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DOLFIN2618 | 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 a maximum of 25% of its assets in bonds and money market instruments issued by companies with their registered office located in Europe and rated investment grade (Standard & Poor’s or equivalent, or using the Management Company’s internal rating). 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 of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (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 UCIs may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux and will be compatible with the Fund’s investment strategy.
- The use of derivatives and securities with embedded derivatives is not permitted.
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. | # El Fondo podrá estar invertido:
- hasta un 25% como máximo en obligaciones e instrumentos del mercado monetario emitidos por empresas con domicilio social en Europa y una calificación de investment grade (otorgada por Standard & Poor’s o una agencia equivalente o concedida de manera interna por parte de la Sociedad gestora). 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. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos instrumentos de renta fija.
El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM conformes a la Directiva europea 2009/65/CE, (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 ODDO BHF Asset Management SAS y/o ODDO BHF Asset Management GmbH y/o ODDO BHF Asset Management Lux y serán compatibles con la estrategia de inversión del Fondo.
- No se autoriza la utilización de instrumentos derivados, así como tampoco de títulos que incorporan derivados.
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. | # The Fund may invest:
- up to a maximum of 25% of its assets in bonds and money market instruments issued by companies with their registered office located in Europe and rated investment grade (Standard & Poor’s or equivalent, or using the Management Company’s internal rating). 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 of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (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 UCIs may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux and will be compatible with the Fund’s investment strategy.
- The use of derivatives and securities with embedded derivatives is not permitted.
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. | en | es |
DOLFIN2623 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by governments or their agencies, state and provincial governmental entities, supranationals, corporate debt securities, MBS/ABS, covered bonds and currencies. Issuers may be located anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 25% and 50% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases.
The Sub-Fund may hold up to 10% in convertible securities and up to 10% in contingent convertible bonds. The Sub-Fund may have significant exposure to below investment grade and unrated debt securities.
The Sub-Fund may use long and short positions (through derivatives) to vary exposure to countries, sectors, currencies and credit quality which may be concentrated from time to time.
The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good gov ernance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. | POLÍTICAS
Exposición de inversión principal La mayor parte del patrimonio se invertirá, directamente o a través de derivados, en títulos de deuda emitidos o garantizados por gobiernos o sus agencias, entidades gubernamentales estatales y provinciales, y organizaciones supranacionales, así como en títulos de deuda corporativa, MBS/ABS, cédulas hipotecarias (covered bonds) y divisas. Los emisores podrán estar situados en cualquier lugar del mundo, incluidos los mercados emergentes.
Se prevé que el Subfondo invierta entre un 25% y un 50% de su patrimonio en titulizaciones hipotecarias (MBS) y/o activos titulizados (ABS) de cualquier calidad crediticia; sin embargo, debido al carácter sin restricciones del enfoque de inversión, el nivel de inversión real podrá variar. Los MBS, que pueden haber sido emitidos por agencias (organismos cuasigubernamentales de Estados Unidos) o por otras entidades distintas de agencias (instituciones privadas), representan títulos de deuda que están respaldados por hipotecas, incluidas las hipotecas residenciales y comerciales; los ABS hacen referencia a los títulos de deuda que están respaldados por otros tipos de activos, como deudas de tarjetas de crédito, préstamos para automóviles, créditos al consumo y arrendamiento de bienes de equipo.
El Subfondo podrá mantener hasta un 10% en valores convertibles y hasta un 10% en bonos convertibles contingentes. El Subfondo podrá tener exposición sustancial a títulos de deuda con calificación inferior a investment grade y sin calificación.
El Subfondo podrá emplear posiciones largas y cortas (a través de derivados) para modificar la exposición a países, sectores, divisas y calificaciones crediticias, que puede estar ocasionalmente concentrada.
El Subfondo podrá invertir en títulos de deuda onshore emitidos en la RPC a través de China-Hong Kong Bond Connect.
Como mínimo el 51% del patrimonio se invertirá en emisores con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros. | POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in debt securities issued or guaranteed by governments or their agencies, state and provincial governmental entities, supranationals, corporate debt securities, MBS/ABS, covered bonds and currencies. Issuers may be located anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 25% and 50% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases.
The Sub-Fund may hold up to 10% in convertible securities and up to 10% in contingent convertible bonds. The Sub-Fund may have significant exposure to below investment grade and unrated debt securities.
The Sub-Fund may use long and short positions (through derivatives) to vary exposure to countries, sectors, currencies and credit quality which may be concentrated from time to time.
The Sub-Fund may invest in onshore debt securities issued within the PRC through China-Hong Kong Bond Connect.
At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good gov ernance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. | en | es |
DOLFIN2634 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Emerging Markets Multi-Asset (formerly Emerging Multi-Asset Income)
Schroder ISF Emerging Markets Multi-Asset (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Emerging Markets Multi-Asset (anteriormente Emerging Multi-Asset Income)
Schroder ISF Emerging Markets Multi-Asset (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del 50% MSCI Emerging Market Index (USD), 16,7% JPM EMBI Index EM Hard Currency (USD), 16,7% JPM GBI Emerging Market Index - EM Local (USD), 16,7% JPM CEMB Index (USD), según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del 50% MSCI Emerging Market Index (USD), 16,7% JPM EMBI Index EM Hard Currency (USD), 16,7% JPM GBI Emerging Market Index - EM Local (USD), 16,7% JPM CEMB Index (USD) en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 50% MSCI Emerging Market Index (USD), 16,7% JPM EMBI Index EM Hard Currency (USD), 16,7% JPM GBI Emerging Market Index - EM Local (USD), 16,7% JPM CEMB Index (USD), según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Emerging Markets Multi-Asset (formerly Emerging Multi-Asset Income)
Schroder ISF Emerging Markets Multi-Asset (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% MSCI Emerging Market Index (USD), 16.7% JPM EMBI Index EM Hard Currency (USD), 16.7% JPM GBI Emerging Market Index - EM Local (USD), 16.7% JPM CEMB Index (USD) based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN2635 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- For the purposes of this Article 17:-
- monies payable to the Company in respect of the allotment of Shares of any class shall be deemed to be an asset of the relevant Fund as at the time at which such shares are deemed to be in issue in accordance with Article 9 (f) of these Articles; and
- monies payable by the Company on the repurchase or repurchase by the Company of Shares pursuant to the repurchase requests or monies payable by the Company as a result of the cancellation of allotments shall bedeemed to be a liability of the relevant Fund from the time at which such Shares are deemed to cease to be in issue in accordance with Article 9(f) of these Articles; and | - A los efectos del presente Artículo 17:
- Los importes pagaderos a la Sociedad en relación con la adjudicación de Acciones de cualquier clase se considerarán un activo del Fondo en cuestión en el momento en que se considere que dichas acciones están en circulación de conformidad con el Artículo 9(f) de los presentes Estatutos;
- Los importes pagaderos por la Sociedad en concepto de la recompra o el reembolso por su parte de Acciones de conformidad con las solicitudes de recompra o los importes pagaderos por la Sociedad como resultado de la cancelación de adjudicaciones se considerarán un pasivo del Fondo en cuestión en el momento en que se considere que dichas Acciones dejan de estar en circulación de conformidad con el Artículo 9(f) de los presentes Estatutos; y | - For the purposes of this Article 17:-
- monies payable to the Company in respect of the allotment of Shares of any class shall be deemed to be an asset of the relevant Fund as at the time at which such shares are deemed to be in issue in accordance with Article 9 (f) of these Articles; and
- monies payable by the Company on the repurchase or repurchase by the Company of Shares pursuant to the repurchase requests or monies payable by the Company as a result of the cancellation of allotments shall bedeemed to be a liability of the relevant Fund from the time at which such Shares are deemed to cease to be in issue in accordance with Article 9(f) of these Articles; and | en | es |
DOLFIN2638 | 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 31, 2016.
The reference currency of the Sub-Fund is USD.
2%
1%
0%
-1%
-2% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 31 de octubre de 2016. La moneda de referencia del Subfondo es USD.
2%
1%
0%
-1%
-2% | ### Launch Date and Currency
Sub-Fund's launch date: October 31, 2016.
The reference currency of the Sub-Fund is USD.
2%
1%
0%
-1%
-2% | en | es |
DOLFIN2646 | 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 01/09/2000. This class was launched on 25/03/2008. 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 01/09/2000. Esta clase se creó el 25/03/2008.
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 01/09/2000. This class was launched on 25/03/2008. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN2649 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information.
- RBC Investor Services Bank SA acts as depositary of the fund.
- The English prospectus, annual and semi-annual accounts may be obtained free of charge on www.triodos-im.com.
- The details of the up-to-date remuneration policy of the management company including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits is available on www.triodos-im.com. A paper copy of the details of such remuneration policy is available free of charge upon request to the registered office of the management company.
- Other information on the fund, including the latest share prices, can be found on www.triodos-im.com.
- The assets and liabilities of each sub-fund are segregated by law. The sub-fund may offer other share classes. Information on these share classes is available in the prospectus.
- The tax legislation of the SICAV’s home Member State may have an impact on the personal tax position of the investor.
- Triodos Investment Management BV may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
This fund is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier. Triodos Investment Management BV is authorised in the Netherlands and regulated by the Financial Markets Authority. This key investor information is accurate as at 31 August 2022.
S1TIMF-DRCAPKIID20220831EN | # Información práctica.
- RBC Investor Services Bank SA actúa como depositario del fondo.
- El folleto y los informes anuales y semestrales en inglés se pueden obtener gratuitamente en www.triodos-im.com.
- Los detalles de la política de remuneración de la sociedad gestora, incluida una descripción del método de cálculo de las remuneraciones y los beneficios y la identidad de las personas responsables de conceder tales remuneraciones y beneficios, están disponibles en www.triodos-im.com. Se podrá obtener gratuitamente un ejemplar impreso de dicha política de remuneración, previa solicitud, en el domicilio social de la sociedad de gestión.
- Otra información sobre el fondo, incluidos los precios más recientes de las acciones, se puede consultar en www.triodos-im.com.
- Los activos y pasivos de cada subfondo están segregados por ley. El subfondo puede ofrecer otras clases de acciones. La información sobre dichas clases de acciones puede consultarse en el folleto.
- La legislación tributaria del Estado miembro de origen de la SICAV puede incidir en la situación tributaria personal del inversor.
- Triodos Investment Management BV únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo.
Este fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier. Triodos Investment Management BV está autorizada en los Países Bajos y está regulada por la Autoridad de los mercados financieros holandesa.
Los presentes datos fundamentales para el inversor son exactos a 31 de agosto 2022.
S1TIMF-DRCAPKIID20220831ES | # Practical information.
- RBC Investor Services Bank SA acts as depositary of the fund.
- The English prospectus, annual and semi-annual accounts may be obtained free of charge on www.triodos-im.com.
- The details of the up-to-date remuneration policy of the management company including a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits is available on www.triodos-im.com. A paper copy of the details of such remuneration policy is available free of charge upon request to the registered office of the management company.
- Other information on the fund, including the latest share prices, can be found on www.triodos-im.com.
- The assets and liabilities of each sub-fund are segregated by law. The sub-fund may offer other share classes. Information on these share classes is available in the prospectus.
- The tax legislation of the SICAV’s home Member State may have an impact on the personal tax position of the investor.
- Triodos Investment Management BV may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
This fund is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier. Triodos Investment Management BV is authorised in the Netherlands and regulated by the Financial Markets Authority. This key investor information is accurate as at 31 August 2022.
S1TIMF-DRCAPKIID20220831EN | en | es |
DOLFIN2651 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 12 November 1993.
-7.5
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 12 noviembre 1993.
-7.5
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 12 November 1993.
-7.5
-3.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN2653 | 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 B-JSS EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,450
-5.5%
EUR 10,612
1.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS EUR Acc entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 450 EUR
-5,5%
10 612 EUR
1,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B-JSS EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,450
-5.5%
EUR 10,612
1.2% | en | es |
DOLFIN2654 | 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 S&P 500 Inverse Daily index (index) which provides the opposite performance of the S&P 500 Total Return (TR) index (Underlying index) on a daily basis plus a rate of interest. This means that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises on a daily basis. The interest rate added to the index level is based on double the rate at which banks in London lend US dollars to each other overnight earned on the short position. The Underlying index is designed to reflect the performance of shares of 500 companies representing all major US industries and comprises shares of large companies traded on certain eligible US exchanges. A company’s | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice S&P 500 Inverse Daily (el “índice”), que presenta el rendimiento diario inverso al índice S&P 500 Total Return (TR) (índice subyacente) más una tasa de interés. Esto supone que, diariamente, el nivel del índice aumentará cuando se reduzca el índice subyacente y se reducirá cuando aumente el índice subyacente. La tasa de interés que se agrega al índice se basa en el doble del tipo al que los bancos de Londres se prestan dólares estadounidenses a un día devengado en la posición vendedora. El índice subyacente está diseñado para reproducir la evolución de las acciones de un conjunto de 500 empresas donde están representados todos los principales sectores industriales estadounidenses e incluye acciones de grandes empresas cotizadas en una selección de bolsas de valores | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the S&P 500 Inverse Daily index (index) which provides the opposite performance of the S&P 500 Total Return (TR) index (Underlying index) on a daily basis plus a rate of interest. This means that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises on a daily basis. The interest rate added to the index level is based on double the rate at which banks in London lend US dollars to each other overnight earned on the short position. The Underlying index is designed to reflect the performance of shares of 500 companies representing all major US industries and comprises shares of large companies traded on certain eligible US exchanges. A company’s | en | es |
DOLFIN2656 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# d9c40857-f040-4255-8120-77eb42d30c83
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | USD 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | USD 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | USD 90 |
| Transaction costs | 0.0% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | USD 3 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | # 54877051-091a-4a98-827d-2d104b776a3c
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 USD |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 USD |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,9% del valor de su inversión por año. | 90 USD |
| Costes de operación | 0,0% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 3 USD |
Comisiones de rendimiento No se aplica ninguna comisión de rendimiento a este producto. n/a
¿Cuánto tiempo debo mantener la inversión y puedo retirar dinero de manera anticipada? | # d9c40857-f040-4255-8120-77eb42d30c83
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | USD 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | USD 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | USD 90 |
| Transaction costs | 0.0% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | USD 3 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | en | es |
DOLFIN2661 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests at least 51% of its assets in debt securities of financial institutions, particularly in contingent convertible instruments (CoCos), which in some cases may be subject to compulsory conversion to equity (shares) or partly written off, and in subordinated bonds.
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the ICE BofA Contingent Capital Index Hedged in USD. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
The fund pursues an optimal foreign currency hedging policy.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Características importantes:
El fondo invierte al menos un 51% de su patrimonio en títulos de crédito de entidades financieras, en particular en bonos convertibles contingentes (cocos), que, en determinadas circunstancias, pueden convertirse en capital propio (acciones) o amortizarse parcialmente, así como en obligaciones subordinadas.
Los valores se seleccionan de manera discrecional sobre la base de un proceso de inversión coherente («gestión activa»). En lo que respecta a la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del ICE BofA Contingent Capital Index Hedged in USD. La desviación del índice de referencia puede ser considerable.
La política de inversión se rige por este índice de referencia y trata de superar su rentabilidad. El gestor de activos podrá, en cualquier momento, desviarse de manera significativa o
mínima, positiva o negativamente, del índice de referencia, sobreponderando o infraponderando activamente los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
Se aplicará la mejor cobertura cambiaria posible.
Para alcanzar el objetivo de inversión se pueden emplear derivados.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo.
No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten. | # Important features:
The fund invests at least 51% of its assets in debt securities of financial institutions, particularly in contingent convertible instruments (CoCos), which in some cases may be subject to compulsory conversion to equity (shares) or partly written off, and in subordinated bonds.
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the ICE BofA Contingent Capital Index Hedged in USD. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual
securities and sectors based on market conditions and risk assessments.
The fund pursues an optimal foreign currency hedging policy.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | es |
DOLFIN2665 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 4 years Example Investment: 10,000 USD If you exit after 1 If you exit after 4 year years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4,360 USD | 5,000 USD |
| Average return each year | -56.40% | -15.91% |
| Unfavourable | What you might get back after costs | 7,400 USD | 8,080 USD |
| Average return each year | -26.00% | -5.19% |
| Moderate | What you might get back after costs | 9,650 USD | 10,480 USD |
| Average return each year | -3.50% | 1.18% |
| Favourable | What you might get back after costs | 11,210 USD | 12,510 USD |
| Average return each year | 12.10% | 5.76% | | | Periodo de mantenimiento recomendado: 4 años Ejemplo de inversión: 10,000 USD En caso de salida En caso de salida después de 1 año después de 4 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 4,360 USD | 5,000 USD |
| Rendimiento medio cada año | -56.40% | -15.91% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,400 USD | 8,080 USD |
| Rendimiento medio cada año | -26.00% | -5.19% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,650 USD | 10,480 USD |
| Rendimiento medio cada año | -3.50% | 1.18% |
| Favorable | Lo que podría recibir tras deducir los costes | 11,210 USD | 12,510 USD |
| Rendimiento medio cada año | 12.10% | 5.76% | | | Recommended holding period: 4 years Example Investment: 10,000 USD If you exit after 1 If you exit after 4 year years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4,360 USD | 5,000 USD |
| Average return each year | -56.40% | -15.91% |
| Unfavourable | What you might get back after costs | 7,400 USD | 8,080 USD |
| Average return each year | -26.00% | -5.19% |
| Moderate | What you might get back after costs | 9,650 USD | 10,480 USD |
| Average return each year | -3.50% | 1.18% |
| Favourable | What you might get back after costs | 11,210 USD | 12,510 USD |
| Average return each year | 12.10% | 5.76% | | en | es |
DOLFIN2666 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Currency risk: The Compartment invests in foreign markets and could be impacted by exchange rate fluctuations, resulting in an increase or decrease in the value of the
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 3 reflects a potential for limited gains and/or losses in the value of the portfolio. This is due to investments in bonds on the Chinese market. | ## Riesgo de tipo de cambio: El Subfondo invierte en mercados extranjeros y puede verse
El indicador anterior se calcula sobre la base de datos históricos y, por tanto, puede no ser una indicación fiable del perfil de riesgo futuro del Subfondo. No es seguro que la categoría de riesgo y remuneración permanezca inalterada y es probable que la clasificación cambie con el tiempo. La categoría 1 no es sinónimo de inversión sin riesgo. El reembolso de la inversión inicial no está garantizado.
Debido a la falta de un historial suficiente, el indicador de riesgo incorpora datos simulados a partir de una cartera de referencia. La categoría de riesgo 3 refleja un potencial limitado de ganancias y/o pérdidas en el valor de la cartera. Esto se debe a las inversiones en bonos en el mercado chino. | ## Currency risk: The Compartment invests in foreign markets and could be impacted by exchange rate fluctuations, resulting in an increase or decrease in the value of the
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 3 reflects a potential for limited gains and/or losses in the value of the portfolio. This is due to investments in bonds on the Chinese market. | en | es |
DOLFIN2669 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
The ongoing charges shown here were accrued during the latest financial year of the Fund, which ended on 30/04/2022.
These charges can fluctuate from year to year. The ongoing charges do not include:
- performance fees
- portfolio transaction costs (except entry charges and exit charges which are borne by the Fund when purchasing and selling other investment funds)For further information on fees and charges and their method of calculation please refer to the prospectus which is available at www.lgtcp.com/en/regulatory-information.
Past performance is no guarantee of any particular performance, neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT EM Frontier LC Bond Sub-Fund Class N (EUR) launch date: 10/08/2021
Performance is calculated in EUR.
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | # Rendimiento pasado
Los gastos corrientes que se recogen aquí corresponden al último ejercicio anual del Fondo, concluido el 30/04/2022.
Estos gastos pueden variar de año en año. Los gastos corrientes no incluyen:
- comisiones por rendimiento
- los costes de las operaciones de la cartera (salvo los gastos de suscripción y reembolso que asume el Fondo cuando adquiere y vende participaciones en otros fondos de inversión)Para obtener más información sobre las comisiones y gastos, y so- bre cómo se calculan, le rogamos que consulte el folleto, que po- drá obtener a través dewww.lgtcp.com/en/regulatory-information.
El rendimiento pasado no constituye garantía de ningún rendi- miento en particular, ni presente ni futuro.
A efectos de estos cálculos, se han detraído todas las comisiones y gastos, a excepción de las de suscripción y reembolso.
LGT EM Frontier LC Bond Sub-Fund Class N (EUR) fecha de lanza- miento: 10/08/2021
El rendimiento se calcula en EUR.
Para más información sobre la rentabilidad pasada, le recomendamos que consulte los informes mensuales (www.lgtcp.com/en/regulatory-information).
- | # Past Performance
The ongoing charges shown here were accrued during the latest financial year of the Fund, which ended on 30/04/2022.
These charges can fluctuate from year to year. The ongoing charges do not include:
- performance fees
- portfolio transaction costs (except entry charges and exit charges which are borne by the Fund when purchasing and selling other investment funds)For further information on fees and charges and their method of calculation please refer to the prospectus which is available at www.lgtcp.com/en/regulatory-information.
Past performance is no guarantee of any particular performance, neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT EM Frontier LC Bond Sub-Fund Class N (EUR) launch date: 10/08/2021
Performance is calculated in EUR.
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | en | es |
DOLFIN2685 | 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 B CHF Acc between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,417
-5.8%
CHF 9,552
-0.9% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B CHF Acc entre 30/09/2021-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 417 CHF
-5,8%
9 552 CHF
-0,9% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B CHF Acc between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 9,417
-5.8%
CHF 9,552
-0.9% | en | es |
DOLFIN2704 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Europe Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of listed equity securities of large and mid capitalisation companies in developed equity markets in Europe. Companies are included in the Index based on a free float-adjusted market capitalisation weighted basis. Free float-adjusted means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares available to international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The investment manager may use FDIs to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI Europe Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de valores de renta variable cotizados de empresas de elevada y mediana capitalización de los mercados de renta variable desarrollados de Europa. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil ajustada a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones disponibles para inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. La gestora de inversiones podrá utilizar IFD para alcanzar el objetivo de inversión del Fondo. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Europe Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of listed equity securities of large and mid capitalisation companies in developed equity markets in Europe. Companies are included in the Index based on a free float-adjusted market capitalisation weighted basis. Free float-adjusted means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares available to international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The investment manager may use FDIs to help achieve the Fund’s investment objective. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2709 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The 20% limit referred to above is raised to 35% if this proves to be justified by exceptional conditions on the markets, in particular, on regulated markets where certain transferable securities or certain money market instruments are largely dominant. Investing up to this limit is only authorized for a single issuer.
-
### As an exemption from the restrictions specified in clause 7.1.1. above, each Sub- Fund is authorized to invest, according to the principle of risk spreading, up to 100% of its net assets in different issues of transferable securities and money market instruments issued or guaranteed by a Member State, by its local authorities, by any member State of the OECD or by public international bodies to which one or more Member States of the EU belong. If a Sub-Fund exercises this latter option, it must hold transferable securities belonging to at least 6 different issues but securities belonging to the same issue may not exceed 30% of the total amount of the total net assets.
- a) A Sub-Fund may acquire units of the UCITS and/or other UCI stated under clause 6.1.1. (a), provided it does not invest more than 20% of its assets in a single UCITS or other UCI. For the purpose of applying this investment limit, each Sub-Fund of an umbrella UCI is regarded as a separate issuer, provided the principle of the segregation of the liabilities of the various Sub-Funds with regard to third parties is ensured.
- Investments in units of UCI other than UCITS may not exceed in total 30% of the assets of a UCITS. Where a Sub-Fund has acquired units of UCITS and/or other UCI, the assets of those UCITS or other UCI are not combined for the purposes of calculating the limits set down in clause 1 above.
- If a Sub-Fund invests in the units of another Sub-Fund of the SICAV or in the units of other UCITS and/or other UCI which are managed, directly or by delegation, by the Management Company or by any other company with which the Management Company is associated by common-management or control or by means of a significant direct or indirect shareholding, the Management Company or the other company may not charge subscription or redemption fees for the Sub-Fund's investment in the units of said other UCITS and/or other UCI.
- a) The Sub-Funds may not acquire shares with voting rights allowing it to exercise a significant influence on the management of an issuer.
- The Sub-Funds may not acquire more than:
- 10% of the non-voting shares of a single issuer,
- 10% of the debt securities of a single issuer,
- 10% of the money market instruments of a single issuer,
- 25% of the units of the same UCITS or other UCI. | El límite del 20% antes mencionado se aumentará hasta un 35% si ello está justificado por condiciones excepcionales de los mercados, en particular, en los mercados regulados donde predominen ciertos valores mobiliarios o ciertos instrumentos del mercado monetario. La inversión hasta este límite solo está autorizada para un único emisor.
-
### A título de exención de los límites especificados en la cláusula 7.1.1. anterior, cada Subfondo puede invertir, siguiendo los principios de distribución del riesgo, hasta un 100% de sus activos netos en distintas emisiones de valores mobiliarios e instrumentos del mercado monetario emitidos o garantizados por un Estado miembro, por sus autoridades locales, por cualquier Estado miembro de la OCDE o por organismos públicos internacionales a los cuales pertenezcan uno o más de los Estados miembros de la UE. Si un Subfondo ejerce la opción anterior, debe poseer valores mobiliarios pertenecientes como mínimo a 6 emisiones diferentes, pero los valores pertenecientes a la misma emisión no pueden sobrepasar un 30% de la cantidad total de activo neto total.
- a) Un Subfondo puede adquirir participaciones del OICVM u otro OIC mencionado en la cláusula 6.1.1. (a), a condición de que no invierta más de un 20% de sus activos en un único OICVM u otro OIC. A los efectos de la aplicación del límite de inversión mencionado, cada Subfondo de un OIC paraguas se considerará un emisor independiente, con la condición de que se garantice el principio de segregación de pasivos de los distintos Subfondos en lo que respecta a terceras partes.
- Las inversiones en participaciones de OIC que no sean OICVM no pueden sobrepasar un 30% de los activos de un OICVM. En caso de que un Subfondo adquiera participaciones de OICVM u otro OIC, los activos de dichos organismos no se combinarán para el cálculo de los límites estipulados en la cláusula 1 anterior.
- Si un Subfondo invierte en las participaciones de otro Subfondo de la SICAV o en las participaciones de otro OICVM u otro OIC gestionados, de forma directa o por delegación, por la Sociedad Gestora o por cualquier otra empresa con la que esté asociada la Sociedad Gestora por gestión o control comunes o por medio de la tenencia directa o indirecta de una cantidad considerable de sus acciones, la Sociedad Gestora o la otra empresa no podrán cobrar las comisiones de suscripción o reembolso correspondientes a la inversión del Subfondo en las participaciones de dicho otro OICVM u OIC.
- a) Los Subfondos no pueden adquirir acciones con derechos de voto que les permitan ejercer una influencia significativa en la gestión de un emisor.
- Los Subfondos no pueden adquirir más de un:
- 10% de las acciones sin derecho a voto de un mismo emisor,
- 10% de los títulos de deuda de un mismo emisor,
- 10% de los instrumentos del mercado monetario de un mismo emisor,
- 25% de las participaciones de un mismo OICVM u otro OIC. | The 20% limit referred to above is raised to 35% if this proves to be justified by exceptional conditions on the markets, in particular, on regulated markets where certain transferable securities or certain money market instruments are largely dominant. Investing up to this limit is only authorized for a single issuer.
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### As an exemption from the restrictions specified in clause 7.1.1. above, each Sub- Fund is authorized to invest, according to the principle of risk spreading, up to 100% of its net assets in different issues of transferable securities and money market instruments issued or guaranteed by a Member State, by its local authorities, by any member State of the OECD or by public international bodies to which one or more Member States of the EU belong. If a Sub-Fund exercises this latter option, it must hold transferable securities belonging to at least 6 different issues but securities belonging to the same issue may not exceed 30% of the total amount of the total net assets.
- a) A Sub-Fund may acquire units of the UCITS and/or other UCI stated under clause 6.1.1. (a), provided it does not invest more than 20% of its assets in a single UCITS or other UCI. For the purpose of applying this investment limit, each Sub-Fund of an umbrella UCI is regarded as a separate issuer, provided the principle of the segregation of the liabilities of the various Sub-Funds with regard to third parties is ensured.
- Investments in units of UCI other than UCITS may not exceed in total 30% of the assets of a UCITS. Where a Sub-Fund has acquired units of UCITS and/or other UCI, the assets of those UCITS or other UCI are not combined for the purposes of calculating the limits set down in clause 1 above.
- If a Sub-Fund invests in the units of another Sub-Fund of the SICAV or in the units of other UCITS and/or other UCI which are managed, directly or by delegation, by the Management Company or by any other company with which the Management Company is associated by common-management or control or by means of a significant direct or indirect shareholding, the Management Company or the other company may not charge subscription or redemption fees for the Sub-Fund's investment in the units of said other UCITS and/or other UCI.
- a) The Sub-Funds may not acquire shares with voting rights allowing it to exercise a significant influence on the management of an issuer.
- The Sub-Funds may not acquire more than:
- 10% of the non-voting shares of a single issuer,
- 10% of the debt securities of a single issuer,
- 10% of the money market instruments of a single issuer,
- 25% of the units of the same UCITS or other UCI. | en | es |
DOLFIN2711 | 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 income and long-term capital growth.
- The fund will invest at least 70% in income producing shares of companies globally. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- 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.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- 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 aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (Net) Hedged to CHF (the "Index"). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital a largo plazo.
- El fondo invertirá al menos un 70 % en acciones que creen renta de empresas de todo el mundo. La selección de activos queda determinada por una atractiva rentabilidad por dividendos, además de por el potencial de crecimiento del capital.
- 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.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente.
- 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 tiene como objetivo ofrecer ingresos y crecimiento del capital. Normalmente, los ingresos superarán a los generados por el MSCI ACWI Index (Net) Hedged to CHF (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países, sectores y valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund will invest at least 70% in income producing shares of companies globally. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- 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.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- 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 aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (Net) Hedged to CHF (the "Index"). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN2719 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - EUR B-5 (Acc) - LU1057468578
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.020.22513.912.013.8209.89.4156.67.24.76.4100.71.90.31.11.63.15-0.90-3.6-2.5-5b Past performance is not a guide to future performance. | # Rentabilidad histórica
- BOFA MLCX Commodity Alpha UCITS Fund - EUR B-5 (Acc) - LU1057468578
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% de rentabilidad17.020.22513.912.013.8209.89.4156.67.24.76.4100.71.90.31.11.63.15-0.90-3.6-2.5-5b La rentabilidad histórica no es indicativa de la futura rentabilidad. | # Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - EUR B-5 (Acc) - LU1057468578
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.020.22513.912.013.8209.89.4156.67.24.76.4100.71.90.31.11.63.15-0.90-3.6-2.5-5b Past performance is not a guide to future performance. | en | es |
DOLFIN2725 | 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 achieve long term capital growth. The Fund will invest primarily in the shares and related securities of companies which have their registered office or exercise the predominant part of their economic activities in India. The Fund may also invest in the shares of companies operating or residing in Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives.
