convertible bonds. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may use long and short positions (through derivatives) to vary exposure to countries, sectors, currencies and credit quality which may be concentrated from time to time.
The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. The Sub-Fund invests at least 10% of assets excluding | El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal La mayor parte del patrimonio se invertirá, directamente o a través de derivados, en títulos de deuda emitidos o garantizados por gobiernos o sus agencias, entidades gubernamentales estatales y provinciales, y organizaciones supranacionales, así como en títulos de deuda corporativa, MBS/ABS, cédulas hipotecarias (covered bonds) y divisas. Los emisores podrán estar situados en cualquier lugar del mundo, incluidos los mercados emergentes.
Se prevé que el Subfondo invierta entre un 45% y un 75% de su patrimonio en titulizaciones hipotecarias (MBS) y/o activos titulizados (ABS) de cualquier calidad crediticia; sin embargo, debido al carácter sin restricciones del enfoque de inversión, el nivel de inversión real podrá variar. Los MBS, que pueden haber sido emitidos por agencias (organismos cuasigubernamentales de Estados Unidos) o por otras entidades distintas de agencias (instituciones privadas), representan títulos de deuda que están respaldados por hipotecas, incluidas las hipotecas residenciales y comerciales; los ABS hacen referencia a los títulos de deuda que están respaldados por otros tipos de activos, como deudas de tarjetas de crédito, préstamos para automóviles, créditos al consumo y arrendamiento de bienes de equipo.
El Subfondo podrá mantener hasta un 10% en valores convertibles y hasta un 10% en bonos convertibles contingentes. El Subfondo podrá invertir en títulos de deuda con calificación inferior a investment grade y sin calificación.
El Subfondo podrá emplear posiciones largas y cortas (a través de derivados) para modificar la exposición a países, sectores, divisas y calificaciones crediticias, que puede estar ocasionalmente concentrada.
El Subfondo podrá invertir en títulos de deuda onshore emitidos en la RPC a través de China-Hong Kong Bond Connect.
Como mínimo el 51% del patrimonio se invertirá en emisores con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros. El Subfondo invierte como mínimo el 10% de su patrimonio, | The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by governments or their agencies, state and provincial governmental entities, supranationals, corporate debt securities, MBS/ABS, covered bonds and currencies. Issuers may be located anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 45% and 75% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases.
The Sub-Fund may hold up to 10% in convertible securities and up to 10% in contingent convertible bonds. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may use long and short positions (through derivatives) to vary exposure to countries, sectors, currencies and credit quality which may be concentrated from time to time.
The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. The Sub-Fund invests at least 10% of assets excluding | en | es |
DOLFIN2061 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Duration hedging Typically done using interest rate swaps, swaptions, and futures. The goal is to seek to reduce the exposure to interest rate movements for longer-maturity bonds. Duration hedging can be done only at the fund level.
- Price hedging Typically done using options on indices (specifically, by selling a call or buying a put). Usage is generally limited to situations where there is sufficient correlation between the composition or performance of the index and that of the fund. The goal is to hedge against fluctuations in the market value of a position.
- Interest rate hedging Typically done using interest rate futures, interest rate swaps, writing call options on interest rates or buying put options on interest rates. The goal is to manage interest rate risk. | - Cobertura de duración Por lo general, se realiza mediante permutas de tipos de interés, opciones sobre permutas y futuros. El objetivo es reducir la exposición a los movimientos de los tipos de interés para los bonos con un vencimiento a más largo plazo. La cobertura de duración solo se puede realizar a nivel del fondo.
- Cobertura de precios Por lo general, se realiza mediante opciones sobre índices (específicamente, mediante la venta de una opción de compra o la compra de una opción de venta). El uso se limita generalmente a situaciones en las que existe una correlación suficiente entre la composición o el rendimiento del índice y del fondo. El objetivo es ofrecer cobertura frente a las fluctuaciones en el valor de mercado de una posición.
- Cobertura de tipos de interés Por lo general, se realiza mediante futuros de tipos de interés, permutas de tipos de interés, la suscripción de opciones de compra sobre tipos de interés o la adquisición de opciones de venta sobre tipos de interés. El objetivo es gestionar el riesgo del tipo de interés. | - Duration hedging Typically done using interest rate swaps, swaptions, and futures. The goal is to seek to reduce the exposure to interest rate movements for longer-maturity bonds. Duration hedging can be done only at the fund level.
- Price hedging Typically done using options on indices (specifically, by selling a call or buying a put). Usage is generally limited to situations where there is sufficient correlation between the composition or performance of the index and that of the fund. The goal is to hedge against fluctuations in the market value of a position.
