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DOLFIN2093 | 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 Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 31/03/2014-31/03/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 11,512
15.1%
EUR 25,488
14.3% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) entre 31/03/2014-31/03/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 512 EUR
15,1%
25 488 EUR
14,3% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 31/03/2014-31/03/2021.
Moderate scenario
What you might get back after costs
Average return each year
EUR 11,512
15.1%
EUR 25,488
14.3% | en | es |
DOLFIN2094 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | Class I Shares 1.20%* Class IX Shares 1.20%* |
| Charges taken from the Fund under certain specific conditions | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión y antes de abonar el producto de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | Acciones de Clase I 1,20 %* Acciones de Clase IX 1,20 %* |
| Gastos detraídos del Fondo en determinadas condiciones específicas | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | Class I Shares 1.20%* Class IX Shares 1.20%* |
| Charges taken from the Fund under certain specific conditions | | en | es |
DOLFIN2096 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Total costs | $570 | $1,900 |
| Impact on return (RIY) per year | 6.0% | 3.3% | | | Se invierten 10.000 USD | En caso de salida después de 1 año En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- |
| Costes totales | 570 USD | 1.900 USD |
| Impacto en el rendimiento por año | 6,0% | 3,3% | | | Investment USD 10,000 | If you exit after 1 year If you exit after 5 years (recommended holding period) |
| --- | --- |
| Total costs | $570 | $1,900 |
| Impact on return (RIY) per year | 6.0% | 3.3% | | en | es |
DOLFIN2097 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges.
The charges are used to pay the costs of running the fund, including the costs of distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest | % |
| --- | --- |
| Entry charge | N/A |
| Exit charge | N/A |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out | |
| Charges taken from the fund over a year | % |
| Ongoing charges | 0.66 |
| Charges taken from the fund under certain specific conditions | % |
| Performance fee | N/A |
The fund does not charge entry and exit fees. However, financial advisers or distributors may do so. You can obtain the actual entry and exit fees from your financial adviser or distributor.
The ongoing charges figure is based on expenses for the year ending 31 December 2021. This figure may vary from year to year.
The fund does not charge a performance fee.
For more information about charges, please see the relevant page(s) of the fund’s prospectus, which is available on www.triodos-im.com.
Past performance.
Triodos Impact Mixed Fund I-cap - Neutral Benchmark
16
12
8
4
0
-4
| 7.6% | 12.8% | 6.6% | 0.3% | 3.7% | -0.9% | 12.9% | 5.0% | 5.5% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9.7% | 14.1% | 4.7% | 6.4% | 3.3% | -1.4% | 15.8% | 5.6% | 13.1% |
2013*
2014*
2015*
2016*
2017*
2018*
2019
2020
2021
Currency: EUR
Inception date: 8 March 2012
Past performance is of limited value as a guide to future performance. The ongoing charges are included in the calculation of past performance; excluded are the entry and exit charges.
The fund’s investment policy is not aimed at replicating or outperforming the benchmark.
* This performance was achieved under circumstances that no longer apply. Since 2019, the fund invests in principle 50% of its net assets in shares and 50% in bonds. | # Gastos.
Los gastos están destinados a sufragar los costes de funcionamiento del fondo, incluidos los de distribución. Dichos gastos reducen el potencial de crecimiento de su inversión.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión | % |
| --- | --- |
| Gastos de entrada | N/A |
| Gastos de salida | N/A |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión |
| Gastos detraídos del fondo a lo largo de un año | % |
| Gastos corrientes | 0,66 |
| Gastos detraídos del fondo en determinadas condiciones específicas | % |
| Comisión de rentabilidad | N/A |
El fondo no cobra comisiones de entrada y salida. Sin embargo, los asesores financieros o distribuidores pueden hacerlo. Puede obtener las comisiones reales de entrada y salida de su asesor financiero o distribuidor.
La cifra de gastos corrientes se basa en los gastos del ejercicio finalizado el 31 de diciembre de 2021. Esta cifra puede variar de un año a otro.
El fondo no cobra una comisión de rentabilidad.
Para más información sobre estas comisiones, consulte la(s) página(s) correspondiente(s) del folleto del fondo, que está disponible en www.triodos-im.com.
Rentabilidad histórica.
Triodos Impact Mixed Fund I-cap - Neutral Índice de referencia
16
12
8
4
0
-4
| 7,6% | 12,8% | 6,6% | 0,3% | 3,7% | -0,9% | 12,9% | 5,0% | 5,5% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9,7% | 14,1% | 4,7% | 6,4% | 3,3% | -1,4% | 15,8% | 5,6% | 13,1% |
2013*
2014*
2015*
2016*
2017*
2018*
2019
2020
2021
Divisa: EUR
Fecha de creación: 8 de marzo de 2012
La rentabilidad histórica no es un indicador fiable de rentabilidad futura. Los gastos corrientes están incluidos en el cálculo de la rentabilidad histórica; los gastos de entrada y salida están excluidos.
La política de inversión del fondo no está destinada a replicar o superar el rendimiento de referencia.
* Esta rentabilidad se obtuvo en circunstancias que ya no son aplicables. Desde 2019, el fondo invierte el 50% de sus activos netos en acciones y el 50% en bonos. | # Charges.
The charges are used to pay the costs of running the fund, including the costs of distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest | % |
| --- | --- |
| Entry charge | N/A |
| Exit charge | N/A |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out | |
| Charges taken from the fund over a year | % |
| Ongoing charges | 0.66 |
| Charges taken from the fund under certain specific conditions | % |
| Performance fee | N/A |
The fund does not charge entry and exit fees. However, financial advisers or distributors may do so. You can obtain the actual entry and exit fees from your financial adviser or distributor.
The ongoing charges figure is based on expenses for the year ending 31 December 2021. This figure may vary from year to year.
The fund does not charge a performance fee.
For more information about charges, please see the relevant page(s) of the fund’s prospectus, which is available on www.triodos-im.com.
Past performance.
Triodos Impact Mixed Fund I-cap - Neutral Benchmark
16
12
8
4
0
-4
| 7.6% | 12.8% | 6.6% | 0.3% | 3.7% | -0.9% | 12.9% | 5.0% | 5.5% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 9.7% | 14.1% | 4.7% | 6.4% | 3.3% | -1.4% | 15.8% | 5.6% | 13.1% |
2013*
2014*
2015*
2016*
2017*
2018*
2019
2020
2021
Currency: EUR
Inception date: 8 March 2012
Past performance is of limited value as a guide to future performance. The ongoing charges are included in the calculation of past performance; excluded are the entry and exit charges.
The fund’s investment policy is not aimed at replicating or outperforming the benchmark.
* This performance was achieved under circumstances that no longer apply. Since 2019, the fund invests in principle 50% of its net assets in shares and 50% in bonds. | en | es |
DOLFIN2102 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
The depositary is State Street Custodial Services (Ireland) Limited, Ireland. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com, for full disclosure on the composition of the fund's portfolio and information on the index constituents please refer to this website as well. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal- Resources/dws-remuneration-policy?setLanguage=en. The information will be sent to you in paper form free of charge upon request. The taxation regime applicable to the fund in Ireland may
affect your personal tax situation. Xtrackers (IE) plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the sales prospectus. This fund is a sub-fund of Xtrackers (IE) plc for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub- fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers (IE) plc. This fund is authorised in Ireland and is regulated by the Central Bank of Ireland. DWS Investment
S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 11.02.2022.
The MSCI indices are the exclusive property of MSCI Inc. and its subsidiaries (MSCI) and may not be reproduced or extracted and used for any other purpose without MSCI’s consent. The fund is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to the fund or any index on which such fund is based. The MSCI indices are provided without any warranties of any kind. | # Información práctica
La entidad depositaria es State Street Custodial Services (Ireland) Limited, Irlanda. Pueden solicitarse gratuitamente copias del folleto de venta y los informes periódicos en el idioma de este documento. Estos documentos, así como cualquier otra información (incluidos los últimos precios de las acciones y los valores liquidativos orientativos) pueden consultarse de forma gratuita. Los documentos están disponibles en la página web local de DWS o en www.Xtrackers.com, donde también puede encontrar información completa sobre la composición de la cartera del fondo y los componentes del índice. La información sobre la política de remuneraciones en vigor de la sociedad gestora, incluida una descripción del cálculo de la remuneración y otras prestaciones, se encuentra publicada en la página web https://www.dws.com/footer/Legal-Resources/dws-remuneration- policy?setLanguage=en. Puede solicitar gratuitamente una copia en papel de esta información. El régimen fiscal aplicable al Fondo en Irlanda podría afectar a su situación fiscal personal. Xtrackers
(IE) plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto de venta. Este fondo es un subfondo de Xtrackers (IE) plc, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. Este fondo puede ofrecer varias clases de acciones; para más información, consulte la sección correspondiente del folleto de venta. Usted no está autorizado para canjear sus acciones de este fondo por otros fondos de Xtrackers (IE) plc. Este fondo está autorizado en Irlanda y está regulado por la Central Bank of Ireland. DWS Investment
S.A. está autorizada en Luxemburgo y su regulación corresponde a la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 11.02.2022.
Los índices MSCI son propiedad exclusiva de MSCI Inc. y sus filiales (MSCI) y no está permitida su reproducción ni su extracción y utilización con ningún otro propósito sin el consentimiento de MSCI. El fondo no está patrocinado, avalado ni comercializado por MSCI, y MSCI no se considerará responsable del fondo o de cualquier índice en el que se base el fondo. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Practical information
The depositary is State Street Custodial Services (Ireland) Limited, Ireland. Copies of the prospectus and the periodic reports are available free of charge in the language of this document. The documents as well as other information (including the latest share prices as well as the indicative net asset values) are available free of charge. The documents are available on your local DWS website or at www.Xtrackers.com, for full disclosure on the composition of the fund's portfolio and information on the index constituents please refer to this website as well. Information on the current remuneration policy of the management company, including a description of how remuneration and benefits are calculated is published on the Internet at https://www.dws.com/footer/Legal- Resources/dws-remuneration-policy?setLanguage=en. The information will be sent to you in paper form free of charge upon request. The taxation regime applicable to the fund in Ireland may
affect your personal tax situation. Xtrackers (IE) plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the sales prospectus. This fund is a sub-fund of Xtrackers (IE) plc for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub- fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers (IE) plc. This fund is authorised in Ireland and is regulated by the Central Bank of Ireland. DWS Investment
S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 11.02.2022.
The MSCI indices are the exclusive property of MSCI Inc. and its subsidiaries (MSCI) and may not be reproduced or extracted and used for any other purpose without MSCI’s consent. The fund is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to the fund or any index on which such fund is based. The MSCI indices are provided without any warranties of any kind. | en | es |
DOLFIN2105 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Warning:
Depending on your tax regime, capital gains, unrealised and realised and any income associated with holding units of the UCITS may be subject to taxation. We recommend that you consult with the promoter of the UCITS in this regard. | # Advertencia:
En función de su régimen fiscal, las plusvalías, latentes y realizadas, y las posibles ganancias derivadas de la posesión de participaciones del OICVM pueden estar sujetas a tributación. Le aconsejamos que solicite información al respecto a su comercializador del OICVM. | # Warning:
Depending on your tax regime, capital gains, unrealised and realised and any income associated with holding units of the UCITS may be subject to taxation. We recommend that you consult with the promoter of the UCITS in this regard. | en | es |
DOLFIN2128 | 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 -1.99%.
The fund outperformed the benchmark. The best contributors to performance in December were Prudential, T&D Holdings, AIA Group, Tencent Holdings, Ping An Insurance, ASR, Aegon and BAWAG Group. The biggest detractors were London Stock Exchange, StoneCo, Discover Financial Services and TPG. The Aging Finance trend made the best positive performance contribution, followed by the Emerging Finance trend. The only negative performance contribution was made by the Digital Finance trend. Traditional financial industry groups like banks and insurers relatively performed best, while diversified financials and other industry groups underperformed our benchmark. | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del -1,99%.
El fondo ha obtenido resultados superiores al índice de referencia. En diciembre, las mayores aportaciones a la rentabilidad fueron Prudential, T&D Holdings, AIA Group, Tencent Holdings, Ping An Insurance, ASR, Aegon y BAWAG Group. Los mayores lastres fueron London Stock Exchange, StoneCo, Discover Financial Services y TPG. La tendencia Finanzas del envejecimiento fue la que más rentabilidad aportó, seguida de la tendencia Finanzas emergentes. La tendencia Finanza digital fue la única que restó a la rentabilidad. Grupos de la industria financiera tradicional, como bancos y aseguradoras, registraron una mejor rentabilidad relativa, mientras que los títulos financieros diversificados y otros grupos de la industria no alcanzaron la rentabilidad de nuestra referencia. | # Performance
Based on transaction prices, the fund's return was -1.99%.
The fund outperformed the benchmark. The best contributors to performance in December were Prudential, T&D Holdings, AIA Group, Tencent Holdings, Ping An Insurance, ASR, Aegon and BAWAG Group. The biggest detractors were London Stock Exchange, StoneCo, Discover Financial Services and TPG. The Aging Finance trend made the best positive performance contribution, followed by the Emerging Finance trend. The only negative performance contribution was made by the Digital Finance trend. Traditional financial industry groups like banks and insurers relatively performed best, while diversified financials and other industry groups underperformed our benchmark. | en | es |
DOLFIN2131 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 18/04/2011. This class was launched on 24/06/2015. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 18/04/2011. Esta clase se creó el 24/06/2015.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 18/04/2011. This class was launched on 24/06/2015. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN2133 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at fundlogic.morganstanley.com. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VC42, Ireland. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain. | # ¿Cómo puedo reclamar?
Si tiene alguna reclamación sobre el producto, encontrará los pasos que debe seguir para presentar una reclamación en fundlogic.morganstanley.com. También puede enviar su reclamación por correo electrónico a [email protected] o por correo postal a la sociedad de gestión del Fondo a: MSIM Fund Management (Ireland) Limited, The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VC42, Ireland. Si tiene una reclamación sobre la persona que le ha asesorado sobre este producto o la que se lo ha vendido, esa persona le dirá dónde presentarla. | # How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at fundlogic.morganstanley.com. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VC42, Ireland. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain. | en | es |
DOLFIN2135 | 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 31/08/2006.
The share class of the Fund was launched on 10/06/2011.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 31/08/2006.
La clase de acciones del Fondo se lanzó el 10/06/2011.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/08/2006.
The share class of the Fund was launched on 10/06/2011.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | es |
DOLFIN2141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Liquidation and Dissolution
With the consent of Shareholders, the Company may be liquidated. This will be carried out in accordance with Luxembourg Company law and any monies not claimed will be deposited, pursuant to Article 146 of the Law at the "Caisse de Consignation" in Luxembourg. With the consent of Shareholders, the Company may further be liquidated with the provision that the liquidator will transfer all assets and liabilities of the Company to a UCITS against issue to existing Shareholders of the Company of shares or certificates of such UCITS proportional to their shareholding in the Company.
Liquidation of one Fund or one Class may be approved by the Board of Directors of the Company and/or by a resolution at a separate Fund or Class meeting of Shareholders of the Fund or Class concerned. Any monies not claimed will be deposited with the "Caisse de Consignation" in Luxembourg. One Fund or one Class may be liquidated by contributing into another Fund or Class or into another UCITS. If, after the closure of the liquidation of a Fund or one Class, unexpected payments which relate to that specific Fund or Class are received by the Company and the Board of Directors deems that, in consideration of the amounts concerned or, as the case may be, the time elapsed since the closure of the liquidation, it is not appropriate or operationally justified to revert to former shareholders, these amounts will be retained by the Company. Details with respect to the liquidation and merger procedures can be found in the Articles of Incorporation.
If the net assets of the Company fall below either of the following minima, the Board of Directors of the Company must submit the question of the dissolution of the Company to a general meeting of Shareholders (for which no quorum is prescribed) which must decide by the applicable proportion of the Shares represented at the meeting, as specified below:
- (i) Minimum – two-thirds of the minimum capital (presently €1,250,000)
- Proportion of Shares – simple majority. | # Liquidación y disolución
La Sociedad podrá liquidarse con el consentimiento de los Accionistas. La liquidación se llevará a cabo de conformidad con la Ley de sociedades luxemburguesa y cualquier suma no reclamada se depositará, de acuerdo con el artículo 146 de la Ley, en la «Caisse de Consignation» de Luxemburgo. Con el consentimiento de los Accionistas, la Sociedad podrá además liquidarse con la condición de que el liquidador transfiera todos los activos y pasivos de la Sociedad a un OICVM contra la emisión en favor de los actuales Accionistas de la Sociedad de acciones o certificados de dicho OICVM en proporción a su participación en la Sociedad.
La liquidación de un Fondo o una Clase podrá ser aprobada por el Consejo de administración de la Sociedad o mediante una resolución adoptada en una reunión de Accionistas de un Fondo o Clase independiente. Cualquier suma no reclamada se depositará en la «Caisse de Consignation» de Luxemburgo. Un Fondo o una Clase podrán liquidarse por aportación a otro Fondo o Clase, o a otro OICVM. Si, tras el cierre de la liquidación de un Fondo o una Clase, la Sociedad recibe pagos inesperados relacionados con ese Fondo o Clase concretos y el Consejo de Administración considera que, teniendo en cuenta los importes en cuestión o, si fuera el caso, el tiempo transcurrido desde el cierre de la liquidación, no es apropiado ni está justificado desde el punto de vista operativo su retorno a los antiguos accionistas, estos importes serán retenidos por la Sociedad. Pueden encontrarse más detalles con respecto a los procedimientos de liquidación y fusión en los Estatutos de constitución de la Sociedad.
Si los activos netos de la Sociedad se ven reducidos por debajo de cualquiera de los siguientes límites, el Consejo de administración de la Sociedad deberá plantear la posibilidad de disolver la Sociedad en una junta general de Accionistas (para la cual no hay un quórum establecido), que deberá tomar la decisión con la proporción aplicable de Acciones representadas en la junta, según se detalla a continuación:
- (i) Mínimo: dos tercios del capital mínimo (actualmente, 1 250 000 €)
- Proporción de acciones: mayoría simple. | # Liquidation and Dissolution
With the consent of Shareholders, the Company may be liquidated. This will be carried out in accordance with Luxembourg Company law and any monies not claimed will be deposited, pursuant to Article 146 of the Law at the "Caisse de Consignation" in Luxembourg. With the consent of Shareholders, the Company may further be liquidated with the provision that the liquidator will transfer all assets and liabilities of the Company to a UCITS against issue to existing Shareholders of the Company of shares or certificates of such UCITS proportional to their shareholding in the Company.
Liquidation of one Fund or one Class may be approved by the Board of Directors of the Company and/or by a resolution at a separate Fund or Class meeting of Shareholders of the Fund or Class concerned. Any monies not claimed will be deposited with the "Caisse de Consignation" in Luxembourg. One Fund or one Class may be liquidated by contributing into another Fund or Class or into another UCITS. If, after the closure of the liquidation of a Fund or one Class, unexpected payments which relate to that specific Fund or Class are received by the Company and the Board of Directors deems that, in consideration of the amounts concerned or, as the case may be, the time elapsed since the closure of the liquidation, it is not appropriate or operationally justified to revert to former shareholders, these amounts will be retained by the Company. Details with respect to the liquidation and merger procedures can be found in the Articles of Incorporation.
If the net assets of the Company fall below either of the following minima, the Board of Directors of the Company must submit the question of the dissolution of the Company to a general meeting of Shareholders (for which no quorum is prescribed) which must decide by the applicable proportion of the Shares represented at the meeting, as specified below:
- (i) Minimum – two-thirds of the minimum capital (presently €1,250,000)
- Proportion of Shares – simple majority. | en | es |
DOLFIN2151 | 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 20, 2008.
The reference currency of the Sub-Fund is GBP. Past performance was calculated in GBP.
0.6%
0.4%
0.2%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 20 de octubre de 2008. La moneda de referencia del Subfondo es GBP.
La rentabilidad pasada se calculó en GBP.
0.6%
0.4%
0.2%
0% | ### Launch Date and Currency
Sub-Fund's launch date: October 20, 2008.
The reference currency of the Sub-Fund is GBP. Past performance was calculated in GBP.
0.6%
0.4%
0.2%
0% | en | es |
DOLFIN2181 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The units may be merged or divided.
The Board of Directors of the management company may decide that the units shall be sub-divided into tenths, hundredths, thousandths or ten thousandths, with such subdivisions being referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, whose value shall always be proportionate to that of the units they represent. Unless otherwise provided, all other provisions of the regulations relating to units shall apply to fractions of units without any need to make a specific provision to that end.
Lastly, the Board of Directors of the management company may decide, at its own discretion, to sub-divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | # Existe la posibilidad de reagrupación o división de participaciones.
Si así lo acuerda el Consejo de administración de la sociedad gestora, las participaciones podrán fraccionarse en décimas, centésimas, milésimas o diez milésimas partes, denominadas «fracciones de participación».
Las disposiciones del reglamento relativas a la emisión y el reembolso de participaciones serán de aplicación a las fracciones de participaciones, cuyo valor será siempre proporcional al valor de la participación que representen. Todas las demás disposiciones del reglamento relativas a las participaciones se aplicarán asimismo a las fracciones de participación sin necesidad de especificarlo, salvo que se disponga expresamente lo contrario.
Por último, el Consejo de administración de la sociedad gestora podrá, a su entera discreción, proceder a la división de las participaciones mediante la creación de participaciones nuevas, que serán atribuidas a los partícipes a cambio de las participaciones antiguas. | # The units may be merged or divided.
The Board of Directors of the management company may decide that the units shall be sub-divided into tenths, hundredths, thousandths or ten thousandths, with such subdivisions being referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, whose value shall always be proportionate to that of the units they represent. Unless otherwise provided, all other provisions of the regulations relating to units shall apply to fractions of units without any need to make a specific provision to that end.
Lastly, the Board of Directors of the management company may decide, at its own discretion, to sub-divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | en | es |
DOLFIN2182 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The 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 may act in several roles in relation to the fund such as distributor
basis, which means that amounts equivalent to interest payments on are reinvested in the index. The index is administered by IHS Markit Benchmark Administration Limited and reviewed and rebalanced monthly. To achieve the aim, the fund will attempt to replicate the index 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 financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these assets classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The relevant indices may be affected. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que
reinvierten en el índice las cantidades equivalentes a los pagos de intereses. IHS Markit Benchmark Administration Limited administra el índice y lo revisa y reajusta mensualmente. Para alcanzar el objetivo, el fondo intentará replicar el índice 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 contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es EUR. 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.
puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El índice proporciona una exposición teórica al valor o la rentabilidad de determinados bonos, cuyo valor puede disminuir. Los mercados para estas clases de activos pueden ser en ocasiones volátiles o poco líquidos. Esto significa que, eventualmente, la actividad de negociación ordinaria podría verse interrumpida o no poderse realizar, lo que podría repercutir en los índices correspondientes. Las fluctuaciones de los tipos de interés de la moneda de las acciones, el índice o los demás activos del fondo pueden afectar al valor de su inversión. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo podría invertir en bonos que estén expuestos a riesgos de crédito y de tipo de interés. Por riesgo de crédito se entiende el riesgo de que el emisor de un bono sea incapaz de pagar los intereses o amortizar el principal, lo cual ocasionaría pérdidas en su inversión. Por riesgo de tipo de interés se entiende que, si suben los tipos de interés, normalmente el valor del bono descenderá, lo cual podría a su vez afectar al valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The 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 may act in several roles in relation to the fund such as distributor
basis, which means that amounts equivalent to interest payments on are reinvested in the index. The index is administered by IHS Markit Benchmark Administration Limited and reviewed and rebalanced monthly. To achieve the aim, the fund will attempt to replicate the index 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 financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
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 provides a notional exposure to the value and/or return of certain bonds which may fall. Markets in these assets classes may at times become volatile or illiquid. This means that ordinary trading activity may occasionally be disrupted or impossible. The relevant indices may be affected. Fluctuations in interest rates of the currency of the shares, the index or the other assets of the fund may affect the value of your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN2188 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund seeks to achieve a positive absolute return on your investment through a combination of capital growth and income with a limited correlation to market movements.
The Fund has a flexible approach to asset allocation and will seek to gain exposure across a variety of asset classes. In order to achieve its objective the Fund will invest globally in equity securities (e.g. shares), equity-related (ER) securities, fixed income (FI) securities (e.g. bonds), FI-related securities, money market instruments (MMIs) (e.g. debt instruments with short-term maturities), asset backed securities (ABS) and mortgage-backed securities (MBS) (i.e. financial securities backed by cash flows from debt), deposits, cash and other funds (including exchange traded funds). The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) globally and may include investments with a relatively low credit rating or which are unrated. The Investment Manager (IM) will use a combination of systematic (i.e. rule based) models and discretionary investment techniques. The IM seeks to identify investment opportunities across a global investment universe according to the macroeconomic categories of 'growth' (focusing on assets with attractive exposure to economic growth), ‘inflation’ (focusing on FI securities with attractive real rates of return), ‘policy’ (focusing on countries with monetary policy regimes with a tendency to take steps to stimulate economic growth) and ‘pricing’ (focusing on attractively priced assets globally).
The IM takes into account certain environmental, social and governance (ESG) related characteristics when determining whether an investment is appropriate for the Fund . The IM will do this by seeking to limit and/or exclude direct investment in companies which, in the opinion of the IM, have certain levels of exposure to, or ties with, certain sectors, as detailed in the Fund’s Prospectus. The Fund may have indirect exposure (e.g. through FDIs and other funds) to issuers with exposures that are inconsistent with the IM’s ESG analysis.
The IM may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and may thereby generate market leverage (i.e. market exposure in excess of the value of its assets). A significant proportion of the Fund’s portfolio may consist of FDIs on a daily basis.
The Fund is actively managed. The IM has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000.
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 como objetivo conseguir una rentabilidad absoluta positiva de su inversión a través de una combinación de revalorización del capital e ingresos con una correlación limitada con los movimientos del mercado.
El Fondo aplica un enfoque flexible a la asignación de activos e intentará obtener exposición a través de diversas clases de activos. A fin de lograr su objetivo, el Fondo invertirá en todo el mundo en valores de renta variable (como acciones), valores relacionados con renta variable (RV), valores de renta fija (RF) (como bonos), valores relacionados con RF, instrumentos del mercado monetario (IMM) (como títulos de deuda con vencimientos a corto plazo), valores de titulización de activos (VTA) y valores de titulización de hipotecas (MBS) (es decir, valores financieros respaldados por flujos de efectivo procedentes de deuda), depósitos, efectivo y otros fondos (incluidos los fondos negociados en bolsa). Los valores de RF e IMM podrán ser emitidos por Gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) de todo el mundo, y entre ellos podría haber valores con una calificación de solvencia relativamente baja, o sin calificación. La Gestora de Inversiones (GI) utilizará una combinación de modelos sistemáticos (es decir, basados en reglas) y técnicas de inversión discrecionales. La GI pretende identificar oportunidades de inversión dentro de un universo de inversiones global basándose en las categorías macroeconómicas de «crecimiento» (centrándose en activos con una exposición atractiva al crecimiento económico), «inflación» (centrándose en valores de RF con tipos de rentabilidad real atractivos), «política» (centrándose en países con políticas monetarias que tiendan a estimular el crecimiento económico) y «precios» (centrándose en activos globales que tengan un precio atractivo).
La GI tendrá en cuenta una serie de características medioambientales, sociales y de gobierno corporativo (ESG) a la hora de determinar si una inversión es o no adecuada para el Fondo. La GI intentará limitar y excluir las inversiones directas (según el caso) en empresas que, en opinión de la GI, tengan unos niveles determinados de exposición a ciertos sectores, o vínculos con ellos, tal como se detalla en el Folleto del Fondo. El Fondo puede mantener una exposición indirecta (a través, entre otros, de IFD y otros fondos) a emisores con unas exposiciones inconsistentes con el análisis ESG de la GI.
La GI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para ayudar al Fondo a alcanzar su objetivo de inversión y, por lo tanto, para generar apalancamiento del mercado (es decir, una exposición de mercado superior al valor de sus activos). Una parte sustancial de la cartera del Fondo podrá consistir en IFD a diario.
El Fondo se gestiona de forma activa. La GI tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD.
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 seeks to achieve a positive absolute return on your investment through a combination of capital growth and income with a limited correlation to market movements.
The Fund has a flexible approach to asset allocation and will seek to gain exposure across a variety of asset classes. In order to achieve its objective the Fund will invest globally in equity securities (e.g. shares), equity-related (ER) securities, fixed income (FI) securities (e.g. bonds), FI-related securities, money market instruments (MMIs) (e.g. debt instruments with short-term maturities), asset backed securities (ABS) and mortgage-backed securities (MBS) (i.e. financial securities backed by cash flows from debt), deposits, cash and other funds (including exchange traded funds). The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) globally and may include investments with a relatively low credit rating or which are unrated. The Investment Manager (IM) will use a combination of systematic (i.e. rule based) models and discretionary investment techniques. The IM seeks to identify investment opportunities across a global investment universe according to the macroeconomic categories of 'growth' (focusing on assets with attractive exposure to economic growth), ‘inflation’ (focusing on FI securities with attractive real rates of return), ‘policy’ (focusing on countries with monetary policy regimes with a tendency to take steps to stimulate economic growth) and ‘pricing’ (focusing on attractively priced assets globally).
The IM takes into account certain environmental, social and governance (ESG) related characteristics when determining whether an investment is appropriate for the Fund . The IM will do this by seeking to limit and/or exclude direct investment in companies which, in the opinion of the IM, have certain levels of exposure to, or ties with, certain sectors, as detailed in the Fund’s Prospectus. The Fund may have indirect exposure (e.g. through FDIs and other funds) to issuers with exposures that are inconsistent with the IM’s ESG analysis.
The IM may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and may thereby generate market leverage (i.e. market exposure in excess of the value of its assets). A significant proportion of the Fund’s portfolio may consist of FDIs on a daily basis.
The Fund is actively managed. The IM has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000.
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 |
DOLFIN2190 | 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 | | -4.8 | -0.6 | -4.3 | 0.9 | 6.8 | -1.3 | 5.4 | 9.7 | -7.7 |
| Benchmark † | | -4.0 | -0.5 | -3.6 | 1.6 | 7.5 | -0.8 | 5.9 | 10.1 | -7.0 |
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Index Funds (BGIF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGIF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the Fund’s prospectus, annual and half-yearly reports are prepared for the umbrella.
BGIF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund’s prospectus.
Under Luxembourg law, BGIF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGIF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGIF, subject to meeting certain conditions as set out in the Fund’s prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 01 June 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | -4,8 | -0,6 | -4,3 | 0,9 | 6,8 | -1,3 | 5,4 | 9,7 | -7,7 |
| Índice † | | -4,0 | -0,5 | -3,6 | 1,6 | 7,5 | -0,8 | 5,9 | 10,1 | -7,0 |
El depositario del Fondo es State Street Bank International GmbH, Luxembourg Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Index Funds (BGIF). Estos documentos se encuentran disponibles gratuitamente en inglés y en ciertos otros idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com, en el sitio web de iShares cuya dirección es www.ishares.com, o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGIF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto del Fondo y los informes anuales y semestrales del Fondo se elaboran para todo el paraguas.
BGIF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGIF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGIF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGIF, con sujeción a ciertas condiciones que señala el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 01 junio 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | -4.8 | -0.6 | -4.3 | 0.9 | 6.8 | -1.3 | 5.4 | 9.7 | -7.7 |
| Benchmark † | | -4.0 | -0.5 | -3.6 | 1.6 | 7.5 | -0.8 | 5.9 | 10.1 | -7.0 |
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Index Funds (BGIF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGIF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the Fund’s prospectus, annual and half-yearly reports are prepared for the umbrella.
BGIF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund’s prospectus.
Under Luxembourg law, BGIF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGIF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGIF, subject to meeting certain conditions as set out in the Fund’s prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 01 June 2022 | en | es |
DOLFIN2198 | 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 Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 31/10/2014-31/10/2021.
Favourable scenario
What you might get back after costs
Average return each year
EUR 18,132
81.3%
EUR 33,547
18.9% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) entre 31/10/2014-31/10/2021.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
18 132 EUR
81,3%
33 547 EUR
18,9% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Private Equity - EUR (I - Acc.) between 31/10/2014-31/10/2021.
Favourable scenario
What you might get back after costs
Average return each year
EUR 18,132
81.3%
EUR 33,547
18.9% | en | es |
DOLFIN2199 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 2.18% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 218.3 USD |
| Transaction costs | 1.18% 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. | 118.2 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.51%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 50.6 USD | | | Costes únicos de entrada o salida | | If you exit after 1 year |
| --- | --- | --- |
| Costes de entrada | 0.00%, no cobramos una tarifa de entrada por este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes de salida | 0.00%, no cobramos una tarifa de salida para este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativ os o de funcionamien to | 2.18% del valor de sus inversiones por año. Esta es una estimación basada en los costos reales durante el último año. | 218.3 USD |
| Costes de operación | 1.18% 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. | 118.2 USD |
| Costes accesorios detraídos en condiciones específicas | | |
| Comisiones de rendimiento | 0.51%, una tarifa de rendimiento del 10 % p.a. por encima del punto de referencia (con marca de agua alta) es aplicable. La cantidad real variará según el rendimiento de su inversión. La estimación de este documento incluye la media de los últimos 5 años. | 50.6 USD | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 2.18% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 218.3 USD |
| Transaction costs | 1.18% 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. | 118.2 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.51%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 50.6 USD | | en | es |
DOLFIN2200 | 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 stable long-term growth.
- The fund aims to manage the long term average volatility under normal market conditions within a range of 2 to 5% per annum.
- The fund will invest in a range of global asset classes including global government bonds, inflation-linked bonds, corporate bonds, (including investment grade, high yield and emerging market bonds), and shares of companies globally, based on their potential to generate moderate capital growth or reduce risk or fluctuation within the overall portfolio.
- The fund may invest up to 40% in shares of companies.
- The fund may invest up to 100% in government, corporate, inflation linked and emerging market bonds.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 40% in global high yield bonds and up to 10% in hybrids, including contingent convertibles.
- The fund may also seek exposure of less than 30% in infrastructure securities, commodities and closed-ended real estate investment trusts (REITS).
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may make use of 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, currency derivatives, futures (index, basket or single name), options (including covered call options), credit default swaps, total return swaps, interest rate swaps and contracts for difference, 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 reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento estable a largo plazo.
- El fondo procura gestionar la volatilidad media a largo plazo, en condiciones normales de mercado, dentro de una horquilla del 2 al 5 % anual.
- El fondo invertirá en una amplia gama de clases de activos de todo el mundo, que incluyen bonos del Estado, vinculados a la inflación y corporativos (tanto de grado de inversión, de alta rentabilidad y de mercados emergentes), así como acciones de empresas de todo el mundo, sobre la base de su potencial para generar un crecimiento del capital moderado o reducir el riesgo o las fluctuaciones en la cartera global.
- El fondo puede invertir hasta un 40% en acciones de empresas.
- El fondo puede invertir hasta un 100 % en bonos del Estado, corporativos, vinculados a la inflación y de mercados emergentes.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo puede invertir hasta un 40 % en bonos de alto rendimiento de todo el mundo y hasta un 10 % en híbridos, incluidos los convertibles contingentes.
- También podrá procurar una exposición inferior al 30 % a valores de infraestructuras, materias primas y fondos de inversión inmobiliaria («REIT») de capital fijo.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- 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 puede utilizar derivados, incluidos, entre otros, los derivados de divisas, los futuros (sobre índices, cestas o valores concretos), opciones (incluidas las de compra cubiertas), las permutas de incumplimiento crediticio, las permutas de rendimiento total, las permutas de tipos de interés y los contratos por diferencias 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.
- La divisa de referencia del fondo se cubre con la divisa de referencia de la clase de acciones. El efecto de esta cobertura implica la conversión (o la «réplica») de la rentabilidad expresada en la divisa de referencia del fondo en la rentabilidad expresada en la divisa de referencia de la clase de acciones.
- El Subfondo se gestiona de forma activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide stable long-term growth.
- The fund aims to manage the long term average volatility under normal market conditions within a range of 2 to 5% per annum.
- The fund will invest in a range of global asset classes including global government bonds, inflation-linked bonds, corporate bonds, (including investment grade, high yield and emerging market bonds), and shares of companies globally, based on their potential to generate moderate capital growth or reduce risk or fluctuation within the overall portfolio.
- The fund may invest up to 40% in shares of companies.
- The fund may invest up to 100% in government, corporate, inflation linked and emerging market bonds.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 40% in global high yield bonds and up to 10% in hybrids, including contingent convertibles.
- The fund may also seek exposure of less than 30% in infrastructure securities, commodities and closed-ended real estate investment trusts (REITS).
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may make use of 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, currency derivatives, futures (index, basket or single name), options (including covered call options), credit default swaps, total return swaps, interest rate swaps and contracts for difference, 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 reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN2202 | 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 27/09/1994.
The share class of the Fund was launched on 17/10/2017.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3 Month LIBOR (USD). | 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 27/09/1994.
La clase de acciones del Fondo se lanzó el 17/10/2017.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en 3-Month LIBOR (USD). | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 27/09/1994.