## Benchmark Information
## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
## Investors are able to buy and sell shares during any valuation day given you tell us to buy or sell shares no later than 5pm (Luxembourg time) on the business day preceding the valuation day. | # Objetivos y política de inversión
El objetivo del Fondo consiste en lograr un crecimiento del capital a largo plazo. El Fondo invertirá principalmente en las acciones y valores relacionados de empresas que tengan su domicilio social o que ejerzan la parte predominante de sus actividades económicas en la India. El Fondo podrá invertir asimismo en las acciones de empresas que tengan su domicilio o actividades en Pakistán, Bangladés, Sri Lanka, Bután, Nepal y las Maldivas.
## Información sobre el índice de referencia
## MSCI India
El Fondo se gestiona de forma activa y utiliza el índice de referencia únicamente con fines de comparación de rentabilidad del índice. Esto significa que el Gestor de inversiones toma las decisiones de inversión con el fin de alcanzar el objetivo de inversión del Fondo, sin referencia a un índice. El Gestor de inversiones no está limitado en modo alguno por un índice de referencia en su posicionamiento de cartera.
Todo ingreso derivado de esta clase de acciones se distribuirá con carácter anual. Por defecto, esta distribución se reinvertirá automáticamente en la adquisición de más acciones, salvo que usted nos notifique su deseo de percibir estos ingresos.
## Los inversores podrán comprar y vender sus acciones en cualquier día de valoración si así nos lo indican antes de las 17:00 (hora de Luxemburgo) del día hábil previo al día de valoración. | # Objectives and investment policy
The Fund's objective is to achieve long term capital growth. The Fund will invest primarily in the shares and related securities of companies which have their registered office or exercise the predominant part of their economic activities in India. The Fund may also invest in the shares of companies operating or residing in Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives.
## Benchmark Information
## MSCI India
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
## Investors are able to buy and sell shares during any valuation day given you tell us to buy or sell shares no later than 5pm (Luxembourg time) on the business day preceding the valuation day. | en | es |
DOLFIN2733 | 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 performance by investing mainly in governments and corporate debt securities denominated in Euro, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 0 and 5.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations)
- yield curve positioning (the yield curve illustrates the relationship between investment term and bond yield)
- geographical allocation
- issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt 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 agencies exist, the lower rating will be considered, if more | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo de inversión del Subfondo es obtener rentabilidad a medio plazo invirtiendo principalmente en títulos de deuda pública o corporativa denominados en euros. El Subfondo se gestionará con una sensibilidad a los tipos de interés entre 0 y 5.
## Política de inversión
Este Subfondo está gestionado activamente con el fin de captar oportunidades en el mercado de renta fija pública y corporativa en euros. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de tipos de interés)
- posicionamiento en la curva de rentabilidad (la curva de rentabilidad ilustra la relación entre el plazo de inversión y el rendimiento del bono)
- distribución geográfica
- selección de emisoresEl Subfondo invierte permanentemente como mínimo dos tercios de sus activos totales en títulos de deuda negociables de empresas y gobiernos, con calificación de primera calidad crediticia (investment grade) o por debajo de ella, denominados en euros. El Subfondo invertirá principalmente en títulos de deuda negociables 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 performance by investing mainly in governments and corporate debt securities denominated in Euro, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 0 and 5.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations)
- yield curve positioning (the yield curve illustrates the relationship between investment term and bond yield)
- geographical allocation
- issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt 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 agencies exist, the lower rating will be considered, if more | en | es |
DOLFIN2735 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As of 16 August 2022 the Sustainability Criteria section will change to:
The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Investments are composed of companies whose products and services solve one of the SDG gaps or that operate in a mainstream industry that indirectly solves one of the SDG gaps.
In order to identify companies with a direct link to a UN SDG, the Investment Manager uses a proprietary screening tool to map company revenue to UN SDGs. The tool splits revenue into numerous different categories linked to UN SDGs. While the Investment Manager uses the tool to assess individual companies, it also enables it to measure the overall revenue link to SDGs on a consolidated portfolio level. The Investment Manager has identified three types of companies that will make up the portfolio.
The first type are highly innovative companies whose business model solves a direct need within the SDGs. These are growth companies whose solution to an SDG gap can be scaled.
The second type are companies that are already generating revenues that have an impact, but do not articulate or highlight that impact. These are companies the Investment Manager can identify due to its deep understanding of the US Small Cap universe where it sees a re-rating opportunity. In so doing the companies can better articulate and become more transparent about their impact opportunity. This is expected to be the largest group in the Fund’s portfolio.
The third type will tend to have the lowest level of revenue link. These are companies who require a business model transition in order to survive. These are companies the Investment Manager believes have the ability and desire to transition and where it sees the ability to help guide such companies on that journey. Each investment must have some revenue linking to an SDG. Based on where the investment falls within the three types the level of linked revenue will vary.
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 equity and equity related securities of small-sized US companies or companies which derive a significant proportion of their revenues or profits from small-sized US companies.
General Share Class Features | A partir del 16 de agosto de 2022, la redacción de la sección "Criterios de sostenibilidad" cambiará a:
La Gestora de inversiones aplica criterios de sostenibilidad a la hora de seleccionar las inversiones del Fondo.
Las inversiones están compuestas por empresas cuyos productos y servicios resuelven alguna de las brechas de los ODS o que operan en una industria convencional que indirectamente resuelve alguna de las brechas de los ODS.
Con el fin de identificar aquellas empresas con un vínculo directo con un ODS de la ONU, la Gestora de inversiones utiliza una herramienta de selección propia para relacionar los ingresos de la empresa con los ODS de la ONU. La herramienta divide los ingresos en numerosas categorías diferentes vinculadas a los ODS de la ONU. La Gestora de inversiones utiliza esta herramienta para evaluar cada una de las sociedades, pero también puede usarla para medir el vínculo global de los ingresos con los ODS de toda la cartera. La Gestora de inversiones ha identificado tres tipos de empresas que conformarán la cartera.
El primer tipo son empresas altamente innovadoras cuyo modelo de negocio resuelve una necesidad directa de los ODS. Se trata de empresas en crecimiento cuya solución a la brecha de los ODS puede escalarse.
El segundo tipo son empresas que ya están generando ingresos que tienen impacto, pero dicho impacto no está definido ni distinguido. Estas son empresas que la Gestora de inversiones puede identificar debido a su profundo conocimiento del universo de sociedades de pequeña capitalización estadounidenses, en las que percibe una oportunidad de reevaluación. En consecuencia, las empresas pueden definir mejor sus oportunidades de impacto y ser más transparentes. Se espera que este sea el mayor grupo de la cartera del Fondo.
El tercer tipo tenderá a generar ingresos menos vinculados con los ODS. Son empresas que requieren una transición de su modelo de negocio para poder sobrevivir. Se trata de empresas que, según el criterio de la Gestora de inversiones, tienen la capacidad y la intención de iniciar la transición y están abiertas a recibir su ayuda para llevar el proceso a buen puerto. Todas las inversiones deberán contar con ingresos vinculados a los ODS. El nivel de ingresos vinculados variará en función de a qué tipo de empresa pertenece cada inversión.
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. El universo está formado por valores de renta variable y relacionados con la renta variable de sociedades de pequeña capitalización estadounidenses o de sociedades que obtengan una parte significativa de sus ingresos o beneficios de dichas sociedades de pequeña capitalización estadounidenses.
Características generales de las Clases de Participaciones | As of 16 August 2022 the Sustainability Criteria section will change to:
The Investment Manager applies sustainability criteria when selecting investments for the Fund.
Investments are composed of companies whose products and services solve one of the SDG gaps or that operate in a mainstream industry that indirectly solves one of the SDG gaps.
In order to identify companies with a direct link to a UN SDG, the Investment Manager uses a proprietary screening tool to map company revenue to UN SDGs. The tool splits revenue into numerous different categories linked to UN SDGs. While the Investment Manager uses the tool to assess individual companies, it also enables it to measure the overall revenue link to SDGs on a consolidated portfolio level. The Investment Manager has identified three types of companies that will make up the portfolio.
The first type are highly innovative companies whose business model solves a direct need within the SDGs. These are growth companies whose solution to an SDG gap can be scaled.
The second type are companies that are already generating revenues that have an impact, but do not articulate or highlight that impact. These are companies the Investment Manager can identify due to its deep understanding of the US Small Cap universe where it sees a re-rating opportunity. In so doing the companies can better articulate and become more transparent about their impact opportunity. This is expected to be the largest group in the Fund’s portfolio.
The third type will tend to have the lowest level of revenue link. These are companies who require a business model transition in order to survive. These are companies the Investment Manager believes have the ability and desire to transition and where it sees the ability to help guide such companies on that journey. Each investment must have some revenue linking to an SDG. Based on where the investment falls within the three types the level of linked revenue will vary.
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 equity and equity related securities of small-sized US companies or companies which derive a significant proportion of their revenues or profits from small-sized US companies.
General Share Class Features | en | es |
DOLFIN2737 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES K EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class R of the Absorbed Sub-fund. | ## Índice de referencia: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculado con los dividendos netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES K EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase R del fondo francés Edmond de Rothschild EUROPE CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase R del Subfondo absorbido. | ## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES K EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class R of the Absorbed Sub-fund. | en | es |
DOLFIN2738 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Date of creation of the Fund: 10 June 2016.
7.6%
-2.3%
-10.5%
-4.4%
14.4%
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| R/A(USD) | LU1429557256 | Retail Investors | U.S. Dollar | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(EUR) | LU1429557504 | Retail Investors | Euro | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(CHF) | LU1435378895 | Retail Investors | Swiss Franc | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(SEK) | LU1435378978 | Retail Investors | Swedish Krona | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | # Fecha de creación del fondo: 10 de junio de 2016.
7,6%
-2,3%
-10,5%
-4,4%
14,4%
| Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| R/A(USD) | LU1429557256 | Inversores minoristas | Dólar estadounidense | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| H-R/A(EUR) | LU1429557504 | Inversores minoristas | Euro | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| H-R/A(CHF) | LU1435378895 | Inversores minoristas | Franco suizo | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| H-R/A(SEK) | LU1435378978 | Inversores minoristas | Corona sueca | 1.000 USD | 1 acción | Acumulación | 1,95% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | # Date of creation of the Fund: 10 June 2016.
7.6%
-2.3%
-10.5%
-4.4%
14.4%
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| R/A(USD) | LU1429557256 | Retail Investors | U.S. Dollar | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(EUR) | LU1429557504 | Retail Investors | Euro | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(CHF) | LU1435378895 | Retail Investors | Swiss Franc | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| H-R/A(SEK) | LU1435378978 | Retail Investors | Swedish Krona | US$1,000 | 1 Share | Accumulation | 1.95% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN2743 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Enhanced Roll Yield Total Return Index, the Fund’s benchmark index (Index).
The Index measures the return on commodity futures contracts comprised within the Bloomberg Commodity Enhanced Roll Yield Index combined with the notional value of such futures invested at the most recent weekly auction rate for 3 Month US Treasury Bills and aims to mitigate the effects of negative roll yield on the performance of the Benchmark Index. Roll yield is the difference between the prices of the shorter term and the longer term futures contracts when they are rolled. A futures contract on a commodity is a type of financial derivative instrument (FDI) traded on an exchange which locks in the price at which a commodity can be bought or sold at a future date. Futures contracts need to be ‘rolled’ prior to maturity in order to maintain exposure and to avoid physical delivery of the underlying commodity. A FDI is an investment the price of which is based on one or more underlying assets.
The Index is designed to be a liquid and diversified benchmark for commodity investments representing energy, precious metals, industrial metals, agriculture (including soybeans and corn) and livestock. The Index is designed to provide broad-based exposure to commodities as an asset class, since no single commodity or commodity sector is expected to dominate the Index in normal market conditions.
The Index is subject to capping restrictions (which are applied at the point of its annual rebalance and may be exceeded in between rebalances) to maintain diversification.
Commodities eligible for inclusion in the Benchmark Index include: brent crude oil, gasoil, WTI crude oil, heating oil, natural gas, gasoline, gold, silver, copper, zinc, tin, nickel, lead, aluminium, chicago wheat, kansas wheat, soybean, soybean oil, soybean meal, corn, cotton, coffee, sugar, live cattle, lean hogs and feeder cattle. The Index is composed of three to four futures contracts for each commodity. The Benchmark Index rolls to a new set of futures contracts for each commodity on a monthly basis over a period of ten business days seeking to maintain diversified curve exposure over time).
The Fund invests in FDIs and will in particular invest in unfunded total return swaps in order to achieve its investment objective. A swap agreement is typically used to achieve a specified return determined by an underlying such as a return on an index.
The Fund may also invest in fixed income securities (e.g. bonds) to meet its payment obligations under the swaps.
The Fund intends to replicate the performance of the Index by gaining an indirect exposure, via FDIs, to the individual constituents of the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Enhanced Roll Yield Total Return Index, el índice de referencia del Fondo (Índice).
El Índice mide la rentabilidad de los contratos de futuros de materias primas incluidos en el Bloomberg Commodity Enhanced Roll Yield Index, en combinación con el valor nocional de dichos futuros invertidos en la última subasta semanal de 3 Month US Treasury Bills, y tiene como objetivo mitigar los efectos de rendimientos negativos sobre la rentabilidad del Índice de referencia. El rendimiento negativo es la diferencia entre los precios de los contratos de futuros a corto plazo y a largo plazo cuando se renuevan. Un contrato de futuro sobre una materia prima es un tipo de instrumento financiero derivado (IFD) negociado en un mercado que fija el precio al que puede comprarse o venderse una materia prima en una fecha futura. Los contratos de futuros deben «renovarse» antes de su vencimiento para mantener la exposición y evitar la entrega física de la materia prima subyacente. Un IFD es una inversión cuyo precio se basa en uno o más activos subyacentes.
El Índice está diseñado para ser un índice de referencia líquido y diversificado para inversiones en materias primas que representan a los sectores de la energía, metales preciosos, metales industriales, agricultura (soja y maíz incluidos) y ganadería. El Índice se ha diseñado para proporcionar una amplia exposición a las materias primas como una clase de activos, sin que se espere que una sola materia prima o sector de materias primas domine el Índice en condiciones de mercado normales.
El índice matriz está sometido a restricciones de límite (que se aplican en el punto de su reequilibrio anual y pueden excederse entre reequilibrios) para mantener la diversificación.
Entre las materias primas admisibles para su inclusión en el Índice de referencia se incluyen: petróleo crudo Brent, gasóleo, petróleo crudo WTI, gasóleo para calefacción, gas natural, gasolina, oro, plata, cobre, zinc, estaño, níquel, plomo, aluminio, trigo Chicago, trigo Kansas, soja, aceite de soja, harina de soja, maíz, algodón, café, azúcar, ganado vivo, cerdos magros y ganado bovino de engorde. El Índice está compuesto por tres o cuatro contratos de futuros para cada materia prima. El Índice de referencia pasa a un nuevo conjunto de contratos de futuros para cada materia prima con una frecuencia mensual durante un período de diez días hábiles, con lo que se pretende mantener una exposición diversificada a la curva a lo largo del tiempo.
El Fondo invertirá en IFD y en particular en swaps de rentabilidad total sin financiación con el fin de alcanzar su objetivo de inversión. Los acuerdos de swap suelen utilizarse para conseguir una rentabilidad específica determinada por un activo subyacente, como la rentabilidad de un índice.
El Fondo también podrá invertir en activos de renta fija (por ejemplo, bonos) para cumplir con sus obligaciones de pago de acuerdo con los swaps.
El Fondo trata de reproducir la rentabilidad de un Índice sometiéndose a una exposición indirecta a los componentes individuales del Índice mediante el uso de IFD.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Enhanced Roll Yield Total Return Index, the Fund’s benchmark index (Index).
The Index measures the return on commodity futures contracts comprised within the Bloomberg Commodity Enhanced Roll Yield Index combined with the notional value of such futures invested at the most recent weekly auction rate for 3 Month US Treasury Bills and aims to mitigate the effects of negative roll yield on the performance of the Benchmark Index. Roll yield is the difference between the prices of the shorter term and the longer term futures contracts when they are rolled. A futures contract on a commodity is a type of financial derivative instrument (FDI) traded on an exchange which locks in the price at which a commodity can be bought or sold at a future date. Futures contracts need to be ‘rolled’ prior to maturity in order to maintain exposure and to avoid physical delivery of the underlying commodity. A FDI is an investment the price of which is based on one or more underlying assets.
The Index is designed to be a liquid and diversified benchmark for commodity investments representing energy, precious metals, industrial metals, agriculture (including soybeans and corn) and livestock. The Index is designed to provide broad-based exposure to commodities as an asset class, since no single commodity or commodity sector is expected to dominate the Index in normal market conditions.
The Index is subject to capping restrictions (which are applied at the point of its annual rebalance and may be exceeded in between rebalances) to maintain diversification.
Commodities eligible for inclusion in the Benchmark Index include: brent crude oil, gasoil, WTI crude oil, heating oil, natural gas, gasoline, gold, silver, copper, zinc, tin, nickel, lead, aluminium, chicago wheat, kansas wheat, soybean, soybean oil, soybean meal, corn, cotton, coffee, sugar, live cattle, lean hogs and feeder cattle. The Index is composed of three to four futures contracts for each commodity. The Benchmark Index rolls to a new set of futures contracts for each commodity on a monthly basis over a period of ten business days seeking to maintain diversified curve exposure over time).
The Fund invests in FDIs and will in particular invest in unfunded total return swaps in order to achieve its investment objective. A swap agreement is typically used to achieve a specified return determined by an underlying such as a return on an index.
The Fund may also invest in fixed income securities (e.g. bonds) to meet its payment obligations under the swaps.
The Fund intends to replicate the performance of the Index by gaining an indirect exposure, via FDIs, to the individual constituents of the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2748 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition,
- In accordance with the partial exemption regime (as defined in section 20) of the GITA, those Funds classified within Appendix A as “Equity Funds” (with the exclusion of Invesco Global Income Real Estate Securities Fund, Invesco Responsible Global Real Assets Fund and Invesco Global Equity Income Advantage Fund) intend to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 50% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, Invesco Sustainable Allocation Fund also intends to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 60% of their NAV into equities (as defined in section 2 sub section 8 of the GITA
- Further to this, Invesco Asia Asset Allocation Fund and Invesco Sustainable Global Income Fund intend to qualify as mixed funds (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, although Invesco Global Equity Income Advantage Fund is categorised as an “Equity Fund”, for the purposes of the GITA it is intended that the Fund qualifies as a mixed fund (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of its NAV into equities (as defined in section 2 sub section 8 of the GITA). | Además,
- De conformidad con el régimen de exención parcial (que se define en la sección 20) de la Ley Fiscal de Inversión alemana, aquellos Fondos clasificados en el Apéndice A como “Fondos de Renta Variable” (con la excepción de Invesco Global Income Real Estate Securities Fund, Invesco Responsible Global Real Assets Fund e Invesco Global Equity Income Advantage Fund) tratan de cumplir los requisitos de los fondos de renta variable (según su definición en la sección 2 de la subsección 6 de la Ley Fiscal de Inversión alemana) e invertirán de forma continua más del 50% de su valor liquidativo en valores de renta variable (según su definición en la sección 2 de la subsección 8 de la Ley Fiscal de Inversión alemana). Además, Invesco Sustainable Allocation Fund también pretende presentarse como un fondo de renta variable (como se define en la Sección 2, subsección 6 de la GITA) e invertirá continuamente más del 60% de su valor liquidativo en valores de renta variable (como se define en la Sección 2, subsección 8 de la GITA).
- Además de esto, Invesco Asia Asset Allocation Fund e Invesco Sustainable Global Income Fund tienen la intención de calificar como fondos mixtos (como se define en la Sección 2, subsección 7 de la GITA) e invertirán continuamente al menos el 25% de su valor liquidativo en valores de renta variable (como se define en la Sección 2, subsección 8 de la GITA). Además, aunque Invesco Global Equity Income Advantage Fund se clasifica como un fondo de renta variable, a efectos de la GITA se pretende que el Fondo reúna los requisitos de un fondo mixto (según se define en la subsección 7 de la sección 2 de la GITA), e invertirá de forma continua al menos el 25% de su valor liquidativo en renta variable (según se define en la subsección 8 de la sección 2 de la GITA). | In addition,
- In accordance with the partial exemption regime (as defined in section 20) of the GITA, those Funds classified within Appendix A as “Equity Funds” (with the exclusion of Invesco Global Income Real Estate Securities Fund, Invesco Responsible Global Real Assets Fund and Invesco Global Equity Income Advantage Fund) intend to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 50% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, Invesco Sustainable Allocation Fund also intends to qualify as equity funds (as defined in section 2 sub- section 6 of the GITA) and will invest continuously more than 60% of their NAV into equities (as defined in section 2 sub section 8 of the GITA
- Further to this, Invesco Asia Asset Allocation Fund and Invesco Sustainable Global Income Fund intend to qualify as mixed funds (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of their NAV into equities (as defined in section 2 sub section 8 of the GITA). In addition, although Invesco Global Equity Income Advantage Fund is categorised as an “Equity Fund”, for the purposes of the GITA it is intended that the Fund qualifies as a mixed fund (as defined in section 2 sub-section 7 of the GITA) and will invest continuously at least 25% of its NAV into equities (as defined in section 2 sub section 8 of the GITA). | en | es |
DOLFIN2754 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
Costs over time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest EUR 10,000.00. The figures are estimates and may change in the future. | # ¿Cuáles son los costes?
Costes a lo largo del tiempo
La Reducción del rendimiento (RIY) muestra el impacto que tendrán los costes totales que usted paga en el rendimiento de la inversión que puede obtener. Los costes totales tienen en cuenta los costes únicos, corrientes y adicionales.
Las cantidades que se muestran aquí son los costes acumulativos del propio producto, a lo largo de tres periodos de tenencia diferentes. Estos incluyen posibles penalizaciones por salidas anticipadas. Las cifras presuponen que usted invertirá EUR 10,000.00. Las cifras son aproximaciones y pueden cambiar en el futuro. | # What are the costs?
Costs over time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest EUR 10,000.00. The figures are estimates and may change in the future. | en | es |
DOLFIN2756 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Corporate Hybrid Bond Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the EUR I Accumulating Class was 0.86%. Over the same period, the benchmark index, the ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Euro Total Return, Hedged) (the “Index”) returned 1.32%. (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).
The first quarter of the year was dominated by rising bond yields and inflation expectations and consequently, a difficult quarter for credit, despite a strong equity market. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year and the success of the vaccine rollout in the UK and US. March also saw the confirmation of President Biden’s stimulus package, worth an impressive 9% of US GDP.
Moving into the second quarter, risk markets were modestly higher with modest gains for both equities and credit, including Corporate Hybrids. Economic data continued to point to stronger economic growth over the coming months supported by accommodative monetary policy and fiscal spending.
On inflation, which continues to cause concern for investors, measures of underlying inflation in the euro area were 1.0% in June slightly above 0.9% in May. All item CPI inflation was 1.9% year over year down from 2.0% in May due to slightly lower energy price inflation. Underlying inflation at 1.0% year over year in June remained within the historical range of 0.2% to 1.4% since early 2017.
Despite some relative underperformance of Corporate Hybrids versus other asset classes this year, we still believe that valuations are on the tighter end, even though they still stand out versus other options in liquid credit. The new focus of conversation has been the US Federal Reserve Board (“Fed”) tapering but we will continue to focus our attention on stress-testing company fundamentals under various scenarios and allocating capital to those securities with the highest margins of safety.
Security selection was positive year to date but was partially offset by negative sector selection in the following:
- Negative security selection within our Utilities exposure cost the fund 8 basis points (“bps”) of performance. In a rising market, some of our defensive positioning underperformed but we see little reason to change tact for now. Electricite de France was arguably the most volatile position with headlines that project Hercule might be abandoned. Our base case continues to be that a solution between France and the European Commission will be reached.
- Negative security selection within our Healthcare exposure cost the fund 3bps of performance. Our key issuer here is our long-term holding to Bayer. Moody’s downgraded the company by one notch which had been more than priced in. We used the short lived albeit negative technical to top up our position.
We have also benefitted from our participation in the busy new issue market in 2021, which has seen a large increase in supply. We remain selective in our participation of new deals but are encouraged to see the universe of issuers continuing to expand, and we anticipate this trend to continue throughout this year. As long as markets remain relatively stable, we believe we are likely to see several more attractively priced new issues over the coming weeks. We believe our continued participation in new issues should assist us in generating further positive returns for the Portfolio.
Given the rangebound market in recent months, the spread differential between interpolated senior spreads and their corporate hybrid equivalents remains elevated at 210bps on average. We still believe that the relative level of senior spreads of high quality, non-financial, European Investment grade (IG) companies and the persistent low level of government bond yields – particularly in euros – should continue to support corporate hybrid bond spreads and make them look attractive relative to other options in European credit and broader fixed income markets in general.
418 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Neuberger Berman Corporate Hybrid Bond Fund
## Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el semestre finalizado el 30 de junio de 2021 ascendió al 0,86%. En el mismo periodo, el índice de referencia, el ICE BofA Global Hybrid Non-Financial 5% Constrained Custom (rentabilidad total en EUR con cobertura) (el “Índice”), se anotó una rentabilidad del 1,32%. (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).
El primer trimestre del año estuvo marcado por el aumento de los rendimientos de los bonos y las expectativas de inflación, siendo por tanto un periodo difícil para el crédito, a pesar del buen comportamiento de las bolsas. Este comportamiento vino inducido principalmente por dos factores clave: la victoria de los demócratas en Georgia a comienzos del año y el éxito de la administración de vacunas en el Reino Unido y Estados Unidos. En marzo también asistimos a la confirmación del paquete de estímulos propuesto por el presidente Biden, cuyo valor alcanzó nada menos que un 9% del PIB estadounidense.
Entrando ya en el segundo trimestre, los mercados de activos de riesgo se movieron ligeramente al alza, con modestas ganancias tanto de la renta variable como del crédito, incluidos los híbridos corporativos. Los datos económicos continuaron señalando un crecimiento más sólido en el transcurso de los próximos meses, favorecido por la política monetaria acomodaticia y el gasto presupuestario.
En cuanto a la inflación, que sigue suscitando inquietud entre los inversores, el indicador de inflación subyacente en la zona euro alcanzó el 1% en junio, situándose ligeramente por encima del 0,9% registrado en mayo. El IPC general ascendió al 1,9% en términos interanuales, lo que supone un descenso respecto al 2% registrado en mayo debido a una subida de precios de la energía algo inferior. La inflación subyacente, situada en el 1% interanual en junio, permanece dentro del rango histórico del 0,2% - 1,4% desde principios de 2017.
A pesar de mal comportamiento relativo de los híbridos corporativos respecto a otras clases de activos este año, seguimos creyendo que las valoraciones se encuentran a niveles más ajustados, aunque siguen destacando frente a otras opciones asociadas al crédito líquido. El nuevo tema de conversación ha sido la retirada gradual de estímulos (tapering) aplicada por la Reserva Federal estadounidense (la “Fed”), aunque seguiremos prestando atención a los fundamentales de empresas sometidas a pruebas de estrés bajo distintos escenarios, además de asignar capital a los valores que presenten los mayores márgenes de seguridad.
La selección de valores resultó positiva en lo que va de año, aunque se vio parcialmente contrarrestada por la desacertada selección de sectores en lo siguiente:
- La negativa selección de valores en nuestra exposición a suministros le costó al fondo 8 puntos básicos (“pb”) de rentabilidad. En un mercado alcista, algunas de nuestras posiciones defensivas se quedaron rezagadas, aunque vemos pocas razones para cambiar de táctica por ahora. Puede decirse que Electricite de France fue la posición más volátil ante la noticia de que su proyecto Hércules podría abandonarse. Nuestra hipótesis central sigue siendo que Francia y la Comisión Europea llegarán a una solución sobre este asunto.
- La poco acertada selección de valores dentro de nuestra exposición a atención sanitaria le costó al fondo 3 puntos básicos de rentabilidad. Aquí nuestra principal baza es nuestra posición a largo plazo en Bayer. Moody’s rebajó un escalón la calificación de la compañía, una decisión que estaba más que descontada. Aprovechamos este factor técnico efímero, aunque negativo, para complementar nuestra posición.
También nos beneficiamos de nuestra participación en el concurrido mercado de nuevas emisiones en 2021, que ha registrado un fuerte incremento de la oferta. Aunque nuestra participación en nuevas operaciones sigue siendo selectiva, nos anima ver que el universo de emisores continúa expandiéndose, una tendencia que previsiblemente se mantendrá a lo largo del año. Mientras los mercados sigan relativamente estables, consideramos probable que se produzcan más emisiones con precios atractivos durante las próximas semanas. Creemos que nuestra continua participación en nuevas emisiones debería ayudarnos a generar más rentabilidad positiva para la Cartera.
Dada la estrecha banda de negociación que presenta el mercado en los últimos meses, el margen diferencial entre los diferenciales de los bonos preferentes interpolados y sus equivalentes corporativos híbridos sigue siendo elevado al situarse en 210 pb de media. Seguimos creyendo que el nivel relativo de los diferenciales de los bonos preferentes de empresas europeas no financieras de alta calidad y con grado de inversión (IG), unido al nivel persistentemente bajo de los rendimientos de la deuda pública —particularmente en euros— deberían continuar favoreciendo a los diferenciales de los bonos corporativos híbridos y dotarlos de atractivo en comparación con otras opciones ofrecidas en los mercados europeos de crédito y de renta fija en general.
418 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Neuberger Berman Corporate Hybrid Bond Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the EUR I Accumulating Class was 0.86%. Over the same period, the benchmark index, the ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Euro Total Return, Hedged) (the “Index”) returned 1.32%. (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).
The first quarter of the year was dominated by rising bond yields and inflation expectations and consequently, a difficult quarter for credit, despite a strong equity market. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year and the success of the vaccine rollout in the UK and US. March also saw the confirmation of President Biden’s stimulus package, worth an impressive 9% of US GDP.
Moving into the second quarter, risk markets were modestly higher with modest gains for both equities and credit, including Corporate Hybrids. Economic data continued to point to stronger economic growth over the coming months supported by accommodative monetary policy and fiscal spending.
On inflation, which continues to cause concern for investors, measures of underlying inflation in the euro area were 1.0% in June slightly above 0.9% in May. All item CPI inflation was 1.9% year over year down from 2.0% in May due to slightly lower energy price inflation. Underlying inflation at 1.0% year over year in June remained within the historical range of 0.2% to 1.4% since early 2017.