- Interest rate hedging Typically done using interest rate futures, interest rate swaps, writing call options on interest rates or buying put options on interest rates. The goal is to manage interest rate risk. | en | es |
DOLFIN2063 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.6 | 2.3 | -9.2 | -26.3 | 30.2 | 10.4 | -21.5 | 11.3 | -0.5 | 27.1 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
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 16 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 1,6 | 2,3 | -9,2 | -26,3 | 30,2 | 10,4 | -21,5 | 11,3 | -0,5 | 27,1 |
| Limitación †¹ | 7,2 | 1,5 | -9,7 | -24,0 | 32,3 | 22,7 | -12,6 | 17,2 | 0,7 | 25,2 |
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 16 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.6 | 2.3 | -9.2 | -26.3 | 30.2 | 10.4 | -21.5 | 11.3 | -0.5 | 27.1 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
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 16 December 2022 | en | es |
DOLFIN2066 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company was incorporated with an initial share capital of €2 and represented by 2 subscriber shares of no par value. Shareholders of the subscriber shares are entitled to attend and vote at all meetings of the Company, but do not entitle the holder to participate in the dividends or net assets of any Fund or the Company.
Redeemable Participating Shares
The share capital of the Company shall at all times equal the net asset value. The Directors are generally and unconditionally authorised to exercise all the powers of the Company to issue shares in the Company pursuant to the Companies Act 2014 and are empowered to issue up to five hundred billion shares of no par value in the Company at the net asset value per share on such terms as they may think fit. There are no rights of pre-emption upon the issue of shares in the Company.
Each of the shares entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Fund in respect of which they are issued, save in the case of dividends declared prior to becoming a shareholder.
The proceeds from the issue of shares shall be applied in the books of the Company to the relevant Fund and shall be used in the acquisition on behalf of the relevant Fund of assets in which the Fund may invest. The records and accounts of each Fund shall be maintained separately.
Each of the shares entitles the holder to attend and vote at meetings of the Company and of the Fund represented by those shares.
Any resolution to alter the rights of the shares requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting duly convened in accordance with the constitution of the Company.
The constitution of the Company empower the Directors to issue fractional shares in the Company. Fractional shares may be issued to the nearest one thousandth of a share and shall not carry any voting rights at general meetings of the Company or of any Fund and the net asset value of any fractional share shall be the net asset value per share adjusted in proportion to the fraction.
As at 30 June 2020 and 30 June 2019, details of active share classes are disclosed in the Statement of Financial Position.
- Distributions to Holders of Redeemable Participating SharesDistributing share classes available per Prospectus are outlined below. Each Fund supplement indicates which share classes are currently available. | La Sociedad se constituyó con un capital social inicial de 2 € y está representada por 2 acciones suscritas sin valor nominal. Los accionistas de las acciones constitutivas tienen derecho de asistencia y voto en todas las juntas de la Sociedad, pero no tienen derecho a participar en los dividendos o en los activos netos de ningún Fondo ni de la Sociedad.
Acciones de participación reembolsables
El capital accionario de la Sociedad deberá ser, en todo momento, igual al valor liquidativo. Los Consejeros están facultados con carácter general e incondicional para ejercer todas las facultades de la Sociedad de emisión de acciones de la Sociedad de conformidad con la Ley de Sociedades de 2014, y pueden emitir un número máximo de 500 000 millones de acciones sin valor nominal de la Sociedad a un valor liquidativo por acción de acuerdo con aquellos términos que consideren adecuados. No existen derechos de preferencia sobre la emisión de acciones de la Sociedad.
Cada una de las acciones faculta al accionista a participar en forma equitativa y proporcional en los dividendos y activos netos del Fondo respecto del cual se emitieron las acciones, salvo en el caso de los dividendos declarados antes de convertirse en accionista.
El producto de la emisión de acciones se aplicará al Fondo correspondiente en los libros de la Sociedad y se usará para la adquisición, en representación del Fondo corre spondiente, de activos en los cuales el Fondo pueda invertir. Los registros y los estados contables de cada Fondo se mantendrán por separado.
Todas y cada una de las acciones otorgarán al titular un derecho de asistencia y voto en las juntas de la Sociedad y del Fondo representado por dichas acciones.
Todo acuerdo para modificar los derechos de las acciones requerirá de la aprobación de las tres cuartas partes de los titulares de las acciones presentes o representadas y que la votación se lleve a cabo en una junta general debidamente convocada de conformidad con lo dispuesto en el documento de constitución de la Sociedad.
El documento de constitución de la Sociedad faculta a los Consejeros para emitir acciones fraccionadas de la Sociedad. Las acciones fraccionadas podrán ser emitidas hasta la milésima parte más próxima de una acción y no otorgarán derechos de voto en las juntas generales de la Sociedad o de cualquier Fondo y el valor liquidativo de toda acción fraccionada será el valor liquidativo por acción ajustado en proporción a la fracción.
A 30 de junio de 2020 y 30 de junio de 2019, los detalles de las clases de acciones activas se muestran en el Estado de situación financiera.
- Distribuciones a titulares de acciones participativas reembolsablesA continuación de describen las clases de acciones de distribución disponibles según el Folleto. El suplemento de cada Fondo indica qué clases de acciones están disponibles actualmente. | The Company was incorporated with an initial share capital of €2 and represented by 2 subscriber shares of no par value. Shareholders of the subscriber shares are entitled to attend and vote at all meetings of the Company, but do not entitle the holder to participate in the dividends or net assets of any Fund or the Company.