The share class of the Fund was launched on 17/10/2017.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3 Month LIBOR (USD). | en | es |
DOLFIN2203 | 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 If you exit after 1 If you exit after 5 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 3,480 EUR | 2,020 EUR |
| Average return each year | -65.2% | -27.4% |
| Unfavourable (*) | What you might get back after costs | 8,100 EUR | 9,340 EUR |
| Average return each year | -19.0% | -1.4% |
| Moderate (*) | What you might get back after costs | 10,680 EUR | 15,790 EUR |
| Average return each year | 6.8% | 9.6% |
| Favourable (*) | What you might get back after costs | 13,860 EUR | 18,600 EUR |
| Average return each year | 38.6% | 13.2% | | | Período de mantenimiento recomendado: 5 años En caso de salida En caso de salida Ejemplo de inversión: 10 000 EUR después de 1 año después de 5 años |
| --- |
| Escenarios |
| Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 3480 EUR | 2020 EUR |
| Rendimiento medio cada año | -65,2 % | -27,4 % |
| Desfavorable (*) | Lo que podría recibir tras deducir los costes | 8100 EUR | 9340 EUR |
| Rendimiento medio cada año | -19,0 % | -1,4 % |
| Moderado (*) | Lo que podría recibir tras deducir los costes | 10 680 EUR | 15 790 EUR |
| Rendimiento medio cada año | 6,8 % | 9,6 % |
| Favorable (*) | Lo que podría recibir tras deducir los costes | 13 860 EUR | 18 600 EUR |
| Rendimiento medio cada año | 38,6 % | 13,2 % | | | Recommended holding period: 5 years If you exit after 1 If you exit after 5 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 3,480 EUR | 2,020 EUR |
| Average return each year | -65.2% | -27.4% |
| Unfavourable (*) | What you might get back after costs | 8,100 EUR | 9,340 EUR |
| Average return each year | -19.0% | -1.4% |
| Moderate (*) | What you might get back after costs | 10,680 EUR | 15,790 EUR |
| Average return each year | 6.8% | 9.6% |
| Favourable (*) | What you might get back after costs | 13,860 EUR | 18,600 EUR |
| Average return each year | 38.6% | 13.2% | | en | es |
DOLFIN2209 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 232.4 CHF | 1 453.6 CHF |
| Annual costs impact (*) | 2.32% | 2.43% each year | | | Inversión CHF 10.000 Scenarios | En caso de salida después de 1 Año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 232.4 CHF | 1 453.6 CHF |
| Incidencia anual de los costes(*) | 2.32% | 2.43% cada año | | | Investment CHF 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 232.4 CHF | 1 453.6 CHF |
| Annual costs impact (*) | 2.32% | 2.43% each year | | en | es |
DOLFIN2214 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund’s objective is to produce both income and capital growth by investing the majority of its assets in shares of companies and investment trusts engaged in the real estate industry in Europe. The Fund invests primarily in companies located in developed countries. The Fund may also invest to a limited extent in shares of companies located in emerging market countries. The Fund’s investment may include rights, debt securities and other instruments that can be exercised to obtain shares. The Fund may also invest in preferred shares. The Fund may not exceed 10% investment of its assets in other funds. The Fund may invest in financial instruments whose value is based on the value or characteristics of one or more underlying assets (derivatives) for hedging purposes although it has not historically done so.
The Fund is actively managed. The investment manager currently uses FTSE EPRA Nareit Developed Europe Real Estate UCITS Capped Index (Net) for its internal analysis and for comparison with the investment performance, holdings, and other characteristics of the Fund in materials provided to shareholders and potential investors,
but the composition of the portfolio holdings of the Fund is not constrained by the composition of its benchmark as a result. Active management of the Fund may result in the minority or majority of the portfolio being components of the benchmark while also including securities that are not components of this benchmark. Because the Fund’s investment objective and policy focus on the same sector as this benchmark, the investment performance, holdings, and other characteristics of the Fund may resemble those of the benchmark. Such characteristics are the result of the exercise of full discretion over the Fund based on current market conditions.
Investment in the Fund is suitable for a long-term investor who is able to tolerate stock market volatility and potential loss of capital.
Income arising from the Fund will be distributed to shareholders of Class A Shares semi-annually, while all such income will be reinvested in Class AX Shares. Class A and AX Shares are each offered in EUR and CHF. You may buy or sell shares of the Fund on demand on any Luxembourg business day. | # Objetivos y política de inversión
El objetivo del Fondo es producir tanto ingresos como crecimiento del capital invirtiendo la mayoría de sus activos en acciones de empresas y sociedades de inversión que participan en el sector inmobiliario en Europa. El Fondo invierte principalmente en empresas ubicadas en países desarrollados. El Fondo también puede invertir de forma limitada en acciones de empresas ubicadas en países de mercados emergentes. Las inversiones del Fondo podrán incluir derechos, títulos de deuda y otros instrumentos que puedan ejercerse para obtener acciones. El Fondo también podrá invertir en acciones preferentes. El Fondo no podrá superar el 10 % de la inversión de sus activos en otros fondos. El Fondo podrá invertir en instrumentos financieros cuyo valor se basa en el valor o características de uno o más activos subyacentes (derivados) con fines de cobertura, aunque no lo haya hecho históricamente.
El Fondo se gestiona activamente. El gestor de inversiones utiliza FTSE EPRA Nareit Developed Europe Real Estate UCITS Capped Index (Net) para su análisis interno y para la comparación con el rendimiento de la inversión, las tenencias y otras características del Fondo en los materiales proporcionados a los accionistas e inversores potenciales, pero, como resultado, la composición de las tenencias de la cartera del Fondo no está
limitada por la composición de su índice de referencia. La gestión activa del Fondo puede provocar que la minoría o la mayoría de los valores de la cartera sean componentes del índice de referencia, además de incluir valores que no sean componentes de este índice de referencia. Dado que el objetivo de inversión y la política del Fondo se centran en el mismo sector que este índice de referencia, el rendimiento de inversión, las tenencias y otras características del Fondo pueden parecerse a las del índice de referencia. Dichas características son el resultado del ejercicio de plena discreción sobre el Fondo según las condiciones actuales del mercado.
La inversión en el Fondo es adecuada para un inversor a largo plazo que pueda tolerar la volatilidad del mercado de valores y la pérdida potencial de capital.
Los ingresos procedentes del Fondo se distribuirán a los accionistas de las Acciones de Clase A semestralmente, mientras que todos los ingresos se reinvertirán en Acciones de Clase AX. Las Acciones de Clase A y AX se ofrecen en EUR y CHF. Puede comprar o vender acciones del Fondo a petición cualquier día hábil en Luxemburgo. | # Objectives and Investment Policy
The Fund’s objective is to produce both income and capital growth by investing the majority of its assets in shares of companies and investment trusts engaged in the real estate industry in Europe. The Fund invests primarily in companies located in developed countries. The Fund may also invest to a limited extent in shares of companies located in emerging market countries. The Fund’s investment may include rights, debt securities and other instruments that can be exercised to obtain shares. The Fund may also invest in preferred shares. The Fund may not exceed 10% investment of its assets in other funds. The Fund may invest in financial instruments whose value is based on the value or characteristics of one or more underlying assets (derivatives) for hedging purposes although it has not historically done so.
The Fund is actively managed. The investment manager currently uses FTSE EPRA Nareit Developed Europe Real Estate UCITS Capped Index (Net) for its internal analysis and for comparison with the investment performance, holdings, and other characteristics of the Fund in materials provided to shareholders and potential investors,
but the composition of the portfolio holdings of the Fund is not constrained by the composition of its benchmark as a result. Active management of the Fund may result in the minority or majority of the portfolio being components of the benchmark while also including securities that are not components of this benchmark. Because the Fund’s investment objective and policy focus on the same sector as this benchmark, the investment performance, holdings, and other characteristics of the Fund may resemble those of the benchmark. Such characteristics are the result of the exercise of full discretion over the Fund based on current market conditions.
Investment in the Fund is suitable for a long-term investor who is able to tolerate stock market volatility and potential loss of capital.
Income arising from the Fund will be distributed to shareholders of Class A Shares semi-annually, while all such income will be reinvested in Class AX Shares. Class A and AX Shares are each offered in EUR and CHF. You may buy or sell shares of the Fund on demand on any Luxembourg business day. | en | es |
DOLFIN2224 | 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.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Shanghai Hong Kong Stock Connect risk: Investments in China A Shares in Mainland China are performed through the Shanghai-Hong Kong Stock Connect which may entail additional quota limitation, clearing and settlement, regulatory, operational and counterparty risks.
- Currency risk: the Sub-Fund may invest in securities that are issued in currencies other than the base currency of the Fund. Currency risk arises from changes in the exchange rates between the two currencies. | 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 Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de inestabilidad de los mercados emergentes: los mercados emergentes pueden estar más expuestos a un riesgo de inestabilidad política, fiscal y/o económica que puede suponer oportunidades para los inversores, pero también mayores riesgos.
- Riesgo del Shanghai Hong Kong Stock Connect: las inversiones en acciones “A” de China en China Continental se realizan a través del Shanghai-Hong Kong Stock Connect, lo que puede generar riesgos adicionales tales como la limitación de cuota, y los riesgos de liquidación y vencimiento, regulatorios, operativos y de contraparte.
- Riesgo cambiario: El Subfondo podrá invertir en valores emitidos en divisas distintas a la divisa base del fondo. El riesgo cambiario surge de las variaciones en los tipos de cambio entre las dos divisas. | 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.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Shanghai Hong Kong Stock Connect risk: Investments in China A Shares in Mainland China are performed through the Shanghai-Hong Kong Stock Connect which may entail additional quota limitation, clearing and settlement, regulatory, operational and counterparty risks.
- Currency risk: the Sub-Fund may invest in securities that are issued in currencies other than the base currency of the Fund. Currency risk arises from changes in the exchange rates between the two currencies. | en | es |
DOLFIN2247 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
the major Western countries) and in related derivatives.
The Fund may invest up to 30% of its value in frontier markets.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JPMorgan CEMBI Broad Diversified Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | emergentes (países menos desarrollados económicamente que los principales países occidentales) y en derivados relacionados.
El Fondo puede invertir hasta el 30% de su valor en mercados fronterizos.
La inversión en deuda distressed (bonos cuyos emisores se encuentran en una situación financiera delicada y cotizan muy por debajo de su valor nominal) no superará el 10% de los activos del Fondo.
El Fondo puede invertir en otros activos, como el efectivo y otros fondos.
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
El Fondo no invertirá en determinados prestatarios. Con el tiempo, el Gestor de inversiones, de conformidad con la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El índice JPMorgan CEMBI Broad Diversified Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Todo ingreso generado por su inversión se refleja en el valor de sus acciones, en lugar de distribuirse.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte media de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Cambio de divisas: Las variaciones del valor relativo de las distintas monedas pueden mermar el valor de las inversiones y de los ingresos obtenidos con las mismas.
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes (incluida China): Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Liquidez: Es posible que no haya suficientes compradores o vendedores de una inversión concreta, lo que puede causar retrasos en la negociación y la liquidación, así como mayores fluctuaciones del valor. Esto puede causar mayores pérdidas financieras de las previstas.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | the major Western countries) and in related derivatives.
The Fund may invest up to 30% of its value in frontier markets.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JPMorgan CEMBI Broad Diversified Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN2249 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to generate consistent long-term capit- al appreciation. The Fund will seek to achieve the investment policy by investing primarily in a broad range of equity securities and in- struments issued by issuers all over the world. The Fund may also invest up to 10% of its assets in 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 invest- ment grade or below investment grade, as determined by Standard & Poor's Rating Group or any similar recognised ratings agency) all over the world. The Fund may invest in derivatives (financial instru- ments derived from other securities or assets) for hedging purposes, efficient portfolio management and / or investment purposes. Envir- onmental, social and governance ("ESG") aspects are considered as
part of the Fund's investment process. The Fund’s portfolio is act- ively managed in reference to MSCI World (NR) Index (the "Bench- mark"), by virtue of fact that it seeks to outperform the Benchmark. However, the Benchmark is not used to define the portfolio com- position of the Fund and the Fund may be wholly invested in secur- ities which are not constituents of the Benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases the value of the shares. The portfolio transaction costs may have a material impact on perform- ance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 7 years.
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# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización coherente del capital a largo plazo. El Fondo tratará de cumplir la política de inversión invirtiendo principalmente en una amplia gama de valores de renta variable e instrumentos emitidos por emisores de todo el mundo. El Fondo también podrá inviertir hasta el 10 % de sus acti- vos en valores de renta fija (como los bonos, que pueden ser estata- les o corporativos y que pueden emitirse a renta fija o variable, se- gún resulte apropiado, situándose en el nivel del grado de inver- sión, o por debajo de este, según determine la agencia de califica- ción de riesgos Standard & Poor's o cualquier otra entidad califica- dora que goce de reconocimiento similar) de todo el mundo. El Fondo podrá invertir en derivados (instrumentos financieros deriva- dos de otros valores o activos) con fines de cobertura, de gestión eficiente de la cartera y/o de inversión. Los aspectos ambientales, sociales y de gobernanza ("ESG") se consideran parte del proceso
de inversión del Fondo. La cartera del Fondo se gestiona de forma activa según el MSCI World (NR) Index (en adelante, el «Índice de referencia»), puesto que pretende superar la rentabilidad de este. Sin embargo, el Índice de referencia no se utiliza para definir la composición de la cartera del Fondo, que podrá invertirse íntegra- mente en valores que no son componentes del Índice de referencia. El Fondo podrá tener posiciones en efectivo y equivalentes de efec- tivo. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reembolsarlas diariamente. Todos 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 resul- tar adecuado para aquellos inversores que planeen retirar su dinero en menos de 7 años.
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# Perfil de riesgo y beneficio | The objective of this Fund is to generate consistent long-term capit- al appreciation. The Fund will seek to achieve the investment policy by investing primarily in a broad range of equity securities and in- struments issued by issuers all over the world. The Fund may also invest up to 10% of its assets in 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 invest- ment grade or below investment grade, as determined by Standard & Poor's Rating Group or any similar recognised ratings agency) all over the world. The Fund may invest in derivatives (financial instru- ments derived from other securities or assets) for hedging purposes, efficient portfolio management and / or investment purposes. Envir- onmental, social and governance ("ESG") aspects are considered as
part of the Fund's investment process. The Fund’s portfolio is act- ively managed in reference to MSCI World (NR) Index (the "Bench- mark"), by virtue of fact that it seeks to outperform the Benchmark. However, the Benchmark is not used to define the portfolio com- position of the Fund and the Fund may be wholly invested in secur- ities which are not constituents of the Benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases the value of the shares. The portfolio transaction costs may have a material impact on perform- ance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 7 years.
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# Risk and Reward Profile | en | es |
DOLFIN2253 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed, in the first year you would get back the amount that you invested (0 % annual return). For the other holding period, we have assumed the fund performs as shown in the moderate scenario.
| Investment: CHF 10,000 | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 607 CHF | 816 CHF |
| Annual cost impact (*) | 6.1% | 2.8% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2.7% before costs and -1.8% after costs.
Composition of costs
| 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. | 494 CHF |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 CHF |
| 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 2021. This figure may vary from year to year. | 69 CHF |
| 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. | 44 CHF |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 CHF | | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
## Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles. Hemos partido de los siguientes supuestos: el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
| Inversión: 10.000 CHF | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- | --- |
| Costes totales | 607 CHF | 816 CHF |
| Incidencia anual de los costes (*) | 6,1% | 2,8% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al vencimiento, el rendimiento medio que se prevé que obtendrá cada año será del 2,7% antes de deducir los costes y del -1,8% después de deducir los costes.
Composición de los costes
| Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 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. | 494 CHF |
| 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 CHF |
| 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 2021. Esta cifra puede variar de un año a otro. | 69 CHF |
| 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. | 44 CHF |
| 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 CHF | | # What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed, in the first year you would get back the amount that you invested (0 % annual return). For the other holding period, we have assumed the fund performs as shown in the moderate scenario.
| Investment: CHF 10,000 | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 607 CHF | 816 CHF |
| Annual cost impact (*) | 6.1% | 2.8% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2.7% before costs and -1.8% after costs.
Composition of costs
| 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. | 494 CHF |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 CHF |
| 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 2021. This figure may vary from year to year. | 69 CHF |
| 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. | 44 CHF |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 CHF | | en | es |
DOLFIN2260 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the FTSE Vietnam Index (index) which is itself designed to reflect the performance of the shares of those companies in Vietnam which have sufficient shares available for foreign ownership listed on the Ho Chi Minh City Stock Exchange. As well as the foreign ownership requirement, the companies are selected on the basis that they have the largest combined value of shares as compared to other companies on the stock exchange. The index is calculated on a gross total return basis which means that all dividends and distributions by the companies are reinvested | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del FTSE Vietnam index (el “índice”), que a su vez está diseñado para reflejar el rendimiento de las acciones de las empresas de Vietnam que cuentan con suficientes acciones disponibles para la titularidad extranjera y que cotizan en la Bolsa de Ho Chi Minh. Además del requisito de propiedad extranjera, las empresas se seleccionan en función de que presenten el valor combinado más alto de acciones en comparación con otras empresas en la bolsa. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the FTSE Vietnam Index (index) which is itself designed to reflect the performance of the shares of those companies in Vietnam which have sufficient shares available for foreign ownership listed on the Ho Chi Minh City Stock Exchange. As well as the foreign ownership requirement, the companies are selected on the basis that they have the largest combined value of shares as compared to other companies on the stock exchange. The index is calculated on a gross total return basis which means that all dividends and distributions by the companies are reinvested | en | es |
DOLFIN2264 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
Our base case remains that the US as well as Europe will experience a recession in 2023. We are coming from a prolonged period of (too) easy monetary policy and low or even negative yields. The result is a US economy running hot, and a persistent inflation problem both in the US and in Europe. Central banks have been on an aggressive rate hiking path, and their goal is to tame the inflation beast, be it at the cost of driving the economies into a recession. This is typically the environment where 'things break' and accidents happen. Likely victims are over-leveraged companies that are now facing a rapid rise in their cost of debt. Think CCC companies, leveraged LBOs, or companies in sectors that were perceived to be stable and hence loaded with debt like in telecom. The question is: what is priced in? With all-in yields now at 7.5% to 8.5%, a lot of additional widening is needed for total returns to become negative. We will continue to take an active beta approach and are currently close to a beta of 1. We stay up-in- quality. Stock picking is ever more important, as the current environment will certainly create winners and losers. | # Expectativas del gestor del fondo
Nuestro argumento de partida es que Estados Unidos y Europa sufrirán una recesión en 2023. Venimos de un largo período de política monetaria (demasiado) flexible y rendimientos bajos o incluso negativos. El resultado es una economía estadounidense que se está calentando y un problema de inflación persistente, tanto en Estados Unidos como en Europa. Los bancos centrales han recorrido un camino agresivo de alza de tipos, y su objetivo es domar la bestia de la inflación, aun a costa de llevar a las economías a una recesión. Este es típicamente el entorno donde "las cosas se rompen" y ocurren accidentes. Las posibles víctimas son empresas demasiado apalancadas, que afrontan el rápido aumento del costo de la deuda. Por ejemplo, empresas CCC, LBO apalancadas o empresas en sectores que se percibían estables y, por lo tanto, cargados de deuda, como telecomunicaciones. La pregunta es: ¿qué incluye el precio? Con los rendimientos todo incluido ahora entre el 7,5% y el 8,5%, se necesita mucha ampliación adicional para que las rentabilidades totales se tornen negativas. Continuaremos adoptando un enfoque beta activo; actualmente estamos cerca de una beta de 1. Mantenemos elevada calidad. La selección de acciones es cada vez más importante, ya que el entorno actual sin duda creará ganadores y perdedores. | # Expectation of fund manager
Our base case remains that the US as well as Europe will experience a recession in 2023. We are coming from a prolonged period of (too) easy monetary policy and low or even negative yields. The result is a US economy running hot, and a persistent inflation problem both in the US and in Europe. Central banks have been on an aggressive rate hiking path, and their goal is to tame the inflation beast, be it at the cost of driving the economies into a recession. This is typically the environment where 'things break' and accidents happen. Likely victims are over-leveraged companies that are now facing a rapid rise in their cost of debt. Think CCC companies, leveraged LBOs, or companies in sectors that were perceived to be stable and hence loaded with debt like in telecom. The question is: what is priced in? With all-in yields now at 7.5% to 8.5%, a lot of additional widening is needed for total returns to become negative. We will continue to take an active beta approach and are currently close to a beta of 1. We stay up-in- quality. Stock picking is ever more important, as the current environment will certainly create winners and losers. | en | es |
DOLFIN2266 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund’s investment objective is to seek total return over the long term, with an emphasis on income.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in debt and debt-related instruments issued by governments, quasi-governmental entities, supra-national institutions and companies Located in or with Substantial Ties to Asia. Debt and debt-related instruments are commonly referred to as bonds and typically include various types of bonds, debentures, bills, securitized debt instruments (which are vehicles backed by pools of assets such as loans or other receivables), notes, certificates of deposit and other bank obligations, senior secured bank debt, convertible debt securities (including contingent capital financial instruments or “CoCos”), exchangeable bonds, credit-linked notes, inflation-linked instruments, repurchase agreements used to finance debt securities, payment-in-kind debt securities, preferred bonds and derivative instruments with debt characteristics. Investments in CoCos are allowed up to 20% of the Sub-Fund’s net assets.
For the purpose of this Sub-Fund:
- Asia consists of all countries and markets in Asia and includes developed, emerging, and frontier countries and markets in Asia.
- Instruments will be deemed to be Asian securities if the issuer is headquartered in an Asian country, the instrument is denominated in the currency of an Asian country, or the instrument is issued with respect to a project located in, or secured or backed by assets located in Asia, or is otherwise linked to Asia. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis. | El Subfondo tiene por objetivo de inversión la rentabilidad total a largo plazo, prestando especial atención a los ingresos.
En condiciones de mercado normales, el Subfondo trata de alcanzar su objetivo invirtiendo principalmente (es decir, al menos el 65% de su patrimonio neto), de forma directa o indirecta, en instrumentos de deuda y relacionados con esta emitidos por Estados, entidades cuasi estatales, instituciones supranacionales y sociedades Situadas o que mantienen importantes vínculos con Asia.
Los instrumentos de deuda y relacionados con esta se suelen denominar «bonos» y habitualmente incluyen diversos tipos de bonos, obligaciones, letras, instrumentos de deuda titulizados (que son vehículos respaldados por una agrupación de activos, como préstamos y otras cuentas por cobrar), pagarés, certificados de depósito y otras obligaciones bancarias, deuda bancaria preferente garantizada, títulos de deuda convertibles (incluidos instrumentos financieros de capital contingentes, o «CoCos»), bonos canjeables, obligaciones vinculadas a crédito, instrumentos vinculados a la inflación, acuerdos de recompra utilizados para financiar títulos de deuda, títulos de deuda de pago en especie, bonos preferentes e instrumentos derivados con características de deuda.
Se permite una inversión en CoCo de hasta un máximo del 20% del patrimonio neto del Subfondo.
A los efectos de este Subfondo:
- Asia está formada por todos los países y mercados de Asia, e incluye todos los países y mercados desarrollados, emergentes y fronterizos del continente.
- Los instrumentos se considerarán valores asiáticos si el emisor tiene su sede en un país de Asia, el instrumento está denominado en la moneda de un país asiático o el instrumento se emite con respecto a un proyecto situado en Asia, o garantizados o respaldados por activos localizados en Asia, o vinculados de cualquier otra forma con este continente. De forma accesoria, el Subfondo puede invertir en otros activos permitidos en todo el mundo. | The Sub-Fund’s investment objective is to seek total return over the long term, with an emphasis on income.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its net assets) in debt and debt-related instruments issued by governments, quasi-governmental entities, supra-national institutions and companies Located in or with Substantial Ties to Asia. Debt and debt-related instruments are commonly referred to as bonds and typically include various types of bonds, debentures, bills, securitized debt instruments (which are vehicles backed by pools of assets such as loans or other receivables), notes, certificates of deposit and other bank obligations, senior secured bank debt, convertible debt securities (including contingent capital financial instruments or “CoCos”), exchangeable bonds, credit-linked notes, inflation-linked instruments, repurchase agreements used to finance debt securities, payment-in-kind debt securities, preferred bonds and derivative instruments with debt characteristics. Investments in CoCos are allowed up to 20% of the Sub-Fund’s net assets.
For the purpose of this Sub-Fund:
- Asia consists of all countries and markets in Asia and includes developed, emerging, and frontier countries and markets in Asia.
- Instruments will be deemed to be Asian securities if the issuer is headquartered in an Asian country, the instrument is denominated in the currency of an Asian country, or the instrument is issued with respect to a project located in, or secured or backed by assets located in Asia, or is otherwise linked to Asia. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis. | en | es |
DOLFIN2267 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a long-term return in excess of Standard & Poor's (S&P) 500 Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of US companies.
Investment Policy: The Sub-Fund pursues an actively-managed investment strategy.
The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities of companies that are domiciled in, or carry out the main part of their economic activity in, the US.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. This screening includes, for example, identifying issuers that are involved in the manufacturing of controversial weapons, thermal coal and tobacco among others. The list of screens applied that may result in exclusions can be found on the Website (www.jpmorganassetmanagement.ie).
The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased.
The Sub-Fund will seek to outperform the Benchmark over the long- term. The Benchmark consists of large capitalisation stocks issued by US companies ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear a close resemblance to its Benchmark.
The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of equity securities (which may include but will not be limited to Benchmark Securities) which is actively selected and managed with the aim of delivering an | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende conseguir una rentabilidad a largo plazo superior a la del S&P 500 (Total Return Net) (el «Índice de referencia») invirtiendo fundamentalmente y de forma activa en una cartera de compañías estadounidenses de todo el mundo.
Política de inversión: El Subfondo sigue una estrategia de inversión gestionada activamente.
El Subfondo pretende invertir como mínimo el 67% de su patrimonio (excluidos los activos que se mantengan como activos líquidos accesorios) en títulos de renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en Estados Unidos.
Como mínimo el 51% del patrimonio se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna de los Gestores de inversiones y/o datos de terceros.
El Gestor de inversiones evalúa y aplica un filtro basado en el valor y en normas para implementar las exclusiones. Como fundamento de este filtro, el Gestor de inversiones se basa en datos de proveedores externos que identifican, o bien la participación de un emisor en actividades que no están en consonancia con los filtros basados en el valor y en normas, o bien los ingresos que obtienen de tales actividades. Entre otras cosas, este filtro identifica emisores que están implicados en la fabricación de armas controvertidas, carbón térmico, tabaco, etc. La lista de filtros aplicados que pueden dar lugar a exclusiones puede consultarse en el sitio web de (www.jpmorganassetmanagement.ie).
El Subfondo integra sistemáticamente los análisis ESG (ambientales, sociales y de gobierno corporativo) en las decisiones de inversión en, al menos, un 90% de los títulos adquiridos.
El Subfondo tratará de obtener una rentabilidad superior a la del índice de referencia a largo plazo. El índice de referencia está compuesto por acciones de gran capitalización emitidas por compañías estadounidenses («Valores del índice de referencia»). El Índice de referencia se ha incluido como un parámetro comparativo para medir la rentabilidad del Subfondo. El Subfondo guardará una gran semejanza en su composición con su Índice de referencia.
El Subfondo no tratará de reproducir ni replicar la rentabilidad del índice de referencia, sino que mantendrá una cartera de títulos de renta variable (que podrá incluir, entre otros, valores del índice de referencia) objeto de una selección activa y que se gestiona con el objetivo de lograr una | # Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a long-term return in excess of Standard & Poor's (S&P) 500 Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of US companies.
Investment Policy: The Sub-Fund pursues an actively-managed investment strategy.
The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities of companies that are domiciled in, or carry out the main part of their economic activity in, the US.
At least 51% of assets are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data.
The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. This screening includes, for example, identifying issuers that are involved in the manufacturing of controversial weapons, thermal coal and tobacco among others. The list of screens applied that may result in exclusions can be found on the Website (www.jpmorganassetmanagement.ie).
The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased.
The Sub-Fund will seek to outperform the Benchmark over the long- term. The Benchmark consists of large capitalisation stocks issued by US companies ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear a close resemblance to its Benchmark.
The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of equity securities (which may include but will not be limited to Benchmark Securities) which is actively selected and managed with the aim of delivering an | en | es |
DOLFIN2275 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation. | ## Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles.
A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario. El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
Al menos el 90% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/), o de una calificación otorgada por una agencia de calificación extrafinanciera externa. Al final de este proceso, el Fondo tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía. | ## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation. | en | es |
DOLFIN2276 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Transparency under SFDR
As a result of the Changes, the Funds shall be subject to the disclosure requirements of a financial product under Article 9(3) SFDR. This determination is made solely on the basis that, as of the Effective Date, the Reference Index that each Fund reflects shall have a reduction of carbon emissions as its objective. Prior to the Effective Date, the Funds were subject to the disclosure requirements of a financial product under Article 8(1) SFDR.
- | # Transparencia con arreglo al Reglamento SFDR
Como resultado de los Cambios, los Fondos estarán sujetos a los requisitos de divulgación de información para productos financieros que se consignan en el artículo 9.3 del Reglamento SFDR. Esta decisión se ha tomado porque, a partir de la Fecha Efectiva, el Índice de Referencia seguido por cada Fondo deberá fijarse como objetivo la reducción de emisiones de carbono. Antes de la Fecha Efectiva, los Fondos estaban sujetos a los requisitos de divulgación de información para productos financieros que se consignan en el artículo 8.1 del Reglamento SFDR.
- | # Transparency under SFDR
As a result of the Changes, the Funds shall be subject to the disclosure requirements of a financial product under Article 9(3) SFDR. This determination is made solely on the basis that, as of the Effective Date, the Reference Index that each Fund reflects shall have a reduction of carbon emissions as its objective. Prior to the Effective Date, the Funds were subject to the disclosure requirements of a financial product under Article 8(1) SFDR.
- | en | es |
DOLFIN2290 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high-yielding, lower quality bonds of issuers that have their main business activities in the US.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed and references ICE BofA US High Yield Constrained Index (the ‘Index’), for comparative purposes only.
- Income earned by the fund is paid to shareholders out of net investment income for most of the time. The fund seeks to maintain a stable payment per share so far as is reasonable. The payment is not fixed and will vary according to economic and other circumstances, and the ability of the fund to support stable payments without a long-term positive or negative impact on its capital. This may occasionally result in income payment coming out of the capital.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corriente y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos de baja calidad y alta rentabilidad de emisores cuyas actividades principales se lleven a cabo en los Estados Unidos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Los tipos de bonos en los que invertirá principalmente este Subfondo tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación crediticia.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- El Subfondo se gestiona de manera activa y utiliza como referencia el ICE BofA US High Yield Constrained Index (en adelante, el «Índice»), únicamente a efectos de comparación.
- Los ingresos obtenidos por el fondo se pagan a los accionistas a partir de los ingresos netos derivados de la inversión durante la mayor parte del tiempo. El fondo trata de mantener un pago estable por acción, siempre que sea razonable. El pago no es fijo y variará en función de las circunstancias económicas y por otros motivos, así como por la capacidad del fondo para hacer frente a pagos estables sin que ello tenga repercusiones positivas o negativas a largo plazo en su capital. Esto podría hacer que el pago de dichas rentas se haga con el capital ocasionalmente.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high-yielding, lower quality bonds of issuers that have their main business activities in the US.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed and references ICE BofA US High Yield Constrained Index (the ‘Index’), for comparative purposes only.
- Income earned by the fund is paid to shareholders out of net investment income for most of the time. The fund seeks to maintain a stable payment per share so far as is reasonable. The payment is not fixed and will vary according to economic and other circumstances, and the ability of the fund to support stable payments without a long-term positive or negative impact on its capital. This may occasionally result in income payment coming out of the capital.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN2298 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
This Fund is classified as follows:
International bonds and other debt securities
The investment objective is to achieve a net annualised performance above 4% over an investment period running from the Fund inception date, 9 December 2016, to 31 December 2023. The Fund aims to benefit from the yield-to-maturity of high yield corporate bonds rated between BB+ and B- by Standard & Poor’s or equivalent as assessed by the Management Company, thereby incurring a risk of capital loss. The Fund’s investment strategy is to manage, on an active and discretionary basis, a diversified portfolio of debt securities composed of traditional, high yield bonds (and convertible bonds up to a limit of 10% of the net assets) rated between BB+ and B- by Standard & Poor’s or equivalent as assessed by the Management Company, with maturities of a maximum of six months and one day after 31 December 2023 (final maturity of the product or early redemption options at the issuer’s discretion) and issued mainly by corporate issuers with their registered office in Europe.
These securities will be denominated in all OECD currencies and hedged against currency risk; however, there is a residual risk of no more than 5% of net assets. In addition, the Fund may hold up to 20% of its bond portfolio in corporate bonds from issuers having their registered office outside of Europe, including in emerging countries. The Fund seeks to select securities that the manager deems to have been unjustly downgraded by rating agencies. The Fund is managed within a modified duration range of 0 to 7.
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event that the securities’ rating is downgraded below B- (Standard & Poor’s or equivalent as assessed by the Management Company), the Management Company will decide whether or not to dispose of the securities in light of its own analysis, the interests of unitholders and market conditions.
Where market conditions are considered to be unfavourable by the manager, the manager may decide, on a discretionary basis, to invest up to 100% of the Fund’s assets in investment grade securities (Standard & Poor’s rating of BBB- or equivalent as assessed by the Management Company) such as bonds, convertible bonds, debt securities or money market instruments.
The manager may invest up to 10% of the Fund's net assets in convertible bonds with small and mid-cap companies as their underlyings.
The average duration of the debt securities shall be calculated based on a portfolio comprising securities with a maximum maturity of 31 December 2023 plus six months and one day.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS,
(ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by the management companies of the ODDO BHF group (ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH) and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, up to 100% of the Fund's assets may be invested in financial futures or options traded on regulated, organised or OTC markets in France or other countries. The manager may take positions in order to hedge the portfolio (interest rate, equity and currency risk) and/or expose it to assets (interest rates):
- for hedging purposes: by selling forward contracts and buying put options, forward currency contracts or swaps;
- to gain exposure: by purchasing forward contracts and call options or swaps. The Fund’s maximum exposure may not exceed 100% of the Fund’s net assets, all markets combined (including money market instruments).
CN – CHF units are hedged against Swiss franc/euro exchange risk in order to limit changes in performance in comparison to the unit in euro, albeit with a residual exchange risk of up to 3%.
Subscription period: new subscriptions will not be accepted after 11:15 (Paris time) on 12 January 2018.
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-CHF [H] units accumulate their income.
Recommended investment horizon: the recommended minimum investment horizon is the term through to the end of each investment period (i.e. through to 31 December 2023 for the first period).
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Este Fondo pertenece a la categoría de
Obligaciones y otros títulos de crédito internacionales
El objetivo de gestión consiste en obtener una rentabilidad neta anualizada superior al 4%, en un horizonte de inversión que comienza en la fecha de creación del Fondo, el 9 de diciembre de 2016, hasta el 31 de diciembre de 2023. El Fondo pretende beneficiarse de los rendimientos actuariales sobre las obligaciones de emisores privados, especulativas (o de alto rendimiento), con una calificación de entre BB+ y B- otorgada por Standard & Poor’s o equivalente de conformidad con el análisis de la Sociedad gestora, al tiempo que se expone al riesgo de pérdida de capital. La estrategia de inversión del Fondo consiste en gestionar de forma activa y discrecional una cartera diversificada de títulos de crédito compuesta por obligaciones clásicas (y convertibles hasta un máximo del 10% del patrimonio neto), especulativas o de alto rendimiento con una calificación de entre BB+ y B- otorgada por Standard & Poor's o equivalente de conformidad con el análisis de la Sociedad gestora, emitidas principalmente por emisores privados con domicilio social en Europa, y con un vencimiento máximo de 6 meses y un día a partir del 31 de diciembre de 2023 (vencimiento final del producto u opciones de reembolso anticipado a discreción del Fondo).
Estos títulos estarán denominados en cualesquiera divisas de la OCDE y contarán con cobertura frente al riesgo de cambio, si bien existe un riesgo residual del 5% como máximo del patrimonio neto. Asimismo, el Fondo podrá mantener, hasta un máximo del 20% del componente de renta fija, en títulos de emisores privados domiciliados fuera de Europa, incluidos los países emergentes. El Fondo tiene como objetivo seleccionar los valores cuya calificación sea rebajada por las agencias de calificación de forma injustificada, con arreglo al dictamen del gestor. El Fondo se gestiona respetando una horquilla de sensibilidad a los tipos de interés de 0 a 7.
La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. Si la calificación de los títulos se rebaja hasta situarse por debajo de B- (de Standard & Poor’s o equivalente de conformidad con el análisis de la Sociedad gestora), esta última decidirá proceder a la venta o no de dichos títulos, teniendo en cuenta su propio análisis, el interés de los partícipes y la coyuntura de mercado.
En el supuesto de que el gestor, a su entera discreción, estime que las condiciones de mercado son adversas, el Fondo podrá invertir hasta el 100% de su patrimonio en títulos con calificación investment grade (igual o superior a BBB- de Standard & Poor’s o equivalente de conformidad con el análisis de la Sociedad gestora), que podrán ser obligaciones, obligaciones convertibles, títulos de crédito o instrumentos del mercado monetario.
El gestor podrá invertir en obligaciones convertibles que tengan como subyacente acciones de empresas de pequeña y mediana capitalización hasta un máximo del 10% del patrimonio neto.