Despite some relative underperformance of Corporate Hybrids versus other asset classes this year, we still believe that valuations are on the tighter end, even though they still stand out versus other options in liquid credit. The new focus of conversation has been the US Federal Reserve Board (“Fed”) tapering but we will continue to focus our attention on stress-testing company fundamentals under various scenarios and allocating capital to those securities with the highest margins of safety.
Security selection was positive year to date but was partially offset by negative sector selection in the following:
- Negative security selection within our Utilities exposure cost the fund 8 basis points (“bps”) of performance. In a rising market, some of our defensive positioning underperformed but we see little reason to change tact for now. Electricite de France was arguably the most volatile position with headlines that project Hercule might be abandoned. Our base case continues to be that a solution between France and the European Commission will be reached.
- Negative security selection within our Healthcare exposure cost the fund 3bps of performance. Our key issuer here is our long-term holding to Bayer. Moody’s downgraded the company by one notch which had been more than priced in. We used the short lived albeit negative technical to top up our position.
We have also benefitted from our participation in the busy new issue market in 2021, which has seen a large increase in supply. We remain selective in our participation of new deals but are encouraged to see the universe of issuers continuing to expand, and we anticipate this trend to continue throughout this year. As long as markets remain relatively stable, we believe we are likely to see several more attractively priced new issues over the coming weeks. We believe our continued participation in new issues should assist us in generating further positive returns for the Portfolio.
Given the rangebound market in recent months, the spread differential between interpolated senior spreads and their corporate hybrid equivalents remains elevated at 210bps on average. We still believe that the relative level of senior spreads of high quality, non-financial, European Investment grade (IG) companies and the persistent low level of government bond yields – particularly in euros – should continue to support corporate hybrid bond spreads and make them look attractive relative to other options in European credit and broader fixed income markets in general.
418 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN2757 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Pandemics and other widespread public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, ebola and the outbreak of COVID-19 have resulted in market volatility and disruption, and future such emergencies have the potential to materially and adversely impact economic production and activity in ways that are impossible to predict, all of which may result in significant losses to a Sub-Fund.
-
## United Kingdom Exit from the European Union | Las pandemias y otras emergencias de salud pública ampliamente extendidas, incluidos los brotes de enfermedades infecciosas como el SARS, el virus de la gripe H1N1/09, la gripe aviar, el ébola y el brote de COVID-19, han ocasionado volatilidad y disrupción en los mercados; las futuras emergencias de este tipo podrían tener un grave efecto adverso en la producción y la actividad económicas en proporciones que son imposibles de predecir. Todo ello podría acarrear cuantiosas pérdidas al Subfondo.
-
## Salida de la Unión Europea por parte del Reino Unido | Pandemics and other widespread public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, ebola and the outbreak of COVID-19 have resulted in market volatility and disruption, and future such emergencies have the potential to materially and adversely impact economic production and activity in ways that are impossible to predict, all of which may result in significant losses to a Sub-Fund.
-
## United Kingdom Exit from the European Union | en | es |
DOLFIN2759 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Potential lower rewards
Return Potential higher rewards
Sustainability risk: This means an environmental, social or governance (ESG) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of one or more investments held by the Compartment.
Liquidity risk: A liquidity risk exists when specific investments are difficult to sell or buy. This could reduce the Compartment’s returns if it is unable to enter into transactions under favourable conditions. This may be the result of major adverse events of unprecedented magnitude, such as pandemics or natural disasters.
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 6 reflects a potential for very high gains and/or losses in the value of the portfolio. This is due to investments in equities on the Japanese equity market.
Concentration risk: To the extent that the Compartment concentrates its investments in a country, market, industry or asset class, it might incur a capital loss following adverse events specifically affecting this country, market, industry or asset class.
Counterparty risk: this is when a fund is covered by guarantees or has material investment exposure through contracts with a third party.
Operational risk: The Compartment may record losses due to the failure of operational processes, particularly those related to the safekeeping of assets.
Risk associated with the use of derivatives: The Compartment may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may lead to significant changes in the prices of the corresponding derivative. The use of over-the-counter derivatives exposes the Compartment to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This could result in a financial loss for the Compartment.
The occurrence of any of these risks may negatively impact the net asset value. | Remuneración potencialmente menor
Remuneración potencialmente mayor
Riesgo de sostenibilidad: Se trata de un evento o estado medioambiental, social o de gobierno corporativo (ESG) que, de producirse, podría tener un efecto material adverso, real o potencial, en el valor de una o más inversiones mantenidas por el Subfondo.
Riesgo de liquidez: Existe riesgo de liquidez cuando las inversiones específicas son difíciles de vender o comprar. Esta circunstancia podría reducir la rentabilidad del Subfondo si no puede concluir las transacciones en condiciones favorables. Esto puede deberse a acontecimientos de una intensidad y gravedad sin precedentes, como las pandemias o las catástrofes naturales.
El indicador anterior se calcula sobre la base de datos históricos y, por tanto, puede no ser una indicación fiable del perfil de riesgo futuro del Subfondo. No es seguro que la categoría de riesgo y remuneración permanezca inalterada y es probable que la clasificación cambie con el tiempo. La categoría 1 no es sinónimo de inversión sin riesgo. El reembolso de la inversión inicial no está garantizado.
Debido a la falta de un historial suficiente, el indicador de riesgo incorpora datos simulados a partir de una cartera de referencia. La categoría de riesgo 6 refleja un potencial muy alto de ganancias y/o pérdidas en el valor de la cartera. Esto se debe a las inversiones en acciones en el mercado japonés.
Riesgo de concentración: En la medida en que el Subfondo concentre sus inversiones en un país, un mercado, una industria o una clase de activos, puede sufrir una pérdida de capital como resultado de eventos adversos que afecten específicamente a dicho país, mercado, industria o clase de activos.
Riesgo de contraparte: Surge cuando un fondo se encuentra cubierto por garantías o por una exposición significativa a inversiones a través de contratos con un tercero.
Riesgo operativo: El Subfondo puede incurrir en pérdidas por el fracaso de procesos operativos, en concreto, aquellos vinculados a la custodia de activos.
Riesgo relacionado con el uso de instrumentos derivados: El Subfondo puede utilizar instrumentos derivados, que son instrumentos financieros cuyo valor depende del valor de un activo subyacente. Sin embargo, incluso pequeñas fluctuaciones en el precio del activo subyacente pueden dar lugar a cambios significativos en el precio del instrumento derivado correspondiente. El uso de instrumentos derivados OTC expone al Subfondo a un incumplimiento parcial o total de los compromisos asumidos por la contraparte. Esto podría resultar en una pérdida financiera para el Subfondo.
La ocurrencia de uno de estos riesgos puede suponer una reducción del valor liquidativo. | Potential lower rewards
Return Potential higher rewards
Sustainability risk: This means an environmental, social or governance (ESG) event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of one or more investments held by the Compartment.
Liquidity risk: A liquidity risk exists when specific investments are difficult to sell or buy. This could reduce the Compartment’s returns if it is unable to enter into transactions under favourable conditions. This may be the result of major adverse events of unprecedented magnitude, such as pandemics or natural disasters.
The above indicator is calculated on the basis of historical data, and may thus not provide a reliable indication of the Compartment’s future risk profile. It cannot be guaranteed that the risk and reward category shown will remain unchanged, and the classification may change over time. Category 1 does not mean that an investment is risk-free. Recovery of the initial investment is not guaranteed.
Due to the lack of sufficient history, the risk indicator incorporates simulated data from a reference portfolio. Risk category 6 reflects a potential for very high gains and/or losses in the value of the portfolio. This is due to investments in equities on the Japanese equity market.
Concentration risk: To the extent that the Compartment concentrates its investments in a country, market, industry or asset class, it might incur a capital loss following adverse events specifically affecting this country, market, industry or asset class.
Counterparty risk: this is when a fund is covered by guarantees or has material investment exposure through contracts with a third party.
Operational risk: The Compartment may record losses due to the failure of operational processes, particularly those related to the safekeeping of assets.
Risk associated with the use of derivatives: The Compartment may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may lead to significant changes in the prices of the corresponding derivative. The use of over-the-counter derivatives exposes the Compartment to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This could result in a financial loss for the Compartment.
The occurrence of any of these risks may negatively impact the net asset value. | en | es |
DOLFIN2762 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets. Financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement or might be directly excluded. | # Sustentabilidad
El fondo incorpora sistemáticamente la sostenibilidad al proceso de inversión mediante exclusiones, integración de criterios ASG, objetivos ASG y de huella ambiental. En la elaboración de la cartera, se integran factores ASG financieramente relevantes para garantizar que la puntuación ASG de la cartera es mejor que la del índice. Además, las huellas ambientales del fondo se hacen inferiores a las del índice de referencia restringiendo las emisiones de gases de efecto invernadero, el consumo de agua y la generación de residuos. Con estas reglas de construcción de la cartera, los valores emitidos por empresas con mejores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser incluidas en la cartera, mientras que los valores emitidos por empresas con peores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser excluidas de la cartera. Además, cuando la supervisión continuada detecte que un emisor de valores infringe las normas internacionales, el fondo iniciará un proceso de interactuación con el emisor o el emisor podría ser excluido directamente. | # Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets. Financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement or might be directly excluded. | en | es |
DOLFIN2767 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub- Fund Details, for a similar index if:-
- the particular index or index series ceases to exist;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existing index;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change. | Cuando el rendimiento de un Subfondo cuenta con un índice de referencia, la Sociedad Gestora podrá, siempre que considere que tal medida favorece los intereses del Subfondo correspondiente, reemplazar el índice aplicable, tal y como se describe en los Detalles de los Subfondos respectivos, por un índice similar, si:
- el índice o la serie del índice en cuestión dejan de existir;
- se dispone de un nuevo índice que sustituye al existente;
- se adopta un nuevo índice que, según los inversores profesionales, responda a los estándares del mercado concreto en el que se opere y/o que, a juicio de los Partícipes, resulte más ventajoso que el índice anterior;
- comienza a resultar difícil invertir en los valores del índice en cuestión;
- el proveedor del índice introduce una comisión que la Sociedad Gestora considera demasiado elevada;
- la Sociedad Gestora entiende que la calidad (incluidas la precisión y la disponibilidad de los datos) de un determinado índice se ha visto mermada; o
- por cualquier otra causa en caso de que la sustitución del índice de referencia obedezca a motivos distintos de los enumerados en los apartados del (a) al (f) precedentes, en cuyo caso la Sociedad Gestora deberá comunicar con un mínimo de 60 días de antelación dicha sustitución a los Partícipes. | Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub- Fund Details, for a similar index if:-
- the particular index or index series ceases to exist;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existing index;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change. | en | es |
DOLFIN2784 | 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 | N/A |
| Exit charge | N/A |
| CHARGES TAKEN FROM THE FUND OVER A YEAR |
| Ongoing charges | 0.91% |
| CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS |
| Performance fee | N/A | | | GASTOS NO RECURRENTES PERCIBIDOS CON ANTERIORIDAD O CON POSTERIORIDAD A LA INVERSION |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| GASTOS DETRAIDOS DEL FONDO A LO LARGO DE UN AÑO |
| Gastos corrientes | 0.91% |
| GASTOS DETRAIDOS DEL FONDO EN DETERMINADAS CONDICIONES ESPECIFICAS |
| Comisión de rentabilidad | Ninguno | | | ONE-OFF CHARGES TAKEN BEFORE OR AFTER YOU INVEST |
| --- |
| Entry charge | N/A |
| Exit charge | N/A |
| CHARGES TAKEN FROM THE FUND OVER A YEAR |
| Ongoing charges | 0.91% |
| CHARGES TAKEN FROM THE FUND UNDER CERTAIN SPECIFIC CONDITIONS |
| Performance fee | N/A | | en | es |
DOLFIN2790 | 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 simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # 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 simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo invierte en bonos cuyo valor depende de que el
características medioambientales y sociales, o una combinación de ambas, pero no persigue con ello una estrategia de inversión orientada explícitamente a cuestiones ESG o a la sostenibilidad. La moneda del fondo es EUR. El fondo reparte dividendos anual. Por lo general, puede solicitar el reembolso de sus acciones diariamente. La sociedad podrá, no obstante, suspender o limitar el reembolso cuando, por circunstancias extraordinarias, la suspensión o restricción resulte indispensable en atención a los intereses de los inversores.
emisor esté en condiciones de efectuar pagos. El riesgo de impago también puede estar sujeto a fluctuaciones en los emisores. El fondo invierte en instrumentos financieros que, en principio, cuentan con una liquidez suficiente pero que, en determinadas circunstancias, pueden volverse ilíquidos. Es decir, es posible que la negociación ordinaria se vea afectada de forma transitoria o resulte irrealizable. El fondo invierte en bonos convertibles contingentes. Este tipo de bonos conlleva una mayor probabilidad de devaluación total o parcial que los bonos clásicos. La inversión en esta clase especial de bonos puede producir pérdidas considerables en la cartera como consecuencia de determinados eventos desencadenantes. Las inversiones de este tipo también pueden convertirse en acciones de la empresa emisora, que pueden sufrir igualmente retrocesos en su valor.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # 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 simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN2795 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the Euro investment grade and high yield market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- sector allocation
- geographical allocation
- credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield)
- issuer selection
- instrument selection The Sub-Fund invests:
- at least two thirds of its total assets in Euro denominated corporate and government bonds issued in OECD countries, with 30% maximum of its total assets rated between BB+ and B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered). In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered), securities will be sold within 6 months
- up to one third of its total assets in money market instruments
- up to one quarter of its total assets in convertible securities
- up to one tenth of its total assets in equity and equity related instrumentsThe Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered). | ## Política de inversión
Este Subfondo está gestionado activamente con el fin de captar oportunidades en el mercado de primera calidad crediticia (investment grade) y de alto rendimiento (high yield) en euros. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- distribución sectorial
- distribución geográfica
- posicionamiento en la curva de crédito (la curva de crédito ilustra la relación entre el plazo de la inversión y el rendimiento crediticio)
- selección de emisores
- selección de instrumentos El Subfondo invierte:
- como mínimo dos tercios de sus activos totales en bonos públicos ycorporativos, denominados en euros, emitidos en países pertenecientes a la OCDE, con un máximo del 30% de sus activos totales calificados entre BB+ y B- según Standard & Poor’s o calificación equivalente según Moody’s o Fitch (se considerará la media aritmética de las calificaciones disponibles de Standard & Poor’s, Moody’s y Fitch). En caso de rebaja de la calificación crediticia por debajo de B- según Standard & Poor’s o calificación equivalente según Moody’s o Fitch (se considerará la calificación más reducida), los títulos se venderán dentro de un plazo de 6 meses.
- hasta un tercio de sus activos totales, en instrumentos del mercado monetario
- hasta una cuarta parte de sus activos totales en títulos convertibles
- hasta la décima parte de sus activos totales, en valores de renta variable e instrumentos relacionados con la renta variableEl Subfondo no invertirá en títulos con calificación CCC+ o inferior según Standard & Poor’s o calificación equivalente según Moody’s o Fitch (se considerará la calificación más reducida). | ## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the Euro investment grade and high yield market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- sector allocation
- geographical allocation
- credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield)
- issuer selection
- instrument selection The Sub-Fund invests:
- at least two thirds of its total assets in Euro denominated corporate and government bonds issued in OECD countries, with 30% maximum of its total assets rated between BB+ and B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered). In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered), securities will be sold within 6 months
- up to one third of its total assets in money market instruments
- up to one quarter of its total assets in convertible securities
- up to one tenth of its total assets in equity and equity related instrumentsThe Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered). | en | es |
DOLFIN2796 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 1 out of 7, which is the lowest risk class. This rates the potential losses from future performance at a very low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | #### El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la categoría 1 de 7, es decir, la clase de riesgo más baja. Esto clasifica las posibles pérdidas de rentabilidad futura a un nivel muy bajo e indica que las malas condiciones del mercado muy improbablemente incidan en nuestra capacidad para pagarle.
Tenga presente el riesgo de cambio. Su moneda local puede diferir de la moneda del producto. Usted recibirá los pagos en una moneda diferente de su moneda local, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | #### The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 1 out of 7, which is the lowest risk class. This rates the potential losses from future performance at a very low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN2799 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Collateral Received in respect of Reverse Repurchase Agreements
Assets received from counterparties in Reverse Repurchase Agreements constitute collateral.
The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. The credit analysis of the counterparties is tailored to the intended activity and may include, but not limited to, a review of the management, liquidity, profitability, corporate structure, regulatory framework in the relevant jurisdiction, capital adequacy, and asset quality. Approved counterparties will typically have a public rating of A- or above. While there are no predetermined legal status or geographical criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral will be acceptable if it is in the form of eligible Money Market Instruments and liquid transferable securities or other money market instruments, as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers" and "Appendix VI – Collateral" and has received a favourable credit quality assessment pursuant to the Management Company’s Internal Credit Procedures. Given the high quality nature of the counterparties to the Reverse Repurchase Agreements, collateral is viewed as a secondary source of repayment.
Collateral may be offset against gross counterparty exposure. In offsetting collateral its value is reduced by a percentage (a "haircut") which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in section III.) a) iv)) of "Appendix II – Investment Restrictions and Powers". Collateral received is not sold, reinvested or pledged.
Collateral should be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if a Sub-Fund receives from a counterparty of efficient portfolio management a basket of collateral with a maximum exposure to a given issuer of 15% of the Sub-Fund’s net asset value except where those assets take the form of Money Market Instruments that fulfil the requirements of III) a) vii) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". When a Sub- Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 15% limit of exposure to a single issuer. By way of derogation from this sub- paragraph and under the conditions set forth by the MMF Regulation a Sub-Fund may be fully collateralised in liquid transferable securities and money market instruments as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". Such a Sub-Fund should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the Sub-Fund’s assets. Please see "Appendix VI – Collateral" for further details of the Sub-Funds which may take advantage of this derogation.
Where there is a title transfer, collateral received will be held by the Depositary (or sub-custodian on the behalf of the Depositary) on behalf of the relevant Sub-Fund in accordance with the Depositary’s safekeeping duties under the Depositary Agreement. For other types of collateral arrangements, the collateral can be held by a third party custodian that is subject to prudential supervision by its regulator and is unrelated to the provider of the collateral. With respect to Reverse Repurchase Agreements denominated in US dollar, the collateral is held by JPMCB, The Bank of New York Mellon or by State Street Bank and Trust Company, each in their capacity as collateral manager and acting as a third-party custodian. JPMCB and The Bank of New York Mellon are subject to prudential supervision by their respective regulators and are unrelated to the provider of the collateral.
Collateral will be valued on each Valuation Day, using last available market prices and taking into account appropriate discounts determined for each asset class based on the haircut policy as set out in "Appendix VI – Collateral". The collateral will be marked to market daily and may be subject to daily variation margin requirements. No review of the applicable haircut levels as disclosed in "Appendix VI – Collateral" is undertaken in the context of the valuation of collateral. | # Garantías recibidas en relación con Contratos con pacto de recompra inversa
Los activos recibidos por parte de las contrapartes de contratos con pacto de recompra inversa constituyen garantía.
El Fondo solamente celebrará operaciones con contrapartes que la Sociedad gestora considere solventes. El análisis de crédito de las contrapartes se adaptará en función de la actividad deseada y podrá incluir, entre otros elementos, una evaluación de la cúpula directiva, la liquidez, la rentabilidad, la estructura corporativa, el marco regulador en la jurisdicción correspondiente, la adecuación del capital y la calidad de los activos. Las contrapartes aprobadas contarán, por lo general, con una calificación pública de A- o superior. Si bien no se aplican criterios prestablecidos sobre la condición jurídica o la localización geográfica en el proceso de selección de contrapartes, estos elementos se suelen tener en cuenta en dicho proceso. La contraparte no tiene poder alguno en relación con la composición o la gestión de la cartera de un Subfondo. No se requiere la aprobación de la contraparte para ninguna decisión de inversión adoptada por un Subfondo.
Se aceptarán garantías en forma de instrumentos del mercado monetario admisibles y de valores mobiliarios líquidos u otros instrumentos del mercado monetario, conforme a lo dispuesto en los apartados I) D) b) «Normas generales de inversión», el Anexo II «Restricciones y facultades de inversión» y el Anexo VI «Garantías», y que hayan recibido una evaluación de la calidad crediticia favorable con arreglo a los Procedimientos internos de crédito establecidos por la Sociedad gestora. Dada la alta calidad de las contrapartes de los contratos con pacto de recompra inversa, las garantías se consideran una fuente secundaria de reembolso.
La garantía podrá emplearse para contrarrestar la exposición bruta al riesgo de contraparte. Al emplear la garantía con estos fines, se produce una reducción de su valor en un porcentaje (haircut) que tiene en cuenta, entre otros elementos, las fluctuaciones a corto plazo del valor de la exposición y de la garantía. Los niveles de garantía se mantienen con el fin de garantizar que la exposición neta al riesgo de contraparte no supere los límites por contraparte establecidos en el apartado punto III.) a) iv) del Anexo II «Restricciones y facultades de inversión». La garantía recibida no se venderá, reinvertirá o pignorará.
Las garantías deberán estar suficientemente diversificadas por países, mercados y emisores. Se entenderá que se ha respetado el criterio de la diversificación suficiente con respecto a la concentración de emisores si un Subfondo recibe de una contraparte de transacciones para la gestión eficiente de la cartera una cesta de garantías con una exposición máxima a un emisor dado del 15% del patrimonio neto del Subfondo, excepto cuando dichos activos adopten la forma de instrumentos del mercado monetario que cumplan los requisitos del apartado III) a) vii) «Normas generales de inversión», del Anexo II «Restricciones y facultades de inversión». Cuando un Subfondo tenga exposición a varias contrapartes, las distintas cestas de garantías deberán sumarse para calcular el límite del 15% de exposición a un emisor. Como excepción a lo previsto en este apartado y con arreglo a lo dispuesto en el Reglamento sobre FMM, un Subfondo podrá tener su exposición plenamente garantizada mediante valores mobiliarios líquidos e instrumentos del mercado monetario de conformidad con las disposiciones del apartado I) D) b) «Normas generales de inversión», del Anexo II «Restricciones y facultades de inversión». En ese caso, el Subfondo debería recibir valores de un mínimo de seis emisiones distintas, si bien los valores de un mismo emisor no podrán representar más del 30% del patrimonio del Subfondo. Véase el Anexo VI «Garantías», que ofrece información adicional sobre los Subfondos que pueden acogerse a esta excepción.
Cuando se realice una transferencia de títulos, el Depositario (o una entidad de subcustodia en nombre del Depositario) conservará la garantía recibida en representación del correspondiente Subfondo de conformidad con las obligaciones de salvaguarda del Depositario que se establecen en el Contrato de Depositario. En el caso de otros tipos de contratos de garantía, la garantía podrá ser custodiada por un depositario tercero, sujeto a supervisión prudencial por parte de su regulador y sin vínculo alguno con el proveedor de la garantía. Con respecto a los contratos con pacto de recompra inversa denominados en dólares estadounidenses, la garantía recibida se mantendrá bajo la custodia de JPMCB, The Bank of New York Mellon o State Street Bank and Trust Company, en sus respectivas calidades de gestores de garantías y actuando como depositarios terceros. JPMCB y The Bank of New York Mellon están sujetos a supervisión prudencial por parte de sus respectivos reguladores y no presentan vínculo alguno con el proveedor de la garantía.
Las garantías se valorarán cada Día de valoración, en función de los últimos precios de mercado disponibles y teniendo en cuenta los descuentos pertinentes determinados para cada clase de activos sobre la base de la política de reducción de valor (haircut) que se describe en el Anexo VI
«Garantías». Dichas garantías se ajustarán cada día al valor del mercado (marked-to-market) y podrán verse sujetas a la variación diaria de los requerimientos de márgenes. No se llevará a cabo revisión alguna de los niveles de reducción de valor (haircut) aplicables que figuran en el Anexo VI
«Garantías» en el marco de la valoración de las garantías. | # Collateral Received in respect of Reverse Repurchase Agreements
Assets received from counterparties in Reverse Repurchase Agreements constitute collateral.
The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. The credit analysis of the counterparties is tailored to the intended activity and may include, but not limited to, a review of the management, liquidity, profitability, corporate structure, regulatory framework in the relevant jurisdiction, capital adequacy, and asset quality. Approved counterparties will typically have a public rating of A- or above. While there are no predetermined legal status or geographical criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral will be acceptable if it is in the form of eligible Money Market Instruments and liquid transferable securities or other money market instruments, as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers" and "Appendix VI – Collateral" and has received a favourable credit quality assessment pursuant to the Management Company’s Internal Credit Procedures. Given the high quality nature of the counterparties to the Reverse Repurchase Agreements, collateral is viewed as a secondary source of repayment.
Collateral may be offset against gross counterparty exposure. In offsetting collateral its value is reduced by a percentage (a "haircut") which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in section III.) a) iv)) of "Appendix II – Investment Restrictions and Powers". Collateral received is not sold, reinvested or pledged.
Collateral should be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if a Sub-Fund receives from a counterparty of efficient portfolio management a basket of collateral with a maximum exposure to a given issuer of 15% of the Sub-Fund’s net asset value except where those assets take the form of Money Market Instruments that fulfil the requirements of III) a) vii) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". When a Sub- Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 15% limit of exposure to a single issuer. By way of derogation from this sub- paragraph and under the conditions set forth by the MMF Regulation a Sub-Fund may be fully collateralised in liquid transferable securities and money market instruments as per the provisions of I) D) b) "General Investment Rules", "Appendix II – Investment Restrictions and Powers". Such a Sub-Fund should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the Sub-Fund’s assets. Please see "Appendix VI – Collateral" for further details of the Sub-Funds which may take advantage of this derogation.
Where there is a title transfer, collateral received will be held by the Depositary (or sub-custodian on the behalf of the Depositary) on behalf of the relevant Sub-Fund in accordance with the Depositary’s safekeeping duties under the Depositary Agreement. For other types of collateral arrangements, the collateral can be held by a third party custodian that is subject to prudential supervision by its regulator and is unrelated to the provider of the collateral. With respect to Reverse Repurchase Agreements denominated in US dollar, the collateral is held by JPMCB, The Bank of New York Mellon or by State Street Bank and Trust Company, each in their capacity as collateral manager and acting as a third-party custodian. JPMCB and The Bank of New York Mellon are subject to prudential supervision by their respective regulators and are unrelated to the provider of the collateral.
Collateral will be valued on each Valuation Day, using last available market prices and taking into account appropriate discounts determined for each asset class based on the haircut policy as set out in "Appendix VI – Collateral". The collateral will be marked to market daily and may be subject to daily variation margin requirements. No review of the applicable haircut levels as disclosed in "Appendix VI – Collateral" is undertaken in the context of the valuation of collateral. | en | es |
DOLFIN2801 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs ?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest and how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return).
- For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- 10,000 USD is invested.
| Investment of 10,000 USD | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 577 USD | 1,717 USD |
| Cost impact* | 5.84% | 2.85% |
*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 9.48% before costs and 6.63% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 USD |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.61% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 155 USD |
| Transaction costs | 0.23% 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. | 22 USD |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
## Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte y de cuánto tiempo mantiene el producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- En el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %).
- En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten 10 000 USD.
| Inversión de 10 000 USD | Si lo vende después de 1 año | Si lo vende después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 577 USD | 1.717 USD |
| Incidencia de los costes* | 5,84 % | 2,85 % |
* Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 9,48 % antes de deducir los costes y del 6,63 % 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 | Hasta el 4,00 % del importe que paga usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 400 USD |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,61 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 155 USD |
| Costes de operación | 0,23 % 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. | 22 USD |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | # What are the costs ?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest and how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return).
- For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- 10,000 USD is invested.
| Investment of 10,000 USD | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 577 USD | 1,717 USD |
| Cost impact* | 5.84% | 2.85% |
*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 9.48% before costs and 6.63% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 USD |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.61% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 155 USD |
| Transaction costs | 0.23% 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. | 22 USD |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | en | es |
DOLFIN2803 | 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 31, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 31 de octubre de 2011. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: October 31, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
20%
10%
0%
-10% | en | es |
DOLFIN2812 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund aims to produce medium-term capital growth by trading a diversified portfolio of investments in accordance with the AHL Diversified Programme.
1 The Fund aims to perform independently of traditional stock and bond investments thereby providing valuable diversification benefits and enhancing the risk/reward profile of a traditional investment portfolio.
1 In order to achieve its investment objectives, the Fund invests mainly into financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying assets ('FDI')) in accordance with the AHL Diversified Programme. The Fund may also invest in other assets such as cash and money market funds.
1 The AHL Diversified Programme employs computerised processes primarily to identify trends and other opportunities in markets around the world and invests in a diversified portfolio of instruments which may include, but is not limited to: futures, options and forward contracts, swaps and other FDI. These markets may be accessed directly or indirectly and include, without limitation, stocks, bonds, currencies, short- term interest rates and commodities. | # Objetivos y política de inversión
1 El Fondo trata de proporcionar crecimiento del capital a medio plazo negociando una cartera diversificada de inversiones de conformidad con el Programa Diversificado de AHL.
1 El Fondo tiene como objetivo generar resultados independientemente de las inversiones tradicionales en acciones y bonos, proporcionando así valiosos beneficios de diversificación y mejorando el perfil de riesgo/ remuneración de una cartera de inversión tradicional.
1 Para lograr sus objetivos de inversión, el Fondo invierte mayoritariamente en instrumentos financieros derivados ("IFD", es decir, instrumentos cuyos precios dependan de uno o más activos subyacentes) de conformidad con el Programa Diversificado de AHL. El Fondo también puede invertir en otros activos, como efectivo y fondos del mercado monetario.
1 El Programa Diversificado de AHL utiliza procesos informatizados fundamentalmente para identificar tendencias y otras oportunidades en mercados de todo el mundo e invierte en una cartera diversificada de instrumentos que puede incluir, por ejemplo: futuros, opciones y contratos a plazo, swaps y otros IFD. Estos mercados, a los que se puede acceder de forma directa e indirecta, incluyen, entre otros: acciones, bonos, divisas, tipos de interés a corto plazo y materias primas. | # Objectives and investment policy
1 The Fund aims to produce medium-term capital growth by trading a diversified portfolio of investments in accordance with the AHL Diversified Programme.
1 The Fund aims to perform independently of traditional stock and bond investments thereby providing valuable diversification benefits and enhancing the risk/reward profile of a traditional investment portfolio.
1 In order to achieve its investment objectives, the Fund invests mainly into financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying assets ('FDI')) in accordance with the AHL Diversified Programme. The Fund may also invest in other assets such as cash and money market funds.