Redeemable Participating Shares
The share capital of the Company shall at all times equal the net asset value. The Directors are generally and unconditionally authorised to exercise all the powers of the Company to issue shares in the Company pursuant to the Companies Act 2014 and are empowered to issue up to five hundred billion shares of no par value in the Company at the net asset value per share on such terms as they may think fit. There are no rights of pre-emption upon the issue of shares in the Company.
Each of the shares entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Fund in respect of which they are issued, save in the case of dividends declared prior to becoming a shareholder.
The proceeds from the issue of shares shall be applied in the books of the Company to the relevant Fund and shall be used in the acquisition on behalf of the relevant Fund of assets in which the Fund may invest. The records and accounts of each Fund shall be maintained separately.
Each of the shares entitles the holder to attend and vote at meetings of the Company and of the Fund represented by those shares.
Any resolution to alter the rights of the shares requires the approval of three quarters of the holders of the shares represented or present and voting at a general meeting duly convened in accordance with the constitution of the Company.
The constitution of the Company empower the Directors to issue fractional shares in the Company. Fractional shares may be issued to the nearest one thousandth of a share and shall not carry any voting rights at general meetings of the Company or of any Fund and the net asset value of any fractional share shall be the net asset value per share adjusted in proportion to the fraction.
As at 30 June 2020 and 30 June 2019, details of active share classes are disclosed in the Statement of Financial Position.
- Distributions to Holders of Redeemable Participating SharesDistributing share classes available per Prospectus are outlined below. Each Fund supplement indicates which share classes are currently available. | en | es |
DOLFIN2068 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund is invested primarily in funds managed by CARMIGNAC. However, the fund may invest in external funds if the desired allocation cannot be achieved exclusively through investment in funds managed by CARMIGNAC. The portfolio manager will favour fund units authorised for sale in France.
Investment in units or shares of investment funds and the allocation between the different asset classes shall depend on market conditions and portfolio diversification opportunities, and shall be determined on a discretionary basis by the management company, which will use a quantitative tool to strike the right balance between the risk attached to each investment and the expected return. Subject to the regulatory investment limits, investments in funds shall account for between 50% and 100% of the net assets.
As the fund is managed on an active, flexible basis, its asset allocation may differ substantially from that of its reference indicator. As such, the portfolio manager dynamically manages exposure to the different markets and eligible asset classes, based on expectations of changes in risk/return ratios. The investment policy takes into account the principle of risk spreading by means of the diversification of investments. | El fondo invierte principalmente en IIC gestionadas por CARMIGNAC. Sin embargo, el fondo podrá invertir en IIC externas cuando la asignación deseada no pueda lograrse exclusivamente a través de IIC gestionadas por CARMIGNAC. El gestor privilegia las participaciones de las IIC autorizadas para su comercialización en Francia.
La inversión en participaciones o acciones de IIC y la distribución entre los diferentes activos dependerán de las condiciones del mercado y de las oportunidades de diversificación de la cartera, y serán determinadas por la sociedad gestora de forma discrecional, con la ayuda de una herramienta cuantitativa con el fin de hallar un adecuado equilibrio entre el riesgo vinculado a cada inversión y la rentabilidad prevista. A reserva de los límites máximos reglamentarios, el nivel de inversión en IIC será del 50% al 100% del patrimonio neto.
La gestión del fondo es activa y flexible, por lo que la asignación de activos podrá diferir considerablemente de la asignación constituida por su indicador de referencia. En efecto, el gestor lleva a cabo una gestión dinámica de la exposición a los diferentes mercados y clases de activos elegibles en función de sus previsiones sobre la evolución de los perfiles de rentabilidad/riesgo de dichos mercados y clases de activos. La política de gestión tiene en cuenta la distribución de los riesgos a través de la diversificación de las inversiones. | The Fund is invested primarily in funds managed by CARMIGNAC. However, the fund may invest in external funds if the desired allocation cannot be achieved exclusively through investment in funds managed by CARMIGNAC. The portfolio manager will favour fund units authorised for sale in France.
Investment in units or shares of investment funds and the allocation between the different asset classes shall depend on market conditions and portfolio diversification opportunities, and shall be determined on a discretionary basis by the management company, which will use a quantitative tool to strike the right balance between the risk attached to each investment and the expected return. Subject to the regulatory investment limits, investments in funds shall account for between 50% and 100% of the net assets.
As the fund is managed on an active, flexible basis, its asset allocation may differ substantially from that of its reference indicator. As such, the portfolio manager dynamically manages exposure to the different markets and eligible asset classes, based on expectations of changes in risk/return ratios. The investment policy takes into account the principle of risk spreading by means of the diversification of investments. | en | es |
DOLFIN2070 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The benchmark index of the Sub-Fund serves only for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund’s investment strategy consists in constructing a portfolio that represents the Investment Manager’s expectations on all bond markets and currencies from emerging countries. Geographic diversification includes the countries of Latin America, Africa, the Middle East, Asia, and Central and Eastern Europe.