La duración media de los títulos de crédito se calculará sobre la base de una cartera compuesta por títulos que vencen como máximo 6 meses y 1 día después del 31 de diciembre de 2023.
El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM, (ii) en fondos de inversión alternativa constituidos en un Estado miembro de la UE y/o en fondos de inversión de derecho extranjero descritos en el artículo R.214-25 y que reúnan los requisitos previstos en el artículo R.214-13 del Código Monetario y Financiero francés. Dichos OIC podrán estar gestionados por las sociedades gestoras del grupo ODDO BHF (ODDO BHF Asset Management SAS y/u ODDO BHF Asset Management GmbH), y serán compatibles con la estrategia de inversión del Fondo.
Dentro de límite del 100% del patrimonio, y sin búsqueda de sobreexposición, el Fondo podrá invertir en instrumentos financieros a plazo firme o condicional negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros. El gestor podrá tomar posiciones con fines de cobertura de la cartera (frente a los riesgos de tipos de interés, renta variable y de cambio) y/o de exposición de la cartera a activos (riesgo de tipos de interés):
- en forma de cobertura, mediante la venta de contratos a plazo, compra de opciones (put), contratos a plazo sobre divisas, swaps;
- en forma de exposición, mediante la adquisición de contratos a plazo, compra de opciones (call), swaps.
La exposición máxima del Fondo al conjunto de mercados (incluidos los productos monetarios) no podrá superar el 100% del patrimonio neto del Fondo.
Las participaciones CN-CHF están cubiertas frente al riesgo de cambio franco suizo/euro con el objetivo de limitar las variaciones de rentabilidad con respecto a la participación en euros, si bien podrá persistir un riesgo de cambio residual de como máximo el 3%.
Periodo de suscripción: no se aceptarán suscripciones en el Fondo a partir de las 11:15 horas (hora de París) del 12 de enero de 2018.
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La participación CN-CHF [H] capitaliza sus ingresos.
Horizonte de inversión recomendado: la duración mínima recomendada de inversión es hasta el vencimiento de cada periodo de inversión (en el caso del primer periodo, el 31 de diciembre de 2023).
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIVES AND INVESTMENT POLICY
This Fund is classified as follows:
International bonds and other debt securities
The investment objective is to achieve a net annualised performance above 4% over an investment period running from the Fund inception date, 9 December 2016, to 31 December 2023. The Fund aims to benefit from the yield-to-maturity of high yield corporate bonds rated between BB+ and B- by Standard & Poor’s or equivalent as assessed by the Management Company, thereby incurring a risk of capital loss. The Fund’s investment strategy is to manage, on an active and discretionary basis, a diversified portfolio of debt securities composed of traditional, high yield bonds (and convertible bonds up to a limit of 10% of the net assets) rated between BB+ and B- by Standard & Poor’s or equivalent as assessed by the Management Company, with maturities of a maximum of six months and one day after 31 December 2023 (final maturity of the product or early redemption options at the issuer’s discretion) and issued mainly by corporate issuers with their registered office in Europe.
These securities will be denominated in all OECD currencies and hedged against currency risk; however, there is a residual risk of no more than 5% of net assets. In addition, the Fund may hold up to 20% of its bond portfolio in corporate bonds from issuers having their registered office outside of Europe, including in emerging countries. The Fund seeks to select securities that the manager deems to have been unjustly downgraded by rating agencies. The Fund is managed within a modified duration range of 0 to 7.
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event that the securities’ rating is downgraded below B- (Standard & Poor’s or equivalent as assessed by the Management Company), the Management Company will decide whether or not to dispose of the securities in light of its own analysis, the interests of unitholders and market conditions.
Where market conditions are considered to be unfavourable by the manager, the manager may decide, on a discretionary basis, to invest up to 100% of the Fund’s assets in investment grade securities (Standard & Poor’s rating of BBB- or equivalent as assessed by the Management Company) such as bonds, convertible bonds, debt securities or money market instruments.
The manager may invest up to 10% of the Fund's net assets in convertible bonds with small and mid-cap companies as their underlyings.
The average duration of the debt securities shall be calculated based on a portfolio comprising securities with a maximum maturity of 31 December 2023 plus six months and one day.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS,
(ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by the management companies of the ODDO BHF group (ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH) and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, up to 100% of the Fund's assets may be invested in financial futures or options traded on regulated, organised or OTC markets in France or other countries. The manager may take positions in order to hedge the portfolio (interest rate, equity and currency risk) and/or expose it to assets (interest rates):
- for hedging purposes: by selling forward contracts and buying put options, forward currency contracts or swaps;
- to gain exposure: by purchasing forward contracts and call options or swaps. The Fund’s maximum exposure may not exceed 100% of the Fund’s net assets, all markets combined (including money market instruments).
CN – CHF units are hedged against Swiss franc/euro exchange risk in order to limit changes in performance in comparison to the unit in euro, albeit with a residual exchange risk of up to 3%.
Subscription period: new subscriptions will not be accepted after 11:15 (Paris time) on 12 January 2018.
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-CHF [H] units accumulate their income.
Recommended investment horizon: the recommended minimum investment horizon is the term through to the end of each investment period (i.e. through to 31 December 2023 for the first period).
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | en | es |
DOLFIN2301 | 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 | 31.5 | 27.2 | 0.3 | -8.1 | 6.0 | 31.5 | -15.9 | 31.8 | 7.9 | 15.6 |
| Constraint †¹ | 28.7 | 22.1 | 3.4 | -5.6 | 12.4 | 24.1 | -15.7 | 23.3 | -3.8 | 24.4 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 30 August 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 31,5 | 27,2 | 0,3 | -8,1 | 6,0 | 31,5 | -15,9 | 31,8 | 7,9 | 15,6 |
| Limitación †¹ | 28,7 | 22,1 | 3,4 | -5,6 | 12,4 | 24,1 | -15,7 | 23,3 | -3,8 | 24,4 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 30 agosto 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 31.5 | 27.2 | 0.3 | -8.1 | 6.0 | 31.5 | -15.9 | 31.8 | 7.9 | 15.6 |
| Constraint †¹ | 28.7 | 22.1 | 3.4 | -5.6 | 12.4 | 24.1 | -15.7 | 23.3 | -3.8 | 24.4 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 30 August 2022 | en | es |
DOLFIN2311 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- 20% maximum in bonds from emerging countries,
- 30% maximum in bonds with a rating of less than BBB- (Standard & Poor's) and/or Baa (Moody's), or any other equivalent rating by another agency. Bonds from emerging countries respecting this constraint shall represent at most 5% of the assets of the sub-fund.
- 10% maximum with a rating below BB- (Standard & Poor's) and/or any other equivalent rating by another agency. | - Hasta un 20% como máximo en bonos de países emergentes,
- Hasta un 30% como máximo en bonos con un rating inferior a BBB- (Standard & Poor's) y/ o Baa (Moody's), o cualquier otro rating equivalente de otra agencia. Los bonos de países emergentes que respeten esta restricción representarán como máximo un 5% de los activos del subfondo.
- Hasta un 10% como máximo en bonos con un rating inferior a BB- (Standard & Poor's) y/o cualquier otro rating equivalente de otra agencia; o bien | - 20% maximum in bonds from emerging countries,
- 30% maximum in bonds with a rating of less than BBB- (Standard & Poor's) and/or Baa (Moody's), or any other equivalent rating by another agency. Bonds from emerging countries respecting this constraint shall represent at most 5% of the assets of the sub-fund.
- 10% maximum with a rating below BB- (Standard & Poor's) and/or any other equivalent rating by another agency. | en | es |
DOLFIN2314 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.79% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the performance of the Class and that of its benchmark index. The fee is payable even in the event of a decrease in the net asset value, provided that the decrease in the net asset value is less than the decrease in the benchmark index. The calculation method is described in more detail in the “Performance fee 2” section of the prospectus. Payable annually on 31 March. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | 0,50% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,79% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad La comisión de rentabilidad se fija en el 20% de la diferencia entre la rentabilidad de la Clase y la de su índice de referencia. La comisión se paga incluso en caso de disminución del Valor liquidativo, siempre que dicha disminución sea inferior a la disminución del índice de referencia. Puede encontrar información detallada sobre el método de cálculo en la sección segunda sobre la comisión de rentabilidad de folleto. Se paga anualmente el 31 de marzo. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.79% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee The performance fee is fixed at 20% of the difference recorded between the performance of the Class and that of its benchmark index. The fee is payable even in the event of a decrease in the net asset value, provided that the decrease in the net asset value is less than the decrease in the benchmark index. The calculation method is described in more detail in the “Performance fee 2” section of the prospectus. Payable annually on 31 March. | | en | es |
DOLFIN2316 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 900 | EUR 950 |
| | Average return each year % | -91.00% | -37.55% |
| Unfavourable scenario | What you might get back after costs | EUR 9,410 | EUR 9,570 |
| | Average return each year % | -5.90% | -0.88% |
| Moderate scenario | What you might get back after costs | EUR 11,310 | EUR 18,860 |
| | Average return each year % | 13.10% | 13.53% |
| Favourable scenario | What you might get back after costs | EUR 14,420 | EUR 21,540 |
| | Average return each year % | 44.20% | 16.59% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 900 | EUR 950 |
| | Rendimiento medio cada año | -91,00% | -37,55% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 9.410 | EUR 9.570 |
| | Rendimiento medio cada año | -5,90% | -0,88% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.310 | EUR 18.860 |
| | Rendimiento medio cada año | 13,10% | 13,53% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 14.420 | EUR 21.540 |
| | Rendimiento medio cada año | 44,20% | 16,59% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 900 | EUR 950 |
| | Average return each year % | -91.00% | -37.55% |
| Unfavourable scenario | What you might get back after costs | EUR 9,410 | EUR 9,570 |
| | Average return each year % | -5.90% | -0.88% |
| Moderate scenario | What you might get back after costs | EUR 11,310 | EUR 18,860 |
| | Average return each year % | 13.10% | 13.53% |
| Favourable scenario | What you might get back after costs | EUR 14,420 | EUR 21,540 |
| | Average return each year % | 44.20% | 16.59% | | en | es |
DOLFIN2317 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Performance & Market environment
Global equity markets rose in October, with the MSCI ACWI gaining 6.0%[1].
The macro-economic and geo-political backdrop remains uncertain, with central banks continuing to raise interest rates as they attempt to limit higher inflation levels continuing.
Financial results have started to reflect this with fewer companies exceeding revenue and earnings forecasts so far in the third quarter than in prior periods. For those companies in the MSCI ACWI (representing the broader equity market) that have reported their third-quarter numbers, 54% have reported better-than-expected revenues and 47% have reported better-than-expected earnings. We would expect guidance for fourth quarter and insights into 2023 to further reflect the challenging economy.
However, once these resets are baked into expectations, we think it will help investors focus on identifying opportunities for growth for the longer term and we believe that many aspects of the digital economy will exhibit good growth characteristics as we get through the current economic turmoil.
During the month, our investments in the Delivery theme provided the best returns. Within this theme our payment names were strong, buoyed by a strong set of results from Visa. The company saw upside to its forecasts driven by a recovery in travel and cross-border transaction volumes. These strong results also lifted some of our other investments in the payments space.
Disappointing results from Meta Networks and Alphabet weighed on performance during the month as both companies suffered from the ongoing downturn in advertising spending. This aspect of discretionary spend is very economically sensitive and a reduction in marketing budgets is having an impact on growth.
Chinese stocks were especially volatile during the month as the news relating the political reshuffle weighed on investors confidence on this region. Our only exposure to this region remains Tencent so the impact felt on the fund was somewhat limited.
Portfolio Activity
We sold our position in Rapid7 as we consolidated our investments in the cybersecurity space. Market Outlook
Whilst macro-economic and geo-political uncertainty continue, we would expect markets to remain volatile. The pressures from inflation, a strong US dollar, higher energy costs and rising interest rates will continue to have a negative impact on consumer spending and businesses exposed to consumer spending. Near term growth expectations will likely be reset over the coming months. However, we believe the longer-term growth potential for many of the companies within the Digital Economy strategy are likely to remain elevated above broader economic growth rates over the duration of an investment cycle and with the contraction of valuations we believe there are many attractive investment opportunities arising. We are mindful that equity markets can overshoot in both directions, so we are not trying to call the bottom, but we do believe that our investment philosophy around identifying long term themes and the companies that will benefit from these themes remains intact despite the near-term challenges.
Whilst the long-term growth trends to which the fund is exposed are still intact the strength of the global economy may influence the pace of this growth. It is even more important that we continue to focus on quality within our investment universe, identifying management teams who we believe can navigate their organisations through these challenging times.
Long term investment trends that our strategy is exposed to such as the growth in online advertising, the adoption of e-commerce and the importance of having a reliable and safe transaction and fulfilment operation continue to play an important role in many successful business models even in a difficult economic environment. Arguably, the ability for
companies to harness the power of data and digitalisation to make themselves more productive and efficient play an even more vital role during times when growth has become scarce.
[1] Bloomberg as of 31/10/22, in USD
Source(s): AXA Investment Managers - MSCI as at 31/10/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Resultados y entorno de mercado
Los mercados mundiales de renta variable repuntaron en octubre y el MSCI ACWI ganó un 6,0 %[1].
El contexto macroeconómico y geopolítico sigue siendo incierto, ya que los bancos centrales siguen subiendo los tipos de interés en un intento por limitar el aumento de los niveles de inflación.
Los resultados financieros han empezado a reflejarlo: de momento, un menor número de empresas supera las previsiones de ingresos y beneficios en el tercer trimestre en comparación con periodos anteriores. Las empresas del índice MSCI ACWI (representativo del conjunto del mercado de renta variable) que han presentado sus cifras del tercer trimestre arrojan un 54 % con ingresos mejores de lo previsto y un 47 % con beneficios mejores de lo previsto. Cabría esperar que las proyecciones para el cuarto trimestre y las perspectivas sobre 2023 reflejen aún más el entorno difícil para la economía. Sin embargo, una vez que estos reajustes estén integrados en las expectativas, creemos que ayudará a los inversores a centrarse en la identificación de oportunidades de crecimiento a más largo plazo y que muchos aspectos de la economía digital mostrarán buenas características de crecimiento a medida que nos adentramos en la agitación económica actual. Durante el mes, nuestras inversiones en la temática de la Entrega proporcionaron las mejores rentabilidades. Dentro de esta temática, nuestros valores de pagos fueron sólidos, impulsados por un sólido conjunto de resultados de Visa. La empresa registró un alza de sus previsiones impulsada por la recuperación de los volúmenes de viajes y de operaciones transfronterizas. Estos sólidos resultados también impulsaron algunas de nuestras inversiones en el segmento de los pagos.
Los decepcionantes resultados de Meta Networks y Alphabet lastraron la rentabilidad durante el mes, ya que ambas empresas sufrieron la actual caída del gasto publicitario. Este aspecto del gasto discrecional es muy sensible desde el punto de vista económico y la reducción de los presupuestos de marketing está influyendo en el crecimiento.
Los valores chinos se mostraron especialmente volátiles durante el mes, ya que las noticias relacionadas con la reorganización política lastraron la confianza de los inversores en esta región. Nuestra única exposición a esta región sigue siendo Tencent, por lo que el impacto en el fondo fue algo limitado.
Cambios en la cartera
Vendimos nuestra posición en Rapid7 al consolidar nuestras inversiones en el segmento de la ciberseguridad. Perspectivas del mercado
Aunque continúan la incertidumbre macroeconómica y geopolítica, cabría esperar que los mercados sigan siendo volátiles. Las presiones inflacionistas, la fortaleza del dólar, el aumento de los costes energéticos y el aumento de los tipos de interés seguirán teniendo un impacto negativo en el consumo y las empresas expuestas al consumo. Es probable que las expectativas de crecimiento a corto plazo se reajusten en los próximos meses. Sin embargo, creemos que es probable que el potencial de crecimiento a largo plazo de muchas de las empresas de la estrategia de economía digital siga siendo elevado por encima de las tasas de crecimiento económico más generales durante un ciclo de inversión, y con la contracción de las valoraciones creemos que surgen muchas oportunidades de inversión interesantes. Somos conscientes de que los mercados de renta variable pueden superarse en ambas direcciones, por lo que no estamos tratando de esperar una estabilización, pero creemos que nuestra filosofía de inversión en torno a la identificación de temáticas a largo plazo y las empresas que se beneficiarán de estas temáticas permanece intacta a pesar de los desafíos a corto plazo.
Si bien las tendencias de crecimiento a largo plazo a las que está expuesto el fondo siguen intactas, la fortaleza de la economía mundial podría influir en el ritmo de este crecimiento. Es incluso más importante que sigamos centrándonos en la calidad dentro de nuestro universo de inversión, identificando a los equipos directivos que creemos que pueden dirigir sus empresas en estos momentos difíciles.
Las tendencias de inversión a largo plazo a las que nuestra estrategia está expuesta, como el crecimiento de la publicidad en línea, la adopción del comercio electrónico y la importancia de contar con una transacción y una operación de reposición fiables y seguras, siguen desempeñando un papel importante en muchos modelos de negocio exitosos, incluso en un entorno económico difícil. Podría decirse que la capacidad de las empresas para aprovechar el poder de los datos y la digitalización para ser más productivas y eficaces desempeña un papel aún más vital en tiempos en los que el crecimiento se ha vuelto escaso.
[1] Bloomberg, a 31/10/2022, en USD
Fuente(s) : AXA Investment Managers - MSCI a 31/10/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Performance & Market environment
Global equity markets rose in October, with the MSCI ACWI gaining 6.0%[1].
The macro-economic and geo-political backdrop remains uncertain, with central banks continuing to raise interest rates as they attempt to limit higher inflation levels continuing.
Financial results have started to reflect this with fewer companies exceeding revenue and earnings forecasts so far in the third quarter than in prior periods. For those companies in the MSCI ACWI (representing the broader equity market) that have reported their third-quarter numbers, 54% have reported better-than-expected revenues and 47% have reported better-than-expected earnings. We would expect guidance for fourth quarter and insights into 2023 to further reflect the challenging economy.
However, once these resets are baked into expectations, we think it will help investors focus on identifying opportunities for growth for the longer term and we believe that many aspects of the digital economy will exhibit good growth characteristics as we get through the current economic turmoil.
During the month, our investments in the Delivery theme provided the best returns. Within this theme our payment names were strong, buoyed by a strong set of results from Visa. The company saw upside to its forecasts driven by a recovery in travel and cross-border transaction volumes. These strong results also lifted some of our other investments in the payments space.
Disappointing results from Meta Networks and Alphabet weighed on performance during the month as both companies suffered from the ongoing downturn in advertising spending. This aspect of discretionary spend is very economically sensitive and a reduction in marketing budgets is having an impact on growth.
Chinese stocks were especially volatile during the month as the news relating the political reshuffle weighed on investors confidence on this region. Our only exposure to this region remains Tencent so the impact felt on the fund was somewhat limited.
Portfolio Activity
We sold our position in Rapid7 as we consolidated our investments in the cybersecurity space. Market Outlook
Whilst macro-economic and geo-political uncertainty continue, we would expect markets to remain volatile. The pressures from inflation, a strong US dollar, higher energy costs and rising interest rates will continue to have a negative impact on consumer spending and businesses exposed to consumer spending. Near term growth expectations will likely be reset over the coming months. However, we believe the longer-term growth potential for many of the companies within the Digital Economy strategy are likely to remain elevated above broader economic growth rates over the duration of an investment cycle and with the contraction of valuations we believe there are many attractive investment opportunities arising. We are mindful that equity markets can overshoot in both directions, so we are not trying to call the bottom, but we do believe that our investment philosophy around identifying long term themes and the companies that will benefit from these themes remains intact despite the near-term challenges.
Whilst the long-term growth trends to which the fund is exposed are still intact the strength of the global economy may influence the pace of this growth. It is even more important that we continue to focus on quality within our investment universe, identifying management teams who we believe can navigate their organisations through these challenging times.
Long term investment trends that our strategy is exposed to such as the growth in online advertising, the adoption of e-commerce and the importance of having a reliable and safe transaction and fulfilment operation continue to play an important role in many successful business models even in a difficult economic environment. Arguably, the ability for
companies to harness the power of data and digitalisation to make themselves more productive and efficient play an even more vital role during times when growth has become scarce.
[1] Bloomberg as of 31/10/22, in USD
Source(s): AXA Investment Managers - MSCI as at 31/10/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN2322 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy
RobecoSAM Smart Materials Equities is an actively managed fund that invests globally in companies that provide innovative materials and process technologies. The selection of these stocks is based on fundamental analysis. The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund fosters solutions to reduce resource intensity in the economy by investing in more efficient, scalable materials that have lower emissions over the lifetime, mainly investing in companies that advance the UN Sustainable Development Goals (SDGs): Decent Work and Economic Growth, Industry, Innovation and Infrastructure, Sustainable Cities and Communities, and Responsible Consumption and Production and Climate Action. The fund integrates ESG (Environmental, Social and Governance) factors 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 proxy voting. The fund's aim is also to achieve a better return than the index. The strategy integrates sustainability criteria as part of the stock selection process and through a theme-specific sustainability assessment. The portfolio is built on the basis of an eligible investment universe that includes companies whose business models contribute to the thematic investment objectives. The assessment regarding relevant SDGs uses an internally developed framework, more information on which can be obtained at www.robeco.com/si. Benchmark: MSCI World Index TRN. The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the benchmark. There are no restrictions on the deviation from the benchmark. The benchmark is a broad market-weighted index that is not consistent with the sustainable objective of the fund. | # Política de inversión
RobecoSAM Smart Materials Equities es un fondo de gestión activa que invierte en empresas de todo el mundo que suministran materiales y tecnologías de procesos innovadores. La selección de estos valores se basa en el análisis por fundamentales. El fondo tiene como objetivo la inversión sostenible en el marco del artículo 9 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles. El fondo fomenta soluciones para reducir la intensidad de uso de los recursos en la economía invirtiendo en materiales más eficientes y escalables, que generan menos emisiones durante su vida útil, principalmente en empresas que promueven los Objetivos de Desarrollo Sostenible de las Naciones Unidas (ODS): Trabajo decente y crecimiento económico, Industria, innovación e infraestructura, Ciudades y comunidades sostenibles, Producción y consumo responsables, y Acción por el clima. El fondo integra factores ASG (ambientales, sociales y de gobernanza) en el proceso inversor, y aplica la política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones regionales, normativas y de actividad, o la delegación de voto. Otro de los objetivos del fondo es batir el rendimiento del índice. La estrategia integra criterios de sostenibilidad en el proceso de selección de valores, así como mediante una evaluación de la sostenibilidad por temas. La cartera se construye sobre la base de un universo de inversiones elegibles que incluye empresas cuyos modelos de negocio contribuyen a los objetivos de inversión temáticos. Para la evaluación en relación con los ODS relevantes, se utiliza un marco desarrollado internamente, del que se puede obtener más información en www.robeco.com/es/fortalezas/inversion-sostenible. Índice de referencia: MSCI World Index TRN. Aunque podrán incluirse títulos ajenos al índice de referencia, la mayor parte de los títulos seleccionados pertenecerá al índice de referencia. Aunque la política de inversión no está condicionada por un índice de referencia, el fondo podría utilizar uno a efectos comparativos. El fondo podrá apartarse significativamente de las ponderaciones por emisor, país y sector del índice de referencia. La desviación frente al índice de referencia no está sometida a restricciones. El índice de referencia es un índice ponderado del mercado exterior que no es coherente con el objetivo de sostenibilidad del fondo. | # Investment policy
RobecoSAM Smart Materials Equities is an actively managed fund that invests globally in companies that provide innovative materials and process technologies. The selection of these stocks is based on fundamental analysis. The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund fosters solutions to reduce resource intensity in the economy by investing in more efficient, scalable materials that have lower emissions over the lifetime, mainly investing in companies that advance the UN Sustainable Development Goals (SDGs): Decent Work and Economic Growth, Industry, Innovation and Infrastructure, Sustainable Cities and Communities, and Responsible Consumption and Production and Climate Action. The fund integrates ESG (Environmental, Social and Governance) factors 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 proxy voting. The fund's aim is also to achieve a better return than the index. The strategy integrates sustainability criteria as part of the stock selection process and through a theme-specific sustainability assessment. The portfolio is built on the basis of an eligible investment universe that includes companies whose business models contribute to the thematic investment objectives. The assessment regarding relevant SDGs uses an internally developed framework, more information on which can be obtained at www.robeco.com/si. Benchmark: MSCI World Index TRN. The majority of stocks selected will be components of the benchmark, but stocks outside the benchmark may be selected too. While the investment policy is not constrained by a benchmark, the fund may use one for comparison purposes. The fund can deviate substantially from the issuer, country and sector weightings of the benchmark. There are no restrictions on the deviation from the benchmark. The benchmark is a broad market-weighted index that is not consistent with the sustainable objective of the fund. | en | es |
DOLFIN2324 | 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: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
40%
20%
0%
-20%
-40% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 7 de agosto de 2003. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
40%
20%
0%
-20%
-40% | ### Launch Date and Currency
Sub-Fund's launch date: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
40%
20%
0%
-20%
-40% | en | es |
DOLFIN2328 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
## The Sub-Fund's investment objective is to seek to achieve a mix of income and capital growth by investing in inflation-linked bonds over a medium term period.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in various inflation-linked bonds markets. The following investment decisions are undertaken after comprehensive analysis of macroeconomic and markets developments worldwide
- positioning on the inflation-linked yield curve (the yield curve illustrates the relationship between the investment term and the inflation-linked yield)
- management of duration for inflation-linked bonds (duration measures, in number of years, the portfolio's sensitivity to interest rate variations)
- positioning according to inflation expectations
- geographical allocation The Sub-Fund invests:
- at all times at least two thirds of its total assets in inflation-linked bonds issued by governments, corporations or public institutions worldwide seeking to benefit from the rising wealth of emerging economies through a diversified approach
- up to one third of its total assets in other debt securities rated investment grade or sub-investment grade which are not inflation-linked
- up to one third of its total assets in Money Market InstrumentThe Sub-Fund will invest at least 90% of its net assets in investment grade securities.
Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating | # Objetivos y política de inversión
## Objetivo de Inversión
## El objetivo de inversión del Subfondo es tratar de obtener una combinación de crecimiento de las rentas y apreciación del capital a medio plazo invirtiendo bonos ligados a la inflación.
## Política de inversión
El Subfondo está gestionado activamente con el fin de captar oportunidades en diversos mercados de bonos ligados a la inflación. Las siguientes decisiones de inversión se toman tras un análisis exhaustivo de la evolución macroeconómica y de los mercados en todo el mundo
- posicionamiento en la curva de rentabilidad ligada a la inflación (la curva de rentabilidad ilustra la relación entre el plazo de inversión y la rentabilidad ligada a la inflación)
- gestión de la duración en bonos ligados a la inflación (la duración mide, en años, la sensibilidad de la cartera a las variaciones de tipos de interés)
- posicionamiento en función de las expectativas de inflación
- distribución geográfica El Subfondo invierte:
- en todo momento, como mínimo dos tercios de sus activos totales, en bonos ligados a la inflación emitidos por gobiernos, empresas o instituciones públicas de todo el mundo con el fin de beneficiarse del incremento de la riqueza de las economías emergentes por medio de un enfoque diversificado
- hasta un tercio de sus activos totales, en otros títulos de deuda calificados como primera calidad crediticia (investment grade) o por debajo de ella, que no estén ligados a la inflación
- hasta un tercio de sus activos totales, en instrumentos del mercado monetarioEl Subfondo invertirá como mínimo el 90% de su activo neto en títulos de primera calidad crediticia (investment grade).
Los títulos de primera calidad crediticia tendrán una calificación mínima de BBB- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. Los títulos por debajo de la primera calidad crediticia estarán calificados entre BB+ y B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. En caso de reducción de la calificación por debajo de B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así lo considere el gestor de inversiones, los títulos se venderán dentro de un plazo de 6 meses. Si existieran dos calificaciones diferentes entre agencias de calificación crediticia, se tendrá | # Objective and Investment Policy
## Investment Objective
## The Sub-Fund's investment objective is to seek to achieve a mix of income and capital growth by investing in inflation-linked bonds over a medium term period.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in various inflation-linked bonds markets. The following investment decisions are undertaken after comprehensive analysis of macroeconomic and markets developments worldwide
- positioning on the inflation-linked yield curve (the yield curve illustrates the relationship between the investment term and the inflation-linked yield)
- management of duration for inflation-linked bonds (duration measures, in number of years, the portfolio's sensitivity to interest rate variations)
- positioning according to inflation expectations
- geographical allocation The Sub-Fund invests:
- at all times at least two thirds of its total assets in inflation-linked bonds issued by governments, corporations or public institutions worldwide seeking to benefit from the rising wealth of emerging economies through a diversified approach
- up to one third of its total assets in other debt securities rated investment grade or sub-investment grade which are not inflation-linked
- up to one third of its total assets in Money Market InstrumentThe Sub-Fund will invest at least 90% of its net assets in investment grade securities.
Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating | en | es |
DOLFIN2330 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sector allocation
The fund invests mainly in government bonds and credits. The strategic exposures to interest rate and credit spread risks are in line with the index. Allocations to sectors within credits are non- tactical, and incidental to the specific company selection based on the credit factor exposures. Per the end of December, the largest overweights are in energy, consumer cyclical and consumer non- cyclical, and the largest underweights are in banking and electric utility. | # Distribución del sector
El fondo invierte principalmente en crédito y bonos del tesoro. La exposición estratégica a riesgos de tipo de interés y diferenciales de crédito emula la del índice. La distribución sectorial en crédito no es táctica, y depende de la selección de empresas concretas derivada de la exposición a factores crediticios. Al final de diciembre, las mayores sobreponderaciones correspondían a energía, consumo cíclico y consumo no cíclico, y las mayores infraponderaciones a banca y eléctricas. | # Sector allocation
The fund invests mainly in government bonds and credits. The strategic exposures to interest rate and credit spread risks are in line with the index. Allocations to sectors within credits are non- tactical, and incidental to the specific company selection based on the credit factor exposures. Per the end of December, the largest overweights are in energy, consumer cyclical and consumer non- cyclical, and the largest underweights are in banking and electric utility. | en | es |
DOLFIN2331 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk indicator is based on historical data and may not be a reliable indicator of the future risk profile of the Fund, is not guaranteed and may change over time. The lowest category does not mean risk free.
The risk indicator for the Fund is set as 5, which reflects the historic price behaviour of the Fund. Factors that affect the indicator include:
Investments in equity securities are subject to fluctuations in value dependent on market conditions which will directly affect the value of investments held by the Fund.
The Fund invests with a focus on one region which may increase the risk of investing when compared to a fund that invests in a globally diversified range of countries.
The Fund invests in a concentrated portfolio of investments that may potentially focus on one or more sectors or industries. The range of investments may increase the risk profile of the Fund compared to a more diversified portfolio across sectors and industries.
Additional risks of investing in this Fund include:
Currency Risk: the risk that changes in the exchange rates of the currencies of the investments in which the Fund invests may adversely impact the value of the investments held by the Fund.
Custody and Settlement Risk: the risk that the transactions entered into by the Fund are not settled or registered as appropriate.
Financial Derivatives Risk: the risk that financial derivatives may increase or reduce exposure to underlying assets and may create gearing; therefore their use may result in greater fluctuations of the Net Asset Value of the Fund.
Liquidity Risk: the risk that the assets of the Fund may have low levels of liquidity in some circumstances.
Operational Risk: the risks associated with correctly reflecting the value and safekeeping of the assets of the Fund.
Taxation Risk: the risk of changes in taxation regimes, including legal and regulatory changes.
The Prospectus and Supplement provide further details about other risks the Fund may be exposed to – please refer to the “Practical Information” section for details of how to obtain a copy. | El indicador de riesgo se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo, no está garantizado y puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
El indicador de riesgo del Fondo se establece en 5, lo cual refleja el comportamiento histórico del precio del Fondo. Entre los factores que influyen en el indicador están:
Las inversiones en valores de renta variable están sujetas a fluctuaciones de valor dependiendo de las condiciones del mercado, lo que afectará directamente al valor de las inversiones del Fondo.
El Fondo invierte con un enfoque en una región, lo que puede aumentar el riesgo de inversión con respecto a un fondo que invierta en un conjunto globalmente diversificado de países.
El Fondo invierte en una cartera concentrada de inversiones que podría centrarse en uno o más sectores o industrias. El conjunto de inversiones puede incrementar el riesgo del Fondo comparado con una cartera más diversificada en sectores e industrias.
Entre los riesgos adicionales de invertir en este Fondo se incluyen:
Riesgo de divisas: el riesgo de que los movimientos de los tipos de cambio de las divisas de las inversiones del Fondo puedan perjudicar al valor de las inversiones incluidas en el Fondo.
Riesgo de custodia y liquidación: el riesgo de que las transacciones realizadas por el Fondo no se liquiden o registren debidamente.
Riesgo de derivados financieros: el riesgo de que los instrumentos derivados financieros puedan aumentar o reducir la exposición a activos subyacentes y puedan generar apalancamiento; por consiguiente, su uso puede provocar mayores fluctuaciones del Valor liquidativo del Fondo.
Riesgo de liquidez: el riesgo de que los activos del Fondo puedan tener menores niveles de liquidez en algunas circunstancias.
Riesgo operativo: los riesgos asociados a reflejar el valor y custodiar correctamente los activos del Fondo.
Riesgo de fiscalidad: el riesgo de cambios en los marcos fiscales, incluidos los cambios normativos y regulatorios.
En el Folleto y el Suplemento se ofrece más información sobre otros riesgos a los que puede estar expuesto el Fondo; consulte cómo puede obtener una copia en el apartado "Información práctica". | The risk indicator is based on historical data and may not be a reliable indicator of the future risk profile of the Fund, is not guaranteed and may change over time. The lowest category does not mean risk free.
The risk indicator for the Fund is set as 5, which reflects the historic price behaviour of the Fund. Factors that affect the indicator include:
Investments in equity securities are subject to fluctuations in value dependent on market conditions which will directly affect the value of investments held by the Fund.
The Fund invests with a focus on one region which may increase the risk of investing when compared to a fund that invests in a globally diversified range of countries.
The Fund invests in a concentrated portfolio of investments that may potentially focus on one or more sectors or industries. The range of investments may increase the risk profile of the Fund compared to a more diversified portfolio across sectors and industries.
Additional risks of investing in this Fund include:
Currency Risk: the risk that changes in the exchange rates of the currencies of the investments in which the Fund invests may adversely impact the value of the investments held by the Fund.
Custody and Settlement Risk: the risk that the transactions entered into by the Fund are not settled or registered as appropriate.
Financial Derivatives Risk: the risk that financial derivatives may increase or reduce exposure to underlying assets and may create gearing; therefore their use may result in greater fluctuations of the Net Asset Value of the Fund.
Liquidity Risk: the risk that the assets of the Fund may have low levels of liquidity in some circumstances.
Operational Risk: the risks associated with correctly reflecting the value and safekeeping of the assets of the Fund.
Taxation Risk: the risk of changes in taxation regimes, including legal and regulatory changes.
The Prospectus and Supplement provide further details about other risks the Fund may be exposed to – please refer to the “Practical Information” section for details of how to obtain a copy. | en | es |
DOLFIN2343 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the FTSE ESG Select World Government Bond Index – DM (index). The index aims to reflect the performance of fixed-rate, local currency, investment-grade sovereign debt issued in developed markets, excluding countries which do not fulfil specific ESG (environmental, social, and governance) criteria. Issuers are selected from the FTSE World Government Bond Index – DM (Parent Index) and country ESG scores are calculated by evaluating each countries performance across the three ESG pillars. ESG scores are intended to assess a country’s exposure to, and management of, certain ESG risk factors as determined by the Sustainability Profile of the Beyond Ratings Sovereign Risk Monitor. Beyond Ratings is a smart data and analytics provider for ESG integration in Fixed Income. To be included in the index, a country must be classified as ‘Free’ by Freedom House, a non-profit, non-governmental organisation that conducts research and advocacy on democracy, political freedom, and human rights. Countries are ranked by their ESG score and must exceed a certain threshold for inclusion in the index. The | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice FTSE ESG Select World Government Bond Index - DM (el “índice”). El objetivo del índice es reproducir la evolución del valor de títulos de deuda soberana con grado de inversión, a tipo de interés fijo y en moneda local emitidos en mercados desarrollados, a excepción de aquellos países que no cumplen criterios ESG (medioambientales, sociales y de gobierno corporativo) específicos. Los emisores se seleccionan de entre los que forman parte del FTSE World Government Bond Index - DM (índice principal), mientras que las calificaciones ESG de los países se calculan analizando el desempeño de cada uno de ellos en los tres pilares ESG. Las calificaciones ESG sirven para evaluar la exposición de un país a ciertos factores de riesgo ESG y la gestión que hace de ellos, según lo establecido en el Perfil de Sostenibilidad del Monitor de Riesgo Soberano de Beyond Ratings. Beyond Ratings es un proveedor de datos y análisis inteligentes para la integración de factores ESG en la renta fija. Para que un país sea incluido en el índice, debe ser clasificado como “libre” por Freedom House, una organización no gubernamental sin ánimo de lucro que estudia y promueve la democracia, la libertad política y los derechos humanos. Los países se clasifican conforme a su calificación ESG y deben superar un determinado umbral para ser | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the FTSE ESG Select World Government Bond Index – DM (index). The index aims to reflect the performance of fixed-rate, local currency, investment-grade sovereign debt issued in developed markets, excluding countries which do not fulfil specific ESG (environmental, social, and governance) criteria. Issuers are selected from the FTSE World Government Bond Index – DM (Parent Index) and country ESG scores are calculated by evaluating each countries performance across the three ESG pillars. ESG scores are intended to assess a country’s exposure to, and management of, certain ESG risk factors as determined by the Sustainability Profile of the Beyond Ratings Sovereign Risk Monitor. Beyond Ratings is a smart data and analytics provider for ESG integration in Fixed Income. To be included in the index, a country must be classified as ‘Free’ by Freedom House, a non-profit, non-governmental organisation that conducts research and advocacy on democracy, political freedom, and human rights. Countries are ranked by their ESG score and must exceed a certain threshold for inclusion in the index. The | en | es |
DOLFIN2348 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### A Sub-Fund whose units or shares have been acquired shall not invest in the acquiring MMF during the period in which the acquiring MMF holds units or shares in it.