1 The AHL Diversified Programme employs computerised processes primarily to identify trends and other opportunities in markets around the world and invests in a diversified portfolio of instruments which may include, but is not limited to: futures, options and forward contracts, swaps and other FDI. These markets may be accessed directly or indirectly and include, without limitation, stocks, bonds, currencies, short- term interest rates and commodities. | en | es |
DOLFIN2814 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
- The Custodian of Franklin Templeton Alternative Funds is J.P. Morgan Bank Luxembourg S.A.
- Copies of the latest prospectus and the latest annual andsemi-annualreports of Franklin Templeton Alternative Funds are available in the language of this document, on the website www.ftidocuments.com or may be obtained free of charge from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or your financial adviser.
- The latest prices and other information on the Fund (including other share classes of the Fund) are available from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or www.franklintempleton.lu.
- Please note that the taxation regime applicable in the Grand Duchy of Luxembourg may have an impact on your personal tax position. Please consult your financial or tax adviser before deciding to invest.
- Franklin Templeton International Services S.à r.l. may be held liable solely onthe 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 present Fund is a sub-fund of Franklin Templeton Alternative Funds. The prospectus and the financial reports refer to all sub-funds of Franklin Templeton Alternative Funds. All sub-funds of Franklin Templeton Alternative Funds have segregated assets and liabilities. As a result, each sub-fund is operated independently from each other.
- You may switch into shares of another sub-fund of Franklin Templeton Alternative Funds as further described in the prospectus.
- The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee are available at www.franklintempleton.lu and a paper copy can be obtained free of charge.
This Fund is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Franklin Templeton International Services S.à r.l. is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 2021-03-29. | # Información práctica
- El Depositario de Franklin Templeton Alternative Funds es J.P. Morgan Bank Luxembourg S.A.
- Se pueden obtener copias de los folletos y los informes semestrales y anuales más recientesde Franklin Templeton Alternative Funds en el idioma de este documento, en el sitio web www.ftidocuments.com , de forma gratuita en Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxemburgo, o bien a través de su asesor financiero.
- Los precios más recientes y otra información sobre el Fondo (incluyendo otras clases de acciones del Fondo) se encuentran disponibles en Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxemburgo o en www.franklintempleton.lu.
- Tenga en cuenta que el régimen fiscal aplicable en el Gran Ducado de Luxemburgo puede influir en su situación tributaria. Antes de decidir invertir, consulte a su asesor fiscal o financiero.
- Franklin Templeton International Services S.à r.l. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documentoque resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
- El presente Fondo es un compartimento de Franklin Templeton Alternative Funds. El folleto informativo y los informes financieros se refieren a todos los compartimentos de Franklin Templeton Alternative Funds. Todos los compartimentos de Franklin Templeton Alternative Funds tienen activos y pasivos por separado. En consecuencia, cada compartimento se opera independientemente del resto.
- Podrá canjear acciones de otro compartimento de Franklin Templeton Alternative Funds tal y como se describe en el folleto informativo.
- Los detalles de la política de remuneración actualizada, incluidas, entre otras cosas, una descripción de cómo se calculan la remuneración y los beneficios, y la identidad de las personas responsables de adjudicarlos, incluida la composición del comité de remuneración, están disponibles en www.franklintempleton.lu y se puede obtener una copia impresa de forma gratuita.
Este Fondo está autorizado en el Gran Ducado de Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier. Franklin Templeton International Services S.à r.l. está autorizada en el Gran Ducado de Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier.
Los presentes datos fundamentales para el inversor son exactos a 29/03/2021. | # Practical Information
- The Custodian of Franklin Templeton Alternative Funds is J.P. Morgan Bank Luxembourg S.A.
- Copies of the latest prospectus and the latest annual andsemi-annualreports of Franklin Templeton Alternative Funds are available in the language of this document, on the website www.ftidocuments.com or may be obtained free of charge from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or your financial adviser.
- The latest prices and other information on the Fund (including other share classes of the Fund) are available from Franklin Templeton International Services S.à r.l., 8A, rue Albert Borschette, L-1246 Luxembourg or www.franklintempleton.lu.
- Please note that the taxation regime applicable in the Grand Duchy of Luxembourg may have an impact on your personal tax position. Please consult your financial or tax adviser before deciding to invest.
- Franklin Templeton International Services S.à r.l. may be held liable solely onthe 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 present Fund is a sub-fund of Franklin Templeton Alternative Funds. The prospectus and the financial reports refer to all sub-funds of Franklin Templeton Alternative Funds. All sub-funds of Franklin Templeton Alternative Funds have segregated assets and liabilities. As a result, each sub-fund is operated independently from each other.
- You may switch into shares of another sub-fund of Franklin Templeton Alternative Funds as further described in the prospectus.
- The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee are available at www.franklintempleton.lu and a paper copy can be obtained free of charge.
This Fund is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Franklin Templeton International Services S.à r.l. is authorised in the Grand Duchy of Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier.
This key investor information is accurate as at 2021-03-29. | en | es |
DOLFIN2815 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Concentration risk: To the extent that the fund invests a large portion of its assets in a limited number of industries, sectors, or issuers, or within a limited geographical area, it can be more risky than a fund that invests more broadly. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | | El indicador mide el riesgo de que se produzcan fluctuaciones en el valor liquidativo de la clase de acciones tomando como base la volatilidad de los 5 últimos años y asigna el fondo a la categoría 4. Consecuentemente, la adquisición de participaciones del fondo está vinculada a un riesgo moderado de que se produzcan tales fluctuaciones. Tenga en cuenta que la asignación a la categoría 1 no significa que la inversión esté libre de riesgo. Los datos históricos, tales como los utilizados en el cálculo del indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del OICVM, ya que la categoría podría cambiar en el futuro. Los riesgos siguientes revisten una importancia significativa para el OICVM pero no están adecuadamente reflejados en el indicador sintético y podrían dar lugar a pérdidas adicionales: |
| --- |
| Riesgo vinculado a los ABS/MBS: Los bonos de titulización hipotecaria (MBS) y los bonos de titulización de activos (ABS) suelen conllevar un riesgo de reembolso anticipado y prórroga, y pueden presentar un riesgo de liquidez superior a la media. |
| 2 Riesgo vinculado a los bonos CoCo: Los emisores de valores convertibles contingentes (bonos CoCo o CoCo) pueden anular o suspender, a su discreción, los pagos de ingresos previstos. Los CoCo comportan un riesgo de prórroga, y pueden experimentar una volatilidad muy elevada. |
| Riesgo de concentración: Si el fondo invierte una parte considerable de su patrimonio en un número reducido de industrias, sectores o emisores, o en una zona geográfica limitada, podría estar sujeto a mayores riesgos que un fondo que invierte de manera más diversificada. |
| Riesgo vinculado a los valores convertibles: Dado que los valores convertibles están estructurados como bonos que, por lo general, pueden o deben ser reembolsados con una cantidad predeterminada de acciones, en lugar de efectivo, estos valores pueden conllevar, simultáneamente, el riesgo de renta variable y los riesgos de crédito e impago que se suelen asociar a los bonos. |
| Riesgo de crédito: Un bono o un instrumento del mercado monetario, ya sea de un emisor público o privado, podría perder valor si la situación financiera del emisor se deteriora. |
| Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado. |
| Riesgo de cobertura: Los esfuerzos por reducir o eliminar determinados riesgos podrían no dar el resultado esperado y, en caso de funcionar, eliminarán normalmente el potencial de ganancia junto con el riesgo de pérdida. |
| Riesgo de liquidez: Podría resultar difícil valorar ciertos títulos o comprarlos o venderlos en el momento o al precio deseados, lo que podría incidir en el valor del fondo y en su capacidad para abonar el producto del reembolso o satisfacer otras obligaciones de manera oportuna. |
| Riesgo de reembolso anticipado y prórroga: Todo movimiento inesperado en los tipos de interés podría hacer mella en la rentabilidad de los títulos de deuda amortizables (valores cuyos emisores tienen el derecho a abonar completamente el principal del título antes de la fecha de vencimiento). | | | The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Concentration risk: To the extent that the fund invests a large portion of its assets in a limited number of industries, sectors, or issuers, or within a limited geographical area, it can be more risky than a fund that invests more broadly. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | en | es |
DOLFIN2828 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund 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).
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens
At least 70% of the Fund’s total assets will be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and 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 the FTSE World Government Bond 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 and issuer 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 (i.e. dividend income will be paid monthly and calculated monthly on the shares). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) y de inversión sostenible aplicados a la inversión.
El Fondo 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).
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información sobre las características ESG, consulte el folleto y visite el sitio web de BlackRock: https://www.blackrock.com/baselinescreens
Al menos el 70% de los activos totales del Fondo estarán emitidos por gobiernos, agencias gubernamentales y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) y tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la compra. 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 FTSE World Government Bond 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 y en materia de emisores 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 (mensualmente se pagarán ingresos por dividendo, que se calcularán mensualmente sobre las acciones). Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund 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).
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens
At least 70% of the Fund’s total assets will be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and 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 the FTSE World Government Bond 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 and issuer 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 (i.e. dividend income will be paid monthly and calculated monthly on the shares). Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2835 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ARTICLE 17- BOARD MEETINGS AND DELIBERATIONS
The board of directors shall meet when convened by the chairman, as often as the company's interests require, either at the registered offices or at any other location indicated in the notice of meeting.
Whenever the board has not met for more than two months, at least one-third of its members may ask the chairman to convene a meeting based on a specific agenda. The chief executive officer may also ask the chairman to convene a board of directors’ meeting to deal with a specific agenda. The chairman is bound by such a request.
Company bylaws may determine, in accordance with legal and regulatory provisions, the conditions for organising meetings of the board of directors, which except when held for the adoption of resolutions that are expressly excluded from this option under the French Commercial Code, may take place via video-conference.
## Invitations may be sent to the directors by post or verbally.
A quorum of at least half the members is required in order for decisions to be valid. Decisions are adopted by a majority vote of members present or represented. Each director holds one vote. In the case of a split-vote, the chairman has the casting vote.
Where video-conferencing is permitted, the company’s bylaws may stipulate, in accordance with the regulations in force, that directors participating in a board of directors' meeting via video-conference are deemed present for the purpose of quorum and majority calculations. | # ARTÍCULO 17 - REUNIONES Y DELIBERACIONES DEL CONSEJO
El Consejo de Administración se reúne por convocatoria del Presidente, tan a menudo como lo exija el interés de la sociedad, en el domicilio social o en cualquier otro lugar indicado en la convocatoria.
Si no se ha reunido desde hace más de dos meses, un mínimo de un tercio de sus miembros puede pedir al Presidente que lo convoque con un orden del día determinado. El Director General también puede pedir al Presidente que convoque al Consejo de Administración con un orden del día determinado. Esas peticiones son vinculantes para el Presidente.
Un reglamento interno puede fijar las condiciones de celebración de las reuniones del Consejo de Administración con arreglo a las disposiciones legales y normativas, que se pueden celebrar por videoconferencia excepto cuando haya que aprobar decisiones para las cuales el código mercantil descarte expresamente ese medio.
## Las convocatorias se remiten a los administradores por carta simple u oralmente.
Se requiere la asistencia de al menos la mitad de los válidos para que las deliberaciones sean válidas. Las decisiones se toman por mayoría de votos de los miembros presentes o representados. Cada administrador dispone de un voto. En caso de empate, el voto del Presidente de la sesión es preponderante.
En caso de que se admita la videoconferencia, el reglamento interno puede contemplar, conforme a la legislación vigente, que en el cálculo del cuórum y de la mayoría se tome en cuenta a los administradores que participan en la reunión del Consejo por videoconferencia. | # ARTICLE 17- BOARD MEETINGS AND DELIBERATIONS
The board of directors shall meet when convened by the chairman, as often as the company's interests require, either at the registered offices or at any other location indicated in the notice of meeting.
Whenever the board has not met for more than two months, at least one-third of its members may ask the chairman to convene a meeting based on a specific agenda. The chief executive officer may also ask the chairman to convene a board of directors’ meeting to deal with a specific agenda. The chairman is bound by such a request.
Company bylaws may determine, in accordance with legal and regulatory provisions, the conditions for organising meetings of the board of directors, which except when held for the adoption of resolutions that are expressly excluded from this option under the French Commercial Code, may take place via video-conference.
## Invitations may be sent to the directors by post or verbally.
A quorum of at least half the members is required in order for decisions to be valid. Decisions are adopted by a majority vote of members present or represented. Each director holds one vote. In the case of a split-vote, the chairman has the casting vote.
Where video-conferencing is permitted, the company’s bylaws may stipulate, in accordance with the regulations in force, that directors participating in a board of directors' meeting via video-conference are deemed present for the purpose of quorum and majority calculations. | en | es |
DOLFIN2836 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This 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 does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | Esta clase de acciones tiene una calificación de 6 en una escala del 1 (menor riesgo) al 7 (mayor riesgo) debido a su rentabilidad histórica (o datos representativos) y la naturaleza de sus inversiones. Las acciones con una calificación de 6 se ven sometidas a elevadas fluctuaciones de precios. El riesgo se asume a fin de obtener una mayor rentabilidad potencial: cuanto más riesgo asume un fondo, mayor será su potencial rentabilidad, pero también el riesgo de sufrir pérdidas. Este 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 asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
El fondo no ofrece una rentabilidad garantizada al inversor. Tampoco garantiza la devolución de la suma invertida por el inversor en el fondo.
Además, el fondo podrá mantener hasta el 20% del valor de inventario neto en efectivo (incluso en divisas distintas a la moneda de cuenta) o activos líquidos accesorios.
Referencia: Índice MSCI ACWI Information Technology NR USD Objeto de la referencia: La referencia únicamente se emplea a efectos de comparar la rentabilidad. El fondo se gestiona de forma activa, y el Gestor de inversiones posee amplias facultades para distanciarse de la composición de la referencia, sus ponderaciones y sus características de riesgo con arreglo al objetivo y la política de inversión del fondo.
Los inversores pueden comprar y vender acciones del fondo en cualquier día hábil.
No percibirá ningún ingreso de su inversión. Cualquier ingreso obtenido se acumulará en el valor de las acciones del fondo.
Recomendación: El fondo debe mantenerse con un horizonte de inversión a largo plazo y puede no ser adecuado para los inversores que prevean retirar su dinero en un plazo de cinco años.
Para obtener más información, consulte las secciones “Objetivo de inversión” y “Política de inversión” del suplemento del fondo.
Este indicador tiene en cuenta los riesgos implicados en el valor de inventario neto del fondo. Estos implican principalmente fluctuaciones del valor de las inversiones. Además de los riesgos que se expresan por medio del indicador, el valor liquidativo del fondo puede verse afectado de forma significativa por los factores siguientes:
Riesgo de concentración: El riesgo de inversión dentro del fondo se concentra en sectores, países, divisas o empresas concretos. Esto significa que el fondo es más sensible a cualquier suceso económico, de mercado, político o normativo localizado.
Derivados: El fondo puede invertir en instrumentos derivados financieros, que pueden dar lugar a mayores fluctuaciones del valor del fondo y provocar que este pierda la totalidad de lo invertido o un importe incluso mayor.
Mercados emergentes: El fondo puede invertir en activos de mercados emergentes. Por lo general los mercados emergentes conllevan un mayor riesgo político, jurídico, de contraparte y operativo. En circunstancias excepcionales el fondo puede tener dificultades para comprar y vender estas inversiones.
Propiedad intelectual: Las inversiones en valores tecnológicos están expuestas a riesgos debido a la ausencia o la pérdida de protecciones de la propiedad intelectual, los rápidos cambios que experimenta la tecnología, la normativa estatal y la competencia.
Para obtener más información sobre los riesgos, remítase a la sección “Risk Factors” (Factores de riesgo) del folleto y el suplemento de los fondos. | On a scale of 1 (less risky) to 7 (more risky), this Share Class has a rating of 6 due to its past performance (or representative data) and the nature of its investments. Shares with a rating of 6 are subject to high price fluctuations.
Risk is taken in order to make a higher potential return; the more risk a fund takes, the higher the potential return but the greater the risk of loss. This 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 does not offer the investor a guaranteed return. Nor does it guarantee the fixed repayment of the money invested in the Fund by the investor.
The Fund may further hold cash (including in currencies other than the Base Currency) or ancillary liquid assets of up to 20% of the NAV. Benchmark: MSCI ACWI Information Technology NR USD Index Benchmark purpose: The Benchmark is used for performance comparison purposes only. The Fund is actively managed, and the Investment Manager has broad discretion to deviate from the Benchmark’s constituents, weightings and risk characteristics within the Fund’s objective and investment policy.
Investors may buy and sell shares of the Fund on any business day.
You will not receive any income from your investment. Any income will be rolled up into the value of shares in the Fund.
Recommendation: The Fund should be held for a long-term investment horizon and it may not be appropriate for investors who plan to withdraw their money within five years.
For further information, please see the “Investment Objective” and “Investment Policy” sections of the Fund's Supplement.
The indicator takes account of those risks which are entailed in the Fund's net asset value. These mainly involve fluctuations in the value of investments. In addition to the risks expressed through the indicator, the Fund's net asset value may also be significantly affected by the following factors:
Concentration Risk: Investment risk within the Fund is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.
Derivatives: The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested.
Emerging Markets: The Fund may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments.
Intellectual Property: Investments in technology securities are subject to risk due to the absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.
For further information on risks, please refer to the Risk Factors section in the Funds prospectus and supplement. | en | es |
DOLFIN2845 | 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. 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 fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data. | # 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. 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.
London Stock Exchange Group plc y las empresas del grupo (en conjunto, el “Grupo LSE”) no están vinculadas a, ni patrocinan, apoyan, comercializan o promocionan el fondo. El Grupo LSE no acepta ninguna responsabilidad frente a ninguna persona que surja del uso del fondo o de los datos subyacentes. | # 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. 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 fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data. | en | es |
DOLFIN2858 | 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 US dollar (USD).
-4.0%
-6.9%
-2.9%
-6.6%
-0.7%
-4.8%
-6.4%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # La divisa de referencia es el dólar americano (USD).
-4,0%
-6,9%
-2,9%
-6,6%
-0,7%
-4,8%
-6,4%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | # The reference currency is the US dollar (USD).
-4.0%
-6.9%
-2.9%
-6.6%
-0.7%
-4.8%
-6.4%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | en | es |
DOLFIN2860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator:
Derivatives/Counterparty risks: Funds may enter into listed and unlisted derivative contracts to indirectly invest on an underlying asset or to secure their assets. The payment on these contracts varies with changes of the value of the underlying assets. These instruments are traded on a borrowing mechanism (leverage). For the fund, the result is a higher market exposure than they could basically have. It may, in some cases, multiply losses. An unlisted contract is directly signed with a specific counterparty which means that in the event of insolvency of the counterparty, the Funds could suffer a loss. Due to their unlisted specificity, these contracts are difficult to price.
Structured Instruments risk: Funds investing in structured instruments (securities linked to the performance of underlying assets, foreign currencies, indices of securities, interest rates, or other financial indicators) may wish to be exposed to an underlying asset or to secure their direct assets. Payments on such structured instruments may vary with changes of the value of the underlying assets. Funds investing in structured instruments issued by a corporate, bank or other organization are exposed to the possibility that this issuer will not be able to reimburse the holders. In addition, these instruments can involve significant economic leverage. As a result, funds may gain a higher market exposure than they would have otherwise, which may in some cases increase losses. Finally, funds may not be able to sell structured instruments quickly and easily. | # Los siguientes riesgos son materialmente relevantes para el fondo, pero no son recopilados adecuadamente por el indicador sintético:
Riesgo de derivados/contraparte: Los fondos pueden celebrar contratos de derivados cotizados y no cotizados para invertir indirectamente en un activo subyacente o para proteger sus activos. El pago respecto a esos contratos varía según cambia el valor de los activos subyacentes. Estos instrumentos cotizan conforme a un mecanismo de toma en préstamo (apalancamiento). Para el fondo, el resultado es una exposición al mercado más alta que la que podría tener en general. En al algunos casos, puede multiplicar las pérdidas. Un contrato no cotizado se firma directamente con una contraparte específica, lo que significa que en caso de insolvencia de la contraparte, los fondos podrían sufrir pérdidas. Debido a su especificidad no cotizada, es difícil fijar el precio de estos contratos.
Riesgo de instrumentos estructurados: Los fondos que invierten en instrumentos estructurados (valores vinculados a la rentabilidad de los activos subyacentes, divisas extranjeras, índices de valores, tipos de interés u otros indicadores financieros) pueden desear contar con exposición a un activo subyacente o proteger sus activos directos. Los pagos respecto a esos instrumentos estructurados pueden variar según cambia el valor de los activos subyacentes. Los fondos que invierten en instrumentos estructurados emitidos por una organización corporativa, un banco u otra organización están expuestos a la posibilidad de que este emisor no pueda reembolsar a los tenedores. Además, dichos instrumentos pueden conllevar un apalancamiento económico considerable. Como consecuencia de lo anterior, los fondos pueden presentar una exposición al mercado superior a la que tendrían en otras circunstancias, lo que, en algunos casos, puede aumentar las pérdidas. Por último, puede ocurrir que los fondos no consigan vender instrumentos estructurados de forma rápida o fácil. | # The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator:
Derivatives/Counterparty risks: Funds may enter into listed and unlisted derivative contracts to indirectly invest on an underlying asset or to secure their assets. The payment on these contracts varies with changes of the value of the underlying assets. These instruments are traded on a borrowing mechanism (leverage). For the fund, the result is a higher market exposure than they could basically have. It may, in some cases, multiply losses. An unlisted contract is directly signed with a specific counterparty which means that in the event of insolvency of the counterparty, the Funds could suffer a loss. Due to their unlisted specificity, these contracts are difficult to price.
Structured Instruments risk: Funds investing in structured instruments (securities linked to the performance of underlying assets, foreign currencies, indices of securities, interest rates, or other financial indicators) may wish to be exposed to an underlying asset or to secure their direct assets. Payments on such structured instruments may vary with changes of the value of the underlying assets. Funds investing in structured instruments issued by a corporate, bank or other organization are exposed to the possibility that this issuer will not be able to reimburse the holders. In addition, these instruments can involve significant economic leverage. As a result, funds may gain a higher market exposure than they would have otherwise, which may in some cases increase losses. Finally, funds may not be able to sell structured instruments quickly and easily. | en | es |
DOLFIN2862 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de febrero de 2020. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN2864 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders and potential investors who are considering investing in one of the Sub-Funds of the Company concerned by the risks associated with “Distressed securities and default securities" should read this chapter carefully before considering any investment.
"Distressed Securities" may be defined as debts that are officially in restructuring or in payment default and whose credit margin is at least 10% higher (in absolute terms) than the risk-free interest rate (interest rate applicable to the currency of issue) and whose rating (by at least one of the major rating agencies) is lower than CCC-.
The following Sub-Funds are eligible to invest in Distressed Securities, as further described in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus: Carmignac Portfolio Global Bond (up to 5%), Carmignac Portfolio Flexible Bond (up to 4%), Carmignac Portfolio Emerging Patrimoine (up to 5%), Carmignac Portfolio Patrimoine (up to 5%), Carmignac Portfolio Sécurité (up to 4%), Carmignac Portfolio Credit (up to 10%), Carmignac Portfolio EM Debt (up to 20%), and Carmignac Portfolio Patrimoine Europe (up to 5%).
The Company's other Sub-Funds may not invest in this type of instrument. However, it is possible that some of the instruments that they hold join the "Distressed Securities" category after their acquisition, following a market event or any other event resulting in their change of category. In such case, the manager will act in the best interest of the investors in order to resolve the situation. | Se ruega a los Accionistas e inversores potenciales que tienen previsto invertir en uno de los Subfondos de la Sociedad al que afecte el apartado «Títulos de deuda distressed y títulos en mora» que lean atentamente dicho apartado antes de llevar a cabo cualquier inversión.
Los «Títulos de deuda distressed» pueden definirse como la deuda que se encuentra oficialmente en proceso de reestructuración o en situación de impago, cuyo diferencial de crédito es como mínimo un 10% superior (en términos absolutos) al tipo sin riesgo (tipo aplicable en la divisa de emisión) y cuya calificación (otorgada por al menos una de las principales agencias de calificación crediticia) es inferior a CCC-.
Los siguientes Subfondos pueden invertir en Títulos de deuda distressed, según se describe de forma más detallada en la Parte A «Los Subfondos de CARMIGNAC PORTFOLIO» de este folleto: Carmignac Portfolio Global Bond (hasta un 5%), Carmignac Portfolio Flexible Bond (hasta un 4%), Carmignac Portfolio Emerging Patrimoine (hasta un 5%), Carmignac Portfolio Patrimoine (hasta un 5%), Carmignac Portfolio Sécurité (hasta un 4%), Carmignac Portfolio Credit (hasta un 10%), Carmignac Portfolio EM Debt (hasta un 20%) y Carmignac Portfolio Patrimoine Europe (hasta un 5%).
Los demás Subfondos de la Sociedad no pueden invertir en este tipo de instrumentos. No obstante, es posible que determinados instrumentos en cartera se incorporen a la categoría de «Títulos de deuda distressed» después de su adquisición como consecuencia de un acontecimiento de mercado o de cualquier otra índole que provoque dicho cambio de categoría. En tal caso, el gestor adoptará las medidas necesarias para subsanar la situación, siempre en el mejor interés de los inversores. | Shareholders and potential investors who are considering investing in one of the Sub-Funds of the Company concerned by the risks associated with “Distressed securities and default securities" should read this chapter carefully before considering any investment.
"Distressed Securities" may be defined as debts that are officially in restructuring or in payment default and whose credit margin is at least 10% higher (in absolute terms) than the risk-free interest rate (interest rate applicable to the currency of issue) and whose rating (by at least one of the major rating agencies) is lower than CCC-.
The following Sub-Funds are eligible to invest in Distressed Securities, as further described in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus: Carmignac Portfolio Global Bond (up to 5%), Carmignac Portfolio Flexible Bond (up to 4%), Carmignac Portfolio Emerging Patrimoine (up to 5%), Carmignac Portfolio Patrimoine (up to 5%), Carmignac Portfolio Sécurité (up to 4%), Carmignac Portfolio Credit (up to 10%), Carmignac Portfolio EM Debt (up to 20%), and Carmignac Portfolio Patrimoine Europe (up to 5%).
The Company's other Sub-Funds may not invest in this type of instrument. However, it is possible that some of the instruments that they hold join the "Distressed Securities" category after their acquisition, following a market event or any other event resulting in their change of category. In such case, the manager will act in the best interest of the investors in order to resolve the situation. | en | es |
DOLFIN2873 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For companies in the equity universe that are also monitored by Credit Research, ESG materiality is the responsibility of Credit Research in close collaboration with equity managers/analysts. This collaboration gives an overview of the materiality of a company’s ESG factors.
This analysis starts by identifying sustainability issues influencing the sector of activity or the company’s business model. From this analysis, the risks and opportunities inherent to the company are identified, as well as how well the company is positioned to benefit from opportunities and avoid/mitigate risks, both through the procedures and the organisation in place, and through the concrete measures set out and applied.
- Use of the GREaT quantitative score to determine the discount rate used in the company’s valuationThis rate takes into account its non-financial score. A high-quality non-financial score will lower the discount rate, whereas a poor one will increase it.
- Consideration of the qualitative score, taken from the fundamental analysis of the company, in the weighting of portfolio securitiesThe position calibration methodology will facilitate portfolio construction and management. This methodology summarises the degree of conviction, intrinsic risks and non-financial quality for each eligible company. | En el caso de las empresas del universo de renta variable que también se encuentran al amparo del análisis crediticio, la relevancia en materia de ESG se garantiza bajo la responsabilidad del análisis crediticio en estrecha colaboración con los analistas y gestores de renta variable. Esta colaboración proporciona una visión global sobre la relevancia de los elementos ESG para una empresa.
Este análisis comienza con la identificación de los problemas de sostenibilidad que influyen en el sector de actividad correspondiente o en el modelo económico de la empresa. De este análisis, se extraen los riesgos y oportunidades inherentes a la empresa y cómo se encuentra posicionada para beneficiarse de las oportunidades y evitar/mitigar los riesgos, tanto a través de los procedimientos y la organización en vigor, como a través de las medidas concretas establecidas y aplicadas.
- Empleo de la calificación cuantitativa GREaT para determinar la tasa de descuento utilizada en la valoración de la empresaEsta tasa tiene en cuenta su calificación extrafinanciera. Una calificación extrafinanciera de buena calidad reducirá la tasa de descuento, y, por el contrario, una calificación desfavorable la aumentará.
- Consideración de la calificación cualitativa, derivada del análisis fundamental de la empresa, en la ponderación de los valores de la carteraLa metodología de calibración de las posiciones facilitará la construcción y la gestión de la cartera. Esta metodología sintetiza el grado de convicción, los riesgos intrínsecos y la calidad extrafinanciera de cada empresa admisible. | For companies in the equity universe that are also monitored by Credit Research, ESG materiality is the responsibility of Credit Research in close collaboration with equity managers/analysts. This collaboration gives an overview of the materiality of a company’s ESG factors.
This analysis starts by identifying sustainability issues influencing the sector of activity or the company’s business model. From this analysis, the risks and opportunities inherent to the company are identified, as well as how well the company is positioned to benefit from opportunities and avoid/mitigate risks, both through the procedures and the organisation in place, and through the concrete measures set out and applied.
- Use of the GREaT quantitative score to determine the discount rate used in the company’s valuationThis rate takes into account its non-financial score. A high-quality non-financial score will lower the discount rate, whereas a poor one will increase it.
- Consideration of the qualitative score, taken from the fundamental analysis of the company, in the weighting of portfolio securitiesThe position calibration methodology will facilitate portfolio construction and management. This methodology summarises the degree of conviction, intrinsic risks and non-financial quality for each eligible company. | en | es |
DOLFIN2884 | 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 capital growth and income over the medium to long term.
- The fund will invest in a wide range of markets throughout the world providing exposure to investment grade, high yield and emerging market bonds, as well as to shares of companies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 50% in global government bonds and may also have exposure of less than 30% to infrastructure securities 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 under normal market conditions invest up to 100% in global investment grade bonds, 50% in emerging markets bonds, 50% in shares of companies globally and 60% in global high yield bonds.
- The fund will invest less than 20% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- In adverse market conditions the fund may hold up to 25% of its assets in cash or money market instruments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- 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 without reference to an index.
- Income earned by the fund is paid to shareholders out of gross 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.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies and coupon payments from bond holdings.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo lograr crecimiento del capital e ingresos a mediano y largo plazo.
- El fondo invertirá en una amplia gama de mercados de todo el mundo que proporcionan exposición a bonos de mercados emergentes, de alta rentabilidad y con grado de inversión, así como en acciones de empresas.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- 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 50% en bonos del Estado de todo el mundo y también puede tener una exposición de menos del 30% a valores de infraestructuras 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.