The objective of the Sub-Fund is to invest in bonds and Money Market Instruments, for minimum 80% and up to 110% of its net assets. At least 60% of the Sub-Fund’s net assets are permanently invested in emerging debt markets.
The Sub-Fund may invest directly, for exposure or hedging purposes, in currencies. This exposure to currencies of Emerging Countries forms an integral part of the Sub-Fund’s strategy, and the currency risk may account for 100% of its net assets.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. The Sub-Fund will not invest directly in equities. The Sub-Fund’s Modified Duration to interest rates will fluctuate between 0 and 15. | ## El índice de referencia del Subfondo solo sirve para fines de comparación. El Subfondo se gestiona de forma activa.
Política de inversión: La estrategia de inversión del Subfondo consiste en construir una cartera representativa de las expectativas del Gestor de inversiones sobre todos los mercados de renta fija y divisas de los países emergentes. La diversificación geográfica comprende los países de Latinoamérica, África, Oriente Medio, Asia y Europa Central y del Este.
El objetivo del Subfondo es invertir en bonos e Instrumentos del mercado monetario, entre un mínimo del 80% y un máximo del 110% de su patrimonio neto. Al menos el 60% del patrimonio neto del Subfondo se invierte de forma permanente en los mercados emergentes de deuda.
El Subfondo podrá invertir directamente en divisas, con fines de exposición o de cobertura. Esta exposición a las divisas de los Países emergentes es parte integrante de la estrategia del Subfondo, y el riesgo cambiario podrá representar hasta el 100% de su patrimonio neto.
Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. El Subfondo no invertirá directamente en valores de renta variable. La Duración modificada del Subfondo a los tipos de interés oscilará entre 0 y 15. | ## The benchmark index of the Sub-Fund serves only for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund’s investment strategy consists in constructing a portfolio that represents the Investment Manager’s expectations on all bond markets and currencies from emerging countries. Geographic diversification includes the countries of Latin America, Africa, the Middle East, Asia, and Central and Eastern Europe.
The objective of the Sub-Fund is to invest in bonds and Money Market Instruments, for minimum 80% and up to 110% of its net assets. At least 60% of the Sub-Fund’s net assets are permanently invested in emerging debt markets.
The Sub-Fund may invest directly, for exposure or hedging purposes, in currencies. This exposure to currencies of Emerging Countries forms an integral part of the Sub-Fund’s strategy, and the currency risk may account for 100% of its net assets.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. The Sub-Fund will not invest directly in equities. The Sub-Fund’s Modified Duration to interest rates will fluctuate between 0 and 15. | en | es |
DOLFIN2071 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
The FED and its members continued with its rhetoric that it was committed to restoring price stability via further rate hikes. The benchmark JP Morgan Hard Currency Sovereign Index posted a return of +0.15%, while the JP Morgan Hard Currency Corporate Index returned -2.05%. Outflows from the asset class continued at a moderate and consistent pace during the month and currently stand at -$82.9 billion YTD.
OPEC+ formally agreed to a 2mb/d reduction in quotas from November. And there was talk that the US and Venezuela were in talks for a deal to loosen sanctions on oil.
In CEEMEA, central banks surprised across the board with Poland unexpectedly leaving rates unchanged despite a high inflation print. Romania hiked 75bpos which was more than was anticipated by the market and Turkey delivered its third straight cut, reducing rates by 150bps to 10.5% which was more than the market had expected and went on to suggest they would cut by a the same in November. The Egypt central bank hiked rates by 200bps to 13.25% and announced it had made a staff level agreement with the IMF. Rating agencies were active in the region too, with Moody’s downgrading Ghana to Caa2 and placing it on review for a downgrade. While it downgraded Nigeria to B3 from B2 and places it on review for a downgrade and revised Angola’s outlook to positive. S&P downgraded Turkey to B and affirmed Armenia at B+ and Oman at BB-. Fitch affirmed Romania and Czechoslovakia and revised Azerbaijan to positive.
In Latin American the key event was the Brazilian Presidential election which saw no outright winner in the first-round end and Luiz Inácio Lula da Silva (Lula) win the Presidency in the second round in a very tightly fought race with 50.9% of the vote. Central banks continued their hiking cycles with Colombia hiking rates 100bps to 11%, Chile raised rates by 50bps to 11.25% and called the end of their hiking cycle. And Peru raised rates 25bps to 7% as the market anticipated. Fitch revised Peru’s outlook to negative from stable while S&P affirmed Peru at BBB and Chile at A both with a stable outlook. Fitch downgraded Argentina to CCC- from CCC. Finally, the IMF agreed a staff level agreement with Costa Rica.