- A Sub-Fund may acquire the units or shares of other MMFs, provided that no more than 5% of its assets are invested in units or shares of a single MMF.
- A Sub-Fund may, in aggregate, invest no more than 17.5 % of its assets in units or shares of other MMFs.
- Units or shares of other MMFs shall be eligible for investment by a Sub-Fund provided that all of the following conditions are fulfilled:
- the targeted MMF is authorised under the MMF Regulation;
- where the targeted MMF is managed, whether directly or under a delegation, by the Manager or by any other company to which the Manager is linked by common management or control, or by a substantial direct or indirect holding, the Manager, or that other company, is prohibited from charging subscription or redemption fees on account of the investment by the acquiring Sub-Fund in the units or shares of the targeted MMF;
- where a Sub-Fund invests 10% or more of its assets in units or shares of other MMFs:
- the Supplement of that Sub-Fund shall disclose the maximum level of the management fees that may becharged to the Sub-Fund itself and to the other MMFs in which it invests; and | ##### Un Subfondo cuyas unidades o acciones han sido adquiridas no podrá invertir en el FMM adquirente durante el periodo en el que el FMM adquirente mantenga inversiones en sus unidades o acciones.
- Un Subfondo podrá adquirir las unidades o acciones de otros FMM siempre y cuando no invierta más del 5 % de sus activos en unidades o acciones de un solo FMM.
- En total, un Subfondo podrá invertir hasta el 17,5 % de sus activos en unidades o acciones de otros FMM.
- Un Subfondo podrá invertir en las unidades o acciones de otros FMM siempre que se cumplan todas las condiciones siguientes:
- que el FMM de destino esté autorizado en virtud del Reglamento de los FFM;
- cuando el FMM de destino esté gestionado, directamente o por delegación, por la Gestora o por otra sociedad con la cual esté vinculada la Gestora mediante gestión o control comunes, o mediante una participación accionarial sustancial, directa o indirecta, la Gestora, o esa otra sociedad, no podrá cobrar comisiones de suscripción o de reembolso con cargo a la inversión del Subfondo adquirente en las unidades o acciones del FMM de destino;
- cuando un Subfondo invierta el 10 % o más de sus activos en unidades o acciones de otros FMM:
- el Suplemento de dicho Subfondo informará sobre el límite máximo de las comisiones de gestión que podrán cobrarse al propio Subfondo y a otros FMM en los que este invierta; y
- el informe anual indicará la proporción máxima de las comisiones de gestión cobrada al propio Subfondo y a los FMM en los que este invierta. | #### A Sub-Fund whose units or shares have been acquired shall not invest in the acquiring MMF during the period in which the acquiring MMF holds units or shares in it.
- A Sub-Fund may acquire the units or shares of other MMFs, provided that no more than 5% of its assets are invested in units or shares of a single MMF.
- A Sub-Fund may, in aggregate, invest no more than 17.5 % of its assets in units or shares of other MMFs.
- Units or shares of other MMFs shall be eligible for investment by a Sub-Fund provided that all of the following conditions are fulfilled:
- the targeted MMF is authorised under the MMF Regulation;
- where the targeted MMF is managed, whether directly or under a delegation, by the Manager or by any other company to which the Manager is linked by common management or control, or by a substantial direct or indirect holding, the Manager, or that other company, is prohibited from charging subscription or redemption fees on account of the investment by the acquiring Sub-Fund in the units or shares of the targeted MMF;
- where a Sub-Fund invests 10% or more of its assets in units or shares of other MMFs:
- the Supplement of that Sub-Fund shall disclose the maximum level of the management fees that may becharged to the Sub-Fund itself and to the other MMFs in which it invests; and | en | es |
DOLFIN2356 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# US Long Short Equity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return of the USD I Accumulating Class was 4.66%. Over the same period, the two benchmark indices, the S&P 500 Index (Total Return, Net of Tax, USD) and the HFRX Equity Hedge Index (Total Return, USD), returned 28.16% and 12.14% respectively. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any.)
The S&P 500 (including dividends) reached new all-time highs during period – the swiftest stock market recovery in recent history driven by a mix of better- than-expected economic news, strong corporate earnings and accommodative monetary policy. During the period, US GDP grew at its fastest pace since 1984 with Consumer Price Index readings reaching levels last seen in 1990. Economic activity was primarily driven by the goods segment as demand remained elevated from rolling stay-at-home measures and supply chain bottlenecks as variants of the COVID-19 virus emerged throughout the year.
Meanwhile, the US Federal Reserve moved up their expectations of a rate hike from the end of 2023 at the start of the year to mid 2022 by the end of the year, citing improving economic conditions.
We categorise the Portfolio’s investments on the long side into three buckets: Capital Growth, Total Return and Opportunistic. Capital Growth investments demonstrate attractive industry fundamentals, strong competitive positions, growing revenues, and attractive re-investment opportunities. Total Return investments demonstrate sustainable and/or growing streams of income that are underpinned by asset value and which can result in growing cash returns to shareholders (e.g., increased dividends, share repurchases, return of capital). The Total Return bucket also includes fixed income holdings, which currently consist mainly of high yield securities. Opportunistic investments are those with identifiable catalysts. This bucket may include companies with management changes, company reorganizations, merger and acquisition activity, “hidden assets,” or other market dislocations that have the potential to unlock intrinsic value. Short positions may be used to increase returns and/or reduce risks with this mix being partly determined by the environment in which the Portfolio is operating: fundamental shorts (company-specific securities) which may be characterised by catalyst-driven ideas, potential earnings misses, changes in the competitive landscape, and/or thematic shorts, as a few examples. “Market” shorts are used in an effort to manage exposure and reduce risks of the broader market.
For the reporting period, equity longs lagged versus the Index, primarily driven by security selection in the Information Technology, Energy and Consumer Staples sectors. On the long side, the Capital Growth, Total Return (including fixed income) and Opportunistic buckets were positive. In contrast, individual security shorts and market shorts to hedge the portfolio detracted from performance, partially driven by the overall rise in the market during the reporting period.
We believe unprecedented fiscal and monetary policy coupled with buoyant consumer and corporate leaders in a fully opened country has been strong medicine for the economy. This should continue to contribute to solid GDP and earnings growth in 2022, as a confident consumer, with a strong balance sheet, is the critical ingredient for a consumer-led economy. Our overall view of the US economy has not changed as we head into the new year, but we acknowledge that we are moving from the recovery phase of the current cycle to more of a mid-cycle expansion. The previous cycle was the longest in history and ended only due to the exogenous shock of the COVID-19 pandemic. We continue our efforts to best understand company specific factors as we believe this environment is flush with a confluence of fiscal policy considerations, monetary policy stimulus, public health concerns, geopolitical uncertainty, commodity price volatility, inflation dynamics and sequencing (i.e., restarting the economy) question marks. As market dynamics change, this can cause company market values to dislocate from their long-term potential values, creating potential opportunities both long and short.
Nevertheless, we are very mindful of the complex world in which we live and invest. Given the massive amounts of stimulus around the globe, there is a risk that the underlying assumption around very low inflation may be misguided since at some point, unchecked fiscal spending has consequences. We highlight these risks because the current environment, as always, necessitates a flexible approach in the complex, global world in which we operate. Moreover, we strongly believe the greatest risks to the global economy are still those that are unknown today – be they financial or geopolitical in nature. As always, we must be ready and able to adapt when the facts change.
106 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # US Long Short Equity – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el ejercicio finalizado el 31 de diciembre de 2021 ascendió al 4,66%. En el mismo periodo, los dos índices de referencia, el S&P 500 Index (rentabilidad total en USD, neta de impuestos) y el HFRX Equity Hedge Index (rentabilidad total en USD), rindieron un 28,16% y un 12,14%, respectivamente. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. En la rentabilidad total mostrada se han descontado todas las comisiones y los gastos, y se incluye la reinversión de ingresos por dividendos y otras distribuciones, en su caso.)
El S&P 500 (incluyendo dividendos) alcanzó nuevos máximos históricos durante el periodo —la recuperación más rápida del mercado bursátil de la historia reciente, impulsada por una combinación de noticias económicas mejores de lo esperado, sólidos beneficios empresariales y política monetaria acomodaticia—. Durante el periodo, el PIB estadounidense creció a su ritmo más rápido desde 1984 y los datos del índice de precios al consumo alcanzaron niveles no vistos desde 1990. La actividad económica se vio impulsada sobre todo por el segmento de bienes, dado que la demanda se mantuvo elevada como consecuencia de las constantes medidas de confinamiento en los hogares y de los problemas de la cadena de suministro, mientras iban apareciendo nuevas variantes del virus de la COVID-19 durante todo el año. Por su parte, la Reserva Federal estadounidense elevó sus expectativas para las subidas de tipos: pasó de prever una subida después de 2023 a comienzos de año, a prever una subida de tipos para mediados de 2022 a finales de año, haciendo referencia a las condiciones económicas.
Clasificamos las posiciones largas de la cartera en tres categorías: apreciación del capital, rentabilidad total y oportunistas. Las inversiones de apreciación del capital presentan atractivos fundamentales sectoriales, fuertes posiciones competitivas, ingresos crecientes e interesantes oportunidades de reinversión. Las inversiones de rentabilidad total presentan flujos de ingresos sostenibles o crecientes respaldados por el valor de los activos, que pueden dar lugar a un incremento de la rentabilidad en efectivo para los accionistas (por ejemplo, mayores dividendos, recompras de acciones, devoluciones del capital). La categoría de rentabilidad total incluye también posiciones de renta fija, actualmente sobre todo valores de alta rentabilidad. Las inversiones oportunistas son aquellas que presentan catalizadores identificables. En esta categoría se clasifican las empresas con cambios en su dirección, reorganizaciones sociales, actividad de fusiones y adquisiciones, "activos ocultos" y otras distorsiones del mercado que pueden hacer emerger su valor intrínseco. Se pueden utilizar posiciones cortas para incrementar la rentabilidad y/o reducir los riesgos, en una combinación que dependerá en parte del contexto en el que opere la Cartera: las posiciones cortas de fundamentales (valores relacionados con empresas concretas) que se pueden caracterizar por ideas basadas en catalizadores, posibles incumplimientos de las previsiones de beneficios, cambios en el panorama competitivo y/o posiciones cortas temáticas, por ejemplo. Las posiciones cortas del mercado se utilizan para intentar gestionar exposición y reducir los riesgos del mercado general.
Las posiciones largas en renta variable se situaron a la zaga del Índice en el periodo analizado, debido sobre todo a la selección de valores en tecnología de la información, energía y consumo básico. En la parte larga, las categorías de apreciación del capital, rentabilidad total (incluyendo renta fija) y oportunista cerraron el periodo en positivo. Por el contrario, las posiciones cortas en títulos concretos y las posiciones cortas del mercado para cubrir la cartera restaron rentabilidad, en parte debido al repunte general del mercado en el periodo analizado.
Creemos que unas políticas fiscal y monetaria sin precedentes combinadas con unos consumidores optimistas y líderes corporativos en un país plenamente abierto han sido una buena medicina para la economía. Cabe esperar que esto siga favoreciendo un sólido crecimiento del PIB y de los beneficios en 2022, dado que la confianza del consumidor con un balance saneado es el ingrediente fundamental para una economía impulsada por el consumo. Nuestra visión general de la economía estadounidense no ha cambiado de cara al nuevo año, pero reconocemos que estamos avanzando de la fase de recuperación del ciclo actual hacia una expansión de mitad del ciclo. El ciclo anterior fue el más largo de la historia y concluyó únicamente por el factor exógeno de la pandemia de COVID-19. Mantenemos nuestros esfuerzos por conocer mejor factores concretos de las empresas, al considerar que este entorno está dominado por una confluencia de consideraciones en materia de política fiscal, estímulos de la política monetaria, preocupación por la salud pública, incertidumbre geopolítica, volatilidad de los precios de las materias primas, dinámica de inflación y constantes interrogantes (por ejemplo, la reactivación de la economía). Cuando cambie la dinámica del mercado, puede que esto provoque que los valores de mercado de las empresas se desvíen de sus valores potenciales a largo plazo, generando potenciales oportunidades tanto en largo como en corto.
No obstante, somos muy conscientes del mundo tan complejo en el que vivimos e invertimos. Dada la enorme magnitud del estímulo aplicado en todo el mundo, existe el riesgo de que el supuesto subyacente sobre una inflación muy baja esté equivocado, ya que un gasto fiscal descontrolado tendrá consecuencias en algún momento. Hacemos hincapié en estos riesgos porque el actual entorno, como siempre, requiere un enfoque flexible en el complejo mundo globalizado en el que vivimos. Además, estamos convencidos de que los mayores riesgos para la economía mundial continúan siendo los que todavía no conocemos, que pueden ser de naturaleza financiera o geopolítica. Como siempre, hemos de estar preparados para adaptarnos cuando cambien las circunstancias.
106 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # US Long Short Equity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return of the USD I Accumulating Class was 4.66%. Over the same period, the two benchmark indices, the S&P 500 Index (Total Return, Net of Tax, USD) and the HFRX Equity Hedge Index (Total Return, USD), returned 28.16% and 12.14% respectively. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any.)
The S&P 500 (including dividends) reached new all-time highs during period – the swiftest stock market recovery in recent history driven by a mix of better- than-expected economic news, strong corporate earnings and accommodative monetary policy. During the period, US GDP grew at its fastest pace since 1984 with Consumer Price Index readings reaching levels last seen in 1990. Economic activity was primarily driven by the goods segment as demand remained elevated from rolling stay-at-home measures and supply chain bottlenecks as variants of the COVID-19 virus emerged throughout the year.
Meanwhile, the US Federal Reserve moved up their expectations of a rate hike from the end of 2023 at the start of the year to mid 2022 by the end of the year, citing improving economic conditions.
We categorise the Portfolio’s investments on the long side into three buckets: Capital Growth, Total Return and Opportunistic. Capital Growth investments demonstrate attractive industry fundamentals, strong competitive positions, growing revenues, and attractive re-investment opportunities. Total Return investments demonstrate sustainable and/or growing streams of income that are underpinned by asset value and which can result in growing cash returns to shareholders (e.g., increased dividends, share repurchases, return of capital). The Total Return bucket also includes fixed income holdings, which currently consist mainly of high yield securities. Opportunistic investments are those with identifiable catalysts. This bucket may include companies with management changes, company reorganizations, merger and acquisition activity, “hidden assets,” or other market dislocations that have the potential to unlock intrinsic value. Short positions may be used to increase returns and/or reduce risks with this mix being partly determined by the environment in which the Portfolio is operating: fundamental shorts (company-specific securities) which may be characterised by catalyst-driven ideas, potential earnings misses, changes in the competitive landscape, and/or thematic shorts, as a few examples. “Market” shorts are used in an effort to manage exposure and reduce risks of the broader market.
For the reporting period, equity longs lagged versus the Index, primarily driven by security selection in the Information Technology, Energy and Consumer Staples sectors. On the long side, the Capital Growth, Total Return (including fixed income) and Opportunistic buckets were positive. In contrast, individual security shorts and market shorts to hedge the portfolio detracted from performance, partially driven by the overall rise in the market during the reporting period.
We believe unprecedented fiscal and monetary policy coupled with buoyant consumer and corporate leaders in a fully opened country has been strong medicine for the economy. This should continue to contribute to solid GDP and earnings growth in 2022, as a confident consumer, with a strong balance sheet, is the critical ingredient for a consumer-led economy. Our overall view of the US economy has not changed as we head into the new year, but we acknowledge that we are moving from the recovery phase of the current cycle to more of a mid-cycle expansion. The previous cycle was the longest in history and ended only due to the exogenous shock of the COVID-19 pandemic. We continue our efforts to best understand company specific factors as we believe this environment is flush with a confluence of fiscal policy considerations, monetary policy stimulus, public health concerns, geopolitical uncertainty, commodity price volatility, inflation dynamics and sequencing (i.e., restarting the economy) question marks. As market dynamics change, this can cause company market values to dislocate from their long-term potential values, creating potential opportunities both long and short.
Nevertheless, we are very mindful of the complex world in which we live and invest. Given the massive amounts of stimulus around the globe, there is a risk that the underlying assumption around very low inflation may be misguided since at some point, unchecked fiscal spending has consequences. We highlight these risks because the current environment, as always, necessitates a flexible approach in the complex, global world in which we operate. Moreover, we strongly believe the greatest risks to the global economy are still those that are unknown today – be they financial or geopolitical in nature. As always, we must be ready and able to adapt when the facts change.
106 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN2360 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,900 | USD 1,810 |
| | Average return each year % | -81.00% | -28.95% |
| Unfavourable scenario | What you might get back after costs | USD 7,600 | USD 7,130 |
| | Average return each year % | -24.00% | -6.54% |
| Moderate scenario | What you might get back after costs | USD 10,470 | USD 12,740 |
| | Average return each year % | 4.70% | 4.96% |
| Favourable scenario | What you might get back after costs | USD 16,820 | USD 24,380 |
| | Average return each year % | 68.20% | 19.51% | | | | 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 1.900 | USD 1.810 |
| | Rendimiento medio cada año | -81,00% | -28,95% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.600 | USD 7.130 |
| | Rendimiento medio cada año | -24,00% | -6,54% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.470 | USD 12.740 |
| | Rendimiento medio cada año | 4,70% | 4,96% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 16.820 | USD 24.380 |
| | Rendimiento medio cada año | 68,20% | 19,51% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,900 | USD 1,810 |
| | Average return each year % | -81.00% | -28.95% |
| Unfavourable scenario | What you might get back after costs | USD 7,600 | USD 7,130 |
| | Average return each year % | -24.00% | -6.54% |
| Moderate scenario | What you might get back after costs | USD 10,470 | USD 12,740 |
| | Average return each year % | 4.70% | 4.96% |
| Favourable scenario | What you might get back after costs | USD 16,820 | USD 24,380 |
| | Average return each year % | 68.20% | 19.51% | | en | es |
DOLFIN2364 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
US equity markets fell 4.9% in dollar terms, as measured by the benchmark S&P 500 index. While US equities battled back from their worst first half in over 50 years, at the beginning of the quarter, by the end of the three-month period they had turned decidedly downbeat once again. The severe sell-off in global stocks in September markets slipping into a bear market on the back of interest rate concerns and turmoil caused by the UK tax cuts.
The US had a large part to play in the global market sell-off, as the Federal Reserve’s relentless interest rates in a bid to tame inflation rattled global equities. There are fears that the hawkish central bank will tip the world’s largest economy into recession, as it stepped up its rate rise policy once again. Although recession fears abounded there was little sign of contraction in the labour market, with the unemployment rate falling to a half-century low of 3.5% in August, before ticking back up to 3.7% in September. Employers added 315.000 jobs in August, according to the Labor Department, which was a decline from 526,000 in July as companies became more cautious about planned spending.
Nearly all sectors delivered negative returns for the third quarter, with only consumer discretionary stocks eking out a small gain. Energy stocks also outperformed. The worst returns came from the communication services sector after a several high-profile earnings misses, while real estate also underperformed in an environment of sharply rising interest rates. From a factor return perspective, the sharp rally in growth stocks in July meant that in aggregate for the quarter high dividend yield, value and low volatility all underperformed, while stocks with the best near-term price momentum outperformed. This masked much better returns to value and high dividend yield as markets fell through August and September, while quality became increasingly important as the quarter ended and fears of recession grew.
The Fund fell in absolute terms but outperformed its benchmark in the third quarter of the year, net of fees for the A USD share class. Headwinds came from the fundamental risk factor exposures of the Fund, with July’s underperformance of value hampering returns in aggregate for the review period. Over the quarter, industry exposures helped offset these losses, particularly overweighting biotech, banks, autos and oil.
Stock selection was positive over the quarter amid oscillating sentiment. The top contributors came from the healthcare sector, which was in demand for its defensive earnings profile. Overweight holdings of Cardinal Health, Biogen and CVS were accretive to active performance. Other positive contributions came from overweight holdings of Keysight Technologies and Cadence Design Systems - software firms with a strong track record of beating earnings expectations - which was a sought-after trait in the third quarter. The largest detractor this quarter was an overweight holding of communications and entertainment firm Verizon, whose shares underperformed as it faced increased competition in the US mobile phone market. Also unhelpful over the quarter was an overweight holding of meat producer Tyson Foods, which missed earnings by a modest margin in August.
Source(s): AXA Investment Managers as at 30/09/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Los mercados bursátiles estadounidenses, representados por el índice de referencia S&P 500, se depreciaron un 4,9 % en dólares. Mientras que la renta variable estadounidense repuntó a principios del trimestre desde su peor primera mitad en más de 50 años, al final del periodo de tres meses volvió a registrar un mal tono. La fuerte oleada de ventas de la renta variable mundial en septiembre se hundió en un mercado bajista debido a las dudas en torno a los tipos de interés y las turbulencias provocadas por las rebajas de impuestos en el Reino Unido.
EE. UU. desempeñó un gran papel en la oleada de ventas del mercado mundial, ya que los implacables tipos de interés de la Reserva Federal en un intento por atenuar la inflación sacudieron la renta variable mundial. Existe el temor de que el tono duro del banco central haga que la mayor economía del mundo entre en recesión, al intensificar de nuevo su política de subidas de tipos. Aunque el temor a una recesión abundaba, el mercado laboral apenas registró señales de contracción, y la tasa de desempleo cayó hasta un mínimo de medio siglo del 3,5 % en agosto, antes de volver a subir hasta el 3,7 % en septiembre. Los empleadores añadieron 315 000 puestos de trabajo en agosto, según el Departamento de Trabajo, lo que representa un descenso con respecto a los 526 000 en julio, ya que las empresas se volvieron más prudentes con respecto al gasto planificado.
Casi todos los sectores arrojaron rentabilidades negativas en el tercer trimestre y solo los valores del consumo discrecional registraron una pequeña ganancia. Los valores energéticos también superaron al mercado. Las peores rentabilidades provinieron del sector de servicios de comunicación tras una serie de incumplimientos de beneficios de perfil elevado, mientras que el sector inmobiliario también se rezagó en un entorno de fuerte subida de los tipos de interés. Desde la perspectiva de la rentabilidad de los factores, el fuerte repunte de los valores de crecimiento en julio hizo que, en conjunto en el trimestre, el elevado rendimiento por dividendo, el valor y la baja volatilidad se rezagaran, mientras que los valores con la mejor dinámica de precios a corto plazo destacaron. Esto ocultó unas rentabilidades mucho mejores para el valor y el alto rendimiento por dividendo, ya que los mercados cayeron en agosto y septiembre, mientras que la calidad se tornó cada vez más importante a medida que avanzaba el trimestre y crecían los temores a una recesión.
El fondo se depreció en términos absolutos, pero obtuvo una rentabilidad superior a la de su índice de referencia durante el tercer trimestre del año, después de comisiones aplicables a la clase de participaciones A USD. Los obstáculos provinieron de la exposición fundamental a factores de riesgo del fondo, ya que el peor comportamiento relativo del valor en julio empañó las rentabilidades en total durante el periodo analizado. Durante el trimestre, las exposiciones sectoriales ayudaron a compensar estas pérdidas, especialmente la sobreponderación en biotecnología, bancos, automóviles y petróleo.
La selección de valores fue positiva durante el trimestre en un contexto de oscilación de la confianza. Las mayores contribuciones provinieron del sector sanitario, que fue demandado por su perfil de beneficios defensivo. Las sobreponderaciones en Cardinal Health, Biogen y CVS contribuyeron a la rentabilidad activa. Otras contribuciones positivas provinieron de la sobreponderación en Keysight Technologies y Cadence Design Systems (empresas de software con un sólido historial de superación de las expectativas de beneficios), que fue codiciada en el tercer trimestre. El mayor lastre de este trimestre fue la sobreponderación en la empresa de comunicaciones y entretenimiento Verizon, cuyas acciones se rezagaron al enfrentarse a un aumento de la competencia en el mercado estadounidense de telefonía móvil. Tampoco ayudó durante el trimestre la sobreponderación en el productor cárnico Tyson Foods, que no logró superar los beneficios por un modesto margen en agosto.
Fuente(s) : AXA Investment Managers a 30/09/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
US equity markets fell 4.9% in dollar terms, as measured by the benchmark S&P 500 index. While US equities battled back from their worst first half in over 50 years, at the beginning of the quarter, by the end of the three-month period they had turned decidedly downbeat once again. The severe sell-off in global stocks in September markets slipping into a bear market on the back of interest rate concerns and turmoil caused by the UK tax cuts.
The US had a large part to play in the global market sell-off, as the Federal Reserve’s relentless interest rates in a bid to tame inflation rattled global equities. There are fears that the hawkish central bank will tip the world’s largest economy into recession, as it stepped up its rate rise policy once again. Although recession fears abounded there was little sign of contraction in the labour market, with the unemployment rate falling to a half-century low of 3.5% in August, before ticking back up to 3.7% in September. Employers added 315.000 jobs in August, according to the Labor Department, which was a decline from 526,000 in July as companies became more cautious about planned spending.
Nearly all sectors delivered negative returns for the third quarter, with only consumer discretionary stocks eking out a small gain. Energy stocks also outperformed. The worst returns came from the communication services sector after a several high-profile earnings misses, while real estate also underperformed in an environment of sharply rising interest rates. From a factor return perspective, the sharp rally in growth stocks in July meant that in aggregate for the quarter high dividend yield, value and low volatility all underperformed, while stocks with the best near-term price momentum outperformed. This masked much better returns to value and high dividend yield as markets fell through August and September, while quality became increasingly important as the quarter ended and fears of recession grew.
The Fund fell in absolute terms but outperformed its benchmark in the third quarter of the year, net of fees for the A USD share class. Headwinds came from the fundamental risk factor exposures of the Fund, with July’s underperformance of value hampering returns in aggregate for the review period. Over the quarter, industry exposures helped offset these losses, particularly overweighting biotech, banks, autos and oil.
Stock selection was positive over the quarter amid oscillating sentiment. The top contributors came from the healthcare sector, which was in demand for its defensive earnings profile. Overweight holdings of Cardinal Health, Biogen and CVS were accretive to active performance. Other positive contributions came from overweight holdings of Keysight Technologies and Cadence Design Systems - software firms with a strong track record of beating earnings expectations - which was a sought-after trait in the third quarter. The largest detractor this quarter was an overweight holding of communications and entertainment firm Verizon, whose shares underperformed as it faced increased competition in the US mobile phone market. Also unhelpful over the quarter was an overweight holding of meat producer Tyson Foods, which missed earnings by a modest margin in August.
Source(s): AXA Investment Managers as at 30/09/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN2365 | 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
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
The risk and reward indicator :
is based on historical data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years.
Shares in the Fund trade every day that is both a business day in Dublin and a day where the primary trading exchanges in Japan are open for business. You can place an order to buy or sell shares on any such day.
The Fund may use fx forwards with the aim of limiting the effect that changes in foreign exchange rates may have on the value of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
This share class will use fx forwards with the aim of limiting the effect of changes in foreign exchange rates between the share class currency and the base currency of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
The base currency of the Fund is JPY.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Por lo general menor remuneración Por lo general mayor remuneración
El indicador de riesgo y remuneración se calcula según la volatilidad de la clase de acciones (las alzas y bajas en su valor) durante el periodo de 5 años anterior.
El indicador de riesgo y remuneración:
esta información se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil del Fondo;
no está garantizado y puede cambiar con el tiempo.
La asignación a la categoría más baja no significa que una clase de acciones esté libre de riesgo.
Su inversión inicial no está garantizada.
Debido que el Fondo posee un objetivo a largo plazo, puede no resultar apropiado para inversores que planean invertir por un periodo inferior a 5 años.
Las acciones del Fondo se negocian todos los días hábiles en Dublín y los días que las principales bolsas de valores de Japón están abiertas y operativas. Puede transmitir una orden de compra o venta de acciones en cualquiera de estos días.
El Fondo podrá utilizar contratos a plazo sobre divisas con el propósito de limitar el efecto que las fluctuaciones en los tipos de cambio pudieran tener sobre el valor del Fondo. Los swaps de divisas pueden utilizarse a efectos de reinvertir los contratos a plazo de divisas que vencen.
Esta clase de acciones utilizará contratos a plazo sobre divisas con el propósito de limitar el efecto de las fluctuaciones en los tipos de cambio entre la divisa de la clase de acciones y la divisa base del Fondo. Los swaps de divisas pueden utilizarse a efectos de reinvertir los contratos a plazo de divisas que vencen.
La divisa base del Fondo es el JPY.
La categoría de clase de acciones refleja los siguientes factores:
Invertir en acciones puede generar mayor volatilidad dado que su valor fluctúa más que el de otros instrumentos financieros, como los bonos.
El Fondo puede invertir en acciones denominadas en divisas distintas a la divisa de la clase de acciones. Por consiguiente, el valor de la clase de acciones podrá aumentar o disminuir debido a fluctuaciones en los tipos de cambio.
Los riesgos para el Fondo que el indicador no tiene en cuenta incluyen:
Riesgo de contraparte: El Fondo puede incurrir en pérdidas ante el incumplimiento de una contraparte que no puede atender sus obligaciones contractuales.
Encontrará una descripción más detallada de los riegos en la sección
«Factores de riesgo» del folleto. | # Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
The risk and reward indicator :
is based on historical data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years.
Shares in the Fund trade every day that is both a business day in Dublin and a day where the primary trading exchanges in Japan are open for business. You can place an order to buy or sell shares on any such day.
The Fund may use fx forwards with the aim of limiting the effect that changes in foreign exchange rates may have on the value of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
This share class will use fx forwards with the aim of limiting the effect of changes in foreign exchange rates between the share class currency and the base currency of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
The base currency of the Fund is JPY.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | en | es |
DOLFIN2369 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives
The Sub-Fund is actively managed. The MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub- Fund aims to generate capital growth over the long term. It mainly invests in equities and equity-related securities of agriculture, retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets.The Investment Manager invests in companies that will best capture strong expected consumption growth in emerging markets. It follows a fundamental bottom-up approach that seeks to identify uniquely positioned companies with significant market misperception based on a top-down approach to identify sub-themes taking into account demographics, consumer trends and industry dynamics. Macro factors, impacting the relevant sectors and underlying companies, are constantly taken into account to prevent dichotomy with positions. The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy.
The Sub-Fund invests mainly in equity securities and equity-related securities of retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets. | ### Objectivos
El Subfondo se gestiona activamente. El índice MSCI Emerging Market TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El objetivo del subfondo es generar revalorización del capital a largo plazo. Invierte principalmente en acciones y títulos relacionados con renta variable de compañías del sector agrícola, minorista y de consumo emitidos por empresas constituidas o que ejercen una parte predominante de sus actividades comerciales, directa o indirectamente, en mercados emergentes.El gestor de inversiones invierte en empresas que capturarán mejor el fuerte crecimiento del consumo previsto en los mercados emergentes. Sigue un enfoque fundamental "bottom-up" que trata de identificar empresas con un posicionamiento único, que han sido considerablemente malinterpretadas por el mercado sobre la base de un enfoque "top-down", para identificar subtemas que tienen en cuenta aspectos demográficos, tendencias de consumo y dinámicas sectoriales. Se tienen en cuenta constantemente los factores macro que afectan a los sectores y las empresas subyacentes para evitar dicotomías en las posiciones. El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión.
El subfondo invierte principalmente en acciones y títulos relacionados con renta variable de compañías del sector minorista y de consumo emitidos por empresas constituidas en mercados emergentes o que ejercen una parte predominante de sus actividades comerciales, directa o indirectamente, en dichos mercados. | ### Objectives
The Sub-Fund is actively managed. The MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub- Fund aims to generate capital growth over the long term. It mainly invests in equities and equity-related securities of agriculture, retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets.The Investment Manager invests in companies that will best capture strong expected consumption growth in emerging markets. It follows a fundamental bottom-up approach that seeks to identify uniquely positioned companies with significant market misperception based on a top-down approach to identify sub-themes taking into account demographics, consumer trends and industry dynamics. Macro factors, impacting the relevant sectors and underlying companies, are constantly taken into account to prevent dichotomy with positions. The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy.
The Sub-Fund invests mainly in equity securities and equity-related securities of retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets. | en | es |
DOLFIN2377 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Board may also decide to submit the decision to a meeting of the Shareholders of the relevant Sub-Fund. No quorum is required; the decision will be considered approved if supported by a simple majority of the votes cast at the meeting. The liquidation of the last Sub-Fund must be decided by a general meeting of Shareholders.
Shareholders will be notified of the decision to liquidate a Sub-Fund and will be paid the net liquidation proceeds as at the liquidation date. Shareholders of the relevant Sub-Fund can continue to redeem or switch their Shares, free of any redemption and switch charges up to the liquidation date, but typically no further subscriptions will be accepted. The prices at which these redemptions and switches are executed will reflect any costs relating to the liquidation. The Board can suspend or refuse these redemptions and switches if it believes it is in the best interests of Shareholders or is necessary to ensure Shareholder equality.
Shareholders will be paid the NAV of the Shares of the relevant Sub-Fund held as at the liquidation date. Amounts from any liquidations that cannot be distributed to Shareholders will be deposited with the Caisse de Consignation in accordance with Luxembourg law.
The costs and expenses of any liquidation may be borne by the Fund or relevant Sub-Fund or Share Class up to the capped level of operating and administrative expenses as specified in the Prospectus for the relevant Share Class or may be borne by the Management Company. | El Consejo también podrá acordar someter la decisión a una junta de Accionistas del Subfondo en cuestión. No será necesario cumplir requisito de quórum alguno, y la decisión se considerará aprobada si recibe el respaldo de la mayoría simple de los votos emitidos en la junta. La liquidación del último Subfondo deberá ser objeto de un acuerdo en una junta general de Accionistas.
Se notificará a los Accionistas acerca de la decisión de liquidación de un Subfondo, y se les abonará el producto neto de la liquidación en la fecha de liquidación. Los Accionistas del Subfondo correspondiente pueden seguir solicitando el reembolso o el canje de sus Acciones, exentos de comisiones de reembolso o canje, hasta la fecha de liquidación, pero normalmente no se aceptarán nuevas suscripciones. Los precios a los que se ejecutan tales reembolsos o canjes reflejarán cualesquiera costes relativos a la liquidación. El Consejo puede suspender o rechazar tales reembolsos y canjes si considera que ello redunda en interés de los Accionistas o es necesario para garantizar el trato igualitario de todos los Accionistas.
A los Accionistas se les abonará el Valor liquidativo de las Acciones del Subfondo correspondiente que mantengan en la fecha de liquidación. Los importes de cualesquiera liquidaciones que no puedan distribuirse a los Accionistas se depositarán en la Caisse de Consignation con arreglo a la legislación de Luxemburgo.
Los costes y gastos derivados de cualquier liquidación podrán ser soportados por el Fondo, o el Subfondo o la Clase de Acciones pertinentes, hasta el nivel máximo de gastos operativos y de administración que se especifica en el Folleto para la Clase de Acciones en cuestión, o podrán ser soportados por la Sociedad gestora. | The Board may also decide to submit the decision to a meeting of the Shareholders of the relevant Sub-Fund. No quorum is required; the decision will be considered approved if supported by a simple majority of the votes cast at the meeting. The liquidation of the last Sub-Fund must be decided by a general meeting of Shareholders.
Shareholders will be notified of the decision to liquidate a Sub-Fund and will be paid the net liquidation proceeds as at the liquidation date. Shareholders of the relevant Sub-Fund can continue to redeem or switch their Shares, free of any redemption and switch charges up to the liquidation date, but typically no further subscriptions will be accepted. The prices at which these redemptions and switches are executed will reflect any costs relating to the liquidation. The Board can suspend or refuse these redemptions and switches if it believes it is in the best interests of Shareholders or is necessary to ensure Shareholder equality.
Shareholders will be paid the NAV of the Shares of the relevant Sub-Fund held as at the liquidation date. Amounts from any liquidations that cannot be distributed to Shareholders will be deposited with the Caisse de Consignation in accordance with Luxembourg law.
The costs and expenses of any liquidation may be borne by the Fund or relevant Sub-Fund or Share Class up to the capped level of operating and administrative expenses as specified in the Prospectus for the relevant Share Class or may be borne by the Management Company. | en | es |
DOLFIN2378 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
** (i) To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges. (ii) Holders in this share class will be subject to additional periodic charges outside of the Fund by way of separate agreement with BlackRock.
| One-off charges taken before or after you invest |
| --- |
| Entry Charge | None |
| Exit Charge | None* |
This is the maximum that might be taken out of your money before it is invested or before proceeds of your investments are paid out.