- En condiciones normales del mercado, el fondo puede invertir hasta el 100 % en bonos mundiales con grado de inversión, el 50 % en bonos de mercados emergentes, el 50 % en acciones de empresas de todo el mundo y el 60 % en bonos mundiales de alta rentabilidad.
- El Subfondo invertirá menos del 20 % directa o indirectamente en Acciones China A y B o en valores de renta fija del mercado interior chino de forma conjunta.
- En condiciones del mercado adversas, el fondo puede mantener hasta el 25 % de sus activos en efectivo o instrumentos del mercado monetario (efectivo y depósitos a corto plazo, certificados de depósito, letras y Fondos del Mercado Monetario).
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente.
- 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 forma activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se pagan a los accionistas a partir de los ingresos brutos 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.
- Los ingresos del fondo procederán principalmente de los pagos de dividendos de acciones de empresas y de cupones de las posiciones en renta fija.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide capital growth and income over the medium to long term.
- The fund will invest in a wide range of markets throughout the world providing exposure to investment grade, high yield and emerging market bonds, as well as to shares of companies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 50% in global government bonds and may also have exposure of less than 30% to infrastructure securities 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 under normal market conditions invest up to 100% in global investment grade bonds, 50% in emerging markets bonds, 50% in shares of companies globally and 60% in global high yield bonds.
- The fund will invest less than 20% directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- In adverse market conditions the fund may hold up to 25% of its assets in cash or money market instruments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- 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 without reference to an index.
- Income earned by the fund is paid to shareholders out of gross 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.
- The fund’s source of income will mainly be generated from dividend payments from shares of companies and coupon payments from bond holdings.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN2885 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in NZD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1985. The share class was launched in 2015.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Bloomberg Global Aggregate USD Hedged Index (USD)
It is not intended that the performance of the Fund will track the index. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en NZD para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 1985. La clase de acciones se lanzó en 2015.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹Bloomberg Global Aggregate USD Hedged Index (USD)
No está previsto que la rentabilidad del Fondo replique la del índice. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in NZD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1985. The share class was launched in 2015.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹Bloomberg Global Aggregate USD Hedged Index (USD)
It is not intended that the performance of the Fund will track the index. | en | es |
DOLFIN2888 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Conservative / Lipper Global Mixed Asset GBP Balanced / Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be
## wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The share class is denominated in EUR. This is hedged against the Fund's base currency.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within four years. | # Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es obtener el crecimiento del capital a largo plazo con una menor volatilidad que un fondo que invierte únicamente en valores de renta variable.
2 El Fondo tratará de lograr este objetivo principalmente mediante la inversión en organismos de inversión colectiva de capital variable que adquieran exposición a la renta variable (por ejemplo, acciones), valores de renta fija (sin restricciones sobre el rating crediticio mínimo), inmuebles, materias primas y divisas.
2 El Fondo podrá adquirir una exposición de entre el 20% y el 60% de su patrimonio neto a renta variable y a fondos long-only, y mantendrá una exposición mínima del 30% a instrumentos del mercado monetario, efectivo y fondos que invierten en valores de renta fija.
## 2 A la hora de determinar la asignación de las inversiones, y con vistas a lograr el objetivo de inversión del Fondo, se tendrá en cuenta la situación macroeconómica.
2 Se considera que el Fondo está gestionado activamente con referencia al índice Lipper Global Mixed Asset GBP Conservative / Lipper Global Mixed Asset GBP Balanced / Average 1 month deposit rate(los «Índices de referencia»), dado que utiliza los Índices de referencia en la moneda pertinente a efectos de comparación de la rentabilidad. No obstante, no se recurre a los Índices de referencia para determinar la composición de
## la cartera del Fondo y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte de los Índices de referencia.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 El Fondo podrá emplear diversos instrumentos derivados sencillos con fines de inversión y/o de una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. Aunque el uso de derivados puede generar exposición adicional, dicha exposición adicional no superará el patrimonio neto del Fondo.
## 2 Esta clase de acción está denominada en EUR. Está cubierta frente a la divisa de referencia del Fondo.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cuatro años. | # Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth with lower volatility than a fund which invests solely in equities.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 The Fund may gain exposure in the range of 20-60% of net assets to equities and long only funds; and will maintain a minimum exposure of 30% to Money Market Instruments, Cash and Funds which invest in Fixed Income Securities.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Conservative / Lipper Global Mixed Asset GBP Balanced / Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be
## wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The share class is denominated in EUR. This is hedged against the Fund's base currency.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within four years. | en | es |
DOLFIN2889 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invests at least 2/3 of its total net assets in fixed income transferable securities and less than 1/3 of its total net assets in equities and/or equity-equivalent securities. The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and to a limited extent in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds.
The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities.
The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including to a limited extent in emerging markets.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
The Fund can hold up to 15% in cash.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days. | ## Objetivos y política de inversión
El Fondo trata de proporcionar una rentabilidad positiva a medio plazo.
El Fondo invierte al menos dos terceras partes de sus activos netos totales en valores mobiliarios de renta fija y menos de una tercera parte de sus activos netos totales en renta variable y/o valores equivalentes a renta variable. El Fondo invierte más de la mitad de sus activos netos totales en deuda pública de categoría de inversión (investment grade) de mercados desarrollados y covered bonds daneses y, de forma limitada, en bonos corporativos con calificación (bonos corporativos investment grade o bonos de alto rendimiento (high yield)), bonos soberanos de mercados emergentes (investment grade o high yield) y/o bonos sin calificación. El Fondo podrá invertir hasta el 10% de sus activos netos totales en Acciones A de China a través del China-Hong Kong Stock Connect.
El Fondo podrá invertir de forma limitada en valores convertibles, convertibles contingentes (menos del 5 % de los activos netos totales) y/o warrants sobre valores mobiliarios. El Fondo podrá invertir en activos líquidos y/o instrumentos del mercado monetario cotizados regularmente.
El Fondo es un fondo global y puede invertir en todas las regiones, incluyendo, de forma limitada, los mercados emergentes.
El Fondo puede mantener hasta el 15 % en posiciones de tesorería.
El fondo podrá, de forma limitada, invertir en otros fondos, incluidos fondos cerrados con estrategias alternativas.
No existen limitaciones en cuanto a la divisa de las inversiones. El Fondo podrá usar derivados de divisas para, entre otras cosas, proteger su cartera frente a las fluctuaciones de divisas. La divisa de referencia del Fondo es EUR. La divisa de referencia de la Clase de acciones es EUR. La Clase de acciones es de acumulación, es decir, los rendimientos generados por el Fondo se reinvierten para incrementar el valor de sus inversiones.
El fondo se gestiona de forma activa.
Recomendación: Este Fondo puede no ser apropiado para inversores que prevean retirar su dinero en 3 años. Mediante solicitud, usted puede comprar y reembolsar sus acciones en los días hábiles bancarios completos de Luxemburgo. | ## Objectives & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invests at least 2/3 of its total net assets in fixed income transferable securities and less than 1/3 of its total net assets in equities and/or equity-equivalent securities. The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and to a limited extent in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds.
The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities.
The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including to a limited extent in emerging markets.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
The Fund can hold up to 15% in cash.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days. | en | es |
DOLFIN2904 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF BlueOrchard Emerging Markets Climate Bond
Schroder ISF BlueOrchard Emerging Markets Climate Bond (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in (i) sustainable investments that contribute towards combating climate change; and (ii) investments that the investment manager deems to be neutral under its sustainability criteria. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 17 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF BlueOrchard Emerging Markets Climate Bond
Schroder ISF BlueOrchard Emerging Markets Climate Bond (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés).
En particular, el Fondo invierte al menos el 75% de sus activos en (i) inversiones sostenibles, que contribuyen a la lucha contra el cambio climático; e (ii) inversiones que, según el criterio de la Gestora de inversiones, sean neutrales con arreglo a sus criterios de sostenibilidad. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología descrita anteriormente, desde su fecha de lanzamiento el 17 de junio de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF BlueOrchard Emerging Markets Climate Bond
Schroder ISF BlueOrchard Emerging Markets Climate Bond (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in (i) sustainable investments that contribute towards combating climate change; and (ii) investments that the investment manager deems to be neutral under its sustainability criteria. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 17 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | es |
DOLFIN2908 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 YEARS Example Investment: 10,000 USD |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,960 USD | 3,010 USD |
| | Average return each year | -80.4 % | -21.3 % each year |
| Unfavourable | What you might get back after costs | 6,520 USD | 8,750 USD |
| | Average return each year | -34.8 % | -2.6 % each year |
| Moderate | What you might get back after costs | 10,360 USD | 14,580 USD |
| | Average return each year | 3.6 % | 7.8 % each year |
| Favourable | What you might get back after costs | 17,830 USD | 25,330 USD |
| | Average return each year | 78.3 % | 20.4 % each year | | | Período de mantenimiento recomendado: 5 AÑOS Ejemplo de inversión: 10.000 USD |
| --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 1.960 USD | 3.010 USD |
| | Rendimiento medio cada año | -80,4 % | -21,3 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 6.520 USD | 8.750 USD |
| | Rendimiento medio cada año | -34,8 % | -2,6 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 10.360 USD | 14.580 USD |
| | Rendimiento medio cada año | 3,6 % | 7,8 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 17.830 USD | 25.330 USD |
| | Rendimiento medio cada año | 78,3 % | 20,4 % cada año | | | Recommended holding period: 5 YEARS Example Investment: 10,000 USD |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 1,960 USD | 3,010 USD |
| | Average return each year | -80.4 % | -21.3 % each year |
| Unfavourable | What you might get back after costs | 6,520 USD | 8,750 USD |
| | Average return each year | -34.8 % | -2.6 % each year |
| Moderate | What you might get back after costs | 10,360 USD | 14,580 USD |
| | Average return each year | 3.6 % | 7.8 % each year |
| Favourable | What you might get back after costs | 17,830 USD | 25,330 USD |
| | Average return each year | 78.3 % | 20.4 % each year | | en | es |
DOLFIN2920 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: The sub-fund aims to outperform its benchmark index, the SBF 120 (NR), over a recommended investment horizon of more than 5 years by investing in predominantly French companies whose valuation characteristics indicate that they are likely to perform strongly. These companies will be selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The sub-fund's investment universe consists of all French stocks with a market capitalisation of more than €300 million that have been subjected to a non-financial analysis.
Benchmark index: SBF 120 (NR), net dividends reinvested
Investment policy: The sub-fund implements an active stock-picking management strategy, selecting equities listed in an investment universe comprising mainly French stocks. At least 75% of the assets will be invested in European equities, with at least 65% in eurozone equities. Equities from outside of France will not exceed 25% of the net assets. The shares will be selected using the steps for identifying stocks that comply with the non-financial criteria.
The sub-fund's management philosophy is to invest in companies whose strategic and operational choices are guided by overall performance – economic and financial, social-societal, governance-related and environmental – gaining the respect and trust of their internal and external stakeholders. Securities will be selected based on the combined used of financial and non-financial criteria.
The securities universe in which the sub-fund invests comprises the shares of companies whose capitalisation is generally greater than €300 million. The sub-fund will also invest at least 10% of its net assets in shares of listed French TPEs (très petite entreprise —very small business), SMEs or ETIs (entreprise de taille intermédiaire —intermediate-sized enterprise). All the stocks that form the portfolio's investment universe are subjected to a non-financial analysis.
The analysis of financial criteria identifies securities with significant growth prospects, which offer a reasonable return or which are significantly under-valued in the view of the management team.
The analysis of non-financial criteria allows the requirements with regard to Socially Responsible Investment to be met by selecting securities based on the Management Company's own ESG rating grid, which classifies securities according to the criteria listed below:
- Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;
- Social: quality of employment, human resources management, social impact, health and safety;
- Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholders' interest. The SRI ratings model was formulated:
- Using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- Using differentiated weightings of the three ESG pillars for each sector depending on its specific challenges. As a result, the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which puts a different emphasis on each of the three pillars.
To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider. The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The Manager predominantly selects stocks that have a proprietary rating for the portfolio. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings.
Companies whose business activity is directly related – and under certain circumstances, indirectly related – to thermal and metallurgical coal will be excluded from the portfolio. The sub-fund may also invest in the following securities:
- The sub-fund may use financial contracts traded on French organised markets, regulated markets (futures, listed options), or over-the-counter markets (options, swaps, currency futures etc.), for the purposes of hedging and/or exposure, without overexposure, up to a limit of 100% of its assets. In this respect, the sub-fund may take a position with a view to hedging the portfolio against certain risks (equity risk, currency risk).
- The portfolio's overall exposure to debt securities and money-market instruments may represent up to 25% of the portfolio for cash management purposes.
- The sub-fund may also invest between 0% and 25% of the net assets in euro-denominated French convertible bonds traded on a regulated European market and, within this same limit, up to 10% of the net assets in foreign convertible bonds.
All these stocks will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Furthermore, subject to the maximum limit of 10%, the sub-fund may invest in units or shares of UCIs. The selected UCIs will not be subject to a non-financial analysis. The sub-fund will not use total return swaps.
AMF classification: Equities from eurozone countries
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | # Objetivos y política de inversión
Objetivo de gestión: El objetivo del subfondo, en un horizonte de inversión recomendado superior a cinco años, es lograr una rentabilidad superior a la de su índice de referencia, el SBF 120 (NR), por medio de la inversión en sociedades principalmente francesas cuyas características de valoración indiquen que son susceptibles de registrar una buena rentabilidad. Estas sociedades se seleccionarán sobre la base de un análisis en el que se combinarán la rentabilidad financiera y el cumplimiento de criterios extrafinancieros. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El universo de inversión del subfondo está compuesto por todos los valores franceses con una capitalización bursátil superior a 300 millones de euros que han sido objeto de un análisis extrafinanciero.
Índice de referencia: SBF 120 (NR), dividendos netos reinvertidos
Política de inversión: El subfondo lleva a cabo una gestión activa de selección de acciones (“stock-picking”) cotizadas dentro de un universo de valores mayoritariamente franceses. La renta variable europea representará al menos un 75 % del patrimonio, del que como mínimo un 65 % serán acciones de la zona euro. El conjunto de acciones procedentes de otro país distinto de Francia no excederá el 25% del patrimonio neto. Las acciones se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros.
La filosofía de gestión del subfondo tiene por objetivo invertir en empresas que orientan sus decisiones estratégicas y operativas hacia la búsqueda de rentabilidad global —ala vez económica y financiera, social, de gobierno y medioambiental—dentro del respeto y la confianza de sus partes interesadas, tanto internas como externas. La selección de los valores se basa en el uso combinado de criterios financieros y extrafinancieros.
El universo de títulos en el que se encuentra invertido el subfondo se compone de acciones de sociedades cuya capitalización es, fundamentalmente, superior a 300 millones de euros. El subfondo también invertirá al menos el 10% de su patrimonio neto en acciones cotizadas de muy pequeñas empresas (MPE), pymes o empresas de tamaño intermedio (ETI) francesas. Todos los valores que componen el universo de inversión de la cartera son objeto de un análisis extrafinanciero.
El análisis de los criterios financieros permite seleccionar valores con perspectivas de crecimiento significativas, unos rendimientos satisfactorios o una infravaloración importante, en opinión del equipo de gestores.
El análisis de criterios extrafinancieros permite cumplir los requisitos de inversión socialmente responsable mediante la selección de los valores de acuerdo con una tabla de calificación ESG específica para la sociedad gestora, que clasifica los títulos de acuerdo con los criterios que se detallan a continuación:
- Medioambiente: consumo de energía, emisiones de gases de efecto invernadero, agua, residuos, contaminación, estrategia de gestión medioambiental, impacto ecológico;
- Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad;
- Gobierno corporativo: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, intereses de los accionistas. El modelo de calificación ISR se creó:
- siguiendo un enfoque "Best in Universe", es decir, de forma que las empresas con mejores resultados resulten beneficiadas, independientemente de la calificación financiera, el tamaño o el sector;
- con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos. De hecho, a los tres pilares extrafinancieros se les asigna un peso mayor o menor de acuerdo con el sector considerado, lo que resulta en un peso diferente para cada uno de los tres pilares.
Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la Sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios ambientales, sociales y de gestión empresarial de la tabla de calificación determinada por los analistas.
A falta de calificación interna, el Gestor podrá emplear una calificación ESG de una agencia de calificación extrafinanciera. La méthodologie de notations utilisée par l’agence de notation externe utilisée par la Société de Gestion pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires. El gestor selecciona principalmente en la cartera valores con calificación propia. En términos generales, el gestor es responsable de seleccionar aquellos valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora.
Tras aplicar este proceso, el universo de inversión se reducirá en un 20% al eliminar las peores calificaciones extrafinancieras.
Quedarán excluidas de la cartera aquellas sociedades cuya actividad esté directamente y, en determinadas circunstancias, indirectamente vinculada al carbón térmico y metalúrgico. El subfondo podrá invertir asimismo en los siguientes títulos:
- con fines de cobertura y/o de exposición, sin buscar una sobreexposición, y dentro del límite del 100 % de su patrimonio, el subfondo podrá recurrir a contratos financieros negociados en mercados franceses organizados, regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, contratos de cambio a plazo). En este sentido, el subfondo podrá tomar posiciones con el fin de cubrir la cartera frente a determinados riesgos (acciones, divisas).
- Con fines de gestión de la tesorería, La exposición global de la cartera a títulos de crédito e instrumentos del mercado monetario podrá representar como máximo un 25% de la cartera.
- El subfondo también podrá invertir en obligaciones convertibles francesas denominadas en euros negociadas en un mercado regulado europeo dentro de los límites del 0% al 25% del patrimonio neto y, con sujeción a ese mismo límite en obligaciones convertibles extranjeras, con un máximo del 10%.
Todos estos títulos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Por otra parte, dentro del límite máximo de un 10%, el subfondo podrá invertir en participaciones o acciones de IIC. Las IIC seleccionadas no serán objeto de un análisis extrafinanciero. El subfondo no utilizará swaps de rentabilidad total.
Clasificación AMF: Renta variable de los países de la zona del euro
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: El subfondo fomenta los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) en el sentido del artículo 8 del Reglamento (UE) 2019/2088, denominado “Reglamento de Divulgación” o “SFDR”, y está sujeto al riesgo de sostenibilidad, tal y como se define en el perfil de riesgo del folleto.
Duración de la participación recomendada superior a 5 años | # Objectives and investment policy
Management objective: The sub-fund aims to outperform its benchmark index, the SBF 120 (NR), over a recommended investment horizon of more than 5 years by investing in predominantly French companies whose valuation characteristics indicate that they are likely to perform strongly. These companies will be selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The sub-fund's investment universe consists of all French stocks with a market capitalisation of more than €300 million that have been subjected to a non-financial analysis.
Benchmark index: SBF 120 (NR), net dividends reinvested
Investment policy: The sub-fund implements an active stock-picking management strategy, selecting equities listed in an investment universe comprising mainly French stocks. At least 75% of the assets will be invested in European equities, with at least 65% in eurozone equities. Equities from outside of France will not exceed 25% of the net assets. The shares will be selected using the steps for identifying stocks that comply with the non-financial criteria.
The sub-fund's management philosophy is to invest in companies whose strategic and operational choices are guided by overall performance – economic and financial, social-societal, governance-related and environmental – gaining the respect and trust of their internal and external stakeholders. Securities will be selected based on the combined used of financial and non-financial criteria.
The securities universe in which the sub-fund invests comprises the shares of companies whose capitalisation is generally greater than €300 million. The sub-fund will also invest at least 10% of its net assets in shares of listed French TPEs (très petite entreprise —very small business), SMEs or ETIs (entreprise de taille intermédiaire —intermediate-sized enterprise). All the stocks that form the portfolio's investment universe are subjected to a non-financial analysis.
The analysis of financial criteria identifies securities with significant growth prospects, which offer a reasonable return or which are significantly under-valued in the view of the management team.
The analysis of non-financial criteria allows the requirements with regard to Socially Responsible Investment to be met by selecting securities based on the Management Company's own ESG rating grid, which classifies securities according to the criteria listed below:
- Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;
- Social: quality of employment, human resources management, social impact, health and safety;
- Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholders' interest. The SRI ratings model was formulated:
- Using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- Using differentiated weightings of the three ESG pillars for each sector depending on its specific challenges. As a result, the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which puts a different emphasis on each of the three pillars.
To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider. The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The Manager predominantly selects stocks that have a proprietary rating for the portfolio. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings.
Companies whose business activity is directly related – and under certain circumstances, indirectly related – to thermal and metallurgical coal will be excluded from the portfolio. The sub-fund may also invest in the following securities:
- The sub-fund may use financial contracts traded on French organised markets, regulated markets (futures, listed options), or over-the-counter markets (options, swaps, currency futures etc.), for the purposes of hedging and/or exposure, without overexposure, up to a limit of 100% of its assets. In this respect, the sub-fund may take a position with a view to hedging the portfolio against certain risks (equity risk, currency risk).
- The portfolio's overall exposure to debt securities and money-market instruments may represent up to 25% of the portfolio for cash management purposes.
- The sub-fund may also invest between 0% and 25% of the net assets in euro-denominated French convertible bonds traded on a regulated European market and, within this same limit, up to 10% of the net assets in foreign convertible bonds.
All these stocks will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Furthermore, subject to the maximum limit of 10%, the sub-fund may invest in units or shares of UCIs. The selected UCIs will not be subject to a non-financial analysis. The sub-fund will not use total return swaps.
AMF classification: Equities from eurozone countries
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 5 years | en | es |
DOLFIN2928 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a sub-fund of Barings Investment Funds plc which is another Irish authorised UCITS (the “Merging Fund”), into the Fund. The Merging Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. This Unit Class also launched in 2022.
- The chart shows the past performance of the Merging Fund’s corresponding class and of the Benchmark for all full calendar years available since the Merging Fund’s corresponding class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | - La rentabilidad indicada se basa en el valor de inventario neto, una vez deducidos todos los gastos corrientes y los costes de transacción de la cartera, con los ingresos a distribuir reinvertidos.
- El Fondo se lanzó en 2022 en virtud de una fusión de Barings Europe Select Fund un subfondo de Barings Investment Funds plc, que es otro OICVM autorizado en Irlanda (el «Fondo fusionado») con el fondo. La política de inversión, estrategia y cartera del Fondo fusionado no difieren significativamente de las del Fondo. Esta Clase de participaciones también se lanzó en 2022.
- El gráfico muestra la rentabilidad histórica de la clase correspondiente del Fondo fusionado y del Índice de referencia para todos los años naturales completos disponibles desde el lanzamiento de la clase correspondiente del Fondo fusionado
- El cálculo de la rentabilidad histórica no tiene en cuenta los gastos de entrada y de salida, pero sí tiene en cuenta todos los demás gastos corrientes.
- El Fondo no está diseñado para seguir el Índice de Referencia.
| | - The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a sub-fund of Barings Investment Funds plc which is another Irish authorised UCITS (the “Merging Fund”), into the Fund. The Merging Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. This Unit Class also launched in 2022.
- The chart shows the past performance of the Merging Fund’s corresponding class and of the Benchmark for all full calendar years available since the Merging Fund’s corresponding class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | en | es |
DOLFIN2930 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Coupon payments on certain contingent convertible bonds may be entirely discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time.
Contrary to typical capital hierarchy, contingent convertible bonds investors may suffer a loss of capital before equity holders.
Most contingent convertible bonds are issued as perpetual instruments which are callable at pre-determined dates.
Perpetual contingent convertible bonds may not be called on the pre-defined call date and investors may not receive return of principal on the call date or at any date.
There are no widely accepted standards for valuing contingent convertible bonds. The price at which bonds are sold may therefore be higher or lower than the price at which they were valued immediately before their sale.
In certain circumstances finding a ready buyer for contingent convertible bonds may be difficult and the seller may have to accept a significant discount to the expected value of the bond in order to sell it.
- Sovereign RiskThere is a risk that governments or their agencies may default or not completely fulfil their obligations. In addition, there is no bankruptcy proceeding for sovereign debt securities on which money to pay the obligations of sovereign debt securities may be collected in whole or inpart. As a consequence of this holders of sovereign debt securities may be requested to participate in the rescheduling of sovereign debt securities and to extend further loans to the issuers of sovereign debt securities.
- Impact of Fund of Funds Strategies on Tax Efficiency for ShareholdersPost-tax returns to Shareholders are dependent on the local tax rules in the Shareholders’ place of tax residence (see section 3 3.5 Taxation for comments on taxation generally). | Los pagos de cupones en ciertos bonos convertibles contingentes pueden ser totalmente discrecionales y el emisor puede cancelarlos en cualquier momento, por cualquier razón y durante el tiempo que considere.
Al contrario que la jerarquía de capital tradicional, los inversores de bonos convertibles contingentes pueden sufrir pérdidas de capital antes que los titulares de valores.
La mayoría de los bonos contingentes convertibles se emiten como instrumentos perpetuos, que se pueden rescatar en fechas predeterminadas. Los bonos convertibles contingentes perpetuos no pueden rescatarse en un momento predeterminado y puede que los inversores no reciban rentabilidad del capital en la fecha de rescate o en cualquier otra.
No existen estándares ampliamente aceptados para valorar bonos convertibles contingentes. El precio al que se venden los bonos puede ser mayor o menor que el precio al que se valoran inmediatamente antes de su venta.
En ciertas circunstancias, puede resultar difícil encontrar un comprador preparado para bonos convertibles contingentes y el vendedor tendrá que aceptar un descuento significativo al valor estimado del bono para poder venderlo.
- Riesgo soberanoExiste el riesgo de que los gobiernos o sus agencias no cumplan totalmente con sus obligaciones. Además, no hay procedimientos de quiebra para los bonos de la deuda soberana, con los que las obligaciones contraídas con la emisión de estos bonos puedan ser recaudadas total o parcialmente. Como consecuencia, es posible que se solicite a los titulares de bonos de la deuda soberana participar en la replanificación de los mismos, así como ofrecer préstamos adicionales a los emisores de los bonos de la deuda soberana.
- Impacto de las estrategias de fondo de fondos sobre la eficiencia fiscal para los PartícipesLa rentabilidad después de impuestos que obtengan los Partícipes depende del régimen tributario de su lugar de residencia a efectos fiscales (véase el apartado 3.5 Fiscalidad, en el que se ofrecen comentarios generales sobre tributación). | Coupon payments on certain contingent convertible bonds may be entirely discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time.
Contrary to typical capital hierarchy, contingent convertible bonds investors may suffer a loss of capital before equity holders.
Most contingent convertible bonds are issued as perpetual instruments which are callable at pre-determined dates.
Perpetual contingent convertible bonds may not be called on the pre-defined call date and investors may not receive return of principal on the call date or at any date.
There are no widely accepted standards for valuing contingent convertible bonds. The price at which bonds are sold may therefore be higher or lower than the price at which they were valued immediately before their sale.
In certain circumstances finding a ready buyer for contingent convertible bonds may be difficult and the seller may have to accept a significant discount to the expected value of the bond in order to sell it.
- Sovereign RiskThere is a risk that governments or their agencies may default or not completely fulfil their obligations. In addition, there is no bankruptcy proceeding for sovereign debt securities on which money to pay the obligations of sovereign debt securities may be collected in whole or inpart. As a consequence of this holders of sovereign debt securities may be requested to participate in the rescheduling of sovereign debt securities and to extend further loans to the issuers of sovereign debt securities.
- Impact of Fund of Funds Strategies on Tax Efficiency for ShareholdersPost-tax returns to Shareholders are dependent on the local tax rules in the Shareholders’ place of tax residence (see section 3 3.5 Taxation for comments on taxation generally). | en | es |
DOLFIN2942 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Emerging Markets Debt Absolute Return
Schroder ISF Emerging Markets Debt Absolute Return (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | ###### Schroder ISF Emerging Markets Debt Absolute Return
Schroder ISF Emerging Markets Debt Absolute Return (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación en materia de sostenibilidad general superior a la del 50% JPM GBI-EM Diversified Index y 50% JPM EMBI Diversified Index, según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del Fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del 50% JPM GBI-EM Diversified Index y 50% JPM EMBI Diversified Index en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 50% JPM GBI-EM Diversified Index y 50% JPM EMBI Diversified Index, según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021.
Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan. | ###### Schroder ISF Emerging Markets Debt Absolute Return
Schroder ISF Emerging Markets Debt Absolute Return (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 50% JPM GBI-EM Diversified Index and 50% JPM EMBI Diversified Index based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021.
SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools. | en | es |
DOLFIN2956 | 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 10,490
4.9%
USD 12,517
4.6% | # 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
10 490 USD
4,9%
12 517 USD
4,6% | # 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 10,490
4.9%
USD 12,517
4.6% | en | es |
DOLFIN2959 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI China All Shares 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 invests in equity and equity related securities issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in China. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its China exposure, the Sub-Fund may invest up to 100% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part
of the investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI China All Shares 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 subfondo invierte en renta variable y valores relacionados con renta variable emitidos por empresas constituidas o que desarrollan una parte fundamental de su actividad comercial, directa o indirectamente, en China. El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Como parte de su exposición a China, el subfondo puede invertir hasta un 100 % de su patrimonio neto en acciones emitidas por empresas constituidas en China continental (incluidas acciones A de China). El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión
eficiente de la cartera, pero no como parte de la estrategia de inversión. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI China All Shares 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 invests in equity and equity related securities issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in China. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its China exposure, the Sub-Fund may invest up to 100% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part
of the investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN2966 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | Hemos clasificado este producto en la clase de riesgo 6 en una escala de 7, en la que 6 significa el segundo riesgo más alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como alta y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como muy probable.
Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact our capacity to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN2971 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment EUR 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 226.7 EUR | 2 229.5 EUR |
| Annual costs impact (*) | 2.27% | 2.60% each year | | | Inversión EUR 10.000 Scenarios | En caso de salida después de 1 Año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 226.7 EUR | 2 229.5 EUR |
| Incidencia anual de los costes(*) | 2.27% | 2.60% cada año | | | Investment EUR 10 000 Scenarios | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 226.7 EUR | 2 229.5 EUR |
| Annual costs impact (*) | 2.27% | 2.60% each year | | en | es |
DOLFIN2972 | 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 follows a flexible asset allocation policy that seeks to provide income without sacrificing long term capital growth in a manner consistent with the principles of environmental, social and governance “ESG” focused investing.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund will include investments across issuers that have a positive contribution to people and the planet across multiple themes described in the prospectus. The Investment Adviser (IA) will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the prospectus and BlackRock website at https://www.blackrock.com/corporate/ literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. The IA may refer to a composite benchmark comprising MSCI World Index (50%) and Bloomberg Global Aggregate Bond Index USD Hedged (50%) (the “Index”) for risk management purposes. The components of the Index may be quoted separately in marketing material related to the Fund. The Fund’s ESG score will be calculated as the total of each security’s ESG score (where applicable), weighted by its market value. The ESG score of the investable universe will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the asset class exposure in the Fund. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The Fund’s investments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The Fund distributes income gross of expenses.