In Asia, Central banks continued raising rates with the Bank of Korea hiking 50bps to 3% and Indonesia raising rates by the same amount to 4.75%, both were as expected by the market. The Chinese finally released there Q3 GDP data which was at thew high end of expectations and the National party congress re-instated President Xi as leader and made some personnel changes consolidating his power further.
The fund outperformed relative to its benchmark in October. The FED maintained its hawkish communication with regards to tackling rising inflation. The fund wasn’t very active during the month and liquidity remains challenging in these volatile markets. The fund did however buy some local Hungarian bonds which offered a very attractive yield versus its hard currency counterpart. The Fund also took off its long protection on the overall market via CDX EM as well as adding long end duration via 30year Treasury futures. Finally, cash levels have been raised and stand higher than average with the bias to increase further than reduce dependant on data and FED commentary next month.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
La Fed y sus miembros continuaron con su discurso de que estaban comprometidos con el restablecimiento de la estabilidad de los precios mediante nuevas subidas de tipos.
El índice de referencia JP Morgan Hard Currency Sovereign registró una rentabilidad del +0,15 % y el índice JP Morgan Hard Currency Corporate rindió un -2,05 %. Las salidas de capitales de esta clase de activos continuaron a un ritmo moderado y constante durante el mes y se sitúan ahora en -82 900 millones de dólares en lo que va de año.
La OPEP+ acordó formalmente una reducción de 2 millones de barriles diarios en las cuotas a partir de noviembre. Además, se habló de que Estados Unidos y Venezuela estaban en conversaciones para llegar a un acuerdo para reducir las sanciones sobre el petróleo.
En la región CEEMEA, los bancos centrales sorprendieron de forma generalizada y Polonia dejó inesperadamente los tipos sin cambios a pesar de una elevada inflación. Rumanía subió los tipos 75 pb, más de lo previsto por el mercado, y Turquía realizó su tercera rebaja consecutiva, reduciendo los tipos 150 pb hasta el 10,5 %, un nivel superior a lo previsto por el mercado, y sugirió que haría otro recorte igual en noviembre. El banco central de Egipto subió los tipos 200 pb hasta el 13,25 % y anunció que había alcanzado un acuerdo a nivel técnico con el FMI. Las agencias de calificación también estuvieron activas en la región: Moody’s rebajó la calificación de Ghana a Caa2 y puso al país en revisión con perspectiva negativa. Por otra parte, rebajó la calificación de Nigeria de B2 a B3 y puso al país en revisión con perspectiva negativa y revisó la perspectiva de Angola a positiva. S&P rebajó la calificación de Turquía a B y confirmó la de Armenia en B+ y la de Omán en BB-. Fitch confirmó la calificación de Rumanía y Checoslovaquia y revisó la de Azerbaiyán a positiva.
En Latinoamérica, el principal acontecimiento fueron las elecciones presidenciales brasileñas en las que no hubo un ganador absoluto en la primera vuelta y Luiz Inácio Lula da Silva (Lula) ganó la presidencia en la segunda vuelta en una contienda muy reñida con el 50,9 % de los votos. Los bancos centrales continuaron con sus ciclos de subidas de tipos: Colombia subió los tipos 100 pb hasta el 11 %, Chile subió los tipos 50 pb hasta el 11,25 % y puso fin a su ciclo de subidas. Por otra parte, Perú subió los tipos 25 pb hasta el 7 % tal como preveía el mercado. Fitch revisó la perspectiva de Perú de estable a negativa, mientras que S&P confirmó a Perú en BBB y a Chile en A, ambos con perspectiva estable. Fitch rebajó la calificación de Argentina de CCC a CCC-. Por último, el FMI acordó un acuerdo a nivel técnico con Costa Rica.
En Asia, los bancos centrales siguieron subiendo tipos: el Banco de Corea subió 50 pb hasta el 3 % e Indonesia subió los tipos en la misma proporción, hasta el 4,75 %, como esperaba el mercado. China publicó finalmente los datos del PIB del tercer trimestre, que se situaron en el extremo superior de las expectativas, y el Congreso Nacional del Partido Comunista reafirmó al presidente Xi como líder e hizo algunos cambios de personal para consolidar aún más su poder.
El fondo obtuvo una rentabilidad superior frente a la de su índice de referencia en octubre. La Fed mantuvo su tono duro con respecto a la lucha contra el aumento de la inflación. El fondo no se mostró muy activo durante el mes y la liquidez sigue siendo compleja en estos mercados volátiles. Sin embargo, el fondo compró algunos bonos húngaros locales, que ofrecían un rendimiento muy atractivo frente a sus homólogos en moneda fuerte. El fondo también se desprendió de su protección larga en el mercado general por medio del CDX EM, así como añadiendo duración en el extremo largo a través de futuros sobre bonos del Tesoro a 30 años. Por último, los niveles de efectivo se han incrementado y se mantienen en niveles superiores a la media, con el sesgo de aumentar más que reducir la dependencia de los datos y los comentarios de la Fed el próximo mes.