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.05%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | # Rentabilidad Pasada
** (i) En la medida en que el Fondo opere en préstamos de valores para reducir costes, el propio Fondo percibirá el 62,5% de los ingresos asociados que se generen, y el 37,5% restante se recibirá por BlackRock en calidad de agente de préstamo de valores. Debido a que el reparto de los ingresos por préstamo de valores no incrementa los costes de funcionamiento del Fondo, esto se ha excluido de los gastos corrientes. (ii) Los titulares de esta clase de acciones estarán sujetos a unos gastos periódicos adicionales, aplicados fuera del Fondo en virtud de un acuerdo por separado con BlackRock.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gasto de entrada | Ninguna |
| Gasto de salida | Ninguna* |
Este es el máximo que puede detraerse de su capital antes de la inversión, o antes de abonar el producto de la inversión.
| Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 0,05%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | # Past Performance
** (i) To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges. (ii) Holders in this share class will be subject to additional periodic charges outside of the Fund by way of separate agreement with BlackRock.
| One-off charges taken before or after you invest |
| --- |
| Entry Charge | None |
| Exit Charge | None* |
This is the maximum that might be taken out of your money before it is invested or before proceeds of your investments are paid out.
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.05%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN2381 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.20% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Sterling Overnight Index Average (SONIA) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.77%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.20% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 10.00% de la diferencia positiva con la High Water Mark o del tipo de rentabilidad del Sterling Overnight Index Average (SONIA) prorrateado, de ambos valores el más bajo. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 0.77%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.20% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Sterling Overnight Index Average (SONIA) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.77%. | | en | es |
DOLFIN2382 | 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 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.
Over a 2-year rolling period, to seek to generate income, in EUR, through dynamic exposure to the global short duration fixed income universe and an annualized return, net of fees, of the overnight rate of the share class currency capitalized or any successor or equivalent benchmark + a spread which has been set up taking into consideration exclusively the respective approximate level of the ongoing charges applicable to the share class. This annualized return is an objective and is not guaranteed. | # Objetivo y estrategia de inversión
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.
Durante un periodo de dos años consecutivos, generar rentas, en EUR, mediante una exposición dinámica al universo internacional de la renta fija a corto plazo y una rentabilidad anualizada, neta de comisiones, al tipo de interés a un día de la divisa de la clase de acción capitalizada o cualquier índice de referencia que lo remplace o sea equivalente + un diferencial que se ha establecido teniendo en cuenta exclusivamente el nivel correspondiente aproximado de los gastos corrientes aplicable a la clase de acción. Esta rentabilidad anualizada es un objetivo y no está garantizada. | # Objective and investment strategy
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.
Over a 2-year rolling period, to seek to generate income, in EUR, through dynamic exposure to the global short duration fixed income universe and an annualized return, net of fees, of the overnight rate of the share class currency capitalized or any successor or equivalent benchmark + a spread which has been set up taking into consideration exclusively the respective approximate level of the ongoing charges applicable to the share class. This annualized return is an objective and is not guaranteed. | en | es |
DOLFIN2383 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 3 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 8 010 EUR | 8 510 EUR |
| | Average return each year | - 19.92 % | - 5.25 % |
| Unfavourable scenario | What might you get back after costs | 8 950 EUR | 8 670 EUR |
| | Average return each year | - 10.55% | - 4.63% |
| Moderate scenario | What might you get back after costs | 10 050 EUR | 10 530 EUR |
| | Average return each year | 0.52% | 1.72% |
| Favourable scenario | What might you get back after costs | 11 170 EUR | 11 400 EUR |
| | Average return each year | 11.71% | 4.47% | | | Período de mantenimiento mínimo recomendado: 3 años Inversión 10 000 EUR |
| --- |
| Escenarios en caso de supervivencia Mínimo: | 1 año | 3 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 8 010 EUR | 8 510 EUR |
| | Rendimiento medio cada año | - 19,92 % | - 5,25 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 950 EUR | 8 670 EUR |
| | Rendimiento medio cada año | - 10,55% | - 4,63% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 050 EUR | 10 530 EUR |
| | Rendimiento medio cada año | 0,52% | 1,72% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 11 170 EUR | 11 400 EUR |
| | Rendimiento medio cada año | 11,71% | 4,47% | | | Recommended minimum holding period: 3 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 8 010 EUR | 8 510 EUR |
| | Average return each year | - 19.92 % | - 5.25 % |
| Unfavourable scenario | What might you get back after costs | 8 950 EUR | 8 670 EUR |
| | Average return each year | - 10.55% | - 4.63% |
| Moderate scenario | What might you get back after costs | 10 050 EUR | 10 530 EUR |
| | Average return each year | 0.52% | 1.72% |
| Favourable scenario | What might you get back after costs | 11 170 EUR | 11 400 EUR |
| | Average return each year | 11.71% | 4.47% | | en | es |
DOLFIN2386 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
- Money Market Funds do not generally experience extreme price variations. Changes in interest rates will impact the Fund. Levels of credit risk are affected by longer weighted average maturity and weighted average life of the Fund.
- The Fund seeks to exclude companies engaging in certain activitiesThis indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund is rated one due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.
-
On any day where the net return (i.e. return less costs and expenses) of the Fund is negative an Accumulating Share Class of the fund will see a decrease
in the NAV per Share.
inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Particular risks not adequately captured by the risk indicator include:
- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. | # Perfil de Riesgo y Remuneración
- Por lo general, los Fondos monetarios no experimentan variaciones extremas en los precios. Las variaciones de los tipos de interés afectarán al Fondo. Los niveles de riesgo de crédito se ven afectados por el mayor vencimiento medio ponderado y la mayor duración media ponderada del Fondo.
- El Fondo pretende excluir a las empresas que participen en determinadasEste indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo.
El Fondo se sitúa en la categoría 1, debido a la naturaleza de sus inversiones, que comportan los riesgos citados a continuación. Estos factores pueden repercutir en el valor de las inversiones del Fondo o hacer que el Fondo sufra pérdidas.
-
Cualquier día en el que la rentabilidad neta (es decir, la rentabilidad menos las comisiones y los gastos) del Fondo sea negativa, la Clase de acciones de
capitalización del Fondo experimentará una disminución de su VL por Acción.
actividades incompatibles con los criterios ESG. Por consiguiente, los inversores deberán realizar una evaluación ética personal del filtro ESG del Fondo antes de invertir en este. Este filtro ESG podría afectar negativamente al valor de las inversiones del Fondo si se compara con un fondo sin dicho filtro.
Entre los riesgos específicos no identificados adecuadamente por el indicador de riesgo están:
- Riesgo de contraparte: La insolvencia de cualquier entidad que prestaservicios como la custodia de activos, o como contraparte de contratos financieros como los derivados u otros instrumentos, puede exponer al Fondo a pérdidas financieras.
- Riesgo de crédito: El emisor de un valor mantenido en el Fondo puede quedesatienda sus obligaciones de pago de importes debidos o de reembolso de capital. | # Risk and Reward Profile
- Money Market Funds do not generally experience extreme price variations. Changes in interest rates will impact the Fund. Levels of credit risk are affected by longer weighted average maturity and weighted average life of the Fund.
- The Fund seeks to exclude companies engaging in certain activitiesThis indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund is rated one due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.
-
On any day where the net return (i.e. return less costs and expenses) of the Fund is negative an Accumulating Share Class of the fund will see a decrease
in the NAV per Share.
inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Particular risks not adequately captured by the risk indicator include:
- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. | en | es |
DOLFIN2388 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 01/10/1990. This class was launched on 25/09/2013. Past performance has been calculated in USD.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 01/10/1990. Esta clase se creó el 25/09/2013.
El cálculo de la rentabilidad histórica se ha efectuado en USD.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 01/10/1990. This class was launched on 25/09/2013. Past performance has been calculated in USD.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN2394 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the euro (EUR).
0.6%
0.1%
0.5%
0.1%
0.2%
0.2%
-0.3%
-0.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # La divisa de referencia es el euro (EUR).
0,6%
0,1%
0,5%
0,1%
0,2%
0,2%
-0,3%
-0,4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # The reference currency is the euro (EUR).
0.6%
0.1%
0.5%
0.1%
0.2%
0.2%
-0.3%
-0.4%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | en | es |
DOLFIN2396 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Geographical breakdown by country of Ethna-DYNAMISCH
| Geographical breakdown by country 1) |
| --- |
| United States of America | 31.01 % |
| Germany | 10.62 % |
| United Kingdom | 6.24 % |
| Switzerland | 4.44 % |
| France | 4.04 % |
| Japan | 4.03 % |
| Ireland | 2.46 % |
| South Korea | 2.07 % |
| Cayman Islands | 1.85 % |
| Netherlands | 1.48 % |
| China | 1.15 % |
| Securities holdings | 69.39 % |
| Options | 0.53 % |
| Futures contracts | 0.09 % |
| Cash at banks 2) | 30.07 % |
| Other receivables and payables (net) | -0.08 % |
### 3
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report. | # Distribución geográfica por países del fondo Ethna-DYNAMISCH
| Distribución geográfica por países 1) |
| --- |
| Estados Unidos de América | 31,01 % |
| Alemania | 10,62 % |
| Reino Unido | 6,24 % |
| Suiza | 4,44 % |
| Francia | 4,04 % |
| Japón | 4,03 % |
| Irlanda | 2,46 % |
| Corea del Sur | 2,07 % |
| Islas Caimán | 1,85 % |
| Países Bajos | 1,48 % |
| China | 1,15 % |
| Cartera de valores | 69,39 % |
| Opciones | 0,53 % |
| Contratos de futuros | 0,09 % |
| Bancos 2) | 30,07 % |
| Saldo de otros activos y pasivos | -0,08 % |
### 3
### 100,00 %
1) Debido a las diferencias de redondeo de las posiciones individuales los totales pueden diferir del valor real.
2) Véanse las notas explicativas del Informe. | # Geographical breakdown by country of Ethna-DYNAMISCH
| Geographical breakdown by country 1) |
| --- |
| United States of America | 31.01 % |
| Germany | 10.62 % |
| United Kingdom | 6.24 % |
| Switzerland | 4.44 % |
| France | 4.04 % |
| Japan | 4.03 % |
| Ireland | 2.46 % |
| South Korea | 2.07 % |
| Cayman Islands | 1.85 % |
| Netherlands | 1.48 % |
| China | 1.15 % |
| Securities holdings | 69.39 % |
| Options | 0.53 % |
| Futures contracts | 0.09 % |
| Cash at banks 2) | 30.07 % |
| Other receivables and payables (net) | -0.08 % |
### 3
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report. | en | es |
DOLFIN2398 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Company has appointed State Street Fund Services (Ireland) Limited dated to provide administration services to the Company.
The Administrator is a limited liability company incorporated in Ireland on 23 March, 1992 and is ultimately a wholly-owned subsidiary of the State Street Corporation. The authorised share capital of State Street Fund Services (Ireland) Limited is Stg£5,000,000 with an issued and paid up capital of Stg£350,000. State Street Corporation is a leading world-wide specialist in providing sophisticated global investors with investment servicing and investment management. State Street Corporation is headquartered in Boston, Massachusetts, U.S.A., and trades on the New York Stock Exchange under the symbol "STT”.
Pursuant to the administration agreement, dated 14 November 2008 (the “Administration Agreement”), the Administrator will be responsible, under the ultimate supervision of the Directors, for matters pertaining to the administration of each Fund, namely: (a) maintaining the accounting books and records of each Fund and the Company, calculating the Net Asset Value of each Fund and preparing monthly financial statements; (b) maintaining the corporate and financial books and records of each Fund and the Company; (c) providing registrar and transfer agent services in connection with the issuance, transfer and redemption of the Shares; and (d) performing other administrative and clerical services necessary in connection with the administration of the Company and each Fund including acting as the secretary of the Company.
The Administrator is a service provider to the Company and does not have any responsibility or authority to make investment decisions, nor render investment advice, with respect to the assets of each Fund. The Administrator has no responsibility for monitoring compliance by the Company or the Investment Manager with any investment policies or restrictions to which they are subject. The Administrator accepts no responsibility or liability for any losses suffered by the Company as a result of any breach of such policies or restrictions by the Company or the Investment Manager.
The Company reserves the right to change the administration arrangements described above by agreement with the Administrator and/or in its discretion to appoint an alternative administrator in accordance with the Central Bank Rules.
## Paying Agents/Representatives/Sub-Distributors
Local laws/regulations in EEA Member States may require the appointment of paying agents/representatives/ distributors/correspondent banks (“Paying Agents”) and maintenance of accounts by such Agents through which subscription and redemption monies or dividends may be paid. Shareholders who choose or are obliged under local regulations to pay or receive subscription or redemption monies or dividends via an intermediate entity rather than directly to the Depositary (e.g. a Paying Agent in a local jurisdiction) bear a credit risk against that intermediate entity with respect to (a) subscription monies prior to the transmission of such monies to the Depositary for the account of the Company and (b) redemption monies payable by such intermediate entity to the relevant Shareholder.
Country Supplements dealing with matters pertaining to Shareholders in jurisdictions in which Paying Agents are appointed may be prepared for circulation to such Shareholders. Fees and expenses of Paying Agents appointed by the Company on behalf of a Fund or a Class will be at normal commercial rates. Where the fees and expenses are payable out of the Net Asset Value of a particular Fund, all Shareholders of that Fund will be entitled to avail of the services provided by Paying Agents. Where the fees and expenses are payable out of the Net Asset Value attributable to a particular Class, only Shareholders in that Class will be entitled to avail of the services of the Paying Agent.
The Administrator is not involved directly or indirectly with the business affairs, organisation, sponsorship or management of the Company and is not responsible for the preparation of this document other than the preparation of the above description and accepts no responsibility or liability for any information contained in this document except disclosures relating to it.
As at the date of this Prospectus, the Administrator is not aware of any conflicts of interest in respect of its appointment as administrator to the Company. If a conflict of interest arises, the Administrator will ensure it is addressed in accordance with the Administration Agreement, applicable laws and in the best interests of the Shareholders. | # La Sociedad ha nombrado a State Street Fund Services (Ireland) Limited para que actúe en calidad de administrador de los asuntos de la Sociedad.
El Administrador es una sociedad de responsabilidad limitada constituida en Irlanda el 23 de marzo de 1992 y es una filial al 100% de State Street Corporation. El capital social autorizado de State Street Fund Services (Ireland) Limited asciende a 5.000.000 de libras esterlinas, siendo su capital emitido y desembolsado de 350.000 libras esterlinas. State Street Corporation es una de las principales sociedades internacionales especializada en prestar servicios auxiliares de inversión y de gestión a inversores sofisticados de todo el mundo. State Street Corporation tiene su sede principal en Boston, Massachusetts, Estados Unidos, y cotiza en la Bolsa de Valores de Nueva York con el símbolo “STT”.
En virtud del Contrato de administración, de fecha 14 de noviembre de 2008 (el Contrato de administración), el Administrador será responsable, bajo la supervisión última de los Consejeros, de las cuestiones relativas a la administración de cada Subfondo, es decir: (a) llevar los libros y registros contables de los Subfondos y de la Sociedad, calcular el Patrimonio neto de los Subfondos y elaborar los estados financieros con carácter mensual;
(b) llevar los libros y registros financieros y corporativos de los Subfondos y de la Sociedad; (c) prestar servicios de registrador y agente de transferencias en relación con la suscripción, transmisión y reembolso de Acciones; y
- prestar otros servicios administrativos y de secretaría necesarios en relación con la administración de la Sociedad y de los diferentes Subfondos, incluyendo las funciones de secretario de la Sociedad.
El Administrador actúa como proveedor de servicios para la Sociedad y no tendrá ninguna responsabilidad ni autoridad en la toma de decisiones de inversión, ni tampoco proporcionará asesoramiento sobre inversiones en referencia a los activos de cada Subfondo. El Administrador no es responsable de supervisar el cumplimiento por parte de la Sociedad o de la Gestora de inversiones de aquellas políticas y límites de inversión a las que estén sujetas. El Administrador no asume responsabilidad alguna en relación con las pérdidas que pueda sufrir la Sociedad como consecuencia de cualquier incumplimiento de dichas políticas o restricciones tanto por parte de la Sociedad como de la Gestora de inversiones.
La Sociedad se reserva el derecho de modificar las disposiciones administrativas anteriormente descritas mediante acuerdo con el Administrador y/o podrá, a su entera discreción, proceder al nombramiento de otro administrador de conformidad con las Normas del Banco Central.
## Agentes de pagos/Representantes/Distribuidores delegados
Las leyes/normativas locales de los Estados miembros del EEE pueden exigir el nombramiento de agentes de pagos/Representantes/Distribuidores/Bancos corresponsales (en adelante, los “Agentes de pagos”) y el mantenimiento de cuentas por parte de dichos Agentes, a través de los cuales se pagarán los importes de las suscripciones y de los reembolsos o los dividendos. Los Accionistas que opten o estén obligados por las normativas locales a pagar o recibir el importe de las suscripciones o de los reembolsos o los dividendos a través de una entidad intermediaria en lugar de directamente al o del Depositario (por ejemplo, un Agente de pagos en la jurisdicción local) soportarán un riesgo crediticio frente a esa entidad intermediaria con respecto (a) al importe de la suscripción antes de la transferencia de dicho importe al Depositario a favor de la Sociedad y (b) al importe del reembolso que dicha entidad intermediaria deba pagar al Accionista en cuestión.
En aquellas jurisdicciones en las que se hayan nombrado Agentes de pagos, podrán elaborarse Suplementos nacionales para su distribución entre los Accionistas que incluyan aquellas cuestiones que afecten exclusivamente a los mismos. A las comisiones y gastos de los Agentes de pagos nombrados por la Sociedad en nombre de un Subfondo se les aplicarán los tipos habituales del mercado. Cuando los gastos y comisiones se abonen con cargo al Patrimonio neto de un Subfondo en concreto, los Accionistas de dicho Subfondo tendrán derecho a utilizar los servicios ofrecidos por los Agentes de pagos. Cuando los gastos y comisiones se abonen con cargo al Patrimonio neto atribuible a una Clase en concreto, únicamente los Accionistas de dicha Clase tendrán derecho a utilizar los servicios ofrecidos por el Agente de pagos.
El Administrador no participa directa o indirectamente en las actividades comerciales, la organización, el patrocinio o la gestión de la Sociedad, y no es responsable de la elaboración del presente documento salvo en la preparación de la descripción anterior, y no asume responsabilidad alguna por la información contenida en este documento, excepto en relación con los datos que le atañen.
A fecha del presente Folleto Informativo, el Administrador no tiene conocimiento de ningún conflicto de intereses respecto de su nombramiento como administrador de la Sociedad. Si surgiera un conflicto de intereses, el Administrador se asegurará de que se resuelva de conformidad con el Contrato de administración, las leyes aplicables y en el mejor interés de los Accionistas | # The Company has appointed State Street Fund Services (Ireland) Limited dated to provide administration services to the Company.
The Administrator is a limited liability company incorporated in Ireland on 23 March, 1992 and is ultimately a wholly-owned subsidiary of the State Street Corporation. The authorised share capital of State Street Fund Services (Ireland) Limited is Stg£5,000,000 with an issued and paid up capital of Stg£350,000. State Street Corporation is a leading world-wide specialist in providing sophisticated global investors with investment servicing and investment management. State Street Corporation is headquartered in Boston, Massachusetts, U.S.A., and trades on the New York Stock Exchange under the symbol "STT”.
Pursuant to the administration agreement, dated 14 November 2008 (the “Administration Agreement”), the Administrator will be responsible, under the ultimate supervision of the Directors, for matters pertaining to the administration of each Fund, namely: (a) maintaining the accounting books and records of each Fund and the Company, calculating the Net Asset Value of each Fund and preparing monthly financial statements; (b) maintaining the corporate and financial books and records of each Fund and the Company; (c) providing registrar and transfer agent services in connection with the issuance, transfer and redemption of the Shares; and (d) performing other administrative and clerical services necessary in connection with the administration of the Company and each Fund including acting as the secretary of the Company.
The Administrator is a service provider to the Company and does not have any responsibility or authority to make investment decisions, nor render investment advice, with respect to the assets of each Fund. The Administrator has no responsibility for monitoring compliance by the Company or the Investment Manager with any investment policies or restrictions to which they are subject. The Administrator accepts no responsibility or liability for any losses suffered by the Company as a result of any breach of such policies or restrictions by the Company or the Investment Manager.
The Company reserves the right to change the administration arrangements described above by agreement with the Administrator and/or in its discretion to appoint an alternative administrator in accordance with the Central Bank Rules.
## Paying Agents/Representatives/Sub-Distributors
Local laws/regulations in EEA Member States may require the appointment of paying agents/representatives/ distributors/correspondent banks (“Paying Agents”) and maintenance of accounts by such Agents through which subscription and redemption monies or dividends may be paid. Shareholders who choose or are obliged under local regulations to pay or receive subscription or redemption monies or dividends via an intermediate entity rather than directly to the Depositary (e.g. a Paying Agent in a local jurisdiction) bear a credit risk against that intermediate entity with respect to (a) subscription monies prior to the transmission of such monies to the Depositary for the account of the Company and (b) redemption monies payable by such intermediate entity to the relevant Shareholder.
Country Supplements dealing with matters pertaining to Shareholders in jurisdictions in which Paying Agents are appointed may be prepared for circulation to such Shareholders. Fees and expenses of Paying Agents appointed by the Company on behalf of a Fund or a Class will be at normal commercial rates. Where the fees and expenses are payable out of the Net Asset Value of a particular Fund, all Shareholders of that Fund will be entitled to avail of the services provided by Paying Agents. Where the fees and expenses are payable out of the Net Asset Value attributable to a particular Class, only Shareholders in that Class will be entitled to avail of the services of the Paying Agent.
The Administrator is not involved directly or indirectly with the business affairs, organisation, sponsorship or management of the Company and is not responsible for the preparation of this document other than the preparation of the above description and accepts no responsibility or liability for any information contained in this document except disclosures relating to it.
As at the date of this Prospectus, the Administrator is not aware of any conflicts of interest in respect of its appointment as administrator to the Company. If a conflict of interest arises, the Administrator will ensure it is addressed in accordance with the Administration Agreement, applicable laws and in the best interests of the Shareholders. | en | es |
DOLFIN2402 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past performance
- Lumyna - MW TOPS China A Share UCITS Fund - USD A (acc) - LU2367659971
- Benchmark*56.1% Return45.637.539.76024.520.317.8404.0200-24.6-33.0-20-402012 2013 2014 2015 2016 2017 2018 2019 2020 2021b Past performance is not a guide to future performance. | # Rentabilidad histórica
- Lumyna - MW TOPS China A Share UCITS Fund - USD A (acc) - LU2367659971
- Indice de referencia*56.1% de rentabilidad45.637.539.76024.520.317.8404.0200-24.6-33.0-20-402012 2013 2014 2015 2016 2017 2018 2019 2020 2021b La rentabilidad histórica no es indicativa de la futura rentabilidad. | # Past performance
- Lumyna - MW TOPS China A Share UCITS Fund - USD A (acc) - LU2367659971
- Benchmark*56.1% Return45.637.539.76024.520.317.8404.0200-24.6-33.0-20-402012 2013 2014 2015 2016 2017 2018 2019 2020 2021b Past performance is not a guide to future performance. | en | es |
DOLFIN2403 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The determination of the Net Asset Value of Shares of one or several Sub-Funds may be suspended:
- during any period when any of the principal stock exchanges or organized markets on which any substantial portion of the investments of the Fund attributable to such Sub-Fund from time to time are quoted or dealt in is closed (otherwise than for ordinary holidays), or during which dealings therein are restricted or suspended;
- during the existence of any state of affairs which constitutes an emergency as a result of which disposals or valuation of assets owned by the Fund attributable to such Sub-Fund would be impracticable, not accurate or could seriously prejudice the interests of the Shareholders of the Sub-Fund;
- during any breakdown or restriction in the means of communication normally employed in determining the price or value of any of the investments of such Sub-Fund or the current price or values on any stock exchange in respect of the assets attributable to such Sub-Fund;
- during any period when the Fund is unable to repatriate funds for the purpose of making payments on the redemption of the Shares of such Sub-Fund or during which any transfer of funds involved in the realization or acquisition of investments or payments due on redemption of Shares cannot in the opinion of the Board of Directors be effected at normal rates of exchange;
- during any period when in the opinion of the Board of Directors there exist unusual circumstances where it would be impracticable or unfair towards the Shareholders to continue dealing with Shares of any Sub-Fund or any other circumstance or circumstances where a failure to do so might result in the Shareholders of the Fund or a Sub-Fund incurring any liability to taxation or suffering other pecuniary disadvantages or other detriment which the Shareholders of the Fund or a Sub-Fund might not otherwise have suffered;
- (i) in the event of the publication of the convening notice to a general meeting of Shareholders at which a resolution to wind up the Fund or a Sub-Fund is to be proposed, or (ii) in the event of the decision of the Board of Directors to wind up one or more Sub-Funds, or (iii) to the extent that such a suspension is justified for the protection of the Shareholders, of the notice of theGeneral Meeting of Shareholders at which the merger of the Fund or a Sub-Fund is to be proposed, or of the decision of the Board of Directors to merge one or more Sub-Funds;
- where a UCI in which a Sub-Fund has invested a substantial portion of its assets temporarily suspends the conversion, redemption or subscription of its units, whether on its own initiative or at the request of its competent authorities; or
- in circumstances foreseen by the 2010 Law, notably in case of merger of the Fund or a Sub- Fund. | El cálculo del Valor liquidativo de las Acciones de uno o varios Subfondos puede suspenderse:
- durante cualquier periodo en que estén cerrados cualquiera de las principales bolsas o los mercados organizados en que cotice o se negocie una parte sustancial de las inversiones del Fondo atribuibles a dicho Subfondo (salvo festivos ordinarios) o durante el cual estén restringidas o suspendidas las operaciones en él;
- durante la existencia de cualquier situación que constituya una emergencia por la que realizar enajenaciones o valorar los activos propiedad del Fondo atribuibles a dicho Subfondo no resultaría factible, no sería exacto o podría perjudicar seriamente los intereses de los Accionistas del Subfondo;
- durante cualquier interrupción o restricción de los medios de comunicación normalmente utilizados para determinar el precio o valor de cualquiera de las inversiones de dicho Subfondo o el precio actual o valores en cualquier mercado bursátil con respecto a los activos atribuibles a dicho Subfondo;
- durante cualquier periodo en que el Fondo no pueda repatriar fondos con el fin de realizar los pagos del reembolso de las Acciones de dicho Subfondo o durante el cual cualquier transferencia de fondos relacionados en la materialización o adquisición de inversiones o pagos adeudados por el reembolso de Acciones no pueda, en opinión del Consejo de administración, efectuarse a tipos de cambio normales;
- durante cualquier periodo en el que, en opinión del Consejo de administración, existan circunstancias excepcionales en las que sería imposible o injusto para los accionistas continuar negociando con las Acciones de cualquier Subfondo o cualquier otra circunstancia o circunstancias en las que la imposibilidad para hacerlo podría hacer que los Accionistas del Fondo o de un Subfondo incurriesen en responsabilidades fiscales o sufriesen otras desventajas pecuniarias u otros perjuicios que de otro modo los Accionistas del Fondo o de un Subfondo no habrían sufrido;
- (i) en el caso de la publicación de la convocatoria de una junta general de Accionistas en la que se proponga una resolución para cerrar el Fondo o un Subfondo, o (ii) en el caso de la decisión del Consejo de administración de cerrar uno o más Subfondos, o (iii) en la medida en que dicha suspensión esté justificada por la protección de los accionistas, de la convocatoria dela Junta General de Accionistas en la que se proponga la fusión del Fondo o un Subfondo, o de la decisión del Consejo de administración de fusionar uno o más Subfondos;
- en el caso de que una IIC en la que un Subfondo haya invertido una parte sustancial de sus activos suspenda temporalmente el canje, el reembolso o la suscripción de sus participaciones, ya sea por iniciativa propia o a petición de sus autoridades competentes; o
- en las circunstancias previstas por la Ley de 2010, en particular en caso de fusión del Fondo o de un Subfondo. | The determination of the Net Asset Value of Shares of one or several Sub-Funds may be suspended:
- during any period when any of the principal stock exchanges or organized markets on which any substantial portion of the investments of the Fund attributable to such Sub-Fund from time to time are quoted or dealt in is closed (otherwise than for ordinary holidays), or during which dealings therein are restricted or suspended;
- during the existence of any state of affairs which constitutes an emergency as a result of which disposals or valuation of assets owned by the Fund attributable to such Sub-Fund would be impracticable, not accurate or could seriously prejudice the interests of the Shareholders of the Sub-Fund;
- during any breakdown or restriction in the means of communication normally employed in determining the price or value of any of the investments of such Sub-Fund or the current price or values on any stock exchange in respect of the assets attributable to such Sub-Fund;
- during any period when the Fund is unable to repatriate funds for the purpose of making payments on the redemption of the Shares of such Sub-Fund or during which any transfer of funds involved in the realization or acquisition of investments or payments due on redemption of Shares cannot in the opinion of the Board of Directors be effected at normal rates of exchange;
- during any period when in the opinion of the Board of Directors there exist unusual circumstances where it would be impracticable or unfair towards the Shareholders to continue dealing with Shares of any Sub-Fund or any other circumstance or circumstances where a failure to do so might result in the Shareholders of the Fund or a Sub-Fund incurring any liability to taxation or suffering other pecuniary disadvantages or other detriment which the Shareholders of the Fund or a Sub-Fund might not otherwise have suffered;
- (i) in the event of the publication of the convening notice to a general meeting of Shareholders at which a resolution to wind up the Fund or a Sub-Fund is to be proposed, or (ii) in the event of the decision of the Board of Directors to wind up one or more Sub-Funds, or (iii) to the extent that such a suspension is justified for the protection of the Shareholders, of the notice of theGeneral Meeting of Shareholders at which the merger of the Fund or a Sub-Fund is to be proposed, or of the decision of the Board of Directors to merge one or more Sub-Funds;
- where a UCI in which a Sub-Fund has invested a substantial portion of its assets temporarily suspends the conversion, redemption or subscription of its units, whether on its own initiative or at the request of its competent authorities; or
- in circumstances foreseen by the 2010 Law, notably in case of merger of the Fund or a Sub- Fund. | en | es |
DOLFIN2404 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide income with the opportunity for capital growth (i.e. to grow the value of your investment) over the long-term.
The Fund invests primarily in a range of bonds (contracts to repay borrowed money which typically pay interest at fixed times) issued by companies in emerging markets (countries that are in economic terms less developed than
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
the major Western countries) and in related derivatives.
The Fund may invest up to 30% of its value in frontier markets.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JPMorgan CEMBI Broad Diversified Hedged EUR Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar ingresos, con la posibilidad de generar un crecimiento del capital (esto es, incrementar el valor de su inversión) a largo plazo.
El Fondo invierte principalmente en una gama de bonos (contratos para reembolsar dinero tomado en préstamo que suelen pagar intereses en momentos predeterminados) emitidos por empresas de mercados
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
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6
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4
emergentes (países menos desarrollados económicamente que los principales países occidentales) y en derivados relacionados.
El Fondo puede invertir hasta el 30% de su valor en mercados fronterizos.
La inversión en deuda distressed (bonos cuyos emisores se encuentran en una situación financiera delicada y cotizan muy por debajo de su valor nominal) no superará el 10% de los activos del Fondo.
El Fondo puede invertir en otros activos, como el efectivo y otros fondos.
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
El Fondo no invertirá en determinados prestatarios. Con el tiempo, el Gestor de inversiones, de conformidad con la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Gestor de inversiones utiliza una estrategia de cobertura de divisas (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) cuyo objetivo es que la rentabilidad en la moneda de esta clase de acciones sea similar a la rentabilidad obtenida en la moneda en que están valoradas las inversiones del Fondo.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El índice JPMorgan CEMBI Broad Diversified Hedged EUR Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Todo ingreso generado por su inversión se refleja en el valor de sus acciones, en lugar de distribuirse.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte media de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Cambio de divisas: Las variaciones del valor relativo de las distintas monedas pueden mermar el valor de las inversiones y de los ingresos obtenidos con las mismas.
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes (incluida China): Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Liquidez: Es posible que no haya suficientes compradores o vendedores de una inversión concreta, lo que puede causar retrasos en la negociación y la liquidación, así como mayores fluctuaciones del valor. Esto puede causar mayores pérdidas financieras de las previstas.
Cobertura en la moneda de referencia: tiene por objeto proteger a los inversores de un descenso del valor de la moneda de referencia exclusivamente (la moneda en la que se elaboran las cuentas) y no protege de una caída del valor de las monedas de las inversiones subyacentes cuando estas no coinciden con la moneda de referencia. La diferencia entre las monedas de las inversiones subyacentes y la moneda de referencia puede generar pérdidas cuando aumenta el valor de esta última frente a la moneda de la clase de acciones. Esta cobertura no será perfecta y su éxito no está garantizado.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide income with the opportunity for capital growth (i.e. to grow the value of your investment) over the long-term.
The Fund invests primarily in a range of bonds (contracts to repay borrowed money which typically pay interest at fixed times) issued by companies in emerging markets (countries that are in economic terms less developed than
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
the major Western countries) and in related derivatives.
The Fund may invest up to 30% of its value in frontier markets.
Investment in distressed debt (bonds whose issuers are in financial distress and trading significantly below face value) will not exceed 10% of the assets of the Fund.
The Fund may invest in other assets such as cash and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain borrowers. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The JPMorgan CEMBI Broad Diversified Hedged EUR Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN2411 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance shown here takes account of all charges and costs. The entry/exit charges are excluded from the calculation of past performance.
The Fund was launched in May 2011.
The Class EUR Hedged Shares were launched in October 2019. Past performance has been calculated in Euro and is expressed as a percentage change in the Fund's net asset value at each year end. | Para el cálculo de la rentabilidad histórica indicada en este folleto, se han tenido en cuenta todos los gastos y costes. Sin embargo, las comisiones de entrada y salida no se han tenido en cuenta para el cálculo de la rentabilidad histórica.
El Fondo se lanzó en mayo de 2011.
Las Acciones de Clase EUR Hedged se lanzaron en octubre de 2019.
La rentabilidad obtenida en el pasado se ha calculado en euros y se expresa en forma de variación porcentual del patrimonio neto del Fondo al cierre de cada ejercicio. | The past performance shown here takes account of all charges and costs. The entry/exit charges are excluded from the calculation of past performance.
The Fund was launched in May 2011.
The Class EUR Hedged Shares were launched in October 2019. Past performance has been calculated in Euro and is expressed as a percentage change in the Fund's net asset value at each year end. | en | es |
DOLFIN2413 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Copies of the following documents may be inspected at the offices of the Administrator and the Investment Manager during usual business hours on weekdays, except Saturdays and public holidays:
- the Memorandum and Articles of the Company;
- the material contracts referred to above;
- the Regulations;
- the Central Bank Regulations;
- the latest available annual reports and accounts and unaudited half-yearly reports and accounts (when available);
- KIIDs.
Copies of the Memorandum and Articles of the Company (and, after publication thereof, the periodic reports and accounts) may be obtained from the Administrator or the Investment Manager free of charge.
An up-to-date version of the KIID shall be made available for access in an electronic format on a website designated by the Company for this purpose. In the event that the Company proposes to register one or more Funds for public offering in other EU Member States, it shall make the following additional documentation available on such website:
- this Prospectus
- once published, the latest annual and semi-annual reports of each Fund
- the Articles.
To the extent not captured in this Prospectus or in the event such details have changed and have not been reflected in a revised version of this Prospectus, up-to-date information will be provided to Shareholders on request, free of charge regarding:
- the identity of the Depositary and a description of its duties and of conflicts of interest that may arise; and
- a description of any safe-keeping functions delegated by the Depositary, a list of delegates and sub- delegates and any conflicts of interest that may arise from such delegation. | # Copias de los siguientes documentos podrán consultarse cada día laborable, excepto sábados y días festivos, en horario de oficina, en las oficinas del Administrador y de la Gestora de inversiones:
- la Escritura de constitución y los Estatutos de la Sociedad;
- los contratos significativos a los que se ha hecho referencia anteriormente;
- el Reglamento;
- el Reglamento del Banco Central;
- los últimos informes y cuentas anuales disponibles y los informes y cuentas semestrales no auditados (si los hubiere);
- los KIID.
Se podrán solicitar gratuitamente al Administrador o a la Gestora de inversiones copias de la Escritura de constitución y de los Estatutos de la Sociedad, así como de las cuentas e informes periódicos tras la publicación de los mismos.
Una versión actualizada del KIID deberá estar disponible en formato electrónico en una página web reservada por la Sociedad a tal efecto. En el caso de que la Sociedad se proponga registrar uno o más Subfondos para realizar una oferta pública en otros Estados miembros de la UE, deberá incluirse la siguiente documentación adicional en dicha página web:
- el presente Folleto Informativo,
- una vez publicados, los informes anuales y semestrales más recientes disponibles de cada Subfondo,
- los Estatutos.