The 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).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo sigue una política de asignación de activos flexible que trata de obtener un rendimiento sin sacrificar la revalorización del capital a largo plazo, de forma coherente con los principios de inversión centrada en criterios medioambientales, sociales y de gobierno corporativo («ESG»).
El Fondo invierte a escala mundial en toda la gama de valores en los que puede invertir un OICVM, incluyendo valores de renta variable (como acciones), valores de renta fija (como los bonos), fondos, efectivo, depósitos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
El Fondo incluirá inversiones de emisores que tengan una contribución positiva para las personas y el planeta en relación con los diversos temas descritos en el folleto. El Asesor de Inversiones (AI) tendrá en cuenta determinadas características ESG a la hora de seleccionar los valores que el Fondo mantendrá de forma directa en su cartera. Al hacerlo, el AI aplicará los filtros de referencia de BlackRock EMEA, con los que el AI tratará de limitar o excluir las inversiones directas (según corresponda) en emisores que, en opinión del AI, mantengan una exposición a determinados sectores o vínculos con ellos. Para obtener más información, consulte el folleto y el sitio web de BlackRock: https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
El Fondo se gestiona de forma activa y las clases de activos y la medida en que el Fondo invierta en ellas podrán variar sin límites, dependiendo de las condiciones del mercado y de otros factores, según el criterio del asesor de inversiones (AI). El AI podrá hacer referencia a un índice de referencia compuesto, que incluirá el MSCI World Index (50 %) y el Bloomberg Global Aggregate Bond Index USD Hedged (50 %) (el «Índice») con fines de gestión de riesgos. Los componentes del Índice pueden aparecer indicados de forma independiente en los materiales de marketing relacionados con el Fondo. La puntuación ESG del Fondo se calculará como el total de la puntuación ESG de cada valor (cuando corresponda), ponderada por su valor de mercado. La puntuación ESG del universo de inversión se calculará utilizando las puntuaciones ESG de los índices de las clases de activos relevantes ponderados para reflejar la exposición a las clases de activos del Fondo. Estas puntuaciones pueden aparecer indicadas en los materiales de marketing para las clases de activos individuales o para las asignaciones ponderadas.
Las inversiones del Fondo podrán estar emitidas por Gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estas podrían incluir inversiones con una calificación de solvencia relativamente baja, o que carezcan de calificación.
Los rendimientos de este Fondo se distribuyen sin una deducción previa de los gastos.
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares de Hong Kong. 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 follows a flexible asset allocation policy that seeks to provide income without sacrificing long term capital growth in a manner consistent with the principles of environmental, social and governance “ESG” focused investing.
The Fund invests globally in the full range of assets in which a UCITS may invest, including equity securities (e.g. shares), fixed income securities (such as bonds), funds, cash, deposits and money market instruments (i.e. debt securities with short term maturities).
The Fund will include investments across issuers that have a positive contribution to people and the planet across multiple themes described in the prospectus. The Investment Adviser (IA) will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the prospectus and BlackRock website at https://www.blackrock.com/corporate/ literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The Fund is actively managed and the asset classes and the extent to which the Fund is invested in these may vary without limit depending on market conditions and other factors at the investment adviser's (IA) discretion. The IA may refer to a composite benchmark comprising MSCI World Index (50%) and Bloomberg Global Aggregate Bond Index USD Hedged (50%) (the “Index”) for risk management purposes. The components of the Index may be quoted separately in marketing material related to the Fund. The Fund’s ESG score will be calculated as the total of each security’s ESG score (where applicable), weighted by its market value. The ESG score of the investable universe will be calculated using the ESG scores of the relevant asset class indices weighted to reflect the asset class exposure in the Fund. These scores may be quoted for individual asset classes or allocation weighted in marketing material.
The Fund’s investments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities with a relatively low credit rating or which are unrated.
The Fund distributes income gross of expenses.
The 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).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2976 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy
RobecoSAM Biodiversity Equities is an actively managed fund that invests in stocks of companies in countries globally that support the sustainable use of natural resources and ecosystem services and help to reduce Biodiversity loss. The selection of these stocks is based on fundamental analysis.
The portfolio is built on the basis of the eligible thematic investment universe and an internally developed SDG framework for mapping and measuring SDG contributions (more information can be obtained via the website www.robeco.com/si).
The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund has as its sustainable investment objective to support the sustainable use of natural resources and ecosystem services, as well as technologies, products and services that help to reduce Biodiversity threats or restore natural habitats. The foregoing is implemented by mainly investing in companies that advance the following United Nations Sustainable Development Goals (UN SDGs): Good health and well-being (SDG 3), Industry, innovation and infra- structure (SDG 9), Responsible consumption and production (SDG 12), Life be-low water (SDG 14) and Life on land (SDG 15). The fund aims to motivate invested companies to improve their Biodiversity footprint by actively engaging and having an active dialogue with selected companies. 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 also aims to achieve a better return than the index. | # Política de inversión
RobecoSAM Biodiversity Equities es un fondo de gestión activa que invierte en acciones de empresas de países de todo el mundo que fomentan el uso sostenible de recursos naturales y servicios ecosistémicos y que contribuyen a reducir la pérdida de biodiversidad. La selección de estos valores se basa en el análisis por fundamentales.
La cartera se construye sobre la base del universo de inversión elegible y un marco de ODS desarrollado internamente con el propósito de trazar y medir las contribuciones a los ODS (se puede obtener más información en www.robeco.com/si).
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 objetivo de inversión sostenible del fondo consiste en fomentar el uso sostenible de recursos naturales y servicios ecosistémicos, así como de tecnologías, productos y servicios que sirvan para reducir amenazas a la biodiversidad o restituir hábitats naturales. Para ello, invierte principalmente en empresas que promueven los siguientes Objetivos de Desarrollo Sostenible de las Naciones Unidas (ODS de la ONU): Salud y bienestar (ODS 3); industria, innovación e infraestructura (ODS 9); producción y consumo responsables (ODS 12); vida submarina (ODS 14); y vida de ecosistemas terrestres (ODS 15). El Subfondo aspira a motivar a las compañías participadas a mejorar su huella de biodiversidad, interactuando y manteniendo un diálogo activo con empresas seleccionadas. El fondo integra factores ASG (ambientales, sociales y de gobierno corporativo) en el proceso de inversión y aplica la Política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones normativas, regionales y de actividad, y el voto por delegación. Además de ello, el fondo tiene como objetivo superar el rendimiento del índice. | # Investment policy
RobecoSAM Biodiversity Equities is an actively managed fund that invests in stocks of companies in countries globally that support the sustainable use of natural resources and ecosystem services and help to reduce Biodiversity loss. The selection of these stocks is based on fundamental analysis.
The portfolio is built on the basis of the eligible thematic investment universe and an internally developed SDG framework for mapping and measuring SDG contributions (more information can be obtained via the website www.robeco.com/si).
The fund has sustainable investment as its objective within the meaning of Article 9 of the European Sustainable Finance Disclosure Regulation. The fund has as its sustainable investment objective to support the sustainable use of natural resources and ecosystem services, as well as technologies, products and services that help to reduce Biodiversity threats or restore natural habitats. The foregoing is implemented by mainly investing in companies that advance the following United Nations Sustainable Development Goals (UN SDGs): Good health and well-being (SDG 3), Industry, innovation and infra- structure (SDG 9), Responsible consumption and production (SDG 12), Life be-low water (SDG 14) and Life on land (SDG 15). The fund aims to motivate invested companies to improve their Biodiversity footprint by actively engaging and having an active dialogue with selected companies. 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 also aims to achieve a better return than the index. | en | es |
DOLFIN2983 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index, combined with foreign currency contracts for currency hedging.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI World Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria. The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund’s prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity markets in developed countries worldwide. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI World Minimum Volatility ESG Reduced Carbon Target Index, el índice de referencia del Fondo (el Índice). La Clase de Acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de forma pasiva e invierte en valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, integran el Índice, en combinación con contratos de divisas a plazo con fines de cobertura de divisas.
El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable que forman parte del MSCI World Index (Índice Matriz) con un perfil de volatilidad mínimo, cumpliendo con ciertas restricciones de exposición en términos de diversificación del riesgo y reducción del carbono, además de con los criterios medioambientales, sociales y de gobierno corporativo (ESG) del proveedor del índice. El Índice excluye a empresas del Índice Matriz sobre la base de los criterios ESG del proveedor del índice que se recogen en la descripción del índice de referencia del Fondo, en el folleto del Fondo.
Tras la aplicación de los criterios ESG, los componentes del Índice se seleccionan utilizando una estrategia de volatilidad mínima, por la que se eligen valores del Índice Matriz a partir de estimaciones del perfil de riesgo y la volatilidad esperada de cada componente, y la correlación entre todos los componentes del Índice Matriz. Este proceso de selección está sujeto a ciertas restricciones de exposición en términos de diversificación de riesgos, reducción del carbono y mejora de la puntuación ESG, en relación con el Índice Matriz.
El Índice Matriz mide el rendimiento de mercados de renta variable de países desarrollados del mundo entero. Las empresas se incluyen en el Índice Matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Se pueden utilizar IFD (incluidos contratos de divisas a plazo) con fines de inversión directa.
El Fondo adopta un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva ESG (basándose en los criterios ESG del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index, combined with foreign currency contracts for currency hedging.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI World Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria. The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund’s prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity markets in developed countries worldwide. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund adopts a best-in-class approach to sustainable investing, meaning it is expected to invest in the best issuers from an ESG perspective (based on the ESG criteria of the Index) within each relevant sector of activities covered by the Index.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN2997 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Notes to the Financial Statements as at 31 December 2017
## Note 1: General
- SICAV’s detailsAXA World Funds (the “SICAV”) is a Luxembourg domiciled SICAV with multiple Sub-Funds organised as a “Société d'Investissement à Capital Variable” under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended, (the “1915 law”). The Company is qualified under Part I of the law of 17 December 2010 (the “Law”) on undertakings for collective investment for transferable securities (“UCITS”), as amended. The VAT number is LU 216 82 319.
The Board of Directors of the SICAV has confirmed its adherence to the ALFI's Code of conduct and to the standards of corporate governance described in this code.
The Management Company (AXA Funds Management S.A.) was incorporated on 21 November 1989 for an undetermined period of time and is registered in the register of commerce and companies of Luxembourg under the number B-32.223. Its Articles of Association were published in the “Recueil électronique des sociétés et associations” of 26 January 1990. The latest Consolidated Articles of Association have been filed in the register of commerce and companies of Luxembourg on 7 March 2015. The VAT number is LU 197 76 305.
The Management Company is registered pursuant to chapter 15 of the law of 17 December 2010, as amended.
AXA Funds Management S.A. is a public limited company ("société anonyme") organised under the laws of Luxembourg. Its share capital amounts to EUR 925,345.84.
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## 2017 SICAV’s Summary
#### During the year ending 31 December 2017, the following events occurred:
- AXA World Funds – Framlington Global High Income was renamed AXA World Funds – Global Equity Income on 24 January 2017.
- AXA World Funds – MiX in Perspectives has been launched on 28 February 2017.
- AXA World Funds – Framlington Junior Energy has merged into AXA World Funds – Framlington Global Small Cap on 24 March 2017.
- AXA World Funds – Framlington LatAm has been liquidated on 27 March 2017.
- AXA World Funds – Multi Premia has been launched on 20 April 2017.
- AXA World Funds – Multi Asset Inflation Plus has been launched on 28 April 2017.
- AXA World Funds – US Libor Plus has been liquidated on 29 June 2017.
- AXA World Funds – Global Short Duration Bonds has been launched on 06 July 2017.
- AXA World Funds – Framlington Europe Flexible has been liquidated on 28 July 2017.
- AXA World Funds – China Short Duration Bonds has been launched on 06 September 2017.
- AXA World Funds – Global SmartBeta Equity was renamed AXA World Funds – Global Factors - Sustainable Equity on 29 September 2017. | # Notas a los estados financieros a 31 de diciembre de 2017
## Nota 1 Generalidades
- Información de la SICAVAXA World Funds (la «SICAV») es una SICAV de derecho luxemburgués con múltiples Subfondos, constituida como «Société d'Investissement à Capital Variable» de conformidad con la ley de 10 de agosto de 1915 del Gran Ducado de Luxemburgo, en su versión modificada, (la «ley de 1915»). La Sociedad satisface los requisitos de la Parte I de la ley de 17 de diciembre de 2010 (la «Ley») relativa a los organismos de inversión colectiva en valores mobiliarios («OICVM»), en su versión modificada. El número de identificación a efectos del IVA es LU 216 82 319.
El Consejo de Administración de la SICAV ha confirmado su adhesión al Código de Conducta de la Asociación luxemburguesa de fondos de inversión (ALFI), así como a las normas de gobierno corporativo descritas en dicho Código.
La Sociedad Gestora (AXA Funds Management S.A.) se constituyó el 21 de noviembre de 1989 por un periodo indefinido y está inscrita en el Registro Mercantil de Luxemburgo con el número B-32.223. Sus Estatutos se publicaron en el Recueil électronique des sociétés et associations de 26 de enero de 1990. Los Estatutos consolidados más recientes se presentaron ante el Registro Mercantil de Luxemburgo el 7 de marzo de 2015. El número de identificación a efectos del IVA es LU 197 76 305.
La Sociedad Gestora figura inscrita de conformidad con el capítulo 15 de la ley de 17 de diciembre de 2010, en su versión modificada.
AXA Funds Management S.A. es una sociedad anónima («société anonyme») constituida con arreglo a la legislación de Luxemburgo. Su capital social asciende a 925,345.84 EUR.
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## Resumen de la SICAV en 2017
#### Durante el ejercicio finalizado el 31 de diciembre de 2017, se produjeron los siguientes acontecimientos:
- AXA World Funds – Framlington Global High Income pasó a denominarse AXA World Funds – Global Equity Income el 24 de enero de 2017.
- AXA World Funds – MiX in Perspectives se lanzó el 28 de febrero de 2017.
- AXA World Funds – Framlington Junior Energy se fusionó con AXA World Funds – Framlington Global Small Cap el 24 de marzo de 2017.
- AXA World Funds – Framlington LatAm liquidado el 27 de marzo de 2017.
- AXA World Funds – Multi Premia se lanzó el 20 de abril de 2017.
- AXA World Funds – Multi Asset Inflation Plus se lanzó el 28 de abril de 2017.
- AXA World Funds – US Libor Plus liquidado el 29 de junio de 2017.
- AXA World Funds – Global Short Duration Bonds se lanzó el 06 de julio de 2017.
- AXA World Funds – Framlington Europe Flexible liquidado el 28 de julio de 2017.
- AXA World Funds – China Short Duration Bonds se lanzó el 06 de septiembre de 2017. | # Notes to the Financial Statements as at 31 December 2017
## Note 1: General
- SICAV’s detailsAXA World Funds (the “SICAV”) is a Luxembourg domiciled SICAV with multiple Sub-Funds organised as a “Société d'Investissement à Capital Variable” under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended, (the “1915 law”). The Company is qualified under Part I of the law of 17 December 2010 (the “Law”) on undertakings for collective investment for transferable securities (“UCITS”), as amended. The VAT number is LU 216 82 319.
The Board of Directors of the SICAV has confirmed its adherence to the ALFI's Code of conduct and to the standards of corporate governance described in this code.
The Management Company (AXA Funds Management S.A.) was incorporated on 21 November 1989 for an undetermined period of time and is registered in the register of commerce and companies of Luxembourg under the number B-32.223. Its Articles of Association were published in the “Recueil électronique des sociétés et associations” of 26 January 1990. The latest Consolidated Articles of Association have been filed in the register of commerce and companies of Luxembourg on 7 March 2015. The VAT number is LU 197 76 305.
The Management Company is registered pursuant to chapter 15 of the law of 17 December 2010, as amended.
AXA Funds Management S.A. is a public limited company ("société anonyme") organised under the laws of Luxembourg. Its share capital amounts to EUR 925,345.84.
-
## 2017 SICAV’s Summary
#### During the year ending 31 December 2017, the following events occurred:
- AXA World Funds – Framlington Global High Income was renamed AXA World Funds – Global Equity Income on 24 January 2017.
- AXA World Funds – MiX in Perspectives has been launched on 28 February 2017.
- AXA World Funds – Framlington Junior Energy has merged into AXA World Funds – Framlington Global Small Cap on 24 March 2017.
- AXA World Funds – Framlington LatAm has been liquidated on 27 March 2017.
- AXA World Funds – Multi Premia has been launched on 20 April 2017.
- AXA World Funds – Multi Asset Inflation Plus has been launched on 28 April 2017.
- AXA World Funds – US Libor Plus has been liquidated on 29 June 2017.
- AXA World Funds – Global Short Duration Bonds has been launched on 06 July 2017.
- AXA World Funds – Framlington Europe Flexible has been liquidated on 28 July 2017.
- AXA World Funds – China Short Duration Bonds has been launched on 06 September 2017.
- AXA World Funds – Global SmartBeta Equity was renamed AXA World Funds – Global Factors - Sustainable Equity on 29 September 2017. | en | es |
DOLFIN3004 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 3,000 | EUR 2,360 |
| | Average return each year % | -70.00% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,860 | EUR 6,800 |
| | Average return each year % | -31.40% | -7.42% |
| Moderate scenario | What you might get back after costs | EUR 11,750 | EUR 20,240 |
| | Average return each year % | 17.50% | 15.14% |
| Favourable scenario | What you might get back after costs | EUR 15,280 | EUR 26,120 |
| | Average return each year % | 52.80% | 21.17% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 3.000 | EUR 2.360 |
| | Rendimiento medio cada año | -70,00% | -25,08% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 6.860 | EUR 6.800 |
| | Rendimiento medio cada año | -31,40% | -7,42% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.750 | EUR 20.240 |
| | Rendimiento medio cada año | 17,50% | 15,14% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 15.280 | EUR 26.120 |
| | Rendimiento medio cada año | 52,80% | 21,17% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 3,000 | EUR 2,360 |
| | Average return each year % | -70.00% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,860 | EUR 6,800 |
| | Average return each year % | -31.40% | -7.42% |
| Moderate scenario | What you might get back after costs | EUR 11,750 | EUR 20,240 |
| | Average return each year % | 17.50% | 15.14% |
| Favourable scenario | What you might get back after costs | EUR 15,280 | EUR 26,120 |
| | Average return each year % | 52.80% | 21.17% | | en | es |
DOLFIN3014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long term capital growth through exposure to European companies, by direct investments in securities of such companies and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Uses a bottom-up stock selection process.
- Uses the full breadth of the eligible equity investment universe through a combination of fundamental research insights and quantitative analysis
- Uses an active extension approach, buying securities considered attractive and selling short securities considered less attractive to improve potential returns without increasing the overall net exposure to the market.
Share Class Benchmark MSCI Europe Index (Total Return Net) hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
- Performance fee calculation.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a European Country.
The Sub-Fund will typically hold long positions of approximatively 130%, and short positions of approximatively 30% (achieved through derivatives) of net assets but may vary from these targets depending on market conditions.
At least 51% of assets (excluding short positions) are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager’s proprietary ESG scoring methodology and/or third party data. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar crecimiento del capital a largo plazo mediante la exposición a sociedades europeas, a través de la inversión directa en valores de dichas sociedades y el uso de derivados.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente.
- Emplea toda la amplitud del universo de inversión en renta variable apto mediante una combinación de conocimientos de análisis fundamental y análisis cuantitativo.
- Aplica un enfoque «active extension» por medio del cual compra valores que se consideran atractivos y vende en corto valores que parecen menos interesantes con el fin de mejorar los resultados potenciales sin incrementar la exposición neta global al mercado.
Índice de referencia de la Clase de Acciones MSCI Europe Index (Total Return Net) hedged to USD
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo.
- Cálculo de la comisión de éxito.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte, bien directamente, bien a través de derivados, en renta variable de compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un País europeo.
En circunstancias normales, el Subfondo mantendrá posiciones largas de aproximadamente el 130% de su patrimonio neto y posiciones cortas (adquiridas mediante derivados) de aproximadamente el 30% de dicho patrimonio, aunque podrá desviarse de estos porcentajes objetivo en función de las condiciones de mercado.
Como mínimo el 51% del patrimonio (con la excepción de las posiciones cortas) se invertirá en compañías con características medioambientales y/o sociales positivas que observan buenas prácticas de gobernanza, con arreglo a la metodología de puntuación ESG interna del Gestor de inversiones y/o datos de terceros.
El Subfondo invierte como mínimo el 10% de su patrimonio, con exclusión de los activos líquidos accesorios, los depósitos en entidades | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long term capital growth through exposure to European companies, by direct investments in securities of such companies and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Uses a bottom-up stock selection process.
- Uses the full breadth of the eligible equity investment universe through a combination of fundamental research insights and quantitative analysis
- Uses an active extension approach, buying securities considered attractive and selling short securities considered less attractive to improve potential returns without increasing the overall net exposure to the market.
Share Class Benchmark MSCI Europe Index (Total Return Net) hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
- Performance fee calculation.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure At least 67% of assets invested, either directly or through derivatives, in equities of companies that are domiciled, or carrying out the main part of their economic activity, in a European Country.
The Sub-Fund will typically hold long positions of approximatively 130%, and short positions of approximatively 30% (achieved through derivatives) of net assets but may vary from these targets depending on market conditions.
At least 51% of assets (excluding short positions) are invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager’s proprietary ESG scoring methodology and/or third party data. | en | es |
DOLFIN3018 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Global Real Estate Securities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return of the USD I Accumulating Class was 27.63%. Over the same period, the benchmark index, the FTSE EPRA/Nareit Developed Index (Total Return, Net of Tax, USD) (the “Index”), returned 26.30%. (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 overall global stock market, as evidenced by the Index, generated strong returns during the year. Driving the market higher were corporate profits that largely exceeded expectations, a resilient economy, additional fiscal support, and overall solid demand. These factors offset concerns over the spread of the COVID-19 Delta and Omicron variants, elevated inflation and indications that several developed country central banks were poised to begin raising interest rates earlier than previously anticipated. All told, the global stock market, as measured by the MSCI All Country World (Net), gained 18.54% over the year ended December 31, 2021. In contrast, for the same period, the Index returned 26.30%. Global real estate securities rallied sharply after experiencing pandemic-driven weakness in 2020.
The Portfolio outperformed the Index during the reporting period. Both stock selection and country positioning, overall, contributed to relative results. The Portfolio’s holdings in the Retail, Health Care and Office sectors added the most value. Conversely, holdings in the Residential, Real Estate Holding & Development, and Infrastructure sectors were the largest detractors from performance. Looking at country positioning, underweights to Germany and Hong Kong added the most value. In contrast, an underweight to the US and an out-of-benchmark position in China were the largest headwinds from performance.
Overseas, the Continental European real estate market lagged in 2021, dragged down by German residential, which we hold. While the sector was extremely resilient throughout the downturn and seen as a safe haven, it did not enjoy the reflation trade. We view the sector quite favourably and believe its attractive fundamentals remain intact. We also continue to believe in Continental European logistics and continue to hold stock focused on this sector. In the UK, there has been an extremely successful vaccine program and there is great hope that life will eventually return to normality. For Asia, China’s regulatory reset in several industries and its tightening stance on the real estate sector have affected broader market sentiment. Reopening themes appear more promising than before, as we see traditional real estate sectors trading at reasonable valuations and post-COVID recovery firmly taking hold with much improved vaccination rates. From a country perspective, Australia and Singapore have more positive outlooks given that the Hong Kong market is undermined by policy uncertainties and Japan’s valuation is no longer compelling after posting strong performance.
Although it may be premature to say that the COVID-19 crisis has ended, we believe the vaccination rollout increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. Meanwhile, the reopening of the economy has led to supply chain and labour challenges. This, combined with exceptional levels of monetary and fiscal stimulus, has led to higher inflation. As a result, several developed country central banks have telegraphed the potential for several rate increases in 2022. Since current rates remain at historically low levels, we believe modest increases should help alleviate inflationary pressure while sustaining the economic recovery. Higher inflation can be viewed as positive for the owners of real estate assets, as landlords can capture higher inflation by raising the rents they charge their tenants. While we remain cautious on the fundamental outlook for challenged sectors, like Regional Malls, Lodging, and Office, a reopening driven rebound in demand is highlighting opportunities in select segments, including top-tier malls, leisure focused lodging and urban coastal office. These companies are generally well prepared to navigate uncertainty, while also looking for opportunities to make acquisitions of distressed assets. Although the Omicron variant has companies delaying return-to-office plans yet again, the majority of management teams view office locations as vital to productivity and corporate culture. This is evident in the re-emergence of lease signings in major city centers. However, we anticipate that over the long-term hybrid work arrangements are likely to temper overall demand for office space and lower potential rental rate growth.
ANNUAL REPORT 2021 85
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Global Real Estate Securities – 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 27,63%. En el mismo periodo, el índice de referencia, el FTSE EPRA/Nareit Developed Index (Total Return, Net of Tax, USD) (el “Índice”) rindió un 26,30%. (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 mercado bursátil global, tal y como evidencia el Índice, generó sólidas rentabilidades durante el año en términos generales. Unos beneficios empresariales que superaron de largo las expectativas, una economía resiliente, estímulos fiscales adicionales y la solidez generalizada de la demanda dieron impulso al mercado. Estos factores compensaron la preocupación por la propagación de las variantes delta y ómicron de la COVID-19, por la elevada inflación y por los signos de que varios bancos centrales de países desarrollados tenían la intención de empezar a subir los tipos de interés antes de lo inicialmente previsto. Como ya hemos señalado, el mercado bursátil global medido por el índice MSCI All Country World (Net) se anotó una rentabilidad del 18,54% en el ejercicio finalizado el 31 de diciembre de 2021. Por su parte, el Índice rindió un 26,30% en el mismo periodo. Los valores inmobiliarios globales repuntaron con fuerza tras el deterioro provocado por la pandemia en 2020.
La Cartera superó al Índice durante el período analizado. Tanto la selección de valores como el posicionamiento por países contribuyeron en general a la rentabilidad relativa. Las posiciones de la Cartera el sector minorista, atención sanitaria y oficinas fueron las que más contribuyeron a la rentabilidad. En cambio, las posiciones en el sector residencial, construcción y propiedad inmobiliaria, e infraestructuras fueron los principales lastres para los resultados. Por lo que respecta al posicionamiento por países, las infraponderaciones en Alemania y Hong Kong fueron las que más favorecieron. Por el contrario, una infraponderación en EE. UU. y una posición en China no incluida en el índice de referencia representaron los mayores vientos de cara para la rentabilidad.
En el extranjero, el mercado inmobiliario de Europa continental se situó a la zaga 2021, lastrado por el mercado residencial alemán, al que estamos expuestos. A pesar de que el sector se mostró extremadamente resiliente durante la crisis y se consideraba un refugio seguro, no se benefició del "reflation trade". Tenemos una opinión bastante favorable del sector y creemos que el atractivo de sus fundamentales permanece intacto. También seguimos confiando en la logística de Europa continental y mantenemos en cartera posiciones centradas en este sector. En Reino Unido, la campaña de vacunación ha sido particularmente rápida y existen grandes esperanzas de que la vida vuelva finalmente a la normalidad. En Asia, los cambios de reglamentación de China en varias industrias y su postura restrictiva con respecto al sector inmobiliario afectaron al sentimiento del conjunto del mercado. Los temas de la reapertura parecen más prometedores que antes, puesto que observamos sectores inmobiliarios tradicionales que cotizan a valoraciones razonables y una firme consolidación de la recuperación de la COVID-19 con una tasa de vacunación mucho más elevada. Por países, Australia y Singapur se benefician de perspectivas más positivas, dado que el mercado de Hong Kong se ve afectado por incertidumbres políticas y la valoración de Japón ya no resulta atractiva tras los excelentes resultados publicados.
A pesar de que podría ser pronto para decir que la crisis de la COVID-19 ha concluido, creemos que el avance de la vacunación aumenta la visibilidad de un entorno pospandemia y podría dar lugar a una recuperación sostenible del mercado. Por otra parte, la reapertura de la economía ha generado problemas en la cadena de suministro y de mano de obra. Esto, combinado con unos niveles excepcionales de estímulos monetarios y fiscales, ha provocado un aumento de la inflación. Como resultado, varios bancos centrales de países desarrollados han sugerido la posibilidad de aplicar varias subidas de tipos en 2022. Dado que los tipos actuales se mantienen en mínimos históricos, creemos que unas subidas moderadas deberían ayudar a aliviar la presión inflacionaria, favoreciendo al mismo tiempo la recuperación económica. El aumento de la inflación se puede considerar positivo para los propietarios de activos inmobiliarios, dado que pueden beneficiarse de ello a través del aumento de los alquileres que cobran a los arrendatarios. A pesar de que seguimos siendo cautos con respecto a las perspectivas fundamentales de sectores en dificultad como los centros comerciales regionales, el alojamiento y las oficinas, un rebote de la demanda impulsado por la reapertura está sacando a la luz oportunidades en segmentos seleccionados, incluyendo los centros comerciales de primer nivel, los alojamientos orientados al ocio y las oficinas costeras urbanas. Por lo general, estas empresas están preparadas para lidiar con la incertidumbre, al tiempo que buscan oportunidades de compra de activos en dificultades. A pesar de que la variante ómicron obligó a las empresas a aplazar los planes de regreso al trabajo presencial una vez más, la mayoría de los equipos de gestión consideran que las oficinas son vitales para la productividad y la cultura corporativa. Esto se pone de manifiesto por el resurgimiento de las firmas de contratos de arrendamiento en los centros de las grandes ciudades. Sin embargo, prevemos que, a largo plazo, los planes de trabajo híbridos (presencial/teletrabajo) probablemente moderarán la demanda general de espacios de oficinas y limitarán el potencial crecimiento de los alquileres.
INFORME ANUAL 2021 85
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Global Real Estate Securities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return of the USD I Accumulating Class was 27.63%. Over the same period, the benchmark index, the FTSE EPRA/Nareit Developed Index (Total Return, Net of Tax, USD) (the “Index”), returned 26.30%. (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 overall global stock market, as evidenced by the Index, generated strong returns during the year. Driving the market higher were corporate profits that largely exceeded expectations, a resilient economy, additional fiscal support, and overall solid demand. These factors offset concerns over the spread of the COVID-19 Delta and Omicron variants, elevated inflation and indications that several developed country central banks were poised to begin raising interest rates earlier than previously anticipated. All told, the global stock market, as measured by the MSCI All Country World (Net), gained 18.54% over the year ended December 31, 2021. In contrast, for the same period, the Index returned 26.30%. Global real estate securities rallied sharply after experiencing pandemic-driven weakness in 2020.