Fuente(s) : AXA Investment Managers a 31/10/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
The FED and its members continued with its rhetoric that it was committed to restoring price stability via further rate hikes. The benchmark JP Morgan Hard Currency Sovereign Index posted a return of +0.15%, while the JP Morgan Hard Currency Corporate Index returned -2.05%. Outflows from the asset class continued at a moderate and consistent pace during the month and currently stand at -$82.9 billion YTD.
OPEC+ formally agreed to a 2mb/d reduction in quotas from November. And there was talk that the US and Venezuela were in talks for a deal to loosen sanctions on oil.
In CEEMEA, central banks surprised across the board with Poland unexpectedly leaving rates unchanged despite a high inflation print. Romania hiked 75bpos which was more than was anticipated by the market and Turkey delivered its third straight cut, reducing rates by 150bps to 10.5% which was more than the market had expected and went on to suggest they would cut by a the same in November. The Egypt central bank hiked rates by 200bps to 13.25% and announced it had made a staff level agreement with the IMF. Rating agencies were active in the region too, with Moody’s downgrading Ghana to Caa2 and placing it on review for a downgrade. While it downgraded Nigeria to B3 from B2 and places it on review for a downgrade and revised Angola’s outlook to positive. S&P downgraded Turkey to B and affirmed Armenia at B+ and Oman at BB-. Fitch affirmed Romania and Czechoslovakia and revised Azerbaijan to positive.
In Latin American the key event was the Brazilian Presidential election which saw no outright winner in the first-round end and Luiz Inácio Lula da Silva (Lula) win the Presidency in the second round in a very tightly fought race with 50.9% of the vote. Central banks continued their hiking cycles with Colombia hiking rates 100bps to 11%, Chile raised rates by 50bps to 11.25% and called the end of their hiking cycle. And Peru raised rates 25bps to 7% as the market anticipated. Fitch revised Peru’s outlook to negative from stable while S&P affirmed Peru at BBB and Chile at A both with a stable outlook. Fitch downgraded Argentina to CCC- from CCC. Finally, the IMF agreed a staff level agreement with Costa Rica.
In Asia, Central banks continued raising rates with the Bank of Korea hiking 50bps to 3% and Indonesia raising rates by the same amount to 4.75%, both were as expected by the market. The Chinese finally released there Q3 GDP data which was at thew high end of expectations and the National party congress re-instated President Xi as leader and made some personnel changes consolidating his power further.
The fund outperformed relative to its benchmark in October. The FED maintained its hawkish communication with regards to tackling rising inflation. The fund wasn’t very active during the month and liquidity remains challenging in these volatile markets. The fund did however buy some local Hungarian bonds which offered a very attractive yield versus its hard currency counterpart. The Fund also took off its long protection on the overall market via CDX EM as well as adding long end duration via 30year Treasury futures. Finally, cash levels have been raised and stand higher than average with the bias to increase further than reduce dependant on data and FED commentary next month.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN2072 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
CONTENTS
- CHARACTERISTICS OF THE UCI 3
- CHANGES AFFECTING THE UCI 11
- MANAGEMENT REPORT 12
- REGULATORY INFORMATION 19
- CERTIFICATION BY THE STATUTORY AUDITOR 35
- ANNUAL FINANCIAL STATEMENTS 40
- CHARACTERISTICS OF THE UCI
-
### LEGAL FORM | ÍNDICE
- CARACTERÍSTICAS DE LA IIC 3
- CAMBIOS RELATIVOS A LA IIC 11
- INFORME DE GESTIÓN 12
- INFORMACIÓN REGLAMENTARIA 19
- CERTIFICACIÓN DEL AUDITOR 35
- CUENTAS DEL EJERCICIO 40
- CARACTERÍSTICAS DE LA IIC
-
### FORMA JURÍDICA | CONTENTS
- CHARACTERISTICS OF THE UCI 3
- CHANGES AFFECTING THE UCI 11
- MANAGEMENT REPORT 12
- REGULATORY INFORMATION 19
- CERTIFICATION BY THE STATUTORY AUDITOR 35
- ANNUAL FINANCIAL STATEMENTS 40
- CHARACTERISTICS OF THE UCI
-
### LEGAL FORM | en | es |
DOLFIN2073 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark.
The Sub-Fund’s objective is to offer investors long-term return by primarily investing in transferable securities which are debt in nature and other instruments issued by sovereign and corporate entities, including also investing in financial derivative instruments and currencies. More precisely, the Sub-Fund mainly invests in securities whose issuers have their registered office or are part of a group carrying out its primary economic activity in Latin America.
The Investment Manager primarily invests, without any restriction on the
rating, in debt securities denominated in USD and may allocate up to 15% of the Sub-Fund’s net assets in securities denominated in local currencies of Latin American countries. | ### Objetivos y política de inversión
El subfondo se gestiona de forma activa. El subfondo no se gestiona con referencia a un índice.