En la medida en que no se reflejen en el presente Folleto Informativo o en el caso de que dichos datos hayan cambiado y no se hayan reflejado en una versión revisada del presente Folleto Informativo, se proporcionará a los Accionistas, previa solicitud por su parte y sin coste alguno, información acerca de:
- la identidad del Depositario y una descripción de sus funciones y de los conflictos de intereses que puedan surgir; y
- una descripción de las funciones de custodia delegadas por el Depositario, una lista de los delegados y subdelegados y cualquier conflicto de intereses que puedan surgir de dicha delegación. | # Copies of the following documents may be inspected at the offices of the Administrator and the Investment Manager during usual business hours on weekdays, except Saturdays and public holidays:
- the Memorandum and Articles of the Company;
- the material contracts referred to above;
- the Regulations;
- the Central Bank Regulations;
- the latest available annual reports and accounts and unaudited half-yearly reports and accounts (when available);
- KIIDs.
Copies of the Memorandum and Articles of the Company (and, after publication thereof, the periodic reports and accounts) may be obtained from the Administrator or the Investment Manager free of charge.
An up-to-date version of the KIID shall be made available for access in an electronic format on a website designated by the Company for this purpose. In the event that the Company proposes to register one or more Funds for public offering in other EU Member States, it shall make the following additional documentation available on such website:
- this Prospectus
- once published, the latest annual and semi-annual reports of each Fund
- the Articles.
To the extent not captured in this Prospectus or in the event such details have changed and have not been reflected in a revised version of this Prospectus, up-to-date information will be provided to Shareholders on request, free of charge regarding:
- the identity of the Depositary and a description of its duties and of conflicts of interest that may arise; and
- a description of any safe-keeping functions delegated by the Depositary, a list of delegates and sub- delegates and any conflicts of interest that may arise from such delegation. | en | es |
DOLFIN2415 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund may:
- invest up to 10% in securities listed or traded on Russian markets; and
- use derivatives (financial instruments whose value is derived from other assets) with the aim of risk or cost reduction or to generate additional capital or income. | El Fondo podrá:
- invertir hasta un 10% en valores cotizados o negociados en mercados rusos; y
- emplear instrumentos derivados (instrumentos financieros con un valor derivado de otros activos) para reducir los riesgos o costes, o para generar capitales o ingresos adicionales. | The Fund may:
- invest up to 10% in securities listed or traded on Russian markets; and
- use derivatives (financial instruments whose value is derived from other assets) with the aim of risk or cost reduction or to generate additional capital or income. | en | es |
DOLFIN2417 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies that have their head office or a main part of their activity in Europe.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund typically has a bias to medium size company shares with a market capitalisation range of 1 to 10 billion Euros.
- 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 MSCI Europe Index (Net) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund will no longer be eligible for the French PEA (Plan d'Epargne en Actions) tax wrapper after the 30 September 2021. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas cuya sede se encuentre en Europa, o que lleven a cabo o una parte fundamental de su actividad en dicha región.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El fondo normalmente prefiere seleccionar medianas empresas dentro de una gama de capitalización bursátil de entre 1.000 y 10.000 millones de euros.
- 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 MSCI Europe Index (Net) (en adelante, el «Índice»), únicamente a efectos de comparación.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
- Este Subfondo dejará de acceder a las ventajas fiscales que proporciona el sistema francés PEA (Plan d'Epargne en Actions, plan de ahorro en acciones) desde el 30 de septiembre de 2021. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies that have their head office or a main part of their activity in Europe.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund typically has a bias to medium size company shares with a market capitalisation range of 1 to 10 billion Euros.
- 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 MSCI Europe Index (Net) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund will no longer be eligible for the French PEA (Plan d'Epargne en Actions) tax wrapper after the 30 September 2021. | en | es |
DOLFIN2425 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- USD 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | USD 101 | USD 513 |
| Annual cost impact (*) | 1.0% | 1.0% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 5.1% before costs and 4.1% after costs. | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 USD está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 101 USD | 513 USD |
| Incidencia anual de los costes (*) | 1,0% | 1,0% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 5,1% antes de deducir los costes y 4,1% después de deducir los costes. | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- USD 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | USD 101 | USD 513 |
| Annual cost impact (*) | 1.0% | 1.0% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 5.1% before costs and 4.1% after costs. | en | es |
DOLFIN2429 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the euro (EUR).
-2.7%
-8.2%
14.6%
-1.3%
-5.7%
-1.9%
13.8%
-6.2%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # La divisa de referencia es el euro (EUR).
-2,7%
-8,2%
14,6%
-1,3%
-5,7%
-1,9%
13,8%
-6,2%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # The reference currency is the euro (EUR).
-2.7%
-8.2%
14.6%
-1.3%
-5.7%
-1.9%
13.8%
-6.2%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | en | es |
DOLFIN2431 | 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
EUR 10,336
3.4%
EUR 11,540
2.9% | # 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
10 336 EUR
3,4%
11 540 EUR
2,9% | # 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
EUR 10,336
3.4%
EUR 11,540
2.9% | en | es |
DOLFIN2432 | 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 both the value of your investment and the level of income earned over the long term.
## Investment policy
Under normal circumstances, the Fund invests mainly in equities of companies in the Asia region, excluding Japan. It aims to identify securities that it believes are attractively priced relative to their potential for future earnings. The Fund may invest significantly in emerging market countries.
The Fund may use derivatives (i) to gain additional exposure, (ii) for efficient portfolio management and (iii) in seeking to reduce potential risks.
## 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 All Country Asia ex-Japan Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a 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 tanto el valor de su inversión como el nivel de ingresos obtenido a largo plazo.
## Política de inversión
En circunstancias normales, el Fondo invierte principalmente en valores de renta variable de empresas de la región de Asia, sin incluir a Japón. Trata de identificar valores cuyos precios considera atractivos respecto a su potencial de beneficios futuros. El Fondo puede invertir de forma significativa en países de mercados emergentes.
El Fondo podrá emplear derivados para (i) la gestión eficiente de la cartera, (ii) la reducción de riesgos potenciales y (iii) para tratar de reducir los riesgos potenciales.
## 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 All Country Asia ex-Japan Index se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de 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 both the value of your investment and the level of income earned over the long term.
## Investment policy
Under normal circumstances, the Fund invests mainly in equities of companies in the Asia region, excluding Japan. It aims to identify securities that it believes are attractively priced relative to their potential for future earnings. The Fund may invest significantly in emerging market countries.
The Fund may use derivatives (i) to gain additional exposure, (ii) for efficient portfolio management and (iii) in seeking to reduce potential risks.
## 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 All Country Asia ex-Japan Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a 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 |
DOLFIN2453 | 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 EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,533
-4.7%
EUR 10,859
1.7% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 EUR Acc entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 533 EUR
-4,7%
10 859 EUR
1,7% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,533
-4.7%
EUR 10,859
1.7% | en | es |
DOLFIN2454 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where a Sub-Fund invests in Russia investors should be aware that the laws relating to securities investment and regulation in Russia have been created on an ad-hoc basis and do not tend to keep pace with market developments. This may lead to ambiguities in interpretation and inconsistent and arbitrary application of such regulation. In addition, investors should note that the process of monitoring and enforcement of applicable regulations is rudimentary.
Equity securities in Russia are dematerialised and the only legal evidence of ownership is entry of the shareholder's name on the share register of the issuer. The concept of fiduciary duty is not well established and so shareholders may suffer dilution or loss of investment due to the actions of management without satisfactory legal remedy.
Rules regulating corporate governance either do not exist or are undeveloped and offer little protection to minority shareholders.
-
#### Investment in China A Shares via the Stock Connect program Risk | Cuando un Subfondo invierta en Rusia, los inversores deberían saber que las leyes relativas a la inversión en valores y la regulación correspondiente en Rusia se han creado con carácter específico y no suelen adecuarse a la evolución del mercado. Ello puede provocar ambigüedades en la interpretación y una aplicación variable y arbitraria de dicha regulación. Además, los inversores deberían tener en cuenta que el proceso de seguimiento y aplicación de los reglamentos aplicables es rudimentario.
Los valores de renta variable en Rusia tienen carácter desmaterializado y la única prueba jurídica de la titularidad de los mismos es la inscripción del nombre del accionista en el registro de acciones del emisor. El concepto de obligación fiduciaria no está plenamente asentado y, por ello, los accionistas pueden verse afectados por la dilución o la pérdida de su inversión debido a la actuación de la gestión sin contar con ningún recurso jurídico satisfactorio para reclamar.
Las normas que regulan la gestión de las sociedades no están lo suficientemente desarrolladas o simplemente no existen y ofrecen una escasa protección a los accionistas minoristas.
-
#### Riesgo de inversión en acciones A de China mediante el programa Stock Connect | Where a Sub-Fund invests in Russia investors should be aware that the laws relating to securities investment and regulation in Russia have been created on an ad-hoc basis and do not tend to keep pace with market developments. This may lead to ambiguities in interpretation and inconsistent and arbitrary application of such regulation. In addition, investors should note that the process of monitoring and enforcement of applicable regulations is rudimentary.
Equity securities in Russia are dematerialised and the only legal evidence of ownership is entry of the shareholder's name on the share register of the issuer. The concept of fiduciary duty is not well established and so shareholders may suffer dilution or loss of investment due to the actions of management without satisfactory legal remedy.
Rules regulating corporate governance either do not exist or are undeveloped and offer little protection to minority shareholders.
-
#### Investment in China A Shares via the Stock Connect program Risk | en | es |
DOLFIN2455 | 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: September 12, 2005. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
0%
-0.5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 12 de septiembre de 2005. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
0%
-0.5% | ### Launch Date and Currency
Sub-Fund's launch date: September 12, 2005. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
0%
-0.5% | en | es |
DOLFIN2457 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Fixed income securities not traded on such markets are valued at the last available price or yield equivalents obtained from one or more dealers or pricing services approved by the Board of Directors, or any other price deemed appropriate by the Board of Directors.
Money Market Instruments (or other instruments in line with market convention in the jurisdiction in which the instrument is held) with a remaining maturity of 90 days or less will be valued by the amortised cost method, which approximates market value. Under this valuation method, the relevant Portfolio’s investments are valued at their acquisition cost or the last market value prior to the 90 day period commencing (where an instrument at purchase date originally had more than 90 days to maturity) and adjusted for amortisation of premium or accretion of discount rather than at market value.
Units or shares of open-ended undertakings for collective investments (“UCIs”) are valued at their last determined and available net asset value (the “Net Asset Value”) or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the SICAV, on a fair and equitable basis. Units or shares of closed-ended UCIs are valued at their last available stock market value.
The directors of the SICAV (the “Directors”), in their discretion, may permit some other method of valuation to be used if they consider that such valuation better reflects the fair value of any asset of the SICAV. | Los valores de renta fija que no se negocian en dichos mercados se valoran al último precio disponible o rendimiento equivalente obtenido de uno o más distribuidores o servicios de fijación de precios aprobados por el Consejo de Administración, o cualquier otro precio que el Consejo de Administración considere apropiado.
Los Instrumentos del mercado monetario (u otros instrumentos en línea con la convención de mercado en la jurisdicción en la que se mantiene el instrumento) con un vencimiento restante de 90 días o menos se valorarán según el método de coste amortizado, que se aproxima al valor de mercado. Bajo este método de valoración, las inversiones de la Cartera correspondiente se valoran a su coste de adquisición o al último valor de mercado antes del periodo de 90 días (en caso de que un instrumento tuviera, en la fecha de compra original, más de 90 días hasta el vencimiento) y se ajustan para la amortización de la prima o acumulación de descuento en lugar de al valor de mercado.
Las participaciones o acciones de organismos de inversión colectiva («OIC») abiertos se valoran a su último valor liquidativo determinado y disponible (el «Valor liquidativo») o, si dicho precio no es representativo del valor razonable de mercado de tales activos, entonces el precio será determinado por la SICAV, de manera justa y equitativa. Las participaciones o acciones de OIC cerrados se valoran a su último valor de mercado de valores disponible.
Los consejeros de la SICAV (los «Consejeros»), a su discreción, pueden permitir el uso de algún otro método de valoración si consideran que dicha valoración refleja mejor el valor razonable de cualquier activo de la SICAV. | Fixed income securities not traded on such markets are valued at the last available price or yield equivalents obtained from one or more dealers or pricing services approved by the Board of Directors, or any other price deemed appropriate by the Board of Directors.
Money Market Instruments (or other instruments in line with market convention in the jurisdiction in which the instrument is held) with a remaining maturity of 90 days or less will be valued by the amortised cost method, which approximates market value. Under this valuation method, the relevant Portfolio’s investments are valued at their acquisition cost or the last market value prior to the 90 day period commencing (where an instrument at purchase date originally had more than 90 days to maturity) and adjusted for amortisation of premium or accretion of discount rather than at market value.
Units or shares of open-ended undertakings for collective investments (“UCIs”) are valued at their last determined and available net asset value (the “Net Asset Value”) or, if such price is not representative of the fair market value of such assets, then the price shall be determined by the SICAV, on a fair and equitable basis. Units or shares of closed-ended UCIs are valued at their last available stock market value.
The directors of the SICAV (the “Directors”), in their discretion, may permit some other method of valuation to be used if they consider that such valuation better reflects the fair value of any asset of the SICAV. | en | es |
DOLFIN2476 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
NOTE: The limits laid down in (ii), (iii) and (iv) above may be disregarded at the time of acquisition if at that time the gross amount of the debt securities or of the Money Market Instruments, or the net amount of the securities in issue cannot be calculated.
- Paragraph 5.1 and 5.2 shall not be applicable to:
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or its local authorities;
- Transferable Securities and Money Market Instruments issued or guaranteed by a non-Member State;
- Transferable Securities and Money Market Instruments issued by public international bodies of which one or more Member States are members;
- Units held by a UCITS in the capital of a company incorporated in a non-member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that State, where under the legislation of that State such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in paragraphs 2.3 to 2.11, 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 below are observed;
- Units held by an investment company or investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of units at unit-holders’ request exclusively on their behalf.
- UCITS need not comply with the investment restrictions herein when exercising subscription rights attaching to transferable securities or Money Market Instruments which form part of their assets.
- The Central Bank may allow recently authorised UCITS to derogate from the provisions of paragraphs 2.3 to 2.12, 3.1, 3.2, 4.1 and 4.2 for six months following the date of their authorisation, provided they observe the principle of risk spreading.
- If the limits laid down herein are exceeded for reasons beyond the control of a UCITS, or as a result of the exercise of subscription rights, the UCITS must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its Unitholders.
- Neither an investment company, nor a management company or a depositary acting on behalf of a Unit Trust or a management company of a common contractual fund, may carry out uncovered sales of:
- Transferable Securities;
- Money Market Instruments1;
- Units of CIS; or
- FDI.
- A UCITS may hold ancillary liquid assets.
- Financial Derivative Instruments ("FDIs")
- The UCITS global exposure (as prescribed in the UCITS Regulations) relating to FDI must not exceed its total net asset value.
- Position exposure to the underlying assets of FDI, including embedded FDI in transferable securities or Money Market Instruments, when combined where relevant with positions resulting from direct investments, may not exceed the investment limits set out in the UCITS Regulations. (This provision does not apply in the case of index based FDI provided the underlying index is one which meets with the criteria set out in the Central Bank UCITS Regulations).
- UCITS may invest in FDIs dealt in OTC provided that the counterparties to OTC transactions are institutions subject to prudential supervision and belonging to categories approved by the Central Bank.
- Investment in FDIs are subject to the conditions and limits laid down by the Central Bank. | NOTA: Los límites anteriormente fijados en (ii), (iii) y (iv) podrán no cumplirse si en el momento de la adquisición no puede calcularse la cantidad bruta de las obligaciones o de los instrumentos del mercado monetario, o la cantidad neta de los valores en circulación.
- Los párrafos 5.1 y 5.2 no serán de aplicación a:
- Valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado miembro o sus autoridades locales;
- Valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado no miembro;
- Valores mobiliarios e instrumentos del mercado monetario emitidos por organismos públicos internacionales de los que formen parte uno o varios Estados miembros;
- Participaciones propiedad de un OICVM pertenecientes al capital de una sociedad constituida en un Estado no miembro que invierta sus activos principalmente en valores de organismos emisores que tengan su domicilio social en dicho Estado, cuando –de conformidad con la legislación de ese Estado- esa participación represente la única forma en la que el OICVM puede invertir en valores de los organismos emisores de dicho Estado. Esta renuncia únicamente es aplicable si en sus políticas de inversión la sociedad del Estado no miembro se ajusta a las limitaciones estipuladas en los párrafos 2.3 a 2.11, 3.1,3.2, 5.1, 5.2, 5.4, 5.5 y 5.6, y con la condición de que, cuando se superen esos límites, se cumplan los siguientes párrafos 5.5 y 5.6.;
- Participaciones propiedad de una o varias sociedades de inversiones pertenecientes al capital de empresas filiales que lleven a cabo únicamente la actividad de gestión, asesoramiento o comercialización en el país donde está situada la filial, en relación con la recompra de participaciones a petición de los Titulares de participaciones, y exclusivamente en nombre de estos.
- El OICVM no necesita cumplir las restricciones de inversión aquí estipuladas cuando ejerza los derechos de suscripción vinculados con los valores mobiliarios o los instrumentos del mercado monetario que forman parte de sus activos.
- El Banco Central puede permitir que los OICVM de autorización reciente no cumplan las disposiciones de los párrafos 2.3 a 2.12, 3.1, 3.2, 4.1 y 4.2 durante los seis meses siguientes a la fecha de su autorización, con la condición de que cumplan con el principio de reparto de riesgos.
- En el supuesto de que se superen los límites estipulados en el presente por causas que escapen al control del OICVM o como resultado del ejercicio de derechos de suscripción, el OICVM deberá adoptar como objetivo prioritario de sus transacciones de ventas la corrección de dicha situación, dando debida cuenta de los intereses de sus Titulares de participaciones.
- Ni una sociedad de inversiones, ni una sociedad de gestión o un depositario que actúe en representación de un Fideicomiso de inversiones o una sociedad de gestión de un fondo contractual compartido podrán llevar a cabo ventas sin cobertura de:
- Valores mobiliarios;
- Instrumentos del mercado monetario1;
- Participaciones del CIS; o
- FDI.
- Un OICVM puede ser propietario de activos líquidos auxiliares.
- Instrumentos financieros derivados (“FDI”)
- La exposición global de los OICVM (tal como se prescribe en el Reglamento OICVM) en relación con los FDI no deberá exceder el total de su valor de activo neto.
- La exposición de posiciones a activos subyacentes de FDI, incluyendo FDI vinculados a valores mobiliarios o instrumentos del mercado monetario, al combinarse cuando proceda con posiciones derivadas de inversiones directas, no puede superar los límites de inversión estipulados en el Reglamento OICVM. (Esta disposición no se aplica en el caso de FDI basados en un índice, con la condición de que el índice subyacente cumpla los criterios estipulados en el Reglamento OICVM del Banco Central).
- El OICVM podrá invertir en FDI negociados en OTC a condición de que las contrapartes de las transacciones OTC sean entidades sujetas a una supervisión cautelar y pertenezcan a las categorías aprobadas por el Banco Central.
- La inversión en FDI está sujeta a las condiciones y los límites establecidos por el Banco Central. | NOTE: The limits laid down in (ii), (iii) and (iv) above may be disregarded at the time of acquisition if at that time the gross amount of the debt securities or of the Money Market Instruments, or the net amount of the securities in issue cannot be calculated.
- Paragraph 5.1 and 5.2 shall not be applicable to:
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or its local authorities;
- Transferable Securities and Money Market Instruments issued or guaranteed by a non-Member State;
- Transferable Securities and Money Market Instruments issued by public international bodies of which one or more Member States are members;
- Units held by a UCITS in the capital of a company incorporated in a non-member State which invests its assets mainly in the securities of issuing bodies having their registered offices in that State, where under the legislation of that State such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This waiver is applicable only if in its investment policies the company from the non-Member State complies with the limits laid down in paragraphs 2.3 to 2.11, 3.1, 3.2, 5.1, 5.2, 5.4, 5.5 and 5.6, and provided that where these limits are exceeded, paragraphs 5.5 and 5.6 below are observed;
- Units held by an investment company or investment companies in the capital of subsidiary companies carrying on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the repurchase of units at unit-holders’ request exclusively on their behalf.
- UCITS need not comply with the investment restrictions herein when exercising subscription rights attaching to transferable securities or Money Market Instruments which form part of their assets.
- The Central Bank may allow recently authorised UCITS to derogate from the provisions of paragraphs 2.3 to 2.12, 3.1, 3.2, 4.1 and 4.2 for six months following the date of their authorisation, provided they observe the principle of risk spreading.
- If the limits laid down herein are exceeded for reasons beyond the control of a UCITS, or as a result of the exercise of subscription rights, the UCITS must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its Unitholders.
- Neither an investment company, nor a management company or a depositary acting on behalf of a Unit Trust or a management company of a common contractual fund, may carry out uncovered sales of:
- Transferable Securities;
- Money Market Instruments1;
- Units of CIS; or
- FDI.
- A UCITS may hold ancillary liquid assets.
- Financial Derivative Instruments ("FDIs")
- The UCITS global exposure (as prescribed in the UCITS Regulations) relating to FDI must not exceed its total net asset value.
- Position exposure to the underlying assets of FDI, including embedded FDI in transferable securities or Money Market Instruments, when combined where relevant with positions resulting from direct investments, may not exceed the investment limits set out in the UCITS Regulations. (This provision does not apply in the case of index based FDI provided the underlying index is one which meets with the criteria set out in the Central Bank UCITS Regulations).
- UCITS may invest in FDIs dealt in OTC provided that the counterparties to OTC transactions are institutions subject to prudential supervision and belonging to categories approved by the Central Bank.
- Investment in FDIs are subject to the conditions and limits laid down by the Central Bank. | en | es |
DOLFIN2487 | 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 USD. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/USD 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 Investment Adviser will seek to incorporate non-financial factors and sustainability themes in the investment decision-making process. This may lead the Investment Adviser to exclude particular assets, and to apply environmental, social and governance ('ESG') factor screening.
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 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 USD. 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/USD.
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 Asesor de inversiones procurará incorporar factores no financieros y criterios de sostenibilidad en el proceso de adopción de decisiones sobre inversiones. Esto puede llevar al Asesor de inversiones a excluir determinados activos y a utilizar un factor de selección ambiental, social y de gobernanza («ASG»).
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 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 USD. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/USD 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 Investment Adviser will seek to incorporate non-financial factors and sustainability themes in the investment decision-making process. This may lead the Investment Adviser to exclude particular assets, and to apply environmental, social and governance ('ESG') factor screening.
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 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 |
DOLFIN2489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISK AND RETURN PROFILE
The fund’s risk class is determined using past data, and is therefore not an indicator of future performance. The classification is not a guarantee and may change over time. If a fund is in risk class 1, this does not mean that there is no risk that its value will fluctuate.
Typically lower returns Typically higher returns Lower risk Higher risk
The fund is in risk class 4 because past data shows average annual value fluctuations of 5–10%. Generally speaking, higher value fluctuations come with greater risks of loss but also greater opportunities for returns. The following risks may be significant for the fund but do not have any direct effect on its classification:
- Creditworthiness risk: The fund invests in bonds. If the creditworthiness of individual issuers decreases or they become insolvent, the value of their bonds will fall.
- Market risks: How financial products perform in terms of price or market value depends in particular on the performance of the capital markets, which is influenced in turn both by the general global economic climate and by the overall local economic and political conditions. On a stock exchange in particular, general price performance can also be influenced by irrational factors such as sentiment, opinions and rumours.
- Risks associated with the use of derivatives: Derivatives are financial futures that are based on underlying assets such as equities, bonds, interest rates, indices and commodities and are dependent on the performance of these underlyings. The fund may use derivatives for hedging purposes or to increase the fund value. Gains or losses may occur depending on the performance of the underlying asset.
- Currency risks: The fund also invests outside the eurozone. The value of the currencies in which these investments are made may fall against the euro.
A detailed description of all risks can be found in the fund's Prospectus under “Risk Information”. | # PERFIL DE RIESGO Y REMUNERACIÓN
La clasificación del fondo en su categoría de riesgo se basa en datos históricos y, por tanto, no constituye una indicación con respecto al futuro. Dicha clasificación no está garantizada y puede variar a lo largo del tiempo. La clasificación en la categoría 1 no significa que un fondo esté libre de riesgo de fluctuación del valor.
Normalmente menor remuneración Normalmente mayor remuneración Menor riesgo Mayor riesgo
El fondo se ha incluido en la categoría de riesgo 4 porque los datos históricos muestran fluctuaciones anuales del valor de entre el 5% y el 10%. En general, una mayor fluctuación del valor implica un mayor riesgo de pérdidas, pero también mayores oportunidades de revalorización. Los riesgos que figuran a continuación no influyen de forma directa en la clasificación, pero pueden ser importantes para el fondo:
- Riesgo de crédito: El fondo invierte sus activos en valores de renta fija. Si la solvencia de un emisor se deteriora o si este se declara insolvente, el valor de los títulos de renta fija correspondientes disminuirá.
- Riesgos de mercado: La evolución del precio o del valor de mercado de los productos financieros depende especialmente del desarrollo de los mercados de capitales, que a su vez se ve influido por la situación general de la economía mundial y las condiciones económicas y políticas. Factores irracionales como los estados de ánimo, las opiniones y los rumores también pueden repercutir en la evolución general de los precios, especialmente en una bolsa.
- Riesgos asociados con el uso de instrumentos de derivados: los derivados son instrumentos financieros a plazo que se basan en activos subyacentes, como renta variable, renta fija, tipos de interés, índices y materias primas, y que dependen de la evolución de estos. El fondo puede utilizar instrumentos derivados con fines de cobertura o revalorización de sus activos. En función de la rentabilidad del instrumento subyacente, esto puede dar lugar a ganancias o pérdidas.
- Riesgo de cambio: el fondo invierte también fuera de la zona euro. Las divisas de dichas inversiones pueden depreciarse con respecto al euro. En el apartado «Información sobre los riesgos» del folleto del fondo figura una descripción detallada de todos los riesgos. | # RISK AND RETURN PROFILE
The fund’s risk class is determined using past data, and is therefore not an indicator of future performance. The classification is not a guarantee and may change over time. If a fund is in risk class 1, this does not mean that there is no risk that its value will fluctuate.
Typically lower returns Typically higher returns Lower risk Higher risk
The fund is in risk class 4 because past data shows average annual value fluctuations of 5–10%. Generally speaking, higher value fluctuations come with greater risks of loss but also greater opportunities for returns. The following risks may be significant for the fund but do not have any direct effect on its classification:
- Creditworthiness risk: The fund invests in bonds. If the creditworthiness of individual issuers decreases or they become insolvent, the value of their bonds will fall.
- Market risks: How financial products perform in terms of price or market value depends in particular on the performance of the capital markets, which is influenced in turn both by the general global economic climate and by the overall local economic and political conditions. On a stock exchange in particular, general price performance can also be influenced by irrational factors such as sentiment, opinions and rumours.
- Risks associated with the use of derivatives: Derivatives are financial futures that are based on underlying assets such as equities, bonds, interest rates, indices and commodities and are dependent on the performance of these underlyings. The fund may use derivatives for hedging purposes or to increase the fund value. Gains or losses may occur depending on the performance of the underlying asset.
- Currency risks: The fund also invests outside the eurozone. The value of the currencies in which these investments are made may fall against the euro.
A detailed description of all risks can be found in the fund's Prospectus under “Risk Information”. | en | es |
DOLFIN2492 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 3 years Investment 10 000 GBP |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 7 640 GBP | 8 150 GBP |
| | Average return each year | - 23.59 % | - 6.6 % |
| Unfavourable scenario | What might you get back after costs | 8 480 GBP | 8 150 GBP |
| | Average return each year | - 15.2% | - 6.6% |
| Moderate scenario | What might you get back after costs | 9 620 GBP | 10 210 GBP |
| | Average return each year | - 3.78% | 0.69% |
| Favourable scenario | What might you get back after costs | 10 470 GBP | 10 940 GBP |
| | Average return each year | 4.73% | 3.04% | | | Período de mantenimiento mínimo recomendado: 3 años Inversión 10 000 GBP |
| --- |
| Escenarios en caso de supervivencia Mínimo: | 1 año | 3 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 7 640 GBP | 8 150 GBP |
| | Rendimiento medio cada año | - 23,59 % | - 6,6 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 480 GBP | 8 150 GBP |
| | Rendimiento medio cada año | - 15,2% | - 6,6% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 9 620 GBP | 10 210 GBP |
| | Rendimiento medio cada año | - 3,78% | 0,69% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 10 470 GBP | 10 940 GBP |
| | Rendimiento medio cada año | 4,73% | 3,04% | | | Recommended minimum holding period: 3 years Investment 10 000 GBP |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 7 640 GBP | 8 150 GBP |
| | Average return each year | - 23.59 % | - 6.6 % |
| Unfavourable scenario | What might you get back after costs | 8 480 GBP | 8 150 GBP |
| | Average return each year | - 15.2% | - 6.6% |
| Moderate scenario | What might you get back after costs | 9 620 GBP | 10 210 GBP |
| | Average return each year | - 3.78% | 0.69% |
| Favourable scenario | What might you get back after costs | 10 470 GBP | 10 940 GBP |
| | Average return each year | 4.73% | 3.04% | | en | es |
DOLFIN2493 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with distributions reinvested, if any. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
The Q class launched on 1 July 2016. Performance data prior to this date is for an older share class with an equivalent or higher management fee. Index returns are shown with net dividends reinvested.
The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
The investment policy of the fund changed as at 1 October 2022, with the addition of a minimum commitment to sustainable investments. The performance prior to this date was achieved without this consideration. | Fuente de la rentabilidad: T. Rowe Price. La rentabilidad de los fondos se calcula usando el VL oficial con reinversión de dividendos, en su caso. No se deducen los cargos por ventas, impuestos y otros costes locales aplicables y, cuando correspondan, reducirán las cifras de rendimiento.
La clase Q se lanzó el 1 de julio de 2016. Los datos de rentabilidad anteriores a esta fecha corresponden a una clase de acciones más antigua con una comisión de gestión equivalente o superior. Las rentabilidades del índice se muestran con los dividendos netos reinvertidos.
El gestor no está limitado por el índice de referencia del fondo, que se utiliza únicamente a efectos de comparación de la rentabilidad.
La política de inversión del fondo cambió el 1 de octubre de 2022, con la inclusión de un compromiso mínimo con las inversiones sostenibles. La rentabilidad anterior a esa fecha se obtuvo sin esta consideración. | Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with distributions reinvested, if any. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
The Q class launched on 1 July 2016. Performance data prior to this date is for an older share class with an equivalent or higher management fee. Index returns are shown with net dividends reinvested.
The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
The investment policy of the fund changed as at 1 October 2022, with the addition of a minimum commitment to sustainable investments. The performance prior to this date was achieved without this consideration. | en | es |
DOLFIN2494 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.51% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Fund achieves above the High Water Mark. Actual performance fee charged last year: 1.46% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | No aplicable |
| Gastos de salida | No aplicable |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,51% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% anual sobre los rendimientos que el Fondo obtenga por encima de la High Water Mark. Comisión de rentabilidad real percibida el pasado ejercicio: 1,46% | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.51% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Fund achieves above the High Water Mark. Actual performance fee charged last year: 1.46% | | en | es |
DOLFIN2496 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The selection of green, social and sustainable bonds entails assessing the overall sustainability of the issuer, analysing the use of proceeds and the expected impact on the bond’s objectives. A green bond is a fixed or floating rate security that finances an environmental objective. A social bond is a fixed or floating rate security that finances a social objective. A sustainable bond is a fixed or floating rate security that finances both environmental and social objectives.
The primary sources of information used to perform the analysis are Schroders’ proprietary sustainability tools and research, and the Investment Manager’s third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of information provided by the companies, including information provided in company sustainability reports and other relevant company material.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of fixed and floating rate securities issued by companies worldwide. However, the universe (for the purpose of this test only) does not include fixed or floating rate securities issued by public or quasi-public issuers.
General Share Class Features | La Gestora de inversiones también podrá colaborar con las empresas para fomentar la transparencia, la transición hacia una economía circular con menor intensidad de emisiones de carbono y un comportamiento social responsable que favorezca el crecimiento sostenible y la generación de alfa.
La selección de bonos verdes, sociales y sostenibles requiere evaluar la sostenibilidad general del emisor, analizar el uso de sus ingresos y el impacto previsto en los objetivos del bono. Un bono verde es un valor de tipo fijo o variable que financia un objetivo medioambiental. Un bono social es un valor de tipo fijo o variable que financia un objetivo social. Un bono sostenible es un valor de tipo fijo o variable que financia tanto objetivos medioambientales como sociales.
Las principales fuentes de información empleadas para realizar el análisis son las herramientas e investigaciones de sostenibilidad propias de Schroders, y análisis de terceros, informes de ONG y redes de expertos de la Gestora de inversiones. La Gestora de inversiones efectúa su propio análisis de la información que faciliten las empresas, incluida la información de sus informes de sostenibilidad y otros materiales pertinentes de las mismas.
La Gestora de inversiones garantiza que al menos el 90% de las sociedades de la cartera del Fondo se califican según los criterios de sostenibilidad. Como resultado de la aplicación de los criterios de sostenibilidad, al menos el 20% del posible universo de inversión del Fondo queda excluido de la selección de inversiones.
A los efectos de esta prueba, el posible universo de inversión es el universo central de emisores que la Gestora de inversiones puede seleccionar para el Fondo antes de la aplicación de los criterios de sostenibilidad, de acuerdo con los otros límites del Objetivo y la política de inversión. Este universo está formado por valores de tipo fijo y variable emitidos por empresas de todo el mundo. Sin embargo, el universo (solo a los efectos de esta prueba) no incluirá los valores de tipo fijo o variable emitidos por emisores públicos o cuasipúblicos.
Características generales de las Clases de Participaciones | The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The selection of green, social and sustainable bonds entails assessing the overall sustainability of the issuer, analysing the use of proceeds and the expected impact on the bond’s objectives. A green bond is a fixed or floating rate security that finances an environmental objective. A social bond is a fixed or floating rate security that finances a social objective. A sustainable bond is a fixed or floating rate security that finances both environmental and social objectives.
The primary sources of information used to perform the analysis are Schroders’ proprietary sustainability tools and research, and the Investment Manager’s third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of information provided by the companies, including information provided in company sustainability reports and other relevant company material.
The Investment Manager ensures that at least 90% of companies in the Fund’s portfolio are rated against the sustainability criteria. As a result of the application of sustainability criteria, at least 20% of the Fund’s potential investment universe is excluded from the selection of investments.
For the purposes of this test, the potential investment universe is the core universe of issuers that the Investment Manager may select for the Fund prior to the application of sustainability criteria, in accordance with the other limitations of the Investment Objective and Policy. This universe is comprised of fixed and floating rate securities issued by companies worldwide. However, the universe (for the purpose of this test only) does not include fixed or floating rate securities issued by public or quasi-public issuers.
General Share Class Features | en | es |
DOLFIN2500 | 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 04/2014-04/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,474
4.7%
USD 12,389
4.4% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 04/2014-04/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 474 USD
4,7%
12 389 USD
4,4% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 04/2014-04/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,474
4.7%
USD 12,389
4.4% | en | es |
DOLFIN2502 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- 30% in aggregate in all UCIs other than UCITS
- 100% in aggregate in all UCITS
| | Target funds of an umbrella structure whose assets and liabilities are segregated are considered as a separate UCITS or other UCI. Assets held by the UCITS or other UCIs do not count for purposes of complying with rows A - F of this table. | | | - el 30% en conjunto en todos los OIC distintos de OICVM
- el 100% en conjunto en todos los OICVM
| | Los fondos objetivo de una estructura de paraguas cuyos activos y pasivos estén segregados se consideran OICVM separados u otros OIC. Los activos mantenidos por los OICVM u otros OIC no se tienen en cuenta a efectos del cumplimiento de lo dispuesto en las filas A a F de esta tabla. | | | - 30% in aggregate in all UCIs other than UCITS
- 100% in aggregate in all UCITS
| | Target funds of an umbrella structure whose assets and liabilities are segregated are considered as a separate UCITS or other UCI. Assets held by the UCITS or other UCIs do not count for purposes of complying with rows A - F of this table. | | | en | es |
DOLFIN2504 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 261 EUR | 2,127 EUR |
| Annual cost impact (*) | 2.6% | 2.8% | | | Inversión: 10 000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 261 EUR | 2.127 EUR |
| Incidencia anual de los costes (*) | 2,6% | 2,8% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 261 EUR | 2,127 EUR |
| Annual cost impact (*) | 2.6% | 2.8% | | en | es |
DOLFIN2517 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of environmental, social and governance (“ESG”) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
In addition to the investment criteria set out above, the Investment Adviser (IA) will seek to invest in sustainable investments and will consider certain ESG characteristics (https://www.blackrock.com/baselinescreens) when selecting the securities to be held directly by the Fund and the IA may use data provided by external ESG research providers and proprietary models.
The fixed income securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
At least 70% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg Global Aggregate USD Hedged Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Renminbi. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, de forma coherente con los principios medioambientales, sociales y de gobierno corporativo («ESG») aplicados a la inversión.