The Portfolio outperformed the Index during the reporting period. Both stock selection and country positioning, overall, contributed to relative results. The Portfolio’s holdings in the Retail, Health Care and Office sectors added the most value. Conversely, holdings in the Residential, Real Estate Holding & Development, and Infrastructure sectors were the largest detractors from performance. Looking at country positioning, underweights to Germany and Hong Kong added the most value. In contrast, an underweight to the US and an out-of-benchmark position in China were the largest headwinds from performance.
Overseas, the Continental European real estate market lagged in 2021, dragged down by German residential, which we hold. While the sector was extremely resilient throughout the downturn and seen as a safe haven, it did not enjoy the reflation trade. We view the sector quite favourably and believe its attractive fundamentals remain intact. We also continue to believe in Continental European logistics and continue to hold stock focused on this sector. In the UK, there has been an extremely successful vaccine program and there is great hope that life will eventually return to normality. For Asia, China’s regulatory reset in several industries and its tightening stance on the real estate sector have affected broader market sentiment. Reopening themes appear more promising than before, as we see traditional real estate sectors trading at reasonable valuations and post-COVID recovery firmly taking hold with much improved vaccination rates. From a country perspective, Australia and Singapore have more positive outlooks given that the Hong Kong market is undermined by policy uncertainties and Japan’s valuation is no longer compelling after posting strong performance.
Although it may be premature to say that the COVID-19 crisis has ended, we believe the vaccination rollout increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. Meanwhile, the reopening of the economy has led to supply chain and labour challenges. This, combined with exceptional levels of monetary and fiscal stimulus, has led to higher inflation. As a result, several developed country central banks have telegraphed the potential for several rate increases in 2022. Since current rates remain at historically low levels, we believe modest increases should help alleviate inflationary pressure while sustaining the economic recovery. Higher inflation can be viewed as positive for the owners of real estate assets, as landlords can capture higher inflation by raising the rents they charge their tenants. While we remain cautious on the fundamental outlook for challenged sectors, like Regional Malls, Lodging, and Office, a reopening driven rebound in demand is highlighting opportunities in select segments, including top-tier malls, leisure focused lodging and urban coastal office. These companies are generally well prepared to navigate uncertainty, while also looking for opportunities to make acquisitions of distressed assets. Although the Omicron variant has companies delaying return-to-office plans yet again, the majority of management teams view office locations as vital to productivity and corporate culture. This is evident in the re-emergence of lease signings in major city centers. However, we anticipate that over the long-term hybrid work arrangements are likely to temper overall demand for office space and lower potential rental rate growth.
ANNUAL REPORT 2021 85
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN3022 | 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 | 28.2 | 35.6 | -0.4 | 14.2 | 6.3 | 20.3 | -15.5 | 29.2 | -5.5 | 13.9 |
| Benchmark † | 30.0 | 36.6 | 0.1 | 14.8 | 6.8 | 21.0 | -15.0 | 30.0 | -4.9 | 14.5 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares VII plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares VII plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares VII plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares VII plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares VII plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares VII plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 02 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 28,2 | 35,6 | -0,4 | 14,2 | 6,3 | 20,3 | -15,5 | 29,2 | -5,5 | 13,9 |
| Índice † | 30,0 | 36,6 | 0,1 | 14,8 | 6,8 | 21,0 | -15,0 | 30,0 | -4,9 | 14,5 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares VII plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares VII plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares VII plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares VII plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares VII plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares VII plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 02 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 28.2 | 35.6 | -0.4 | 14.2 | 6.3 | 20.3 | -15.5 | 29.2 | -5.5 | 13.9 |
| Benchmark † | 30.0 | 36.6 | 0.1 | 14.8 | 6.8 | 21.0 | -15.0 | 30.0 | -4.9 | 14.5 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares VII plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares VII plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares VII plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares VII plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares VII plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares VII plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 02 February 2022 | en | es |
DOLFIN3024 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Insight Investment Funds Management Limited serves as investment manager of the Company and also acts as the primary entity that promotes of the Funds.
The Company may decline any application for Shares in whole or in part without assigning any reason therefor and may decline to accept an initial subscription for Shares of any amount (exclusive of the preliminary charge, if any) which is less than the Minimum Initial Subscription unless the Minimum Initial Subscription is waived by the Directors.
After the initial issue, Shares will be issued and repurchased at the Net Asset Value per Share plus or minus duties and charges (as the case may be) including any preliminary charge specified in the relevant Supplement for the Fund. The Net Asset Value of the Shares of each class and the issue and repurchase prices will be calculated in accordance with the provisions summarised under the heading “Issue and Repurchase Prices”.
All holders of Shares will be entitled to the benefit of, will be bound by, and deemed to have notice of the provisions of the Memorandum and Articles of the Company summarised under the heading “General Information”, copies of which are available as detailed below.
## Directors of the Company
The Central Bank Regulations introduce the concept of the responsible person, being the party responsible for compliance with the relevant requirements of the Central Bank Regulations on behalf of a particular Irish authorised UCITS. As the Company has not designated a management company, the Directors collectively (as opposed to any director or other officer individually) assume the role of the responsible person for the Company and any relevant references in the Prospectus to the Directors shall be construed accordingly, as appropriate. | # Insight Investment Funds Management Limited actúa en calidad de gestora de inversiones de la Sociedad y de principal promotor de los Subfondos.
La Sociedad podrá rechazar en su totalidad o en parte cualquier solicitud de Acciones, sin necesidad de justificar su decisión, así como una suscripción inicial de Acciones por un importe (sin incluir la comisión de suscripción, si la hubiere) inferior a la Suscripción mínima inicial, salvo que los Consejeros renuncien a exigirla.
Tras la emisión inicial, las Acciones se suscribirán y reembolsarán al Valor liquidativo por Acción menos o más los correspondientes impuestos y gastos (según sea el caso), incluida cualquier comisión de suscripción que se especifique en el correspondiente Suplemento del Subfondo. El Valor liquidativo por Acción de cada Clase y los precios de suscripción y reembolso se calcularán con arreglo a las disposiciones que se detallan en el apartado “Precios de suscripción y reembolso”.
Todos los titulares de Acciones tendrán derecho a beneficiarse de las disposiciones de la Escritura de constitución y de los Estatutos la Sociedad, que les obligan y de las que se entiende que han recibido notificación, que se resumen en el apartado “Información general”, y cuyas copias están a su disposición en las condiciones que se especifican a continuación.
## Consejeros de la Sociedad
El Reglamento del Banco Central introduce el concepto de persona responsable, siendo la parte responsable del cumplimiento de los requisitos pertinentes del Reglamento del Banco Central en nombre de un determinado OICVM irlandés autorizado. Dado que la Sociedad no ha designado una sociedad de gestión, los Consejeros, colectivamente (en oposición a cualquier consejero u otro funcionario de forma individual), asumirán el cargo de persona responsable de la Sociedad y todas las referencias contenidas en el Folleto a los Consejeros deberán interpretarse en consecuencia, según proceda. | # Insight Investment Funds Management Limited serves as investment manager of the Company and also acts as the primary entity that promotes of the Funds.
The Company may decline any application for Shares in whole or in part without assigning any reason therefor and may decline to accept an initial subscription for Shares of any amount (exclusive of the preliminary charge, if any) which is less than the Minimum Initial Subscription unless the Minimum Initial Subscription is waived by the Directors.
After the initial issue, Shares will be issued and repurchased at the Net Asset Value per Share plus or minus duties and charges (as the case may be) including any preliminary charge specified in the relevant Supplement for the Fund. The Net Asset Value of the Shares of each class and the issue and repurchase prices will be calculated in accordance with the provisions summarised under the heading “Issue and Repurchase Prices”.
All holders of Shares will be entitled to the benefit of, will be bound by, and deemed to have notice of the provisions of the Memorandum and Articles of the Company summarised under the heading “General Information”, copies of which are available as detailed below.
## Directors of the Company
The Central Bank Regulations introduce the concept of the responsible person, being the party responsible for compliance with the relevant requirements of the Central Bank Regulations on behalf of a particular Irish authorised UCITS. As the Company has not designated a management company, the Directors collectively (as opposed to any director or other officer individually) assume the role of the responsible person for the Company and any relevant references in the Prospectus to the Directors shall be construed accordingly, as appropriate. | en | es |
DOLFIN3029 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: December 3, 2019. The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 3 de diciembre de 2019. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
4%
2%
0%
-2%
-4%
-6% | ### Launch Date and Currency
Sub-Fund's launch date: December 3, 2019. The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6% | en | es |
DOLFIN3031 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Step 4: Compiling the Index
In addition to the filters for carbon intensity and fossil reserves, the following restrictions are applied when compiling the MSCI Europe Low Carbon Leaders Index:
- The maximum weighting of each constituent element in the Index is restricted to twenty times its weighting within the parent index, MSCI Europe
- The weighting by which each country may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The weighting by which each segment may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The reduction in greenhouse gas emissions and potential greenhouse gas emissions, calculated by using fossil fuel reserves, must be at least 50% when compared to the parent index, MSCI Europe. | ##### Paso 4: Compilar el Índice
Además de los filtros de intensidad de carbono y de reservas fósiles, se aplican las siguientes restricciones al compilar el Índice MSCI Europe Low Carbon Leaders:
- La ponderación máxima de cada elemento componente del Índice se restringe a veinte veces su ponderación dentro del Índice matriz, el MCSI Europe.
- La ponderación por la cual cada país puede fluctuar en el Índice se restringe a un 2% de su ponderación dentro del Índice matriz, el MSCI Europe.
- La ponderación por la cual cada segmento puede fluctuar en el Índice se restringe a un 2% de su ponderación dentro del Índice matriz, el MSCI Europe.
- La reducción de las emisiones de gases de efecto invernadero reales y potenciales, que se calcula usando las reservas de combustibles fósiles, debe ser de un 50% como mínimo en comparación con el Índice matriz, el MSCI Europe. | #### Step 4: Compiling the Index
In addition to the filters for carbon intensity and fossil reserves, the following restrictions are applied when compiling the MSCI Europe Low Carbon Leaders Index:
- The maximum weighting of each constituent element in the Index is restricted to twenty times its weighting within the parent index, MSCI Europe
- The weighting by which each country may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The weighting by which each segment may fluctuate in the Index is restricted to 2% of its weighting within the parent index, MSCI Europe
- The reduction in greenhouse gas emissions and potential greenhouse gas emissions, calculated by using fossil fuel reserves, must be at least 50% when compared to the parent index, MSCI Europe. | en | es |
DOLFIN3036 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class: SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (Acc) (ISIN IE00BFWFPY67)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may
fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | # Clase de acción: SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (Acc) (ISIN IE00BFWFPY67)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de los mercados de deuda de países emergentes para valores líquidos denominados en monedas locales.
Política de inversión El Fondo trata de replicar la rentabilidad del Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden bonos emitidos por Estados de países emergentes. Estos valores pueden tener tipos de interés fijos o variables y calificaciones de grado de inversión (alta calidad) o inferiores. Puesto que adquirir de forma eficiente la totalidad de los valores que integran el Índice puede resultar complicado, el Fondo tratará de replicar la rentabilidad del Índice utilizando una estrategia de muestra estratificada para construir una cartera representativa. Por lo tanto, normalmente el Fondo tendrá en cartera solo una parte de los valores incluidos en el Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de
mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores. Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: Bloomberg Index Services Limited. BLOOMBERG® es una marca registrada y de servicios de Bloomberg Finance L.P. y sus entidades asociadas (colectivamente, «Bloomberg»). Bloomberg o sus proveedores de licencias tienen todos los derechos de propiedad sobre los Índices de Bloomberg. Ni Bloomberg ni sus proveedores de licencias aprueban o autorizan este material, ni garantizan la exactitud o exhaustividad de la información que aquí se recoge, ni otorgan garantía alguna, expresa o implícita, con respecto a los resultados que se obtendrán de estos y, en la máxima medida en que la ley lo permita, no tendrán ninguna responsabilidad por lesiones o daños o perjuicios que se produzcan con relación a estos. | # Share Class: SPDR Bloomberg Emerging Markets Local Bond UCITS ETF (Acc) (ISIN IE00BFWFPY67)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may
fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | en | es |
DOLFIN3037 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 2.57% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.04% 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. | 4 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.02% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 102 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,57% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 257 EUR |
| Costes de operación | 0,04% 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. | 4 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 1,02% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 102 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 2.57% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.04% 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. | 4 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.02% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 102 EUR | | en | es |
DOLFIN3042 | 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 2,060 | EUR 1,360 |
| | Average return each year % | -79.40% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 7,700 | EUR 8,390 |
| | Average return each year % | -23.00% | -3.45% |
| Moderate scenario | What you might get back after costs | EUR 10,940 | EUR 15,010 |
| | Average return each year % | 9.40% | 8.46% |
| Favourable scenario | What you might get back after costs | EUR 18,450 | EUR 19,000 |
| | Average return each year % | 84.50% | 13.70% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 2.060 | EUR 1.360 |
| | Rendimiento medio cada año | -79,40% | -32,90% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.700 | EUR 8.390 |
| | Rendimiento medio cada año | -23,00% | -3,45% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.940 | EUR 15.010 |
| | Rendimiento medio cada año | 9,40% | 8,46% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 18.450 | EUR 19.000 |
| | Rendimiento medio cada año | 84,50% | 13,70% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,060 | EUR 1,360 |
| | Average return each year % | -79.40% | -32.90% |
| Unfavourable scenario | What you might get back after costs | EUR 7,700 | EUR 8,390 |
| | Average return each year % | -23.00% | -3.45% |
| Moderate scenario | What you might get back after costs | EUR 10,940 | EUR 15,010 |
| | Average return each year % | 9.40% | 8.46% |
| Favourable scenario | What you might get back after costs | EUR 18,450 | EUR 19,000 |
| | Average return each year % | 84.50% | 13.70% | | en | es |
DOLFIN3053 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As a result, where the Directors believe that a significant event has occurred between the close of the markets in which a Fund invests and the point of valuation, and that such event will materially affect the value of that Fund’s portfolio, they may cause the Management Company to adjust the Net Asset Value per Share so as to reflect what is believed to be the fair value of the portfolio as at the point of valuation ("fair value pricing").
The level of adjustment will be based upon the movement in a chosen surrogate up until the point of valuation, provided that such movement exceeds the threshold as determined by the Directors for the relevant Fund. The surrogate will usually be in the form of a futures index, but might also be a basket of securities, which the Directors believe is strongly correlated to, and representative of, the performance of the Fund.
Where an adjustment is made as per the foregoing, it will be applied consistently to all Share Classes in the same Fund.
Section 3
- General Information
-
## Administration Details, Charges and Expenses | Como consecuencia, en el caso de que el Consejo de administración considere que se ha producido un acontecimiento significativo entre el cierre de los mercados en los que invierte el Fondo y el momento de valoración y que dicho acontecimiento afectará de forma sustancial al valor de la cartera de ese Fondo, podrá instar a la Sociedad gestora a que ajuste el Valor liquidativo por Participación de forma que refleje lo que se considera el valor razonable de la cartera en el momento de valoración (“ajuste de precios al valor razonable“).
El nivel del ajuste dependerá del movimiento hasta el momento de valoración de un índice sustitutivo elegido, siempre que dicho movimiento supere el umbral fijado por el Consejo de administración para el Fondo correspondiente. El índice sustitutivo será por lo general un índice de futuros, pero también podría ser una cesta de valores que el Consejo de administración considere fuertemente correlacionada con la rentabilidad del Fondo y representativa de la misma.
En el caso de que se realice algún ajuste conforme a lo anterior, este se aplicará sistemáticamente a todas las Clases de Participaciones del mismo Fondo.
Apartado 3
- Información general
-
## Información sobre la dirección y administración, comisiones y gastos | As a result, where the Directors believe that a significant event has occurred between the close of the markets in which a Fund invests and the point of valuation, and that such event will materially affect the value of that Fund’s portfolio, they may cause the Management Company to adjust the Net Asset Value per Share so as to reflect what is believed to be the fair value of the portfolio as at the point of valuation ("fair value pricing").
The level of adjustment will be based upon the movement in a chosen surrogate up until the point of valuation, provided that such movement exceeds the threshold as determined by the Directors for the relevant Fund. The surrogate will usually be in the form of a futures index, but might also be a basket of securities, which the Directors believe is strongly correlated to, and representative of, the performance of the Fund.
Where an adjustment is made as per the foregoing, it will be applied consistently to all Share Classes in the same Fund.
Section 3
- General Information
-
## Administration Details, Charges and Expenses | en | es |
DOLFIN3054 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fees are no longer applicable since the conversion of this unit from a F GBP Acc share class to a W GBP Acc share class on 26 February 2018. The amount of performance fee crystallised as of the conversion date, and invoiced, is 0.22%.
Percentage | Los gastos corrientes se basan en los gastos correspondientes al último ejercicio cerrado el 31 de diciembre de 2021. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el subfondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos y las comisiones que se pagan están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución de las participaciones. Dichos gastos reducen el potencial de crecimiento de la inversión.
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
Las comisiones de rentabilidad ya no son aplicables, dada la conversión de esta participación desde una clase de acciones F GBP Acc por una clase de acciones W GBP Acc el 26 de febrero de 2018. En la fecha de la conversión, el importe de la comisión de rentabilidad cristalizada y facturada ascendía al 0,22%.
Porcentaje | Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fees are no longer applicable since the conversion of this unit from a F GBP Acc share class to a W GBP Acc share class on 26 February 2018. The amount of performance fee crystallised as of the conversion date, and invoiced, is 0.22%.
Percentage | en | es |
DOLFIN3056 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% hedged to CHF Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of large and mid-market capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. The Index is free float-adjusted market capitalisation weighted. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float - adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index also uses (FX) forward contracts to hedge each non- Swiss Franc (CHF) currency in the Index back to CHF, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and CHF.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index. They hedge each non-CHF currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is Swiss Franc.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del índice MSCI EMU 100% hedged to CHF, el índice de referencia del Fondo (el Índice).
El Índice ofrece la rentabilidad del MSCI EMU Index, que mide la rentabilidad de las empresas de elevada y mediana capitalización bursátil de los países de los mercados desarrollados de la Unión Económica y Monetaria Europea (UME) de acuerdo con criterios del tamaño, liquidez y flotación libre de MSCI. El Índice es un índice ponderado por capitalización bursátil ajustado a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de las acciones de la empresa por el número de acciones disponibles para inversores internacionales. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. El Índice también utiliza contratos de divisas a plazo para cubrir cada divisa del Índice distinta del franco suizo (CHF) respecto de este último, la moneda base del Fondo. La cobertura reduce el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los valores de renta variable que componen el Índice y el CHF.
El Fondo trata de invertir en la medida de lo posible y factible en los valores de renta variable (como por ejemplo acciones) que componen el MSCI EMU Index, así como en contratos de divisas a plazo que, en la medida de lo posible y factible, sigan la metodología de cobertura del Índice. Otorgan cobertura a cada divisa distinta del CHF del Índice respecto de la moneda base del Fondo. Esto se basa en la metodología de los índices MSCI Hedged.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo trata de replicar el índice de referencia manteniendo los valores de renta variable que componen el índice de referencia, en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). La moneda base del Fondo es el franco suizo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% hedged to CHF Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of large and mid-market capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. The Index is free float-adjusted market capitalisation weighted. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float - adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Index also uses (FX) forward contracts to hedge each non- Swiss Franc (CHF) currency in the Index back to CHF, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and CHF.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index. They hedge each non-CHF currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is Swiss Franc.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN3063 | 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 shares of companies in markets throughout the world including major markets and smaller emerging markets. It aims to invest in multiple long-term market themes by investing in securities that may benefit from structural and/or secular (i.e. long term and not cyclical) changes in economic and social factors, such as disruptive technologies, demographics and climate change. The Investment Manager has the discretion on the choice of themes the fund invests in.
- 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.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund may also seek exposure of up to 20% of its net assets to closed-ended real estate investment trusts (REITs).
- The fund is actively managed and references MSCI ACWI Index (Net) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá al menos un 70 % en acciones de empresas de todo el mundo. Pretende invertir en muchas temáticas a largo plazo del mercado a través de la inversión en valores que puedan verse favorecidos por cambios estructurales o seculares (es decir, a largo plazo y no cíclicos) en factores económicos y sociales, como las tecnologías disruptivas, la demografía y el cambio climático. El Gestor de Inversiones es libre de elegir las temáticas en las que invierte el Subfondo.
- 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.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- También puede tratar de exponer hasta un 20 % de su patrimonio neto a fondos de inversión inmobiliaria («REIT») de capital fijo.
- El Subfondo se gestiona de manera activa y utiliza como referencia el MSCI ACWI Index (Net) (en adelante, el «Índice»), únicamente a efectos de comparación.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in shares of companies in markets throughout the world including major markets and smaller emerging markets. It aims to invest in multiple long-term market themes by investing in securities that may benefit from structural and/or secular (i.e. long term and not cyclical) changes in economic and social factors, such as disruptive technologies, demographics and climate change. The Investment Manager has the discretion on the choice of themes the fund invests in.
- 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.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund may also seek exposure of up to 20% of its net assets to closed-ended real estate investment trusts (REITs).
- The fund is actively managed and references MSCI ACWI Index (Net) (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3073 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison only, 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 equity securities, preferred stocks and convertible securities issued by companies worldwide, including emerging markets. It can also invest in A shares (issued by mainland China-based companies) through the Shanghai-Hong Kong Stock Connect (Stock Connect). The Sub-Fund follows an active, high conviction investment approach. In selecting the individual stocks, the Investment Manager is guided by its own financial analysis of companies. The investment approach is based on the premise that sustainability factors will ultimately drive a company’s share price over the long term. The Investment Manager invests in high quality businesses, whose securities
are attractively priced, with strong management teams that it believes best understand and respond to these factors and have the potential to outperform over the long term. The result is a concentrated portfolio made up of shares in 30 to 50 different companies. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI World TR ND se utiliza únicamente a efectos de comparación de la rentabilidad 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 títulos de renta variable, acciones preferentes y títulos convertibles emitidos por empresas de todo el mundo, incluidos los mercados emergentes. Puede también invertir en acciones A (emitidas por empresas establecidas en China continental) a través del programa Shanghai-Hong Kong Stock Connect (Stock Connect). El subfondo sigue un enfoque de inversión activo y de alta convicción. Al seleccionar los títulos individuales, el gestor de inversiones se guía por su propio análisis financiero de empresas. En enfoque de inversión se basa en la premisa de que los factores de sostenibilidad acabarán impulsando el precio de la acción de una empresa a largo plazo. El gestor de inversiones invierte en empresas de
alta calidad cuyos títulos tienen un precio atractivo y cuyos equipos de dirección son fuertes, y de las que cree que mejor comprenden y reúnen esos factores y tienen potencial para obtener mejores rentabilidades relativas a largo plazo. El resultado es una cartera concentrada compuesta por acciones de entre 30 y 50 empresas. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison only, 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 equity securities, preferred stocks and convertible securities issued by companies worldwide, including emerging markets. It can also invest in A shares (issued by mainland China-based companies) through the Shanghai-Hong Kong Stock Connect (Stock Connect). The Sub-Fund follows an active, high conviction investment approach. In selecting the individual stocks, the Investment Manager is guided by its own financial analysis of companies. The investment approach is based on the premise that sustainability factors will ultimately drive a company’s share price over the long term. The Investment Manager invests in high quality businesses, whose securities
are attractively priced, with strong management teams that it believes best understand and respond to these factors and have the potential to outperform over the long term. The result is a concentrated portfolio made up of shares in 30 to 50 different companies. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN3074 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class: SPDR Bloomberg Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc) (ISIN IE00BK8JH525)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
This EUR Hedged class is made available to reduce the impact of exchange rate fluctuations between the currency in which the hedged Class is denominated and the Base Currency of the Fund. This involves hedging the Fund's Base Currency, the USD, to EUR without reference to the currencies represented in the Fund's underlying investment portfolio. This hedged share class should more closely track the corresponding hedged version of the Index (Bloomberg Emerging Markets Local Currency Liquid Government Bond Index unhedged USD base hedged into EUR).
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in Euro.
Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | # Clase de acción: SPDR Bloomberg Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc) (ISIN IE00BK8JH525)
Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de los mercados de deuda de países emergentes para valores líquidos denominados en monedas locales.
Política de inversión El Fondo trata de replicar la rentabilidad del Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden bonos emitidos por Estados de países emergentes. Estos valores pueden tener tipos de interés fijos o variables y calificaciones de grado de inversión (alta calidad) o inferiores. Puesto que adquirir de forma eficiente la totalidad de los valores que integran el Índice puede resultar complicado, el Fondo tratará de replicar la rentabilidad del Índice utilizando una estrategia de muestra estratificada para construir una cartera representativa. Por lo tanto, normalmente el Fondo tendrá en cartera solo una parte de los valores incluidos en el Índice.
Esta clase con cobertura en EUR se ofrece para reducir la repercusión de las fluctuaciones de los tipos de cambio entre la moneda en la que está denominada la Clase de acciones cubierta y la Moneda base del Fondo. Esto implica cubrir la Moneda base del Fondo, el USD, en EUR sin referencia a las monedas representadas en la cartera de inversión subyacente del Fondo.
Esta clase de acciones cubiertas deberá replicar con mayor precisión la correspondiente versión con cobertura del índice (Bloomberg Emerging Markets Local Currency Liquid Government Bond Index sin cobertura en USD con cobertura base en EUR).
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores. Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en euros.
Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: Bloomberg Index Services Limited. BLOOMBERG® es una marca registrada y de servicios de Bloomberg Finance L.P. y sus entidades asociadas (colectivamente, «Bloomberg»). Bloomberg o sus proveedores de licencias tienen todos los derechos de propiedad sobre los Índices de Bloomberg. Ni Bloomberg ni sus proveedores de licencias aprueban o autorizan este material, ni garantizan la exactitud o exhaustividad de la información que aquí se recoge, ni otorgan garantía alguna, expresa o implícita, con respecto a los resultados que se obtendrán de estos y, en la máxima medida en que la ley lo permita, no tendrán ninguna responsabilidad por lesiones o daños o perjuicios que se produzcan con relación a estos. | # Share Class: SPDR Bloomberg Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc) (ISIN IE00BK8JH525)
Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of the debt markets in emerging market countries for liquid local currency securities.
Investment Policy The Fund seeks to track the performance of the Bloomberg Emerging Markets Local Currency Liquid Government Bond Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These include bonds issued by governments in emerging market countries. These securities may have fixed or floating interest rates and may be rated investment grade (high quality) or below investment grade. As it may be difficult to purchase all securities in the Index efficiently, in seeking to track the performance of the Index the Fund will use a stratified sampling strategy to build a representative portfolio. Consequently, the Fund will typically hold only a subset of the securities included in the Index.
This EUR Hedged class is made available to reduce the impact of exchange rate fluctuations between the currency in which the hedged Class is denominated and the Base Currency of the Fund. This involves hedging the Fund's Base Currency, the USD, to EUR without reference to the currencies represented in the Fund's underlying investment portfolio. This hedged share class should more closely track the corresponding hedged version of the Index (Bloomberg Emerging Markets Local Currency Liquid Government Bond Index unhedged USD base hedged into EUR).
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund does not currently engage in securities lending.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in Euro.
Please refer to the Prospectus for more information.
Index Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. | en | es |
DOLFIN3076 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
In order to achieve its investment objective and policy, the Fund will utilise a variety of investment strategies and instruments. In particular, the Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event. Catalyst events range across a broad spectrum and include, but are not limited to, announced mergers and acquisitions, company offers, spinoffs and split-offs, financial and strategic restructuring and management changes.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will 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 the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity securities.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The ICE BofAML 3- MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar (USD), the Fund's base currency.
Your shares will aim to provide exposure to Brazilian Real (“BRL”) by converting the net asset value of your shares into BRL using financial derivative instruments. As a result, such net asset value is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and USD, the Fund’s base currency. This fluctuation will be reflected in the performance of this share class, and therefore such performance may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from this hedging strategy will be reflected in the net asset value of the share class. Risks in respect of this share class will, for risk-management purposes, be measured and monitored in BRL. The SRRI for share classes with more than 5 years of performance history will reflect either the calculated SRRI based on realised volatility measured in USD, or the SRRI based on volatility measured in BRL, whichever is the greater.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de obtener una rentabilidad absoluta positiva a través de una combinación de crecimiento del capital y rendimientos de sus inversiones al margen de las condiciones del mercado.
En circunstancias normales de mercado, el Fondo tratará de conseguir al menos el 70% de su exposición de inversión mediante valores de renta variable mundial (p. ej., acciones) y valores relacionados con renta variable. El Fondo podrá invertir también en valores de renta fija (RF) (como bonos), valores relacionados con RF, valores relacionados con RF, instrumentos del mercado monetario (IMM) (es decir, valores de deuda con vencimientos a corto plazo), depósitos y tesorería.
Para alcanzar su objetivo de inversión, el Fondo utilizará varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará un proceso de inversión basado en indicadores fundamentales centrado en identificar inversiones que se vean afectadas por un acontecimiento catalizador suficientemente definido. Los acontecimientos catalizadores son muy variados e incluyen, sin limitación, fusiones y adquisiciones anunciadas, ofertas de empresas, escisiones y separaciones, reestructuraciones financieras y estratégicas y cambios en la dirección.
Los valores de RF e IMM podrán estar emitidos por gobiernos, agencias gubernamentales, empresas e instituciones supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estos podrían incluir inversiones que tengan una calificación de solvencia relativamente baja o que carecen de calificación.
El asesor de inversiones (AI) utilizará instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para contribuir a alcanzar el objetivo de inversión del Fondo, y este, a través de los IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición al mercado superior al valor de sus activos). Una parte sustancial de los activos del Fondo se podrá invertir en swaps de rentabilidad total y contratos por diferencia, cuyo objetivo es conseguir una rentabilidad específica determinada por los activos subyacentes, como valores de renta variable.
El Fondo se gestiona de forma activa y el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el ICE BofAML 3-MO US Treasury Bill para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
El objetivo es que sus acciones estén expuestas al real brasileño («BRL»), al convertir el valor liquidativo de las acciones en BRL mediante el uso de instrumentos financieros derivados. En consecuencia, se espera que el valor liquidativo fluctúe en la misma medida que la fluctuación del tipo de cambio entre el BRL y el USD, que es la moneda de base del Fondo. Esta fluctuación se verá reflejada en la rentabilidad de esta clase de acciones y, por lo tanto, esta rentabilidad puede mostrar diferencias sustanciales en relación con la rentabilidad del resto de las clases de acciones del Fondo. Los beneficios y las pérdidas, así como los costes y los gastos, derivados de esta estrategia de cobertura se verán reflejados en el valor liquidativo de la clase de acciones. Los riesgos asociados a esta clase de acciones, a efectos de su gestión, se medirán y controlarán en BRL. El ISRR para las clases de acciones con un historial de rentabilidad superior a 5 años reflejará el ISRR calculado tomando como base la volatilidad obtenida medida en USD, o el ISRR tomando como base la volatilidad medida en BRL (se utilizará el valor superior).