El objetivo del subfondo es ofrecer a los inversores rentabilidad a largo plazo invirtiendo principalmente en valores mobiliarios con carácter de deuda y otros instrumentos emitidos por entidades soberanas y corporativas, lo que también incluye invertir en instrumentos financieros derivados y divisas. Más en concreto, el subfondo invierte principalmente en títulos cuyos organismos emisores tengan su domicilio social en Latinoamérica o formen parte de un grupo cuya actividad económica primordial se desarrolle en la región.
El gestor de inversiones invierte principalmente, sin ninguna restricción en la calificación crediticia, en títulos de deuda denominados en USD y puede asignar hasta un 15% del patrimonio neto del subfondo a valores denominados en divisas locales de países latinoamericanos. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark.
The Sub-Fund’s objective is to offer investors long-term return by primarily investing in transferable securities which are debt in nature and other instruments issued by sovereign and corporate entities, including also investing in financial derivative instruments and currencies. More precisely, the Sub-Fund mainly invests in securities whose issuers have their registered office or are part of a group carrying out its primary economic activity in Latin America.
The Investment Manager primarily invests, without any restriction on the
rating, in debt securities denominated in USD and may allocate up to 15% of the Sub-Fund’s net assets in securities denominated in local currencies of Latin American countries. | en | es |
DOLFIN2074 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Report of the Depositary to the Shareholders
We have enquired into the conduct of Neuberger Berman Investment Funds plc (the “Company”) for the year ended 31 December 2021, in our capacity as Depositary to the Company.
This report including the opinion has been prepared for and solely for the Shareholders in the Company as a body, in accordance with Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (the ‘UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
#### Responsibilities of the Depositary
Our duties and responsibilities are outlined in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders.
Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
#### Basis of Depositary Opinion
The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.
#### Opinion
In our opinion, the Company has been managed during the year, in all material respects:
- in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and
- otherwise in accordance with the provisions of the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank UCITS Regulations.
Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street
Dublin 2 Ireland
Date:
19 April 2022
54 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Informe del Depositario a los Accionistas
Hemos investigado la gestión de Neuberger Berman Investment Funds plc (la “Sociedad”) durante el ejercicio finalizado a 31 de diciembre de 2021 en nuestra calidad de Depositario de esta.
Este informe, incluido nuestro dictamen, se ha elaborado única y exclusivamente para los Accionistas de la Sociedad como órgano, de conformidad con lo dispuesto en la Parte 5 del reglamento irlandés denominado European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, de 2011 (en su versión modificada) (el “Reglamento sobre OICVM”) y para ninguna otra finalidad. Al emitir nuestro dictamen, no aceptamos ni asumimos responsabilidad alguna para ningún otro fin ni ante ninguna otra persona a quien se muestre el presente informe.
#### Responsabilidades del Depositario
Nuestras obligaciones y responsabilidades se detallan en la Parte 5 del Reglamento sobre OICVM. Una de dichas obligaciones es investigar la gestión de la Sociedad en cada ejercicio contable e informar a los Accionistas al respecto.
Nuestro informe debe indicar si, en nuestra opinión, la Sociedad se ha gestionado durante dicho período de conformidad con las disposiciones de la Escritura de constitución y los Estatutos de la Sociedad, así como con arreglo al Reglamento sobre OICVM. La Sociedad es la máxima responsable del cumplimiento de dichas disposiciones. En caso de que no se hayan cumplido, debemos informar de la situación en nuestra calidad de Depositario, indicando qué incumplimientos se han producido y qué medidas hemos tomado para subsanarlos.
#### Fundamento del dictamen del Depositario
El Depositario lleva a cabo los análisis que considera razonablemente necesarios para cumplir sus obligaciones previstas en la Parte 5 del Reglamento sobre OICVM, así como para asegurar que la Sociedad se ha gestionado, en todos los aspectos importantes, (i) de conformidad con las limitaciones que sobre sus facultades de inversión y endeudamiento establecen las estipulaciones de sus documentos constitutivos y los reglamentos pertinentes y (ii) en todo lo demás, de conformidad con los documentos constitutivos de la Sociedad y los reglamentos pertinentes.
#### Dictamen
A nuestro juicio, la Sociedad se ha gestionado durante el ejercicio, en todos los aspectos sustanciales:
- dentro de los límites impuestos a las facultades de inversión y endeudamiento de la Sociedad por la Escritura de constitución y Estatutos de la Sociedad y por el Reglamento sobre OICVM y el reglamento denominado Central Bank (Supervision and Enforcement) Act 2013 (section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (el “Reglamento sobre OICVM del Banco Central”); y
- ateniéndose en todo lo demás a las disposiciones de la Escritura de constitución y los Estatutos, el Reglamento sobre OICVM y el Reglamento sobre OICVM del Banco Central.
Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street
Dublín 2 Irlanda
Fecha:
19 de abril de 2022
54 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Report of the Depositary to the Shareholders
We have enquired into the conduct of Neuberger Berman Investment Funds plc (the “Company”) for the year ended 31 December 2021, in our capacity as Depositary to the Company.