El Fondo invierte a escala mundial al menos el 70 % de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Además de los criterios de inversión indicados anteriormente, el Asesor de Inversiones (AI) buscará invertir en inversiones sostenibles y tendrá en cuenta ciertas características ESG (https://www.blackrock.com/baselinescreens) a la hora de seleccionar los valores que el Fondo mantendrá directamente en su cartera y, al hacerlo, el AI podrá utilizar los datos facilitados por proveedores externos de clasificaciones ESG y modelos propios.
Los valores de renta fija podrán estar emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento).
Al menos el 70% de los activos totales del Fondo tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición. Las inversiones restantes podrían tener una calificación de solvencia relativamente baja, o carecer de calificación.
El asesor de inversiones (AI) puede utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo y/o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento del mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al Bloomberg Global Aggregate USD Hedged Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, los requisitos de calificación de solvencia del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. Los dividendos se calcularán sobre la base de los ingresos brutos previstos y las ganancias previstas, en su caso, derivados de la cobertura de clase de acciones en un período determinado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en renminbi. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of environmental, social and governance (“ESG”) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
In addition to the investment criteria set out above, the Investment Adviser (IA) will seek to invest in sustainable investments and will consider certain ESG characteristics (https://www.blackrock.com/baselinescreens) when selecting the securities to be held directly by the Fund and the IA may use data provided by external ESG research providers and proprietary models.
The fixed income securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
At least 70% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg Global Aggregate USD Hedged Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. Dividends will be calculated on the basis of the expected gross income and expected gains, if any, arising from share class hedging over a given period. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Renminbi. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2534 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Composition of the net fund assets of Ethna–DYNAMISCH
### Composition of net fund assets 7
### as of 30 June 2019
| EUR |
| --- |
| Securities holdings | 169,359,598.63 |
| (securities acquisition costs: EUR 154,990,286.19) | |
| Options | 1,300,534.88 |
| Cash at banks 1) | 73,386,780.10 |
| Unrealised gains on futures contracts | 227,337.03 |
| Unrealised gains on forward foreign exchange contracts | 206,527.93 |
| Dividends receivable | 114,688.62 |
| Receivables from unit sales | 162,217.16 |
| | 244,757,684.35 |
| Unit redemptions payable | -314,001.21 |
| Interest liabilities | -16,795.37 |
| Other liabilities and equity 2) | -357,094.13 |
| | -687,890.71 |
| Net fund assets | 244,069,793.64 |
1) See notes to the Report.
2) This item mainly comprises management fees and auditing costs.
| Allocation among unit classes | |
| --- | --- |
| Unit class (A) | |
| Pro rata net fund assets | EUR 44,125,875.65 |
| Outstanding units | 574,599.668 |
| Unit value | EUR 76.79 |
| | |
| Unit class (T) | |
| Pro rata net fund assets | EUR 156,674,710.68 |
| Outstanding units | 1,963,002.387 |
| Unit value | EUR 79.81 |
| | |
| Unit class (SIA-A) | |
| Pro rata net fund assets | EUR 15,160,378.07 |
| Outstanding units | 27,136.217 |
| Unit value | EUR 558.68 |
| | |
| Unit class (SIA-T) | |
| Pro rata net fund assets | EUR 22,757,312.74 |
| Outstanding units | 40,234.065 |
| Unit value | EUR 565.62 |
| | |
| Unit class (R-A)* | |
| Pro rata net fund assets | EUR 85,180.91 |
| Outstanding units | 863.617 |
| Unit value | EUR 98.63 |
| | |
| Unit class (R-T)* | |
| Pro rata net fund assets | EUR 2,626,167.62 |
| Outstanding units | 27,017.079 |
| Unit value | EUR 97.20 |
### 8
| Unit class (USD-T) |
| --- |
| Pro rata net fund assets | EUR 1,484,378.95 |
| Outstanding units | 16,690.000 |
| Unit value | EUR 88.94 |
| Unit value | USD 101.10 1) |
| Unit class (SIA CHF-T) |
| --- |
| Pro rata net fund assets | EUR 1,155,789.02 |
| Outstanding units | 2,600.000 |
| Unit value | EUR 444.53 |
| Unit value | CHF 493.92 2) |
1) converted into EUR as of 30 June 2019 EUR 1 = USD 1.1367
2) converted into EUR as of 30 June 2019 EUR 1 = CHF 1.1111
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Change in net fund assets
| Total Unit class Unit class Unit class (A) (T) (SIA-A) EUR EUR EUR EUR |
| --- |
| Total net fund assets at the beginning of the period under review | 286,852,185.80 | 50,922,798.17 | 147,137,625.38 | 21,069,116.46 |
| Ordinary net expenditure | -130,942.48 | -50,129.19 | -197,448.61 | 43,950.37 |
| Income and expense equalisation | -17,795.58 | -14,638.06 | 6,917.18 | -1,123.53 |
| Inflow of funds from sale of units | 31,812,275.22 | 2,309,130.08 | 24,254,611.37 | 1,075,046.04 |
| Outflow of funds from redemption of units | -84,559,555.61 | -10,782,042.18 | -19,717,566.57 | -7,777,004.24 |
| Realised gains | 10,541,528.01 | 1,907,744.42 | 6,036,849.65 | 717,691.22 |
| Realised losses | -15,326,807.12 | -2,763,051.91 | -8,699,434.00 | -1,059,737.81 |
| Net change in unrealised gains | 5,668,577.26 | 998,384.99 | 2,943,305.03 | 402,228.18 |
| Net change in unrealised losses | 9,310,446.24 | 1,661,719.71 | 4,909,851.25 | 706,202.74 |
| Distribution | -80,118.10 | -64,040.38 | 0.00 | -15,991.36 |
| Total net fund assets at the end of the period under review | 244,069,793.64 | 44,125,875.65 | 156,674,710.68 | 15,160,378.07 |
### in the period under review from 1 January 2019 to 30 June 2019
### 9
| Unit class (SIA-T) EUR | Unit class (R-A)* EUR | Unit class (R-T)* EUR | Unit class (USD-T) EUR |
| --- | --- | --- | --- |
| Total net fund assets at the beginning of the period under review | 64,700,971.49 | 82,638.26 | 2,939,036.04 | 0.00 |
| Ordinary net expenditure | 74,821.84 | -274.21 | -8,048.27 | 582.10 |
| Income and expense equalisation | -8,268.88 | 0.00 | -1,361.44 | 679.15 |
| Inflow of funds from sale of units | 1,444,459.84 | 0.00 | 106,067.58 | 1,477,081.07 |
| Outflow of funds from redemption of units | -45,767,585.43 | 0.00 | -515,357.19 | 0.00 |
| Realised gains | 1,676,159.88 | 3,735.08 | 112,110.58 | 71,043.93 |
| Realised losses | -2,545,442.18 | -5,209.77 | -161,745.52 | -72,829.11 |
| Net change in unrealised gains | 1,257,846.76 | 1,615.55 | 59,266.26 | -6,803.65 |
| Net change in unrealised losses | 1,924,349.42 | 2,762.36 | 96,199.58 | 14,625.46 |
| Distribution | 0.00 | -86.36 | 0.00 | 0.00 |
| Total net fund assets at the end of the period under review | 22,757,312.74 | 85,180.91 | 2,626,167.62 | 1,484,378.95 |
| Unit class SIA (CHF-T) EUR |
| --- |
| Total net fund assets at the beginning of the period under review | 0.00 |
| Ordinary net expenditure | 5,603.49 |
| Income and expense equalisation | 0.00 |
| Inflow of funds from sale of units | 1,145,879.24 |
| Outflow of funds from redemption of units | 0.00 |
| Realised gains | 16,193.25 |
| Realised losses | -19,356.82 |
| Net change in unrealised gains | 12,734.14 |
| Net change in unrealised losses | -5,264.28 |
| Distribution | 0.00 |
| Total net fund assets at the end of the period under review | 1,155,789.02 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain. | # Composición del patrimonio neto del fondo Ethna-DYNAMISCH
### Composición del patrimonio neto del fondo 7
### A 30 de junio de 2019
| EUR |
| --- |
| Cartera de valores | 169.359.598,63 |
| (Precio de adquisición de los valores: 154.990.286,19 EUR) | |
| Opciones | 1.300.534,88 |
| Bancos 1) | 73.386.780,10 |
| Plusvalía latente sobre contratos a plazo | 227.337,03 |
| Plusvalía latente sobre operaciones a plazo sobre divisas | 206.527,93 |
| Dividendos por cobrar | 114.688,62 |
| Importes por cobrar por la venta de participaciones | 162.217,16 |
| | 244.757.684,35 |
| Importes por pagar por reembolso de participaciones | -314.001,21 |
| Intereses por pagar | -16.795,37 |
| Otros pasivos 2) | -357.094,13 |
| | -687.890,71 |
| Patrimonio neto del fondo | 244.069.793,64 |
1) Véanse las notas explicativas del informe.
2) Esta partida incluye principalmente la comisión de gestión y los gastos de auditoría.
| Desglose por clases de participaciones | |
| --- | --- |
| Clase de participaciones (A) | |
| Porcentaje del patrimonio neto del fondo | 44.125.875,65 EUR |
| Participaciones en circulación | 574.599,668 |
| Valor liquidativo | 76,79 EUR |
| | |
| Clase de participaciones (T) | |
| Porcentaje del patrimonio neto del fondo | 156.674.710,68 EUR |
| Participaciones en circulación | 1.963.002,387 |
| Valor liquidativo | 79,81 EUR |
| | |
| Clase de participaciones (SIA-A) | |
| Porcentaje del patrimonio neto del fondo | 15.160.378,07 EUR |
| Participaciones en circulación | 27.136,217 |
| Valor liquidativo | 558,68 EUR |
| | |
| Clase de participaciones (SIA-T) | |
| Porcentaje del patrimonio neto del fondo | 22.757.312,74 EUR |
| Participaciones en circulación | 40.234,065 |
| Valor liquidativo | 565,62 EUR |
| | |
| Clase de participaciones (R-A)* | |
| Porcentaje del patrimonio neto del fondo | 85.180,91 EUR |
| Participaciones en circulación | 863,617 |
| Valor liquidativo | 98,63 EUR |
| | |
| Clase de participaciones (R-T)* | |
| Porcentaje del patrimonio neto del fondo | 2.626.167,62 EUR |
| Participaciones en circulación | 27.017,079 |
| Valor liquidativo | 97,20 EUR |
### 8
| Clase de participaciones (USD-T) |
| --- |
| Porcentaje del patrimonio neto del fondo | 1.484.378,95 EUR |
| Participaciones en circulación | 16.690,000 |
| Valor liquidativo | 88,94 EUR |
| Valor liquidativo | 101,10 USD 1) |
| Clase de participaciones (SIA CHF-T) |
| --- |
| Porcentaje del patrimonio neto del fondo | 1.155.789,02 EUR |
| Participaciones en circulación | 2.600,000 |
| Valor liquidativo | 444,53 EUR |
| Valor liquidativo | 493,92 CHF 2) |
1) Tipos de cambio frente al EUR a 30 de junio de 2019: 1 EUR = 1,1367 USD
2) Tipos de cambio frente al EUR a 30 de junio de 2019: 1 EUR = 1,1111 CHF
* Las clases de participaciones (R-A) y (R-T) se comercializarán única y exclusivamente en Italia, Francia y España.
### Variación del patrimonio neto del fondo
| Total Clase de Clase de Clase de participaciones participaciones participaciones (A) (T) (SIA-A) EUR EUR EUR EUR |
| --- |
| Patrimonio neto del fondo al inicio del periodo analizado | 286.852.185,80 | 50.922.798,17 | 147.137.625,38 | 21.069.116,46 |
| Gastos netos ordinarios | -130.942,48 | -50.129,19 | -197.448,61 | 43.950,37 |
| Compensación de ingresos y gastos | -17.795,58 | -14.638,06 | 6.917,18 | -1.123,53 |
| Ingresos por venta de participaciones | 31.812.275,22 | 2.309.130,08 | 24.254.611,37 | 1.075.046,04 |
| Gastos por reembolso de participaciones | -84.559.555,61 | -10.782.042,18 | -19.717.566,57 | -7.777.004,24 |
| Plusvalía materializada | 10.541.528,01 | 1.907.744,42 | 6.036.849,65 | 717.691,22 |
| Minusvalía materializada | -15.326.807,12 | -2.763.051,91 | -8.699.434,00 | -1.059.737,81 |
| Variación neta de plusvalías latentes | 5.668.577,26 | 998.384,99 | 2.943.305,03 | 402.228,18 |
| Variación neta de minusvalías latentes | 9.310.446,24 | 1.661.719,71 | 4.909.851,25 | 706.202,74 |
| Dividendos | -80.118,10 | -64.040,38 | 0,00 | -15.991,36 |
| Patrimonio neto del fondo al final del periodo analizado | 244.069.793,64 | 44.125.875,65 | 156.674.710,68 | 15.160.378,07 |
### durante el período de referencia comprendido entre el 1 de enero de 2019 y el 30 de junio de 2019
### 9
| Clase de participaciones (SIA-T) EUR | Clase de participaciones (R-A)* EUR | Clase de participaciones (R-T)* EUR | Clase de participaciones (USD-T) EUR |
| --- | --- | --- | --- |
| Patrimonio neto del fondo al inicio del periodo analizado | 64.700.971,49 | 82.638,26 | 2.939.036,04 | 0,00 |
| Gastos netos ordinarios | 74.821,84 | -274,21 | -8.048,27 | 582,10 |
| Compensación de ingresos y gastos | -8.268,88 | 0,00 | -1.361,44 | 679,15 |
| Ingresos por venta de participaciones | 1.444.459,84 | 0,00 | 106.067,58 | 1.477.081,07 |
| Gastos por reembolso de participaciones | -45.767.585,43 | 0,00 | -515.357,19 | 0,00 |
| Plusvalía materializada | 1.676.159,88 | 3.735,08 | 112.110,58 | 71.043,93 |
| Minusvalía materializada | -2.545.442,18 | -5.209,77 | -161.745,52 | -72.829,11 |
| Variación neta de plusvalías latentes | 1.257.846,76 | 1.615,55 | 59.266,26 | -6.803,65 |
| Variación neta de minusvalías latentes | 1.924.349,42 | 2.762,36 | 96.199,58 | 14.625,46 |
| Dividendos | 0,00 | -86,36 | 0,00 | 0,00 |
| Patrimonio neto del fondo al final del periodo analizado | 22.757.312,74 | 85.180,91 | 2.626.167,62 | 1.484.378,95 |
| Clase de participaciones SIA (CHF-T) EUR |
| --- |
| Patrimonio neto del Fondo al inicio del periodo analizado | 0,00 |
| Gastos netos ordinarios | 5.603,49 |
| Compensación de ingresos y gastos | 0,00 |
| Ingresos por venta de participaciones | 1.145.879,24 |
| Gastos por reembolso de participaciones | 0,00 |
| Plusvalía materializada | 16.193,25 |
| Minusvalía materializada | -19.356,82 |
| Variación neta de plusvalías latentes | 12.734,14 |
| Variación neta de minusvalías latentes | -5.264,28 |
| Dividendos | 0,00 |
| Patrimonio neto del fondo al final del periodo analizado | 1.155.789,02 |
* Las clases de participaciones (R-A) y (R-T) se comercializarán única y exclusivamente en Italia, Francia y España. | # Composition of the net fund assets of Ethna–DYNAMISCH
### Composition of net fund assets 7
### as of 30 June 2019
| EUR |
| --- |
| Securities holdings | 169,359,598.63 |
| (securities acquisition costs: EUR 154,990,286.19) | |
| Options | 1,300,534.88 |
| Cash at banks 1) | 73,386,780.10 |
| Unrealised gains on futures contracts | 227,337.03 |
| Unrealised gains on forward foreign exchange contracts | 206,527.93 |
| Dividends receivable | 114,688.62 |
| Receivables from unit sales | 162,217.16 |
| | 244,757,684.35 |
| Unit redemptions payable | -314,001.21 |
| Interest liabilities | -16,795.37 |
| Other liabilities and equity 2) | -357,094.13 |
| | -687,890.71 |
| Net fund assets | 244,069,793.64 |
1) See notes to the Report.
2) This item mainly comprises management fees and auditing costs.
| Allocation among unit classes | |
| --- | --- |
| Unit class (A) | |
| Pro rata net fund assets | EUR 44,125,875.65 |
| Outstanding units | 574,599.668 |
| Unit value | EUR 76.79 |
| | |
| Unit class (T) | |
| Pro rata net fund assets | EUR 156,674,710.68 |
| Outstanding units | 1,963,002.387 |
| Unit value | EUR 79.81 |
| | |
| Unit class (SIA-A) | |
| Pro rata net fund assets | EUR 15,160,378.07 |
| Outstanding units | 27,136.217 |
| Unit value | EUR 558.68 |
| | |
| Unit class (SIA-T) | |
| Pro rata net fund assets | EUR 22,757,312.74 |
| Outstanding units | 40,234.065 |
| Unit value | EUR 565.62 |
| | |
| Unit class (R-A)* | |
| Pro rata net fund assets | EUR 85,180.91 |
| Outstanding units | 863.617 |
| Unit value | EUR 98.63 |
| | |
| Unit class (R-T)* | |
| Pro rata net fund assets | EUR 2,626,167.62 |
| Outstanding units | 27,017.079 |
| Unit value | EUR 97.20 |
### 8
| Unit class (USD-T) |
| --- |
| Pro rata net fund assets | EUR 1,484,378.95 |
| Outstanding units | 16,690.000 |
| Unit value | EUR 88.94 |
| Unit value | USD 101.10 1) |
| Unit class (SIA CHF-T) |
| --- |
| Pro rata net fund assets | EUR 1,155,789.02 |
| Outstanding units | 2,600.000 |
| Unit value | EUR 444.53 |
| Unit value | CHF 493.92 2) |
1) converted into EUR as of 30 June 2019 EUR 1 = USD 1.1367
2) converted into EUR as of 30 June 2019 EUR 1 = CHF 1.1111
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Change in net fund assets
| Total Unit class Unit class Unit class (A) (T) (SIA-A) EUR EUR EUR EUR |
| --- |
| Total net fund assets at the beginning of the period under review | 286,852,185.80 | 50,922,798.17 | 147,137,625.38 | 21,069,116.46 |
| Ordinary net expenditure | -130,942.48 | -50,129.19 | -197,448.61 | 43,950.37 |
| Income and expense equalisation | -17,795.58 | -14,638.06 | 6,917.18 | -1,123.53 |
| Inflow of funds from sale of units | 31,812,275.22 | 2,309,130.08 | 24,254,611.37 | 1,075,046.04 |
| Outflow of funds from redemption of units | -84,559,555.61 | -10,782,042.18 | -19,717,566.57 | -7,777,004.24 |
| Realised gains | 10,541,528.01 | 1,907,744.42 | 6,036,849.65 | 717,691.22 |
| Realised losses | -15,326,807.12 | -2,763,051.91 | -8,699,434.00 | -1,059,737.81 |
| Net change in unrealised gains | 5,668,577.26 | 998,384.99 | 2,943,305.03 | 402,228.18 |
| Net change in unrealised losses | 9,310,446.24 | 1,661,719.71 | 4,909,851.25 | 706,202.74 |
| Distribution | -80,118.10 | -64,040.38 | 0.00 | -15,991.36 |
| Total net fund assets at the end of the period under review | 244,069,793.64 | 44,125,875.65 | 156,674,710.68 | 15,160,378.07 |
### in the period under review from 1 January 2019 to 30 June 2019
### 9
| Unit class (SIA-T) EUR | Unit class (R-A)* EUR | Unit class (R-T)* EUR | Unit class (USD-T) EUR |
| --- | --- | --- | --- |
| Total net fund assets at the beginning of the period under review | 64,700,971.49 | 82,638.26 | 2,939,036.04 | 0.00 |
| Ordinary net expenditure | 74,821.84 | -274.21 | -8,048.27 | 582.10 |
| Income and expense equalisation | -8,268.88 | 0.00 | -1,361.44 | 679.15 |
| Inflow of funds from sale of units | 1,444,459.84 | 0.00 | 106,067.58 | 1,477,081.07 |
| Outflow of funds from redemption of units | -45,767,585.43 | 0.00 | -515,357.19 | 0.00 |
| Realised gains | 1,676,159.88 | 3,735.08 | 112,110.58 | 71,043.93 |
| Realised losses | -2,545,442.18 | -5,209.77 | -161,745.52 | -72,829.11 |
| Net change in unrealised gains | 1,257,846.76 | 1,615.55 | 59,266.26 | -6,803.65 |
| Net change in unrealised losses | 1,924,349.42 | 2,762.36 | 96,199.58 | 14,625.46 |
| Distribution | 0.00 | -86.36 | 0.00 | 0.00 |
| Total net fund assets at the end of the period under review | 22,757,312.74 | 85,180.91 | 2,626,167.62 | 1,484,378.95 |
| Unit class SIA (CHF-T) EUR |
| --- |
| Total net fund assets at the beginning of the period under review | 0.00 |
| Ordinary net expenditure | 5,603.49 |
| Income and expense equalisation | 0.00 |
| Inflow of funds from sale of units | 1,145,879.24 |
| Outflow of funds from redemption of units | 0.00 |
| Realised gains | 16,193.25 |
| Realised losses | -19,356.82 |
| Net change in unrealised gains | 12,734.14 |
| Net change in unrealised losses | -5,264.28 |
| Distribution | 0.00 |
| Total net fund assets at the end of the period under review | 1,155,789.02 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain. | en | es |
DOLFIN2547 | 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 J.P. Morgan Bespoke Rolling Collar US Index (USD) between 31/03/2015-31/03/2020.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,404
4.0%
GBP 8,639
-2.9% | # Este tipo de escenario se produjo para una inversión J.P. Morgan Bespoke Rolling Collar US Index (USD) entre 31/03/2015-31/03/2020.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 404 GBP
4,0%
8 639 GBP
-2,9% | # This type of scenario occurred for an investment J.P. Morgan Bespoke Rolling Collar US Index (USD) between 31/03/2015-31/03/2020.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,404
4.0%
GBP 8,639
-2.9% | en | es |
DOLFIN2562 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The investment objective of the AXA Rosenberg China Multi Factor Advantage Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI China A Shares Index (the “Index”) over a rolling five-year basis. This Sub-Fund will primarily (meaning not less than 75% of its Net Asset Value) invest in equity securities listed on the Shanghai and Shenzhen exchanges and which are accessible through Stock Connect. It is intended that this Sub-Fund will be substantially fully invested in such equity securities.
The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 2% gross of all fees/expenses above the annual return of the Index over a rolling five-year basis.
The Sub-Fund is actively managed through the use of proprietary quantitative stock-selection models that analyse financial and non-financial data of companies whose equity securities are listed on the Shanghai and Shenzhen exchanges. The models are used to derive insights into the valuation, quality and momentum of each company by comparing balance sheets, income statements, historic earnings data and information and how these may change in the future together with investor sentiment to such companies as it changes over time (characteristics known as ‘Factors’). The Manager also considers available Environmental, Social and Governance (“ESG”) information – such as data on emissions, corporate behaviour and diversity – relevant to the companies within the investment universe as part of the portfolio construction process. The Manager seeks to invest in securities issued by companies which, in its opinion, have an attractive ESG and risk vs return profile.
The specific weight allocated to a security identified as an attractive investment opportunity is determined by a quantitative investment process that seeks to capture the desired exposure to those Factors which in the opinion of the Manager are most relevant to the market in which the Sub-Fund invests and are expected to enable the Sub-Fund to achieve its investment objective. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. In controlling the Sub-Fund’s divergence from the Index the Manager may consider and apply limits to, among other things, the divergence of the Sub-Fund's exposure to certain industries, sectors and securities from the equivalent Index exposures. Any such limits may vary over time depending upon the Manager's view of market conditions and opportunities. The resulting portfolio of securities is expected to demonstrate similar levels of volatility to that of the Index. The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio and the level of the risk and desired exposure to the relevant Factors each security contributes.
The Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through "Stock Connect". The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).
It is anticipated that the Net Asset Value of the Sub-Fund will exhibit high volatility due to the nature of its investment policy. Investments in emerging markets are often more volatile than developed markets and this may have a negative impact on the performance of the Sub-Fund. Although the Sub-Fund aims to deliver a positive total return over the Investment Horizon, there is no guarantee that this will be achieved over this time period, or any time period. The Fund’s capital is at risk meaning that the Sub-Fund could suffer a decrease in value and the value of your investment would decrease as a result.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
-
###### Business Day/Dealing Day Definition | El objetivo de inversión del AXA Rosenberg China Multi Factor Advantage Fund es obtener una apreciación del capital a largo plazo con una rentabilidad total superior a la del Índice MSCI China A Shares (el “Índice”) durante cinco años consecutivos. Este Subfondo invertirá principalmente (es decir, en un porcentaje no inferior al 75% de su Valor Liquidativo) en títulos de renta variable cotizados en las bolsas de Shanghái y Shenzhen y a los que puede accederse mediante Stock Connect. El objetivo es que este Subfondo invierta prácticamente la totalidad de sus activos en dichos valores.
El Subfondo pretende proporcionar un rendimiento anual de la inversión (generado por el aumento del valor de los títulos incluidos en la cartera del Subfondo o de los ingresos recibidos de dichos valores) de aproximadamente el 2% bruto sin descontar todas las comisiones o gastos que supere la rentabilidad anual del Índice durante cinco años consecutivos.
El Subfondo se gestiona de forma activa mediante modelos propios de selección cuantitativa de valores que analizan los datos tanto financieros como no financieros de las empresas cuyos títulos de renta variable cotizan en las bolsas de Shanghái y Shenzhen. Los modelos se utilizan para obtener información sobre la valoración, la calidad y el dinamismo de cada empresa mediante la comparación de los balances, las cuentas de resultados, la información y los datos sobre beneficios históricos, así como para determinar cómo pueden cambiar en el futuro en consonancia con el sentimiento inversor hacia dichas empresas a medida que va cambiando con el tiempo (características que se conocen como “Factores”). Asimismo, la Sociedad gestora tiene en cuenta la información ambiental, social y de gobierno corporativo (“ASG”) disponible —como datos sobre emisiones, comportamiento corporativo y diversidad— relevante para las empresas incluidas en el universo de inversión como parte del proceso de elaboración de la cartera. La Sociedad gestora trata de invertir en valores emitidos por empresas que conforme a su criterio, cuentan con un perfil atractivo de ASG y riesgo con respecto a su rentabilidad.
La ponderación específica asignada a un valor que se considera una oportunidad inversión atractiva se determina mediante un proceso de inversión cuantitativo que pretende captar la exposición deseada a aquellos Factores que, conforme al criterio de la Sociedad gestora, son más relevantes para el mercado en el que invierte el Subfondo y que se prevé que permitan que este logre su objetivo de inversión. Para construir la cartera del Subfondo, la Sociedad gestora tomará como referencia el índice, lo que significa que, pese a que esta tiene potestad para seleccionar las inversiones del Subfondo, la divergencia de este con respecto al índice está controlada. Puede que la Sociedad gestora considere y aplique límites a la divergencia de la exposición del Subfondo a determinadas industrias, sectores y valores con respecto a las exposiciones equivalentes del Índice, con el fin de controlar la divergencia del Subfondo con respecto a este. Cualquier límite de este tipo podrá variar con el tiempo en función del punto de vista de la Sociedad gestora sobre las condiciones y oportunidades del mercado. Se prevé que en la cartera de valores resultante muestre unos niveles de volatilidad similares a los del Índice. El proceso de inversión cuantitativa de la Sociedad gestora analiza y evalúa constantemente los valores incluidos en la cartera del Subfondo y el nivel de riesgo y la exposición deseados a los Factores relevantes a los que contribuye cada valor.
El Índice capta una representación de gran y mediana capitalización de los valores chinos que cotizan en las bolsas de Shanghái y Shenzhen. Este índice únicamente incluye aquellos valores a los que puede accederse a través de "Stock Connect". El índice ha sido diseñado para los inversores internacionales y se calcula mediante las cotizaciones en Stock Connect de acciones A chinas con arreglo al tipo de cambio del RMB offshore (CNH).
Se prevé que el Valor Liquidativo del Subfondo muestre una alta volatilidad debido a la naturaleza de su política de inversión. Con frecuencia, las inversiones en mercados emergentes muestran una mayor volatilidad que las de los mercados desarrollados, lo cual puede incidir negativamente en la rentabilidad del Subfondo. Pese a que el Subfondo pretende obtener una rentabilidad total positiva durante el Horizonte de inversión, no existen garantías de que vaya conseguirse ni durante este período ni durante ningún otro. El capital del Fondo se ve expuesto al riesgo, lo que significa que el Subfondo podría haber reducido su valor y su inversión también se vería reducida como consecuencia.
Una inversión en este Fondo no debe constituir una parte considerable de una cartera de inversión y quizás no resulte adecuada para todos los inversores.
-
###### Definición de Día Hábil/Día de Negociación | The investment objective of the AXA Rosenberg China Multi Factor Advantage Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI China A Shares Index (the “Index”) over a rolling five-year basis. This Sub-Fund will primarily (meaning not less than 75% of its Net Asset Value) invest in equity securities listed on the Shanghai and Shenzhen exchanges and which are accessible through Stock Connect. It is intended that this Sub-Fund will be substantially fully invested in such equity securities.
The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 2% gross of all fees/expenses above the annual return of the Index over a rolling five-year basis.
The Sub-Fund is actively managed through the use of proprietary quantitative stock-selection models that analyse financial and non-financial data of companies whose equity securities are listed on the Shanghai and Shenzhen exchanges. The models are used to derive insights into the valuation, quality and momentum of each company by comparing balance sheets, income statements, historic earnings data and information and how these may change in the future together with investor sentiment to such companies as it changes over time (characteristics known as ‘Factors’). The Manager also considers available Environmental, Social and Governance (“ESG”) information – such as data on emissions, corporate behaviour and diversity – relevant to the companies within the investment universe as part of the portfolio construction process. The Manager seeks to invest in securities issued by companies which, in its opinion, have an attractive ESG and risk vs return profile.
The specific weight allocated to a security identified as an attractive investment opportunity is determined by a quantitative investment process that seeks to capture the desired exposure to those Factors which in the opinion of the Manager are most relevant to the market in which the Sub-Fund invests and are expected to enable the Sub-Fund to achieve its investment objective. In constructing the Sub-Fund's portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund's divergence from the Index is controlled. In controlling the Sub-Fund’s divergence from the Index the Manager may consider and apply limits to, among other things, the divergence of the Sub-Fund's exposure to certain industries, sectors and securities from the equivalent Index exposures. Any such limits may vary over time depending upon the Manager's view of market conditions and opportunities. The resulting portfolio of securities is expected to demonstrate similar levels of volatility to that of the Index. The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund's portfolio and the level of the risk and desired exposure to the relevant Factors each security contributes.
The Index captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through "Stock Connect". The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).
It is anticipated that the Net Asset Value of the Sub-Fund will exhibit high volatility due to the nature of its investment policy. Investments in emerging markets are often more volatile than developed markets and this may have a negative impact on the performance of the Sub-Fund. Although the Sub-Fund aims to deliver a positive total return over the Investment Horizon, there is no guarantee that this will be achieved over this time period, or any time period. The Fund’s capital is at risk meaning that the Sub-Fund could suffer a decrease in value and the value of your investment would decrease as a result.
An investment in this Sub-Fund should not constitute a substantial portion of an investment portfolio and may not be appropriate for all investors.
-
###### Business Day/Dealing Day Definition | en | es |
DOLFIN2575 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### 3 TAXATION
Under current laws and practice, the SICAV is not liable to any Luxembourg income tax, or any Luxembourg capital gains on the realised capital appreciation of the assets of the SICAV nor are dividends paid by the SICAV liable to any Luxembourg withholding tax.
Under the prevailing law and regulations, the SICAV is subject, in the Grand Duchy of Luxembourg, to an annual subscription tax (“taxe d’abonnement”) of 0.05%, payable on a quarterly basis and assessed on its Net Asset Value at the end of each quarter. No tax is due on the assets held by the SICAV in other UCITS already subject to that tax in Luxembourg.
In respect of the Institutional Share Classes, a reduced annual subscription tax of 0.01% is levied on the Net Asset Value at the last day of each calendar quarter in accordance with the law of December 17, 2010, as amended.
In addition, those portfolios whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions are also subject to a reduced tax of 0.01%. Again, no such tax is due on the portion of the assets of the SICAV invested in other Luxembourg UCITS, if any.
For the avoidance of doubt, this taxe d’abonnement forms part of the SICAVs Operating Expenses.
Although the SICAV’s realised capital gains are not taxable in Luxembourg, whether short-or-long term, these realised capital gains may be subject to tax in the countries of origin. | ### 3 TRIBUTACIÓN
De acuerdo con las leyes y prácticas actuales, la SICAV no está sujeta a ningún impuesto sobre la renta de Luxemburgo ni a las ganancias de capital de Luxemburgo sobre la apreciación del capital realizada de los activos de la SICAV, ni los dividendos pagados por la SICAV están sujetos a ningún impuesto de retención de Luxemburgo.
De conformidad con la legislación y los reglamentos vigentes, la SICAV está sujeta, en el Gran Ducado de Luxemburgo, a un impuesto de suscripción anual («taxe d’abonnement») del 0,05%, pagadero trimestralmente y evaluado sobre su Valor liquidativo al final de cada trimestre. No se adeudan impuestos sobre los activos mantenidos por la SICAV en otros OICVM ya sujetos a ese impuesto en Luxemburgo.
Con respecto a las Clases de Acciones Institucionales, se aplica un impuesto de suscripción anual reducido del 0,01% sobre el Valor liquidativo el último día de cada trimestre de conformidad con la Ley del 17 de diciembre de 2010, en su versión modificada.
Además, aquellas carteras cuyo único objeto es la inversión colectiva en instrumentos del mercado monetario y la colocación de depósitos en entidades de crédito también están sujetas a un impuesto reducido del 0,01%. Nuevamente, no se adeuda dicho impuesto sobre la parte de los activos de la SICAV invertidos en otros OICVM de Luxemburgo, si los hubiere.
Para evitar dudas, dicha taxe d’abonnement forma parte de los Gastos operativos de la SICAV.
Si bien las ganancias de capital realizadas de la SICAV no están sujetas a impuestos en Luxemburgo, ya sea a corto o largo plazo, estas ganancias de capital realizadas podrán estar sujetas a impuestos en los países de origen. | ### 3 TAXATION
Under current laws and practice, the SICAV is not liable to any Luxembourg income tax, or any Luxembourg capital gains on the realised capital appreciation of the assets of the SICAV nor are dividends paid by the SICAV liable to any Luxembourg withholding tax.
Under the prevailing law and regulations, the SICAV is subject, in the Grand Duchy of Luxembourg, to an annual subscription tax (“taxe d’abonnement”) of 0.05%, payable on a quarterly basis and assessed on its Net Asset Value at the end of each quarter. No tax is due on the assets held by the SICAV in other UCITS already subject to that tax in Luxembourg.
In respect of the Institutional Share Classes, a reduced annual subscription tax of 0.01% is levied on the Net Asset Value at the last day of each calendar quarter in accordance with the law of December 17, 2010, as amended.
In addition, those portfolios whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions are also subject to a reduced tax of 0.01%. Again, no such tax is due on the portion of the assets of the SICAV invested in other Luxembourg UCITS, if any.
For the avoidance of doubt, this taxe d’abonnement forms part of the SICAVs Operating Expenses.
Although the SICAV’s realised capital gains are not taxable in Luxembourg, whether short-or-long term, these realised capital gains may be subject to tax in the countries of origin. | en | es |
DOLFIN2578 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 5G Connectivity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 5.51%. Over the same period, the benchmark, the MSCI All-Country World Index (ACWI) (Total Return, Net of Tax, USD) (the “Index”) returned 18.54%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Global equity markets started 2021 strong, mainly driven by positive sentiment around additional economic stimulus and increased infrastructure spending. However, markets quickly turned volatile in February due to rising US 10-year Treasury yields, persistent inflation, and tapering concerns. This remained a recurring theme throughout the year and led to market rotations from growth to value. Volatility was further driven by global supply chain disruptions, regulatory headwinds, and Covid-19 resurgence from Delta to Omicron variants.
Against this complicated macro backdrop, the Portfolio underperformed the Index. This was largely due to general market rotations from Growth to Value, the Portfolio’s relative underweight to big tech (by portfolio design given the thematic focus on 5G), and regulatory overhang in China.
We were positioned for the acceleration in 5G network rollout and infrastructure spending in 2021. As capex ramped-up meaningfully, especially in the US, this benefited our holdings in key 5G infrastructure chip vendors, network test solution providers, and high-performance semiconductor portfolio exposure. Our positive thesis on a “stronger for longer” semiconductor industry also played out given strong demand and tight supply dynamics. By sector, overweight in the Information Technology sector, particularly in Semiconductors and Electronic Equipment & Components, was a key contributor to performance.
Conversely, allocation to the Chinese internet sector detracted from performance, while growth to value rotations impacted global software stocks in general. By sector, holdings in Communication Services and Internet detracted the most.
While global equity market volatility is likely to remain elevated, we believe in keeping our focus on areas with strong earnings tailwinds and investing in the hidden gems of 5G. Demand for better connectivity will continue to increase as 5G trends and digitalisation are structural and irreversible. Looking into 2022, we are positioned for the key enablers and beneficiaries of 5G across “Infrastructure”, “Connected Devices”, and “Applications & Services”. We are positive about the ramp up in 5G network deployments, a strategic and “stronger for longer” semiconductor industry, as well as next-generation 5G innovative applications that benefit from 5G proliferation.