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
In order to achieve its investment objective and policy, the Fund will utilise a variety of investment strategies and instruments. In particular, the Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event. Catalyst events range across a broad spectrum and include, but are not limited to, announced mergers and acquisitions, company offers, spinoffs and split-offs, financial and strategic restructuring and management changes.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will 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 the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity securities.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The ICE BofAML 3- MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in US Dollar (USD), the Fund's base currency.
Your shares will aim to provide exposure to Brazilian Real (“BRL”) by converting the net asset value of your shares into BRL using financial derivative instruments. As a result, such net asset value is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and USD, the Fund’s base currency. This fluctuation will be reflected in the performance of this share class, and therefore such performance may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from this hedging strategy will be reflected in the net asset value of the share class. Risks in respect of this share class will, for risk-management purposes, be measured and monitored in BRL. The SRRI for share classes with more than 5 years of performance history will reflect either the calculated SRRI based on realised volatility measured in USD, or the SRRI based on volatility measured in BRL, whichever is the greater.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN3077 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 6,230 | USD 6,900 |
| | Average return each year % | -37.70% | -11.63% |
| Unfavourable scenario | What you might get back after costs | USD 7,400 | USD 6,900 |
| | Average return each year % | -26.00% | -11.63% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 10,690 |
| | Average return each year % | 0.60% | 2.25% |
| Favourable scenario | What you might get back after costs | USD 11,280 | USD 11,910 |
| | Average return each year % | 12.80% | 6.00% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 6.230 | USD 6.900 |
| | Rendimiento medio cada año | -37,70% | -11,63% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.400 | USD 6.900 |
| | Rendimiento medio cada año | -26,00% | -11,63% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.060 | USD 10.690 |
| | Rendimiento medio cada año | 0,60% | 2,25% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 11.280 | USD 11.910 |
| | Rendimiento medio cada año | 12,80% | 6,00% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 6,230 | USD 6,900 |
| | Average return each year % | -37.70% | -11.63% |
| Unfavourable scenario | What you might get back after costs | USD 7,400 | USD 6,900 |
| | Average return each year % | -26.00% | -11.63% |
| Moderate scenario | What you might get back after costs | USD 10,060 | USD 10,690 |
| | Average return each year % | 0.60% | 2.25% |
| Favourable scenario | What you might get back after costs | USD 11,280 | USD 11,910 |
| | Average return each year % | 12.80% | 6.00% | | en | es |
DOLFIN3079 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### The criteria identifying STS securitisations and ABCPs shall include at least the following:
- requirements relating to the simplicity of the securitisation, including its true sale character and the respect of standards relating to the underwriting of the exposures;
- requirements relating to standardisation of the securitisation, including risk retention requirements;
- requirements relating to the transparency of the securitisation, including the provision of information to potential investors;
- for ABCPs, in addition to points (a), (b) and (c) here above, requirements relating to the sponsor and to the sponsor support of the ABCP programme.
-
##### Eligible deposits with credit institutions | #### Los criterios de identificación de las titulizaciones STS y de los ABCP incluirán, como mínimo, los siguientes:
- requisitos relativos a la simplicidad de la titulización, incluidos su verdadero carácter de venta y el respeto de las normas relativas a la suscripción de las exposiciones;
- requisitos relativos a la normalización de la titulización, incluidos los requisitos de retención del riesgo;
- requisitos relativos a la transparencia de la titulización, incluido el suministro de información a los posibles inversores;
- para los ABCP, además de los puntos (a), (b) y (c) anteriores, requisitos relativos al patrocinador y al apoyo del patrocinador al programa ABCP.
-
#### Depósitos idóneos en entidades de crédito | ##### The criteria identifying STS securitisations and ABCPs shall include at least the following:
- requirements relating to the simplicity of the securitisation, including its true sale character and the respect of standards relating to the underwriting of the exposures;
- requirements relating to standardisation of the securitisation, including risk retention requirements;
- requirements relating to the transparency of the securitisation, including the provision of information to potential investors;
- for ABCPs, in addition to points (a), (b) and (c) here above, requirements relating to the sponsor and to the sponsor support of the ABCP programme.
-
##### Eligible deposits with credit institutions | en | es |
DOLFIN3083 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Prepayment and extension risk
Any unexpected behavior in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security’s principal before the maturity date).
When interest rates fall, issuers tend to pay off these securities and re-issue new ones at lower interest rates. When this happens, the fund may have no alternative but to reinvest the money from these prepaid securities at a lower rate of interest (“prepayment risk”).
At the same time, when interest rates rise, borrowers tend not to prepay their low-interest mortgages. This can lock in the fund to receiving below- market yields until interest rates fall or the securities mature (“extension risk”). It can also mean that the fund must either sell the securities at a loss or forgo the opportunity to make other investments that may turn out to have performed better.
The prices and yields of callable securities typically reflect the assumption that they will be paid off at a certain point before maturity. If this prepayment happens when expected, the fund generally will not suffer any adverse effects. However, if it happens substantially earlier or later than expected, it can mean that the fund effectively overpaid for the securities.
These factors can also affect the fund’s duration, increasing or decreasing sensitivity to interest rates in undesired ways. In some circumstances, the failure of rates to rise or fall when anticipated could cause prepayment or extension risks as well. | ##### Riesgo de amortización anticipada y de extensión
Cualquier comportamiento inesperado en los tipos de interés podría perjudicar el rendimiento de los títulos de deuda redimibles (valores cuyos emisores tienen derecho a amortizar su capital antes de la fecha de vencimiento).
Cuando los tipos de interés disminuyen, los emisores, por lo general, amortizan estos valores y vuelven a emitir nuevos a tipos de interés más bajos. Cuando esto sucede, el fondo puede no tener otra alternativa que reinvertir el dinero de estos valores amortizados de forma anticipada a un tipo de interés más bajo («riesgo de amortización anticipada»).
Simultáneamente, cuando aumentan los tipos de interés, los prestatarios, por lo general, no amortizan de forma anticipada sus hipotecas a tipos de interés bajos. Esto puede hacer que el fondo perciba un rendimiento inferior al del mercado hasta que los tipos de interés desciendan o el valor venza («riesgo de extensión»). También puede significar que el fondo debe vender los valores con pérdidas o renunciar a la oportunidad de realizar otras inversiones que puedan presentar un mejor comportamiento.
Por lo general, los precios y el rendimiento de los valores redimibles reflejan la suposición de que estos se amortizarán en un determinado momento antes de su vencimiento. Si esta amortización anticipada se produce en el momento previsto, el fondo generalmente no sufrirá ningún efecto adverso. Sin embargo, si se produce considerablemente antes o después de lo previsto, puede significar que el fondo ha pagado en exceso por los valores.
Estos factores también pueden afectar a la duración del fondo, aumentando o disminuyendo la sensibilidad a los tipos de interés de formas desfavorables. En algunas circunstancias, el hecho de que los tipos no aumenten o disminuyan cuando se prevé también podría ocasionar riesgos de amortización anticipada o extensión. | ##### Prepayment and extension risk
Any unexpected behavior in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security’s principal before the maturity date).
When interest rates fall, issuers tend to pay off these securities and re-issue new ones at lower interest rates. When this happens, the fund may have no alternative but to reinvest the money from these prepaid securities at a lower rate of interest (“prepayment risk”).
At the same time, when interest rates rise, borrowers tend not to prepay their low-interest mortgages. This can lock in the fund to receiving below- market yields until interest rates fall or the securities mature (“extension risk”). It can also mean that the fund must either sell the securities at a loss or forgo the opportunity to make other investments that may turn out to have performed better.
The prices and yields of callable securities typically reflect the assumption that they will be paid off at a certain point before maturity. If this prepayment happens when expected, the fund generally will not suffer any adverse effects. However, if it happens substantially earlier or later than expected, it can mean that the fund effectively overpaid for the securities.
These factors can also affect the fund’s duration, increasing or decreasing sensitivity to interest rates in undesired ways. In some circumstances, the failure of rates to rise or fall when anticipated could cause prepayment or extension risks as well. | en | es |
DOLFIN3087 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- in the case of the termination of a Non-Affiliated Sub-Adviser, the Calculation Period will terminate on the date of the termination; and
- • in the case of the termination of the Sub-Investment Management Agreement in any year, the Calculation Period will terminate on the date of the termination.
| | - si el Subasesor no afiliado cesa en sus funciones, el Período de cálculo terminará en la fecha del cese; y
- • si el Contrato del Gestor delegado de inversiones se resuelve en cualquier año, el Período de cálculo terminará en la fecha en que se produzca esa resolución.
| | - in the case of the termination of a Non-Affiliated Sub-Adviser, the Calculation Period will terminate on the date of the termination; and
- • in the case of the termination of the Sub-Investment Management Agreement in any year, the Calculation Period will terminate on the date of the termination.
| | en | es |
DOLFIN3090 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
### Recommended holding period: 5 years
Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 5 years. You may buy or sell shares in the product, without penalty, on any normal business day as further documented in the fund's documents. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this might increase the risk of lower investment returns or a loss. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
### Periodo de mantenimiento recomendado: 5 años
Recomendación: este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 5 años. Usted puede comprar o vender acciones del producto, sin penalizaciones, cualquier día hábil normal, tal y como se detalla en los documentos del fondo. Póngase en contacto con su intermediario, asesor financiero o distribuidor para obtener información sobre los eventuales costes y comisiones relativos a la venta de las acciones. Si vende el producto de manera anticipada, esto puede aumentar el riesgo de obtener un rendimiento de la inversión más bajo o de sufrir una pérdida. | # How long should I hold it and can I take money out early?
### Recommended holding period: 5 years
Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 5 years. You may buy or sell shares in the product, without penalty, on any normal business day as further documented in the fund's documents. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this might increase the risk of lower investment returns or a loss. | en | es |
DOLFIN3091 | 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 Exit charge | 5.00% None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.79%* including tax of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. including tax of the performance above that of the reference assets, subject to a limit of 2% of the net assets. No fee was deducted for the prior fiscal year. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada Gastos de salida | 5,00% Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,79%* (impuestos incluidos) del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15 % IVA anual de la rentabilidad a partir de la registrada por el índice de referencia dentro del límite del 2 % del activo neto. No se ha detraído ninguna comisión en concepto del ejercicio anterior | | | One-off charges taken before or after you invest |
| --- |
| Entry charge Exit charge | 5.00% None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.79%* including tax of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | 15% p.a. including tax of the performance above that of the reference assets, subject to a limit of 2% of the net assets. No fee was deducted for the prior fiscal year. | | en | es |
DOLFIN3105 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# MAIN RISKS FOR THE FUND
Concentration risk
Risk relative to the significant concentration of investments in one specific asset category or market.
Performance risk
Risk related to the Fund’s performance volatility, and to the existence or lack of third-party guarantees or restrictions weighing on these guarantees.
Capital risk
Risking weighing on the capital, including the risk of erosion following unit redemptions and distribu- tions exceeding the yield.
1
KIID (Key Investor Information Document) risk scale. Risk category 6 reflects very high potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean "risk-free". The Fund’s risk level is explained by its investments in equities on the globalisation, demographics, energy, technology, food and water markets.
2
The management team is subject to change.
Market risk
General risk related to changes on financial markets.
Foreign-exchange risk
The Fund’s assets can be invested in securities that are denominated in a currency other than its refe- rence currency; the NAV of the Fund may fluctuate according to the exchange rate between the Fund’s reference currency and the currency of the invested securities. | # PRINCIPALES RIESGOS DEL FONDO
Riesgo de concentración
Riesgo asociado a la concentración significativa de las inversiones en una categoría de activos o en un mercado específico.
Riesgo de rentabilidad
Riesgo asociado a la volatilidad de la rentabilidad del Fondo, y a la existencia o no de garantías de terceros o a las restricciones que gravan dichas garantías.
Riesgo de capital
Riesgo para el capital, incluidos los riesgos de erosión como consecuencia de reembolsos de participaciones y de distribuciones que superan el rendimiento.
1
Escala de riesgo del DFI (documento de datos fundamentales para el inversor). La categoría de riesgo 6 refleja un potencial de ganancia y/o pérdida muy alto del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sin- tético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El nivel de riesgo de este Fondo responde a sus inversiones en acciones en los mercados de la globalización, la demografía, la energía, la tecnología, los alimentos o el agua.
2
El equipo de gestión puede cambiar.
Riesgo de mercado
Riesgo general asociado a la evolución de los mercados financieros.
Riesgo de cambio
El patrimonio del Fondo puede invertirse en valores denominados en una divisa distinta de la divisa de referencia, es posible que el VNI del Fondo pueda fluctuar en función de los tipos de cambio existentes entre la divisa de referencia del Fondo y la divisa en la que se hayan invertido los valores. | # MAIN RISKS FOR THE FUND
Concentration risk
Risk relative to the significant concentration of investments in one specific asset category or market.
Performance risk
Risk related to the Fund’s performance volatility, and to the existence or lack of third-party guarantees or restrictions weighing on these guarantees.
Capital risk
Risking weighing on the capital, including the risk of erosion following unit redemptions and distribu- tions exceeding the yield.
1
KIID (Key Investor Information Document) risk scale. Risk category 6 reflects very high potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean "risk-free". The Fund’s risk level is explained by its investments in equities on the globalisation, demographics, energy, technology, food and water markets.
2
The management team is subject to change.
Market risk
General risk related to changes on financial markets.
Foreign-exchange risk
The Fund’s assets can be invested in securities that are denominated in a currency other than its refe- rence currency; the NAV of the Fund may fluctuate according to the exchange rate between the Fund’s reference currency and the currency of the invested securities. | en | es |
DOLFIN3108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund seeks to provide income and capital growth over the medium to long term.
1 The Investment Manager will select investments principally by evaluating the expected risk and return of each individual issuer in the Fund. The Investment Manager will seek to buy securities in which the expected returns overstate the risks. The Investment Manager will rigorously analyse the issuers' financial statements and business fundamentals to ascertain their ability to repay their debt.
1 The Fund will invest at least 80% of its Net Asset Value in fixed and floating rate corporate or government bonds listed or traded on Recognised Markets globally. The Fund will invest across the full range of capital structures from senior secured to subordinated bonds. The Fund may invest up to 20% of its Net Asset Value in below investment grade securities or in unrated securities.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets) (“FDI”) which may multiply the gains or losses made by the Fund on a given investment or on its investments generally.
1 The Fund may actively use FDI to achieve the investment objective, for efficient portfolio management purposes and for hedging against anticipated movements in a market or security.
1 The Fund is actively managed and does intend to outperform the ICE BofA Global Large Cap Corporate Index (USD Hedged) (the “Benchmark”) over the medium to long term. Although the Benchmark may be used for performance comparison purposes, the Fund's investment policy is not constrained by the Benchmark. The Fund can deviate substantially from the issuer, country and sector weightings of the Benchmark, and there are no restrictions on the deviation from the Benchmark. The Investment Manager is expected to maintain a diversified portfolio, holding approximately 80 to 200 issuers at any one time. | # Objetivos y política de inversión
1 El objetivo del Fondo es proporcionar un crecimiento de los ingresos y del capital a medio y largo plazo.
1 La Gestora de Inversiones seleccionará las inversiones principalmente mediante la evaluación del riesgo y la rentabilidad esperados de cada emisor individual del Fondo. La Gestora de Inversiones comprará valores en los que la rentabilidad esperada sea superior a los riesgos. La Gestora de Inversiones analizará rigurosamente los estados financieros y los fundamentos empresariales de los emisores para determinar su capacidad de reembolso de la deuda.
1 El Fondo invertirá al menos el 80 % de su Valor liquidativo en bonos u obligaciones de empresas y del Estado de tipo fijo y variable que se coticen o se negocien en Mercados Reconocidos a nivel mundial. El Fondo invertirá en toda la gama de estructuras de capital, desde bonos preferentes garantizados hasta bonos subordinados. El Fondo puede invertir hasta el 20 % de su Valor liquidativo en valores con calificación inferior al grado de inversión o en valores sin calificación.
1 El Fondo puede utilizar activamente instrumentos financieros derivados («IFD», es decir, instrumentos cuyos precios dependen de uno o varios activos subyacentes) que pueden multiplicar las ganancias o las pérdidas que el Fondo obtenga en una inversión determinada o en sus inversiones en general.
1 El Fondo puede utilizar de forma activa IFD para lograr el objetivo de inversión, gestionar la cartera de modo eficiente y cubrirse ante movimientos previstos en un mercado o valor.
1 El Fondo se gestiona de forma activa y pretende obtener una rentabilidad superior a la del ICE BofA Global Large Cap Corporate Index (cubierto en USD) (el «Índice de referencia») a medio y largo plazo. Si bien el Índice de referencia puede utilizarse con fines de comparación de la rentabilidad, la política de inversión del Fondo no está limitada por el Índice de referencia. El Fondo puede desviarse sustancialmente de las ponderaciones del emisor, el país y el sector del Índice de referencia, y no existe restricción alguna respecto a la desviación del Índice de referencia. Se espera que la Gestora de Inversiones mantenga una cartera diversificada, con entre 80 y 200 emisores en todo momento. | # Objectives and investment policy
1 The Fund seeks to provide income and capital growth over the medium to long term.
1 The Investment Manager will select investments principally by evaluating the expected risk and return of each individual issuer in the Fund. The Investment Manager will seek to buy securities in which the expected returns overstate the risks. The Investment Manager will rigorously analyse the issuers' financial statements and business fundamentals to ascertain their ability to repay their debt.
1 The Fund will invest at least 80% of its Net Asset Value in fixed and floating rate corporate or government bonds listed or traded on Recognised Markets globally. The Fund will invest across the full range of capital structures from senior secured to subordinated bonds. The Fund may invest up to 20% of its Net Asset Value in below investment grade securities or in unrated securities.
1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets) (“FDI”) which may multiply the gains or losses made by the Fund on a given investment or on its investments generally.
1 The Fund may actively use FDI to achieve the investment objective, for efficient portfolio management purposes and for hedging against anticipated movements in a market or security.
1 The Fund is actively managed and does intend to outperform the ICE BofA Global Large Cap Corporate Index (USD Hedged) (the “Benchmark”) over the medium to long term. Although the Benchmark may be used for performance comparison purposes, the Fund's investment policy is not constrained by the Benchmark. The Fund can deviate substantially from the issuer, country and sector weightings of the Benchmark, and there are no restrictions on the deviation from the Benchmark. The Investment Manager is expected to maintain a diversified portfolio, holding approximately 80 to 200 issuers at any one time. | en | es |
DOLFIN3118 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## 2 The Fund's investments in CAT Bonds are subject to relative infrequent but severe losses resulting from the occurrence of one or more catastrophic events.
2 The Fund is considered to be actively managed in reference to Euro Short- Term Rate (ESTR) (the “Benchmark”) and the Eurekahedge ILS Advisers Index (the "Index") by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for performance comparison purposes and the performance fees payable to the Fund Manager may be calculated based on the performance of the Fund against the Benchmark. However
the Benchmark and Index are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index. | ## 2 Las inversiones del Fondo en Bonos CAT están sujetas a pérdidas relativamente infrecuentes pero graves derivadas del acaecimiento de uno o más desastres.
2 Se considera que el Fondo está gestionado activamente con referencia al Euro Short-Term Rate (ESTR) (el «Índice de referencia») y al índice Eurekahedge ILS Advisers (el «Índice»), dado que utiliza el Índice de referencia y el Índice en la moneda pertinente a efectos de comparación de la rentabilidad; asimismo, las comisiones de rentabilidad pagaderas al Gestor del Fondo podrán calcularse en función de la rentabilidad del
Fondo con respecto al Índice de referencia. No obstante, no se recurre al Índice de referencia ni al Índice para determinar la composición de la cartera del Fondo o como objetivo de rentabilidad y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte del Índice de referencia o del Índice. | ## 2 The Fund's investments in CAT Bonds are subject to relative infrequent but severe losses resulting from the occurrence of one or more catastrophic events.
2 The Fund is considered to be actively managed in reference to Euro Short- Term Rate (ESTR) (the “Benchmark”) and the Eurekahedge ILS Advisers Index (the "Index") by virtue of the fact that it uses the Benchmark and Index in the appropriate currency for performance comparison purposes and the performance fees payable to the Fund Manager may be calculated based on the performance of the Fund against the Benchmark. However
the Benchmark and Index are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark or Index. | en | es |
DOLFIN3121 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the index. However, exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund’s performance to be substantially different from the performance of the index. The fund’s investments are selected using a minimum volatility strategy. Use of “Minimum Volatility” in the name of the fund relates to the
company, country or sector will be applied. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The composition of the index is reviewed on a semi-annual basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
Reference index exposure only and there is no guarantee that the price of the fund’s shares on any stock exchange will have low volatility. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo intentará replicar el índice. No obstante, 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 inversiones del fondo se seleccionan aplicando una estrategia de volatilidad mínima. La expresión “Minimum Volatility” incluida en el nombre del fondo hace
ponderaciones mínimas y máximas por empresa, país o sector. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. La composición del índice se revisa semestralmente. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
referencia únicamente a la exposición del índice de referencia, y no existe garantía de que el precio de las acciones del fondo o de cualquier bolsa de valores vaya a tener una baja volatilidad. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El fondo está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El índice está basado en 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 puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the index. However, exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund’s performance to be substantially different from the performance of the index. The fund’s investments are selected using a minimum volatility strategy. Use of “Minimum Volatility” in the name of the fund relates to the
company, country or sector will be applied. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The composition of the index is reviewed on a semi-annual basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
Reference index exposure only and there is no guarantee that the price of the fund’s shares on any stock exchange will have low volatility. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN3122 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager. | ##### Gestión de tesorería y de las garantías
A efectos de la gestión del efectivo y de las garantías, el Subfondo puede invertir ocasionalmente en una amplia gama de activos realizables o prácticamente disponibles, que pueden mantenerse para proporcionar liquidez y cobertura para las exposiciones generadas a través de Derivados. En circunstancias excepcionales (como un colapso bursátil o una gran crisis), el Subfondo podrá invertir temporalmente hasta el 100% en activos líquidos o equivalentes a efectivo con fines de gestión de tesorería.
Los activos líquidos o equivalentes a efectivo pueden incluir Valores de deuda y relacionados con la deuda, depósitos bancarios y obligaciones emitidos o garantizados por cualquier gobierno soberano o sus agencias y títulos, instrumentos y obligaciones emitidos por organismos públicos supranacionales o internacionales, bancos, empresas u otros emisores comerciales. Se pretende que los emisores y / o garantes de tales valores e instrumentos tengan una calificación de solvencia en el momento de la compra de al menos A1/P1 (o su equivalente) otorgada por una Agencia de calificación crediticia reconocida, o que a juicio de la Gestora de inversiones sean de calidad equivalente.
El Subfondo también podrá invertir en fondos del mercado monetario, incluido otro OICVM irlandés gestionado por Insight Investment Funds Management Limited y asesorado por la Gestora de inversiones. | ##### Cash and Collateral Management
For cash and collateral management purposes the Sub- Fund may, from time to time, invest in a broad range of liquid or near cash assets which can be held to provide liquidity and cover for exposures generated through FDI. Under exceptional circumstances (e.g. market crash or major crisis), the Sub-Fund may be invested temporarily up to 100% in liquid and near cash assets for cash flow management.
Liquid or near cash assets may include Debt and Debt- Related Securities, bank deposits and obligations issued or guaranteed by any sovereign government or their agencies and securities, instruments and obligations issued by supranational or public international bodies, banks, corporates or other commercial issuers. It is intended that issuers and/or guarantors of any such securities and instruments will have a credit rating at the time of purchase of at least A1/P1 (or its equivalent) from a Recognised Rating Agency, or will be deemed by the Investment Manager to be of equivalent quality.
The Sub-Fund may also invest in money market funds including Irish UCITS managed by Insight Investment Funds Management Limited and advised by the Investment Manager. | en | es |
DOLFIN3126 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The risk indicator assumes you keep the Product for 5 years.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this Product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you. | ### El indicador de riesgo presupone que usted mantendrá el Producto Durant 5 años.
El indicador resumido de riesgo es una guía del nivel de riesgo de este Producto en comparación con otros productos. Muestra las probabilidades de que el Producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como muy improbable. | ### The risk indicator assumes you keep the Product for 5 years.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this Product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you. | en | es |
DOLFIN3135 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Forward and Spot Foreign Currency ContractsA forward foreign currency contract (‘‘forward contract’’) is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. Forward contracts are used to seek to manage foreign currency risks and to tactically shift portfolio currency risk. Forward contracts are generally entered into as a hedge upon the purchase or sale of a security denominated in a foreign currency. The Fund will realise a gain or loss upon the closing or settlement of the forward transaction. Unrealised appreciation or depreciation on forward contracts is reported in the Statement of Financial Position and Statement of Comprehensive Income. Realised gains and losses are reported with all other foreign currency gains and losses in the Statement of Comprehensive Income. Risks relating to forward contracts include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the value of a foreign currency relative to the base currency of the Fund. Forward contracts are fair valued by an independent price source by reference to the price at which a new forward contract of the same size and maturity could be undertaken. For each relevant Fund, gains or losses on open spot foreign currency contracts are included in cash in the Statement of Financial Position.
- Futures ContractsInitial margin deposits are made upon entering into futures contracts and are generally made in cash. Futures contracts are fair valued based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised as a realised gain or loss and included in net gain/(loss) on financial assets and liabilities at fair value through profit and loss in the Statement of Comprehensive Income. Unrealised appreciation or depreciation on futures contracts are shown in the Statement of Financial Position. Realised gains and losses not yet delivered are shown within margin accounts and restricted cash in the Statement of Financial Position.
- Option ContractsThe premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid from the purchase of options, which expire unexercised, are treated as realised losses. The unrealised gain or loss on open option positions is calculated and recorded as the fair value of the option less the premium paid on that option. Unrealised gains or losses on open option positions are reflected as assets or liabilities in the Statement of Financial Position. | - Contratos de divisas a plazo y al contadoUn contrato de divisas a plazo o término (“contrato a plazo”) es un compromiso para comprar o vender una divisa en una fecha futura, a un tipo negociado. Los contratos a plazo se utilizan para gestionar los riesgos cambiarios y modificar de forma táctica el riesgo de las divisas de la cartera. Por lo general, los contratos a plazo se celebran como protección en el momento de la compra o la venta de un título denominado en una divisa. El Fondo realizará ganancias o pérdidas en el momento del cierre o la liquidación de la operación a plazo. En el Estado de situación financiera y el Estado de resultado global se indica la apreciación o la depreciación latentes de los contratos a plazo. Las ganancias y pérdidas realizadas se presentan con todas las demás ganancias y pérdidas cambiarias en el Estado de resultado global. Los riesgos relacionados con los contratos a plazo incluyen la posible imposibilidad de la contraparte para cumplir con los términos del contrato y los cambios imprevistos del valor de una divisa en relación con la moneda base del Fondo. Los contratos de divisas a plazo los valora razonablemente una fuente de precios independiente con referencia al precio al cual se podría celebrar un nuevo contrato a plazo del mismo monto y vencimiento. Para cada Fondo correspondiente, las ganancias o pérdidas de los contratos abiertos de divisas al contado se incluyen en efectivo en el Estado de situación financiera.
- Contratos de futurosLos depósitos de margen inicial se realizan al celebrar contratos de futuros y por lo general son en efectivo. Los contratos de futuros se valoran a su valor razonable sobre la base de los precios de liquidación diarios cotizados. Los cambios en el valor de los contratos de futuros abiertos se contabilizan como ganancias o pérdidas latentes sobre contratos de futuros hasta que se extingan los contratos, momento en el cual las ganancias y las pérdidas realizadas se contabilizan como tales y se incluyen en Ganancias/(pérdidas) netas en activos y pasivos a su valor razonable en la cuenta de pérdidas y ganancias en el Estado de resultado global. La apreciación o depreciación latentes sobre los contratos de futuros se muestran en el Estado de situación financiera. Las ganancias y pérdidas realizadas aún no entregadas se muestran dentro de cuentas de margen y efectivo restringido en el Estado de situación financiera.
- Contratos de opcionesLa prima sobre las opciones de venta adquiridas y ya ejercidas se resta del producto de la venta del título o la divisa subyacentes para determinar las ganancias o pérdidas realizadas. La prima sobre las opciones de compra adquiridas y ya ejercidas se suma al coste de las divisas o los títulos adquiridos. Las primas pagadas por la adquisición de opciones que venzan sin ser ejercidas se tratan como pérdidas realizadas. Las ganancias o pérdidas latentes sobre las posiciones de opciones abiertas se calculan y registran como el valor razonable de la opción menos la prima pagada sobre dicha opción. Las ganancias o pérdidas latentes sobre las posiciones de opciones abiertas se reflejan como activos o pasivos en el Estado de situación financiera. | - Forward and Spot Foreign Currency ContractsA forward foreign currency contract (‘‘forward contract’’) is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. Forward contracts are used to seek to manage foreign currency risks and to tactically shift portfolio currency risk. Forward contracts are generally entered into as a hedge upon the purchase or sale of a security denominated in a foreign currency. The Fund will realise a gain or loss upon the closing or settlement of the forward transaction. Unrealised appreciation or depreciation on forward contracts is reported in the Statement of Financial Position and Statement of Comprehensive Income. Realised gains and losses are reported with all other foreign currency gains and losses in the Statement of Comprehensive Income. Risks relating to forward contracts include the potential inability of the counterparty to meet the terms of the contract and unanticipated movements in the value of a foreign currency relative to the base currency of the Fund. Forward contracts are fair valued by an independent price source by reference to the price at which a new forward contract of the same size and maturity could be undertaken. For each relevant Fund, gains or losses on open spot foreign currency contracts are included in cash in the Statement of Financial Position.
- Futures ContractsInitial margin deposits are made upon entering into futures contracts and are generally made in cash. Futures contracts are fair valued based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised as a realised gain or loss and included in net gain/(loss) on financial assets and liabilities at fair value through profit and loss in the Statement of Comprehensive Income. Unrealised appreciation or depreciation on futures contracts are shown in the Statement of Financial Position. Realised gains and losses not yet delivered are shown within margin accounts and restricted cash in the Statement of Financial Position.
- Option ContractsThe premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid from the purchase of options, which expire unexercised, are treated as realised losses. The unrealised gain or loss on open option positions is calculated and recorded as the fair value of the option less the premium paid on that option. Unrealised gains or losses on open option positions are reflected as assets or liabilities in the Statement of Financial Position. | en | es |
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