This report including the opinion has been prepared for and solely for the Shareholders in the Company as a body, in accordance with Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (the ‘UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
#### Responsibilities of the Depositary
Our duties and responsibilities are outlined in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders.
Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
#### Basis of Depositary Opinion
The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.
#### Opinion
In our opinion, the Company has been managed during the year, in all material respects:
- in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and
- otherwise in accordance with the provisions of the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank UCITS Regulations.
Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street
Dublin 2 Ireland
Date:
19 April 2022
54 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN2080 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI Emerging SRI S-Series PAB 5% Capped (NTR) index (Bloomberg: M7CXESC index) (“the Index”) by investing in a substitute basket, composed of, inter alia, shares of companies, debt securities or cash (synthetic replication). When investing in a basket of securities called substitute basket, the performance is swapped with the performance of the index, generating counterparty risk.
When investing in a sample of shares, the Fund’s tracking error may be higher.
The Index is composed of emerging markets companies selected on the basis of a minimum Environmental, Social and Corporate Governance (ESG) criteria (environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels. It implements a cap that limits a company’s maximum weight within the Index to 5% on each rebalancing date. In addition, the Index aims to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach used here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best ESG practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialised partners). The extra financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | # Objetivos
El Fondo es un fondo indexado que se gestiona de forma pasiva.
El Fondo pretende reproducir (con un error de seguimiento* máximo del 1el rendimiento del MSCI Emerging SRI S-Series PAB 5% Capped (NTR) Index (Bloomberg: M7CXESC Index) (el «Índice»), mediante la inversión en una cesta de reemplazo compuesta, entre otros títulos, por acciones de sociedades, valores de deuda o efectivo (reproducción sintética). Al invertir en una cesta de valores denominada cesta de reemplazo, el rendimiento se intercambia con el rendimiento del Índice, lo que genera riesgo de contraparte.
Cuando se invierte en una muestra de acciones, el error de seguimiento del Fondo puede ser mayor.
El Índice se compone de empresas de mercados emergentes seleccionadas conforme a unos criterios ambientales, sociales y de gobernanza (ESG) mínimos (oportunidades medioambientales, contaminación y residuos, capital humano o gobernanza empresarial, entre otros), y en función de las medidas que se adoptan para reducir la exposición al carbón y los combustibles fósiles no convencionales. Implementa un umbral que limita la ponderación máxima de una empresa en el Índice al 5en cada fecha de reequilibrio. Asimismo, el Índice trata de cumplir con los objetivos del índice de referencia armonizado con el Acuerdo de París (PAB, por sus siglas en inglés) de reducir las emisiones de carbono en al menos un 50con respecto al universo de inversión inicial y lograr un objetivo adicional de descarbonización del 7anual. En consecuencia, quedan excluidas del Índice las empresas que participan en sectores cuyas actividades tienen un impacto negativo y potencialmente alto en términos ESG, aquellas que cometen graves infracciones de los principios del Pacto Mundial de las Naciones Unidas y aquellas involucradas en controversias graves relacionadas con los factores ESG.
El tipo de enfoque utilizado es el «Mejor de su clase» (el enfoque «Mejor de su clase» identifica a los líderes de cada sector en función de las mejores prácticas de ESG, al tiempo que evita aquellos que presentan altos niveles de riesgo y no cumplen con los estándares mínimos de ESG, según el criterio del administrador del índice y sus socios especializados). La estrategia extrafinanciera del Índice, que se lleva a cabo en cada fase del proceso de inversión, puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice.
Encontrará más información acerca del Índice, su composición, cálculo y las normas para la supervisión y el reequilibrio periódicos, así como sobre la metodología general que sustenta los índices MSCI en www.msci.com.
*error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Se puede distribuir un dividendo.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. | # Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the MSCI Emerging SRI S-Series PAB 5% Capped (NTR) index (Bloomberg: M7CXESC index) (“the Index”) by investing in a substitute basket, composed of, inter alia, shares of companies, debt securities or cash (synthetic replication). When investing in a basket of securities called substitute basket, the performance is swapped with the performance of the index, generating counterparty risk.
When investing in a sample of shares, the Fund’s tracking error may be higher.
The Index is composed of emerging markets companies selected on the basis of a minimum Environmental, Social and Corporate Governance (ESG) criteria (environmental opportunity, pollution and waste, human capital, corporate governance, etc.) and based on their efforts to reduce their exposure to coal and unconventional fossil fuels. It implements a cap that limits a company’s maximum weight within the Index to 5% on each rebalancing date. In addition, the Index aims to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, companies involved in sectors with a potentially high negative ESG impact, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index.
The type of approach used here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best ESG practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialised partners). The extra financial strategy of the Index, carried out at each step of the investment process, may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing.
Further information on the Index, its composition, calculation and rules for periodical review and rebalancing and on the general methodology behind the MSCI indices can be found on www.msci.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | en | es |
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