ANNUAL REPORT 2021 55
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # 5G Connectivity – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 5,51%. Durante el mismo periodo, el índice de referencia, el MSCI All-Country World Index (ACWI ) (rentabilidad total en USD, neta de impuestos) (el "Índice"), rindió un 18,54%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
Los mercados de renta variable global empezaron 2021 con fuerza, movidos principalmente por el sentimiento favorable que infundieron los estímulos económicos adicionales y el incremento del gasto en infraestructuras. Sin embargo, los mercados se volvieron volátiles rápidamente en febrero, debido al aumento de las rentabilidades de los bonos del Tesoro de EE. UU. a 10 años, a una inflación persistente y a la preocupación por la retirada de los estímulos. Este siguió siendo un tema recurrente durante todo el ejercicio y provocó rotaciones del estilo de crecimiento al de valor en el mercado. La volatilidad se vio además agravada por disrupciones de la cadena de suministro global, obstáculos normativos y nuevas olas de COVID-19 provocadas por las variantes delta y ómicron.
En este complicado entorno macroeconómico, la Cartera se situó a la zaga del Índice. Esto de debió en gran medida a las rotaciones generales de crecimiento a valor en el mercado, a la infraponderación relativa de la Cartera en grandes tecnológicas (por diseño de la cartera, dado el enfoque temático en la conectividad 5G) y por el exceso de regulación en China.
La Cartera estaba posicionada para una aceleración de la implantación de la red 5G y del gasto en infraestructuras en 2021. Dado que la inversión aumentó de forma significativa, especialmente en EE. UU., esto benefició a nuestras posiciones en importantes vendedores de chips para infraestructuras 5G, en proveedores de soluciones de pruebas de redes, así como a la exposición de la cartera a deuda de alta rentabilidad del espacio de los semiconductores. Nuestra tesis positiva sobre una industria de los semiconductores "más fuerte durante más tiempo" también se materializó, gracias a la solidez de la demanda y a la escasez de oferta. Por sectores, la sobreponderación en el sector de tecnología de la información, en particular en semiconductores y equipos y componentes electrónicos, realizó una contribución clave a la rentabilidad.
Por el contrario, la asignación al sector de Internet en China lastró los resultados, mientras que las rotaciones de crecimiento a valor afectaron a las acciones de software de todo el mundo en general. Por sectores, las posiciones en servicios de comunicación e Internet fueron las que más perjudicaron.
A pesar de que es probable que la volatilidad del mercado de renta variable global se mantenga en niveles elevados, apostamos por seguir centrados en áreas con fuertes vientos de cola para los beneficios y por invertir en las joyas escondidas de la tecnología 5G. La demanda de una mejor conectividad seguirá aumentando a medida que las tendencias 5G y la digitalización sean estructurales e irreversibles. De cara a 2022, estamos posicionados en los principales artífices y beneficiarios de la tecnología 5G en “infraestructura”, “dispositivos conectados” y “aplicaciones y servicios”. Somos optimistas con respecto a la evolución de la implementación de la red 5G, a una industria de semiconductores estratégica y "más fuerte durante más tiempo", así como a aplicaciones innovadoras de tecnología 5G de próxima generación que se beneficiarán de su proliferación.
INFORME ANUAL 2021 55
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # 5G Connectivity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 5.51%. Over the same period, the benchmark, the MSCI All-Country World Index (ACWI) (Total Return, Net of Tax, USD) (the “Index”) returned 18.54%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Global equity markets started 2021 strong, mainly driven by positive sentiment around additional economic stimulus and increased infrastructure spending. However, markets quickly turned volatile in February due to rising US 10-year Treasury yields, persistent inflation, and tapering concerns. This remained a recurring theme throughout the year and led to market rotations from growth to value. Volatility was further driven by global supply chain disruptions, regulatory headwinds, and Covid-19 resurgence from Delta to Omicron variants.
Against this complicated macro backdrop, the Portfolio underperformed the Index. This was largely due to general market rotations from Growth to Value, the Portfolio’s relative underweight to big tech (by portfolio design given the thematic focus on 5G), and regulatory overhang in China.
We were positioned for the acceleration in 5G network rollout and infrastructure spending in 2021. As capex ramped-up meaningfully, especially in the US, this benefited our holdings in key 5G infrastructure chip vendors, network test solution providers, and high-performance semiconductor portfolio exposure. Our positive thesis on a “stronger for longer” semiconductor industry also played out given strong demand and tight supply dynamics. By sector, overweight in the Information Technology sector, particularly in Semiconductors and Electronic Equipment & Components, was a key contributor to performance.
Conversely, allocation to the Chinese internet sector detracted from performance, while growth to value rotations impacted global software stocks in general. By sector, holdings in Communication Services and Internet detracted the most.
While global equity market volatility is likely to remain elevated, we believe in keeping our focus on areas with strong earnings tailwinds and investing in the hidden gems of 5G. Demand for better connectivity will continue to increase as 5G trends and digitalisation are structural and irreversible. Looking into 2022, we are positioned for the key enablers and beneficiaries of 5G across “Infrastructure”, “Connected Devices”, and “Applications & Services”. We are positive about the ramp up in 5G network deployments, a strategic and “stronger for longer” semiconductor industry, as well as next-generation 5G innovative applications that benefit from 5G proliferation.
ANNUAL REPORT 2021 55
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN2581 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Investment strategy:
The UCITS applies an active stock-picking management strategy for stocks listed on a stock universe linked in particular to the gold sector, which will represent at least 70% of the net assets.
These equities will be selected in accordance with the following strategy:
the selection of the investment scope is based on the use of fundamental filters that allow us to identify securities that will be considered eligible and which will be subject to further analyses. The UCITS is invested in shares with no restriction as regards capitalisation or geographical area. Accordingly, the UCITS may invest up to 100% of its net assets in emerging markets,
external analyses are used to assist managers in conducting their own research on the securities included in the investment scope,
the chosen securities are then subject to fundamental and then qualitative analysis. The manager will select the securities with the best performance potential to be included in the portfolio.
Depending on the manager’s expectations of developments on the equity markets, up to 30% of the UCITS’ net assets may be exposed directly and/or on an ancillary basis via UCIs to debt securities and money market instruments traded on the international markets. These securities, rated primarily “investment grade” (i.e. where the risk of the issuer defaulting is at its lowest) but with no maximum duration, are selected according to their expected yield. On an ancillary basis, the UCITS may invest in unrated or “high-yield” rated securities.
Between 70% and 110% of the UCITS’ assets will be exposed to international equities, directly and/or on an ancillary basis via UCIs and/or through the use of financial contracts.
The UCITS may invest up to 100% of its net assets in financial contracts traded on international regulated, organised or OTC markets, with the goal of protecting performance.
. Instruments used:
- Equities:Between 70% and 110% of the portfolio is invested in and/or exposed to equities associated with the gold sector, with no restriction as regards capitalisation or geographical area. The selected securities may or may not have voting rights.
- Debt securities and money market instruments:Up to 30% of the UCITS’ net assets may be invested in and/or exposed to debt securities and money market instruments from public or equivalent issuers or private issuers, at fixed and/or floating rates, with no restriction as regards geographical area or maturity. These instruments will be issued in the “investment grade” category (i.e. those for which the risk of issuer default is lowest) as defined by independent rating agencies. | #### Estrategia de inversión:
El OICVM lleva a cabo una gestión activa de selección de valores («stock picking») cotizados dentro de un universo de valores vinculados concretamente al sector del oro, que representarán como mínimo un 70 % del patrimonio neto.
Estas acciones se seleccionarán de acuerdo con la siguiente estrategia:
la selección del universo de inversión se basa en la utilización de filtros fundamentales que permitan definir qué valores se considerarán admisibles y serán objeto de análisis complementarios. EL OICVM invierte en acciones sin limitaciones geográficas ni de capitalización. Así pues, el OICVM podrá invertir en mercados emergentes hasta una vez su patrimonio neto;
el uso de análisis externos tiene el objetivo de ayudar al gestor a orientar su propia investigación sobre títulos incluidos en el universo de inversión; y
los títulos seleccionados deben superar un análisis fundamental y cualitativo. El gestor seleccionará pues los títulos con mayor potencial de rentabilidad para constituir la cartera.
En función de las previsiones del gestor sobre la evolución de los mercados de renta variable, el OICVM podrá exponerse, ya sea directa y/o accesoriamente mediante IIC, a instrumentos de deuda e instrumentos del mercado monetario negociados en los mercados internacionales con un límite de un 30 % del patrimonio neto. Estos títulos, principalmente con calificación de «Investment Grade» (es decir, aquellos que presentan el menor riesgo de incumplimiento de los emisores) aunque sin límite de duración, se seleccionarán en función de su rendimiento previsto. De forma secundaria, el OICVM también puede recurrir a títulos sin calificación o con calificación de «alto rendimiento».
El OICVM estará expuesto en un 70 % como mínimo y hasta en un 110 % de su patrimonio a la renta variable internacional, ya sea directa y/o accesoriamente, a través de IIC y/o del empleo de instrumentos derivados de contratos financieros.
Dentro de los límites de una vez su patrimonio neto, el OICVM podrá participar en contratos financieros negociados en mercados internacionales regulados, organizados o extrabursátiles, a efectos de protección de la rentabilidad.
. Instrumentos utilizados:
- Acciones:La cartera se invierte y/o estará expuesta en un 70 % como mínimo y hasta en un 110 % en acciones vinculadas concretamente al sector aurífero, sin limitaciones de capitalización, de sector ni de zona geográfica. Los títulos seleccionados conferirán, o no, derecho a voto.
- Títulos de crédito e instrumentos del mercado monetario:El OICVM podrá invertir y/o estar expuesto en un 30 % como máximo del patrimonio neto a títulos de deuda e instrumentos del mercado monetario de emisores públicos o similares y privados, a tipos de interés fijos y/o variables, sin restricciones geográficas ni de vencimiento. Estos instrumentos se emitirán principalmente con categoría de «Investment Grade» (es decir, títulos con el menor riesgo de incumplimiento por parte de los emisores) según las agencias de calificación crediticia independientes. | #### Investment strategy:
The UCITS applies an active stock-picking management strategy for stocks listed on a stock universe linked in particular to the gold sector, which will represent at least 70% of the net assets.
These equities will be selected in accordance with the following strategy:
the selection of the investment scope is based on the use of fundamental filters that allow us to identify securities that will be considered eligible and which will be subject to further analyses. The UCITS is invested in shares with no restriction as regards capitalisation or geographical area. Accordingly, the UCITS may invest up to 100% of its net assets in emerging markets,
external analyses are used to assist managers in conducting their own research on the securities included in the investment scope,
the chosen securities are then subject to fundamental and then qualitative analysis. The manager will select the securities with the best performance potential to be included in the portfolio.
Depending on the manager’s expectations of developments on the equity markets, up to 30% of the UCITS’ net assets may be exposed directly and/or on an ancillary basis via UCIs to debt securities and money market instruments traded on the international markets. These securities, rated primarily “investment grade” (i.e. where the risk of the issuer defaulting is at its lowest) but with no maximum duration, are selected according to their expected yield. On an ancillary basis, the UCITS may invest in unrated or “high-yield” rated securities.
Between 70% and 110% of the UCITS’ assets will be exposed to international equities, directly and/or on an ancillary basis via UCIs and/or through the use of financial contracts.
The UCITS may invest up to 100% of its net assets in financial contracts traded on international regulated, organised or OTC markets, with the goal of protecting performance.
. Instruments used:
- Equities:Between 70% and 110% of the portfolio is invested in and/or exposed to equities associated with the gold sector, with no restriction as regards capitalisation or geographical area. The selected securities may or may not have voting rights.
- Debt securities and money market instruments:Up to 30% of the UCITS’ net assets may be invested in and/or exposed to debt securities and money market instruments from public or equivalent issuers or private issuers, at fixed and/or floating rates, with no restriction as regards geographical area or maturity. These instruments will be issued in the “investment grade” category (i.e. those for which the risk of issuer default is lowest) as defined by independent rating agencies. | en | es |
DOLFIN2582 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## You may switch between other funds or share classes in Aviva Investors subject to provisions of the Section "Investing in the Sub-Funds" of the Prospectus.
Aviva Investors is subject to the tax laws and regulations of Luxembourg. This might have an impact on your personal tax position that you should verify with a tax advisor in your country of residence.
Aviva Investors is an open ended investment company organised as a Société d'Investissement à Capital Variable (SICAV) with several sub-funds. This key investor information document describes one sub-fund of the SICAV. The liabilities of each fund are segregated and the assets of this Fund will not be used to pay debts of other funds.
Aviva Investors Luxembourg 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 of the Fund.
The details of the up-to-date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
The Sub-Fund launched on 02 July 1990, is authorised in Luxembourg and supervised by Commission de Surveillance du Secteur Financier. The Management Company is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
Page 2 of 2.
This key investor information is accurate as at 11 February 2022. | ## Puede cambiar de fondo o compartir clases en Aviva Investors con arreglo a las disposiciones de la Sección "Invertir en los Subfondos" del Folleto.
Aviva Investors está sujeta a las regulaciones y leyes fiscales de Luxemburgo. Esto podría tener un impacto en su situación fiscal personal, lo cual tendrá que comprobar con un asesor fiscal en su país de residencia.
Aviva Investors es una sociedad de inversión de tipo abierto constituida como Société d'Investissement à Capital Variable (SICAV) con varios subfondos. Este documento de datos fundamentales para el inversor describe un subfondo de la SICAV. Los pasivos de cada fondo están segregados y los activos de este Fondo no se utilizarán para pagar ninguna deuda de otros fondos.
Aviva Investors Luxembourg 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.
Los detalles de la política de retribuciones actualizada de la Sociedad gestora, incluyendo la composición de su comité de retribuciones, una descripción de los principales elementos retributivos y una visión general de cómo se determinan las retribuciones, se encuentran disponibles en la página web www.avivainvestors.com. En el domicilio social de la Sociedad gestora, con previa solicitud y sin coste alguno, se podrán obtener copias en papel de dicha política de retribuciones.
El subfondo lanzado el 02 julio de 1990 está autorizado en Luxemburgo y está supervisado por la Commission de Surveillance du Secteur Financier. La Sociedad de Gestión está autorizada en Luxemburgo y está supervisado por la Commission de Surveillance du Secteur Financier.
Página 2 de 2.
Los presentes datos fundamentales para el inversor son exactos a 11 febrero de 2022. | ## You may switch between other funds or share classes in Aviva Investors subject to provisions of the Section "Investing in the Sub-Funds" of the Prospectus.
Aviva Investors is subject to the tax laws and regulations of Luxembourg. This might have an impact on your personal tax position that you should verify with a tax advisor in your country of residence.
Aviva Investors is an open ended investment company organised as a Société d'Investissement à Capital Variable (SICAV) with several sub-funds. This key investor information document describes one sub-fund of the SICAV. The liabilities of each fund are segregated and the assets of this Fund will not be used to pay debts of other funds.
Aviva Investors Luxembourg 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 of the Fund.
The details of the up-to-date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
The Sub-Fund launched on 02 July 1990, is authorised in Luxembourg and supervised by Commission de Surveillance du Secteur Financier. The Management Company is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
Page 2 of 2.
This key investor information is accurate as at 11 February 2022. | en | es |
DOLFIN2593 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Fees and Expenses
Expense Subsidy
The administration fees, custodian fees, distribution fees, management fees and statutory fees are calculated and accrued daily by reference to the Net Asset Value of the Sub-Funds and are paid monthly. These fees, as applied to the sub-funds during the year under review, were monitored to ensure the total expenses incurred were not deemed to be significant relative to the Net Asset Value of the Sub-Funds by the Board of Directors.
The following table shows the share classes whose TER was above the designated CAP as at reporting date. | #### Comisiones y gastos
Subsidio de gastos
Las comisiones del administrador y del depositario, y las comisiones legales, de distribución y de gestión se acumulan y calculan diariamente sobre la base del Valor liquidativo de los Subfondos, y se abonan mensualmente. El Consejo de Administración supervisó estas comisiones, según se aplicaron a los subfondos durante el ejercicio analizado, para garantizar que el total de gastos originados no fuera significativo en relación con el Valor liquidativo de los Subfondos.
La siguiente tabla muestra las clases de participaciones cuyo TER era superior a la capitalización designada en la fecha del informe. | #### Fees and Expenses
Expense Subsidy
The administration fees, custodian fees, distribution fees, management fees and statutory fees are calculated and accrued daily by reference to the Net Asset Value of the Sub-Funds and are paid monthly. These fees, as applied to the sub-funds during the year under review, were monitored to ensure the total expenses incurred were not deemed to be significant relative to the Net Asset Value of the Sub-Funds by the Board of Directors.
The following table shows the share classes whose TER was above the designated CAP as at reporting date. | en | es |
DOLFIN2597 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
These disclosures form part of the non-audited section of this annual report and accounts and should be read in conjunction with the Schroders plc Remuneration Report on pages 75 to 102 of the 2020 Annual Report & Accounts (available on the Group’s website –https://www.schroders.com/en/investor- relations/results-and-reports/annual-report-and-accounts-2020/), which provides more information on the activities of our Remuneration Committee and our remuneration principles and policies.
The AIF Material Risk Takers (‘AIF MRTs’) of SIM Europe are individuals whose roles within the Schroders Group can materially affect the risk of SIM Europe or any AIF fund that it manages. These roles are identified in line with the requirements of the AIFMD Directive and guidance issued by the European Securities and Markets Authority.
The Remuneration Committee of Schroders plc has established a remuneration policy to ensure the requirements of the AIFMD Directive are met for all AIF MRTs. The Remuneration Committee and the Board of Schroders plc review remuneration strategy at least annually. The directors of SIM Europe are responsible for the adoption of the remuneration policy, for reviewing its general principles at least annually, for overseeing its implementation and for ensuring compliance with relevant local legislation and regulation. During 2020 the Remuneration Policy was reviewed to ensure compliance with the UCITS/ AIFMD remuneration requirements and no significant changes were made.
The implementation of the remuneration policy is, at least annually, subject to independent internal review for compliance with the policies and procedures for remuneration adopted by the Board of SIM Europe and the Remuneration Committee. The most recent review found no fundamental issues but resulted in a range of more minor recommendations, principally improvements to process and policy documentation.
The total spend on remuneration is determined based on a profit share ratio, measuring variable remuneration charge against pre-bonus profit, and from a total compensation ratio, measuring total remuneration expense against net income. This ensures that the interests of employees are aligned with Schroders financial performance. In determining the remuneration spend each year, the underlying strength and sustainability of the business is taken into account, along with reports on risk, legal, compliance and internal audit matters from the heads of those areas.
The remuneration data that follows reflects amounts paid in respect of performance during 2020.
- The total amount of remuneration paid by SIM Europe to its 317 staff was EUR 52.35 million of which EUR 32.93 million was fixed remuneration (e.g. salaries, benefits in kind) and EUR 19.42 million was variable remuneration (e.g. annual bonus awards or deferred bonus awards). Employees of other Schroders Group entities who serve as Directors of SIM Europe receive no additional fees in respect of their role on the Board of SIM Europe.
- The following disclosures relate to AIF MRTs of SIM Europe. Most of those AIF MRTs were employed by other Schroders group companies, including as a result of delegation by SIM Europe of investment management or other responsibilities to other Schroders group entities or third parties. Many of those AIF MRTs provide services to other Schroders group companies and other clients. In the interests of transparency, the aggregate remuneration figures that follow reflect the full remuneration for each SIM Europe AIF MRT. The aggregate total remuneration paid to the 131 AIF MRTs of SIM Europe in respect of the financial year ended 31 December 2020 is EUR 105.65 million, of which EUR 43.75 million was paid to senior management, EUR 56.64 million was paid to MRTs deemed to be taking risk on behalf of SIM Europe or the AIF funds that it manages and EUR 5.26 million was paid to other AIF MRTs including control function MRTs. Those total remuneration values include amounts paid by delegates where available. | Dichas disposiciones forman parte de la sección sin auditar de estos informes y cuentas anuales y deben leerse junto con el Informe de remuneración de Schroders plc de la página 75 a la 102 del Informe y cuentas anuales de 2020 (disponible en el sitio web del Grupo, https://www.schroders.com/en/investor- relations/results-and-reports/annual-report-and-accounts-2020/), que ofrece más información sobre las actividades de nuestro Comité de remuneración y nuestros principios y políticas de remuneración.
Los FIA que asumen riesgos importantes («FIA MRT») de SIM Europe son individuos cuyas funciones en el Grupo Schroders pueden tener un impacto importante en el riesgo de SIM Europe o cualquier fondo FIA que gestione. Estas funciones se identifican con arreglo a los requisitos de la Directiva sobre GFIAD y a las directrices que establece la Autoridad Europea de Valores y Mercados.
El Comité de remuneración de Schroders plc ha establecido una política de remuneración para garantizar que todos los FIA MRT cumplen los requisitos de la Directiva sobre GFIAD. El Comité de remuneración y el Consejo de Schroders plc revisan la estrategia de remuneración al menos una vez al año. Los consejeros de SIM Europe se encargan de adoptar la política de remuneración, revisar sus principios generales al menos una vez al año, supervisar su aplicación y garantizar que se cumplen la legislación y los reglamentos locales correspondientes. Durante 2020 se revisó la Política de remuneración para garantizar el cumplimiento de los requisitos de remuneración de los OICVM/GFIAD y no se realizaron cambios significativos.
La aplicación de la política de remuneración está sujeta, al menos una vez al año, a revisión interna independiente para determinar si cumple las políticas y los procedimientos de remuneración adoptados por el Consejo de SIM Europe y el Comité de remuneración. En la revisión más reciente, no se detectaron problemas fundamentales, pero se llegó a una serie de recomendaciones menores, principalmente mejoras en la documentación de procesos y políticas.
La inversión total en la remuneración se determina en función de un coeficiente de participación en ganancias, que calcula el importe de remuneración variable en comparación con las ganancias previas a la bonificación, y a partir de un coeficiente de compensación total, que calcula los gastos de remuneración totales en comparación con las ganancias netas. Esto garantiza que los intereses de los empleados se corresponden con la rentabilidad financiera de Schroders. Para determinar la inversión en la remuneración cada año, se tienen en cuenta la solidez y la sostenibilidad del negocio, así como los informes de riesgo, jurídicos, de cumplimiento y de auditoría interna por parte de los responsables de estas áreas.
Los siguientes datos de remuneración reflejan los importes que se pagaron con respecto a la rentabilidad durante 2020.
- Los importes totales de remuneración que pagó SIM Europe a sus 317 empleados fueron de 52,35 millones de euros, de los que 32,93 millones de euros se destinaron a remuneración fija (por ejemplo, salarios, beneficios en especie) y 19,42 millones de euros se destinaron a remuneración variable (por ejemplo, bonificaciones anuales o bonificaciones diferidas). Los empleados de otras entidades del Grupo Schroders que trabajan como Consejeros de SIM Europe no reciben comisiones adicionales con respecto a su puesto en el Consejo de SIM Europe.
- Las siguientes disposiciones hacen referencia a los FIA MRT de SIM Europe. La mayoría de estos FIA MRT fueron contratados por otras empresas del grupo Schroders, lo que incluye la delegación por parte de SIM Europe de la gestión de las inversiones u otras responsabilidades a otras entidades del grupo Schroders o a terceros. Gran parte de estos FIA MRT presta servicios a otras empresas del grupo Schroders, así como a otros clientes. En aras de la transparencia, las siguientes cifras totales de remuneración reflejan la remuneración completa de los FIA MRT de SIM Europe. La remuneración total general pagada a los 131 FIA MRT de SIM Europe con respecto al ejercicio cerrado a 31 de diciembre de 2020 es de 105,65 millones de euros, de los cuales 43,75 millones de euros se pagaron a altos directivos, 56,64 millones de euros se pagaron a los MTR que se considera que corren riesgo por cuenta de SIM Europe o de los fondos FIA que gestiona y 5,26 millones de euros se pagaron a otros FIA MRT, incluidos los MRT con funciones de control. Estos valores de remuneración total incluyen los importes abonados por los delegados cuando están disponibles. | These disclosures form part of the non-audited section of this annual report and accounts and should be read in conjunction with the Schroders plc Remuneration Report on pages 75 to 102 of the 2020 Annual Report & Accounts (available on the Group’s website –https://www.schroders.com/en/investor- relations/results-and-reports/annual-report-and-accounts-2020/), which provides more information on the activities of our Remuneration Committee and our remuneration principles and policies.
The AIF Material Risk Takers (‘AIF MRTs’) of SIM Europe are individuals whose roles within the Schroders Group can materially affect the risk of SIM Europe or any AIF fund that it manages. These roles are identified in line with the requirements of the AIFMD Directive and guidance issued by the European Securities and Markets Authority.
The Remuneration Committee of Schroders plc has established a remuneration policy to ensure the requirements of the AIFMD Directive are met for all AIF MRTs. The Remuneration Committee and the Board of Schroders plc review remuneration strategy at least annually. The directors of SIM Europe are responsible for the adoption of the remuneration policy, for reviewing its general principles at least annually, for overseeing its implementation and for ensuring compliance with relevant local legislation and regulation. During 2020 the Remuneration Policy was reviewed to ensure compliance with the UCITS/ AIFMD remuneration requirements and no significant changes were made.
The implementation of the remuneration policy is, at least annually, subject to independent internal review for compliance with the policies and procedures for remuneration adopted by the Board of SIM Europe and the Remuneration Committee. The most recent review found no fundamental issues but resulted in a range of more minor recommendations, principally improvements to process and policy documentation.
The total spend on remuneration is determined based on a profit share ratio, measuring variable remuneration charge against pre-bonus profit, and from a total compensation ratio, measuring total remuneration expense against net income. This ensures that the interests of employees are aligned with Schroders financial performance. In determining the remuneration spend each year, the underlying strength and sustainability of the business is taken into account, along with reports on risk, legal, compliance and internal audit matters from the heads of those areas.
The remuneration data that follows reflects amounts paid in respect of performance during 2020.
- The total amount of remuneration paid by SIM Europe to its 317 staff was EUR 52.35 million of which EUR 32.93 million was fixed remuneration (e.g. salaries, benefits in kind) and EUR 19.42 million was variable remuneration (e.g. annual bonus awards or deferred bonus awards). Employees of other Schroders Group entities who serve as Directors of SIM Europe receive no additional fees in respect of their role on the Board of SIM Europe.
- The following disclosures relate to AIF MRTs of SIM Europe. Most of those AIF MRTs were employed by other Schroders group companies, including as a result of delegation by SIM Europe of investment management or other responsibilities to other Schroders group entities or third parties. Many of those AIF MRTs provide services to other Schroders group companies and other clients. In the interests of transparency, the aggregate remuneration figures that follow reflect the full remuneration for each SIM Europe AIF MRT. The aggregate total remuneration paid to the 131 AIF MRTs of SIM Europe in respect of the financial year ended 31 December 2020 is EUR 105.65 million, of which EUR 43.75 million was paid to senior management, EUR 56.64 million was paid to MRTs deemed to be taking risk on behalf of SIM Europe or the AIF funds that it manages and EUR 5.26 million was paid to other AIF MRTs including control function MRTs. Those total remuneration values include amounts paid by delegates where available. | en | es |
DOLFIN2599 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth by investing mainly in equity securities issued by companies worldwide (including Emerging Markets) with leading / premium brand recognition in the opinion of the Investment Manager and/or offering luxury, premium and prestige products and/or services, or which obtain the majority of their revenues by advising, supplying, manufacturing or financing such activities. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares).
The Sub-Fund invests mainly in equity securities and equity-related securities issued by companies worldwide (including Emerging Markets). This Sub-Fund may not be appropriate for investors who plan to withdraw their money within 5 years. | ### Objectivos
El Subfondo se gestiona activamente. El índice MSCI World TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El objetivo del subfondo es generar revalorización del capital invirtiendo principalmente en títulos de renta variable emitidos por empresas de todo el mundo (incluidos los mercados emergentes) que posean una marca líder o prémium en opinión del gestor de inversiones o que ofrezcan productos y servicios de lujo, prémium y de prestigio, o cuyos ingresos provengan por la mayor parte del asesoramiento, suministro, fabricación o financiación de este tipo de actividades. Dentro de su exposición a mercados emergentes, el subfondo puede invertir hasta un 20 % de su patrimonio neto en acciones emitidas por empresas constituidas en China continental (incluidas acciones A de China).
El subfondo invierte principalmente en acciones y títulos similares a las acciones emitidos por empresas de todo el mundo (incluidos los mercados emergentes). Este Subfondo podría no ser adecuado para los inversores que planean retirar su dinero en el transcurso de 5 años. | ### Objectives
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth by investing mainly in equity securities issued by companies worldwide (including Emerging Markets) with leading / premium brand recognition in the opinion of the Investment Manager and/or offering luxury, premium and prestige products and/or services, or which obtain the majority of their revenues by advising, supplying, manufacturing or financing such activities. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares).
The Sub-Fund invests mainly in equity securities and equity-related securities issued by companies worldwide (including Emerging Markets). This Sub-Fund may not be appropriate for investors who plan to withdraw their money within 5 years. | en | es |
DOLFIN2604 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Further details on each Current Reference Index and the respective New Reference Index can be found in Appendix 1 to this notice.
Differences between each Current Reference Index and the respective New Reference Index include, but are not limited to, the following:
- Sector classification: Each Current Reference Index reflects the performance of leading companies in certain sectors, as per the Industry Classification Benchmark (“ICB”) standard, in Western Europe. Each New Reference Index includes large and mid-cap securities across certain developed market countries in Europe, which are classified as belonging to certain sectors, as per the Global Industry Classification Standard (GICS
- ®
- ) (as set out in Appendix 1 below). As such, each New Reference Index may contain securities that were not eligible for inclusion in the respective Current Reference Index and conversely may exclude securities that were included in the respective Current Reference Index.
- ESG: Each Current Reference Index does not apply environmental, social and governance (“ESG”) screens. Each respective New Reference Index applies an ESG screening approach which excludes companies that, amongst others, are associated with controversial, civilian, conventional and nuclear weapons and tobacco, are assigned an MSCI ESG Rating of CCC, derive revenues from thermal coal and oil sands extractions and that are not in compliance with the United Nations Global Compact principles. Each New Reference Index’s ESG standards limit the number of securities eligible for inclusion in each New Reference Index. As a result, each New Reference Index, and as such, the relevant Sub-Fund may be more heavily weighted in securities or countries that underperform the market as a whole or underperformother funds screened for ESG standards, or which do not screen for such standards. Each New Reference Index promotes ESG characteristics, therefore each Sub-Fund will qualify as a product subject to Article 8 of SFDR as of the Effective Date.
- Weighting: Each Current Reference Index and the respective New Reference Index are market capitalisation weighted. | En el Anexo 1 de la presente notificación se ofrece más información sobre cada Índice de Referencia Actual y el correspondiente Nuevo Índice de Referencia.
Las diferencias entre el Índice de Referencia Actual y el respectivo Nuevo Índice de Referencia incluyen, entre otras, las siguientes:
- Clasificación de los sectores: cada Índice de Referencia Actual refleja el rendimiento de las sociedades líderes en determinados sectores, según el criterio del Industry Classification Benchmark (ICB) en Europa occidental. Cada Nuevo Índice de Referencia incluye valores de gran y mediana capitalización de ciertos países europeos considerados mercados desarrollados, que se clasifican como pertenecientes a determinados sectores, según el Estándar Global de Clasificación Industrial (“Global Industry Classification Standard” o GICS
- ®
- ), tal como se establece en el anexo 1 de la presente notificación. Por consiguiente, los Nuevos Índices de Referencia pueden contener valores que no eran aptos para su inclusión en el correspondiente Índice de Referencia Actual y, a la inversa, pueden excluir valores que estaban incluidos en el Índice de Referencia Actual pertinente.
- ESG: ningún Índice de Referencia Actual aplica filtros ambientales, sociales y de gobernanza (“ESG”, por sus siglas en inglés). Los Nuevos Índices de Referencia aplican un criterio de selección ESG que excluye las sociedades que, entre otros supuestos, estén relacionadas con las armas controvertidas, civiles, convencionales y nucleares y el tabaco; tengan una calificación de CCC según la calificación en términos ESG de MSCI; obtengan ingresos de las extracciones de carbón térmico y arenas petrolíferas, y que no cumplan los principios del Pacto Mundial de las Naciones Unidas. Los estándares ESG de los Nuevos Índices de Referencia limitan el número de valores que se pueden incluir en los mismos. En consecuencia, cada Nuevo Índice de Referencia y, por lo tanto, el Subfondo correspondiente pueden tener una mayor ponderación en valores o países que registren un rendimiento inferior al del mercado en su conjunto o al de otros fondos, tanto si estos incluyen filtros de cumplimiento de los estándares ESG como si no. Cada Nuevo Índice de Referencia promueve características ESG, por lo que cada Subfondo será considerado un producto sujeto al artículo 8 del SFDR (Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros) a partir de la Fecha Efectiva.
- Ponderación: tanto los Índices de Referencia Actuales como los correspondientes Nuevos Índices de Referencia están ponderados por capitalización de mercado. | Further details on each Current Reference Index and the respective New Reference Index can be found in Appendix 1 to this notice.
Differences between each Current Reference Index and the respective New Reference Index include, but are not limited to, the following:
- Sector classification: Each Current Reference Index reflects the performance of leading companies in certain sectors, as per the Industry Classification Benchmark (“ICB”) standard, in Western Europe. Each New Reference Index includes large and mid-cap securities across certain developed market countries in Europe, which are classified as belonging to certain sectors, as per the Global Industry Classification Standard (GICS
- ®
- ) (as set out in Appendix 1 below). As such, each New Reference Index may contain securities that were not eligible for inclusion in the respective Current Reference Index and conversely may exclude securities that were included in the respective Current Reference Index.
- ESG: Each Current Reference Index does not apply environmental, social and governance (“ESG”) screens. Each respective New Reference Index applies an ESG screening approach which excludes companies that, amongst others, are associated with controversial, civilian, conventional and nuclear weapons and tobacco, are assigned an MSCI ESG Rating of CCC, derive revenues from thermal coal and oil sands extractions and that are not in compliance with the United Nations Global Compact principles. Each New Reference Index’s ESG standards limit the number of securities eligible for inclusion in each New Reference Index. As a result, each New Reference Index, and as such, the relevant Sub-Fund may be more heavily weighted in securities or countries that underperform the market as a whole or underperformother funds screened for ESG standards, or which do not screen for such standards. Each New Reference Index promotes ESG characteristics, therefore each Sub-Fund will qualify as a product subject to Article 8 of SFDR as of the Effective Date.
- Weighting: Each Current Reference Index and the respective New Reference Index are market capitalisation weighted. | en | es |
DOLFIN2610 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund does not invest directly in the components of the Underlying and its returns will be dependent on the performance of the swap transaction and the use of the cash on hand.
The Underlying is rules-based and is not capable of being adjusted to take account of changing market circumstances. As a result you will not benefit from any positive performance that may have resulted from such change; performance may suffer due to the inability of the Underlying to adapt.
The Underlying used by the Fund may be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the Underlying which may cause your investment to suffer losses.
The Fund will use derivative instruments as part of its investment strategy. In particular, investors should note that investing through derivatives will not be the same as a direct investment in the underlying and may also give rise to leverage which has the effect of magnifying an outcome, meaning the profits and losses from investment can be greater than if the investment is made directly into the underlying financial asset, index or security. | ## El Fondo no invierte directamente en los componentes del Subyacente y su rentabilidad dependerá del rendimiento de la operación de swap y del uso del efectivo disponible.
El Subyacente está sujeto a las normas y no puede ajustarse para tener en cuenta las circunstancias cambiantes del mercado. En consecuencia, el inversor no se beneficiará de ningún rendimiento positivo que pudiera haberse obtenido a partir de dicho cambio en las circunstancias del mercado; el rendimiento puede verse afectado por la falta de capacidad de adaptación del Subyacente.
El Subyacente que emplea el Fondo puede estar sujeto a episodios de interrupción o de ajuste que pueden impedir su cálculo o resultar en ajustes de las reglas del Subyacente, lo que puede ocasionar que su inversión sufra pérdidas.
El Fondo utilizará instrumentos derivados como parte de su estrategia de inversión. En particular, los inversores deben tener en cuenta que invertir a través de derivados no equivale a invertir de forma directa en el Subyacente y también podría dar lugar a un apalancamiento, cuyo efecto es aumentar en gran medida los resultados; es decir, los beneficios y las pérdidas de la inversión pueden ser mayores que si la inversión se realiza directamente en el activo, índice o valor financieros subyacentes. | ## The Fund does not invest directly in the components of the Underlying and its returns will be dependent on the performance of the swap transaction and the use of the cash on hand.
The Underlying is rules-based and is not capable of being adjusted to take account of changing market circumstances. As a result you will not benefit from any positive performance that may have resulted from such change; performance may suffer due to the inability of the Underlying to adapt.
The Underlying used by the Fund may be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the Underlying which may cause your investment to suffer losses.
The Fund will use derivative instruments as part of its investment strategy. In particular, investors should note that investing through derivatives will not be the same as a direct investment in the underlying and may also give rise to leverage which has the effect of magnifying an outcome, meaning the profits and losses from investment can be greater than if the investment is made directly into the underlying financial asset, index or security. | en | es |
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